The Biden Era

[JGalt]

The Republican leaning Supreme Court is interfering with the Biden administration's efforts to govern.

The Post reports, "The Supreme Court on Thursday refused the Biden administration’s request to reinstate a policy limiting immigration arrests, after a Texas district judge said the guidance to immigration officers violated federal laws.

"The court instead said it will hear the merits of the case in December. Four justices — Sonia Sotomayor, Elena Kagan, Amy Coney Barrett and Ketanji Brown Jackson — said they would have granted the administration’s request to put a lower court ruling on hold. It was Jackson’s first vote since joining the court.

"Republican attorneys general across the country filed suits, and those in Texas and Louisiana were successful. Judge Drew Tipton in Texas agreed with the argument that the policy burdened them with the costs of immigrants’ education, health care, and other services, and ignored federal laws that require ICE to detain and deport immigrants who commit serious crimes or have been given a recent deportation order.

"Tipton, appointed to the bench by President Donald Trump, sided with the states and vacated the ICE priorities, leaving the agency without any operational guidelines."

The Republican Supreme Court sided with the Republican judge appointed by Trump.

Is anyone surprised?

Somehow I have it in my head that justices were supposed to be impartial and above politics. That axiom went the way of the Trump Presidency. Trump is gone but his questionable legacy remains.

The Supreme Court made that decision because Biden wasn't governing. Biden told DHS they didn't have to detain criminal illegals. The court struck that down. Biden appealed and lost. He then went to the Supreme Court, and he lost again, keeping the Trump-era immigration policy in place.



A better explanation of what happened today:

Supreme Court blocks Biden from implementing immigration policy but will hear case

 

[Sandy Shanks]

ABC reports, "For all the focus on what former President Donald Trump didn't do on Jan. 6, something he did -- a tweet calling then-Vice President Mike Pence a "coward," while Pence and his Secret Service detail had reason to fear for their lives -- might have brought the biggest political consequences inside the Republican Party.

"As Thursday night's prime-time hearing made clear, that move prompted anger and disgust from Trump aides -- "fuel on the fire," in the analogy employed by two who resigned in the immediate aftermath of Jan. 6.

"It also cemented a split between Trump and Pence that has implications for 2022 and 2024. It matters not just for who might be the next GOP presidential nominee -- it could easily be neither of them, though both could still run -- but because it resonates among Republicans who can't tolerate how Trump acted on and around Jan. 6.

"The hearing surfaced chilling radio traffic revealed by a national security official, with agents protecting Pence making "calls to say goodbye to family members." It also established that it was Pence ordering military assets to secure the Capitol, while Trump vented anger and expressed approval for "hang Mike Pence" chants."

It amazes me how any sane person could support Trump. We will never know how. They don't talk much other than trying desperately to change the subject. Most are from America's rural counties, and they are educationally disadvantaged. A good guess is, they don't know why they support Trump. We know they are ignorant of the Jan. 6 committee's proceedings as shown by this thread.

 

[Sandy Shanks]

ABC reports, "The House Jan. 6 select committee used its second prime-time hearing Thursday to make the case that President Donald Trump not only did nothing to stop the assault on the U.S. Capitol but did so because he wanted it to succeed.

"The panel detailed the 187 minutes that passed between Trump's speech at the Ellipse and his taped statement telling his supporters still storming the Capitol to leave.

"Former White House officials described Trump, after his Jan. 6 speech at the Ellipse, spending three hours in the private dining room off the Oval Office simply watching the attack on the Capitol on television while making calls to supportive senators.

"He finally taped a statement issued at 4:17 p.m., calling on his supporters to end the attack, but also telling them, "We love you. You're very special."

At 2:24 Trump poured fuel on the fire consuming our capitol. He tweeted that Pence "didn't have the courage to do what should have been done."

Former White House official Sarah Matthews said she thought the tweet "was the last thing that was needed in that moment" from Trump.

