Target Profit Drops 90% in Second Quarter as Inflation Changes Consumer Purchasing


Posted originally on the conservative tree house on August 17, 2022 | Sundance

In the second quarter of 2021 Target earned $1.82 billion in profit.  In the second quarter this year, target earned $183 million. That’s the result of inflation hitting the middle-class consumer.

Few people are buying electronics, home goods, durables or clothing.  Any retailer that specializes in the sale of non-essential items is going to feel the financial results of working-class families reprioritizing their spending.  Checkbook economics is the economics that matters.

Hopefully, CTH readers are well prepared for this phase of the Joe Biden economy. It will almost certainly get worse.

(Daily Mail) – Target reported on Wednesday that its profits plunged nearly 90 percent last quarter after it was forced to slash prices to clear unwanted inventories of clothing, home goods and electronics.

In early June, Target warned that it was canceling orders from suppliers and aggressively cutting prices because of a pronounced spending shift by Americans as inflation cuts into spending on non-essential items.

US retailers have cut their profit forecasts in recent weeks as consumers squeezed by higher prices for essentials such as food and gas cut back on items like apparel and electronics.

[…] ‘Americans have had to trade down or delay purchases as inflation continues to squeeze household budgets,’ Morning Consult’s retail and e-commerce analyst Claire Tassin told DailyMail.com. (read more)

The cascading impact will flow through multiple sectors, including housing.

(Forbes) – Despite falling mortgage rates providing some relief to potential home buyers, mortgage applications fell to the lowest level since the turn of the century last week—providing fresh evidence that the housing market downturn may have room to run as some experts worry about how the collapse will damage the broader economy.

Mortgage applications fell 2.3% from one week earlier, according to the latest data from the Mortgage Bankers Association, pushing overall applications to the lowest level since 2000 even as rates on the popular 30-year fixed mortgage slipped to a two-month low of less than 5.5%. (read more)

Mike Pence Denounces Calls to Defund the FBI


Posted originally on the conservative tree house on August 17, 2022 | Sundance

Former Vice President Mike Pence delivered an establishment republican party speech at Saint Anselm College in Manchester, NH, today.  During his prepared remarks, Pence denounced the effort of some people in the republican party who call for defunding the FBI.

According to Pence he was, “deeply troubled” by the behavior of the justice department and the FBI during their raid on President Trump’s residence at Mar-a-Lago. Pence continued by saying the FBI “rank and file” should not be attacked or disparaged for the political agenda exhibited by the organization they represent.  It’s a weird statement when you think about it in context.

The FBI as an institution doesn’t do anything; it is the men and women within the institution that take actions based on corrupt political intent.  The only way to address the behavior of the FBI is to do exactly the opposite of what Pence is saying.  Institutions are made up of people. The rank and file within that corrupt system are the people carrying out the corrupt endeavors.  The audio is a little poor, but here is the segment, WATCH:

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National Bank of Romania Hires Fortune Teller


Armstrong Economics Blog/Central Banks Re-Posted Aug 17, 2022 by Martin Armstrong

The National Bank of Romania (BNR) is turning to ancient rituals to predict future economic movements. Gabriela Dima, 64, often referred to as Minerva, holds two majors in psychology and cinematography. She also happens to be a popular fortune teller, a Bucharest fairy, and the newest hire of Romania’s central bank.

Inflation in Romania reached 15.05% this June. Last month, the National Bank of Romania voted to raise interest rates by 100 basis points to 4.75%. What will the bank do next? Perhaps Minerva knows.

Fortune telling has been a long tradition in Romani culture that dates back hundreds of years. Although the church shunned the practice, people remained superstitious and often looked to tellers for advice. Minerva has not disclosed her position at the central bank, but BNR declared that she is indeed employed there. So perhaps she will lighten the sentiment and give some of the population a boost of confidence regarding the future. Either way, her advice will be better than any analyst following Schwab’s Great Reset agenda to topple the global economy.

Dear Professionally Republican….


Posted originally on the conservative tree house on August 16, 2022 | Sundance

…. We can see you.

BACKGROUND HERE ~

Economic nationalism is the unifying theme of MAGA.

Economic nationalism is what creates the largest populist tent in the history of republican politics.

