Policymakers learned the lessons of 2008 and deployed a wider set of tools to help repair the damage from Covid. They know how to create a recovery, but can they manage the boom?
At least disguise your priors, do not try to sneak them into the intro blurb. Bloomberg did not put this on the opinion page.
Ten year yield stagnant, and oil price rising a bit.
The petrodollar has not yet broken. But the FX hedges on the dollar must start to feel some pain unless the dollar breaks upward. Right now Russia and Saudi have options to increase production.
A robotic arm attached to the International Space Station (ISS) has been hit by a tiny piece of space junk, resulting in damage to its thermal blanket and the boom beneath. The component, known as Canadarm2, remains operational, though the event serves as a shocking reminder of the fact that space junk is now a major problem and has the potential to cause catastrophic damage.
The result is that U.S. crude production has flat-lined at around 11 million barrels a day since July 2020. Outside the U.S. and Canada, the outlook is even more somber: at the end of April, the ex-North America oil rig count stood at 523, lower than it was a year ago, and nearly 40% below the same month two years earlier, according to data from Baker Hughes Co.
When Saudi Energy Minister Prince Abdulaziz predicted earlier this year that “‘drill, baby, drill’ is gone for ever,” it sounded like a bold call. As ministers meet this week, they may dare to hope he’s right.
Appellate Court Strikes Down Racial and Gender Preferences in Biden's COVID Relief Law
This judicial ruling about the raging debates over group-based benefits vividly highlights the social, political and culture divisions driving U.S. politics.
Matt Gaetz to loud standing ovation tonight: “The 2nd Amendment is about maintaining within the citizenry the ability to maintain an armed rebellion against the government of the United States, if that becomes necessary.”
The fool cannot read. Right there, in the first phrase of the Second is a clear statement that the Second is about regulated militia. Gaetz and the bleached blond need to be banished.
Microsoft President Warns 2024 Will Look Like Orwell's '1984' If We Don't Stop AI Police State
All of big tech can no longer deny that person secure ID cards are both available and necessary. Step by step each of the tech firms have decoded the method of personal secure ID. Miracles often do happen.
Is this reversible?
Video ads, they come with full volume.
The ad will blast the house and cause complaints so I have to immediately exit the web page that runs them.
A small product from Walmart. It never came, it was wort 30 bucks. Instead of plowing through layers of help, my strategy is to wait another year before I buy anything on line.
This is actually my first time losing a mail order, but it is the one will remember.
White House Budget Shows Focus on Wealth Redistribution, Not Growth
I do not think Biden can invert the process.
They been drawing lots of choo choo maps in the Swamp, but infrastructure week is over folks.
Privately, however, sources said she’s whispering to cohorts that she has no intention of changing the SALT cap on high earners. Instead, she’s willing to marginally raise the SALT cap for households making less than $400,000. She has no intention of providing relief for anyone above that threshold, according to a well-placed source.She is a lying about her true intent.
Infrastructure week is over, the Fed is being flooded with cash on a flight to safety, the banking network destroyed, the post covid boost is gone. The supply chains are broken, for a long time it seems.
I have a better idea. I suggest Jay Powell, at the Fed, take his seigniorage checks in hand, run out of the Eccles building, jog around to the back door and deposit the checks into the accounts of rich hedge bonds.
Thus we get all the benefits of the Fed and do not have to put up with delusional econs. We no longer have to fake the expectation theory. Self censorship and self delusions gone, our mental health much improved. No more idiotic Fed speeches.
What is not to like? We can be poorer without all the work.
Bolivian President Evo Morales holds a press conference at the Vienna International Airport on July 3, 2013, angrily denying any wrongdoing on Wednesday after his plane was diverted to Vienna over suspicion fugitive US intelligence leaker Edward Snowden was on board. (Photo: Patrick Domingo/AFP via Getty Images)
I would be more concerned about the short memory these hypocrites have.
Student debt relief will not be part of Biden’s next budget proposal. The Washington Post mentioned it had been dropped in this story about other things Biden campaigned on that won’t be part of his new budget. However, the fact that this was not in the budget doesn’t mean his administration has given up on it. Instead, it appears they are hoping to bypass congress completely.
Anyone getting the picture?