"He should have been telling these people to go home, and to leave, and to condemn the violence that we were seeing," she said. "For him to tweet out the message about Mike Pence, it was him pouring gasoline on the fire, and making it much worse."

Then she resigned from the White House.

Clearly, Trump is a narcissistic extremist jerk who is unable to accept reality. Instead, he lives in a fantasy world where he is the boss.

How did this man ever become our President?

 

[Sandy Shanks]

The [Republican] Senate Intelligence Committee reaffirmed its support for the U.S. intelligence community’s conclusion that the Russian government interfered in the 2016 presidential election with the goal of putting Donald Trump in the Oval Office.

Senate Intel report confirms Russia aimed to help Trump in 2016

The report represents a confidence-booster to the country’s intelligence community.

www.politico.com

Putin could not be more proud of his protégé. A Russian agent provocateur could not have done a better job, and millions of Americans support the former President.

America fights back.

CNN reports, "The prime-time finale of the compelling and highly produced television saga otherwise known as the House January 6 hearings on Thursday presented a horror show of presidential dereliction of duty and a cliffhanger promise to return with even more damaging evidence against Donald Trump in September."

The committee "embroidered a broader narrative of an out-of-control President who put his own fantastical belief he won an election above more than two centuries of democratic tradition and the national interest. And, most chillingly, it is advancing a case – in the words of a key witness, retired conservative Judge J. Michael Luttig – that Trump remains “a clear and present danger” to US democracy."

CNN continued, "At the start of these hearings, it seemed a stretch that the committee could build a case with criminal implications for the ex-President. That could be changing. Some seasoned lawyers believe that the committee has indeed established evidence of intent by Trump to precipitate the horrendous events leading up to and on January 6 – an important component to any court case.

"But then there is the question of whether a potential prosecution of Trump, as a former President, would be in the national interest – since it could potentially rip even deeper partisan divides in an already internally estranged nation. Establishing a precedent that a former President could be liable to criminal action could be dangerous since it could be misused by future commanders-in-chief to go after their predecessors. These issues could become even more explosive since Trump may soon launch a presidential campaign that would make it easier for him to claim the investigation against him is politically motivated."

Putin is loving this.

 

[Sandy Shanks]

The [Republican] Senate Intelligence Committee reaffirmed its support for the U.S. intelligence community’s conclusion that the Russian government interfered in the 2016 presidential election with the goal of putting Donald Trump in the Oval Office.
Putin could not be more proud of his protégé. A Russian agent provocateur could not have done a better job, and millions of Americans support the former President.

WOW! DOUBLE WOW!

Murdoch’s New York Post dumps Trump, calling him ‘unworthy to be chief executive again’​

CNN reports, "One of Donald Trump’s favorite newspapers — controlled by his media ally Rupert Murdoch — says Trump is “unworthy to be this country’s chief executive again.”

"Those words, in this weekend’s New York Post, may be the tabloid’s strongest critique of Trump yet.

"It was published online on Friday evening, around the same time another Murdoch publication, the Wall Street Journal, also published an editorial harshly critiquing the former president.

"The Journal called him “The President Who Stood Still on Jan. 6” and praised Vice President Mike Pence. “Character is revealed in a crisis, and Mr. Pence passed his Jan. 6 trial. Mr. Trump utterly failed his,” the Journal editorial stated.

"Both newspapers have been noticeably more critical of Trump than Murdoch’s biggest megaphone of all, the Fox News Channel, though close viewers have also picked up on some signs that Fox might be souring on Trump."

It's about time. Fox has been backing a loser, and, for a news network, that makes no sense at all.

It is expected that Trump's followers will remain silent on the issue.

 

[Sandy Shanks]

ABC reports, "Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot.

"With inflation raging at a four-decade high, the job market strong and consumer spending still solid, the Fed is under pressure to raise interest rates aggressively.