Blacks, whites, Latinos, Asians, gay, straight, all genders, all colors, all creeds, all races, all united…. because the “working-class” is the unifying element.

MAGA is the voice of the working class.

The working class is what keeps all the shit working. We are the binding within the patchwork quilt of our constitutional republic.

The working class that had been beaten, put down, isolated, disconnected from policy, ridiculed for not having pedigree, all of it, became United in MAGA.

It’s a massive political tent. The biggest political coalition in the history of American politics.

Candidate Trump introduced the professional GOPe to economic nationalism. They, perhaps you, hated him for it.

President Trump then initiated economic nationalism.

The MAGA working class immediately felt the benefits of economic nationalism.

This is what unifies the MAGA base and attaches to President Donald Trump.

This is what both wings of the professional political class just do not understand, and even more dislike.

Pompeo, DeSantis, Noem, Haley, Pence, Cheney et al. None of them carry the working-class coalition.

As the republican establishment contemplates positioning themselves amid President Trump’s battle with the deepest and most corrupt aspects of the DC political system, they would be prudent to check their political ego.

President Trump has created a movement and collected the largest factual constituency of voters in the nation. This is the hill we stand upon, there is no other position.

No amount of media spin is going to change the reality of that political landscape.

The MAGA coalition is the most diverse, widest and deepest part of the entire American electorate. President Trump’s army consists of every creed, color, race, gender, ethnicity and orientation. It is a truly color-blind coalition of middle America patriots and middle-class voters that cuts through the political special interest groups.

Quite simply Trump’s MAGA army is the ultimate party.

No Republican will ever hold office in the next decade without the blessing of both President Trump and this coalition. There is absolutely no reason to believe that we will not lay waste to the republican system if the GOP acquiesces to the transparent political targeting of the Biden-Harris Dept of Justice.

Beyond the politics… this 100 million vote assembly are consumers of products, goods and services generated by the same elites that hold them in contempt.  If President Trump transfers and directs that energy, entities and even entire industries can be wiped out.

There is no precedent here.  One-hundred million angry Americans resolved to a common objective is not something to be trifled with.

We do not yet know where this current political crisis is going to end; but we do know that 100,000,000 Americans will not accept the outcome of a political process transparently filled with two-tiers of justice, corruption and federal manipulation. That makes President Trump a very dangerous entity to the DC system, regardless of whether they admit what surrounds them.

There is no reference point for 100 million Americans being disenfranchised by Wall Street, bribery, corporations, corporate media and big tech. That 100-million-person army is fuel for a cataclysmic shift in the American landscape.

Trump because F**K YOU, has been a very powerful force!

Tread carefully….

Trump’s Espionage? Washington DC and the Pundits Won’t Talk About This, But I will


Posted originally on the conservative tree house on August 16, 2022 | Sundance

Reading all the professional political chatter from both wings of the uniparty bird about the DOJ position on the Trump raid in Mar-a-Lago, something sticks out to me that readers here will relate to, but others, likely not so much.   Consider this written to all the reasonable and intellectually honest people.

You see, there is an actual mechanism that is being ignored by members within the professional DC silos and the DC ‘outrage’ stenographers.  I was reminded of it when reading the professional obfuscation in the Wall Street Journal as they outlined how Merrick Garland “weighed the raid on Mar-a-Lago for several weeks” prior to August 8.

Technically there is a mechanism for executive branch conflict resolution that involves actual transparency, not the political talking points of the illusion of transparency.  However, when the Fourth Branch of Government was created, the conflict resolution measure that provides oversight and escape from accusations of unequal application of law was dispatched.  It was dispatched because, well, the unequal application of the law was the intent.

What I am talking about is the legislative branch oversight mechanism known as the Gang-of-Eight.   Whenever the executive branch runs into a conflict that involves sensitivity within an issue they define as “national security,” the executive branch is supposed to use the tool of the legislative branch to extricate themselves from the conflict.

Quite simply the DOJ/FBI could have briefed the Go8 on the nature of the sensitive ‘national security’ issue, and this bipartisan briefing to both democrats and republicans removes Main Justice from the appearance of political impropriety.  If, later on, the nature of their investigation is ever questioned, Main Justice (the representatives of the executive branch) have the shield of telling the American public that congress was notified.

