[Mick1]

https://x.com/RealEJAntoni/status/1856745193246003242 Real wages fell under Biden-Harris and never really recovered. Inflation still closer to 3% than 2%. Debt exploding, especially in the last few months. We passed $1T in interest payments per year on the debt. For reference, the US collected $2.43T in personal income tax in FY 2024, and another $530B in corporate income taxes. The good news is that a Republican Congress is more likely to slow the pace of spending increases (it is too much to expect spending cuts). They started in 2022, which is a big reason why inflation actually started coming down, because we now know the Inflation Reduction Act did not reduce inflation. That being said, deep cuts are needed, and the economy will suffer. Think back to what Reagan inherited in 1980, and what 1981-82 were like. It will be much worse this time.

Dems want price cuts NOW, after their four year ravaging of American incomes. Finally, they pay attention to inflation NOW. Where were they for the past four years as real incomes declined?

Democrats slam Trump for not making good on promise to lower food prices

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[Mick1]

Trivia: Which state has the most registered Republicans of the 30 states which allow partisan affiliation on their voter registration forms? (Texas does not).

Answer: California, with 5,332,858 as of March, 2024. Florida is next with 5.14 million, then Pennsylvania with 3.475 million and New York with 2.7 million.

And California has the most independents, by far (myself included) with 4.845 million.

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[Mick1]

Just wanted to wish you all a belated welcome to the new American oligarchy.

Thanks, man…but your welcome is four years too late. Or really, 16 years too late. Come to think of it…32 years too late.

This is my favorite Lefty shibboleth. In reality, the Democrats have held sway over this country with the overwhelming support of the rich; e.g., Wall Street, Silicon Valley, Hollywood; and the powerful; e.g., Big Media, Big Academia, Big Law lawyers, non-profits. And those groups fully, totally and completely abandoned the working and middle classes, whom they had taken for granted for over a century.

It’s a shame, because we could have been a country like the Nordics, with strong Democratic institutions, healthcare guarantees, education guarantees

We were never going to be a Nordic country. Clinton, Obama and Biden saw to that. They kowtow to billionaires like nobody’s business. They protect the billionaires’ gravy train and you know it.

You have some gall. The Democrats screwed things up for the last four years with…well, basically everything they did. The make-believe world they created. Wokeness. The mostly peaceful destroyers from two years ago. The cartoonishly ridiculous overreaction to COVID that ruined both the economy and education and then Biden and Harris tried to pretend they “saved” the USA. Worst of all, the deepfake pretend lawfare, the weaponization of the DoJ and various courts to invent charges so they could call Trump a felon. Do you have any concept of how well the average American understands the perfidy of the Left and the utter and complete refusal of the left to even acknowledge, much less apologize for their treachery and deceit?

The Left drips in lies, marinates in deceit. Remember the Hunter Biden laptop and all those Trump haters (excuse me, “respected government professionals”) who signed the ad that the Biden laptop was a deepfake? AYFKM? And when one of their own comes clean (like the MIT prof/consultant who bragged that the Left had to deceive the stupid American people to get Obamacare passed), then the Left ostracizes them for pointing out that the Great and Powerful Oz is like any other charlatan.

Here’s why voters rejected the Left. The subtitle says it all, basically a perfect description of the Left. This about sums it up:

“They have tried to do a zillion different things and done them badly, at great expense.”

Democrats Deserved to Lose – The Atlantic

The Left’s hairbrained idiocies finally got to the American people, the same people who get really, really tired of being told that sxxt is Shinola:

The Trump Shift – The Atlantic

And your pretense that international relations will tank…again, AYFKM? The Democrat War Machine has fed overseas conflict, Trump is trying to stop it, no thanks to the Dems’ insistent supplying of the Ukraine, a country ranked 122nd of 180 it is so corrupt, a country that fed Hunter and The Big Guy millions of dollars. We risk thermonuclear war for that country, a country which existence is an eyeblink?

Your party put a senile man with dementia in the Presidential office. If it hadn’t been for COVID, Biden would have come nowhere near the Presidency. Worse still, Biden’s supporters surrounded and protected a man whose decline was accelerating, who literally didn’t know what he was doing. Unelected aides enforced a Progressive agenda that America didn’t vote for.

