Open thread Sept. 28, 2021 Dan Crawford | September 28, 2021 8:25 am Comments (27) | Digg Facebook Twitter |
Reuters: Wall Street falls as surging bond yields hammer tech shares
(The current stalemate in Congress has much to do with this, no?)
The Nasdaq fell the most among Wall Street indexes on Tuesday as technology heavyweights came under pressure from a surge in bond yields on expectations of higher interest rates and rising inflation. …
The two-year U.S. Treasury yield surged to 18-month highs, weighing on shares of high-growth companies whose values are closely linked to future earnings.
Shares of Apple, Microsoft Corp, Amazon.com Inc and Google-parent Alphabet Inc dropped between 1.5% and 1.8%.
These stocks have benefited from the low-interest rate environment since the start of the pandemic.
Nine of the 11 major S&P sectors declined in early trading. …
NYT: Four Jagged Puzzle Pieces and a Few Weeks for Democrats to Assemble Them
The party must keep the government funded, stave off a default, push a $1 trillion infrastructure bill to President Biden and secure the votes for a defining climate change and social policy bill. …
(Details at the link.)
This post is a bit off color from my usual haunts but I’ll throw it here:
Texas, Home of Wag the Dog Politics
The recent news of the Trump sponsored and tax payer funded recount is no surprise to anyone seeing the railing against democracy. No, this has nothing to do with prior elections, more so about the future. Include doubt, civil unrest.
Texas Republicans have always been about the future since Ann Richard’s took them to task and embarrassed them on a national stage. Ever since, gerrymandering districts and fixing voting for their favor has been envogue. Newly elected Bill Clinton’s administration wants to gas and set seige in the Branch Dividians, go ahead, “our next candidate” will be the guy who was supposed to stop all of that nonsense before the ATF and FBI were involved.
The current deputizing citizens to create a culture war between the agnostic and the religious gives the people something to fight over, the reporting website a pinata for national news to hit at while the real work is being done behind the scenes to roll back Roe.
Redistricting maps where there is no longer federal authority? Ritual that had been previously hamstrung by roadblocks, unlocked in such a way that would make a Title VII historian vomit.
We have allowed the minority to wag us into doubtful elections that are harder to vote for, while also attacking case law, upending precedent, and throwing enough Sludge, as Thaler would call it, at the courts so that narrow decisions cannot be made. Whilethe moderate Democrats pompously parading false modesty while the other team engages in Gorilla War, we all watch a very slow creep back into the 1950s.
Except that back in the 1950’s the US constantly ran a trade surplus and really any man that could work hard in skilled labor could have a job that paid well enough to support a family. No, not everything was peachy for brown, yellow, and red people, but things were different than now. So, we are not going back to anything. We are just screwing up everything like never before. Ask any fish what they think, if you can find any fish in the sea. I guess that fish that can live in plastic bottles are doing fine, particularly if they have a high tolerance for carbonic acid.
The link was for a good article on black employment in the industrial north about 100 years ago. The text would only copy as image and the image would not post, but doubting Thomas should take the link. In any case blacks down south had choices other than farm work also. Laying asphalt sucked, but did not pay that bad, while laying block paid better and sucked less. Black bricklayers in the early post WWII south were living on Easy Street compared to those that laid asphalt, better work and better pay, but more competition from crackers. Finish has always been the best carpentry to be in, but crackers dominate the high end.
Brickwork laid in black neighborhoods by black masons year ago are still very much in place in Texas. A testimony to the quality of their craft.
Yes, a matter of pride.
Manchin, Sinema to meet with Biden in talks to trim $3.5 trillion bill
First off, Manchin & Sinema are two different political animals. Manchin, I think I understand, but Sinema I don’t. But, they are both here and now and you can’t wish them away and ignore reality.
But, the idea that the $3.5T package is all about the price, I think is not the point, yet that seems to be what everyone is focused on. I see it more as political malpractice, on the part of Progressive Democrats if we were to enact legislation like the $3.5T reconciliation package being proposed by Democratic Progressives. This package (S. Con. Res. 14) is nothing more than an allocation of funding to hundreds of unspecified policies and programs that have never been detailed or presented and explained to the public.
While I voted for Joe Biden and I believe in most of the concepts of the Build Back Better agenda, I did not vote for him or the Democratic party to engage in political malpractice. I would expect that each of the diverse components from climate change to child care and many in-between to be developed in a traditional sense with proposals, hearings, expert testimony, debate, discussion, budgets, votes, compromises and public education and finalization.
The current Democratic $3.5T proposal seems to be saying, for example, “we’re going to address climate change and we’re going to spend X billions over 10 years.” Seemingly skipping all the steps in-between. And now we’re talking about a compromise of something less that $3.5T which still would provide nothing in the way of program development or details. Just dollar numbers developed by who knows, with no details. How is that good government?
The bipartisan “hard” infrastructure proposal was developed over time, discussed, detailed, compromised and passed the Senate with 19 Republican votes. It has widespread public support. Pass the damn thing and as Manchin says, “pause” the $3.5T package and develop it properly. Otherwise, keep screwing around and be prepared to lose everything including the 2022 Midterms and all that follows that.
While I’m not a big Manchin fan, I find little that I disagree with in his latest, September 29 statement: https://tinyurl.com/wpvepyu7
Take a pause till 2022 and there is a good chance it will go away. I suspect this is Manchin‘s hope.
