Category Archives: Economy
End of Coal
Two stories lured me off from the campaign trail for today.
Peabody Energy, the world’s biggest coal company, filed for bankruptcy. President Obama promised to drive the coal industry into bankruptcy. As it happens, the fracking industry is driving coal into bankruptcy. Natural gas is cheaper and cleaner than coal. Obama hoped to replace coal with renewable energy.
The other story is that, SunEdison, world’s biggest renewable energy company, is also preparing to file for bankruptcy.
Ford Plant in Mexico
There’s a new Ford plant in Mexico. Presumably Mexicans will stay in Mexico to work there instead of sneaking into this country to steal jobs here.
Donald Trump calls that an “absolute disgrace”.
Business Boat People
Business boat people are fleeing America for lower tax countries. President Obama ordered another change in the law to make them stay put. The U.S. has one of the world’s highest corporate tax rates.
Ayatollah Banking Behavior
IBD had an editorial and the WSJ had an op-ed on Ayatollah banking behavior. Zany authoritarians worth billions who aren’t Donald Trump – I thought it was worth a cartoon.
Now that the mullahs are getting their moola back, possibly 100 billion in frozen assets thanks to the Iran nuclear deal, they want to be able to move it through the U.S. banking system. That’s been a no-no in the past. Apparently it would make it easier to launder money for terrorism. On the other hand it could make it easier for U.S. intelligence to keep track of Iran’s money.
Ayatollah Banking Behavior
Anyway, last summer Adam Szubin of the Treasury Department told Congress, “Iran will not be able to open bank accounts with U.S. banks, nor will Iran be able to access the U.S. banking sector.” Now Treasury Secretary Jack Lew seems less committal saying the administration is trying “to make sure Iran gets relief.”
Since the Iran nuclear deal isn’t a signed treaty, Iran could walk away if it doesn’t get what it wants.
Republican Establishment Melt Down
In the run-up to the New Hampshire primary Byron York began asking Republican establishment types if they knew anyone who supports Trump. Here’s what he found:
“I don’t know anybody who supports him.” They’re politically active and aware, but they said they have no contact in their daily lives with even a single person who supports their party’s front-runner.
After that conversation, I began to ask everyone I met: Do you know anyone who supports Donald Trump? In more cases than not — actually, in nearly all the cases — the answer was no. I asked one woman Friday night, and she said she hadn’t thought about it. I ran into her the next morning at breakfast, and she said, “That was a good question you asked me last night, and I’ve given it some thought.” And no, she didn’t know any Trump supporters.
…”So what explains the polls?” I asked.”I don’t know.”
Republican Establishment
They never knew what hit them. NPR reports Jeb Bush spent $36 million for 30,000 votes. Trump spent $3 million for 100,000 votes.
David Frum in The Atlantic says, “The angriest and most pessimistic people in America are the people we used to call Middle Americans”.
John Nolte in Breitbart says 32% of Trump’s angry and pessimistic voters in New Hampshire were college grads.
Tucker Carlson, in Politico, sums up the Trump revolt against the Republican establishment as “shocking, vulgar, and right”.
