Showing posts with label economic incompetence. Show all posts
Showing posts with label economic incompetence. Show all posts

Friday, August 19, 2022

War on Coal Resumes in the United States, While China, India, and Europe Use More Coal

This is another definition of insanity! 

China and India easily managed to fool Western countries in their obsession with Global Warming Hoax and Climate Change Religion!

This is what you can expect with a lifetime pathological liar and opportunist, the demented and senile 46th President and the Dimocratic Party in power!

"A federal judge reinstated a moratorium on coal leasing from federal lands that had been implemented during the Obama administration and was lifted under President Donald Trump. The ruling from U.S. District Judge Brian Morris requires government officials to conduct a new environmental review. ...
The problem for Americans is that almost half the nation’s annual coal production—about 250 million tons last fiscal year—is mined from leases on federal land, mainly in Western states, including Wyoming, Montana and Colorado. Last year, 22 percent of U.S. electricity was generated from coal and 9 percent of coal demand was used by the industrial sector, much of it high-quality metallurgical coal. ...
China tasked its coal industry to boost production capacity by 300 million tons this year, and the top state-owned producer said it would boost development investment by more than half. Coal India is also expected to develop new mines, under pressure to do more to keep pace with demand from power plants and heavy industry. China and India worked together at Cop26 in Glasgow last November to change language in a global climate statement to call for a “phase down” of coal use instead of a “phase out.” ...
The situation is so dire in Germany that a previously shuttered coal-fired power plant will be reconnected to the electricity grid, which demonstrates the failure of Germany’s energy transition to “green energy” and its policy of relying on Russian natural gas to back up its wind and solar technologies that cannot produce power 24/7.  ..."

War on Coal Resumes in the United States, While Europe Uses More - IER: A federal judge reinstated a moratorium on coal leasing from federal lands that had been implemented during the Obama administration and…

Wednesday, June 22, 2022

U.S. Senator Elizabeth Warren "Rate hikes won’t make Vladimir Putin turn his tanks around and leave Ukraine"

This U.S. is such a buffoon! This is so embarrassing! Who votes for her in Massachusetts! Like the demented and senile 46th President she is totally incompetent as far as economics is concerned!

Usually, I do not blog about obvious buffoons like her, but she reached a new all time high!

Elizabeth Warren to Fed chair Jerome Powell: Don't 'drive this economy off a cliff' - ABC17NEWS



Tuesday, June 21, 2022

Biden Administration Targets Removal of Most Nicotine From Cigarettes

The total economic incompetence of the demented and senile 46th President can hardly be exaggerated! What is the president smoking!

First he attacked the oil extraction and refining business on the first day in office and ever since. Now, he attacks another industry.

This is not the time for such ridiculous measures of government paternalism. The country already suffers from severe price inflation and it may have entered a recession, but the fool in the White House wants to reduce nicotine in cigarettes as if the Prohibition never happened. Smugglers and other criminals are smiling at the new business opportunity!

"The Biden administration is moving forward on a plan to mandate the elimination of nearly all nicotine in cigarettes, a policy that would upend the $95 billion U.S. cigarette industry and, health officials say, prompt millions of people to quit smoking. ..."

Biden Administration Targets Removal of Most Nicotine From Cigarettes - WSJ Plan draws on research suggesting very low-nicotine cigarettes are less addictive; tobacco companies say science isn’t conclusive

Thursday, June 16, 2022

46th President writes letters to executives of major oil companies

These letters to several oil company executives are a an outrageous insult coming from the demented and senile 46th President!

His economic incompetence is prominently and fully exposed in these letters! Who does this lifelong pathological liar and empty suit think he is!

Of course, Putin the Terrible is responsible for everything! What a joke!

These PDF files are in image format and thus, the text contained in it can not be easily copied. I don't have the time to type it up!

Letter to Phillips

Letter to Shell

Wednesday, May 11, 2022

Top Biden economic adviser Cecilia Rouse actually blames inflation crisis on Biden's 'effective response to the pandemic'

Was she nominated for the Chair of Economic Advisors, because she is the first black woman? I am afraid so.

So the demented and senile 46th Presidents has almost an obsession of nominating female black Americans to be the first in a position. His new press secretary is another recent example! This is outrageous!

Another example, where the choice of staff was a triumph of mediocrity over meritocracy

Professor Rouse (born 1963) is primarily an education economist with leftist Harvard University degree and Princeton University tenure. Previously, President Clinton and President Obama nominated her for posts in their administrations.

