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Belle of the Ranch

Let's talk about vibes, recessions, and the economy....

Belle of the Ranch

Belle of the Ranch

Society & Culture

4.91K Ratings

🗓️ 15 August 2024

⏱️ 3 minutes

🧾️ Download transcript

Summary

Let's talk about vibes, recessions, and the economy....

Transcript

Click on a timestamp to play from that location

0:00.0

Well, howdy there internet people? It's Bell again. So today we're going to talk about the economy, recession, and you.

0:08.0

So we've had a lot of questions come in asking what's going on with the economy. That's not really surprising

0:14.8

because there's been a lot of sensational news and takes lately. They've led to a lot of

0:19.9

misconception. Recent polling suggests that more than half of Americans think we're currently in a recession.

0:27.0

59% of Americans, according to the poll, think that right now we're in a recession and most of the people who

0:34.6

responded think we've been in one for around 15 months. Okay so this is

0:40.5

probably a definition issue.

0:43.0

Whether or not we're in a recession isn't based on vibes.

0:46.6

It's determined by whether or not the gross domestic product is growing.

0:51.2

Generally, a recession is two successive quarters of failing GDP.

0:56.0

First, what's GDP? A country's gross domestic product is the total monetary value of all the finished goods and services produced within a specific time period.

1:07.0

So if the GDP is going up, there's more economic activity.

1:11.0

That's why it gets used as a gauge. Are we currently in a recession?

1:15.8

No. During the polling's 15-month time frame, the U.S. did not have a quarterly GDP that shrank, much less two quarters in a row.

1:26.2

So what's causing the feeling?

1:28.2

Generally, our system places as much strain on the working class as it can bear all the time. So when inflation goes up or interest rates are high,

1:37.0

working class people feel it quickly. The bizarre part is that many of those same people vote against any real change in the system.

1:45.8

In fact, many of them actively resist any economic policy change that would benefit them.

1:52.3

So what's going on in the economy currently?

1:55.0

The stock market took a hit after the Somme rule was triggered.

1:59.0

There will be a video below explaining what it is.

2:02.0

The woman behind the rule said that she didn't believe we

...

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