I was on the road this week and had plenty of news (little economic) to keep my interest while driving:
On Monday the Senate passed a measure authorizing states to compel online retailers to collect sales tax. Estimates are for revenues of around $23 billion annually. Thankfully the bill will certainly face conservative opposition in the House of Representatives. Can you imagine the shape we would be in if the tax and spend crowd controlled both legislative houses? These guys are ridiculous already. They smell money and have to have it. Fire all of them.
On Tuesday the Dow closed above 15000 for the first time. Earnings are up because productivity is up. I’m happy, my investments are doing well, but how and why is this happening? People can’t find good, solid work (manufacturing added NO jobs to the economy last month). Companies aren’t hiring because they are now getting some idea of the wave of rising costs, headed right at them, associated with the Affordable (?????) Health Care Act aka ObamaCare. Consequently they are producing more with less. Who does that hurt? The middle class, those who thought they would be lifted by Obama and his ridiculous policies.
US raw steel production rose 1% last week from the previous week as mills operated at an annual capability utilization rate (ACUR) of 78.6%, the highest weekly output since early last August. The question is: Who is buying all the steel? From what I can tell, there is way too much steel on the ground, prices keep falling due to this excess supply and a lack of demand. Have the mills once again lost their way, continuing to produce steel to keep the mill humming in the short term while sacrificing long term pricing stability and market health? In the corresponding week last year US mills produced steel at an ACUR of 79.9%.Thus far this year mills have been running at an ACUR of 76.3% down from the ACUR for the same period last year which stood at 79.6%
What is wrong with the American voter?
We all want honesty and integrity in our elected officials, right? On Tuesday the Wall Street Journal reported that former South Carolina Republican Governor Mark Sanford was elected in a race for a US House seat. Say what? The guy is a blatant liar, he has NO integrity and he certainly is NOT honest. Remember him? The womanizer, who went missing, lied when he got caught and said he had been hiking along the Appalachian Trail-but was found to have been cheating on his wife and family with some floozy down in Argentina. He certainly deserves the honor to be re-elected to serve? John Edwards ring a bell? Sleazeball.
Anthony Weiner is getting ready to run for office again in New York. Remember him? The egomaniac who felt compelled to send young women pictures of his genitalia. Sure, I want him making decisions for me, my family, my city.
Ted Kennedy murdered that girl in a drunken car accident at Chappaquiddick. This poor excuse for a man saved his fat ass and left that girl to drown. Daddy’s money got him out of that trouble and he was then voted into a Senate seat which he held until he dropped dead.
Why are we so forgiving to these buffoons? Where are our morals and standards of good behavior? We continue to elect and re-elect those with little or no moral fiber, those who lie and cheat. Are these the people we really want looking out for us? Our children? Our grandchildren? Our businesses? Most of them couldn’t fight their way out of a paper bag. It defies comprehension.
Benghazi: Busted, right?
Four Americans die after pleas for help, for increased security. They leave them there to die for political reasons. There wasn’t enough time they say. How do they know how many attacks there would be or how long they would last? You have Americans in distress; you make an attempt to rescue them. As I write, Jay Carney (press secretary) is still trying to dance around the uncovered facts (it is 4:20pm EST) about this attempted cover up. A level of incompetence has been shown by this administration which should be reserved for morons.
Death sentence for Jodie Arias-thoughtless murderess
Death sentence for Ariel Castro-sexual deviant, a real troll.
And that’s my rant.
Happy Mother’s Day to all moms out there.
Have a great weekend and…
God Bless America