Oil will trend up and we get a slowdown, except for Texas.
Ten year yields, plus seigniorage taxes, will be stable at over two percent. The consumer gets hit with bank taxes and higher energy costs. Not a good situation especially when the supply chains are still in distress.
In April 2012, six miners here fell sick with a mysterious illness after entering the mine to clear bat guano. Three of them died.
Chinese scientists from the Wuhan Institute of Virology were called in to investigate and, after taking samples from bats in the mine, identified several new coronaviruses.
Now, unanswered questions about the miners’ illness, the viruses found at the site and the research done with them have elevated into the mainstream an idea once dismissed as a conspiracy theory: that SARS-CoV-2, the virus that causes Covid-19, might have leaked from a lab in Wuhan, the city where the first cases were found in December 2019.
Elizabeth Warren Floats $31.5 Billion Plan to Pursue Tax Cheats
After the infrastructure scam there is no credible support for more taxes.
Some are shot down, but they are cheap to build and so many are in the air that some reach their targets, sometimes with devastating results.
We knew abut the problem even as our so called defense department was authorizing trillions in useless manned fliers. I think the proper response is a tax rebellion.
Republicans have soured on negotiations while progressives push to move forward without the GOP.
Progressives had no plans to build infrastructure. All of us have one interest, sharing the tax base among the states and sending out a round of checks. At least we are more truthful.
Economist John Williams, founder of ShadowStats.com, says the Federal Reserve has painted itself into such a tight corner with the economy it really has only two choices. Williams says it comes down to “Inflation or Implosion.”
Biden Tax Hikes Hitting Resistance, With ‘No Room for Error’
We spend way too much effort decoding their scams, no sense to send them money. Between Trump and Kamala the place is worse than ever.
A messy, anti-free market bill regarding big tech regulations will probably get votes in the Texas House before the end of Tuesday. Senate Bill 12 requires social media companies to create acceptable use policies explaining what content is allowed, how users can report content violating said policies, and a live toll-free number, email address, or “relative complaint intake mechanism” for complaints. Also in the bill includes requiring at least one employee operating the toll-free complaint number, a quarterly report on enforcement efforts and procedures, and whether coordinated campaigns were involved in getting accounts banned. Barred users along with the Texas Attorney General can civilly sue companies if they believe social media companies violated the regulations
Not quite fit for the modern world.
Illinois’ jobs growth came to a grinding halt in April amid a national slowdown in the labor market recovery. The state added just 300 jobs from mid-March through mid-April, and actually shed 4,000 private sector jobs during the month.
Weak labor market performance relative to other states is something Illinois has had to contend with for much of the past year.
Job losses peaked in April 2020 amid COVID-19 and state-mandated shutdowns. In the year since, Illinois has added among the fewest jobs in the nation. Illinois ranks 44th in the nation in jobs growth since the recovery began at the end of April 2020.
Pritzker was dreaming that Biden could fake a bailout with infrastructure week. Repubs were too smart for that.
At the link is a map of job gains. The old south, small states and flyover country did best. NY, CA, Texas and a few others did worse. It looks like the recovery favored the sparsely populated states. So those states, the large majority are not giving up hard earned taxes to support an obvious ploy writing checks for Biden pals.
Dems fear their plot is exposed:
Biden’s negotiations with Republicans are making some Democrats anxiousDemocrats are weighing the costs of negotiating with Republicans on infrastructure.
They are mostly from California and they know that California does not do infrastructure, we make pension payments. This is a ten year old problem, maybe longer and well known among Cal Dems. But, like delusionals, they thought they could pull the wool over Repub eyes and fake it.
California gas tax is rising again, but road fixes stall
A nice way to put the issue but we all know the gas taxes were about pension payments.
Walgreens has closed 17 of its stores due to rampant stealing, and CVS has called the city ‘one of the epicenters of organized retail crime’
Part of the Shay's rebellion.
Report says researchers went to hospital in November 2019, shortly before confirmed outbreak; adds to calls for probe of whether virus escaped lab
Smoking gun.
Our steering wheel economists missed this, now we have a volatile transition.
The cures have come and gone, now our only hope is to send us big fat checks for no apparent reason except to refund our Fed taxes.
