Appearing to be medicated, today Joe Biden repeatedly refused to answer questions about his involvement in the FBI raid of President Trump’s home in Florida.
A few examples below. WATCH:
There is no way the FBI would conduct a raid on former President Donald Trump without involvement from the White House.
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The previous first quarter productivity drop of 7.4% was the largest quarterly drop in 74 years. Today the Bureau of Labor Statistics (BLS) reports the second quarter productivity dropped another 4.6% [Data Here].
For July, companies are paying 5.7% higher wages and getting a 4.6% drop in output, resulting in a total unit labor cost increase of 10.8%. That increase in final output cost will either result in higher prices or lower profits.
With weak consumer purchasing (low demand) already creating an inventory surplus, hence lower outputs, lower profit leads to cutbacks. The largest company expenses are generally labor and energy costs. The more variable and controllable of those two expenses is labor. You know what comes next.
(WSJ) – […] Rising productivity is the key to improving living standards; it allows companies to raise wages without raising prices and fueling inflation. Instead, businesses appear to be paying workers more to produce less. The higher unit labor costs suggest companies will either endure lower profits or pass on higher costs to consumers.
“The trend in productivity growth has worsened compared to prior to the pandemic, and the surge in unit labor costs makes the Fed’s challenge of getting inflation back down to its 2% target all the more challenging,” Wells Fargo economist Sarah House said in a research note.
The central bank has increased rates four times this year from near zero in March in an effort to raise borrowing costs, slow economic growth and bring inflation down.
The consecutive negative productivity readings are a reversal from earlier in the pandemic, when the economy was expanding rapidly and businesses appeared to be adopting new technology to cope with worker shortages and limits to face-to-face contact. (read more)
Meanwhile, “U.S. manufacturing output in June was down by 0.4% compared with March though it was still up by 3.6% compared with the same month a year earlier, estimates prepared by the Federal Reserve Board found. Three-month output growth was the weakest since early 2021, and confirms slackening momentum evident in other data on output, orders and jobs.” (Reuters)
This month’s inflation report (reflecting changes in July) will show a large decline in overall inflation. This will provide the White House with a false narrative of confidence that inflation has peaked. However, food inflation (farm prices not yet realized) will combine with wage inflation (as noted above) sometime around October, and then we enter another round of rising prices.
The prices for durable goods have likely peaked. If you are in the market for an expense item (appliance, furniture, etc) look for significant incentives to trigger in Sept/October; right around the same time when the layoffs start. So, sit tight for a few more weeks.
However, the prices for highly consumable products will present a false plateau (Aug/Sept) until they go bananas again just before the Thanksgiving holiday season.
Prepare and time your affairs accordingly.
The people of Panama have been protesting the obscene cost of living for weeks. President Laurentino Cortizo has promised to lower the cost of basic necessities such as food and energy, but the people are not satisfied. Teachers began protesting in July and went on an initial three-day strike. This act of defiance inspired other groups who also took to the streets to call for price reductions.
Inflation in Panama sits at 4.2% as of May, while the unemployment rate hovered around 10%. Fuel costs have soared nearly 50% since January of this year. The issue here is that despite the country’s economy growing, the benefits have not been passed on to the people in any way. Many highly-skilled professionals, such as doctors, left the country long ago for countries where they’re paid competitively and access to medical care has become increasingly difficult.
Protestors blocked the Pan-American highway, which is the main route for most of Panama’s food. Even the Catholic Church stepped in during June to mediate the battle between the people and government. The first round of discussions mediated by the Catholic Church resulted in the government freezing the cost of 72 products. Additionally, the government will now allocate 6% of GDP to education by 2024. The Inter-American Highway, connecting Panama to the rest of Central America, was cleared but the supply constraints and resulted in significant losses.
