All Things Economic

Apparently none of the Red Lobsters here are on the current list of restaurants to close. Yet.

I recall reading in a couple of places that a major factor in the bankruptcy decision was their AYCE shrimp promotions. Apparently there were a shit ton more customers ordering that than management anticipated. Due to the drastic increase in the cost of eating out customers were attracted to the deal.

We haven't been to Red Lobster in a few years, but I have ordered the AYCE shrimp deal in the past. I can eat a lot of shrimp and had seen others eat way more than I did- especially if you steer clear of the AYCE cheddar biscuits.

Back in the day, they were my go-to restaurant for a 1st date. Still have a few souvenir glasses with a lobster on them (somewhere) from some kind of drink. I think they were Bloody Marys with a cocktail shrimp or two on the rim.

As I recall, most (if not all) of those Red Lobster first dates ended up with someone waking up in someone else's bed. I'd hate to see them disappear.

Red Lobster has a hard time competing in our area where fresh seafood is available locally. I suspect that may be the case for a number of areas.

The irony is, unless you're catching it yourself or buying it directly off the boat, you may not be getting anything fresher than you would at Red Lobster because the large commercials will freeze it at sea AFAIK.

Maine lobsters are generally kept alive, at least by us, so hard to get fresher than live, however if I want a boiled (steamed) Maine lobster, I'd not go to Red Lobster for that. Red Lobster would be for just about everything else (fish, shrimp, scallops, calamari). I don't recall if Red Lobster had whole (belly) clams or steamers on their menu.

Tigg can probably comment more on this since he was a lobster fisherman as I recall.

This was the prom and and first date place for millions. It fancy dining for many.

**************

New York
CNN
—
Red Lobster, which brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world, has filed for bankruptcy.

The company said it had more than $1 billion in debt, and it plans to sell its business to its lenders. In turn, it will receive financing to stay afloat. It expects to continue to close restaurants in the meantime

On the other hand, the first time crypto weathers a recession, they might be worth almost nothing....

The FTX saga appears to be wrapping up, closing a dark chapter for the crypto industry, but former customers still have a bone to pick.

The good: the bankrupt exchange confirmed in court records last week that it had recovered over $16B. That’s more than the $11B it owes customers, and the exchange said it could repay nearly all its former account holders with interest.

The catch: FTX said they would be repaid the dollar value of their crypto in November 2022, when the exchange declared bankruptcy (not the coins themselves). Back then, bitcoin was worth about $18K and FTX fave solana was $16. After a big crypto rally, they’re now worth about $60K and $147, respectively.

One pair of Ostrich leg skin dress shoes …134.68 US .. for me a bargain . Will take three days to make.

My 4 younger than 12 yr old grandkids can out eat most men. I have seen the skinny 9 yr old eat 5 hot dogs with the buns at one sitting. I am taking 3 of them and my 17 yr old grandson on a week vacation in June. I will be broke by July 1

Once a year the McDonalds near me in my mid-teens had a $0.10 per hamburger/cheeseburger anniversary special with a limit of 20. It coincided with opening weekend of trout season, so I was camping. We'd walk the 3 or so miles to McD's, get 20 burgers, and in my case they were all gone in the time it took us to walk back to where we were camping. I was one of those teen boys that GGMM commented about ;-)

<p>"<span style="color:rgb(0, 0, 0); font-family:tahoma,verdana,arial,helvetica,sans-serif; font-size:14px">Ah..... He gets 30 of those artery cloggers because you allow/encourage him."</span></p>

<p><span style="color:rgb(0, 0, 0); font-family:tahoma,verdana,arial,helvetica,sans-serif; font-size:14px">Yes, we do. We pretty much only go there as a special occasion/reward. And fast food isn't any more unhealthy as any other food (in moderation). My son is 5'4" and 110 pounds. He needs the calories. I worked for Burger King IT for 10 years and got free food. I ate BK 4-5 times per week. The office had a soda fountain, so I also got free soda. I pretty much had a cup of soda on my desk all day long and sipped on it. And according to my Dr., I'm in good health for a 57 year old.</span></p>

"My 15 year old gets 30 McNuggets when we eat McDonalds."

