Treasury Secretary Scott Bessent has confirmed the administration is actively interviewing candidates for the next Federal Reserve Chair, seeking a leader committed to shrinking the central bank's footprint and ending the era of perpetual quantitative easing (QE).The ‘Engine of Inequality’Speaking on the All-In Podcast for a year-end economic review, Bessent outlined a sharp pivot from the monetary policies of the last 15 years. He argued that the Fed's “gain of function” experiments—specifically the large- ...

hot take: the earth is a private resort for 800,000 people (top 0.01%) and the rest of us are staff rotating shifts to keep the lights on. ...

The US economy is becoming more "k-shaped" as affluent consumers continue to spend and lower-income Americans cut back. Here's what to know https://t.co/zQEX5QxQ2P ...

Consumer spending is a crucial part of the US economy, accounting for about twothirds of its growth. But with inflation still running sticky, can spending power hold up. The latest data appears to be yet another testament to the sheer resilience of the US consumer.However, the solid gains are masking a deepening inequality among US households where a small share of high-wealth Americans is seeing continued gains while a larger share of the middle and lower income households is experiencing increased strain. ...

Market Trends & Consumer Behavior - The share of new cars costing more than $50,000 has almost doubled compared to six years ago, indicating a shift towards higher-priced vehicles [1] - The share of buyers with incomes over $150,000 made up 12% of all car purchases in 2025, significantly larger than other income groups [8] - There are more vehicles for sale above $100,000 than below $30,000 in the US market [9] - Consumer sentiment among high-income adults has shown recent decreases, potentially signaling a shift in the high-end market [27] Financial & Economic Factors - Dealer profits increased by 20% in Q2 2025, but economists are concerned about the reliance on a smaller share of consumers [2] - The average monthly loan payment was $749 in Q2 2025, almost $200 more than in 2019 [4] - Approximately 15% of monthly car payments, including leases and loans, exceed $1,000 [5] - Tariffs are adding up to $5,700 to the price of each imported vehicle, disproportionately impacting lower entry-level models [11] - Auto loan delinquencies have increased year over year since 2021 [23] Industry Dynamics & Challenges - Automakers prioritized higher-priced vehicles during the chip crisis to maximize profits [10] - Rising interest rates and a credit crunch are pricing many people out of the new vehicle market [17][18] - The regulatory environment and homologation requirements contribute to the high cost of vehicles [6] - Chinese manufacturers may offer a source for less expensive vehicles, despite US tariffs [30][31]

RT The Kobeissi Letter (@KobeissiLetter)Low-income earners are struggling:The 3-month average of the bottom 33% of Americans' after-tax YoY wage growth dropped to 0.9% in August, the slowest pace since 2016.This is a significant decline from the +3.0% seen at the beginning of the year.At the same time, the top third saw +3.6% YoY growth, the highest since November 2021.In other words, top earners’ wages are growing 4 TIMES faster than those of low-income consumers.By comparison, middle-income earners’ salar ...

In some of New York City’s wealthiest neighborhoods, even high earners are struggling to keep up with ballooning costs. @PaulinaCachero explains https://t.co/juPJkjK3vs https://t.co/yLHIO0YFIC ...

Let's start with a scene that might seem oddly familiar. You're sitting at your computer. You've got 10 to 20 tabs open.I'm talking news articles, emails, a half-finish YouTube video, your bank account, and maybe even a recipe for dinner. You know, the ones you'll never actually make. Your computer starts lagging.It's frustrating. So, you slam your fist on the desk and go, "Oh." As you might have guessed, this isn't just about your computer. There's so much noise in the world, so many issues demanding our a ...

Group 1: Chatbot Usage Trends - OpenAI and Anthropic released studies detailing the usage trends of their chatbots, ChatGPT and Claude, highlighting a contrast in user demographics and use cases [2] - OpenAI's ChatGPT has a significant user base with 700 million active weekly users, representing nearly 10% of the global population, exchanging approximately 18 billion messages weekly [3] - The majority of ChatGPT messages (70%) are classified as "non-work" queries, with 80% of these falling into practical guidance, writing help, and information-seeking categories [3] Group 2: User Demographics and Professional Use - ChatGPT is predominantly used by younger individuals, with nearly half of all messages coming from users under the age of 26 [3] - When used for work, ChatGPT is more likely to be utilized by highly-educated professionals in high-paying jobs, indicating a potential disparity in access to AI benefits [4] - The data suggests a concerning trend where AI may exacerbate economic inequality, as more educated users leverage AI for increased productivity while others may fall behind [6] Group 3: Specific Use Cases - Messages related to relationships, personal reflection, and role-playing constitute a small fraction of ChatGPT's usage, with only 2.4%, 1.9%, and 0.4% respectively [7] - Despite the competitive focus on coding capabilities among AI companies, coding-related queries made up only 4.2% of the analyzed messages, indicating a limited use case in this area [8]

Economic Impact of Tariffs - US farmers are significantly impacted by Trump's tariff war due to soaring fertilizer prices eroding profits [1] - US shoppers are experiencing order cancellations as countries globally cancel American-bound shipments because of tariffs [1] - The economic road ahead could be bumpy due to tariffs [1] Market Disconnect - Stock market soars, with the S&P topping 6,500 for the first time [1] - Markets are primarily focused on the earnings of seven mega companies, largely unaffected by tariffs and immigration policies [2] - Dow and NASDAQ provide an illusion of prosperity, not accurately reflecting the overall economy or corporate America's health [2] - Market performance primarily reflects the well-being of tech giants and the top 10% [2] Wealth Disparity - The mega-rich are getting mega-richer [3] - Questions arise whether the markets accurately represent the economy [3]