Panama’s economy grew 17.8% in 2021, and 13.6% in Q1 of 2022. There is no reason for Panamanians’ quality of life to decrease when their economy is in a surplus. The protests will continue as the people have realized that their corrupt government does in fact work for them
American household has reached a new high, according to a report by the Federal Reserve Bank of New York. Total household debt has surpassed $16 trillion for the first time in American history. Americans have taken on $2 trillion in additional debt since the pandemic. Aggregate household debt balances rose by $312 billion in Q2 2022 alone, marking a 2% increase from Q1.
Mortgages were the largest contributing factor to the post-pandemic uptick after rising by $207 billion to $11.39 trillion. Americans have been relying more on credit to make purchases amid inflation, and credit card balances have spiked by $46 billion last quarter. Non-housing balances saw the largest uptick since 2016 after increasing by $103 billion. Auto loans saw a $33 billion rise as the cost of autos remained at a high.
Delinquency on debt “increased modestly” in all categories. Around 95,000 people faced bankruptcy in Q2 2022, which is still near historic lows. Of the $758 billion in new mortgage debt accumulated in the last quarter, 65% is held by people with credit scores over 760. Outstanding student loan debt reached $1.59 trillion last quarter, 5% of which was delinquent.
People may be able to pay off their debt now, but as inflation and interest rates rise, that will become increasingly difficult. While mortgage debt is no cause for concern, the over-reliance on credit purchases will not help Americans lower debt. Inflation must come down for the people to maintain their quality of life.
Dr. Anthony Fauci is relentless. Biden told us the fable of the winter of death and destruction last year. Now Fauci is warning that people are “going to get into trouble” if they’re not vaccinated and boosted by the fall and winter months.
After hearing of the countless side effects and realizing the vaccination does not prevent infection or transmission, most Americans do not want a booster. The Kaiser Family Foundation found that 70% of Americans, 228 million people, are currently not up to date on their vaccinations. Only 48.4% of Americans (children over five included) opted for a booster shot.
Fauci claims people should do it for their “community.” Why? I could have Moderna, Pfizer, J&J, and the rest injected into me, and it still would not prevent me from being prone to transmitting the virus. Fauci himself caught COVID, and even Biden continued to work and failed to isolate after testing positive for the virus. Fauci’s fears are falling on deaf ears as people are becoming aware of the truth – the vaccines do not work.
After exhibiting a congressional perspective in line with democrats, and then voting to authorize the J6 committee along with President Trump’s impeachment, Michigan representative Pete Meijer lost his primary reelection bid to John Gibbs.
The CBS crew quickly contacted Meijer to provide him the opportunity to belittle the base of the republican party that rejected him from office. Silver spooner Pete Meijer was more than happy to accommodate the request and appears with Margaret Brennan. [Transcript Link] – WATCH:
[Transcript] – MARGARET BRENNAN: Michigan Congressman Peter Meijer is one of 10 House Republicans who voted to impeach former President Trump following the attack on the Capitol. Last Tuesday, he lost his primary race against a Trump-endorsed challenger. Congressman Meijer is with us this morning from Grand Rapids, Michigan. Good morning to Congressman. The person who won that primary is an election denier named John Gibbs, and he is backed by former President Trump. Why do you think Michigan Republicans favored him?
REP. PETER MEIJER: Well good morning, Margaret. And as you said, I lost my primary and that is on me. I take responsibility for that. But it’s important to note that it wasn’t just former President Trump, who was in this race, there was about a half million dollars that the Democratic Congressional Campaign Committee in their first expenditures of the 2022 midterms dumped in to help boost him.
So, we had a scenario where not only did I have the former president aligned against me, but in a rare showing of bipartisan unity, Nancy Pelosi and the House Democratic Campaign Committee, also united to try to knock me off the ballot. Now, this just highlights the cynicism and hypocrisy of our politics today. And frankly, it’ll be unknowable what that ultimate impact was, but the fact that we have the establishment left and the extreme right locking arms in common cause paints a very telling picture of where our politics are in 2022.
