1) The Fed STILL Doesn’t Get It: It’s the Government Spending, Stupid!
We have a major beef with Fed Chairman Jerome Powell.
He refuses to use his bully pulpit to tongue-lash Biden and Congress for the $6 trillion spending binge over the past two years. This multi-trillion smorgasbord of spending is the proximate cause of all the country's toxic financial problems – including high and non-transitory inflation, the mini-bank crisis triggered by the swift near-500 basis point rise in rates, and the 14-month bear market in stocks. That the Fed’s hundreds of brainiac Ph.D. economists can’t connect these dots is more than a little worrisome.
A good Fed chief - like superstars Paul Volcker and Alan Greenspan - relentlessly attacked Congress for accelerating federal spending and debt. Volcker and Greenspan acted as Congress’s fiscal conscience.
Powell is doing the opposite:
It's not true.
The Biden budget proposes a world-record $7 trillion of spending – almost $2 trillion above the pre-Covid baseline – and mega-taxes on investment that would crash the economy. Meanwhile, the debt is now expected to be around $7 trillion higher over the next decade than the forecast when Trump left office.
The greatest economic and security threat to America is Mach 5 spending – and Powell should be telling Congress that if they would simply take a chainsaw to the hundreds of billions of dollars of waste in the budget, he wouldn’t have to be raising interest rates nine times.
2) In California, Electric Cars are the Playthings of the Rich and Famous
Here's a non-revelation from the liberal journalistic non-profit Cal Matters showing that EVs are predominantly found in Silicon Valley, Hollywood, and other liberal domains:
California’s highest concentrations of electric cars — between 10.9% and 14.2% of all vehicles — are in ZIP codes where residents are at least 75% white and Asian. In addition to Atherton, that includes neighborhoods in Los Altos, Palo Alto, Berkeley, Santa Monica and Newport Coast, among others.
In stark contrast, California ZIP codes with the largest percentages of Latino and Black residents have extremely low proportions of electric cars.
Someone must tell California’s Governor Hair Gel that his plan to ban internal combustion cars by 2035 is a pipe dream. Working-class Americans can’t afford $75,000 cars and don’t want them even if they could.
3) Brandon Johnson Won’t Condemn the Chicago Riots
Remember the summer of 2020 riots when the not-so-peaceful thugs, criminals, and protesters burned down and looted black and Asian-owned businesses in downtown Chicago and threw rocks and Molotov cocktails at the police who heroically tried to restore order? The damage was in the millions of dollars and the Windy City has never been the same.
Our friends at the Illinois Policy Institute have sent us a troubling tape of Brandon Johnson, the Chicago mayoral candidate showing him repeatedly refusing to condemn the violence. Instead, he rails against corporate profits and claims that maybe shoplifters shouldn’t be punished because they are a consequence of societal greed and inequality.
If you watch the video, you will see that Brandon Johnson is AOC without the pantsuit, and may soon be running the city of Chicago.
The once-prestigious scientific journal Nature conducted a survey to find out what the impact of its Joe Biden endorsement was and got the obvious result:
5) Why in the World Did Trump Give a Commendation Award to Fauci?
We’ve said many times that Trump’s greatest mistake during Covid was not immediately firing Tony Fauci – who we now know was dead wrong in almost every policy recommendation he made.
In the verbal spat between FL Governor Ron DeSantis and Trump, DeSantis lashed out at Trump for commending Fauci and former White House Coronavirus Response Coordinator, Dr. Deborah Birx for their “service.”
We didn’t think this could be true, but we doubled checked and sure enough, it turns out DeSantis was right.
Both Fauci and Birx were the mouthpieces for the government’s campaign of fear that led to catastrophic lockdowns and school closures that bankrupted tens of thousands of businesses and capsized the economy unnecessarily.
We aren’t picking favorites in the presidential race, but we love DeSantis’s line that “in Florida we chose freedom over Fauci.” Trump would likely still be president if he had.
