Tag Archives: Bloomberg

Unintended Consequences

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On Wednesday, Zero Hedge reported the following:

As discussed yesterday in “Buyers Balk At Russian Oil Purchases Despite Record Discounts, Sanction Carve Outs” the bevy of Russian sanctions have had the unintended consequence of also freezing Russian oil exports – despite explicit carve outs in terms set by Western nations – as buyers balk and boycott Russian crude sales amid fears that the country’s energy supplies may eventually fall under a sanctions regime anyway, leaving buyers stuck with millions in barrels they can’t then sell to downstream clients.

Today was a clear example of just that: citing traders with knowledge of tenders, Bloomberg reported that Surgutneftegaz (better known as Surgut) failed to award two tenders with combined volume of 880k tons of Urals for March loading.

…In short, there is a sense across the petroleum supply chain that sanctions aren’t done yet or aren’t well-enough understood yet. That’s why things are getting blocked. 

Meanwhile, Energy Aspects estimates that 70% of Russia’s crude trade is frozen but that will drop to 20% when there’s greater visibility on sanctions.

While that’s a reasonable proposition but there is an x-factor: could the final sanctions package actually be even more punitive for the country’s exports? Even if 20% were to end up frozen, that would still be a very bullish final scenario for the oil market; as a reminder, Goldman recently noted that even assuming full Russian output, the market remains undersupplied and continued disruptions will push oil much higher.

So what does the market think? Well, the 10x increase in Brent $200 June calls in the past week should give you a sense of what may be coming.

This is one of those articles I am sharing without having a really good idea of what it says or what it means. However, it seems as if this is information worth noting as the price of oil and gasoline continue their upward climb.

About That Unity Thing

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Yesterday Bloomberg posted a very interesting article about bipartisanship. Despite President Biden’s claim that he seeks unity, there seems to be very little unity in Washington these days. I should mention that bipartisanship is not a requirement. The Democrats control the White House and the House of Representatives and essentially the Senate. There is no requirement that they work with Republicans. However, the article points out that the Republicans are not solely responsible for the lack of bipartisanship.

The article notes:

During the Obama years, Democrats cited incidents like this one to cast Republicans in a bad light. Obama and several other Democrats also complained bitterly that Senate Republican leader Mitch McConnell had announced at the start of his first term that his top priority was preventing a second one. Democrats said they tried again and again to meet Republicans halfway on health care, too, and were rebuffed.

With President Joe Biden in the White House, Democrats are saying that the Republicans’ behavior then justifies ignoring them now: There’s no point wasting time trying to negotiate with them.

The incidents didn’t actually happen, though, or at least didn’t happen the way Obama related them. Before he met with House Republicans in January 2009, House Democrats had already introduced a stimulus bill without any of their input, and Republicans had already made public statements of opposition. In his meeting with the Republicans, Obama reportedly said he was open to changing the bill; the Republicans then voted against the unchanged bill; and Boehner issued a statement saying he would still like to work with Obama on the issue.

McConnell’s remark, meanwhile, was made well into Obama’s term, right before the midterm elections of 2010. He said in the same breath that he would work with Obama if he moderated the way the previous Democratic president, Bill Clinton, had: “I don’t want the president to fail; I want him to change.”

Part of the problem right not is that we really don’t know who is making the decisions in the White House.

The article concludes:

Republicans and Democrats worked together to pass a large Covid-relief bill last spring, and did it again just a few weeks ago. The second one was passed after Biden had won the election and the Electoral College had met. Republicans knew that any positive effect it had would buoy Biden politically, and did it anyway.

There’s no moral or constitutional obligation for Democrats to bargain with the Republicans. Obama came into office with large Democratic majorities in Congress, and had the votes he needed to pass the stimulus and his health-care bill without Republicans.

Maybe they will have the votes they need in Congress this time, too. It would be nice, though, if they would stop pretending that they have no other choice.

If you are going to talk about unity, it would be nice if you did something to promote it.

My How Times Have Changed

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Bloomberg reported the following today:

Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co. plan to pause all political contributions, joining a growing list of companies changing or reviewing their donation policies in the aftermath of riots at the Capitol in the past week.

…The action from the banks followed an earlier announcement from Marriott International Inc., which said it will suspend donations to Republican senators who voted against certifying President-elect Joe Biden, after considering the “destructive events” on Wednesday.

