All those “new jobs” created in the Biden Recession have gone to illegal aliens, two Trump court cases appear to be in the process of derailment, more Hunter Biden shenanigans come to light, a whole lot of anniversaries this week, and a chance to own the Ark of the Covenant! It’s the Friday LinkSwarm!
The first Wall Street analyst daring to point out that the employment emperor is naked, is Standard Chartered’s global head of macro, Steve Englander who in a note titled simply enough “Immigration leading to labor-market surge” [writes] that according to his estimates “undocumented immigrants account for half of job growth in FY24 so far” (the actual number is far higher but we understand his initial conservatism), and adds that “asylum seekers and humanitarian parolees explain the surge in undocumented immigrants” before concluding that the continued rise in EAD approvals likely will extend strong employment growth in 2024. In other words, “strong employment growth” for American citizens, always was and remains a fabulation, and the only job growth in the US is for illegals, who will work for below minimum wage, which also explains why inflation hasn’t spiked in the past year as millions of illegals were hired.
How is this not the biggest political talking point right now: since October 2019, native-born US workers have lost 1.4 million jobs; over the same period foreign-born workers have gained 3 million jobs. pic.twitter.com/Z5HVWmQ24C
Does a mistrial loom in the Trump kangaroo court case? Seems like a juror celebrating a guilty verdict before the trial was over on Facebook is yet another reason to throw out the conviction…
Speaking kangaroo Trump prosecutions, the Georgia Court of Appeals has ordered that case halted until the Fani Willis conflict of interest issue is resolved.
In other court news, in Hunter Biden’s defense just blew up.
Hunter’s defense, carefully crafted by attorney Abbe Lowell during his opening statement on Tuesday, was blown up by the testimony of an ex-girlfriend and ex-wife who described the extent of Hunter’s crack-cocaine usage around the time he purchased a firearm in October 2018 — and by the salesman who sold Hunter the gun he allegedly lied in order to purchase.
Hunter is facing two federal charges related to his allegedly lying about his drug addiction on a gun-purchase background-check form and he faces a third charge for allegedly possessing the firearm while addicted to crack cocaine. Hunter pleaded not guilty to the charges last year and faces up to 25 years in prison.
Most of the day was taken up by testimony from Hunter Biden’s ex-girlfriend Zoe Kestan, a woman who dated Biden from roughly December 2017 to November 2018, despite being half his age at the time.
Prosector Leo Wise conducted a lengthy direct examination of Kestan accompanied by pictures from her cellphone to corroborate her recollection of events.
Wise and Kestan seemed to get into a rhythm throughout the direct examination, as Kestan recalled large events and small details from her time with Hunter Biden. Kestan remembered exact dates and named the various hotels they stayed at during their time together.
Each time Kestan described an experience with Hunter Biden, Wise asked her if Hunter Biden smoked crack at their hotel or Airbnb, and Kestan always replied affirmatively.
“Every 20 minutes or so,” Kestan said of Hunter Biden’s crack habit during one of the hotel stays. She noted that he smoked crack less frequently in public, and she never noticed a change in his demeanor when he smoked.
Wise shared photos from Kestan’s cellphone showing drug paraphernalia scatted around the bathrooms and tables of their lodgings. One of the images appeared to show Biden in a hotel bathtub holding a crack pipe in the wee hours of the morning. When Wise showed the images, Kestan easily pointed out the drug paraphernalia and explained to the courtroom how the various materials were used to cook and consume crack.
Biden allowed Kestan to withdraw cash from his account when he needed to spend it on drugs, she recounted. Kestan stated the names of drug dealers and described the drug transactions she saw at the hotels and other locations.
Kestan’s testimony and the images allowed Wise to establish that Hunter was smoking crack in September 2018, following his late August rehab stint in Malibu, Calif. She said Biden smoked crack every 20 minutes at a Malibu house he rented, and she did not remember Biden discussing his rehab stint during her time at the house in September 2018.
Wise closed the direct examination by introducing a lengthy text message Biden sent her in December 2018 lamenting how he would always be a drug addict and his attempts to get sober failed.
And this is “the smartest guy” Joe Biden knows…
Also from Hunter’s weapons case, he was caught on tape bragging about how he could score crack in Timbuktu. Which is a neat trick, since it’s an Islamic majority city in Mali, Africa, and is currently under siege by Jama’at Nasr al-Islam wal Muslimin, a jihadist organization which has incorporated elements formally loyal to both al Qaeda and the Islamic State. To be fair to the crackhead, he apparently said this before the siege was imposed last year…
Also, I would like to apologize to readers for not knowing about the siege and doing at least a LinkSwarm post to it. So much news, so little time..
On Friday, Mayor John Whitmire and outgoing Harris County District Attorney Kim Ogg announced seven people have been indicted for 14 public corruption felonies ranging from abuse of official capacity to tampering with evidence. The charges are related to a scheme surrounding the City of Houston’s water repair contracts.
Patrece Lee, the lead defendant, and a former city employee, had access to $80 million of city funds for emergency waterline repair.
In the Summer and Fall of 2022, Lee was in a position to recommend vendors for contracts with the City of Houston public works department to repair the water lines. Lee allegedly made agreements with companies to have them hire her as a “consultant” to receive a kickback in exchange for expedited payments and bigger contracts. She also targeted less experienced companies and offered her services to help them “get paid faster, or to get bigger and better contracts in the future” as well.
