The National Association of Home Builders Housing Market Index fell -2 points in May to 54.
April housing starts soared 20.2% to a much better than expected 1.135 million annual rate, while permits were 1.143 million.
Redbook reports that last week’s retail sales softened to 1.8% on a year-ago basis, from the previous week’s already-soft 2.1%.
It’s a really good question, given we were apparently purposely lied too by the President and Secretary of State as to the “why” of Benghazi:
New documents obtained by Judicial Watch and made public Monday show that then-Secretary of State Hillary Clinton and other senior officials under President Obama were given intelligence within hours of the Sept. 11, 2012, Benghazi attack describing how it had been planned at least 10 days in advance “to kill as many Americans as possible.”
A heavily redacted copy of a Sept. 12, 2012, Defense Intelligence Agency memo to Clinton, then Secretary of Defense Leon Panetta, the White House National Security Council and the Joint Chiefs of Staff said “the attack was planned 10 or more days prior on approximately 01 September 2012. The intention was to attack the consulate and to kill as many Americans as possible to seek revenge for U.S. killing of Aboyahiye ((ALALIBY)) in Pakistan and in memorial of the 11 September 2001 atacks on the World Trade Center buildings.”
The attack “was planned and executed by the Brigades of the Captive Omar Abdul Rahman (BCOAR). BCOAR is also responsible for past attacks on the Red Cross in Benghazi and the attack on the British Ambassador, they have approximately 120 members.” Rahman is serving a life sentence in a federal prison for his role in the 1993 bombing of the World Trade Center which killed six people in New York.
The memo was labeled: “Information Report, Not Finally Evaluated Intelligence.”
“Not finally evaluated” but certainly much more plausible than some video made by some clown in CA. And per the memo, both Obama and Clinton knew this within hours of the attack.
So, what difference does it make? Well, quite a bit to anyone with an sense of morality about them. It points to blatant dishonesty to hide their incompetence. But to partisan hacks and the left, it probably doesn’t mean much that they stood by the coffins of the 4 slain in Benghazi and spun a web of lies.
Has that sunk in yet? Your former Secretary of State told you a bald-faced lie and now would like to be your President.
Tell me how she’ll be truthful about everything from now on, won’t you?
Oh, wait … emails …
On the podcast page. Our culture is weak and sick. Thankfully, there are still some fun cars out there.
The Empire State Manufacturing survey for May pulled out of negative territory, but only to a soft 3.09 from -1.19.
Industrial production fell for the 5th straight month in April, down -0.3%, while capacity utilization in the nation’s factory’s fell -0.2% to 78.2.
The University of Michigan’s Consumer Sentiment Index plunged from 95.9 to 88.6 in May.
E-Commerce retail sales rose 3.5% in the 1st Quarter of 2015, with year-on-year growth of 14.5%.
Foreign demand for long-term US securities rose $17.6 billion in March. China reclaimed the top spot from Japan as holders of US bonds.
A less sensational title would be “what the heck ever happened to critical thinking”?
The University of Colorado-Boulder would like students to inform on each other when they witness “bias incidents,” by reporting the perpetrators and turning over all relevant information—including names, phone numbers, addresses, and university ID or Social Security Numbers—to the administration.
What counts as a bias incident is, as always, entirely subjective. An official who spoke with The College Fixclarified that “this in no way is meant to curtail free speech.”
Say what? “This is in no way meant to curtail free speech”? I can’t think of anything which would tend to chill it more than reporting something as arbitrary and subjective as a “bias incident” with name, phone number, address and SSAN to the administration, can you?
For the purposes of this protocol, a “bias-motivated incident” is any of the following:
- Discrimination — Occurs when an individual suffers an adverse consequence, on the basis of one or more of their protected classes.
- Harassment — Verbal or physical conduct that unreasonably interferes with an individual’s work or academic performance or creates an intimidating or hostile work or educational or living environment. Examples may include, but are not limited to, epithets, images, slurs, jokes; electronic communication or other verbal, graphic or physical conduct.
- Acts of Intolerance — Conduct motivated by discriminatory bias or hatred toward other individuals or groups based on perceived or actual characteristics of race, color, national origin, sex, pregnancy, age, disability, creed, religion, sexual orientation, gender identity, gender expression, veteran status, political affiliation, or political philosophy or other attribute.