Gee, that’s different.

On December 31, 2020, Fox News reminded us:

The last three times a Republican has been elected president — Trump in 2016 and George W. Bush in both 2000 and 2004 — Democrats in the House have brought objections to the electoral votes in states the GOP nominee won. In early 2005 specifically, Sen. Barbara Boxer, D-Calif., along with Rep. Stephanie Tubbs, D-Ohio, objected to Bush’s 2004 electoral votes in Ohio.

That forced the chambers to leave their joint session and debate separately for two hours on whether to reject Ohio’s electoral votes. Neither did. But the objection by Boxer and Tubbs serves as a modern precedent for what is likely to happen in Congress on Jan. 6.

Notably, some Democrats lauded Boxer’s move at the time, including Durbin himself.

It’s amazing how the rules change.

We don’t have answers to who did what on January 6th. We do know that the behavior of many Americans was inexcusable. However, have you  noticed that talk of election fraud has mysteriously disappeared? That should give all of us pause.

 

 

This Seems Very Questionable To Me

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The Hill reported yesterday that billionaire Michael Bloomberg has reportedly raised more than $16 million in an effort to help convicted felons in Florida register to vote.

The article notes:

The Florida Rights Restoration Coalition estimated Bloomberg’s fundraising push has already paid off monetary obligations for 32,000 felons, Axios reported. 

“The right to vote is fundamental to our democracy and no American should be denied that right,” a Bloomberg spokesperson told the news outlet. “Working together with the Florida Rights Restoration Coalition, we are determined to end disenfranchisement and the discrimination that has always driven it.”

Florida passed a law in 2018 reinstating voting rights for felons that dictated they could register only if they pay all fines, fees and restitution — sometimes totaling more than $1,000 — owed to the government. 

The 11th U.S. Circuit Court of Appeals, which covers Florida, last week ruled to uphold the law. 

Last week, several television networks also pledged to donate money to the cause. 

Bloomberg, who ran in the Democratic primary for president, has endorsed the party’s nominee, Joe Biden, and has donated at least $100 million to the former vice president’s campaign to defeat President Trump. 

This may not be illegal, but it definitely is sleazy. I wonder how the average resident of Florida feels about this.

 

 

Who Are They Working For?

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The Washington Examiner posted an article today about the media spin in reporting the news about the coronavirus.

The article reports:

It should not be this easy for Chinese Communist Party propaganda to make its way into major American newsrooms.

Since the outbreak of the coronavirus, which Chinese lies ensured would become a pandemic, American news media have promoted a number of Beijing-approved talking points, including the one that alleges it is racist to refer to the virus by its country and city of origin. American news media have also accepted at face value a series of dubious claims pushed by Chinese Communist apparatchiks, including the absurd boast that China’s new case numbers have remained essentially flat since late February.

“U.S. has more known cases of coronavirus than any other country,” CNN reported on March 26, its declaration coming in unison with nearly every major news outlet in the United States.

The CNN report, which was published shortly after pandemic trackers placed the number of coronavirus cases in America at more than 85,000, claimed the “U.S. cases piled up … surpassing China and Italy.”

Does anyone actually believe the numbers coming from the Chinese Communist Party reporting the number of coronavirus cases in China?

The article continues:

But the obvious red flags regarding China’s reported data did not slow American newsrooms from declaring the U.S. the leader in reported coronavirus cases without caveats.

This is not the only example of western news media hailing China’s allegedly successful campaign to stem the spread of the coronavirus.

Earlier, even before the U.S. had even supposedly passed the case number milestone, the New York Times published a report on March 18 titled “Its Coronavirus Cases Dwindling, China Turns Focus Outward.”

The article, the chief claim of which has been repeated elsewhere by the New York Times, Bloomberg, and NBC News, goes to great lengths to cast China as a thoughtful, meticulous, proactive, and responsible world leader, one whose contributions to fighting the pandemic have made it a more reliable and responsible superpower compared to the U.S. The New York Times article repeats the Chinese Communist Party’s claim that China’s daily coronavirus cases have dwindled “into the single digits.”

No attempt is made to verify these numbers.

…The U.S. intelligence community determined last week that China has underreported both the total number of coronavirus cases and deaths, all of it in an attempt to conceal the full extent of the pandemic in its country.