Lee allegedly received roughly $320,000 in payments from that scheme and then steered contracts to a company owned by her brother, allowing them to be paid more than $400,000 of which she immediately transferred $380,000 to her own company. The total amount she stole from the city was $700,000.
“The cooperation that we’ve received from this administration stands in stark contrast to the last seven years,” said Ogg.
The issue was uncovered during Mayor Sylvester Turner’s administration. However, he planned to have it handled as an internal civil or administrative matter rather than refer it to the district attorney for criminal prosecution.
If Kim Ogg would actually go after government corruption (and real criminals) while she’s a lame duck DA, that would be a nice silver lining to the clouds of Houston/Harris County’s soft on crime Democratic leadership.
The Houston conman who pretended to be a rabbi. “The man accused of spending $15,000 on a dead woman’s credit card has a long history of fraud, according to police, court records and his family. Police say Dustin Mitchell, who goes by Dustin Cohen, posed as a Rabbi, lawyer and possibly a cop to defraud people. They also say they think he spray-painted anti-semitic vandalism on his own truck.” (Hat tip: Ace of Spades HQ.)
…and the 20th anniversary of Killdozer. The event, not the great Theodore Sturgeon short story or the medicore TV movie made from it.
Speaking of D-Day, Biden just plagiarized Reagan’s speech.
Joe Biden essentially plagiarized Ronald Reagan’s famous 1984 speech at Pointe du Hoc today in Normandy. Watch these clips side by side. Wow: pic.twitter.com/jeGgTS2Nnm
China has launched a massive $47 billion fund, the largest in its history, to bolster its semiconductor industry and establish a local supply chain. This fund, equivalent to 344 billion yuan, is the third phase initiated by the China Integrated Circuit Industry Investment Fund [also known as the National Integrated Circuit Industry investment Fund Company (ICF), or just “Big Fund.”-LP]. It’s worth noting that this amount is twice the total funds raised in the previous phases in 2014 and 2019.
Do you remember the last time I covered where the money went to in those previous phases? The money went to companies like Wuhan Hongxin Semiconductor Manufacturing Co. Result? “Hongxin’s unfinished plant in the port city of Wuhan now stands abandoned. Its founders have vanished, despite owing contractors and investors billions of yuan.”
Or maybe Tsinghua Unigroup. Result? The arrested a whole lot of executives, a lot of money disappeared into various pockets, and “Tsinghua Unigroup abandoned its plan to build DRAM memory chip manufacturing plants in Chongqing and Chengdu in southwest China earlier this year.”
At lot of times, loans and investments are siphoned through four or five different entities from the purposes for which they were originally obtained. Everyone’s trying to get rich, and they hope to survive on smoke and mirrors long enough to get profitable. Imagine if Kleiner Perkins invested $25 million in a software startup, only to find that money was spent on a noodle shop, a used car dealership and a golf club manufacturer.
Sometimes it works. You can build a company on margin, get profitable quickly, and be paying off investors and contractors before anyone realizes how shaky the entire enterprise is.
But you can’t do that with semiconductor manufacturing. The startup costs are simply too high, easily in the billions. Very, very few companies can afford to be in a game that expensive. China’s two biggest semiconductor manufacturing success stories, SMIC and Tsinghua Unigroup, all have have CCP direct government investment.
And bunches of Tsinghua Unigroup executive still got pinched for sticking their snouts into the trough.
My assumption is that, yet again, the funds earmarked for semiconductor companies will be siphoned off into a thousands unrelated pockets. (Though the rest of China’s business climate is sucking so badly that maybe some money will actually fund real semiconductor startups, if only through lack of other money-making opportunities to siphon funds off for.) Sanctions will continue to leak. A few years from now, China will announce the arrests of more executives using the Big Fund to play more investment shell games. And five years from now China will announce an even bigger set of subsidies…
Exactly how much is California spending to combat homelessness — and is it working?
It turns out, no one knows. That’s the result of a much-anticipated statewide audit released Tuesday, which calls into question the state’s ability to track and analyze its spending on homelessness services.
The state doesn’t have current information on the ongoing costs and results of its homelessness programs because the agency tasked with gathering that data — the California Interagency Council on Homelessness — has analyzed no spending past 2021, according to the report by State Auditor Grant Parks. Three of the five state programs the audit analyzed — including the state’s main homelessness funding source — didn’t even produce enough data for Parks to determine whether they were effective or not.
The audit also analyzed homelessness services in San Jose and San Diego, finding both cities failed to thoroughly account for their spending or measure the success of many of their programs.
“The lack of transparency in our current approach to homelessness is pretty frightening,” said Assemblymember Josh Hoover, a Republican from Folsom who co-authored the request for the audit.
To the Democrats running the program, that “lack of transparency” is a feature, not a bug.
That means state policymakers have little data to go on when they make funding decisions related to what has become one of California’s most dire challenges.