JEDDAH: The US military commander in the Middle East has issued a new warning over the threat from armed drones launched by Iran-backed militias in Iraq.
Marine Gen. Frank McKenzie said the drones were difficult to detect and destroy, and he admitted the US was struggling to deal with them. Finding better ways to counter such attacks was a top priority, he said.
It is too late to avoid drone to drone air combat. The better question is what do we do with trillions in military hardware spent otherwise, and now useless.
Biden tax plan would cull financial data on masses of law-abiding, tax-compliant Americans. In the name of catching tax dodgers, the Biden administration is seeking serious snooping rights to oversee all American bank accounts and payment apps. "Instead of promising a chicken in every pot, Biden's plan promises an auditor at every kitchen table," commented Sen. Chuck Grassley (R–Iowa).
Under President Joe Biden's proposal, 87,000 new IRS employees would be hired and everyone could expect more scrutiny of the flow of money to and from their financial accounts.
As it stands now, the government gets alerted to most income when the payer reports it to the IRS. If someone comes into money and the payer doesn't report it to the IRS, the person paid is supposed to report this income—no matter how small—but it's difficult for the IRS to know if they do not do so. Estimates suggest that "opaque" income sources have a misreporting rate of 55 percent.
The Swamp is a sewage pit, we all know it and none of us really want to cover the costs.
But send me a check anyway!
Democrats are weighing the costs of negotiating with Republicans on infrastructure.The debate is really about another round of checks for local and state government. Dems now realize they were caught faking it with infrastructure week. In California, we gave up on choo choo and want no more of that crap. We do not build highways out here. We have pension obligations. I have no idea where Joe got all this infrastructure nonsense.
Peter Wehner warns of more U.S. Capitol riot-style political violence should the GOP continue regurgitating ex-President Donald Trump’s 2020 election lies.
Wehner wrote in The Atlantic this week that “political violence will become more acceptable and more prevalent on the American right” if the Republican Party “doesn’t counteract these lies rather than indulge them.”
Congress is killing the retail banks leaving rural and inner city folks stranded. The proper reaction is rebellion.
A federal court last summer agreed that a reasonable jury could find that Rhodes violated Stewart's constitutional rights when the officer shot him dead—a confrontation set in motion because Stewart had fallen asleep in his parked car. He was never told he was under arrest, nor did Rhodes ever display his badge. Yet in the same breath, the court said that Stewart's estate may not bring their lawsuit before any such jury, because Rhodes was awarded qualified immunity.Our right to a regulated militia. If cops get immunity then so do private security guards. NRA gun nuts are too stupid to understand and the Supremes to compromised to read the Second in grammatical form. We are screwed.
As we know, Kamala crashed and burned before even the first vote was cast in the primary. No one, as it turned out, wanted a President Kamala. Most people were surprised when she rose to the top of Joe Biden’s list of vice-presidential picks. Now she’s assumed to be running the show in the Oval Office because Biden looks too feeble to handle the job on his own.
Zeng writes that the researcher claims “the Western model has failed, the 500-year maritime civilization is doomed, the CCP has won and ‘will lead the way of the modernization in the new era after the biology revolution’ after the 2020 CCPVirus (COVID19) pandemic.”
Ping states in the video that “In 2020, China won the trade war, science and technology war, and especially the biological war.”
Zoltan On The Coming QE Endgame: "Banks Have No More Space For Reserves"
Let the fiats experiment with their own stable coin, let them deploy smart contracts, run up a contract node, tie it so digital cash, then resell Fedwire services. Let them deploy smart, personal, secure ID.
They will see lots of place in a mammoth market expansion for them, But most of all, let the fiats free from the CB tax collection duties.
There is limited tax base, both horizontal and vertical. This resource pays for government goods at all levels. It cannot be scaled to the structure of government. This is no one;s fault. This is why we need revenue sharing, not earnark sharing, This inherent mismatch will be there always, just hedge it with revenue sharing and tax battles will be much less volatile.
As @chicagosmayor reaches her two year midway point as mayor, her spokeswoman says Lightfoot is granting 1 on 1 interviews - only to Black or Brown journalists
Transcolor?
GOP is fully committed *as a party* to restricting voting rights everywhere
We lack democratic government any way. One idea os to make voting difficult so only those invested want to vote.
