US Economy - News, Updates and Discussion

Had a number of appointments in PHX yesterday so spent pretty much all day there. Everywhere I went, gas was $4.69-4.79 across the board. #2 diesel was $2 higher!

Coming home, I stopped off in Cordes Junction to get gas at the Pilot. Both they and Love's are cheap, relatively speaking, compared to the stations in town. E85 was $4.39. Now, I'm not a big fan of E85 due to performance issues. My engine was built to run on it still........

#2 was $6.69.

While getting a receipt, was talking with a trucker. He wasn't happy.
Seeing rumors online there will be an owner-operator strike starting October 1st over diesel prices.

Where I grew up in Michigan, regular is now $5/gallon.

Bedroom community, most drive 80-100 miles a day for work. Gas now cost them ~$400 a month!
 
Discussions of owner-operator strikes Oct. 1st are on every forum I hang or lurk.

Given that approximately 49% of the US trucking industry is made up of owner-operators, that is a significant number of upset people. Nationally, over 72% of all freight moves by truck.

Latest data shows that 91.5% of the trucking companies operate 10 or few trucks. If they shut down, a lot of freight in the US stops. Right now. The impact to the economy will be devastating.
 

Warren Buffett steps down as chairman of Berkshire Hathaway​

Chris Isidore
CNN

Warren Buffett in Tokyo on April 11, 2023.



Warren Buffett, who ended his decades-long tenure as CEO of Berkshire Hathaway at the end of last year, is giving up the chairman post he has held since 1970.

Buffett, 96, will remain on the board to serve as chairman emeritus. His son Howard, a board member since 1993, will take over the role as chairman.

Known as the “Oracle of Omaha,” Buffett built Berkshire into one of the world’s most valuable companies using his theory of value investing, greatly outperforming the broader market. He also became the world’s 10th richest person and one of the most generous philanthropists. Today, he has a net worth of $145 billion, according to Bloomberg’s Billionaire Index.

Shares of Berkshire (BRK.A) were little changed on the news.
 
Had meant to post this the other day.


Local builders commenting no interest in the spec homes they are building.
 
Every time I look at the news, another alarm is ringing from software bypassing guardrails to white-collar jobs quietly disappearing. But the takes on how to handle it are completely all over the place.

Trump and the free-market crowd brush off safety concerns as overblown hype, arguing that regulations will just let China win.

Bernie Sanders wants strict bans to protect workers, rightly pointing out that AI is cutting white-collar jobs without creating obvious replacements the way the internet did.

Tech CEOs Can’t even agree, Dario Amodei begs for safety guardrails before a major disaster, while Elon Musk boasts about building robots to replace human workers (without answering what happens to those displaced people).

Brushing off these risks is irresponsible, but trying to ban the technology outright isn't realistic either. And handing the keys over to tech billionairess who care about profits over people is a huge mistake.

We need a common-sense middle ground, real safety regulations and actual worker protections before this gets out of hand.



Business

Worries about an AI internet takeover gain new urgency among doomsday scenarios

By BARBARA ORTUTAY
Updated 9:00 PM PDT, September 22, 2026
In a summer filled with revelations about artificial intelligence’s rapid development, researchers were especially alarmed by runaway bots finding their way onto the internet and, in at least one instance, coordinating there with one another.

Could a swarm of AI agents take over the entire internet? It’s a possibility that could be only six to 12 months away, Anthropic CEO Dario Amodei said in his essay this month calling for the industry to slow down the technology’s development.

What companies have described as their AI agents going rogue has involved bots working toward goals set by humans, skeptics note. But the idea that AI could break away and work toward its own agenda is looking increasingly plausible to other researchers and experts.

In the event of AI taking over the internet — one of many doomsday scenarios receiving new attention — that could mean attacks on electrical grids, water or transportation systems and financial institutions.

The world got a glimpse of the internet’s vulnerability in 2024, when a faulty software update provided by a cybersecurity firm caused technological havoc worldwide, grounding flights, knocking down some financial companies and news outlets, and disrupting hospitals, small businesses and government offices. The breadth of the outages highlighted the dependence on just a few providers for key computing services.

Two years later, Amodei in his warning said a botnet, or a network of AI bots linked together with malware, could potentially cause billions of dollars in damage. The scale of destruction could grow if AI becomes more powerful without guardrails, he said

Several AI agents have gained unauthorized internet access​

Amodei pointed specifically to the attack in July where OpenAI’s system broke out of a “sandbox” testing ground and hacked Hugging Face.

In what OpenAI called an “unprecedented” episode, the company said its advanced AI models found their way onto the internet and used stolen credentials to break into the servers of the AI startup. In a separate incident, OpenAI disclosed that its AI agents had communicated through a public wiki used as a shared message board.

Some researchers have said that descriptions of “rogue AI” may be wrongly anthropomorphizing AI agents, which were taking steps to fulfill instructions provided by humans. Read more
 
Would like to see what sectors these jobs are in. It's very easy to scare the people simply by throwing a number out there.

On the other hand, for FY2026, there have been almost 344K eligible H-1B registrations to date. Of those, there have been a little over 83K hires.
Just to clarify the numbers a bit. The monthly jobs figure, such as the minus 23,000, comes directly from the Trump administration’s Bureau of Labor Statistics (BLS). It’s not a private source or something someone ‘threw out. It is the official federal payroll report, and it already includes all workers on payroll, including H‑1B employees. As a stock investor, these monthly job numbers are very important for me and for many others who invest in the market, because they directly influence interest rate expectations and market sentiment.

On the other hand, for 2026, the 344,000 figure refers to lottery registrations, not job applications. The 83,000 figure refers to visa approvals, not hires. The federal government has a maximum limit of 85,000 H‑1B visas per year, so USCIS simply approved petitions up to that cap. Many of these workers are already in the United States, and some who are approved never begin employment because of consular denials or employrs withdrawing offers.

The payroll number reflects actual jobs that include H-1B, H-2A, and H-2B. The H‑1B numbers reflect immigration paperwork. They measure completely different things.
 

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