That is essentially the intent of the Gang of Eight construct.  Leaders and key officials within both parties are informed of ongoing investigative activity that involves the national security of the United States.  That’s the mechanism for the DOJ and FBI to avoid the appearance of political targeting.

On March 20, 2017, we saw for the first time how the newly weaponized DOJ and FBI had intentionally and purposefully begun to stop that notification process as part of their intentional effort to politically weaponize the justice dept. {link}

In that March 2017 hearing, former FBI Director James Comey was asked why the FBI was investigating President Trump for the past eleven months (April ’16 origination), revolving around a Trump-Russia collusion investigation, and not informing congress about the potential national security compromise.

James Comey justified the targeting operation and lack of notification by saying, “because of the sensitivity of the matter(?)” while looking uncomfortable & surprised with the question from representative Elise Stephanik.

The outlook of unilateral authority without oversight lies at the heart of the Trump-Russia collusion and targeting problem.  The lack of transparency, and failure to follow the required briefing schedule to congress, was as subtle as a brick through a window, showcasing the political intents of the FBI and DOJ under the Obama administration.

The FBI and DOJ (executive branch) cannot operate unilateral political targeting operations and simultaneously permit oversight (legislative branch).  That was the issue spotlighted in the answer from James Comey.

Unfortunately, what Comey outlined was the central issue DC politicians, including republicans, needed to avoid admitting… And so, they pretended the admission by James Comey didn’t exist, brushed it away under the cloud of media assisted outrage on other matters, and just moved on.

In the current dynamic of the DOJ/FBI -vs- Donald Trump Mar-a-Lago raid, we see an almost identical scenario. Not surprisingly we also see identical action from the DOJ/FBI in not briefing the Gang of Eight about the post-election Trump investigation.  It becomes clear the DOJ National Security Division is intent to avoid any transparency if they were held accountable for following the checks-and-balances.

Obviously, the DC stenographers (MSM) will avoid pointing out this issue; and obviously the right wing of the DC UniParty (republican leadership) will avoid mentioning how this conflict resolution mechanism exists. However, their willful blindness doesn’t negate the fact the mechanism does exist.

If AG Merrick Garland and FBI Director Chris Wray wanted to avoid what Wray has previously called, “even the impression of impropriety,” the DOJ could simply have briefed congress on the issues and challenges related to President Trump and their perceived problem with classified documents.

The reality of Main Justice not seeking to avoid their conflict, stands as a stark reminder how they consider the mechanism of oversight as a risk to their intent.

The absence of congressional notification is evidencing how the targeting by Main Justice is political.

(Wall Street Journal) […]  Mr. Garland now faces a more momentous decision that will further sharpen an already unprecedented and politically fraught situation: whether to pursue charges against Mr. Trump or any of his allies over their handling of the records at issue and their interactions with Justice Department officials seeking to retrieve them.

A decision to bring charges in the matter against Mr. Trump or any of his allies would thrust the Justice Department deeper into a political environment in which the former president’s supporters and Republican lawmakers are already accusing Mr. Garland and the department of overreach.

[…] Republicans on the House Judiciary Committee sent letters Monday to Mr. Garland and FBI Director Christopher Wray seeking documents and communications related to the search. While the department is unlikely to agree to that request while the investigation is ongoing, such scrutiny would likely only intensify if Republicans gain control of Congress in November.

Justice Department officials have defended the Mar-a-Lago search as a necessary step approved by Mr. Garland himself. People familiar with the Justice Department’s approach have said a primary goal of the search was to ensure the security of highly sensitive national-security documents after the Trump team didn’t relinquish them and amid concerns that the security of the material at Mar-a-Lago had been put at risk. (more)

The Mar-a-Lago Event


The attached paper is a reasonable analysis of the events from August 8, 2022 to August 15, 2022 which was is an event that will change the Republic forever. In the mad rush to save the planet from total destruction from green house gas emissions from carbon base fuels the worlds politicians are dismantling Western Civilization. Former President Trump is a major obstacle to Klaus Schwab and his fellow radicals in the World Economic Form (WEF) and they have decided to take him out any way they can since he is the only one that can stop them.