“The State Auditor’s findings highlight the significant progress made in recent years to address homelessness at the state level, including the completion of a statewide assessment of homelessness programs,” the Interagency Council on Homelessness wrote in an emailed statement. “But it also underscores a need to continue to hold local governments accountable, who are primarily responsible for implementing these programs and collecting data on outcomes that the state can use to evaluate program effectiveness.”
As the homelessness crisis has intensified, California under Gov. Gavin Newsom’s leadership allocated an unprecedented $24 billion to address homelessness and housing during the last five fiscal years, according to the Legislative Analyst’s Office.
Nine state agencies administered more than 30 programs aimed at preventing or reducing homelessness. Some of those programs did such a poor job tracking their outcomes that it’s impossible to tell if they’ve been successful, according to the audit, which marks the first such large-scale accounting of the state’s homelessness spending.
The report evaluated five state homelessness programs and found two “likely” are cost-effective. Newsom’s signature Homekey program helps cities and counties turn hotels and other buildings into homeless housing at an average cost of $144,000 per unit (in the program’s first round), compared to the $380,000-$570,000 it would cost for new construction. The CalWORKS Housing Support Program, which gives financial help to families who are homeless or at risk of becoming homeless, also saves the state money because it’s much cheaper to help someone stay housed than it is to help them find housing once they become homeless.
The auditor found the CalWORKS program spent an average of $12,000-$22,000 per household, while a single chronically homeless person can cost taxpayers as much as $50,000 per year.
Funny how Democrats are always willing to spend more to help drug-addicted transients than many taxpaying citizens make in a year.
But for three other programs, the state hasn’t collected enough data for the auditor to make an assessment: the State Rental Assistance Program (which helped people pay rent and other expenses during the COVID-19 pandemic), the Encampment Resolution Fund (a program Newsom launched to help cities clean up specific encampments) and the Homeless Housing, Assistance and Prevention program (the state’s main source of general homeless funding, also known as HHAP).
“Fundamentally, the audit depicts a bit of a data desert,” Sen. Dave Cortese, a Democrat from Santa Clara County who joined Hoover in asking for the audit, said during a media call.
For example, nearly one-third of people who left placements funded by the Homeless Housing, Assistance and Prevention program left for “unknown” destinations, according to the auditor’s analysis of round-one funding in Los Angeles, San Diego, Santa Clara and San Francisco counties. That ambiguous data makes it impossible to tell if the program has been successful, the auditor wrote. Even so, the state authorized billions of dollars for four additional rounds of funding.
I’m sure the programs are considered a “success” by Democrats because they provide a giant bucket to dole out graft and fraud to the leftwing activists working in the Homeless Industrial Complex.
But I have a deep suspicion that things are even worse than we think. Remember the effort to recall Newsom, and how Democrats from across the country sprang immediately to his aid? At the time, Scott Adams said that protecting Newsom was “the top process in the system.” I suspect that California’s homeless programs are not just a channel for graft and fraud to left-wing activists in California, but a way to rake off money directly to Democratic Party campaigns and coffers nationwide. (Though certainly not the only source. Remember how $850 million in the hands of New York City Democratic mayor Bill de Blasio’s wife just sort of magically disappeared?)
If Trump wins in November, a law should be passed allowing federal audits of state social programs that accept federal block grants. Money from the American taxpayer is being siphoned off, and we deserve to know where.
It’s been a week of petty frustrations, with simple things like paying for online transactions made impossible by websites that send out the wrong information despite the right information being on file. Speaking of frustration, Americans continue to be battered by high inflation, blacks continue to abandon Biden, and it turns out that the Pope might, just might, be Catholic after all.
A hotter-than-expected consumer price index report rattled Wall Street Wednesday, but markets are buzzing about an even more specific prices gauge contained within the data — the so-called supercore inflation reading.
Along with the overall inflation measure, economists also look at the core CPI, which excludes volatile food and energy prices, to find the true trend. The supercore gauge, which also excludes shelter and rent costs from its services reading, takes it even a step further. Fed officials say it is useful in the current climate as they see elevated housing inflation as a temporary problem and not as good a measure of underlying prices.
Supercore accelerated to a 4.8% pace year over year in March, the highest in 11 months.
Tom Fitzpatrick, managing director of global market insights at R.J. O’Brien & Associates, said if you take the readings of the last three months and annualize them, you’re looking at a supercore inflation rate of more than 8%, far from the Federal Reserve’s 2% goal.
According to a Wall Street Journal Swing State Poll, blacks, especially black males are abandoning Biden in huge numbers.
While most Black men said they intend to support Biden, some 30% of them in the poll said they were either definitely or probably going to vote for the former Republican president. There isn’t comparable WSJ swing-state polling from 2020, but Trump received votes from 12% of Black men nationwide that year, as recorded by AP VoteCast, a large poll of the electorate.
That’s an 18 percentage point swing, minimum, for black males, if the national results and the swing state voting is similar.
By confirmed, I mean those who said they intended to vote for Trump.
The gap is even larger if we factor in undecided voters. Biden is down by a massive 30 percentage points vs 2020.
Good: A teacher helping her son with homework. Bad: A teacher helping her son force female students into sex trafficking. “Klein Cain High School cosmetology teacher Kedria McMath Grigsby is accused of helping her son, Roger Magee, force the troubled teens into prostitution.”