Inflation raged. Of course. Things got worse. Of course. Our Southern border was left unattended and our country has filled with non-Americans. Of course

And then…and then…your party has the unmitigated gall to (a) pretend Biden is still a viable candidate and then (b) replace Biden with Kamala Harris, a “candidate” who makes Michael Dukakis look like FDR, Thomas Jefferson and Abe Lincoln all rolled into one. A billion+ dollars couldn’t get that idiot elected.

And now…they’re talking about making her Governor of California?

 

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[Mick1]

https://x.com/bravosresearch/status/1857110313729986980 Mortgage rates are going up even after the Fed cuts. Why? Because people aren’t buying bonds. There’s significant default risk, and the Asian economies are looking for more stable assets (and moving away from the dollar as the world’s reserve currency). Discounted bonds mean increased interest rates. If you have X, the thread also discussed the lower labor participation rate, something I have posted about before.

Not only are mortgage rates going up but the housing market is the worst in thirty years. And that’s with the population increasing by 25%.

U.S. Homes Sales in 2024 Fell to Lowest Level in Nearly 30 Years – WSJ

• This reply was modified 1 year, 3 months ago by Mick1.

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[Mick1]

California can take a lesson on how not to rebuild from Hawaii. A year and a half after the devastating wildfires on Maui that destroyed nearly 2,000 properties, the Hawaiians have rebuilt a grand total of…three houses.

Like California, Hawaii is a Democrat state, hard blue, with a 23-2 majority in the state Senate and a 44-6 majority in the state House. Governor Green tried to issue an executive order to streamline the redtape for the people rebuilding homes, but got slapped down by the Sierra Club, the ACLU, and native Hawaiian organizations who accused him of “genocide” and “dictatorship.”

“We’re from the government and we’re here to help.” Government efficiency at its finest.

Hawaii’s failed wildfire rebuild should not be a model for California

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[Mick1]

And the average home price has dropped 12% (the headline below refers to a single, specific home). Next month, my son is leaving his North Beach home for New York, a move he has been both contemplating and desiring for a while.

Meanwhile, the Millenium Tower continues to sink, this time in the middle…

San Francisco Home Price Plunges 30% as City’s Housing Market Stagnates – Newsweek

U. S. Home sales in general have fallen to their lowest level in 30 years. And when the interest rate increases and mortgage rates continue to rise, they will fall even further.

U.S. Homes Sales in 2024 Fell to Lowest Level in Nearly 30 Years – WSJ

• This reply was modified 1 year, 3 months ago by Mick1.

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[Mick1]

https://x.com/KobeissiLetter/status/1882497791769088453 I disagree with the request to reduce interest rates. To avoid the 1979-80 inflation resurgence, we need to raise rates. Short term stimulus for long term pain is not a good exchange.

For better or for worse, you’re going to get your wish. Incipient inflation is pervasive, there are long-term, hardcore reasons behind it:

1. Due to our deteriorating relationship with China and ongoing reshoring of manufacturing work and facilities, we will need the capital to build out our manufacturing base. Just as an aside, if China hadn’t acted so badly; e.g., threatening to withhold medicines that they were manufacturing for American and European pharma companies, they wouldn’t be in this mess.
2. Trump’s intent to reduce the size and scope of government is going to have a negative effect on the economy — over time, it will be replaced by the aforementioned manufacturing increase, but short term, there’s only four inputs that constitute GDP: C (Consumer spending) + B (Business spending) + G (Government spending) + X (net of Exports over Imports). Business spending is likely to go up a bit, consumer spending won’t change much, hopefully Trump uses the tariffs properly as a negotiating tool. If Govt spending takes a big drop, that hamstrings the economy.
3. We still have an increasing number of people chasing same number of resources (unless Trump can reduce energy costs). Uptick on inflation.
4. COVID overhang. Caused inflation. It’s still there.
5. Ongoing worker shortage of between 1/2 million and a million for open jobs. That causes incomes to go up which causes inflation to go up.
6. Boomers have/are retiring. That means they are spending, rather than investing their capital. Capital gets removed from the capital base and money gets spent = upward tick on inflation.

Geopoliticist Peter Zeihan on what causes inflation:

Inflation: What’s Causing It and Why? – Zeihan on Geopolitics

And what the Fed can do about it:

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[Mick1]

Here’s the updated list. Bloomingdale’s, open in San Francisco since 2006 with 330,000 square feet, once the largest Bloomingdale’s outside of New York, is now closing. So will Michael Kors.  with an additional 7 major companies closing their Union Square/Market street locations. 153 closures in all since 2019. Doesn’t count 1,200 shuttered restaurants since COVID started.

