This is a fantastic slice of life from the streets of the Big Apple.
Right now tobacco is in sort of a legal netherworld. It’s legal, but also frowned upon by polite society and it is taxed heavily. The attached article is what it looks like in this netherworld.
Let’s face it. The progeny of Washington’s political class have a lot of advantages. Hunter Biden seems to have made the most of his.
I was actually surprised to hear that the most junior Biden son was in the Navy reserves. Though as a “public affairs officer.” (?) There isn’t even a draft to dodge. And I am sorry to hear that the guy was discharged for cocaine use. It’s actually pretty hard to test positive for cocaine. He must have been partying the night before practically. Sounds like there might be an issue. But I don’t think anyone is shedding any tears over recent events. (Including Hunter Biden.) He’s got plenty of other stuff going on and before we know it he’ll be kicking around K Street again. Good as new.
We are regulating our economy to death. One of the main reasons why there is an increasing disparity in wealth in this country is that the crony class is wrapping the middle class and the merchant class – the entrepreneurial class – in red tape. Pay a tax here. Pay a fee there. Do you have a license to do that? It is harder and harder to build a business – something which is plenty hard to do without the crushing weight of the state.
If it does, and eventually it will, watch out. We will enter completely new economic territory. You think things have been wild since 2008? If people truly call out the emperor as naked, if that becomes the consensus, holy moly, are things going to get interesting.
I was recently talking with senior wonk in Washington DC about this very issue. Why was it for all the think tanks, all the white papers, all the fits and crying in the media about this issue and that, that policy on the big issues hardly ever changes to reflect the will of the American people?
My friend thought basically the same as the author interviewed in the attached article. There is a surface level government and then there is the “deep state,” a place where massive power is housed, and wielded by largely faceless and mostly unaccountable managers who have agendas which are often very different from what you and I might want.
And then the obvious question is – “Where do the central bankers get all this money?”
Only a few people think about that, and half of the people thinking about it don’t care that this “money” comes from nowhere. All they care about is the next quarter, the next day, the next tick, whatever helps them through their withdrawal.
Rest assured that none of the $7 billion dollars went directly to war lords and other avowed enemies of the United States. I am sure the money didn’t go to fund new “deep wells” which enable poppy cultivation in previously inhospitable places, or to finance the transport of heroin into Europe, China, and North America.
Nope. That money, that taxpayer money, was money well spent.
Click here for the article.
Crony capitalism is deep in the DNA of both major parties. Republicans do it. Democrats do it. This is a case in point.
GM is a cronyism vortex. The closer one gets to the company the stronger the crony force is. Taxpayer dollars disappear into it and are gone forever. Common sense too. The free market and genuine innovation? They long ago passed over the event horizon.
The “plunge protection team” (PPT) used to be something which was whispered about. Now it’s openly discussed in the New York Post. Hell will become a frost covered plain before the New York Times will ever mention the PPT of course.
As I have written before, there is an understanding among traders post-2008. If the market heads into a nose dive the Fed will intervene. It will actively buy futures (and likely whatever else it has to) in the market to buoy the market.
The PPT is kind of like the Israeli nuclear program. No one acknowledges it officially but almost everyone thinks it exists and as such this impacts markets.
It does. I thought everyone knew that already.