Investigative science writer Paul Homewood last year discovered considerable tampering in 2022 with the recent CET record. He initially found that in version one, the summer of 1995 had been 0.1°C warmer than 2018. In version 2, the two years swapped places with 1995 cooled by 0.07°C and 2018 warmed by 0.13°C. Alerted to these changes, Homewood then analysed the full record from version 1 to 2, and the graph below shows what he found.
As can be seen, the adjustments up to 1970 are small with ups and downs offsetting each other. Homewood then found that the years from 1970 to 2003 had been cooled markedly, followed by significant rises to 2022. Homewood concludes that “unfortunately it is part of a much wider tampering with temperature globally – and the tampering is always one way, cooling the past and heating the present”. Given that we now know that the Met Office has been using class 4 statistics for two thirds of its database since 2006, the recent higher adjustments would seem to call for clarifying explanations from the state-funded Met Office.
Lt. Gov. Dan Patrick has announced his interim charges for the Senate, a set of 57 issues he is calling on Senate Committees to investigate and research ahead of the legislative session next year.
The list of charges runs the gamut of issues conservatives have called on the legislature to address, including property tax relief, protecting Texas land from hostile foreign ownership, and strengthening laws preventing electioneering by school districts and other political subdivisions.
Some of the biggest reform proposals, however, have been reserved for higher education.
Patrick has asked the Higher Education Subcommittee to study and make recommendations regarding the role of ‘faculty senates’, antisemitism on college campuses, as well as to review the implementation of a new state law banning DEI (Diversity, Equity, and Inclusion) in state universities that went into effect earlier this year.
“The Senate’s work to study the list of charges will begin in the coming weeks and months. Following completion of hearings, committees will submit reports with their specific findings and policy recommendations before December 1, 2024,” said Patrick.
When you think Houston Democratic Congresswoman Shelia Jackson Lee has already said the stupidest thing she possibly can, she goes out and proves you wrong.
Thanks to New York City’s idiotic rent control laws, not only would a hotel guest refuse to pay rent or leave, but a court actually ruled that he was the owner of the hotel.
First class stamps are going up to 73 cents. Thanks, Joe Biden.
If the commies running Vietnam accuse someone of a crime, I don’t automatically trust them, but Truong My Lan may actually be guilty.
Behind the stately yellow portico of the colonial-era courthouse in Ho Chi Minh City, a 67-year-old Vietnamese property developer was sentenced to death on Thursday for looting one of the country’s largest banks over a period of 11 years.
It’s a rare verdict – she is one of very few women in Vietnam to be sentenced to death for a white collar crime.
The decision is a reflection of the dizzying scale of the fraud. Truong My Lan was convicted of taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. The verdict requires her to return $27bn, a sum prosecutors said may never be recovered. Some believe the death penalty is the court’s way of trying to encourage her to return some of the missing billions.
The habitually secretive communist authorities were uncharacteristically forthright about this case, going into minute detail for the media. They said 2,700 people were summoned to testify, while 10 state prosecutors and around 200 lawyers were involved.
The evidence was in 104 boxes weighing a total of six tonnes. Eighty-five others were tried with Truong My Lan, who denied the charges and can appeal.
All of the defendants were found guilty. Four received life in jail. The rest were given prison terms ranging from 20 years to three years suspended. Truong My Lan’s husband and niece received jail terms of nine and 17 years respectively.
Snip.
By 2011, Truong My Lan was a well-known business figure in Ho Chi Minh City, and she was allowed to arrange the merger of three smaller, cash-strapped banks into a larger entity: Saigon Commercial Bank.
Vietnamese law prohibits any individual from holding more than 5% of the shares in any bank. But prosecutors say that through hundreds of shell companies and people acting as her proxies, Truong My Lan actually owned more than 90% of Saigon Commercial.
They accused her of using that power to appoint her own people as managers, and then ordering them to approve hundreds of loans to the network of shell companies she controlled.
The amounts taken out are staggering. Her loans made up 93% of all the bank’s lending.
According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.
That much cash, even if all of it was in Vietnam’s largest denomination banknotes, would weigh two tonnes.
I've been waiting 29 years to tell this story about OJ and his days at USC. Now that he's dead (may he burn in hell) I have a story that I signed an NDA for that is no longer valid. I was a junior at USC working in Topping Student Center on campus in 1995. I was an administrative…
The State of Texas and Harris County will again duke it out in court, this time over a guaranteed basic income pilot program that would give 1,500 households in the county $500 per month.
Harris County announced the program last year through Harris County Public Health. On Tuesday, the Office of the Attorney General (OAG) filed suit asking the court to halt its implementation before the April 24 start date.
Attorney General Ken Paxton said of the suit, “This scheme is plainly unconstitutional. Taxpayer money must be spent lawfully and used to advance the public interest, not merely redistributed with no accountability or reasonable expectation of a general benefit. I am suing to stop officials in Harris County from abusing public funds for political gain.”
The OAG’s suit reads, “There is no such thing as free money — especially in Texas. The Texas Constitution expressly prohibits giving away public funds to benefit individuals — a common sense protection to prevent cronyism and ensure that public funds benefit all citizens.”
Central to the state’s argument is that counties, “unlike home-rule cities,” have a substantially more narrow scope of authority. “[T]he legal basis for any action taken must be grounded ultimately in the constitution or statute,” the filing adds.