MARGARET BRENNAN” Right, what you’re talking about there is an ad that the Democratic Congressional committee campaigns spent $325,000 on to boost Mr. Gibbs, which was almost as much as Gibbs spent on his entire campaign. That’s what you’re referring to, that’s what our viewers are looking at right there. But do you think that ad really made a difference? I mean Democrats aren’t voting in this primary, it’s Republicans, why did Michigan Republicans fall for this ad?
REP. MEIJER: Well, you know, I think there is a clear question of agency here, of course, and at the end of the day, Republican voters are going to cast their votes as they see fit. I should note that this ad was not aimed at- was not playing on MSNBC, it was not playing in places where Democratic voters might see it, it was targeted in places to try to sway and convince Republican primary voters to try to give my primary challenger a boost up and over.
And I should add that my defeat was by roughly 3%, out of over 100,000 votes cast, we lost by less than 4,000 votes, and I think that’s important to remember, when you have very close elections like this. And obviously competing against very strong headwinds, having a Trump-endorsed challenger in a party where President Trump still holds over 75% approval. That a message of focusing on the substance of what I’ve been able to accomplish in office. I’m proud that our office is on track to set a record for the most number of bills signed into law by a freshman, that those type of accomplishments get lost in our current personality politics, get lost in a broader sense. And I think that is one of the fundamental challenges that we have as a country, and that is, frankly, frustrating Michigan families. We are dealing with a politics that does not reward substance that does not reward, you know, reality.
MARGARET BRENNAN: But does that mean–
REP. MEIJER: That focuses on rhetoric and personality above all else.
MARGARET BRENNAN: Do you think Democrats are going to get what they paid for here? Right? I mean, they’re betting that would be easier to defeat. Mr. Gibbs than you. Is your district going to go to a Democrat?
REP. MEIJER: It’s important to note, this is a district that President Biden won in 2020 by roughly nine points, I was one of five Republicans running for reelection in seats where the- where President Biden won in the 2020 elections by eight or more points. And so while I think there was certainly a cynical calculus at play with the Democrats meddling, this is a risky strategy. It’s a dangerous strategy.
Where President Biden is in his approval is so in the gutter, that it is hard to see that strategy- it is easy to see that strategy backfiring in a spectacular way, which is all the more reason why we should not be embracing the zero-sum idea of politics. We should not be embracing this- this notion that if we can keep a problem alive, keep it festering, but be able to gain a marginal advantage in the process, that that somehow equates to a victory. I think it’s a dark and cynical way of viewing our politics, that frankly, 48% of the electorate in the primary here rejected. They stood against that cynicism that they were focused on somebody who was working to deliver results.
MARGARET BRENNAN: Your Republican colleague Liz Cheney is about to face a primary August the 16th in her state, former Vice President Dick Cheney, her father, released this video.
Former VP Dick Cheney (SOT): “In our nation’s 246-year history, there has never been an individual who is a greater threat to our republic than Donald Trump. He tried to steal the last election using lies and violence to keep himself in power after the voters had rejected him. He is a coward. A real man wouldn’t lie to his supporters. He lost his election and he lost big. I know it. He knows it. And deep down I think most Republicans know it.”
MARGARET BRENNAN: Is Mr. Cheney right there because 57% of Republicans told CBS News, they’re more likely to vote for a candidate who gets an endorsement from the former president. Is the former president, the leader of the Republican Party or the biggest threat to our nation’s Republic?
REP. MEIJER: Well, I certainly think that President Trump wants to keep those numbers up. He wants that degree of influence, and I mentioned earlier the common cause between the extremes on the right, and the establishment left. Nancy Pelosi, I think she’s waking up every day crossing her fingers that Donald Trump runs in 2024, that he announces well ahead of the midterms, because right now, the midterms are set to be a referendum on President Biden’s leadership and Speaker Pelosi and many of my house Democratic colleagues do not want that. They want it to be a referendum on former President Trump and I think former President Trump wants that as well.