The drone swarm used the affordable off-the-shelf decoy to wreak havoc on enemy integrated air defense systems.
The drones are better at fouling the war for both sides than winning.
Phi and Phi Squared.
Phi/Phi^2 gets 1/Phi, add one get Phi. Invert the ratio, get Phi^2. In any log, the one will have twice the bandwidth of the other. Phi is a real thing in constricted flow, the minimum uncertainty. The point where supply chains are most liquid. Nyquist is just established, like an asynchronous bidirectional channel. Both sides encoding to Gauss as relatively. Self sampled systems.
Senate Republicans dramatically changed their party rules to take a hard line on the debt limit in the coming months. Democrats don't care.
In fact, the Democratic majority says it has no intention of negotiating with Republicans bent on slashing spending as a condition for avoiding default after the July 31 deadline. Democrats say they won't haggle with the minority party over the faith and credit of the United States, citing lessons from the presidency of Barack Obama.
This is really about who gets taxes and who gets goodies. Debt is about making long term payments for government goods that lost money during the last round of spending. Generally small states do not want their goodies crowded out by sudden interest rates hikes, and we just had one of those this year. But this is also about Texas protecting their oil exports from taxes. Taxes and debt limit, go together like soup and sandwich.
Trumpsters are whacko.
Republican Rep. Marjorie Taylor Greene aggressively confronted Democratic Rep. Alexandria Ocasio-Cortez on Wednesday and falsely accused her of supporting “terrorists,” leading the New York congresswoman’s office to call on leadership to ensure that Congress remains “a safe, civil place for all Members and staff.”
The market be saved is dip buyers return. The dollar took a good dump. Our foreign creditors demand 1.7 on the ten year. We might be back to digging holes in Texas for a while.
Meituan has seen around $38.96 billion wiped off its value in the past two weeks as Beijing turns its regulatory scrutiny on the Chinese food delivery giant."
I hate to age myself, but I have been ordering pizza for a long time. I still order pizza, and the same delivery folks run pizza from the same old pizza joints. Nothing has changed in the business that would justify a 38 billion dollar valuation. And that nonsense is why his valuation tumbled.
These would not be the same boneheads who agreed with Trump's declaration of war with Iran?
Senate Minority Leader Mitch McConnell (R-Ky.) sounded an optimistic note on Wednesday about the chances of getting a deal with President Biden on infrastructure.
McConnell's positive rhetoric comes after he and the other three top congressional leaders met with Biden and Vice President Harris, the first time the president has met with the top four leaders in the Oval Office.
"I think both sides would like to get an outcome," McConnell said during an interview with Fox News, adding that they "discussed an issue upon which there's a great chance we can get a bipartisan outcome."
We are not trusting senators, nor Joe on this and will want our infrastructure checks up front.
And the econs are in hysteria. Not because of the unexpected MoM CPI jump, but they are in hysteria that no one knows how to change base by resetting delta X. That sort of inverse hysteria is quite troubling for me and reveals a whole lot about econs expecting most econs to be ignorant numbskulls.
But the real effect is in the market, down, and in oil, up, and in rates, the ten year up by ten basis in one day. The FX insurers are going to demand higher rates, the exporters are buying oil, dumping financial assets, and Janet warned us about this, and all econs seemed to mis-interpret her words. Janet is worried about a sudden stop in the senate.
Centrists and liberals are also at odds over lifting a ceiling on the state and local tax (SALT) deduction, which was capped at $10,000 by the Trump tax-cut bill to pay for corporate tax cuts. The ceiling hit blue suburban districts hard, but progressives including Sen. Bernie Sanders (I-Vt.) argue lifting the cap would help wealthy households.
This is a setback for Schumer, who pledged last year that repealing the Republican-enacted cap on SALT deductions would be a top priority if Democrats took back control of the Senate.
A group of House Democrats from New York and New Jersey are warning they may not vote for an infrastructure package if it doesn’t include a repeal of the SALT cap.
Rep. Thomas Suozzi (D-N.Y.) told The Hill in March: “No SALT, no deal.”
Another issue sparking debate within the Senate Democratic caucus is the size of Biden’s infrastructure agenda, which is publicly projected to cost $4.1 trillion but could wind up costing a lot more if all of its elements are scored by the Congressional Budget Office.
