Monday, November 9, 2015
Courage and skill seldom overcome ignorance and arrogance.
The First Cut Is The Deepest: For a third consecutive year, purchases by first-time house buyers declined and their participation remains at the lowest rate in 30 years. And if you don't have people buying their first house, you don't have people moving up, etc. Maybe the lack of jobs for college grads and their student loan debts has something to do with it. Or maybe it's just the recovery, stumbling along like a drunk in the dark.
Receipts Please: Candidate Rubio claims he has paid back all $7,000 of personal expenses he charged to a GOP AMEX card. What, exactly, would your employer do if you ran up several thousand dollars on your company credit card? And how long would you have to pay it back?
Another One: Okay, so Ben claims that Vladimir Putin (born 1952), Ali Khamenei (b. 1939) and Mahmoud Abbas (b. 1935) attended school together in Moscow in 1968, when Putin was 16 and Abbas was 33. Okay, one last one: There is no evidence that Doctor Ben hid white classmates in the biology lab during a 1968 race riot. He might have, but no one else who was there remembers it that way.
Friends In High Places: The Democrats, the party of the people and all that, are trying to kill a bill that requires your financial advisor to work for you, not for his own benefit. I can remember when this sort of thing was done in smoke-filled rooms, not in the public square.
Observation: The Fed's easy money policies created such an immense bubble that any slight prick could send the economy spiraling out of control. Lord knows there are enough pricks walking around Washington and Wall Street to make it probable.
Being Prepared: The National Science and Technology Council says there is a 12% chance that sometime in the next decade a mammoth solar flare could really screw up satellites, telecommunications systems and electrical networks. That would be almost as damaging as a Trump Presidency, for which the current odds are much higher.
One And Done: Does Friday’s good job report mean that the Fed will raise rates next month? Probably yes. Does it mean that the Fed should raise rates? Definitely not.
Honor Code: Ben Carson did not — as he has claimed repeatedly — receive a full scholarship to the U.S. Military Academy at West Point. First there is no such thing. Then there is no record of him ever applying. And General Westmoreland was not in Detroit On Memorial Day, 1969 when Carson claims he had dinner with the General. Westy was there in February, so the Carson campaign rescheduled the 1969 Memorial Day parade to fall conveniently in February and that's when “We believe he met Westmoreland...” “Do you think I’m a pathological liar like.. or do you think I’m an honest person?” Carson asks, proving he is not a lawyer. Lawyers do not ask questions they don't know the answer to. And let's have no more talk about that scholarslip from theUniversity of Michigan.
Just Say'n: In October, Chinese exports fell 3.6% and their imports fell 16%.
Sum Numbers: In the big, big, big employment/unemployment carnival with 271,000 new jobs, please note that over there in the smaller ring the participation rate was still a miserable 62.4%. And over there in the sideshow, note that the older farts added 378,000 jobs while those who used to be considered to be of working age, males 25 – 54, lost 119,000 jobs. So we might as well see if Janet can kill the economy with a Fed funds rate increase.
Precisely: The IMF has concluded that the world's economies have not undergone a sustained recovery and all that QE cheap money has led to asset bubbles. It concludes that far from being ready to face the next recession, little has been done to get over the last one.
Authorized Version: The finally available text of the Trans Pacific Partnership is available. At 5,544 pages it is three times as long as the King James Version and covers a lot more sins.
True: “ It would be comforting to believe that somewhere in the commanding heights of our permanent government, there are important players who are serious grownups who know what they are doing.”
Porn O'Graph: Location, location, location.
Posted by Charles Kingsley Michaelson, III at 7:29 AM