Both cities and counties are creations of the state, but municipalities have the home-rule provision that grants them a broader array of authority than is granted to counties. The range of that home-rule status is the subject of another suit, this one flowing in the opposite direction, against the Texas Legislature’s new field preemption law passed last year.
The City of Austin just completed the first year of its universal basic income program, allotting 85 families with $1,000 per month.
If there’s any insane, hard left, unconstitutional socialist program idea, there’s a good chance Austin will be in the forefront of pushing for it.
Texas’ contention here is that while a home-rule municipality could enact such a program, a county is explicitly precluded by the Texas Constitution.
Article III, Section 52(a) reads: “Except as otherwise provided by this section, the Legislature shall have no power to authorize any county, city, town or other political corporation or subdivision of the State to lend its credit or to grant public money or thing of value in aid of, or to any individual, association or corporation whatsoever, or to become a stockholder in such corporation, association or company.”
The suit adds, “Second, Harris County does not retain public control over the funds. As described above, the payments have ‘no strings attached,’ and the recipients can use the money however they wish.”
The OAG requests a temporary restraining order against the program and, eventually, a permanent injunction against its operation.
Using taxpayer money to pay people for breathing (or existing) is one of the stupidest pieces of socialist bullshit to come down the pike in many a moon. It’s immoral to take money from those who work in order to bribe those who don’t. It’s also a great way to kickback money directly to the hands of leftwing activists, since the grifters claim that they cannot reveal people receiving such payoffs due to “confidentiality.”
Despite the hosannas offered up by the hard left and economic illiterates everywhere to the scheme as a means of helping the poor, the Seattle-Denver Income Maintenance Experiment (SIME/DIME) experiments showed such no-strings-attached checks from the government hurt the recipients, reducing both the desire to work and lowering actual income among the recipients. See Charles Murray’s Losing Ground, pages 150-153 for details.
Any “Guaranteed Income” taking money from taxpayers and paying people not to work is not just unconstitutional, a bad idea and a moral hazard, it’s an avenue for fraud and an insult to anyone who works for a living.
It’s just another in a long line of illegal left wing experiments from Hidalgo’s office, all of which deserve to be crushed like bugs.
The labour market is tightening – and it’s getting harder to find a job. In the wake of the Great Resignation, which drove more job vacancies than employers could fill, workers often had their pick of open roles. Now, they have largely lost their leverage among layoffs and budget cuts, and those open positions are increasingly rare.
Still, roles do exist – or at least appear to. Job boards like LinkedIn and Indeed continue to advertise open positions, and workers are actively submitting applications. Yet despite an influx of highly qualified candidates, plenty of desirable job adverts have languished on digital platforms with an increasingly common label: “Posted 30+ days ago”.
While the listings may be old, job seekers generally still assume companies are actively hiring for the roles. The truth is more complicated. Some of these are simply not-yet-removed adverts for jobs that have been filled – but some were never meant to be filled at all. These are ‘ghost jobs’, and they’re becoming an increasingly common – and problematic – obstacle for job seekers.
Snip.
Despite the influx of candidates, a staggering number of listings don’t result in hires. Revelio Labs, a US-based workforce intelligence firm, showed that the ratio of hires per job posting fell below 0.5 in 2023, meaning that more than half of listings did not result in an employer turning an applicant into an employee.
Clarify Capital, a New York-based business loan provider, surveyed 1,000 hiring managers, and found nearly seven in 10 jobs stay open for more than 30 days, with 10% unfilled for more than half a year. Half the respondents reported they keep job listings open indefinitely because they “always open to new people”. More than one in three respondents said they kept the listings active to build a pool of applicants in case of turnover – not because a role needs to be filled in a timely manner.
The posted roles are more than just a talent vacuum sucking up resumes from applicants. They are also a tool for shaping perception inside and outside of the company. More than 40% of hiring managers said they list jobs they aren’t actively trying to fill to give the impression that the company is growing. A similar share said the job listings are made to motivate employees, while 34% said the jobs are posted to placate overworked staff who may be hoping for additional help to be brought on.
“Ghost jobs are everywhere,” says Geoffrey Scott, senior content manager and hiring manager at Resume Genius, a US company that helps workers design their resumes. “We discovered a massive 1.7 million potential ghost job openings on LinkedIn just in the US,” says Scott. In the UK, StandOut CV, a London-based career resources company, found more than a third of job listings in 2023 were ghost jobs, defined as listings posted for more than 30 days.
It was bad enough looking for a job during the Biden Recession, and the ghost job listings just make things worse.
Now you’ll have to excuse me. I have some job applications to fill out…
Numerous commentators—especially those defending President Biden’s economic record—have puzzled over why Americans are sour about the state of the U.S. economy. Unemployment rates have returned to pre-pandemic lows, commentators correctly point out, and the official rate of inflation is declining. So why are Americans ignoring the view of many experts that the economy is doing well?
