Thursday, June 15, 2023

Congress went on a spending orgy since 2019 adding $8.77 trillion to the national debt and dimwits blame the Fed for being unable to control inflation

 Inflation is always and everywhere a monetary phenomenon. Blame yourselves. You elected them.

 


The chief penalty is to be governed by someone worse if a man will not himself hold office and rule.

-- Plato, Republic, I, 346f.

The Fed left the Funds Rate unchanged yesterday, and no members of the Federal Reserve Board currently anticipate a rate lower than at present through the end of the year

 They anticipate higher, but not by much, which means more rate hikes this year.

The yield curve aggregate yesterday closed just 4 basis points lower than the current cycle high of 4.674% achieved on March 8th, at 4.671%. That's the sum of the basis points for all US Treasury securities marketed yesterday divided by 13 (ranging from 1-month securities to 30-year).

To say the Fed's response to inflation has been timid would be an understatement.

In the 1980s the Fed's response to core inflation such as we experience today at 5.3% year over year was a Fed Funds Rate in excess of 10%. We're at 5.08%. The yield curve is not steppin' and fetchin' when the big dog won't bark.

This is not a serious country, and is perversely more than willing to inflict the worst tax on all, namely inflation, mostly because the whole damn economy is predicated on 2% inflation, which halves your nestegg in 35 years.

At 5% it does that in just fourteen.

It's criminal.





The price of gasoline has fallen, but only to the level of Obama-era expensive, not Trump-era cheap

 


Wednesday, June 14, 2023

Trump did nothing wrong with his records: He knows it and they know it, but you don't, which is just the way they want it

 When Trump actually finds a competent attorney, the attorney should immediately file to have the case dismissed based on the Jackson ruling of 2012.

But will he?


Trump’s Boxes and Clinton’s Sock Drawer

A president chooses what records to return or keep and the National Archives can’t do anything about it.

... The National Archives and Records Administration was never given the recordings. As Mr. Branch tells it, Mr. Clinton hid them in his sock drawer to keep them away from the public and took them with him when he left office.

My organization, Judicial Watch, sent a Freedom of Information Act request to NARA for the audiotapes. The agency responded that the tapes were Mr. Clinton’s personal records and therefore not subject to the Presidential Records Act or the Freedom of Information Act.

We sued in federal court and asked the judge to declare the audiotapes to be presidential records and, because they weren’t currently in NARA’s possession, compel the government to get them.

In defending NARA, the Justice Department argued that NARA doesn’t have “a duty to engage in a never-ending search for potential presidential records” that weren’t provided to NARA by the president at the end of his term. Nor, the department asserted, does the Presidential Records Act require NARA to appropriate potential presidential records forcibly. The government’s position was that Congress had decided that the president and the president alone decides what is a presidential record and what isn’t. He may take with him whatever records he chooses at the end of his term.

Judge Amy Berman Jackson agreed: “Since the President is completely entrusted with the management and even the disposal of Presidential records during his time in office,” she held, “it would be difficult for this Court to conclude that Congress intended that he would have less authority to do what he pleases with what he considers to be his personal records.”

Judge Jackson added that “the PRA contains no provision obligating or even permitting the Archivist to assume control over records that the President ‘categorized’ and ‘filed separately’ as personal records. At the conclusion of the President’s term, the Archivist only ‘assumes responsibility for the Presidential records.’ . . . PRA does not confer any mandatory or even discretionary authority on the Archivist to classify records. Under the statute, this responsibility is left solely to the President.”

I lost because Judge Jackson concluded the government’s hands were tied. Mr. Clinton took the tapes, and no one could do anything about it.

More.

Tuesday, June 13, 2023

Permanently higher prices for the basics looks to be the future

 The simple egg is now 25% more expensive at Sam's Club compared with pre-Covid. I used to pay routinely $3.98 for two dozen like those shown below. Prices nationally have fallen only to the unusually high levels of 2015.

Whole chicken is up 23%, electricity 18%, and both appear to be stable or rising.

Avian flu is now only sporadic.

 






Core CPI inflation in the United States in May at 5.32% year-over-year has hardly come down from 5.58% in January

 



I remember when the orgies at the White House were at least kept indoors

 


The 47% is back

 


Nature has a self-cleansing mechanism

 


In 15 years we've gone from Obamagirl to a topless Biden girlyman at the White House

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Monday, June 12, 2023

My local utility has repriced my fixed monthly payment for natural gas and electricity for the next year


 The new price is down 30% from last year's horrendous price.

The monthly payment will now resemble the high end of normal I experienced in the years prior to the Russia-Ukraine War.

Like a boot off my neck.

Sunday, June 11, 2023

Today's up-is-down headlines: UK Daily Mail v CNBC, Drudge v Real Clear

 'LOW ENERGY' TRUMP SPEECH (Drudge)

Trump Delivers Fiery Speech in Georgia: "They're Coming After You" (Real Clear Politics)

Nemesis is coming, Draco is coming

 


Lolbertarian says the worst possible thing which could happen to the economy (i.e. "to me") is higher future taxes


More self-absorbed than your average tranny.

Scott Sumner, here:

The consequence of the reckless fiscal policy will not be a financial crisis. Nor will it be a default. Even the permanent monetization of the debt is unlikely, in my view. The most likely consequence will be higher future taxes and slower economic growth. This will lead to reduced living standards. It might also push politics in a more “populist” direction, with consequences that are difficult to predict (but unlikely to be desirable.)



Trump is toast

 


Trump’s Former AG Bill Barr Lowers the Boom in Stunning Analysis on Fox News Sunday: ‘If Even Half of it is True, He is Toast’