As we’ve said China is driving things economically right now. The Federal Reserve doesn’t want to say it. It wants everyone to think that though our boat is leaking it is unlikely to leak as much as the rest of the the world’s economic “boats”. And right now that may be true. But we are still taking on water. The Great Economic Experiment post 2008 is failing, as many of the more market oriented have long predicted, and now the American central bank has very few options.
The old joke is that many a congressperson gets elected by explaining to his constituents that he going to go to Washington so that he can drain the swamp. But once he gets to DC he decides that the “swamp” is more like a hot tub and he slides right in, martini in hand. Looks like we lost another one to the hot tub.
And the guy is from West Tennessee too. Real “Murica” (in the best sense.) Sounds like the boys in Jackson need to take a trip up the highway to set their Congressman straight.
I was recently going through the checkout line and I overheard the cashier talking to the bagger. “Man, if I could just get paid for doing nothin’. That’d be sweet.”
I looked right at the cashier who was all of 18 or so and I said that I disagreed. A really sweet job was one which provided a living while one did meaningful and enriching work. Doing nothing is boring.
Both the cashier and the bagger agreed that meaningful work was better than doing nothing. Then we talked about cars.
Somehow, for many people, the TEA Party has become some sort of social conservative thing. This is the dominant narrative repeated in much of the press and indeed some social conservatives have tried to run with this recharacterization.
But the TEA Party wasn’t and isn’t about social issues. It is about reducing the size of government. It is about bringing the political class in line. It is about We the People saying ENOUGH! And most importantly it is about being TAXED ENOUGH ALREADY. T-E-A.
The good news is the market seems to be shrugging of the relatively bad news. The assumption is that the Federal Reserve is unlikely to raise rates before the end of the year in light of the jobs report. The central bank won’t raise rates because it can’t, though it wants to. (Most people think anyway. Some think the Fed has no intention at all of raising rates anytime soon. They are the small minority though.) As such Wall Street gets to continue enjoying 0% rates. So the Street sees at least a bit of a silver lining (for itself) even if “economists” do not.
The jobs numbers are quite poor but not grim. In light of the Chinese, and increasingly global slowdown the dip in the number is of serious concern however.
Why, other than blatant pro cab company cronyism is such a restriction being put on Uber drivers? Uber is a better product than your standard cab ride. It makes more sense than the antiquated cab companies of old. In most cases it’s cheaper and the service better than what we used to have. But the buggy whip…er…I mean… taxi companies around the world have worked to shut out competition by enlisting crony friends in city governments in an effort to stop legitimate progress.
Gee, usually things which are this complicated work like a charm. Please note that the amount of graft (legal and otherwise) is commensurate with the complexity of a government program. There are probably thousands of revenue streams for cronies of various sorts in Obamacare.
There are people who honestly believe that markets are some sort of human construct, that supply and demand aren’t as simple as water flowing downhill. These people have done great damage to our economy and our society over the years. The Obamacare “co-opts” are just the latest example of this kind of magical policy thinking.
Markets are natural phenomena. Ebb and flow. But they can be inconvenient for some who would like to construct a new reality out of whole cloth. Kind of like how gravity is inconvenient for those who would like to be able to jump to the moon.
The story of the forced internment of Japanese Americans, American citizens, probably most of them born in this country, many multiple generations deep in the USA, is one of the things which sent me down the small government road way back when I was a kid. How was it that the AMERICAN government could do this to AMERICAN citizens? How could we, the land of the free, have a government powerful enough to commit such a horrible injustice? I was young and naive, but fundamentally the crime committed by FDR, and I think it’s fair to say crime, struck me as almost unbelievable.
Sadly it really did happen. There is a reason why my grandmother said that FDR was the closest this country had ever come to a dictator.
This isn’t surprising. And it begs the question – What other agencies are sitting on “embarrassing information” about other members of Congress and other government officials? The FBI had files and files on Kennedy, and likely every other president since. I imagine they still have files going on lots of elected officials, likewise the NSA, the Secret Service, and who knows what other alphabet soup agencies.
But it’s one thing to have a file. (Still not cool, but let’s be real.) It’s another to leak such information to undermine the chairman of the committee which polices your agency.
Let’s see if any heads roll on this one. Given the recent track history of this administration on similar matters I won’t hold my breath.