I don't eat fast food, but when my son was that age I would reluctantly hit the McDonalds drive thru after a dance rehearsal or performance and get him that exact thing, because he needed a couple thousand calories and not a lot of volume.

Ah..... He gets 30 of those artery cloggers because you allow/encourage him.

<p>"<span style="color:rgb(0, 0, 0); font-family:open sans,sans-serif; font-size:14px">You've never had a boy aged 11-19. Or been one, apparently. They can eat their body weight in food on the daily. If I hadn't had brothers, I'd have thought my son had an eating disorder. But, no, it's just a massive need for calories to counter the expenditure."</span></p>

<p><span style="color:rgb(0, 0, 0); font-family:open sans,sans-serif; font-size:14px">My 15 year old gets 30 McNuggets when we eat McDonalds. </span></p>

"Is the kid's name Jethro Bodine?"

You've never had a boy aged 11-19. Or been one, apparently. They can eat their body weight in food on the daily. If I hadn't had brothers, I'd have thought my son had an eating disorder. But, no, it's just a massive need for calories to counter the expenditure.

My partner's 13 year old grandson was over the other day. He came in asking if there was food and I just shoved leftovers at him until he had enough energy to move on to something else.

Some amount is likely exaggeration, but McDonalds can and does charge more at certain locations, like at any major airport.

Assumably some go there because it's cheap. If you go for the deals (i.e. for $6 sandwiches) and avoid the fries/drink/dessert, it can still be really cheap. A cup of water is free.

As an adult, I tend to avoid fast food altogether, but if I'm going to be bad, I'll be bad all the way and go for a fried chicken sandwich, a sub, or pizza.

LOL.

Then where are all these articles coming from talking about $18 Happy Meals?

There you go again TBR . McDonald’s is the only fast food in California that has not raised their prices. They are watching what the competition does . Sheeesh.

A double quarter pounder with cheese? Aside from the fact I can feel my arteries clogging just by thinking of eating McDonald's, but a half pound (pre grease melt off weight) burger, plus greezy fries seems like a huge amount of food.

Is the kid's name Jethro Bodine?

Back to the subject of $20 minimum wage for fast food workers in California...

I dont usually eat McDonald's, but I had to take the kid to urgent care yesterday and when we got out we were hungry.

There is a rebuilt McDonald's about three blocks from the house. It's only been open about two months.

Kid gets a Double Quarter Pounder with Cheese meal. $12.59.

Now I'm old enough to remember when McDonald's advertised "A meal and change back from your dollar," but $12.59 is a far cry from $18 or whatever people are pitching the prices are now...

I have never understood why, beyond reducing apparent volatility, food and energy are excluded from the "Consumer" Price Index. Consumers have no ability to dispense with, or significantly modify these expenses on a short term basis. What seems to have roiled confidence in the market this week is an uptick in core inflation. What was surprisingly ignored is that the Producer Price Index came in at, or even below, expectations.

I think the market's problem is one of massive overvaluation. The market can drive consumer onfidence however, and consumer confidence can drive the economy.

scamp thats because its not politicly correct LOL

Walmart hiked prices on its Great Value brands. The result? Its net income spiked 93% to $10.5 billion towards the end of 2023. Walmart rewarded shareholders with $5.9 billion in buybacks and dividends.

Why aren’t we talking about price gouging driving inflation?

~Scamp

everytime gas prices go up so does my exxon stock :)

“But according to the most recent reports, the economy isn't doing all that well. Does the President really want people to know that?”

Funny how you never mention the president when there is good economic news, which there has been a lot of lately. lol

~Scamp

I think gas is going up because of several things: Russian /Ukran War, the stuff going on in the mid-East, new rules being put on domestic produces, gas blend change over, more demand less supply and yes cause they can. LOL

MAYHEM

Before winter blend became primarily adding more ethanol, the additives used actually made winter blend more expensive than summer.