What Biden Bull Market?

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Unleash Prosperity Hotline
Issue #942
01/25/2024
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1) What Biden Bull Market?
Biden is boasting about the recent stock market rally. Stocks have been on a tear for the last 12 months for sure but that has mostly made up for the lost ground during the 2022 rout in stocks.

Investors are seeking AFTER-inflation returns. The real (inflation-adjusted) rate of return after three years of Biden is 7%, which is fairly anemic. By contrast, the S&P was up 36% in real terms at this time of Trump’s presidency, right before covid hit:

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2) Finally, an Oil and Gas Company Seizes the Offensive Against Climate Crazies
The Wall Street Journal reports that ExxonMobil is suing two leftwing shareholder activist organizations for intentionally trying to depress the value of their stock. These two groups — Arjuna Capital and Follow This — are climate change agitators that hate fossil fuels.

This lawsuit is a BIG deal that may grind to a halt the subversive shareholder activities of leftwing activists who are hellbent on destroying our domestic energy industry.

Through a series of anti-fossil fuel resolutions, these activists are conspiring to force Exxon to stop producing oil and gas. Exxon asserts — with much merit in our opinion — that this is an illegal assault on the core activity of what Exxon does to make money: drill for energy. Without oil and gas production there is no Exxon. And the shareholders get wiped out.

Arjuna has been trying to bankrupt Exxon for years. In a famous 2019 trial, an Arjuna official testified that Exxon hid information on the alleged impact of fossil fuel use on global warming.

Bravo to Exxon for challenging these bottom feeders. As our friend David Bahnsen, a Wall Street investment guru, puts it: “Exxon is finally defending what they do for a living.”

EXACTLY! Oil and gas companies shouldn’t be embarrassed about providing the fuel that keeps our $25 trillion industrial economy operating.

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3) Union Membership Reaches New All-Time Low
We’ve been told that 2023 was the year that labor unions flexed their muscle – especially with their pal Lunch Bucket Joe in the White House. The pro-union forces tout the lengthy United Auto Workers strike that ended with a big contract payoff and the fact that some Starbucks baristas are unionizing.

Except new Bureau of Labor Statistics data show that the percentage of workers who belong to unions in the U.S. hit a record low of 10% in 2023. That’s down by half from 40 years ago, in 1983 when 1 in 5 workers were union members.

But the even bigger story in union membership is that private-sector unions are disappearing. In the 1950s, nearly all of the union members were private-sector workers.

Today, private-sector union membership has tumbled to only 6.0 percent of the workforce. ALL the remaining union power is in the government worker unions. Today 32.5% of public sector workers are in unions. Their salary and benefit packages far outstrip those in the private sector.

Why are more and more blue-collar workers spurning unions? One answer is that the union bosses don’t represent the interests of their members anymore. Trump won millions of blue-collar union members in 2016 and 2020, but the union bosses gave more than 95% of the union money to Biden and the Democrats.

Biden’s anti-fossil fuels crusade will destroy hundreds of thousands of blue-collar union jobs, and yet, the union bosses still support him.

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4) Trudeau's 2022 Retaliation Against Truckers’ Freedom Convoy in Canada Ruled Illegal
Some really good news from north of the border.

The Canadian Federal Court has ruled that Prime Minister Justin Trudeau’s shutdown of the 2022 Freedom Convoy protests against COVID restrictions was unconstitutional. This is what we at the Hotline had been screaming at the time.

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Trudeau had invoked Canada's Emergency Powers Act for the first time in history. He instituted martial law police powers to crack down on the protestors. He even asserted the power to freeze or seize the bank accounts of people donating to the Freedom Convoy. There were no Court warrants and no appeal process.

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Mysteriously, the crowdfunding platform that had been used to send money to the truckers was then hacked and donor details were released.

The court concluded that Trudeau’s actions violated “the hallmarks of reasonableness – justification, transparency and intelligibility.”

Trudeau – the T is for tyrant – has already announced he will appeal to the courts.

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5) And More Good News on Civil Liberties – Federal Court Strikes Down FBI Over Unlawful Property Seizure
Your editors, if you haven’t noticed by now, are fairly libertarian in our philosophy about government.

So we were thrilled to learn of a victory for the rule of law in a case brought by our friends at the Institute for Justice. Back in 2021, FBI agents raided the premises of the U.S. Private Vaults in Beverly Hills, California, in search of evidence of money laundering.

They took quite a haul, with over 700 boxes carted away.

The government then initiated civil forfeiture proceedings against any property confiscated worth over $5,000 – even though the box holders weren’t even accused of wrongdoing and were never charged with a crime. The total haul was $85 million in cash and millions more in property. None of the box renters have been charged with a crime. Two of the victims, Paul and Jennifer Snitko, sued the government for wrongful taking of their property.

The Federal 9th Circuit Court of Appeals ruled unanimously against the government last week, comparing the FBI’s actions to the British authorities who performed limitless searches prior to the American Revolution. The court noted: “It was those very abuses of power, after all, that led to the adoption of the Fourth Amendment in the first place.”

Under Joe Biden, our system of justice is badly broken, the FBI is out of control, and prosecutor abuse is rampant.

Bravo to the Snitkos and IJ for standing up against this rampant tyranny.

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6) How Sad That Pennsylvania’s Crazy Senator John Fetterman Is the Only Democrat for Border Control!

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