According to a striking new paper by a group of economists from Harvard and the International Monetary Fund, headlined by former Treasury Secretary Larry Summers, the answer is that Americans have figured out something that the experts have ignored: that rising interest rates are as much a part of inflation as the rising price of ordinary goods. “Concerns over borrowing costs, which have historically tracked the cost of money, are at their highest levels” since the early 1980s, they write. “Alternative measures of inflation that include borrowing costs” account for most of the gap between the experts’ rosy pictures and Americans’ skeptical assessment.
“Backlash Is Real‘: DEI Exodus Gains Steam Across Corporate America.”
The unraveling of “diversity, equity, and inclusion” initiatives was seen on the state level, as Red states rushed to ban DEI programs in 2023. Google, Facebook, and other tech companies slashed DEI staff by late last year. Early this year, universities began rolling back diversity programs, while Harvard President Claudine Gay was demoted.
DEI was doomed to fail, and corporations have been quickly scrambling to abandon mindless and profitless diversity programs with Marxist roots. The latest earnings call data shows that “DEI” mentions have collapsed from their peak in 2021, according to Axios, citing data from AlphaSense.
In January, Johnny Taylor, president of the Society for Human Resource Management, told Axios that corporate executives are fed up with DEI.
“The backlash is real. And I mean, in ways that I’ve actually never seen it before,” Taylor said, adding, “CEOs are literally putting the brakes on this DE&I work that was running strong” since George Floyd’s murder in early 2020.
Kevin Clayton, senior vice president and head of social impact and equity for the Cleveland Cavaliers, said the chief diversity officer role was all the rage across corporate America after Floyd’s murder. He said companies filled these positions “out of gilt,” and hiring wasn’t the best.
Axios noted, “Some businesses are cutting back funding, trimming DEI staff — and even considering pulling back on things like employee resource groups comprised of workers of various races, ethnicities or interests.”
The pushback on DEI is finding momentum across corporations and universities. Subha Barry, former head of diversity at Merrill Lynch, told Bloomberg last month: “We’re past the peak.”
Let’s hope so.
No one at the wheel: “Biden Reportedly Has No Idea He Issued ‘Trans Day Of Visibility’ Proclamation.”
Gen Z hates the lousy Biden economy and favors Trump over Biden. Though a word to those Gen Z sorts who complain about a 9-5 schedule being “unnatural”: A “natural” schedule is performing backbreaking hunter/gatherer or subsistence agriculture work from dawn to dusk 6-7 days a week and dropping dead before you turn 40…
Ukrainian drones hit a Russia drone production facility at Yelabuga, Tatarstan, which is almost 1,000 miles inside Russia, using a drone that looks a whole lot like a light aircraft.
Ukraine hits another Russian airbase with over 40 drones, and presumably took out even more Su-34s.
Whoops, make that three Russian airbases hit. including reports of three Tupolev Tu-95 “Bear” bombers damaged. (Yes, Russia still has a propeller-driven bomber in service. It can carry nuclear weapons and launch cruise missiles.)
Gun crimes evidently mean being released without bail if the perp is an illegal alien.
“Cost estimates more than double to replace failing Austin arts center building.” Note the “Extended community engagement: $1 million” which is code for “Payoffs to leftwing activists.” (Hat tip: Dwight.)
“Paxton Seeks to Investigate Boeing Parts Supplier, DEI Initiatives. Attorney General Ken Paxton is seeking to investigate Spirit AeroSystsems after public outrage involving Boeing’s aircraft manufacturing issues.”
Boeing stated in 2022 that “for the first time in our company’s history, we tied incentive compensation to inclusion.”
Boeing’s 2023 Global Equity, Diversity, and Inclusion report explains that “diversity must be at the table for every important decision our company makes – every challenge we face, every innovation we design. Equity, diversity and inclusion are core values because they make Boeing — and each of us individually — better.”
According to the report, racial and ethnic minorities now hold 41.4 percent of jobs in the U.S. Boeing Commercial Airplanes Unit, and 28.3 percent in the U.S. Boeing Defense, Space, and Security. In 2022, U.S. racial and ethnic minorities made up 47.5 percent of new hires at Boeing.
You know what I want at the table for every important Boeing decision? Planes not falling out of the sky.
Intel lost $7 billion last year. Intel has a technology roadmap to get its process tech back on track, but failure to execute on previous nodes is what got them into this mess.
In addition to having fingers in the pie in Syria and Yemen in addition to their proxy war with Israel, Iran also has to deal with Sunni Baluch separatist organization Jaish al-Adl (“Army of Justice”) on their own territory, where they killed at least 11 Iranian security force members.
“Belew, Vai, Levin and Carey Play 80’s King Crimson.” Sign me up. Edited to Add: Crap, tickets went on sale for the Austin show in September TODAY. I was just barely able to snag two tickets in nosebleed…
Lies trying to hide how bad the Biden Recession sucks continue to unravel, a mini Texas-vs.-California update, Ukraine makes another oil refinery go boom, true depths of human depravity, some Bill Burr and Critical Drinker links, and two tons of Murica. It’s the Friday LinkSwarm!
Against expectations of a small improvement from -11.3 to -10.0, the headline sentiment gauge dropped to -14.4 (the lowest end of analysts’ forecasts).
Furthermore, the production index, a key measure of state manufacturing conditions, fell five points to -4.1, a reading that suggests a slight decline in output month over month.
Other measures of manufacturing activity also indicated declines this month.