“It’s a lot of damn dough, it’s a lot of money,” Sen. Jon Tester (Mont.), a moderate Democrat in a state easily won last year by Trump, said Tuesday. “I don’t think we’re going to be at $4 trillion in the end.”
Tester said while there’s certainly a lot of need for infrastructure investment, Congress should pay for at least half of the cost.
As pointed out many times, the fight over tax base goes back three years, and before that goes back to 2010. It is an ongoing, not to be resolved issue.
No one supports infrastructure as it is ludicrous to think Congress will manage that properly over numerous election cycles.
And, the Californians are in this for pension relief, beginning to end that was their aim.
So, no, there is no realistic infrastructure and their best bet is another round of checks or do nothing. This is all complicated by rollover risk, that is a shitload of rollover and it likely cannot be done without yield curve control which fouls up the pricing functions something horrid. The Swamp is stuck, I suggest they continue to agree on being stuck for another two years.
But after letting Bitcoin spend most of its 12-year rise outside the watchful eye of government, regulators from the U.S. to Europe are cracking down. Their ambition is to take away the treasured anonymity that makes Bitcoin and other cryptocurrencies a haven for hackers and other criminals. “We don’t really have an adequate framework to deal with the different issues that they pose from a regulatory perspective,” said U.S. Treasury Secretary Janet Yellen at the Wall Street Journal CEO Council Summit on May 4, calling crypto’s use in illicit activities a topic “well worth addressing.”
Not anonymity of the person but autonomy of the bot. We need data protected by honest bots that we carry around with us such that no one can get at the data unless the autonomous bot that reads their finger print and obeys the rules.
Tim Cook gets the problem, as do most techies. But Tim is the only techie that wants to stop the data theft with autonomous bots under contract. We need more support for this, Tim is tired of the whole debate and is not risking Apple to fight the issue.
Someone besides me needs to explain this issue to a few key senators.
My argument proceeds from two sets of assumptions. The first is that Trump’s continued prominence is bad electoral news for Republicans. Throughout 2016–2020, Trump brought voters into the Republican Party, but he always drove more away, supercharging Democratic turnout to previously unseen levels — partly by activating previous nonvoters, and partly by driving former Republican voters into the Democratic ranks.
DAN MCLAUGHLIN at the National Review. As a independent, a split government would have been fine with me.
The big event in the election was the Cal teachers union, let us not forget that. They were partly successful in owning Biden because Trump energized the opposition. Trumpsters do not have the foresight to catch these side effects, someone like Romney does, as does Liz Cheney.
Then there is the Trumpster effect on the small states. They have a difficult time recruiting smart Repubs as it is with the small population base. Look how Alaska struggles. We need the Romney wing of the party to help these small states get clues, otherwise they are doomed and we get sudden stops in the Swamp.
The Dems will always be delusional, always causing instability thinking we can be ruled from the Swamp, this is a common delusion among Cal politicians and unions.
Out of all these difficulties, the last thing we need are Trunpsters.
When the Census Bureau announced congressional reapportionment late last month based on the 2020 population count, Texas, which gained two congressional seats, and Florida, which added one additional seat—the tenth consecutive census that the state’s delegation has grown—were two of the biggest winners. Illinois, which has lost ten seats in 70 years; New York, which has seen its congressional delegation shrink by 15 members in the last 50 years; and California, which will lose a congressional seat for the first time, were among the biggest losers.
Texas and Florida rule the House.
The state and local tax deduction overwhelmingly benefits rich households in high-tax states while shifting their federal tax burden to everyone else.Eric thinks government is all about the Swamp. The SALT deduction ias about leaving some tax base for the large states like California and New York. If Eric could read the Constitution correctly he would discover we are not a central government but a government channel in which the working parts need tax base. Most of our tax battles in the Swamp are really tax base battles between the Swamp and large states.
When the difference between the one year and two year breaches 15 basis points then the primary dealers will support government borrowing at the short end. 15 basis points is enough to hire a trader on the short end.
But I think the Fed knows this and try to avoid the condition. It is like a sticking point, but hen we breech it the rate cycle will be quite rapid.