"The Fed is focused squarely on its inflation fight, and this week it’s set to announce another hefty hike in its benchmark interest rate. Together with its previous rate increases, the Fed's moves will make borrowing costlier for individuals and companies and likely weaken the economy over time."

“Until there’s very clear evidence of the labor market beginning to meaningfully deteriorate, the No. 1 focus for the Fed must be inflation,” said Matthew Luzzetti, chief U.S. economist at Deutsche Bank.

Oh, in case anyone is interested, our President is doing fine.

ABC also reports, "President Joe Biden's COVID-19 symptoms are "almost completely resolved," his physician said on Monday.

"Kevin O'Connor wrote in a letter released by the White House that Biden was only noting "some residual nasal congestion and minimal hoarseness."

"His pulse, blood pressure, respiratory rate, and temperature remain absolutely normal. His oxygen saturation continues to be excellent in room air. His lungs remain clear," O'Connor added.

 

[marvin martian]

According to FiveThirtyEight, which is a poll that averages several leading polls, our President's current approval number is 42%. That's not very good, and it is somewhat of a mystery.

CNN reports, "The United States is rapidly approaching a major jobs milestone that highlights the historically strong economic recovery from Covid-19.

The axiom is true. Presidents, unless they do something drastic, have very little control over the economy. Nonetheless, if the economy is good, they get the credit, as in the case of Trump. If there are serious problems with the economy, the President gets the blame, as in the case of Biden.

ABC reports, "Employers posted a record 11.5 million job openings in March, meaning the United States now has an unprecedented two job openings for every person who is unemployed.

"The latest data released Tuesday by the the Bureau of Labor Statistics further reveals an extraordinarily tight labor market that has emboldened millions of Americans to seek better paying jobs, while also contributing to the biggest inflation surge in four decades."

According to CNN, 66% of Americans disapprove of Biden's handling of the economy.

The AP reports, "President Joe Biden on Wednesday highlighted new figures showing the government’s red ink will grow less than expected this year and the national debt will shrink this quarter as he tried to counter criticism of his economic leadership amid growing dismay over inflation going into midterm elections that will decide control of Congress.

"Biden, embracing deficit reduction as a way to fight inflation, stressed that the dip in the national debt would be the first in six years, an achievement that eluded former President Donald Trump despite his promises to improve the federal balance sheet."

Stocks rallied on Wednesday after the Federal Reserve raised interest rates by half a percentage point.

"The Dow ended the day up by more than 900 points, and the S&P 500 gained almost 3 percent," NPR.

When it comes to the economy, Americans are naive.

Imagine how badly Joe and the DemoKKKrats would like to have these numbers back, as bad as they are.

LOL

 

[Sandy Shanks]

64% of Americans think we are in a recession.

64% of Americans are wrong!

But they cannot be faulted. Most Americans are doing fine despite inflation, but because of the attention the media is giving to recession -- even providing experts who say we are in a recession or soon will be -- they think Americans as a whole are not doing fine.

That, of course, is not true. However, an impending recession makes for a great news story.

Soon, we may learn that the GDP dipped for the second quarter in a row. Some say that means we are in a recession.

Well, they are wrong, too, so says Economic Professor Shanks.

The American economy is based primarily on three factors, employment, job growth, and, most of all, consumer spending.

We have been at or around 3.6% unemployment for most of the Biden administration. That is considered full employment. It is impossible to be heading for a recession with full employment.

ABC reports, "The nation's June jobs report showed that hiring has remained healthy, with employers adding 372,000 jobs last month." It is impossible to be heading for a recession with that kind of job growth, or any job growth, for that matter. Recession causes loss of jobs and growing unemployment.

Most important of all because the American economy is based on consumer spending, consumer spending is solid. See Personal Consumption Expenditures After a severe dip during Trump's Republican administration, consumer spending has been healthy. It is impossible to be heading for a recession with healthy consumer spending.

Strangely enough, when the networks try to scare you about an impending recession they never mention consumer spending. That is strange because the most important factor in our economy is consumer spending.

