The Big Bet
6 hours ago
"Liberty without socialism is privilege and injustice. Socialism without liberty is slavery and brutality." Mikhail Bakunin (1814-1876)
"AS EARLY AS 1984 and as recently as 2018, former Vice President Joe Biden called for cuts to Social Security in the name of saving the program and balancing the federal budget."That's right, Joe Biden called for cuts to Social Security as recently as 2018. That's something to keep in mind when trying to decide whether he still intends to do what he said he wants to do. In 2018, Joe Biden was presumably getting ready to run for President. If he was speaking off the cuff on Social Security at the time, it was very likely in the context of a future Biden Presidency. Why else mention it at all?
"The Dow hit 28,000 on Nov. 15 and needed just 48 points Friday to breach the 29,000 mark, having flirted with the number all day Thursday after a de-escalation in the conflict with Iran soothed investor fears, energy prices settled, and Apple posted record gains on higher-than-expected sales in China.
Gains in Apple, Goldman Sachs, and healthcare stocks helped push the index upwards."Notice how specific those reasons are. Energy prices settled, we didn't have a war, and Apple did really well. Gains by Apple, the biggest investment firm in the country, and the healthcare industry pushed us over the top. Great work team!
"Separately on Wednesday, the Fed is expected to announce it will lower interest rates by a quarter of a percentage point as officials look to insulate the economy from a downturn. Though hiring and spending remain solid in the US, investors have grown increasingly jittery about slower global growth and trade tensions."Apparently the September investment by the Fed soothed those investment jitters. Yet this was done solely to enrich stock and bond holders, while keeping banks lending money to corporations. We are not benefiting from this decision in any meaningful way because most of us don't have significant money in the stock market. 10% of the population owns 84% of share value. While many working class Americans "own stock" through their 401k retirement accounts, these shares are part of the remaining 16% of total share value. That's not significant at all and the investment firms that manage those accounts are keeping a lot of the value on profits.
"As Silverstein tells me, “People project their good intentions onto Pelosi. They’ll say she’s playing a long game, but there’s simply no evidence that that’s true. It might just be that she’s more moderate than we hope she is.”I would argue that she proved that was the case in 2007. Everything that is happening now is just a little bit of history repeating. The more things change...
"The plan was meant for “temporary or emergency use when funds are low” and assumed “that the housewife will be a careful shopper, a skillful cook, and a good manager who will prepare all the family’s meals at home.” The decision to multiply the cost of the economy food plan by three was based on a 1955 food consumption survey showing that families spent about one-third of their income on food at that time. Since then, the measure has stayed the same, adjusted only for inflation."