MARGARET BRENNAN: Well, we will be watching that primary. And Congressman, thank you for joining us today. We’ll be right back. (read more)
Reminder, Nikki Haley in February 2021: …”“I don’t think [Trump’s] going to be in the picture,” she said, matter-of-factly. “I don’t think he can. He’s fallen so far.” […] “We need to acknowledge he let us down,” she said. “He went down a path he shouldn’t have, and we shouldn’t have followed him, and we shouldn’t have listened to him. And we can’t let that ever happen again.” (link)
Two months later, April 2021, when asked about her 2024 presidential ambitions Nikki Haley says:…”Out of respect I would never do anything to go against [Trump], he knows that. I would have a conversation with him and talk to him about it should we decide we want to pursue it; but, um, no, I have a great respect for him, and I would never consider running against him.” (link)
Today when asked about her presidential ambitions Nikki Haley says, “if there’s a place for me.” WATCH (Prompted):
CTH has been warning about Nikki Haley ever since she asked Sarah Palin to help her win the South Carolina Governor’s race, and then stabbed Palin in the back with the most derisive negative commentary thereafter. Nikki Haley would never have been governor without Sarah Palin; those who know politics know this is absolutely true…. And Haley is a snake.
Use the CTH site search tool function and type in “Nikki Haley” for the results. Take a few Snickers bars because you are going to be there a while.
Why so much focus on Nikki Haley?
For the same reason CTH focused so heavily on Mitch McConnell; these are backstabbing liars of the highest order. These are the snakes from the poem President Trump recited quite often….
…These Haley types are the scheming DeceptiCons. Haley has no redeeming qualities if you are well versed in understanding the manipulative intents of the conniving big government, cocktail party, Wall Street republicans.
Nikki Haley is the Mitt Romney of John McCains.
October 2019 – Nikki Haley purchased a $2.4 million home in Kiawah Island, Charleston county, South Carolina (link). Nikki Haley released her book “With All Due Respect” on November 12th (link). Mrs. Haley also took a position on the board of directors for Boeing Co, likely an extension of success for her prior efforts recruiting Boeing to the state. (link)
The board position, home purchase and book tour follows a very predictable pattern for those who follow GOPe politics closely. Indeed, there is speculation Nikki Haley was/is positioning for a 2024 presidential bid; speculation that generally aligns with the pattern.
OCTOBER 2018 – Ms. Haley comes from the political house of Prescott/Bush; hence the original Rubio support in 2016 etc. She is a political animal from the establishment wing.
Within the traditional political class the customary approach to a White House run is to gain about five years of wealth in advance of a presidential run. Haley would be following a wealth process for a 2024 presidential run.
During this wealth accumulation period the cocktail party circuit (the billionaire crowd) will front-load wealth, purchase homes and all expenses etc, for the future candidate. This ‘Five Year Plan‘ was the same historic approach done for Ronald Reagan.
With a candidate in the private sector, the professional donor-class make investments in the candidate while it is legal to do so. The investments are made in anticipation of future influence. This is simply how money influences politics.
With the “Me Too” movement in high political value, the currency of Nikki Haley, as an investment candidate, is at the apex. Haley checks the right boxes; she is making a predictable move to capitalize on that process, politics and timeliness.
The U.N., as an institution, is also in alignment with the high-brow Prescott Bush clan. Ms. Nikki Haley is regarded by this clan as a very valuable commodity. If they can’t get Jeb, or another Bush (ie. Rubio) over the finish line, they will be much better positioned with investments in Nikki Haley.
Due to the increasing success of the MAGA or Trump Republican apparatus, Haley will need to carefully position herself as a stealth Decepticon and not upset the vulgarian hordes; ie. the new republican party base voter. As a smart and tactical politician Haley will invest heavily in the optics of supporting the MAGA movement.
Much like the primary of 2016 (w/ Jeb), the primary race of 2024 will determine if Haley can con enough people into not seeing her elitist Decepticon position.
The Bush clan and professional political cocktail circuit was rebuked in 2016, so we can anticipate their strategy in 2024 will be with those strategic lessons at the forefront.