She does not even have a Google Scholar profile, which is surprising. Her lifetime citation count is a low less than 10,500 according to Semantic Scholar. Compare that to e.g. late Milton Friedman (who has a Google Scholar profile) at over 200,000 citations.

Top Biden economic adviser actually blames inflation crisis on Biden's 'effective response to the pandemic' - TheBlaze



With Capital Levels High and Stocks Low, Going-Private Deals Rise. 26 delistings so far in 2022

How to avoid big government and a demented and senile 46th President? Or to avoid the hassles of diversity, equity and inclusion ideology?
Delist a public corporation!

E.g. the SEC is now snooping corporations for their climate change efforts and so on.

"More U.S. public companies are going private as deal makers look to use the capital they have built up to buy targets made more attractive amid recent stock-market declines.

A handful of deals announced or completed so far in 2022—including for social-media company Twitter Inc. and software firm Citrix Systems Inc. —appear to be setting the stage for another busy year in which public companies are acquired by either private-equity firms or a controlling shareholder and delisted from stock exchanges.

By the end of last year, the number of these take-private transactions were on the rise as PE firms and investors had access to cash and debt and interest rates stayed low. There were 47 such deals made last year, up from 33 in 2020 and the highest total since 2010, according to financial data firm Dealogic. This year through Tuesday, that tally stands at 26, compared with 17 during the same time period last year. The value of these deals also has risen, topping $121 billion so far this year, the highest since 2007. ...
Private-equity firms sitting on more than $1.32 trillion in unspent capital are expected to drive many of these transactions. ...
Some companies see benefits in not having to worry about their stock price and instead focus more on running the business. Also, private companies don’t face the same regulatory filing requirements as public companies, which have to submit quarterly filings and other regular disclosures. Once a deal closes and a company becomes private, its filing requirements generally cease, attorneys said.
The Securities and Exchange Commission in January seemed poised to push for more transparency from certain private companies, but so far, it hasn’t put forth any related rule making. The commission didn’t comment on the status of plans for private-company disclosure requirements.
Private companies also deal with fewer restrictions on other issues, such as the composition of their board, attorneys and board members said. Private-company boards, for instance, don’t have to meet independence requirements, which for public companies mean that a certain number of directors must not have connections to a company beyond their board role that would affect their ability to use independent judgment. "

With Capital Levels High and Stocks Low, Going-Private Deals Rise - WSJ Stock-market declines have made deal targets such as Citrix Systems and Twitter less expensive than a year ago



Another bad day on all four major U.S. Stock markets

More billions of dollars of market value vanished!

I bet the demented and senile 46th President has no clue what is happening to U.S. assets!

Some people should get really nervous very soon!

Compared to e.g. the Roe v. Wade protests, these protests are a tempest in a teapot and not much more than an unfortunate and well exploited distraction from the real issues the U.S. is facing in these times!

U.S. Treasury Secretary Yellen says outlawing abortion would hurt U.S. economy, 'set women back decades'

With her incredible economic incompetence is the 75 year old Secretary of the Treasury not far behind the demented and senile 46th President!

The wonders of the gerontocracy coming out of the U.S. administration and the U.S. Congress. How old is Pelosi and Schumer or McConnell?

It almost seems the 75 year old lady never heard of contraceptives or has she ever used contraceptives?

"... "I believe that eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades," Yellen said Tuesday at a Senate Banking Committee hearing. ...
Yellen said that the original ruling allowed women to finish academic degrees, thereby increasing their earning potential, which led to higher workforce participation. 
"Research also shows that it had a favorable impact on the well-being and earnings of children," she also argued. ..."

Yellen says outlawing abortion would hurt U.S. economy, 'set women back decades' | Just The News Treasury secretary says access to abortion has allowed for higher female labor force participation

Monday, May 09, 2022

U.S. Stock markets pounded again today Mon. 5/8/2022

It's the economy stupid! The demented and senile 46th President is responsible for this disaster too!

Last week saw already dramatic declines! All four major U.S. stock markets  (Dow Jones, S&P 500, Nasdaq, Russell 2000) are affected.

The Dow Jones index lost about 12% since its peak of 36,800 in early January 2022.

This means billions of dollars in market value was destroyed. Retirement savings gone! Business evaluations dashed and so on!

Add to this the rampant inflation and the open southern border of the U.S.!

We still have to wait a long time for the mid-term elections in November!

Monday, May 02, 2022

European Commission: Antitrust sends Statement of Objections to Apple Pay

This is a really stupid intervention by the European Big Government! This is pretty absurd by the European Commission!  This may cost Apple billions of Euro.

