We begin the last week of winter in domestic chaos. Public schools closed, universities closed, no professional basketball, no professional baseball, no professional hockey. On Sunday night, Ohio closed all bars and restaurants to sit down eating, strictly takeout. Stock trading was stopped halted at the open with the Dow down 2300 points, S&P down 260 points and the Nasdaq down some 700 points.
On Sunday the Federal Reserve Bank lowered interest rates to 0% to .25%
General Business Conditions Index Fell 34 Points
The headline general business conditions index fell 34 points, to its lowest level since 2009, according to the Federal Reserve Bank of New York Empire State Manufacturing Survey. It reports business activity declined, according to firms responding to the March survey. Optimism about the six-month outlook fell sharply, with firms less optimistic than they have been since 2009.
US Drill Rigs Running Down from Previous Week
There were 792 drill rigs running in the US last week, down 1 rig from the previous week, down 234 rigs from the like period last year. In Canada, there were 175 drill rigs running, down 28 rigs from the previous week, up fourteen rigs from 1 year ago.
US Raw Steel Productions at ACUR 80.5%
In the week ending March 14, 2020 US raw steel production was 1,878,000 net tons at an ACUR of 80.5 percent. Thus far this year mills have produced 20,131,000 net tons as compared to the 20,055,000 net tons produced in the like period last year.
On Wednesday the price of oil tumbled 24%, hitting an 18 year low as governments tightened travel restrictions across the world and the continuing Saudi-Russian price war showed no signs of abating.
On Thursday oil posted its biggest one-day percentage gain on record. I don’t know on what news. I heard the US may intervene in the Saudi-Russia oil conflict and the news also reported Texas may consider cutting back on production of oil. Screw Saudi Arabia and Russia let them drown in their oil, they stuck it up our rear end for many, many years.
Existing home sales surged in February and likely hit their peak pace in the month. Here again, we have a strong market that is suddenly on hold due to Covid. The demand is not gone, it will build a backlog of demand. Mortgage rates and interest rates will remain low and buyers will jump back in once there is clarity on the pandemic. Keep the faith…we will come out on the other side a stronger people and country as together we do what is necessary to solve this health issue.
Manufacturing Firms Reported Significant Weakening in Regional Activity
The Federal Reserve Bank of Philadelphia released its March 2020 Manufacturing Business Outlook Survey and reports Manufacturing firms reported significant weakening in regional manufacturing activity. The survey’s current indicators for general activity, new orders and shipments fell precipitously this month.
Disentangling the Global Supply Chain
Everyone should now realize the extent to which administrations prior to the Trump Administration have sold our country to China for personal gain. Consider some of what we are dependent on them for: pharmaceuticals, countless manufactured parts and God knows what else. Our jobs have flowed freely across the ocean with the approval of our politicians as they had their pockets filled. Now, in a time of need, we are dependent on the Chinese to supply us. Really? They are our enemy and wish to destroy the United States.
How has this been allowed to happen? Answer: politicians. This is serious business folks and it must change immediately. It is imperative that such domestic necessities are made right here in the USA where we control availability, delivery, quality and pricing.
We’re In It to Win It – We’ve Got This
MY FRIENDS, WE ALL KNOW THE FUTURE IS CURRENTLY CLOUDY FOR THE ECONOMY…THERE IS A LOT OF UNCERTAINTY, IN THE NEAR TERM. OUR ECONOMY WAS VERY STRONG COMING INTO THIS, UNEMPLOYMENT WAS HISTORICALLY LOW COMING INTO THIS, INFLATION AND THE COST OF MONEY WERE LOW COMING INTO THIS. IT IS NOT 2008 NOR IS IT 1929. I HEARD “THOSE IN THE KNOW” ON THE NEWS TODAY WORRYING ABOUT OUR RESTAURANT WORKERS AND THAT THEY MIGHT GO ELSEWHERE FOR A JOB OR NOT HAVE THEIR JOB WHEN THEY COME BACK. HOW IS THAT POSSIBLE WITH ALL RESTAURANTS SHUT DOWN? I SUGGEST THEY APPLY FOR UNEMPLOYMENT COMPENSATION AND WAIT FOR THE CHECKS FROM THE FEDERAL GOVERNMENT. GO HOME AND RELAX, STAY SOCIALLY DISTANT, PLAY WITH YOUR KIDS OR READ SOME BOOKS, WHATEVER. WHEN THE VIRUS IS UNDER CONTROL, AND THAT IS THE EVENTUALITY, RESTAURANTS WILL RE-OPEN, AND THE OWNERS WILL WELCOME THEIR EMPLOYEES BACK WITH OPEN ARMS. THERE IS NO NEED TO INSTILL FEAR INTO THIS. “ALL THINGS MUST PASS”
As an American citizen, how do you want our country to move forward for you and your family:
SECURE BORDERS? OPEN BORDERS?
MORE GOVERNMENT? LESS GOVERNMENT?
A STRONG MILITARY? A WEAK MILITARY?
LESS TAXATION? MORE TAXATION?
LESS GOVERNMENT REGULATION? MORE GOVERNMENT REGULATION?
FAIR TRADE AGREEMENTS? QUID PRO QUO TRADE AGREEMENTS?
PROPER CARE FOR OUR VETERANS? DON’T CARE FOR OUR VETERANS?
MERIT BASED IMMIGRATION? THE SHIT WE HAVE NOW?
RESPONSIBLE HELP FOR THE POOR? THROW MONEY AT THE PROBLEM?
TEACH AMERICAN HISTORY TO OUR CHILDREN? ERASE AMERICAN HISTORY?
RESPECT OUR FLAG? DON’T GIVE A SHIT?
SAY THE PLEDGE OF ALLEGIANCE IN SCHOOL? WHAT IS THAT?
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform XX Entitlement Reform
Business Tax Reform XX Education Reform X
Healthcare Reform Veterans Administration Reform X
Rebuild our Military X Trade Reform X
Secure our Borders (The Wall) XX Lead the world from the front XX
Help for the poor XX Drain the swamp X as we speak
Peace through unmatchable strength Support Israel X
Destroy ISIS XX Extreme Vetting XX
Conservative Supreme Court nominees XX American Jobs XX
I will track these campaign promises and will check them off as each is accomplished adding those I have missed as they become apparent. This is quite an agenda and will be difficult to achieve all in one term, but I believe the American people are behind him and know these things need to be done. Now, if he can get our legislators to support him instead of fighting him….
“MAKE AMERICA GREAT AGAIN”
“KEEP AMERICAN GREAT”
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.
By the way, if you wish to comment on my rants or offer any other insights you may have, you are encouraged to email me.
TEDDY ROOSEVELT ON IMMIGRANTS IN AMERICA…1907
In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person’s becoming in every facet an American and nothing but an American. There can be no divided allegiance here. Any man who says he is an American, but something else also, isn’t an American at all. We have room for but one flag, the American flag…We have room for but one language here and that is the English language…and we have room for but one sole loyalty and that is a loyalty to the American people.”