 

[struth]

ABC reports, "Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot.

"With inflation raging at a four-decade high, the job market strong and consumer spending still solid, the Fed is under pressure to raise interest rates aggressively.

"The Fed is focused squarely on its inflation fight, and this week it’s set to announce another hefty hike in its benchmark interest rate. Together with its previous rate increases, the Fed's moves will make borrowing costlier for individuals and companies and likely weaken the economy over time."

“Until there’s very clear evidence of the labor market beginning to meaningfully deteriorate, the No. 1 focus for the Fed must be inflation,” said Matthew Luzzetti, chief U.S. economist at Deutsche Bank.

Oh, in case anyone is interested, our President is doing fine.

ABC also reports, "President Joe Biden's COVID-19 symptoms are "almost completely resolved," his physician said on Monday.

"Kevin O'Connor wrote in a letter released by the White House that Biden was only noting "some residual nasal congestion and minimal hoarseness."

"His pulse, blood pressure, respiratory rate, and temperature remain absolutely normal. His oxygen saturation continues to be excellent in room air. His lungs remain clear," O'Connor added.

xiden has destroyed the economy

and had such a horrible response to covid, even with three vaccines and all the intel we didn’t have in 2020 he got a new variant of it, caused record deaths, and has no new developments in vaccines for all the new variants that have poured in…oh and now we also have monkeypox

what a train wreak

 

[Sandy Shanks]

Stephen Collinson writes, "It’s not just about the 2020 election anymore. [Someone tell Trump.]

"The unhealed wound in American politics first opened by Donald Trump – a President who mounted a coup attempt after he was rejected by voters – is already tainting the 2022 and 2024 elections.

"A rush of fresh evidence and the House January 6 committee’s expanding ambition to hold the ex-President to account over the Capitol Insurrection mean its probe, and new hearings in September, will crash headlong into midterm election season.

"Trump all but declared a 2024 campaign this weekend, firing up a rally in Arizona with a new torrent of lies about his defeat to President Joe Biden and setting the tone for another democracy-rattling White House bid that he could officially launch at any moment.

"Trump’s determination to run a 2024 campaign of vengeance rooted in his mountain of misinformation means it could be 2026, at least, before Americans experience a campaign that is not shaped by his inability to accept his legitimate loss nearly two years ago.

"It is no coincidence, therefore, that leading members of the January 6 committee are becoming increasingly adamant about the need for Trump to pay a price now for his misdeeds after the 2020 campaign – before it is too late.

"The panel has not yet decided whether to recommend a criminal investigation of the former President, but committee members on Sunday heaped indirect pressure on the Justice Department to mount a formal prosecution of the ex-President, days after exposing his dereliction of duty as his mob ransacked the Capitol in January 2021."

Of course, Trump Republicans will maintain their silence on this issue. They don't care that their man attempted to overthrow the U.S. government. These people chose our President in 2016 with Vladimir Putin's blessing, and they are expected to gain control of Congress in November.

 

[Sandy Shanks]

The Times reports, "Two top aides to former Vice President Mike Pence testified last week to a federal grand jury in Washington investigating the events surrounding the Jan. 6 attack on the Capitol, the highest-ranking officials of the Trump administration so far known to have cooperated with the Justice Department’s widening inquiry into the events leading up to the assault.

"The appearances before the grand jury of the men — Marc Short, who was Mr. Pence’s chief of staff, and Greg Jacob, who was his counsel — were the latest indication that the Justice Department’s criminal investigation into the events surrounding and preceding the riot is intensifying after weeks of growing questions about the urgency the department has put on examining former President Donald J. Trump’s potential criminal liability."

So, how about we get an answer from the head of the department? NBC did just that ... or tried to.

NBC reports, "Attorney General Merrick Garland left open the possibility that former President Donald Trump could be prosecuted in connection with inciting the Jan. 6, 2021, insurrection in an exclusive interview Tuesday with NBC News."