Early on, China silenced doctors who raised alarms about the virus, denied access to foreign scientists who could have studied the virus, and falsely claimed that there was no evidence of human-to-human transmission.

There is a massive public relations campaign going on right now from the Chinese Communist Party to downplay the role China played on releasing this virus on the world. The effort is to change the narrative to show China as saving the world from a virus caused by America. This is simply one part of China’s effort to establish itself as the lone superpower in the world–usurping the role currently played by America. The America media does not need to help China in that effort.

How To Navigate The Media Spin

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The Epoch Times posted an article yesterday about the report of the Justice Department Inspector General. The report found that the FBI failed to document facts correctly in 29 Foreign Intelligence Surveillance Act (FISA) applications that were reviewed. A rational person would take that as an indication that all was not well at the FBI and that Americans were being unlawfully surveilled. However, the mainstream media did not necessarily see it that way.

Eli Lake posted the following comments at Bloomberg News:

In the twisted politics of the Trump Era, some of bureau’s defenders might actually view this report as good news: It shows that the investigation of the Trump campaign was not necessarily politically motivated. The bureau made the same kinds of mistakes with suspects who were not connected to the Trump campaign.

That’s hardly reassuring — and the malpractice that the report uncovers is a much larger problem than the FBI and its defenders may wish to admit. So far, the response to Horowitz’s December report has been a series of administrative reforms, such as a requirement that FBI field offices preserve their “Woods files” and a mandate for new FISA training for FBI lawyers and agents. That’s all well and good. But one need not go back to the bad old days of J. Edgar Hoover to see that the bureau has been careless in its monitoring of U.S. citizens.

The Woods procedures were issued in 2001 after Congress obtained a memo from the FBI’s counterterrorism division detailing surveillance abuse in the late 1990s. One target’s cell phone remained tapped after he gave it up and the number was reassigned to a different person. Another FBI field office videotaped a meeting, despite a clear prohibition on that technique in its FISA warrant. In 2003, an interim report from the Senate Judiciary Committee concluded that the 2001 memo showed “the FBI was experiencing more systemic problems related to the implementation of FISA orders” than a problem with the surveillance law itself.

Very little has changed in the intervening 17 years. That’s why it’s foolish to expect new and better procedures will work this time. A better approach would be an aggressive policy to prosecute FBI agents and lawyers who submit falsehoods to the surveillance court. The best way to prevent future violations is to severely punish those who commit them in the present.

Scott Johnson posted an article today at Power Line Blog that included the following quote (follow the link to the article for the audio of the answer to the question):

The New York Times is illustrative of “the twisted politics of the Trump era.” Daniel Chaitin covers the Times angle in his Examiner article “‘Biased and out of control’: Devin Nunes rips New York Times reporting on FISA memo.” Chaitin reports on Rep. Devin Nunes’s interview with Larry O’Connor:

Radio host Larry O’Connor read a passage from the [Times’s] report [on the Horowitz memo] to Nunes during the Examining Politics podcast on Tuesday. It said DOJ Inspector General Michael Horowitz’s report “helps the FBI politically because it undercuts the narrative among President Trump and his supporters that the bureau cut corners to surveil the adviser, Carter Page, as part of a politically motivated conspiracy.”

“So, the good news for the FBI is that they trampled on people’s rights all over the place, not just people who worked with Donald Trump’s campaign,” O’Connor said. “Is that the takeaway we should have here congressman?”

I agree with Eli Lake–severe punishment for those guilty of illegal spying on American citizens is the only way to prevent future abuse by the FBI.

 

This Is Not Helpful To Anyone

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Breitbart reported the following yesterday:

A Democrat-aligned Super PAC announced on Tuesday that it will spend $5 million on negative ads targeting President Trump’s response to the coronavirus.

Why not spend $5 million on encouraging people to take precautions to avoid getting the virus or to help those most impacted by the financial distress caused by the virus?

The article continues:

Acronym owns the technology firm Shadow, Inc., which was responsible for developing the infamous app used in the chaotic Iowa caucuses. Notably, the firm’s founder and CEO, Tara McGowan, “worked for Barack Obama’s 2012 campaign and previously served as the digital director for NextGen America, a progressive organization founded by presidential candidate Tom Steyer,” as RealClearPolitics noted.