New additions in bold:

1. 24-Hour Fitness
2. A Miner Miracle Shop
3. Abercrombie & Fitch
4. Adidas
5. Agent Provocateur
6. Aldo
7. Alessi
8. Alexander McQueen
9. AllSaints
10. Amazon Go
11. American Eagle Outfitters
12. Amy Kuschel Bride
13. Anthropologie
14. Archive
15. Arc’teryx
16. AT&T
17. Athleta
18. Babette
19. Banana Republic
20. Bank of America (brand on 1 Market Street)
21. Barneys New York
22. Bed Bath & Beyond
23. Benefit
24. Bloom Room, The
25. Bloomingdale’s
26. Brooks Brothers
27. California Girl Jewelry
28. Camper Shoes
29. CB2
30. Christian Louboutin
31. Cinemark Multiplex
32. Coach
33. Coco Republic Furniture
34. Cole Haan
35. Container Store, The
36. Crate & Barrel
37. Crunch Gym
38. Cuyana
39. CVS Pharmacy
40. Denny’s
41. Diana Slavin
42. Diesel
43. Disney Store
44. DSW/Designer Shoe Warehouse
45. eDressit
46. Ethos
47. Express
48. Façonnable
49. Farinelli Decorative Arts
50. First Republic Bank
51. Forever 21
52. Forum
53. Gallery of Jewels
54. GameStop
55. Gap, The
56. Goorin Brothers
57. Green Arcade Bookstore
58. G-Star
59. H&M
60. Harputs
61. Hilton Union Square
62. Hollister
63. Huntington
64. Icebreaker
65. In-N-Out Burger
66. J. Crew
67. Jamba Juice
68. Jeffrey’s Toys
69. Jimmy Choo
70. Jimmy Choo Men’s
71. Jin Wang Bridal
72. Jins Eyewear
73. John Varvatos
74. Johnny Was
75. Jos. A. Bank Clothier
76. Journeys
77. Klaus Murer Swiss Jeweler
78. KPMG – Leaving their $400 million name building
79. L’Occitane
80. La Cocina
81. La Perla
82. Lego Stores
83. Lily Samii Collection
84. Longchamp
85. Lucky Brand
86. Lululemon
87. Lush
88. Macy’s
89. Madewell
90. Makeshop by Brit + Co.
91. Margaret O’Leary
92. Marlowe
93. Marmot
94. Marni
95. Marshall’s
96. MCM Worldwide
97. Mephisto
98. Merrell
99. Michael Kors
100. New Balance
101. Nordstrom – Closing all San Francisco stores, not just Union Square
102. Nordstrom Rack
103. North Face
104. Oakley
105. Office Depot
106. Old Navy
107. Omega
108. Ordinary, The | DECIEM
109. Paper Source
110. Parc 55
111. Rae | Costumes
112. Ray Ban
113. RealReal, The
114. Ria’s Shoes
115. Rims & Goggles
116. Saks Off Fifth
117. Scotch & Soda
118. See’s Candies
119. Sentiero
120. Sephora
121. Seven Eleven 
122. Shreve & Company Jewelers
123. Starbuck’s (Two closings three more by 2025)
124. Steve Madden
125. Subway
126. Sunglass Hut
127. Taco Bell
128. Target
129. Ted Baker
130. The Body Shop
131. Theory
132. Thomas Pink
133. Tina’s Jewelry
134. T-Mobile
135. Tourbillon Boutique
136. TSE
137. TUMI
138. Uniglo
139. V Boutique
140. Vans
141. Veo Optics
142. Vilebrequin
143. Walgreen’s (closed five SF stores in late 2021, twelve by 2025)
144. Warby Parker
145. Westfield Mall
146. Whole Foods
147. Williams Sonoma
148. Wolford
149. World of Charms
150. Yotel
151. Zadig & Voltaire
152. Zara
153. Zumiez

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[Mick1]

4. For what it’s worth, Democrats pardon far more people than Republicans. Democratic presidents have pardoned an average of 1,929 people and Republicans have pardoned an average of 780…and that includes Trump’s pardons of J6 offenders and Ulysses S. Grant’s pardons of 1,300 Confederate officers. And it doesn’t include the 200,000 that Carter pardoned for fleeing to Canada during Vietnam.