The new orders index – a key measure of demand – dropped 17 points to -11.8 after briefly turning positive last month.
The capacity utilization index edged down five points to -5.7, and the shipments index plunged from 0.1 to -15.4.
The decline in new orders came alongside a surge in prices as raw materials costs rose to 13-month highs…
That has the stench of stagflation lathered all over it.
Also worse than reported: employment numbers. “Philadelphia Fed Admits US Payrolls Overstated By At Least 800,000.”
We first have to go back to December 2022, when we reported something shocking: as part of its data analysis of the “more comprehensive, accurate job estimates released by the BLS as part of its Quarterly Census of Employment and Wages (QCEW) program”, the Philadelphia Fed found that the BLS had overstated jobs to the tune of 1.1 million! This is what the Philadelphia Fed wrote in its quarterly Early Benchmark Revision of State Payroll Employment report at the time:
Our estimates incorporate more comprehensive, accurate job estimates released by the BLS as part of its Quarterly Census of Employment and Wages (QCEW) program to augment the sample data from the BLS’s CES that are issued monthly on a timely basis. All percentage change calculations are expressed as annualized rates. Read more about our methodology. Learn more about interpreting our early benchmark estimates.
So what did this “more accurate”, “more comprehensive” report find? It found that…
In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states; the U.S. CES estimated net growth of 1,047,000 jobs for the period.
Lots of detailed analysis snipped.
Putting it all together, we now know – as the Philly Fed reported first – that the labor market is far weaker than conventionally believed. In fact, no less than 800,000 payrolls are “missing” when one uses the far more accurate Quarterly Census of Employment and Wages data rather than the BLS’ woefully inaccurate and politically mandated payrolls “data”, and if one looks back the the monthly gains across most of 2023, one gets not 230K jobs added on average every month but rather 130K.
Of course, none of that paints Bidenomics in a flattering picture, because while one can at least pretend that issuing $1 trillion in debt every 100 days to add 3 million jos per year is somewhat acceptable, learning that that ridiculous amount buys 800,000 jobs less is hardly the endorsement that the White House needs.
I think I link a story like this every year: “California Leads Among U.S. States Sending People to Texas in 2022. Florida and New York combined sent fewer people to Texas than California.” Leave any leftwing politics behind when you move…
California has a $55 billion deficit. But don’t worry, for the 24-25 fiscal year, it’s a $73 billion deficit.
A Russian-backed “propaganda” network has been broken up for spreading anti-Ukraine stories and paying unnamed European politicians, according to authorities in several countries.
Investigators claimed it used the popular Voice of Europe website as a vehicle to pay politicians.
The Czech Republic and Poland said the network aimed to influence European politics.
Voice of Europe did not respond to the BBC’s request for comment.
Czech media, citing intelligence sources, reported that politicians from Germany, France, Poland, Belgium, the Netherlands and Hungary were paid by Voice of Europe in order to influence upcoming elections for the European Parliament.
The German newspaper Der Spiegel said the money was either handed over in cash in covert meetings in Prague or through cryptocurrency exchanges.
Pro-Russian Ukrainian oligarch Viktor Medvedchuk is alleged by the Czech Republic to be behind the network.
Mr Medvedchuk was arrested in Ukraine soon after the Russian invasion, but later transferred to Russia with about 50 prisoners of war in exchange for 215 Ukrainians.
Czech authorities also named Artyom Marchevsky, alleging he managed the day-to-day business of the website. Both men were sanctioned by Czech authorities.
“$100M missing from Bay area trust fund management company. A Bay area father who counted on a local non-profit to handle a trust fund designed for his daughter’s long-term care feels duped.” And this is a trust for special needs kids.
The radical leftists in control of Baltimore City Hall have plunged the metro area just north of Washington, DC, into apocalyptic levels. We advise readers to entirely avoid the metro area as violent crime spirals out of control.
Failed social justice reforms, defunding the police, and widespread mistrust of the police have resulted in a skeleton police force that will no longer be able to protect residents in some regions of the city.
Fox Baltimore reported last Tuesday that only three police officers were on duty for the Southern Police District, which includes more than 61,000 residents.
Joe Lieberman, RIP. One of the least reprehensible Democratic senators of the last 30 years or so. But I still remember this:
Don’t click on this link unless you want to plumb the depths of human depravity. Noteworthy: “He and his husband.”
Stellantis, AKA The European Monster That Ate Chrysler, just just laid off a whole bunch of white collar workers. Note their mention of focusing on “implementing our EV product offensive.” Oh yeah, they’re boned.
Florida Governor Ron DeSantis declares victory over Disney, as the latter has dropped their lawsuit over the the elimination of their special district status.
Sean Combs, AKA “Puff Daddy,” AKA “Diddy,” raided by the FBI. “A source close to the investigation told NBC News that the raid was connected to allegations of sex-trafficking and sexual assault and the solicitation and distribution of illegal narcotics and firearms.” “Source close” caveats apply.
The federal government is going to allow a shuttered nuclear power plant to be restarted. “The federal government announced that it would provide a $1.5 billion loan to restart a nuclear power plant in southwestern Michigan. NJ-based Holtec International acquired the 800-megawatt Palisades plant in 2022 with plans to dismantle it, but with support from the state of Michigan and the Biden administration, the emphasis has shifted to restarting the nuclear power plant by late 2025 instead.” Not wild about the loan part, but restarting America’s nuclear energy growth is long overdue.