Acronym is funded by the “liberal dark money group” New Venture Fund, which is “part of a larger group called Arabella Advisors, which provides philanthropic guidance and manages four nonprofits,” according to the nonpartisan ethics watchdog group Americans for Public Trust. Those also include the Sixteen Thirty Fund, Windward Fund, and Hopewell Fund.

The financial web, however, goes far beyond those connections. The political group American Bridge, which was founded by David Brock — a close ally of the Clintons and founder of Media Matters for America — is also involved in the overarching efforts to spread misinformation on President Trump’s response to the coronavirus and further politicize the crisis.

“American Bridge’s network of nonprofits received funding in 2018 from New Venture Fund, as well as another Arabella group called Sixteen Thirty Fund,” Americans for Public Trust reports.

The Post notes that American Bridge has been running political advertisements on Trump’s response to the crisis in key swing states — Michigan, Wisconsin, and Pennsylvania. According to the Post, the group signaled that more was coming, including an ad focusing on “‘Trump’s incompetence,’ including ‘clips of Trump himself downplaying the crisis.’”

“Our job is to hold Donald Trump accountable, and we have no plans to let up, particularly with a focus on economic issues as we’ve done to date,” American Bridge President Bradley Beychok said, according to the outlet.

He added that the group is “not going to give him [Trump] a pass for bungling the government’s response to this pandemic.”

This PAC is not helping anyone. At a time when reliable information is critical, this group, along with their allies in the mainstream media, are spreading fake news. I posted three stories (here, here, and here) in the past week that cited misreporting by the media regarding the coronavirus. All three stories were inaccurate and framed in a way to make either the President or the Republicans look bad. At a time when Americans need to work together to get through a crisis, spending $5 million on a political hit-job is not constructive.

 

An Interesting Question

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The Federalist posted an article today that asks an interesting question–“If Bloomberg Couldn’t Buy 2020, How Could Russia Buy 2016?”

The article quotes The Federalist Senior Editor Mollie Hemingway:

“We had years where people were saying a couple hundred thousand dollars in barely literate Facebook ads from Russians caused Donald Trump to win. Here you had a guy spend nearly $1 billion and he went nowhere. It’s a humiliating defeat for Michael Bloomberg,” she said.

Host Bret Baier drilled the point home: “So Russians influenced the election with $200,000, or $300,000 in Facebook ads? And Mike Bloomberg couldn’t get more than 50 delegates with $600 million dollars?”

“And this hurts Bernie Sanders’s message, too, because he likes to say the billionaires control everything,” Hemingway said. “Clearly Bloomberg having all this money didn’t do as much for him as Biden having the media and the establishment behind him. I would pick media and establishment over millions all day.”

If money could buy elections, we would have either President Jeb Bush or President Hillary Clinton. American voters do respond to ads, but they also have common sense.

Don’t Believe Everything You See In A Campaign Ad

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President Trump has tried from the beginning of his presidency to end the flood of illegal immigrants coming into this country from our southern border. The Democrat party has fought him every step of the way. Their goal is eventually to change the demographic of the American voter to give them a permanent majority. Of course, admitting that is not an option, but Democrats continue to work to leave our southern border open. We can expect this issue to come up in the 2020 presidential campaign, but don’t look for honesty on the part of Democrat candidates.

The Daily Caller reported today:

Mike Bloomberg, the former mayor of New York City and contender for the Democratic presidential nomination, released an anti-Trump campaign advertisement that included footage of caged migrants in 2014 — during the Obama era.

The Bloomberg campaign released an ad that was meant to highlight unflattering events that have occurred during the Trump administration, such as the white nationalist march in Charlottesville, Virginia, the aftermath of a Florida school shooting, the Brett Kavanaugh hearings, and immigration enforcement at the U.S.-Mexico border.

Note that the footage was from the Obama administration–not from the Trump administration. This is patently dishonest.

The article concludes:

The DCNF reached out to Julie Wood — a spokeswoman for the Bloomberg campaign — about the image, but did not receive a response.

This is not the first time Obama-era footage of caged migrants has been mistakenly attributed to the Trump administration. In an announcement about “inhumane treatment at the border” in July 2019, Democrats on the House Oversight Committee tweeted out the same Getty image. They deleted their tweet following online ridicule.

It really is a shame that political ads cannot be stopped from airing if they fail to tell the truth.

