@susieq : at some point it will all come crashing down eventually with everything the answer for high prices is high prices consumers will change behaviors because they can't afford things. then what happens to the companies we all like to buy goods and services from? do they cut services? employees? how does the government respond to that?
@Stealth83 : oh im well aware haha about 6 hours of economics tonight. i pulled some from crypto weeks ago again in expectation . definitely not all some of the ones remaining are longer term holds from 2017 and 2018 and are still between 120% to 1800% in the green form when i got in. i do expect more downside BTC probably closer to 20k at least maybe even 13k which id be buying at potentially both.
the federal reserve is going to raise rates until the break something and we will see more issues until then like the baby formula. they are distorting the economy more and more. id expect stocks/ crypto to turn around when fed policy changes. maybe we see another round of bail outs like 08 or more stimulus. right now they need to get us to a place where we are ready for that. i fear more job losses as well.
i will also pick up silver if we get more dips in metals
@Dorothy : @Ella : From I read, it seems one factory had contamination concerns after a couple of deaths. They didn't find the cause of death at the facility, but shut down the plant anyways. This plant produced specialized formulas for babies with dietary restrictions.
@Blackbird : The report I read said they found bacterial contamination on all work surfaces The bacteria was not a very common one. When the FDA went into the plant in January they found chronobacter bacteria near the production lines, so made the decision with Abbot on Jan 31 to close the factory and issue the recall. The contamination was found as far back as September, by the FDA inspector. Abbot admitted that a worker had transferred the bacteria from a contaminated surface to a batch of formula, by not changing gloves. They said that formula was not distributed. Contamination with this bacteria was found other times as well.
@susieq : Interesting. The report I read said they didn't find the same contaminant at the plant as was in the formula, but they did find things that shouldn't be there. But I just came across this: "Baby formula maker Abbott said Monday it has reached an agreement with U.S. health regulators to restart production at its largest domestic factory, though it will be well over a month before any new products ship from the site to help alleviate the national shortage facing parents." There's more at abc13.com/baby-formu la-shortage-abbott-s turgis-michigan-labs /11857848/
Sone update on the baby formula shorage doesn't look good despite bidens plan...
But, as Bloomberg reports, out-of-stock rates climbed to 74% nationally for the week ending May 28, according to data on 130,000 stores followed by Datasembly. The increase comes after rates spiked to 70% for the week ending May 21 from 45% the week prior.
Even more stunningly, ten states now have shortage rates at 90% or greater, with Georgia hardest hit at 94%.
We all know what trickle down economy was supposed to do. This was a prime example of trickle down stupid. The original problem with the formula factories was found last September by FDA inspectors. The factory was given till December to clean it up. Inspection in December revealed the same issues, once again, nothing was done. In January, when a whole batch was contaminated, FDA was notified AGAIN. It took 4 babies in the hospital, and 2 dying, for the FDA to shut down the plant.
Now, you can blame the FDA. Ok, who was the head of the FDA in September, 2021? No one, Biden had not gotten around to appointing one. It took him 10 months to do that. Dr. Janet Woodcock, a 30 year veteran of FDA was serving. It wasn't until November of 2021 the President appointed a new head. Who is the authority over FDA? Health and Human Services Secretary Xavier Becerra, since March of 2021. He WAS appointed by President Biden. So, when you consider a major portion of the American population is going to effected by a serious food shortage, shouldn't the warning go up the chain of command? As the great Democrat said, "The Buck Stops Here" meaning that ultimate responsibility for government ends on his shoulders, so this rests on the shoulders of Biden. Did you not hear the man say he was told about this by people who understood how serious it was, but he, "didn't understand." Now, tell me again how none of this is his fault, his responsibility.