Category Archives: Economy

Judge Protects Deutsche Bank From Trump

Vladimir Putin sends his rivals to The Gulag. Joe Biden sends his to Judge Arthur Engoron.

There’s No Free Lunch, Unless You’re President Biden

No free lunch, Biden says his $3.5 trillion plan costs nothing,
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Turns out there is a free lunch after all. At least if you believe Joe Biden. And who doesn’t these days? The president says his $3.5 trillion entitlement plan will cost “nothing.” “Because we’re going to raise the revenue.”

Fire Feeding Feds

inflation fire, Fed, bond, Congress, Democrats, Republicans, It's green but is it carton neutral?
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The Feds are still feeding the Inflation fire. They might taper off on their bond buying spree but still plan to keep interest rates near zero.

Meanwhile Republicans want to blame Democrats for raising the debt ceiling to make room for more fuel.

Wall Street seems to have overcome its China angst, for now. It’s back on a shopping spree too.

Wall Street out on a Ledge over China

Bok cartoon: Turns out China's run by a Commie... who knew? Wall Street, China, Evergrande Group
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Wall Street took a deep dive yesterday on news from China. Investors are afraid China’s biggest property developer, Evergrande Group, won’t be able to make payments on its debt. If that happens the company could collapse like Lehman Brothers in 2008 and take the economy down with it.

To make matters worse the Wall Street Journal (paywall) reports that Communist Party leader Xi Jinping isn’t a capitalist! He thinks private capital is running “amok.” And he wants to force China back to “the vision of Mao Zedong, who saw capitalism as a transitory phase on the road to socialism.” He even showed up in a Mao suit.

Maybe my guy on the ledge is afraid he’s on the road to serfdom.

Pipeline Shakedown

pipeline, colonial, keystone, Enbridge

Cyber-hackers, known as DarkSide, broke into the Colonial Pipeline’s computer system. Once inside they encrypted the operating system and held the company hostage. That was a big deal because Colonial pumps refined fuel from the Gulf to the eastern United States. Gas prices immediately skyrocketed and people lined up 1970s style. Some stations even had to shut down. Joe Biden put on a cardigan sweater and told people to turn down their thermostats. Ok, it didn’t get that bad. But it was bad enough that Colonial paid DarkSide a $4.4 million ransom to get back on line.

Thousands of trucks had tried to carry the load for Colonial but Energy Secretary Jennifer Granholm, a Democrat and former governor of Michigan, said pipelines are the best way to move oil and gas. That was a big deal too because Green New Dealers love to shut down pipelines. In fact, one of President Cardigan’s first acts in office was to kill the Keystone XL pipeline.

The current Michigan Governor, Gretchen Whitmer, also a Democrat, didn’t get her predecessor’s message either. She’s demanding that the Enbridge pipeline which passes underwater from the UP to the lower peninsula shut down immediately. And she’s threatening to take all the pipeline’s revenue if the company doesn’t obey her.