Sunday, September 15, 2019

Department of Energy reverses Obama administration overreach on lightbulb rules

Fred Upton's damn lightbulb law remains on the books, of course, but at least the Trump administration is calling a halt to making all lightbulbs even more expensive than they already are because of it.

My wasteful, liberal neighbors, but I repeat myself, here in Michigan routinely leave all their outdoor lights on all day as well as all night, but I have to pay more and more for energy efficiency. They also leave their garage doors wide open most days in winter.

Freedom which wastes cents makes no sense.



A final rule set to be published in the Federal Register on Thursday allows the continued sale of four types of incandescent and halogen light bulbs: three-way lights, recessed can lights, candle-shaped lights used in chandeliers and round bulbs often found above bathroom mirrors. The rule is expected to be challenged in court.

The Obama administration, just as it was winding down, published a rule that eliminated exemptions that were part of the 2007 law. Under the Obama rule, the four types of light bulbs would be subject to the efficiency standards set to take effect on Jan. 1, 2020.

The Trump administration’s rule restores exemptions granted to the four products. The Energy Department said the Obama administration’s decision was “not consistent with the best reading of the statute.”

The department also said it doesn’t intend to move forward with new standards to improve the efficiency of the pear-shaped light bulbs called general service incandescent lamps. The tighter standards are “not economically justified,” according to the proposal, which is open for a 60-day comment period.

Friday, September 13, 2019

Last night Joe Biden said nobody should be in jail for a non-violent crime


The contagion of the record low 10-year Treasury yield of July 2016 has spread to the 30-year in August 2019



The yield on the U.S. 10-year Treasury note settled at 1.367% Tuesday, breaching the previous close low of 1.404% set in July 2012 when investors rushed into haven debt amid the depth of the eurozone’s sovereign debt crisis. Yields fall as bond prices rise. ...

On an intraday basis, the U.S. 10-year yield touched as low as 1.357%. It was 1.446% Friday and 2.273% at the end of last year. The U.S. bond market was shut Monday for a holiday.

Traders say the 10-year yield still has room to fall. Investors and analysts say bond yields are in uncharted waters now and that it is hard to predict how low yields could go in this environment.

Few in the financial markets have foreseen a period of negative interest rates touching off globally. The total of sovereign debt with negative yields jumped to $11.7 trillion as of June 27, up $1.3 trillion from the end of May, according to Fitch Ratings.

The pool is likely to expand further in the months ahead due to ongoing purchases of government bonds by the European Central Bank and the Bank of Japan. ...

The 30-year Treasury bond has been the market darling, and the buying spree has pushed down its yield to record lows lately. The 30-year bond’s yield settled at 2.138%, falling below its record close low of 2.226% Friday.

The 30-year bond was usually the playground for pension funds and insurance firms. But it is now being bid up by a broader investor base due to the global hunger for income. Analysts say it wouldn’t surprise them if the 30-year yield falls below the 2% mark in the weeks ahead.


















Three years later:


In late Wednesday trading, the yields on 30-year government bonds were 1.939%, down 2.2 basis points from late Tuesday. They hit an all-time low of 1.905% earlier Wednesday.



OK, this is pretty funny: Kamala Harris answers Andrew Yang's Universal Basic Income with Universal Basic Incarceration


Last night's Democrat debate was so bad . . .

. . . I couldn't find one tweet mocking it worth reproducing here.

There's exhaustion out there, people.

Thursday, September 12, 2019

Tonight's Democrat debate

I'll say

Atlantic article totally soft-peddles how Obamacare's architects made millions vulnerable to estate recovery under Medicaid

The only reason Obamacare can be called successful reasonably is that it threw millions onto Medicaid, except that what is spent on you in life for your healthcare under Medicaid ends up coming out of what's left of what you owned after you die, if anything, including from the sale of your house, and even from the sale of granny's hand-me-down quilts.

America's first black president, Bill Clinton, signed estate recovery into law, and the second one then sold that bill of goods to millions of America's uninsured poor. He just bought himself a $15 million mansion to celebrate. 


For many participants, the program that provides health care to millions of low-income Americans isn’t free. It’s a loan. And the government expects to be repaid. ...


One lawyer in Tennessee recalled a case in which a woman went to her late mother’s Medicaid auction to buy back quilts that had been passed down for generations. ...

One of the few times estate recovery has made headlines was earlier this decade, during the rollout of the Obama administration’s Medicaid expansion. As more Americans considered Medicaid as a health-insurance option, more came across the fine print. At least three states passed legislation to scale back their recovery policies after public outcry.

Gasoline consumers continue to pay bubble-levels, $2.571/gal on average under 2.5 years of Trump, as oil company profits soar

https://www.wsj.com/articles/big-oil-companies-finished-2018-strong-despite-plunge-in-oil-prices-11549031069

How all of Afghanistan should have looked the day after 911, but didn't because we no longer have the stomach for real war










Wednesday, September 11, 2019

Jeffrey Snider explains the decline in bond yields to The Wall Street Journal's Andy Kessler, tells a clueless Fed what must be done

The Fed Can’t See Its Own Shadow 

Its asset purchases are squeezing nonbank lending and sinking long-term bond rates. ...

Shortages of long bonds—good collateral—are causing “relentless” demand and therefore lower yields. That’s why German long bonds have negative interest rates: not because losing money is a great investment, but because negative interest is the cost of doing business to get “pristine collateral” to use in repos.

This is how the global credit system—what Mr. Snider labels the Eurodollar market—now works. The Fed has become the lender of last resort for the global market, including banks and shadow banks. It’s about time its governors figure that out.

So what should they do? Encourage the Treasury to issue more of the long bonds the market is demanding: 30- or even 100-year. Feed the beast. Then stop quantitative easing: It doesn’t work and soaks up collateral. Next, stop paying interest on reserves. Maybe even create a nontradable “Treasury-R” to act as reserve currency elsewhere, freeing up more bonds. If history repeats, there are about 90 days until China repos roll over again.