Used Japanese homes are worthless Not just because of the shrinking population, but because they’re designed to be.
The Critical Drinker is not impressed with the Road House remake. “The Patrick Swayze original wasn’t exactly peak cinema. It was dumb and over-the-top and silly, and I don’t imagine people were exactly crying out for a remake. But damn, man, it’s like Citizen Kane compared to this version.”
School tries to ban American flag from truck. Result: Two tons of Murica.
Twitch is cracking down on streams that “focus on intimate body parts.” After watching this, I have one question: Where exactly did the lady featured obtain her “automatic butt jiggler?”
Feel-good crime aftermath story:
Dog shot during the robbery given a warm send off by hospital staff after undergoing multiple surgeries..🐕🐾🥺🙏❤️ pic.twitter.com/OnSjqmRt2u
The Office of the Attorney General (OAG) announced a new lawsuit against Colony Ridge on Thursday, alleging its owners have engaged in deceptive practices in lending and marketing their plots of land.
Filed in a Houston federal court, the State of Texas’ lawsuit accuses the Liberty County development of misleading buyers about the conditions of those homes and plots, their connectedness and access to utilities, and the methods of financing.
It largely mirrors a lawsuit by the Department of Justice alleging similar misconduct by the development’s owners, Trey and John Harris.
“Colony Ridge has been flagrantly violating Texas law. The development profited from targeting consumers with fraudulent claims and predatory lending practices,” Attorney General Ken Paxton said of the suit.
“Their deceptive practices have created unjust and outsized harms. Nearby communities have borne a tremendous cost for the scheme that made Colony Ridge’s developers a fortune.”
The OAG’s release accuses the developers of intentionally targeting Spanish-speaking individuals with poor financial records, then foreclosing on them when payments aren’t made, and starting the cycle again. When the properties are foreclosed on, the suit alleges, Colony Ridge repurchases them and sells the plots to another buyer at a higher price.
“In fact, CR Land often resells a foreclosed lot to the very same consumer at a significantly higher price. The more foreclosures CR Land initiates, the higher likelihood it will acquire residential lots with free improvements which make the foreclosures profitable. Thus, Colony Ridge’s business model incentivizes foreclosures,” the filing asserts.
The filing also highlights the development’s flooding problems: “[Even] though there have been two suits filed against one or more Defendants related to the severe flooding that occurs at the Development, Colony Ridge and John Harris continue to falsely represent to consumers at the time of sale that the residential lots in the Development are not subject to repeated flooding.”
Colony Ridge, also referred to as “Terrenos Houston,” is a 50,000-person development in Liberty County, an exurb of Houston, that’s inhabited by a large but not exactly known number of illegal immigrants. After a report from the Daily Wire shone a spotlight on the development, it found itself in the crosshairs of the political right, both officials and mediasphere, for presenting a “magnet” for illegal immigrants.
The issues in Colony Ridge are largely that of a massive development airdropped into a rural county that doesn’t have the resources to cope with the massive population growth. The Liberty County Sheriff’s Office and other emergency services are stretched thin, as is the local school district, Cleveland ISD.
After it made national headlines, the Texas Legislature debated responses to the development, ultimately settling on earmarking $40 million to fund additional overtime for Texas Department of Public Safety patrols assisting local law enforcement in the development.
The development has become a contentious political football thrown about in the recent Texas primary; Gov. Greg Abbott accused state Rep. Ernest Bailes (R-Shepherd) of “creating” Colony Ridge by way of a 2017 bill that created two special purpose districts, an argument first made by Paxton last year.
Obviously something has gone badly wrong in Colony Ridge, and suing the developers for their myriad (accused) crimes is a way to start addressing those problems. But there are still tens of thousands of illegal aliens there who a sane government would start deporting.
Hopefully something about that can be done in 2025…
There’s a scam sweeping New York City. And by “New York City,” I mean “the New York City mayor’s office.” Instead of feeding the illegal aliens New York has lured there as a “sanctuary city,” Eric Adams has decided to just hand out preloaded debit cards.
These are theoretically to replace buying food for them. Theoretically.
Handing out free money to illegal aliens paid for with citizen taxpayer dollars is unconscionable enough.
But let me ask the obvious question that no one seems to be asking: How do we know these debit cards will actually be handed out to illegal aliens? How do we know it won’t just be handed out to friends of Eric Adams, leftwing activists, etc.? At least with real food there are receipts. I’m betting there is not a rigorous, auditable, traceable system where the illegal aliens are required to show ID and sign off on receiving the cards.
I’m going to go out on a limb and guess that no two-factor authentication is going on here. Being cash-equivalent debit cards, I’m also guessing there’s no way to keep them from being used in liquor stores.
Here Adams is declaring there he’s going to start handing the 21st century equivalent of “walking around money” and we just have to trust him when he says its going to the illegal aliens so they can buy food.
Yet another reason Democrats love illegal aliens is that, like the homeless, they have no support network to speak up for them when welfare state goodies get diverted into the pockets of leftwing activists.