Good grief … why not spend your entire collegiate career pretending you’re mute?!
But … and there is always a “but”:
Nevertheless, the university’s website encourages students to report each other for engaging in a broad range of constitutionally protected speech.
What a load.
What in the world do these people who “administer” colleges these days use for critical thinking. They may as well feed their brains to zombies for all the good they do them.
Initial weekly jobless claims fell 1,000 to 264,000. The 4-week average fell 7,750 to 271,750. Continuing claims were unchanged at 2.229 million.
The Bloomberg Consumer Comfort Index fell -0.2 points to 43.5 in the latest week.
Producer Prices for Final Demand fell -0.4% in April. PPI-FD less food and energy fell -0.2%, but rose 0.1% less food, energy and trade services. Goods prices fell -0.7%, and Services prices fell -0.1%. On a year over year basis:
Less Food and Energy: 0.8%
Less Food, Energy, Trade Services: 0.7%
The Fed’s balance sheet rose $28.5 billion last week, with total assets of $4.501 trillion. Reserve bank credit rose $6.3 billion.
The Fed reports that M2 money supply rose by $27.6 billion in the latest week.
One of the favorite ploys of Democrats is to claim the GOP has a tendency to “politicize” tragedies.
Well, there’s politicizing a problem and then there pretending there is a problem in order to politicize it. This recent Amtrak tragedy is the latter.
What do I mean? Well, they hadn’t even cleared the bodies from the wreckage before former Governor Ed Rendell was on “Morning Joe” talking about how it was due to a lack of infrastructure spending.
Meanwhile, the NTSB is putting out stuff like this:
Oh … 100 mph in a 50 mph curve? That’s an obvious problem with “infrastructure spending”, isn’t it?
But that didn’t stop the Democrats talking point from continuing to roll, did it? Nope, the good old reliable media pitches in as well. Phillip Bump in the Washington Post:
As The Post’s Colby Itkowitz noted, Congress has delayed passing legislation to fund Amtrak since 2013. The last time it did so, in 2008, the vote passed only after a rail disaster. Which, of course, happened again Tuesday night.
The constant struggle of Amtrak to get funding derives largely from the fact that not very many Americans use the rail system. Ridership is heavily centered in the Northeast, in the corridor between Boston and Washington where Tuesday’s accident occurred. But more than that, ridership is unevenly distributed politically. Data from the National Association of Railroad Passengers shows the number of passengers that get on or off the train in any given congressional district, and reveals an obvious reason why Republicans might not be too concerned about funding the system.
Amtrak has never had a profitable year since its inception. In fact it is a totally subsidized rail system that would fail if not subsidized. And as Bump mentions, it is “heavily centered” in a northeastern corridor. So essentially, given the fact that the “elites” want Americans in mass transit and this fits the description, plus it is very handy for said elites to use if they so choose, they’re fine with a wealth transfer from the rest of the country to support their desires.
Powerline picks up on the media bias as well:
There is a certain irony in these three stories perching one above the other on Politico’s main page: House panel votes to cut Amtrak budget hours after deadly crash; Analysis: GOP cuts to transportation, housing draw fire; and Derailed Amtrak was likely traveling at twice recommended speed.
Politico is a mouthpiece for the Washington establishment, where all spending is good spending. But the anti-Republican theme was picked up by many other news outlets, like Reuters: “Amtrak crash throws spotlight on funding disputes; Republicans back cuts.” And the New York Daily News: “Deadly malfeasance: Amtrak passengers paid with their lives for Washington’s neglect of transportation.”
But funding is not the problem. Amtrak has gotten over 30 billion dollars in subsidies since its founding in 1970. 30 billion. For a small railroad. The WaPo’s Bump also claimed that “Republicans” hadn’t funded Amtrak since 2013.
In fact, they gave Amtrak nearly $1.4 billion less than five months ago.
One of those anti-narrative facts that keep ruining their righteous rant.
Oh, and as for “infrastructure spending?” You remember the stimulus don’t you? Wasn’t that for “infrastructure?” And who was in charge of doling out the loot then?
Yeah, certainly not Republicans.
Meanwhile, the union associated with Amtrak decides it too needs to score political points on the back of the 7 dead and many injured:
The Teamsters-affiliated Brotherhood of Maintenance of Way Employees Lodge 3014(BMWE) published a blog post on Tuesday attributing the deadly crash to new safety standards proposed by management of the government-partnered railroad.