Sometimes It’s The Little Things That Matter

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President Trump has given us back the freedom to choose our light bulbs. American Thinker posted an article today stating:

Score another million votes for President Trump in the coming 2020 election.

The president has gotten rid of a despicable little micromanaging regulation left over from the Obama era, restoring the citizens’ right to buy the light bulbs that fit their preferences and needs. According to The Hill:

“Today the Trump Administration chose to protect consumer choice by ensuring that the American people do not pay the price for unnecessary overregulation from the federal government,” Brouillette said in a statement. “Innovation and technology are already driving progress, increasing the efficiency and affordability of light bulbs, without federal government intervention. The American people will continue to have a choice on how they light their homes.”

Blocking the standards flies in the face of congressional intent, critics say, citing a 2007 act signed into law by President George W. Bush that requires all everyday bulbs to use 65 percent less energy than regular incandescent bulbs, which currently constitute about half of the bulb market.

Where in the Constitution does it give the government power to tell us what kind of light bulbs we can buy?

The article continues:

Way back in 2011, when the Bush-era nanny-state measure was first enacted, Virginia Postrel, then at Bloomberg (she might still be) wrote this brilliant piece on how stupid and immoral the whole thing was. She began:

If you want to know why so many Americans feel alienated from their government, you need only go to Target and check out the light bulb aisle. Instead of the cheap commodities of yesteryear, you’ll find what looks like evidence of a flourishing, technology-driven economy.

There are “ultrasoft” bulbs promising “softer soft white longer life” light, domed halogens for “bright crisp light” and row upon row of Energy Smart bulbs — some curled in the by-now-familiar compact fluorescent form, some with translucent shells that reveal only hints of the twisting tubes within.

I can’t get the whole thing on Outline, but here was her money-quote:

… the activists offended by the public’s presumed wastefulness took a more direct approach. They joined forces with the big bulb producers, who had an interest in replacing low-margin commodities with high-margin specialty wares, and, with help from Congress and President George W. Bush, banned the bulbs people prefer.

It was an inside job. Neither ordinary consumers nor even organized interior designers had a say. Lawmakers buried the ban in the 300-plus pages of the 2007 energy bill, and very few talked about it in public. It was crony capitalism with a touch of green.

Now we have our freedom to choose light bulbs back. Let’s see how many other freedoms we can reclaim!

Tariffs Work

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No one likes trade wars, but we continue to see evidence that tariffs (combined with economic strength) work. Bloomberg posted an article on Thursday (updated Friday) about the recent trade agreement reached between the United States and China.The article notes that the tentative agreement was reached just as more tariffs were due to go into effect against China on December 15th. Because of the tentative agreement, the tariffs are postponed.

The article reports:

President Donald Trump signed off on a phase-one trade deal with China, averting the Dec. 15 introduction of a new wave of U.S. tariffs on about $160 billion of consumer goods from the Asian nation, according to people familiar with the matter.

The deal presented to Trump by trade advisers Thursday included a promise by the Chinese to buy more U.S. agricultural goods, according to the people. Officials also discussed possible reductions of existing duties on Chinese products, they said. The terms have been agreed but the legal text has not yet been finalized, the people said. A White House spokesperson declined to comment.

While there was no official confirmation from the government in Beijing on Friday, an announcement is expected in Washington as early as today, according to people familiar with the Americans’ plans. One possible option is for U.S. Trade Representative Robert Lighthizer to sign the agreement with Chinese Ambassador Cui Tiankai, according to people briefed on the matter.

When the agreement was announced, global stocks soared to record highs.

The article concludes:

In addition to a significant increase in Chinese agricultural purchases in exchange for tariff relief, officials have also said a phase-one pact would include Chinese commitments to do more to stop intellectual-property theft and an agreement by both sides not to manipulate their currencies.

Put off for later discussions are knotty issues such as longstanding U.S. complaints over the vast web of subsidies ranging from cheap electricity to low-cost loans that China has used to build its industrial might.

Nothing is at yet cast in stone. Stay tuned.

Somehow I Can’t Find This In The Mainstream Media

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Yesterday The Washington Examiner posted an editorial about a recent action by the Trump administration.

