Monday, 29 August 2022
Has Trump Compromised National Security?
Saturday, 27 August 2022
Once Again Markets Prove They're Followers, Idiots, And Foolish Disciples Of Recency Bias.
I've said it before and I'll say it again: there's no demonstrable intelligence on Wall Street -- not now, not ever -- and the market's reaction to Powell's speech in Jackson Hole proved that without a doubt. Down went The Dow a thousand points, or three percent, when the fools on Wall Street were left holding the bag as their collective stupidity about The Fed first pausing and then cutting rates next year went straight out the window.
You could hardly call me a Powell fan. Up until now I felt he should have been fired not re-nominated by Biden for directly creating this inflation through money printing by digitization of currency which is always sooner or later massively inflationary. In fact, inflation is always, always, a monetary phenomenon as per The Maverick of Wall Street and of course, he's bang on.
Powell will keep raising rates for two reasons: first off, because it's his natural philosophical bent and secondly because he has to improve the odds of the boss not crashing and burning in 2024. Let's just call that the third mandate albeit unofficial of The Federal Reserve.
In addition, it's not inconceivable that Powell is also looking to his place in The Fed's history books. He knows he can't do a full-spread Volcker because that would destroy the American economy and very likely kill the dollar.
Now for a bit of spit-balling: I think Powell and The Fed recognize that the United States, Canada and much of Europe are already in recession and he's hoping the effective use of his limited tools will keep that recession short and shallow. But I also think he recognizes that inflation can't be allowed to gallop ahead at double digits for long, especially given the fact that the true inflation rate is not 6% but more like between 15 and 20%.
So...expect Powell to actually walk the walk and do the talk at the same time. In his own words:
“Restoring price stability will likely require maintaining a restrictive policy stance
for some time,” Powell said.
“The historical record cautions strongly against prematurely loosening
policy,” he added.
The Fed chairman also seemed to endorse “front-loading” rate hikes rather than delaying increases to avoid pain.
“History shows that the employment costs of bringing down inflation are likely to
increase with delay, as high inflation becomes more entrenched in wage and price setting,” Powell said.
So, buckle your seat belts cause it's going to be a bumpy ride. I feel sorry for the retail investor who like in all previous market downturns will be left there holding the bag as markets tank in 2022 anywhere between 20 and 80%. If Powell breaks the back of inflation it will be far less of an eventual market shock than otherwise might have been. That is, IF The Fed's policies ultimately do the trick. Maybe, maybe not.
Wednesday, 24 August 2022
Two Words: Allen Weisselberg.
Monday, 22 August 2022
The Trump Dolts.
Sunday, 21 August 2022
Reliable Sources.
Well, it's gone and the search for who actually held the knife will go on for some time. Licht can make all the noise he wants about moving the network back toward the center but is that really the actual goal? After all, CNN is now owned by Warner Bros. Discovery and methinks this is more about the bottom line than anything else.
First a look back to the glory days of journalism and the gold standard set by Cronkite and others: many of these journalists were registered independents or de-facto independents and some actually went out of their way not to vote in federal elections to further cement their impartiality.
Think back to Cronkite's rare editorials that were in part so powerful because they were in fact rare. When LBJ saw Cronkite's commentary on Vietnam he quickly realized that his presidency was on the down swing and likely doomed politically.
With the advent of the internet, it became impractical to yearn for the good old days. Cable news has largely morphed over the years into reporting, context, explanation but also commentary central. Put another way, there are simply too many anchors editorializing across the board than there should be. Put aside deliberate manufacture or misrepresentation of the news and facts in general by some, the overreliance on commentary is prevalent across the board.
I'm not naive enough to think that Stelter is leaving only because of his political views which admittedly were on the left. WBD like most other media companies likely felt uncomfortable with a program that was not afraid to put CNN and its internal practices under a critical microscope. So, that fits into the departure equation as well.