The Commissioner in charge, i.e. Margrethe Vestager, has been known to be a narrow minded zealot for years! Why she is still in office is astonishing! I blogged about her several times.

For any consumer, the restrictions applied to Apple Pay is another good reason not to buy Apple products. Simple as that! The free market is perfectly capable of handling this situation. 

"The European Commission has informed Apple of its preliminary view that it abused its dominant position in markets for mobile wallets on iOS devices. By limiting access to a standard technology used for contactless payments with mobile devices in stores (‘Near-Field Communication (NFC)' or ‘tap and go'), Apple restricts competition in the mobile wallets market on iOS. ...
Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “Mobile payments play a rapidly growing role in our digital economy. It is important for the integration of European Payments markets that consumers benefit from a competitive and innovative payments landscape."

Antitrust: Commission sends Statement of Objections to Apple 

Tuesday, April 19, 2022

Biden Administration Restores Stricter Environmental Reviews

The demented and senile 46th President really wants to drive the U.S. economy into a severe recession!

Apparently, 40 year high inflation, strangulating the domestic fossil fuel supply and other previous, irresponsible measures are not enough!

At this time, environmental protection is really not a very high priority. The environment has been well protected in most Western countries for the past 50 years and longer! Secure and reliable energy supply and supply chains are more relevant now. Rising government debt and excessive government expenditures deserve more attention!

November 2022 elections are far too long hence for the 46th President to do more damage!

"The Biden administration is restoring stricter environmental standards for approving new pipelines, highways, power plants and other construction projects, including requiring consideration of how such projects might affect climate change. ..."

Biden Administration Restores Stricter Environmental Reviews - WSJ Business groups say bringing back measures removed under Trump could stall needed infrastructure projects

Thursday, March 31, 2022

Biden announces release of oil from Strategic Petroleum Reserve, blames Putin, oil companies

If you are incompetent in economics, you sure will resort this old, worn out remedy! Not to mention that this lifelong career politician is demented and senile, corrupt and compromised!

Mr. president open up domestic fossil energy production, lower taxes and so forth!

Biden announces release of oil from Strategic Petroleum Reserve, blames Putin, oil companies | Just The News

Monday, March 28, 2022

Biden admin invents 'Securities and Environment Commission' out of thin air to force climate agenda on US businesses

Recommendable! Absolutely unconstitutional! The economic incompetence of the administration of the 46th President is extraordinary!

"In a 3-to-1 vote last week, unelected Democratic bureaucrats who serve as the agency's commissioners voted without authorization from Congress to impose sweeping new rules that require all publicly traded companies to disclose how their business affects "climate change."

According to a press release issued by the SEC, the proposed rules would require businesses to disclose their greenhouse gas emissions along with any and all information relevant to "climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition."

In a lengthy statement of dissent, the SEC's lone Republican commissioner, Hester Peirce, quipped that with the move, the agency essentially re-invented itself as the "Securities and Environment Commission" without any say from the American people. ...
"In general, this rule will be as costly and burdensome on all businesses as the impact of Dodd-Frank and Sarbanes-Oxley," ...
Though Milloy, for his part, seemed confident that the Supreme Court would immediately strike down the rules should they be finalized."

Biden admin invents 'Securities and Environment Commission' out of thin air to force climate agenda on US businesses - TheBlaze

Sunday, March 27, 2022

High fuel fines for US automakers not meeting fuel economy rules

Once more the 46th President reveals total economic incompetency!
In times of high inflation and uncertain economic prospects this as foolish as it gets!

Biden to Propose New Minimum Tax of 20% on Wealthiest Americans

The 46th President is totally economic incompetent! What a fool!

Given that we live now in times of high inflation, broad based tax reductions would be in order and belt tightening as far as the federal budget is concerned!

Does he really not know that the top income earners pay already by far the most federal income taxes at least 50-60% of all federal income taxes!
In other words, the rich have already been squeezed for decades!

This is not his first tax hike proposal. See e.g. here (Capital gains tax).

"In 2019, the bottom 50 percent of taxpayers (taxpayers with AGI below $44,269) earned 11.5 percent of total AGI and paid 3.1 percent ($48.4 billion) of all federal individual income taxes.
The top 1 percent (taxpayers with AGI of $546,434 and above) earned 20.1 percent of total AGI in 2019 and paid 38.8 percent of all federal income taxes." (Source)

The demented and senile 79 years old 46th President has been a lifetime career politician and a frequent habitual liar for decades. He is an empty suit who will say and do anything to stay in power or to promote his glory. The Biden clan’s shady, but lucrative dealings with Russia, China, Ukraine have probably compromised the 46th President. If he continues like that, he sure will go down as one of the worst presidents ever!