The editorial notes:

We’ve been told by supposed left-wing gay and transgender rights advocates, such as the oddly-named Human Rights Campaign, that President Trump is the “most anti-LGBTQ president ever.” The same activists also recently said that Mike Pence is the most “anti-LGBTQ” vice president in American history — yes, seriously. Apparently, we’re actually supposed to believe that the men who occupied the Oval Office during the 19th century were much more woke than Trump and Pence.

But anyway, deranged critics who overlook the positive parts of Trump’s gay rights record are going to have a hard time criticizing the latest move from the Trump administration’s Department of Health and Human Services — although something tells me they will rise to the challenge.

According to Bloomberg Law, HHS began free distribution of the HIV prevention drug Truvada on Monday in honor of World AIDS Day. This health initiative is possible because the Trump administration secured a donation from Truvada manufacturer Gilead for enough medication to cover 200,000 people. This all comes as a part of Trump’s pledge to make HIV prevention medication available for half of the at-risk population by 2025, Bloomberg Law reports.

The editorial concludes:

These aren’t exactly the actions of an anti-gay bigot. Of course, anyone can get HIV, and anyone can benefit from this health initiative, but there’s no doubt that this issue disproportionately affects gay and transgender people. Yet actually, for any level-headed observer, it really shouldn’t be much of a surprise to see the Trump administration actively focused on and working to address issues facing the gay community.

As far as Republicans go, Trump has been arguably the most pro-gay president in history. He openly supports same-sex marriage, and unlike Obama, he supported it when he entered office. His administration has launched an international initiative seeking to decriminalize homosexuality worldwide, and he has appointed gay and lesbian people to high-ranking positions and judicial nominations.

Of course, no one is really saying the Trump administration’s record on issues of gay and transgender rights is perfect. It’s not. But the president’s left-wing critics need to rein in their obnoxious hyperbole and constant catastrophizing on gay rights issues. Until they do, no one should take them seriously.

What those accusing President Trump of being an anti-gay bigot don’t understand is that he seems to hold an almost libertarian view on homosexuality. He supports the rights of Christians to practice their faith, but also supports the rights of gays to their lifestyle. Because of that, he gets criticized from both sides.

Good News From The Medical Sector

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Bloomberg News is reporting today that a blood test that may be able to detect breast cancer up to five years before symptoms develop could be available by 2025 if development is fully funded, U.K. researchers said. This is wonderful news. Breast cancer can be cured if it is detected early.

The emedicinehealth website includes the following chart:

The article at Bloomberg News reports:

“A blood test for early breast cancer detection would be cost effective, which would be of particular value in low and middle income countries,” Daniyah Alfattani, a PhD student at the University of Nottingham said in a statement. “It would also be an easier screening method to implement compared to current methods, such as mammography.”

About 2.1 million women are diagnosed with breast cancer annually, according to the World Health Organization. It killed an estimated 627,000 women last year, accounting for 15% of all cancer deaths among women.

…“We need to develop and further validate this test,” Alfattani said. “However, these results are encouraging and indicate that it’s possible to detect a signal for early breast cancer. Once we have improved the accuracy of the test, then it opens the possibility of using a simple blood test to improve early detection of the disease.”

The research was presented at the U.K. National Cancer Research Institute cancer conference in Glasgow.

Wow. Wonderful news.

Finding Our Way To Energy Independence

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On November 21, Bloomberg posted an article about U. S. oil production and the opening of new pipelines in Texas.

The article reports:

An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have drilled 114,000. Many of them would turn a profit even with crude prices as low as $30 a barrel.

OPEC’s bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.

…The U.S. energy surge presents OPEC with one of the biggest challenges of its 60-year history. If Saudi Arabia and its allies cut production when they gather Dec. 6 in Vienna, higher prices would allow shale to steal market share. But because the Saudis need higher crude prices to make money than U.S. producers, OPEC can’t afford to let prices fall.

The article includes the following chart:

American energy independence creates a major geopolitical shift. We are still dependent on the Saudis to make sure that oil is traded in American dollars, but we are no longer dependent on them to keep our cars moving and our homes heated. Those of us old enough to remember the oil crisis of the 1970’s remember gas lines and rapidly increasing prices. I realize that we will never get back to 30 cents for a gallon of gasoline, but it is nice to see gasoline prices hovering in the mid two-dollar range rather than the four-dollar range.

Eroding The Foundations Of Prosperity

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The most important foundation of prosperity in America is the two-parent family. Unfortunately, the number of two-parent families has decreased in recent years.