DeSantis = Closest to MAGA domestically, ergo most valuable to Wall Street for globalist economics.
Noem = MAGA-lite, with a twist of Koch. Club influencer. She’s in the race, guaranteed.
[ Watch out for the club to push a DeSantis/Noem ticket.]
Haley = Purebreed Decepticon. UniParty Establishment favorite. Endorsements from Bush and Cheney likely.
Cruz = Controlled opposition. Useful to draft Haley or Noem into the club lane in exchange for DOJ AG position.
WHAT TO WATCH FIRST – Pay attention to the club meeting this winter and the decision on how to line up and modify the 2024 primary election dates by state. AFTER the dates and sequence are established, then overlay the delegate changes to voter results from “winner take all” or allocated “proportionally.” These are club decisions with major ramifications. The RNC club is a private organization. They select the rules for the election.
The glove has been thrown down, as New York Governor Kathy Hochul enters the national contest for political inauthenticity.
Prior to today, California Governor Gavin Newsom was the closest competitor within striking distance of Elizabeth Warren’s “I’m a git me a beer” moment. However, the assembly of advisors that guide team Hochul have now entered the contest with Hochul’s visual tweet earlier today:
Unfortunately, there are several progressive demerits which may keep Hochul from achieving maximum pander points. The biggest issue is beef, no longer an acceptable food product amid the left-wing judges. A tray of sustainable algae cakes would have been better. However, to be fair, there are rumors team Hochul was using ‘cricket burgers‘, which could offset the carbon demerits as presented by grilling.
Governor Hochul’s entry in the inauthenticity contest is certainly not the first one we will see this election year. However, she has proudly planted her flag.
It will be interesting to see Warren’s response.
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George Stephanopoulos has a new hero not named Obama. Skipping both the red and blue pills in favor of Xanax and whiskey, a visually verklempt Stephanopoulos uses Dick Cheney as the introduction to the 2022 midterm election victory map. The last 3 seconds of this clip are funny as heck.
Pay no attention to the 67% of Americans who say things are getting even worse, and instead let’s cheer Dick Cheney and baby killing, after all – they are weirdly connected in a way. Thus, George has figured the new DNC strategy. Brilliant.
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The great pretending continues. During a Sunday talk show appearance, San Francisco Fed Chair Mary Daley states, “what I see is supply and demand are just unbalanced. About 50% by my own staff’s estimates of the excess inflation we see is related to demand. The other 50% to supply.” Note, she is not talking about energy.
Margaret Brennan, maintaining her position as the professional CBS narrative engineer, never thinks to ask: (a) where is this demand you speak of, and what exactly are they demanding? and/or (b) What is this 50% inflation on the supply side connected to? Obviously, an actual probing of inflation wasn’t in the script. The great pretending continues. [Transcript Here]
CTH has stated without reservation that August’s inflation report will show a significant –albeit temporary– drop in inflation as measured by the govt. The drop in gasoline prices throughout July (created by a drop in demand) will allow the fiscal and monetary policy makers to falsely claim overall inflation peaked. However, after a brief respite the inflation now growing in the ground (massive increases in farm costs), will then launch into the food supply chain. This delayed food inflation will overtake the energy inflation in the latter part of this year. WATCH:
[Transcript] – MARGARET BRENNAN: We turn now to the state of the economy and the president of the San Francisco Federal Reserve Bank, Mary Daly. Good morning to you.
FEDERAL RESERVE BANK OF SAN FRANCISCO PRESIDENT MARY DALY: Good morning.
MARGARET BRENNAN: The San Francisco Fed said fiscal spending during the entirety of the pandemic, all the congressional funding contributed 3%- a 3% hike in inflation. Do you expect the congressional bill that’s about to pass to add to inflation as well?
DALY: Well, let’s remember that during the time that there was this fiscal relief during the pandemic, there was also monetary policy relief. And those were things necessary to get us through the pandemic. So that’s why that was such an important component in history, will be the judge, whether it was too much or too little. But right now, that’s where that was. And my staff have evaluated that. When I look forward, there are so many things going on in the economy right now, both domestically and globally. And we are struggling with high inflation. But the Fed is committed to bringing that down. And we’re looking at not only things that Congress passes, but also what happens across the entire world.