On the other side the programs are popular in West Virginia. It took well over a couple of years to get the ACA going and Ted Kennedy died dooming the passage of the Public Option or LTC. The Senator from Aetna was not in favor of either.
To West Virginia, out-of-state drug companies shipped 20.8 million prescription painkillers to two pharmacies four blocks apart in a Southern West Virginia town with 2,900 people, according to a congressional committee investigating the opioid crisis.
The House Energy and Commerce Committee cited the massive shipments of hydrocodone and oxycodone — two powerful painkillers — to the town of Williamson, in Mingo County, amid the panel’s inquiry into the role of drug distributors in the opioid epidemic.
Where is Manchin’s concern over this or the increased price of EpiPens (which his daughter as upper management of Mylan was mostly responsible for also).
The $3.5 trillion bill is not just infrastructure. It includes such things as healthcare also such as lowering the age of Medicare, etc.
I suspect it would take a few years to just detail what is in the bill. Once passed the detail can be fought over, which it will be.
Yellen Warns of ‘Catastrophic’ Consequences From Debt Limit Breach
America’s Need to Pay Its Bills Has Spawned a Political Game
Just to introduce some perspective to the easily convinced, stop-the-steal foolish ones: I would like them to point out where else in the world among rich, modern nations (e.g., France, Australia, Denmark, Canada) elections are being robbed with such frequency and ease. Can they name even one — why us? ???
* * * * * *
Here is my three part proposal to swamp Republican Mussolini tactics with so many votes there is no way Democrats can lose:
All three be especially exiting for Obama/Trump switchers.
Hollywood should make a fictional version of a Republican for-real-steal in the 2024 elections — you know, setting up state legislatures to take away the vote counting from legit mechanisms on purported rationales and giving it to criminally intent co-conspirators. Be a great way to make people understand how Republicans really mean to undermine democracy. Sounds like great material for writers who know how to tell the story — really great material.
(Again, Lucy with the football?)
(There is nothing in this article about why/how ‘Republicans are expected to back’ anything.)
Republicans are expected to back a bill to avert a shutdown after Democrats moved a debt limit increase into a separate bill.
Congress plans Thursday votes to avert shutdown with just hours to spare before deadline
Congress Expected to Avert Shutdown, but Infrastructure Vote Is in Limbo
Here’s the latest…
Paring back the $3.5 trillion social policy bill would be tough, but there are possibilities
… Here are three possible scenarios for how to structure a final deal.
A slightly scaled-back plan that uses budget tricks to hold down the cost. …
A lowest-common-denominator $900 billion package that extends existing health and child care benefits. …
A middle-ground $1.5 trillion bill that invests huge resources in programs to combat climate change. …
Congress races to avert a government shutdown…
… Mr. Manchin doubled down on his opposition to the $3.5 trillion package in its current form, issuing a blistering statement late Wednesday in which he criticized the ambitions of the bill as the “definition of fiscal insanity.” He did not rule out supporting a slimmed-down version, suggesting he would be willing to reverse some elements of Republicans’ 2017 tax law and expand some social programs — but only if they were subject to income thresholds to ensure federal aid only went to those most in need.
White House officials declined to discuss the details of meetings and discussions with senators, which have intensified in recent days as some Democrats have grumbled that the president needed to play a bigger role in ensuring the success of his agenda.
Andrew Bates, a spokesman for the White House, rejected the criticism, saying Mr. Biden was doing precisely what he needed to.
“He knows how to make his case, he knows how to count votes, and he knows how to deliver for the American middle class,” Mr. Bates said.
But it was unclear, with Republican leaders urging their members to oppose the bipartisan infrastructure bill, whether that legislation could overcome liberal defections on Thursday.
“The plan is to bring the bill to the floor,” Speaker Nancy Pelosi told reporters on Wednesday, returning to Capitol Hill after huddling at the White House with Mr. Biden and Senator Chuck Schumer of New York, the majority leader. Asked whether she was concerned about the votes, she added, “One hour at a time.”
Later Wednesday night, Ms. Pelosi could be seen working the phones from the stands of Nationals Stadium near the Capitol, where Republicans and Democrats were facing off for charity in the annual Congressional Baseball Game. Gesticulating as she spoke into a mobile phone, Ms. Pelosi appeared to be having an intense conversation as she fought to keep the infrastructure measure on track.
Mr. Biden also made an appearance at the game, where he chatted with Ms. Pelosi and Democrats, visited the Republican dugout and handed out ice cream bars.
Racing to avoid a government shutdown at midnight, the Senate on Thursday approved a spending bill to extend federal funding through early December and provide emergency aid to support the resettlement of Afghan refugees and disaster recovery efforts across the country.
The legislation passed 65 to 35, and now heads to the House, where it is also expected to be approved, clearing it for President Biden’s signature before funding lapses. …
The Senate passes a short-term spending bill to keep the government open. It heads to the House next.
The legislation passed (the House) 254 to 175, clearing it for President Biden’s signature before funding lapses. The Senate earlier Thursday passed the legislation on a 65 to 35 margin, with 15 Republicans joining all Democrats in favor. …
Congress approves a short-term spending bill to keep the government open, sending it to Biden’s desk
Racing to avoid a government shutdown at midnight, Congress on Thursday gave final approval to a spending bill that would extend federal funding through early December…
how can anyone expect the human race to keep nuclear waste safe for 10,000 years if they can’t even keep it safe for 100?
fracking waste earthquakes are busting open the 10,000-year repository for highly toxic radioactive weapons waste…