"Look, we pursue justice without fear or favor," the politician told Lester Holt in an interview.

"We intend to hold everyone, anyone who was criminally responsible for the events surrounding Jan. 6, for any attempt to interfere with the lawful transfer of power from one administration to another, accountable," Garland continued. "That’s what we do."

"So if Donald Trump were to become a candidate for president again, that would not change your schedule or how you move forward or don’t move forward?" Holt asked.

"I’ll say again that we will hold accountable anyone who is criminally responsible for attempting to interfere with the transfer — legitimate, lawful transfer of power from one administration to the next," the politician answered.

Garland never said the DOJ was investigating the former President!

Beats me why correspondents interview politicians. You can never get a straight answer from them.

 

[Sandy Shanks]

"This was our biggest fear!"

CNN reports, "The Biden administration is working furiously behind the scenes to keep European allies united against Russia as Moscow further cuts its energy supplies to the European Union, prompting panic on both sides of the Atlantic over potentially severe gas shortages heading into winter, US officials say.

"On Monday, Russia’s state-owned gas company Gazprom said it would cut flows through the Nord Stream 1 pipeline to Germany in half, to just 20% of its capacity. A US official said the move was retaliation for western sanctions, and that it put the West in “unchartered territory” when it comes to whether Europe will have enough gas to get through the winter.

“This was our biggest fear,” said the US official. The impact on Europe could boomerang back onto the US, spiking natural gas and electricity prices, the official said. It will also be a major test of European resilience and unity against Russia, as the Kremlin shows no signs of retreating from Ukraine.

"The US and Brussels have been pleading with EU members to save gas and store it for winter, and on Tuesday, energy ministers agreed in principle to cut gas use by 15% from August to March.

"There will also be discussions in the coming days about increasing nuclear power production across Europe to offset gas shortages, officials said."

Russia is working to become a pariah among nations.

CNN also reports, "Russia says it is planning to pull out of the International Space Station and end its decades-long partnership with NASA at the orbiting outpost, according to the newly appointed head of Russia’s space agency.

"Roscosmos chief Yury Borisov told Russian President Vladimir Putin that “the decision to leave this station after 2024 has been made.”

For some reason Putin wants Russia to be isolated. Why? One can only guess.

 

[struth]

"This was our biggest fear!"

CNN reports, "The Biden administration is working furiously behind the scenes to keep European allies united against Russia as Moscow further cuts its energy supplies to the European Union, prompting panic on both sides of the Atlantic over potentially severe gas shortages heading into winter, US officials say.

"On Monday, Russia’s state-owned gas company Gazprom said it would cut flows through the Nord Stream 1 pipeline to Germany in half, to just 20% of its capacity. A US official said the move was retaliation for western sanctions, and that it put the West in “unchartered territory” when it comes to whether Europe will have enough gas to get through the winter.

“This was our biggest fear,” said the US official. The impact on Europe could boomerang back onto the US, spiking natural gas and electricity prices, the official said. It will also be a major test of European resilience and unity against Russia, as the Kremlin shows no signs of retreating from Ukraine.

"The US and Brussels have been pleading with EU members to save gas and store it for winter, and on Tuesday, energy ministers agreed in principle to cut gas use by 15% from August to March.

"There will also be discussions in the coming days about increasing nuclear power production across Europe to offset gas shortages, officials said."

Russia is working to become a pariah among nations.

CNN also reports, "Russia says it is planning to pull out of the International Space Station and end its decades-long partnership with NASA at the orbiting outpost, according to the newly appointed head of Russia’s space agency.

"Roscosmos chief Yury Borisov told Russian President Vladimir Putin that “the decision to leave this station after 2024 has been made.”