“The new ‘One Amtrak Way’, along with the new inexperienced Amtrak senior management (after the old experienced senior managers were fired) has lead to this massive derailment,” the union said.
Reuters reported that the train was not equipped with the latest U.S. safety controls that are supposed to prevent high-speed derailments.
The Pennsylvania-based BMWE failed to mention the actions of the operator on its website, instead focusing on the union dispute with management. The crash, the post said, came as “senior management has declared war on safety with it’s [sic] unions.” Union membership unanimously approved a resolution in April giving union leadership permission to call a strike. Lodge 3014 had about 240 members in 2014, according to its most recent federal labor filings.
“The unions [sic] struggle to maintain safe working conditions is hampered by Amtrak senior management’s lust for complete control and railroad inexperience,” the blog post said.
Why does Amtrak continue to be such a fiscal wreck? The usual reasons:
In its current form, Amtrak is less a for-profit passenger rail corporation and more a union jobs program (its ridiculous labor contracts are a major reason why the company is perpetually swimming in red ink).
Despite all the disingenuous chatter about a lack of infrastructure funding for Amtrak, the company’s salary costs absolutely dwarf its infrastructure depreciation expenses. In 2013, for example, Amtrak spent $2.1 billion on salaries, while it recorded $687 million in annual depreciation costs. Amtrak’s pension losses alone in 2013 totaled $425 million.
The numbers are pretty easy to compute. Nothing is going to change here. Amtrak will continue to be a money pit that benefits only a relative few in the country.
However, again, funding and spending wasn’t the reason this train crashed and killed, is it? At least no according to witnesses and a preliminary finding by the NTSB.
But since the politicizing has begun by the left, why not jump in. Powerline asks the pertinent questions:
The real question is, why is the federal government in the railroad business at all? Far more people are killed in automobile accidents than train crashes, but no one says the problem is that the federal government doesn’t pay enough money to car companies. If Amtrak can’t operate safely–reasonably safely, since nothing is absolutely safe–based on the revenue it gets from customers, it should go out of business, like any other company.
Here is another question: why should businessmen, journalists, lobbyists and politicians who commute between Washington and points north have their travel costs subsidized by taxpayers? Train travel costs what it costs. Those who ride the trains should pay those costs, just like those who fly in airplanes. It is absurd that the richest and most powerful companies in the United States have their employees’ travel costs subsidized by you and me. This is cronyism at its worst. Amtrak should be a wholly private enterprise. Having ridden that Northeastern line that goes to Washington a number of times, I think it has great advantages over air travel and could easily charge enough money to be profitable in competent hands.
Look folks, the federal government has proven its incompetence for decades when it comes to running or managing anything in a efficient and cost-effective way. Why? Because there are no penalties for it not doing so. It just takes more of your money to cover its incompetence or goes into debt in your name.
These questions deserve answers. The incompetence involved, the fiscal waste, is simply staggering. And 7 people paid with their lives because of it.
Will we get any answer to those questions? Oh, no. The elites are fine with you subsidizing their travel expenses. And since, it seems, most of our “leadership” comes out of that area anymore, you’re not going to see that change anytime soon.
Divestment of Amtrak is the answer, but then, passengers would have to pay real costs wouldn’t they? And the leaching elites, who will condemn you in a NY minuted for not paying your “fair share” aren’t about to see this bit of subsidized cronyism pass by the way side are they?
I mean how would Joe Biden get home?
I don’t read newspapers much, and of course, I’m not the only one. But I’m travelling today, with most of my work for the week behind me. So I browsed through a USA Today while having breakfast in my hotel.
Here’s what I learned from it.
I learned that the driver of the crashed train in Philadelphia was going over a hundred miles an hour. I also learned that the way to respond to a government employee going double the speed limit around a curve on a government-run train is to raise taxes and spend more on infrastructure.
I learned that Jeb Bush is raising scads of money. I learned that he knows exactly how to game the system of complex campaign finance regulations to raise the most money. I learned that one such technique is to delay a formal announcement. So he can talk incessantly about what he will do as president, but he is wise to delay the day he actually says (or tweets) “I’m running for president.”
I didn’t learn anything of consequence about what Jeb would do if he were elected president. The reporter seemed completely uninterested in that, possibly because said reporter is about as likely to vote for Jeb Bush or any other Republican for president as she is to vote for SpongeBob Squarepants.