The four Whig presidents pardoned an average of 104, Federalist John Adams pardoned 20 and unaffiliated G. W. pardoned 16.

5. Yes, Joe Biden pardoned the most, with 8,064.

• This reply was modified 1 year, 3 months ago by Mick1.

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[Mick1]

BTW, billionaires supporting Harris outnumbered billionaires who supported Trump by a 2:1 margin.

Kamala Harris Has More Billionaires Prominently Backing Her Than Trump—Jeff Bezos, Ken Griffin Weigh In (Updated)

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[Mick1]

We’re going to see a spate of articles like this one which indicate that Trump has an oligarchy of billionaires…as opposed to the oligarchy the Democrats had in place with Wall Street, Hollywood, Silicon Valley, academia, the media, etc.

EDITORIAL: American oligarchy is officially here

Democratic supporters mixing academia and technology tried to go under the horizon in 2020 with Mind the Gap (such a snooty name) a fundraising effort pushed by Stanford professors:

Inside Mind the Gap, the secretive Silicon Valley group that has funneled over $20 million to Democrats | Vox

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[Mick1]

Couple of thoughts on pardons:

1. It can only be used to pardon criminal activity. Civil liability is not pardonable. So if you committed a Federal crime and accept a pardon, you may still be liable for civil penalties and you have forfeited your Fifth Amendment rights.
2. If memory serves, there is no time limit on accepting a presidential pardon…so Schiff can decide to not accept it until he’s about to charged.
3. That said, if one president’s pardons haven’t been delivered, the next president can revoke the pardon. It’s only happened twice. First was Ulysses S. Grant who revoked his predecessor’s (Johnson) pardon of a man who was supposed to spend a year in prison. Second, George Bush because the recipient’s father had donated to the Republicans.

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[Mick1]

Four thoughts:

1. At a minimum, between the pardon of murderers, Biden’s family members and those targeting Trump, it justifies whoever Trump will decide to pardon.
2. When you accept a pardon, you forfeit your fifth amendment rights (1896 USSC decision). If they are subpoenaed, they have to truthfully answer any questions deemed acceptable by the court. That’s if the subject accepts the pardon. They can always turn it down (1915 USSC decision). It would be very interesting to hear Fauci talk about his financial investments in virological research in China. Would also be interesting to hear Adam Schiff’s comments on his “guaranteed proof” of Trump’s misdeeds when no such proof was admitted. Finally, I’d like to hear Milley say “Yes, I called my counterpart in China against the express commands of my Commander-in-Chief.”
3. The Trump litigation team is looking into whether there is proof that Biden had lost control of his faculties and therefore the pardons he rendered are moot and void. If you get a chance, check out Mike Johnson’s video in which he claims, as the new Speaker of the House, Biden’s team blocked him from meeting Biden for 8-9 weeks. When he was finally able to meet with Biden, there was a Dem All-Star team to prevent any one-on-one interaction. When Biden and Johnson were finally alone, briefly, Johnson expressed shock that Biden cut off (paused) LNG exports to Europe. Biden said “I didn’t do that.” MJ replied “you did, and let’s have your secretary print out the executive order.” Johnson said he was clearly non compos mentis.
4. AOC said she’s not attending the inaugural festivities because she “doesn’t celebrate rapists.” Interesting. That’s precisely the term that made George Stephanopolous lose a $15 million defamation lawsuit. Another one for the Trump litigation team.

 

Fact Brief: Does a presidential pardon undercut the recipient’s Fifth Amendment rights?

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[Mick1]

Biden’s presidential approval rating is the second lowest of all post-WWII presidents. The only one lower was Trump’s, which was in the middle of a COVID pandemic and societal shutdown.

Biden Job Approval Second Lowest Among Post-WWII Presidents

Gallup Presidential Job Approval Center

Presidential Job Approval Center

 

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[Mick1]

BTW, I haven’t seen this reported much, but Governor Gavin Newsom cut wildfire and forest resilience funding by over $100 million about 3-4 months ago.

CA voters approved $1.5 billion in wildfire prevention in November. Hopefully, that will help alleviate the issues. It omitted money for wildfire prevention in rural areas to focus on underserved urban and suburban areas.

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[Author]

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