"The proposal would affect fewer than 20,000 households, and it would apply only to those who don’t pay at least 20% in tax on a combination of income as typically defined and their unrealized gains on unsold assets such as stocks and closely held businesses. The plan would generate roughly $360 billion in revenue over 10 years, according to a White House fact sheet released in advance of Monday’s full budget proposal. That is about twice as much money as raising the top individual income-tax rate to 39.6% from 37%, and it would affect a much smaller group of people. ..."

Biden to Propose New Minimum Tax on Wealthiest Americans - WSJ The White House will propose a 20% minimum tax on the income and rising asset values of households worth more than $100 million

Tuesday, September 28, 2021

Psaki claims it is 'unfair and absurd' for businesses to raise prices if Biden administration raises corporate taxes

The press secretary of the demented and senile 78 years old lifetime career politician 46th President is in the news again!

You can evade reality, but you cannot evade the consequences of evading reality (attributed to Ayn Rand)! 

"Apparently unaware of basic economics [like her boss], White House press secretary Jen Psaki stated Monday that the White House believes it is "unfair and absurd" if businesses raise prices in response to the Biden administration increasing corporate tax liability."

Psaki claims it is 'unfair and absurd' for businesses to raise prices if Biden administration raises corporate taxes - TheBlaze



Tuesday, August 17, 2021

Biden's big funding increase for food stamps driven mostly by inflation

The demented and senile 46th President and lifelong career politician wants to feed the inflation by raising food stamp amount by 21%! He obviously is an economic illiterate! Instead of supporting domestic oil production and expiring the eviction moratorium, reducing runaway government spending etc. etc.

"... The announcement came days after a leading senior group announced the Social Security Administration is expected to make a similar decision. ..."

Biden's big funding increase for food stamps driven mostly by inflation | Just The News Federal report cited inflation as the driving factor behind the need for more benefits, which is the biggest increase in the program's history, meaning recipients mostly running in place.

Tuesday, May 25, 2021

Ireland Opposes Biden Administration's Global Corporate Tax Plan

The Irish are no fools! Bravo! And the cognitively impaired 46th President of the United States ist totally economic illiterate and a global socialist!

This is how high tax countries want to shake down low tax countries! Tax competition across borders is vital so businesses and people can vote with their proverbial feet! 

That this U.S. administration even had the temerity even to propose such a plan is incredible, a huge embarrassment! Janet Yellen proves again to be a lousy economist (see e.g. here, here)!

The famous low taxes Celtic Tiger is not going to be pushed over by sleepy Joe! The U.S. should take a cue from Ireland!

Ireland Opposes Biden Administration's Global Corporate Tax Plan Appearing Tuesday on Sky News, Ireland’s Finance Minister Paschal Donohoe came out against a Biden administration proposal to introduce a minimum global corporate tax rate of 15 percent.

Friday, May 21, 2021

Joe Biden issues executive order cracking down on 'financial risks' of climate change

The cognitively impaired 46th President is doing willfully something almost every day to further ruin the U.S. economy! His economic illiteracy is unhinged! What a waste of taxpayers' money!

"President Biden issued a major executive order on Thursday requiring federal agencies to analyze and mitigate the financial risks of climate change.
Our modern financial system was built on the assumption that the climate was stable,” said Brian Deese [what a clown, served already as economic advisor to President Obama], the chairman of the National Economic Council. “And today it’s clear that we no longer live in such a world.” 
The executive order requires senior-level climate and treasury officials to undertake a “comprehensive government-wide” review of administration programs that contribute to climate change. Its goal is to remove the federal government from financing projects with taxpayer dollars that produce greenhouse gas emissions. ..."

Joe Biden issues executive order cracking down on 'financial risks' of climate change - Washington Times

Friday, April 23, 2021

46th U.S. President wants to double capital gains tax rate to 43.4%

The cognitively impaired 46th President continues to emulate the worst president of all times, Franklin D. Roosevelt! He completely lacks economic and historic literacy! What a gigantic fool!

Confiscatory taxes have never worked! Go on 46th President, ruin the economy!

"... President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.

For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public. ..."

Biden Eyeing Tax Rate as High as 43.4% in Next Economic Package - Bloomberg People earning $1 million would pay 39.6% plus Obamacare levy
Total tax rates for New Yorkers, Californians could top 50%