The Biden inflation rate is above 8%, the Federal Reserve raised interest rates again and the stock market tanked.
Well, the Dow didn’t tank, but it did drop below the level when President Biden took office, which means your stock holdings are worth about 8% less. The fear of a severe recession is likely to drive stock prices even lower.
High inflation seems to be the #1 issue in the November election. The high prices for food, gasoline, rent and most other items takes precedence over other important national issues including unlimited immigration, Fentanyl deaths, abortion, and crime in cities and rural areas.
Do you remember how Senator Joe Manchin was vilified for a year because he refused to join 49 other Democrat Senators and vote for a huge spending bill? In July he finally caved to arm twisting by President Biden and Majority Leader Chuck Schumer. When Manchin agreed to spend another $700 Billion, Democrats whooped and hollered and threw confetti. They had a big-time celebration. All that Joe asked in return was to speed up permitting of energy projects, including construction of a big pipeline to deliver natural gas from Ohio, Pennsylvania and West Virginia to the East Coast. Part of that gas would be liquified and shipped to Europe to replace Russian gas.
Last week the celebrating stopped. Those same Democrats who celebrated the bill that will print money to pay for their favorite energy programs, double crossed Manchin. “Thank you, Joe, for supporting our solar and wind farms and Electric Vehicles. But we hate fossil fuels more than we hate Putin.”
So, Sen. Manchin turned to Republican Senators as he tries to round up 60 votes. But Republicans felt they were jilted by Manchin, kinda left at the altar. So far, they are refusing to support the Manchin bill even though 90% of Republicans favor more gas wells and pipelines so we can become energy independent again.
The hatred of fossil fuels by Democrat Congresswoman Rashida Tlaib was clear in her question to bankers last week. During a House Financial Services Committee hearing she asked if they would stop loaning money to companies that want to drill more oil and gas wells. All seven CEOs said “No.” Jamie Dimon of J.P. Morgan Chase was adamant, “That would be the road to hell for America.”
Tlaib lives in Michigan. If she got her desire to cut off fossil fuels, to keep from freezing this winter she might have to take that road to hell.
She and so many others in Congress and the Biden Administration refuse to recognize the Energy Information Agency’s projection that we’ll need MORE oil and gas in 2050. Definitely not ZERO.
One thing in Washington that does seem to be ZERO is common sense.
Historic quotes by Will Rogers:
“Magnus Johnston [D-Minn.] says he is ‘going to use common sense in the Senate.’ That’s what they all say when they start in. But if nobody don’t understand you, why, you naturally have to switch.” WA#59, Jan.27, 1924
“You can’t legislate intelligence and common sense into people.” DT #2377, March 16, 1934