For some reason Putin wants Russia to be isolated. Why? One can only guess.

sounds like Trump was right to call out germany and put sanctions over that gas line

sadly, xiden removed them, playing right into putin’s hands

germany and xiden did all they could to help putin

 

[Sandy Shanks]

This is why Republican lawmakers do not talk about Jan. 6, why they do not participate in the hearings, and why they do not attempt to defend Trump, their party's leader.

CNN reports, "Less than a week after his slow-motion sprint from the US Capitol during the January 6 riot went viral, Josh Hawley isn’t sorry – for any of it."

“I don’t regret anything I did that day,” the Missouri Republican Senator told CNN’s Manu Raju Wednesday. “And, you know, it’s a privilege to be attacked [by] the January 6 committee. And I want to thank – say thank you for all the help with my fundraising. It’s been tremendous.”

Let’s take a quick step back here and revisit what Hawley actually did on January 6.

CNN continued, "In the early afternoon, he was photographed on the east front of the Capitol with a raised fist in solidarity with the protesters, who had not yet swarmed the Capitol. As the January 6 committee has noted, Hawley made his gesture while safely protected by barriers and Capitol Police.

"Later in the day, as rioters stormed the Capitol, the January 6 committee unearthed video of Hawley hightailing it out of the Capitol – literally running from the same mob that he had egged on earlier in the day.

"Hawley dismissed the footage as “100% trolling” and added: “I’ve just come from Missouri and all I can say is that the people in Missouri are pretty grateful for my stand.” (Hawley was one of eight senators who opposed the certification of the election results on January 6.) [Note: A total of 147 Republicans voted to overturn the election results.]

"More broadly consider what the committee was trying to show: Hawley’s hypocrisy.

"This was a man who egged on the crowd that eventually overran the Capitol and then, when faced with what he – and others espousing the same lies about the election had wrought – was forced to flee.

"The twin moments helped illustrate the Frankenstein’s monster nature of the following that Donald Trump and his enablers like Hawley had built. These people riled up the crowd, fed them lies about the elections, and then lost their ability to control what happened next."

In the end, Hawley made a complete fool of himself. Republican lawmakers in Washington prefer not to have that happen to them.

So, they stay away.

 

[Sandy Shanks]

Garland never said the DOJ was investigating the former President!

Garland continues to dance around the issue. Is Trump the subject of a DOJ investigation? He hasn't said.

The media is playing footsie with this issue, implying the former President is being investigated, but not really saying so because the DOJ is dodging the issue.

CBS was the most forthcoming. "The Justice Department's criminal investigation into the Jan. 6, 2021, rioting at the U.S. Capitol, now includes questions for witnesses about the communications of people close to then-President Donald Trump and his reelection campaign, CBS News has confirmed.

"That news, first reported by The Washington Post, was confirmed to CBS News by a U.S. government official familiar with the investigation and a source with knowledge of what's been presented by the Justice Department to a grand jury.

"It is not evident that Trump himself is a target of the investigation, only that that prosecutors are asking questions related to him and his aides."

 

[Sandy Shanks]

ABC reports, "Joe Biden and Donald Trump have been headed for another face-off since the day Trump lost to Biden in 2020 -- but voters say they are upset with the direction of the country and just as ambivalent about having either Biden or Trump lead their political parties in two years, adding an unusual level of uncertainty to what could be an historic 2024 contest.

"A New York Times/Siena College poll earlier this month showed abysmal numbers for both leaders: Biden's job approval scraped 33%, a new nadir, and 64% of Democrats surveyed said they wanted a different nominee in 2024. Meanwhile, 51% of Republicans said they wanted someone other than Trump to be their standard-bearer in the next presidential election -- and despite Biden's unsteady footing, Trump still narrowly trailed him in a hypothetical head-to-head.

"Such stark numbers only supercharged speculation, among politicos, over whether either of the two will be on the ballot come 2024. How unusual would it for them to run against one another again? If not them, then who? And what can change between now and then?"

A lot. The next Presidential election is over 27 months into the future. Talking about it now is a total waste of time.