This is a chart from the Pew Research Center posted on December 17, 2015:

On April 10, 2014, The Washington Post reported:

It’s clear in America that family structure and poverty are intertwined: Nearly a third of households headed by single women live below the poverty line. And just six percent of families led by married couples are in the official ranks of the poor. Poverty, meanwhile, touches an astounding 45 percent of children who live without a father.

Recent research by Raj Chetty, Nathaniel Hendron, Patrick Kline, Emmanuel Saez and Nicholas Turner also found that intergenerational income mobility was lower in metropolitan areas with a larger share of single mothers, a bold-faced finding that touched off a new round of public debate over what this relationship means.

But there is another troubling fact regarding the future prosperity of America. On November 2, Bloomberg reported:

Nathan Butcher is 25 and, like many men his age, he isn’t working.

Weary of long days earning minimum wage, he quit his job in a pizzeria in June. He wants new employment but won’t take a gig he’ll hate. So for now, the Pittsburgh native and father to young children is living with his mother and training to become an emergency medical technician, hoping to get on the ladder toward a better life.

Ten years after the Great Recession, 25- to 34-year-old men are lagging in the workforce more than any other age and gender demographic. About 500,000 more would be punching the clock today had their employment rate returned to pre-downturn levels. Many, like Butcher, say they’re in training. Others report disability. All are missing out on a hot labor market and crucial years on the job, ones traditionally filled with the promotions and raises that build the foundation for a career.

The article at Bloomberg includes the following chart:

In October 2015, TIME magazine reported:

For the first time since the Census Bureau began collecting data on higher education attainment, women are more likely to have a bachelor’s degree than men.

Last year, 29.9% of men had a bachelor’s degree, while 30.2% of women did, the bureau reports. A decade prior, in 2005, 28.5% of men had bachelor’s degree, while only 26% of women did.

Young women are driving the change. In the 25-34 age group, 37.5% of women have a bachelor’s degree or higher, while only 29.5% of men do. (Rates of college attainment for men and women in this age group are increasing roughly equally.) But for the over-65 crowd, only 20.3% of women have such degrees, compared to 30.6% of men.

Historically men have been the main providers for their families. Young men have been encouraged to get a good job, get married, and have a family. These ideals have been undermined in recent years by the cultural war against traditional families, traditional roles of men and women, and family values. What has been overlooked by the people fighting traditional values is the role traditional values play in the prosperity of America. The report by Bloomberg is a further indication of the overall decline of our society and the future decline in prosperity.

Maybe We Need To Rethink This

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A website called Clearancejobs.com includes an article answering the question, “What happens to your security clearance after you’ve been fired, suspended or retired?” The website explains the various procedures based on the circumstances. The website points out that in many cases a clearance may remain in effect or be suspended but easily renewed if necessary. When you consider the politicization of the Justice Department and FBI during the Obama administration, it would seem logical to cancel all of the security clearances of those at the top of those organizations who are no longer employed there. However, as usual with anything involving common sense, this is considered a controversial idea.

Considering the news that surfaced over the weekend about the FISA abuse regarding the spying on Carter Page, anyone who was involved in that escapade should be fired and have their security clearance revoked. Clearly, the government’s ability to spy on American citizens was used for political purposes by the Obama administration. However, the media is not going to let common sense enter into the argument.

Bloomberg posted an article today stirring up the kerfuffle about revoking security clearances.

The article is headlined, “Trump Weighs Revoking Security Clearances for Several Ex-Obama Officials.” It should read, “Some of the people involved in the misuse of intelligence gathering within the United States may face consequences.”

The article states:

The president is “exploring the mechanism” to remove their access to classified information because of criticism the officials have leveled against his conduct of relations with Russia, White House Press Secretary Sarah Huckabee Sanders told reporters Monday.

“They’ve politicized and in some cases monetized their public service and security clearances,” Sanders said. “Making baseless accusations of improper contact with Russia or being influenced by Russia against the president is extremely inappropriate.”

Sanders said Trump also was considering stripping security clearances from James Clapper, the former director of national intelligence; Michael Hayden, former director of the National Security Agency; and Susan Rice, President Barack Obama’s national security adviser.

