Speaker McCarthy abandons Freedom Caucus, gets Democrats to help him pass a continuing resolution: https://apnews.com/article/government-shutdown-mccarthy-congress-republicans-732baaa19c91f981e492fd0e6a76aba8 . The vote was 335 to 91. All but one Democrat voted for the bill. A slim majority of Republicans voted for the bill, but 90 voted against, many more than in the Freedom Caucus. The House GOP remains seriously dysfunctional.
Senate passes the 45-day continuing resolution: https://www.cbsnews.com/news/government-shutdown-2023-latest-short-term-bill-passed/ . I hope the result is that the Freedom Caucus has severely overplayed its hand, and the appropriations bills will be passed well before the 45 days expire. WSJ: More: https://www.wsj.com/politics/policy/federal-government-shutdown-deadline-d714a1ef .
WSJ: This last-minute fix has saved Fat Bear Week: https://www.wsj.com/lifestyle/fat-bear-week-government-shutdown-cffba077 . This in turn gives Stephen Colbert material for the return of his late-night show, as he has featured this competition every week for years.
WSJ: We talk make-believe about the bond market: https://www.wsj.com/finance/investing/americas-debt-problem-is-too-big-for-the-bond-vigilantes-42f8167d . It’s hard to know where to start with this silliness. Let’s just say that the US government cannot in fact run large deficits forever. Fiscal responsibility requires raising taxes on corporations and the rich. At some point, we will get there, because we will run out of other options.
WSJ: Gee, does the Fed matter?: https://www.wsj.com/finance/stocks/higher-interest-rate-winners-losers-16accd19 . Sigh. As readers know, for two years now, I have consistently said, Listen to the Fed. They have clearly telegraphed every move they have made. The “experts” and the bond market have been consistently wrong because they refused to believe the Fed, saying it was just tough talk. “Higher for longer” is where we are – get over it.
Details of the problems in China’s property market: WSJ: https://www.wsj.com/economy/housing/does-chinas-property-bust-make-a-financial-crisis-inevitable-240f59d8 . As we having been saying for many months, the problems in the property market will slow China’s economy for years to come.
WSJ: Tensions flare between Serbia and Kosovo: https://www.wsj.com/world/europe/u-s-seeks-to-calm-tensions-in-balkans-d63173f5 . The absolute last thing the world needs right now is another war in Eastern Europe.
WSJ: House GOP resistance to Ukraine aid is causing damage globally: https://www.wsj.com/politics/policy/in-u-s-fights-over-ukraine-aid-allies-fear-deeper-global-harm-d54ea330 . Now 62% of Republicans oppose more aid to Ukraine because Orange Julius does. Utter mindlessness …
Special counsel presses for Orange Julius gag order: https://abcnews.go.com/Politics/special-counsel-raises-concerns-trumps-attacks-witnesses-suggests/story?id=103616435 . The craftsmanship shown in the special counsel’s filings continues to impress. The filings always emphasize the facts, as the defendant defiantly continues to disrespect the safety of everyone perceived as an opponent. The First Amendment protection has limits, which OJ continues to violate. Restrictions on dangerous speech are appropriate here. The question for Judge Chutkan is how to set up the punishment for violation, because violation seems assured.
More on OJ’s shooting lunacy: https://www.cnn.com/2023/09/30/us/philadelphia-police-settlement-fatal-shooting/index.html . Sadly, the example given yesterday about multimillion dollar settlements for police shooting children has been reinforced by this story from Philadelphia. Philly is also a hotbed of group smash-and-grabs.
WSJ: Women’s marathon update – Adidas helped: https://www.wsj.com/business/adidas-running-super-shoe-nike-cfdbd832 . Although a lifelong runner, I hadn’t considered that a shoe might be involved. Absolutely, shoes are much lighter than in my youth, and this does make a meaningful difference.