MARGARET BRENNAN: So do you think this bill will- will add to inflation? Has inflation peaked? Can you say that?
DALY: You know, I really can’t comment on pending legislation, and it’s really hard to tell because all the details haven’t been worked out yet and or the time frame in which those things will take place. So right now, I think the most important thing, Margaret, is that inflation is too high and the labor market is strong. The global economy is struggling with ongoing high inflation, and that’s what I’m focused on.
MARGARET BRENNAN: You are a labor economist. We had this surprisingly strong jobs number on Friday. Why was it so surprising? What was it that economists missed here? What was your takeaway?
DALY: You know, it’s super interesting. You know, it did surprise everyone who tries to figure out exactly what the number will be. And we were you know, a number of projections were well off. But, you know, frankly, if you’re out in the communities, if you’re you’re traveling anywhere, you’re you’re just going in your own community. I don’t think consumers are workers or businesses were that surprised. There’s help wanted signs all over the place. People are can find multiple jobs if they want them. Search times for jobs aren’t that long. So I think the labor market is continuing to deliver. It just tells me that people want to work and that people want to hire. But the universal truth is that inflation’s too high.
MARGARET BRENNAN: But does it still or does it indicate that recession is not where we are or where we’re going?
DALY: If you’re out in the economy, you don’t feel like you’re in a recession. That’s the bottom line. The most important risk out there is inflation. And I think the job market just confirms that.
MARGARET BRENNAN: Okay. We’re going to take a break and come right back with you. Mary Daly, stay with us. We have more questions.
*COMMERCIAL BREAK*
MARGARET BRENNAN: Welcome back to Face the Nation. We continue our conversation now with the head of the San Francisco Federal Reserve Bank, Mary Daly. In that jobs number on Friday, we also saw that wages rose, but they’re not rising as quickly as inflation is. How concerned are you that that shows inflation is really becoming embedded in the economy in a way that is really going to force sure your colleagues at the Fed to continue to have to hike rates.
DALY: You know, I don’t see inflation is embedded in the economy, the kinds of things that we would worry about just not being able to correct easily. What I see is supply and demand are just unbalanced. About 50% by my own staff’s estimates of the excess inflation we see is related to demand. The other 50% to supply. The Fed is really well positioned to bring demand down, and we already see the cooling forming in the housing market and investment. So I do see signs that the economy is cooling. It just is going to take some time for the interest rate adjustments we’ve made to work their way through. And we are far from done yet. That’s the the promise to the American people. We are far from done. We’re committed to bringing inflation down and we’ll continue to work until that job is fully done.
MARGARET BRENNAN: So it would still be appropriate to raise rates in September by half a percent?
DALY: Absolutely. And we need to be data dependent. It could. We need to leave our minds open. We have two more inflation reports coming out, another jobs report. We continue to collect all the information from the context we talk to you to see how this is working its way through the economy. But you mentioned, you know, wage growth a little bit above 5% inflation. Last print at 9.1%. Americans are losing ground every day. So the focus has to be on bringing inflation down.
MARGARET BRENNAN: One of the things the Fed can’t control is geopolitical risk. How concerned are you about what is happening in the Taiwan Strait right now?
DALY: Well, there’s so much going on globally, and I think that’s really something that we need to think about. It’s just getting through COVID, making sure the new variants don’t derail economic activity. We have central banks across the globe raising interest rates to try to bridle their own inflation. And we have ongoing developments that take place geopolitically or just more generally among countries and all of those things. The war in Ukraine, all of those things create headwinds, if you will, for the US economy and we’re going to have to lean against those headwinds for growth while we bridle inflation.
MARGARET BRENNAN: The Fed has its work cut out and I know we’ll be talking again. Thank you very much, Mary Daly. (LINK)
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