Fed Chair Jerome Powell: We won't hesitate
to raise rates to tame inflation
Posted By: Kafka2, 5/21/2022 12:23:56 AM
The US central bank is in the midst of a "whatever it takes" moment when it comes to inflation, but if Fed officials had known how high inflation would rise, they would have changed their course on policy earlier, Fed Chairman Jerome Powell said Tuesday. "In hindsight, it would have been better to raise rates earlier," Powell said in an interview at the Wall Street Journal's Future of Everything event.
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The US central bank is in the midst of a "whatever it takes" moment when it comes to inflation, but if Fed officials had known how high inflation would rise, they would have changed their course on policy earlier, Fed Chairman Jerome Powell said Tuesday.
"In hindsight, it would have been better to raise rates earlier," Powell said in an interview at the Wall Street Journal's Future of Everything event.
Truckers, port workers vent as supply,chain
frustration mounts: 'A lot of us are willing
to work' 11 replies
frustration mounts: 'A lot of us are willing
to work' 11 replies
The great global supply chain crisis of 2021 — which has ensnared groceries, holiday shopping and everything in between — has bottlenecked West Coast ports, and drawn the involvement of the White House to address it.(snip)“There's a lot of us that are willing to work,” Carlos Rameriz, a 25-year truck driving veteran, told Yahoo Finance in an interview.
Speaking from a nearby area where trucks have idled and multiple chassis have sat unattended, Rameriz blasted a reported driver shortage as “the biggest excuse,” and simply “not true.”(snip)“There are truck drivers that come in and are waiting for a chassis and the company does not allow us to give them it”
The $10,000 IRS Tax Dragnet
23 replies
Democrats walked into a political ditch with their plan to let the Internal Revenue Service snoop on American banks accounts, and so far they’re doing a lousy job of scrambling to get out.(snip)The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash. Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.
The real political goal here is to create a mechanism for triggering audits—probably through an algorithm—so the IRS can rifle through all of a taxpayer’s business and other financial records.
WASHINGTON, D.C. -- This Fourth of July marks a low point in U.S. patriotism. For the first time in Gallup's 18-year history asking U.S. adults how proud they are to be Americans, fewer than a majority say they are "extremely proud." Currently, 47% describe themselves this way, down from 51% in 2017 and well below the peak of 70% in 2003. (snip) While the 47% who are extremely proud (snip) 25% who say they are "very proud" and 16% who are "moderately proud." That leaves one in 10 who are "only a little" (7%) or "not at all" proud (3%).
On 30 April, the Indian Point nuclear power plant 30 miles north of New York City was shut down. For decades the facility provided the overwhelming majority of the city’s carbon-free electricity as well as good union jobs for almost a thousand people. Federal regulators had deemed the plant perfectly safe.(snip)The first full month without the plant has seen a 46% increase in the average carbon intensity of statewide electric generation compared to when Indian Point was fully operational. New York replaced clean energy from Indian Point with fossil fuel sources like natural gas.
NPR at 50 Years: Still a Lib Sandbox
25 replies
National Public Radio is celebrating its 50th anniversary this week in a classic way: asking its fans for money. A fundraising email gushes, “From covering the Vietnam War in 1971 to the COVID-19 vaccination effort today, and everything in between, NPR has delivered fact-based news and trustworthy analysis to millions.”
For weeks, Biden administration officials have scrupulously avoided using the word "crisis" to describe the migrant surge on the southern border.
But White House press secretary Jen Psaki did exactly that during a press briefing Thursday.
Most Active Articles (last 48 hours)
NYC Mayor Eric Adams is eyeing up a 2024 White House bid as an anti-woke Democrat if Joe Biden decides not to run for a second term, it is claimed. Adams, 61,-who once referred to himself as the 'Biden of Brooklyn'-has 'repeatedly' told confidantes that he is considering running for the highest office and thinks he could 'win,' sources told the New York Post. 'Eric has told me repeatedly that he thinks that he has a platform to run for national office, for president in 2024,' a source close to the mayor told the Post.(Snip)However, Adam's advisor Evan Thies dismissed rumors,
Biden says monkeypox something to ‘be
concerned about’; LGBTQ+ festival in
Spain linked to outbreak 34 replies
concerned about’; LGBTQ+ festival in
Spain linked to outbreak 34 replies
With hysteria ramping up as cases of the rare monkeypox virus keep popping up in multiple countries, President Joe Biden made his first public comments on the disease which could conceivably usher in a sequel to the mandates and restrictions that were imposed during the COVID pandemic.
The press caught up with the “leader” of the free world who is visiting South Korea on his first trip to Asia since taking office and asked Biden for his input on whether the monkeypox cases in Europe and the U.S. were something “to be concerned about”
“Well they haven’t told me the level of exposure yet but it is something that
For regular readers of this site, today’s news will likely not come as a surprise, but much of the nation seems to remain unaware of it. The North American Electric Reliability Corporation (NERC) has released its latest reliability assessment for the summer of 2022 and, to put it mildly, the news is not good. In far too many states, the power grid is already nearly at full capacity, and in the next few months, that capacity will be exceeded. This isn’t a question of “if” or really even “when.” It’s just a fact. Industry experts know this and have been trying to sound the alarm for several years.
