1) This Is Why We Must NEVER Bail Out Blue State/City Pension Plans
New York City’s chief financial officer Brad Lander has announced plans to divest from fossil fuel stocks in the two largest city retirement funds. The funds have pension contributions and assets worth more than $170 billion.
According to the story in New York Focus: this is all part of a new climate change plan intended to chart the course of the retirement systems for municipal workers and teachers... to net zero emissions across their portfolios by 2040." Lander boasts this will be “the most ambitious plan undertaken by a U.S. public pension fund.”
Hello. It may also lead to NYC pension bankruptcies. The highest performing stocks by industry in 2022 were oil and gas companies. As we’ve explained multiple times, ESG and climate funds substantially underperform the market.
Do the municipal workers know what the climate change fanatics are doing with the union retirement funds? No wonder Biden defined away the word "fiduciary."
2) What Happens When This Federal Credit Bubble Pops?
The federal government isn't just borrowing trillions -- it's also lending trillions. And it isn’t very good at either.
The Biden Administration is intent on “forgiving” student loan debt, and it’s a good bet that ballooning federal green energy loans guarantees -- will explode in taxpayers’ laps (remember the Solyndra debacle under Obama).
Green subsidies to the tune of some $350 billion are stuffed inside the new "Inflation Reduction Act.” The loans won’t get paid back anytime soon - if ever.
About 15-20 leftwing millionaires - including Abigail Disney (Roy Disney’s granddaughter) and former Blackrock wiz kid Morris Pearl - attended a Washington press conference Tuesday in front of the Capital urging Congress to raise taxes to 90% on the super wealthy. This band calls themselves the "Patriotic Millionaires", who are concerned about income inequality.
So we thought we’d crash their party to find out how many of these self-proclaimed “patriots” would agree to pay the 90% tax on their own wealth.
You can see from the video that as soon as we suggested this, we became the skunk at the garden party. Not one of the participants agreed to pay the tax they were espousing - even though they claimed they “want to pay more taxes.”
It turns out they don’t. And they were insulted that we asked them to set a good example.
Watch the video of Steve crashing the party below!
These aren’t patriotic, but hypocritical, millionaires.
Crime has gotten so bad in Portlandia that arguably the most iconic Portland store, REI, is shutting its operations in the city. Will this be a wake up call to the city leaders? Probably not.
5) Chicago’s Newly-elected Mayor Sides With Rioters
Brandon Johnson, who was hand-picked to be Chicago mayor by the city’s public employee unions, doesn’t take office for another month. But the city already looks like its becoming unglued.
Over the weekend, hundreds of thugs rampaged through downtown Chicago, breaking into businesses and Millennium Park, and setting fires. They shot two people.
Click here or the image below to see video footage.
The city’s growing lawlessness can be traced in part to a bill ending bail for many crimes, putting more criminal suspects on the streets. If they fail to appear in court, a warrant for their arrest now becomes a simple summons to appear - that they then ignore.
Johnson was echoed by Robert Peters, the chair of the Illinois State Senate's Black Caucus. He tweeted that “I would look at the behavior of young people as a political act and statement. It’s a mass protest against poverty and segregation.”
If you think the chaos and rioting is band now, wait till the Democrats hold their national convention in the city next year!