I'm all for personal editorializing at the end of shows so long as it meets the gravity of the moment but serial editorializing at the end of each and every show is a bridge too far for me. Frankly, some on-air talent like Wolf, Dana, Erin, Anderson, Jim and ironically Chris were better at holding the line without serially veering toward one party's view while others like Jim, Jake, Don, Brianna and Ana were more prone to representing a particular political agenda on-air. I must say that in Don's case I really get where he's coming from given his individual life experience and that of the black community over the last 70 years or more.
That brings us to the billion dollar question: how to bring in and allow to flourish the happy medium without giving any party a pass or allowing it to substantially affect either directly or indirectly the reporting that makes its way on-air? Far easier said than done in the real world.
It troubles me to see talent leaving CNN but what concerns me even more is Reliable Sources' cancellation: that smacks of finding a way to get management out from under the microscope especially from reporters and editors who happen to work for them. That's likely the real elephant in the room and time will tell if that eventually is borne out in media reporting. May the search for the RealDeal be both fruitful and timely.
Roe: Women Get Fucked.
Saturday, 20 August 2022
Bell Media.
From Simon to O'Bonsawin.
Wednesday, 17 August 2022
Cheney.
Sunday, 14 August 2022
Is It Really All About Mar-a-Lago Declassification?
Like most things in life, even presidential declassification is not a black or white matter nor is it an absolute power of an incumbent president. Put another way, Trump claims to have previous declassified all documents ranging from confidential all the way up the chain to top secret that were removed by the FBI during their recent operation, which they claim was not a raid.
Now, before going into the weeds about Trump's powers as then president, let's start with the fun -- trying to nail the informant -- who may or may not be related to the said former president. The internet is buzzing with speculation as to whether Melania, Jared, Ivanka or someone else is the FBI's go-to person.
I have no idea but in my mind it would not be unreasonable for the FBI to have discovered the informant's role in the removal of classified documents and then provided that person with a reality check regarding what possible charges could flow if cooperation and assistance was not provided pronto. In short, reel in the small to medium fish to get the goods on the whale. Will we ever know who did the dirty deed? Probably not.
But back to classification and declassification thereof: it's generally conceded that no president can declassify nuclear secrets unless provisions of various laws are previously followed to the letter. One would also argue that national security matters, particularly related to intelligence services are also off limits. But probably pretty much everything else falls within the presidential declassification power. So, if Trump said it was declassified, other than the two exceptions cited above, it probably was.
Meanwhile, rumour is rampant that the Justice Department and AG Garland in particular are more interested in January 6th documents classified or otherwise. But did they really hit the mother-load given previous assertions that Trump allegedly burned documents at The White House before leaving office. If that's accurate, would he be stupid enough to burn some and save others? Time will tell.
However, given the treatment of Secret Service texts during phone migration, one could reasonably argue that Trump killed the January 6th mosquito with a sledgehammer. If that's right, the FBI won't be able to add much to the record in that regard.
Legal jeopardy can be a many splendid thing but that's not likely in this instance. If my name is Trump, I would worry one hell of a lot more about pleading The Fifth for four hours in a New York state's AG civil proceeding investigating the Trump Organization. If anything hits pay dirt, this thing shows the most promise and could ultimately lead to the impaneling of a criminal Grand Jury.
So, in the final analysis, the FBI visit to Mar-a-Lago was part raid and informed fishing expedition. Whether it eventually bears fruit against a former president remains anyone's guess.
And then there's politics: the theory goes that all of the above is designed to try and find a way to declare Trump as legally ineligible for future public office. I have my doubts that anyone can successfully pin this type of tail on the Trump donkey. But hey, as Trump would say, we'll see what happens.
Friday, 12 August 2022
Why Being Biden Ain't No Fun.
Sunday, 7 August 2022
Harper Dims His Own Star.
Monday, 1 August 2022
Apropos of Nothing.
al-Zawahri: They Got Him!
Won't be missed by anyone.
That's the thing about the Yanks and what makes the United States of America great: they're relentless, they never, ever, give up until they reach their objective.
He ran, he hid but he still ended up dead. So much for that so-called safehouse.