These people will get us all killed.
Mitt Romney called on our NATO allies to prepare for a nuclear strike from Russia. The US has already invested tens of billions of dollars in military weapons to Ukraine.
The New York Post reported: The US and its NATO allies should prepare a “devastating” response to potential Russian nuclear action, Sen. Mitt Romney said on Saturday.
The call to action comes on the heels of threats from the Kremlin and warnings from Russian diplomats that the country’s Ukraine invasion could lead to a nuclear strike, the Utah Republican wrote in an op-ed for The New York Times.
TULSA, Okla. — Shock.That was the overriding emotion while watching Tiger Woods stumble around Southern Hills on Saturday morning, taking an unthinkable 79 strokes to complete his third round of the PGA Championship (one day after shooting a gutsy 69 to make the cut) — and then withdrawing from the championship later in the day. Disbelief. That was the emotion elicited from watching Woods bogey five consecutive holes (the first time he ever has done that in a major championship as a professional) en route to 10-over for his third round through 13 holes.Sadness.That was the emotion that gripped you while watching Woods limp so badly
Kate McKinnon and Pete Davidson are among those departing from “Saturday Night Live,” leaving the sketch institution without arguably its two most famous names after Saturday’s 47th season finale. Aidy Bryant and Kyle Mooney will also leave the cast after the episode hosted by Natasha Lyonne. The departures represent one of the biggest cast shake-ups in years on a show that has seen unusual steadiness in recent seasons. McKinnon, 38, won two Emmys and was nominated for nine in her 10 seasons on the show, during which her impressions included Hillary Clinton, and former Attorney General Jeff Sessions. CORRECTION*
Gavin Newsom: ‘I’m Hopeful’ Kamala
Harris Will Be ‘the Next President of
the United States’ 28 replies
Harris Will Be ‘the Next President of
the United States’ 28 replies
California Gov. Gavin Newsom (D) said Thursday that he is “hopeful” Vice President Kamala Harris will be “the next president of the United States.” Newsom’s comments came during an interview with the San Francisco Chronicle editorial board. The board asked Newsom, who is running for a second term this mid-term election cycle, “if he would promise to voters that he wouldn’t run for president before the end of that term,” which would expire in 2027.“Yeah, I mean, I have sub-zero interest. It’s not even on my radar,” he said, adding that Harris, who has drawn criticism regarding her performance as vice president, should succeed President Joe Biden, the Chronicle noted.
The last several weeks in the United States have been a wild ride. Everything that could go wrong, short of a full-blown apocalyptic situation, has gone wrong. The stock market is currently in the midst of a collapse, with the Dow Jones losing nearly 5,000 points over the last 30 days. Inflation clocked in at 8.3% for April, representing another crushing blow to Americans. Of course, gas prices continue to break milestones on a daily basis.
Meanwhile, the border crisis is completely out of control, with the only somewhat positive news being that a court blocked the Biden administration’s push to lift Title 42,
The Biden administration privately acknowledged late last month that a mathematical error is delaying the federal government’s offshore oil and gas program.
In an April 29 letter to industry leaders obtained by the Daily Caller News Foundation, the head of the National Oceanic and Atmospheric Administration says that a subagency “discovered a miscalculation” that has caused a massive backlog in permitting.
Richard Spinrad acknowledged in his letter that the National Marine Fisheries Service—the subagency tasked with analyzing the impact of offshore drilling projects on wildlife—has used faulty computer modeling on such impacts. As a result, Spinrad wrote, the subagency overestimated wildlife effects, delaying permitting on existing leases.
An NYC patient has tested positive for the same genus virus as monkeypox sparking calls from the health department for residents to wear masks indoors—just as New Yorkers were finally returning to mask-free normalcy after COVID-19. The CDC is still waiting for confirmation that it is monkeypox, after the patient tested positive for orthopoxvirus—the genus of viruses that includes smallpox, cowpox, horsepox, camelpox, and monkeypox. City officials say a second possible monkeypox patient tested negative for the virus.
The health department is encouraging New Yorkers to wear face masks to protect against the new virus outbreak, as well as COVID-19 and the flu.
Democratic gubernatorial candidate Stacey Abrams declared Saturday that Georgia is "the worst state in the country to live," despite owning at least two houses there. "I’m running for governor because I know that we have to have a conversation about who we are in this state and what we want for each other and from each other," Abrams said during a speech at the Gwinnett Democrats' Bluetopia Gala in Norcross, according to audio posted by the Gwinnett Daily Post. "I am tired of hearing about how we’re the best state in the country to do business when we are the
More than 70,000 pounds of baby formula arrived in the United States on Sunday via military aircraft, President Joe Biden announced, as his top economics adviser pledged stores could see replenished supplies 'as early as this week.' The shipment from the US military's Ramstein Air Base in Germany is the first in Biden's Operation Fly Formula program, aimed at ramping up international imports of baby formula to raise US supply. It's one of several measures the president unveiled to mitigate the increasingly dire baby formula shortage that's plaguing Americans nationwide - which has already led to multiple reports of hospitalized children.
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Monetary solutions don't have a chance of success unless fiscal and regulatory policies are brought under control.