Incidentally, our President's bout with covid appears to be over. "After five days working in isolation at the White House, President Joe Biden reemerged on Wednesday -- and told the American public that his mild bout of COVID-19 was a testament to the power of vaccines and therapeutics," ABC.

ABC continued, "His comments mark a continuation of his White House's message that while the coronavirus is here to stay -- something many public health experts have long been warning and fighting against -- life can go largely back to normal for many, if not all, Americans."

"Let's keep emerging from one of the darkest moments of our history with hope and light for what can come," Biden said.

 

[Sandy Shanks]

Recessions are inevitable, they’re a part of every business cycle. Recessions will happen, and no amount of predicting and prognosticating can prevent them, CNN Business.

Wall Street investors are conflicted. They actually want the Fed to raise interest rates. That is a first, a remarkable first.

Not only that, investors want a recession.

Has the world turned upside down?

CNN reports. "Investors are uneasy as the Federal Reserve gears up for its latest policy announcement on Wednesday. But their hope is that the central bank and Chair Jerome Powell will keep talking tough, steering the path forward at an uncertain moment.

"What’s happening: The Fed is expected to hike interest rates by three-quarters of a percentage point as it continues with its ambitious campaign to bring down inflation, which hit a 40-year high in June. There had been some speculation that the Fed could raise rates by a full percentage point for the first time in its modern history, but that now looks less likely.

"Investors concede that the Fed has a difficult task at hand as it tries to control inflation without raising borrowing costs so aggressively that it tips the US economy into a recession.

"But for now, they’d rather the Fed indicate that it plans to keep its resolve rather than adopt a more accommodating stance. In unstable times, the argument goes, consistency is key."

The last two statements amounted to a contradiction. I said investors were conflicted.

“The last thing the Fed wants to do now is to allow the market to think it’s about to embark on a dovish pivot, despite increasing evidence that the economy is slowing,” Michael Hewson, chief market analyst at CMC Markets, said.

"Some Wall Street analysts are hoping, the National Bureau of Economic Research will officially determine we’re in a recession and allow markets to break the dread cycle," CNN.

“The sooner we get the recession, the better,” said Kevin Gordon, senior investment research manager at Charles Schwab.

From Schwab, now that is man bites dog news.

CNN added, "Although that may seem counter-intuitive, pulling forward the recession’s start date would ultimately be a positive for investors, Gordon said. That’s because a recession would mean the turning point for stocks is closer rather than further away, and that the bottom is closer than we think.

"Then, investors could move onto the next cycle: searching for hope. Economists liken it to finding green shoots after a forest fire."

Many were hoping for a bright side to all this.

The Federal Reserve on Wednesday raised interest rates for a fourth time this year to further slow down the economy. The Fed hiked interest rates by three-quarters of a percentage point.

 

[Sandy Shanks]

Recessions are inevitable, they’re a part of every business cycle. Recessions will happen, and no amount of predicting and prognosticating can prevent them, CNN Business.

The media is continuing its scare tactics, trying to convince Americans that we are in the midst of a recession.

CNN reports, "The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday.

"Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition of a recession as two consecutive quarters of negative economic growth."

That statement requires analysis. CNN made the GDP figure look as bad as possible by annualizing it. The Times reports, "Gross domestic product fell by 0.2 percent in the second quarter, after a 0.4 percent decline in the first." The actual figure of two-tenths of one percent is insignificant in our huge economy, the largest in the world.

Far more significant is unemployment, or lack thereof. Unemployment has been at or around 3.6%, or full employment, for several months.

Another significant factor is job growth. ABC reports, "The nation's June jobs report showed that hiring has remained healthy, with employers adding 372,000 jobs last month."

Most important of all, because the American economy is based on consumer spending, consumer spending is solid. Consumer spending is healthy. although consumers are being more discretionary due to inflation.

“The general takeaway is the economy is slowing, and that’s what the [Federal Reserve] wants,” said Ryan Sweet, who leads real-time economics at Moody’s Analytics. “We’re not in a recession.”

