Unleash Prosperity Hotline #910

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Unleash Prosperity Hotline
Issue #910
12/06/2023
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1) Magnificent 7 Create Trillions of Dollars of Wealth and Politicians Want To Destroy Them

The "Magnificent Seven" stocks — Amazon, Apple, Google, Meta, Microsoft, Nvidia, and Tesla — account for almost all of the gains in the stock market this year.

None of them are Japanese, German, or Chinese. All seven are American companies. They are globally dominant. They are the very symbols of America’s tech dominance in the first quarter of the 21st century.

They are single-handedly keeping 401k plans and retirement funds out of the red.

These are the General Motors, Standard Oil, JP Morgan, and U.S. Steel of the 21st century.

Yet Democrats, Republicans, and the White House have their carving knives out for them. Apparently, making a profit, creating hundreds of thousands of jobs, and adding trillions of dollars of consumer welfare are now illegal in America.

Many Democrats want to break up big tech – because they are TOO dominant. In our naive view, it’s a lot better to be too dominant than inferior.

Then there are conservatives who want to destroy the Magnificent Seven because they don't like their leftist politics. Neither do we, but we like their products.

Congress is intent on killing the Google — er, the goose — that lays the golden eggs. Apparently, they’d rather have us all be poorer and buy our cell phones and search engines and robots from China.

Mark our words: once the politicians have driven the Magnificent Seven to their knees, there will be a hullabaloo about how America is losing its tech dominance. These same knuckleheads in Washington will start passing out billion-dollar taxpayer subsidies to the very companies they are now set out to destroy.

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2) How High Are Housing Costs? Divorced Couples Forced to Live Together

This headline from the Wall Street Journal reports that some Americans are experiencing their worst nightmare:

It’s bad enough when the kids won’t move out. But how about when the ex-spouse can’t afford to leave?

This is happening for two reasons: first, divorced couples can’t afford two houses. And second, because of the rise in mortgage rates, couples are locked into their homes with the lower rates from the pre-Biden era.

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3) 401 Not O(k)

The Magnificent 7 may be doing their best to prop up retirement funds, but Americans' nest eggs are getting clobbered by Bidenflation. CTUP senior fellow EJ Antoni reports:

Across all plans, the net losses are an eye-watering $1 trillion.

But it gets worse.

The 40-year high in inflation, brought on by government spending, borrowing, and printing too much money, has further eroded the value of 401(k) plans by $16,200 on average, for a real (inflation-adjusted) loss of around $33,200, or 24.8%.

While the study estimates that pension plans have fared better than many IRAs, their balances have also fallen in real terms.

Through the third quarter of this year, pension plans have lost $3.3 trillion, or 12.1%, of real value during the Biden administration.

Read his article in the NY Post:

And the full study:

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4) House to Vote on Biden EV Mandates

This is still America: everyone should be able to choose whatever car they want to drive!

The vote on Biden's scheme to force people to buy EVs could come as soon as today on H.R.4468. That legislation would wisely overturn the EPA's rule that includes this schedule of effectively mandated EV production.

With more than 3,000 major auto dealers complaining that EVs are already piling up on their lots because customers don't want them, we will see if Democrats are the "pro-choice" party.

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5) Carbon Reduction Schemes Are Collapsing and Advocates Know It

Politico is reporting what we've been saying for years: all of these hundreds of billions of dollars spent by the climate change industrial complex are accomplishing NOTHING!

The leaders at the COP-28 climate change conference in Dubai are privately admitting it’s "becoming inevitable" that countries will miss the conference’s targets on limiting global warming. Gee, what a shock.

One reason is that the carbon offset schemes that are the center of predictions of progress are increasingly seen as discredited or corrupt. Many COP leaders are aware that the purported gains made by many of them will never pan out.

The left-wing British paper The Guardian and the German paper Die Zeit published a joint report. It found that over 90% of rainforest carbon offsets certified by Verra, the world’s leading carbon credit certifier, claimed reductions in deforestation that didn’t actually exist.

In October, South Pole, a Swiss company that sells carbon offsets, ended its agreement with a Zimbabwe partner that had generated millions of carbon credits by preventing deforestation. But the credits turned out to also be worthless.

A spate of “the carbon emperor has no clothes” revelations has led to the prices of carbon offsets traded by the exchange Xpansi falling by more than 80% in less than two years. Its Global Emission Offset contract, used by airlines to offset carbon emissions, was trading at 44 cents in November, down from $3.43 at the start of 2023.

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6) Our "Green" Future

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