US bond market currently irrational: https://www.benzinga.com/analyst-ratings/analyst-color/23/03/31492351/market-prices-in-1-25-fed-rate-cut-by-end-of-2023-economist-says-theres-no-chance . In other words, yields must go up, and so long-term bond prices must go down. WSJ: Surprisingly to us, capital markets slow: https://www.wsj.com/articles/companies-big-and-small-lose-access-to-credit-amid-bank-stress-53df944e . Of course credit is constricting. That is the entire point of the Fed raising rates. As the prior article points out, the bond market is irrationally priced, because the market is fighting the Fed, which is a direct violation of Rule No. 2. The result will be more pressure from the Fed. We already know who wins this fight.
WSJ: Accounting fraud indicator’s 40-year high: https://www.wsj.com/articles/accounting-fraud-indicator-signals-coming-economic-trouble-506568a0 . More evidence indicates a coming recession.
WSJ: More problems for crypto as SEC targets Coinbase: https://www.wsj.com/articles/crypto-faces-legal-reckoning-as-sec-prepares-action-against-coinbase-e4c95bf3 . One has the impression that the Feds are going to shut this so-called currency down. It looks more and more like an opportunity for fraud. The marketplace needs to solve that situation quickly, or prepare for crypto’s demise.
Utter stupidity from the Journal: https://www.wsj.com/articles/how-bank-oversight-failed-the-economy-changed-regulators-didnt-7dbb842d . Let’s be clear. The Fed signaled its intent to raise rates a year before these banks failed. They failed because of mismanaging this utterly obvious risk. So the Journal, champion of deregulation, looks to put the blame on the Fed. The Journal continues to become less and less readable. This really is no surprise, if you recognize that anyone with ability would not choose to work there.
WSJ: Fed’s income halved in 2022 from 2021: https://www.wsj.com/articles/fed-earned-58-8-billion-last-year-as-higher-rates-cut-into-income-ca219ba9 . Those higher rates are biting harder now, so 2023 looks like another significant decrease, perhaps into a loss position.
WSJ: The coming Ukrainian counteroffensive: https://www.wsj.com/articles/battered-by-year-of-shelling-front-line-town-yearns-for-ukrainian-offensive-6c423b14 .
More culture war crap from the House GOP: https://apnews.com/article/parents-rights-education-book-bans-9073f42e2bfda393d39dd8cb7b2cc8f4 . WSJ: More: https://www.wsj.com/articles/parents-bill-of-rights-passes-house-feb4813e . Could you losers at least participate in governance by presenting your budget alternative? The debt ceiling has to be raised, everyone agrees on that. You are holding it up for a negotiation where you are unable to state what you want.
As we all know, (1) the debt ceiling relates to debt already incurred and must be raised; and (2) if, as you insist, you want to protect Social Security, Medicare and defense spending, and you refuse to raise taxes, massive cuts are required to other government programs. Tell all of us what those cuts are. Or, get a life that does not involve deception. For now, you apparently are unwilling to do either.
Orange Julius documents lawyer appears before grand jury: https://apnews.com/article/trump-classified-documents-grand-jury-justice-department-623428540a6cff1b5dcdf697cdf45b5d . His testimony should verify that OJ directed the false certification of the search and return of all classified documents at Mar-a-Lago. We will see.
Meanwhile, OJ threatens “death & destruction” in social media post; posts a picture threatening Manhattan DA Alvin Bragg; and Bragg receives a letter with a death threat and white powder: https://apnews.com/article/powder-trump-bragg-hushmoney-investigation-01d54c69e2c68488db96eba57a505c2c . OJ needs to be removed from the national political scene. Hopefully the indictments will flow soon.
In other House GOP loser news, George Santos agrees to confess to fraud in Brazil and pay compensation: https://www.rawstory.com/george-santos-scandal-2659652099/ .
Fox fires Abby Grossman over improper disclosures: https://www.msn.com/en-us/tv/news/fox-news-fires-producer-abby-grossberg-citing-dominion-disclosure/ar-AA1935yg?ocid=hpmsn&cvid=f840793deb274eec91910bfabaff3aac&ei=29 .
South Carolina accountants unable to count: https://apnews.com/article/south-carolina-comptroller-general-resign-fc484da73385fcdf3d2ef52d8a8d5576 . Nonmaterial errors occur. But $3.5 billion? That’s over 10% of the state’s annual budget expenditure. Given that states must balance their budgets annually, this is more than material. The state will have a very tough time digging out.
LA schools settle with union after 3 day strike: https://apnews.com/article/los-angeles-schools-strike-union-deal-1cff7faece7289be3ea14b887800ceb8 . It appears the district gave essentially everything the union requested. So a 30% raise strongly indicates that these workers have been underpaid for years.
2 dead, 9 missing in Pennsylvania chocolate factory explosion: https://abcnews.go.com/US/2-dead-9-missing-after-explosion-chocolate-factory/story?id=98112186 . No, not Hershey – it’s a small company, RM Palmer. One of their major products is SpongeBob Squarepants Chocolates: https://rmpalmer.com/ .
Salmon fishing likely to be banned in California and much of Oregon: https://apnews.com/article/salmon-fishing-ban-chinook-california-oregon-cbe1f3322a7a9085004084e71568bba1 . As a native Oregonian, this situation strikes at the heart of what this state has always been about. The massive snowpack in the West this year should help the fish recover, but we are again playing with the extinction of a signature wild population: https://apnews.com/article/california-drought-water-restrictions-ending-f105039dadeab29e03edbe91cb630dbc . WSJ: More: https://www.wsj.com/articles/california-governor-lifts-most-water-restrictionsafter-wet-winter-a2082f2 .
March Madness: The Elite Eight contains none of the 4 No. 1 seeds for the first time in tournament history: https://sports.yahoo.com/march-madness-no-5-san-diego-state-shocks-top-seeded-alabama-to-advance-to-elite-eight-005646677.html . And: https://apnews.com/article/march-madness-miami-houston-4f6c0985a61d439da0db94ab973429fa . Texas is the only remaining No. 2 seed. The transfer portal has evened the playing field in college basketball.
Gordon Moore, Intel co-founder and creator of Moore’s Law, passes at 94: https://www.cnn.com/2023/03/24/tech/gordon-moore-obituary/index.html . WSJ: More: https://www.wsj.com/articles/gordon-moore-intel-co-founder-and-author-of-moores-law-dies-at-94-f3a6fcf6 .