Daily Archives: July 16, 2013
Here are today’s statistics on the state of the economy:
In weekly retail sales, ICSC-Goldman reports a -1.1% weekly sales drop, with year-over-year sales up only 1.7%. Redbook reports year-over-year sales dropped from 3.8% last week to 3.0% this week.
The Consumer Price Index rose a sharp 0.5% in June, but a more moderate 0.2% ex-food and -energy. On a year-over-year basis, the CPI is up 1.8%, with the core rate up 1.6%.
Despite heavier US buying of foreign securities, net capital outflows were $-27.2 billion, the fourth consecutive capital outflow.
The Fed reports that industrial production rose 0.3% in June, while factory capacity utilization rose 0.2% to 77.8%.
The Housing Market Index continues a bubble-like surge, rising 5 points to 57 in July, the highest since 2006. The index has jumped 16 points since April, and the reason for the sharp rise is not clear.
And William Saletan Slate articulates it:
The problem at the core of this case wasn’t race or guns. The problem was assumption, misperception, and overreaction. And that cycle hasn’t ended with the verdict. It has escalated.
I almost joined the frenzy. Yesterday I was going to write that Zimmerman pursued Martin against police instructions and illustrated the perils of racial profiling. But I hadn’t followed the case in detail. So I sat down and watched the closing arguments: nearly seven hours of video in which the prosecution and defense went point by point through the evidence as it had been hashed out at the trial. Based on what I learned from the videos, I did some further reading.
It turned out I had been wrong about many things. The initial portrait of Zimmerman as a racist wasn’t just exaggerated. It was completely unsubstantiated. It’s a case study in how the same kind of bias that causes racism can cause unwarranted allegations of racism. Some of the people Zimmerman had reported as suspicious were black men, so he was a racist. Members of his family seemed racist, so he was a racist. Everybody knew he was a racist, so his recorded words were misheard as racial slurs, proving again that he was a racist.
His summary is very on point. This entire shameful episode has been both media and politically driven. It has never been about justice. Never. It has been an attempt at a high-tech lynching, based on rumor, innuendo, false reporting, political pressure and misrepresentation.
Shameful doesn’t even begin to describe it. And now, as Saletan points out, the same groups who caused this travesty to reach the point of a trial, have now doubled down on getting George Zimmerman in other ways despite an outright acquittal on all charges related to the killing of Trayvon Martin.
Saletan makes the point that the case was more about a series of mistakes leading to a confrontation that should have never happened and, on Martin’s side an attack that was unwarranted. As hard as the usual suspects have tried to make it about race and racism, their attempts have failed at every turn. The facts simply don’t support the premise at all.
And the overreaction continues as ill-informed groups riot (more to grab a TV at Wal-Mart in some cases than to protest the verdict) egged on by a media who has all but excused rioters for their action by subtly sending the message that the Zimmerman acquittal justifies their actions.
Meanwhile, the overreactive beat goes on:
The grievance industrial complex is pushing the Department of Justice to prosecute Zimmerman for bias-motivated killing, based on evidence that didn’t even support a conviction for unpremeditated killing.
Truly amazing but not surprising.
We can only hope that someday sanity will again prevail in this great nation of ours.