The suspected shooter was the boyfriend of a female victim at the party attended by friends, family and children. He walked inside and opened fire before shooting himself, police said. Children at the attack weren’t hurt and were placed with relatives.
We need to give women classes on castration anxiety in loser NRA gun nuts.
Lindsey Graham: Can we move forward without President Trump? The answer is no. I’ve always liked Liz Cheney but she’s made a determination that the Republican Party can’t grow with President Trump. I’ve determined we can’t grow without him.
GOP has to ask itself, does Lindsey really know WTF he is doing? I am on the verge of permanent rejection of the GOP. GOP is in a pickle, and screw them if they cannot get past a loser like Trump.
No doubt, accessing the financial system is a real problem for millions of low-income people in the United States. Because many traditional banks have effectively stopped providing affordable deposit accounts to the poor, viewing them as unprofitable and high-risk customers, switching to digital currencies could potentially allow many disadvantaged people to participate in the financial system. For the broader population, digital technology could also cut the cost of banking services and increase the speed of money transfers, especially across national borders. In Treasury Secretary Janet Yellen’s words, it “could result in faster, safer and cheaper payments.”
Congress cannot fix the problem, those expensive bank fees become tax income for Congress. This is a forty year problem, Congress will not turn on a dime for this. We are in this mess because of ignorance on the part of maxro cons and fraud from Congress. Now we have a full fledged Shay's rebellion.
Tucker: Why have so many people died after getting vaccinated?
So many people die anyway. Check the numbers and find cause and effect or STU. Displaying ignorance does Tucker's credibility no good, and he is running short. He even makes Hannity look smart by comparison.
Veteran GOP pollster Frank Luntz warned that former President Trump’s repeated assertions that the 2020 presidential election was rigged against him could hurt Republican efforts to take back the House in 2022.
Luntz noted in an interview on The New York Times podcast “Sway”published Thursday that “more than two-thirds of Republicans believe that the election was stolen,” warning that a widespread and unproven belief that there was widespread fraud last November could turn Republicans off from voting in the midterms.
The ignorance of Trumpster politicians is astounding. The independent voter is way too smart for that crap.
Biden is leaning into the stagecraft of the presidency on Thursday by choosing to speak in the city of Lake Charles in front of a 70-year-old bridge that is 20 years past its designed lifespan.
Even as he engages with Republicans in Washington, Biden is trying to sell their voters on the idea that higher corporate taxes can provide $115 billion for roads and bridges and hundreds of billions of dollars more to upgrade the electrical grid, make the water system safer, rebuild homes and jump-start the manufacturing of electric vehicles.
He’s proposing to pay for his plan by undoing the 2017 tax cuts signed into law by President Donald Trump and raising the corporate tax rate from 21% to 28%. Biden contends his programs would bolster the middle class and make the country stronger than tax cuts for big companies and CEOs.
Selling bridges, roads and choo choos to no where. The problem is to his left, the public sector unions would rather have the cash. How many taxpayers from anywhere will promise to pay for ten years on a project managed by Congress?
CHENEY GOES AFTER MCCARTHY MAGA CRED...
Frontline members lean in on earmarks
I am not sure one what criteria did Pelosi push earmarks. She had already rejected revenue sharing in a early meeting a year ago.
This might be a rebellion in the Swamp against state capitals, but I am sure even California would prefer the cash to a bunch of idiosyncratic projects. Nor can I even justify New York or Texas not wanting the cash. It just seems to me the governors missed something here since they are in constant battles over the tax base anyway, why did they not conclude that revenue sharing was a great way to share the tax base?
Something seems fishy and i smell a rat.
The U.S. Treasury more than quadrupled its borrowing estimate for the quarter through June, and expects to need some $1.3 trillion over the second half of the fiscal year to help pay for a raft of fresh pandemic-relief spending.
The Treasury’s projections, released in Washington Monday, incorporated the impact of President Joe Biden’s $1.9 trillion pandemic-relief bill, enacted in March. In a February outlook, the Treasury left out any guess on such spending.
Dollar value is down below pre pandemic levels. The FX insurers might want extra, but more likely oil price will jump. Dunno which comes first, the chicken or the egg. Lookingf here t 2 AM oik jumpa to 65 making frackers active.