The article concludes:

The idea of moving to revoke Brennan’s security clearance gained traction recently in conservative media circles. Fox News host Tucker Carlson on July 19 called Brennan an extremist with “a documented history of dishonesty” and said he shouldn’t have a clearance.

Republican Senator Rand Paul of Kentucky said he urged Trump to revoke Brennan’s security clearance at a meeting with the president Monday. Trump is trying to court Paul to vote to confirm Supreme Court nominee Brett Kavanaugh despite reservations the senator has expressed about Kavanaugh’s commitment to privacy rights.

I have my doubts as to whether anyone will face consequences for misusing FISA for political purposes. However, removing a few security clearances might send a message to those holding those clearances to use them judiciously.

 

Abusing Our Justice System For Political Reasons

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The following YouTube video is from the Tucker Carlson Show:

Tucker: Let’s be real. Paul Manafort is jail tonight because prosecutors want him to testify against President Trump.

This is a total perversion of our justice system. Someone needs to rein in this abuse. Where are the judges?

Well, let’s look at the judge who agreed to send Paul Manafort to jail.

In November of last year, Bloomberg posted an article about U.S. District Judge Amy Berman Jackson.

The article reports:

Earlier this year, for instance, she dismissed a lawsuit filed by the parents of two of the four Americans who died at the U.S. compound in Benghazi, Libya in 2012, seeking to hold Trump’s election opponent Hillary Clinton responsible.

And four years ago, she sided with the Obama administration request and put on hold a lawsuit by House Republicans demanding papers related to former Attorney General Eric Holder’s botched Fast-and-Furious gun-tracking operation.

…It’s rare for judges to hold white-collar offenders behind bars before a trial or guilty plea — even Bernard Madoff was allowed to remain free on a $10 million bond — but it happens.

Judge Jackson was appointed by President Obama in 2011.

 

 

Roots–How We Got To Today

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The government has reopened. I guess that is good news. But how did we get here, and are we headed here again in January? I am not a big fan of Michael Bloomberg, but even a blind squirrel finds an acorn occasionally.

Politicker.com reports today:

Washington lawmakers finally reached a deal to re-open the government just hours before the debt ceiling deadline, but Mayor Michael Bloomberg isn’t celebrating yet.

“All of what they’re talking about is simply kicking the can down the road,” Mr. Bloomberg told Politicker this afternoon.

The mayor was responding to a request for his take not long before Republican lawmakers had officially conceded their fight. But Mr. Bloomberg, sounding confident a short-term deal would be reached, predicted another standoff soon.

The Senate has not passed or negotiated a budget since 2009. The House of Representatives is supposed to pass appropriations bills, and the Senate is supposed to vote on them, with the eventual result of a federal budget. Since 2009, the federal government has been funded by continuing resolutions (CR‘s) that kept the spending at record-breaking levels. We have wondered away from the Constitution, and it is costing us financially and it is damaging our country.

The war about the budget represented a battle between those in power in Washington and the rest of us. The proposal from the Tea Party Republicans asked that everyone be treated equally under ObamaCare–even Congress and Congressional aids. The proposal from the Tea Party Republicans asked to delay ObamaCare for a year because of the problems with the website and the negative impact it is having on jobs and the economy. Both of those proposals would have helped average Americans. The resistance came from Democrats and establishment Republicans. Both groups need to be voted out of office.

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Payback Is Not Always Fun

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As you read this, please keep in mind that the Daily Currant is a satirical newspaper–the article may or may not be true. The Daily Currant reported today that the owners of Collegno‘s Pizzeria refused to serve Mayor Bloomberg a second slice of pizza. The owners were protesting Mayor Bloomberg’s proposed soda ban, which would limit the portions of soda sold in the city.

The article reports:

Bloomberg was having an informal working lunch with city comptroller John Liu at the time and was enraged by the embarrassing prohibition. The owners would not relent, however, and the pair were forced to decamp to another restaurant to finish their meal.

Witnesses say the situation unfolded when as the two were looking over budget documents, they realized they needed more food than originally ordered.

“Hey, could I get another pepperoni over here?” Bloomberg asked owner Antonio Benito.

 “I’m sorry sir,” he replied, “we can’t do that. You’ve reached your personal slice limit.”

 

I do have to admit that creating a personal slice limit might actually slow down the incidence of obesity in this county–it might also increase the number of people eating at home.

 

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