Although Thursday’s initial estimate marked a sharp drop from the 6.7% expansion the economy underwent in the second quarter of 2021, the world’s largest economy, despite being buffeted by high inflation and a cascade of supply shocks, remains fundamentally sound.

Our President explained it best.

“There are going to be a lot of chatter today on Wall Street and among pundits about whether we are in a recession,” Biden said. “But if you look at our job market, consumer spending, business investment, we see signs of economic progress in the second quarter as well.”

“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said.

Thank you, Mr. President, no one could have explained it any better.

 

[Sandy Shanks]

The Jan. 6 committee is closing in on Trump. They are talking to Trump's former chief advisors.

CNN reports, "The House select committee investigating January 6 is zeroing in on former officials from Trump’s Cabinet for testimony and is particularly interested in learning more about conversations among officials about possibly invoking the 25th Amendment after the US Capitol attack.

"The panel has interviewed former President Donald Trump’s former Treasury Secretary Steven Mnuchin, sources tell CNN.

"The committee will also interview former Secretary of State Mike Pompeo as soon as this week and is speaking with former acting White House chief of staff Mick Mulvaney on Thursday.

"Several former Cabinet officials are known to have met with the committee already, including Labor Secretary Eugene Scalia, Acting Defense Secretary Chris Miller and Acting Attorney General Jeff Rosen.

"The committee also met with former Attorney General Bill Barr, but he had left the administration prior to the events of January 6th.

"The interest in the 25th Amendment and activities following the Capitol attack comes after former White House aide Cassidy Hutchinson testified last month about a “large concern” that the Cabinet and then-Vice President Mike Pence could attempt to remove the President from office.

"But Marc Short, former chief of staff to former Vice President Mike Pence, said on CNN Thursday that he doesn’t “recall there being any serious conversation” about invoking the 25th Amendment, saying that using it would have been impractical.

“That wasn’t happening in 10 days in the administration … This was really just a political ploy by Nancy Pelosi and Democrats in Congress to try to put pressure to exert this and it was never going anywhere in our White House,” Short added.

In the meantime, the separate Justice Department criminal investigation into the plots to subvert the 2020 election is also heating up. The details are voluminous. They will be addressed at a later time. Suffice to say, Trump is not happy.

 

[Sandy Shanks]

Wow! Double wow! This is a major achievement by the Democratic Party and the Biden administration. Taking into consideration climate change, this is legislation that will help millions of people across the globe.

Republicans, of course, are expected to oppose the package.

The WSJ reports, "Sen. Joe Manchin (D., W.Va.) and Senate Majority Leader Chuck Schumer (D., N.Y.) said they had agreed to a deal to support a legislative package that would spend hundreds of billions of dollars and affect a swath of climate, healthcare, prescription-drug and tax policies.

"The announcement came after months of on-and-off negotiations between the two Democrats over a crucial piece of President Biden’s agenda, and is much narrower than the original package proposed by the president.

"The measure, according to numbers released by Senate Democrats, would raise a total of $739 billion in revenue, and spend a total of $433 billion. It would reduce the budget deficit by roughly $300 billion over a decade.

"The package would spend roughly $369 billion on climate and energy programs, including tax credits for buying electric and hydrogen vehicles. The deal would dedicate $64 billion to extending for three years the Affordable Care Act subsidies that first kicked in under the 2021 American Rescue Plan. The measure would also allow Medicare to negotiate the cost of prescription drugs with pharmaceutical companies, a longtime goal of many Democrats that has been opposed by the drug industry.

"The proposal would implement a 15% corporate minimum tax, aimed at large companies that report significant profits but pay little or nothing in income taxes.

Here's hoping the Democrats don't screw this up.

For more on this huge piece of legislation, please see https://www.wsj.com/articles/whats-...-on-climate-health-and-tax-policy-11658973323