I did learn from this reporter that GOP insider named Fergus Cullen said “Somebody like Jeb Bush doesn’t need to be worried that his poll numbers are mediocre right now.” Just as Mitt Romney, John McCain, and Bob Dole didn’t have to worry about their vote totals being mediocre on election day, I suppose.
I learned that there is a breakthrough in medical research between the US and Cuba. That’s because an early trial found that Cuban doctors have this incredible vaccine that, on a modest sample, let lung cancer victims live two to four months longer. Having watched my dad die of lung cancer, I didn’t exactly see this as something to get joyous about – extending the pain and suffering of cancer for a few months doesn’t strike me as a huge breakthrough. But the reporters sure seemed excited about it. They talked about a “quantum leap” of breakthroughs. I have the feeling that if it had been, say, New Zealand instead of Cuba, their enthusiasm would have been a bit more muted.
They didn’t seem interested in the possibility that this modest trial in a Communist country might have some fudged data either. Because, as we know from the client science debate, leftists just don’t do that. So Castroite communists certainly would not.
I learned that the Senate really, really wants to give Obama more power, specifically to fix up a trade deal with Asia, but he doesn’t want it because there’s one minor thing in the bill he doesn’t like. Something about currency manipulation by China. The bill has large bipartisan support, according to the article, which I interpret to mean that both Democrats and establishment Republicans are for it. But that famous compromiser Obama somehow just can’t give in a bit to get a whole bunch of other stuff he wants. Odd, that.
I learned that Rubio has a doctrine of defense. I learned that if it’s a Republican, the headline needs to put “doctrine” in scare quotes. (The web article moves the scare quotes from the headline to the article. Nice try, USA Today. But I’ve got a photo of the print copy.)
On the casual side, I learned that Saturday Night Live’s newest, hottest cast member is breaking new ground with fart jokes. (Web article again sanitizes things. Print copy’s subhead is “With farts, weed, and sex his forte (for jokes, that is) the new kid slays”.)
I learned that the average CEO makes 373 times more than the average worker. That doesn’t mesh with the CEOsc of mid-size companies that I happen to know, but the data is from an AFL-CIO database, and, given how close American labor leaders are to Castroite communists, you can be sure it’s reliable. (This article was apparently too hot for the web. I can’t even find it on their site.)
I learned that economic growth is sputtering. Nothing in that article about how much more politicians make than unemployed people, but I guess they can’t cover everything.
I learned that USA Today has a reporter named Gregg Zoroya who “covers the impact of war on troops and their families for USA Today”. I didn’t notice that they had any reporter who “covers the impact of government policies on workers and their families”, but perhaps I just missed it.
Remember, now, these people are not biased. Just ask them, they’ll tell you.
The MBA reports that mortgage applications fell -3.5% last week, with purchases down -0.2% and refis down -6.0%.
Retail sales were unchanged in April, while sales less autos rose 0.1% and sales less auto and gas were up 0.2%. All of these numbers were, obviously, below expectations.
April export prices fell -0.6%, while import prices fell -0.3%. On a year-over-year basis, prices are down -6.3% for exports, and -10.7% for imports.
The Atlanta Fed’s Business Inflation Expectations survey shows yearly inflation expected at 1.9% in May, up from 1.7% in April.
Business Inventories rose 0.1% in March, while a 0.4% increase in sales lowered the stock-to-sales ratio a tick to 1.37.
The Fed’s Labor Market Conditions Index fell from -0.3 to -1.9 in April, remaining in negative territory for two consecutive months.
Redbook reports that last week’s retail sales rose to a better, but still-soft 2.1% on a year-ago basis, from the previous week’s 1.6%.
The NFIB Small Business Optimism Index rose solidly in April, up 1.7 points to a higher-than-expected 96.9.
The Job Openings and Labor Turnover Survey (JOLTS) softened unexpectedly to 4.994 million in March from 5.133 million in February.
The Treasury’s budget for April showed a higher-than-expected surplus of $156.7 billion. Individual income taxes are up a year-on-year 12.9%. Corporate taxes, which make up only 9.3% of receipts, are up 11.8%. Total receipts are up 8.9%. Spending, meanwhile, increased 6.4%, led by an 8.2% increase in Medicare. Defense spending is down 3.0% from last year.