Tucker Carlson Reacts to the FBI Raid on President Trump’s Home


Posted originally on the conservative tree house on August 15, 2022 | Sundance

Returning from a vacation that coincided with the FBI raid on President Trump’s home in Mar-a-Lago, Fox News host Tucker Carlson delivered an extensive monologue upon his return Monday night.

Beginning by questioning the baseline assumptions, Carlson walks through the events as they are known. WATCH:

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CBS Caught Scripting Fake News, Narrative Engineer Norah O’Donnell


Posted originally on the conservative tree house on August 16, 2022 | Sundance

CBS narrative engineer Norah O’Donnell made the rounds today proclaiming the DOJ did not seize President Trump’s passports. At least that was the carefully constructed narrative within her messaging. LOOK: [Tweet Link]

Pretty cut and dry effort there.   “The FBI is not in possession of former President Trump’s passports.” “Trump had accused the FBI of stealing his three passports”…

Ten minutes later this statement from CBS Kelly O’Donnell.  LOOK:  [Tweet Link]

Riddle me this…

How does the Dept of Justice return something they did not take?

Washington DC journalism is stenography for the democrat regime.  Nothing more.

The Inflation Reduction Act is “Orwellian”


Armstrong Economics Blog/Politics Re-Posted Aug 16, 2022 by Martin Armstrong

Experts have stated that the Inflation Reduction Act will not reduce inflation in any meaningful way. So why is the White House spending $739 billion on this failed act? They have no idea! No Republican voted to pass the act, and the Democrats are yet again spending recklessly without reason.

The Congressional Budget Office analyzed the proposal and found it negligible at best. In fact, the CBO believes inflation could possibly rise in 2023 due to this expensive proposal. Estimates range from the act reducing inflation by 0.1% to increasing it by 0.1%. Furthermore, the Obamacare subsidies will be given to families earning up to $304,000 annually who do not need government handouts. The CBO also found that the 15% corporate tax minimum within the proposal will hurt businesses and prevent them from expanding.

“When you look at your next paycheck, remember that the Democrats voted to spend $740,000,000,000 of your hard-earned money to double the size of the IRS and to pay for their reckless tax & spending spree,” Senator Thom Tillis tweeted. So why is the White House expected to pass this legislation?

ABC News anchor Jonathan Karl questioned clueless White House Press Secretary Karine Jean-Pierre. “But let me ask you, it’s called the ‘Inflation Reduction Act,’ but the Congressional Budget Office, which is nonpartisan, said that there would be a negligible impact on inflation this year and barely impact inflation at all next year, isn’t it almost Orwellian?” Karl asked. “How can you call it inflation reduction when the nonpartisan experts say it’s not gonna bring inflation down?”

Jean-Pierre did not have an answer. She simply stated that the proposal is “making sure that billions in corporate America are paying their fair share.” We know from data that the IRS will target everyone and has historically gone after lower-income Americans. Another Democrat-backed reckless spending bill that taxpayers will pay for without ever having the opportunity to cast a vote.

North Korea Forms Alliance with Russia


Armstrong Economics Blog/War Re-Posted Aug 16, 2022 by Martin Armstrong

On Korea’s liberation day, President Vladimir Putin responded to Kim Jong-Un’s request to join the fight in Ukraine. In a letter to the North Korean dictator, Putin said North Korea had been a friend to Russia since Japan’s defeat during World War II. Kim is calling for “strategic and tactical cooperation, support and solidarity” between the two nations, and Vladimir agrees that it would be in the best interest of both parties.

Putin is seeking to “expand the comprehensive and constructive bilateral relations with common efforts” with the hermit kingdom. North Korea needs Russia and China to survive. In 2011, Kim J0ng-Un’s father, Kim Jong-il, visited Russia and negotiated a contract to send North Korean workers to Russia. US sanctions were intended to reverse this proposal but it was largely ignored. Both Russia and North Korea have been banished from doing business with the West entirely, so all bets are off.

This arrangement is certainly more beneficial for North Korea as it is desperate for allies. The move will undoubtedly anger the West, but this is the result of failing to hold diplomatic talks with Russia and imposing endless sanctions.