Permanent Marks

The WSJ editors cited Fed Chairman Jerome Powell as saying, on the matter of our current relatively high inflation rate,

…some people define transitory to mean “short-lived.” But at the Fed “we tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation.”

This is misleading. It’s good that he’s not anticipating permanently higher inflation—if he’s right—but that’s unlikely in nearly any event—so far.

Politicizing Things

Congressman and Vice Chairman of the House Financial Services Committee Jake Auchincloss (D, CT) had an op-ed in Tuesday’s Fox News Online in which he complained about the lack of bipartisanship regarding and the politicization of the current inflation period—and blamed it all on Republicans.

Never mind the irony of decrying partisanship and politicization while blaming partisanly.

But the irony—no, the dishonesty—didn’t stop there. Here are just a couple of examples; he led off with them.

…game of chicken with the debt-ceiling….

Dislocations of a Non-Competitive Market

It turns out that when there’s no market competition, and when there’s no price signaling in any sort of market, some producers charge more than others, and consumers pay the price (to coin a phrase).

Some hospitals charge up to 10 times as much as others for standard medical scans, according to the latest analysis of previously secret market rates.
Median prices for taking images of the brain, legs, abdomen and chest differed across hospitals by thousands of dollars in some cases….

And

Partisanship

Gerald Seib had a piece on this in the context of gerrymandering. Along the way, he had these as examples of partisanship:

Yet when the bill [the $1.2 trillion “infrastructure” bill] came to a final vote, six of the state’s [Michigan’s] seven Republicans voted against it. Nor was the phenomenon limited to Republicans. Democratic Representative Rashida Tlaib also voted against it, in part because Congress wasn’t also passing a giant social-spending and climate-change package that she and other progressive Democrats have been demanding.

Government Subsidies for Local Newspapers

Dean Ridings, CEO of an organization self-absorbedly called America’s Newspapers, thinks it’s a terrific idea that the Federal government (presumably, government at any level) should…subsidize…local newspapers.

The Local Journalism Sustainability Act will provide the local news industry time to continue its transition to a more digital future and to work out a better arrangement, either through legislation or other means, to be paid when Google and Facebook use its content. It is not a permanent handout.

It is not a permanent handout. That’s just risible; Ridings knows better. It would be both a handout and permanent.

More Disingenuosity of the Left

Buried in the Progressive-Democrats’ reconciliation bill that they’re so desperate to hurry up and get passed before anyone can peruse it is this payoff to unions:

The bill the House passed would allow union members to deduct up to $250 of dues from their tax bills. The deduction is “above the line,” meaning filers can exclude the cost of dues from their gross income. In other words, union dues would get the same treatment now reserved for things like insurance premiums and retirement contributions.

The Progressive-Democrat Senator from Pennsylvania, Bob Casey, claims it’s no payoff at all; it’s because

Nothing Definitive, Still

The Joe Biden (D) portion of the Biden-Harris Presidency has decided to nominate Jerome Powell for a second term as Federal Reserve System Chairman. Lael Brainard, current member of the Fed’s Board of Governors, was in close contention for the nomination.

So…

Biden will nominate Brainard to become the vice chair of the central bank’s board of governors.

Splitting the baby, so everyone gets a participation trophy.

Typical of Progressive-Democrats.

Government Control of the Means of Production

And it begins with Government control of the means of financing the means of production (among other things to be financed).

The acting head of the US’s top banking regulator called for banks to be screened for climate risk as part of their periodic stress tests and said the agency’s own regulatory approach was focused on maintaining the safety and soundness of the financial system.
“Banks face all sorts of risks everyday—credit risk, market risk, liquidity risk,” said Michael Hsu, acting comptroller of the currency. “What’s emerging now is that climate change is going to be impacting a number of those risks in different ways, and we need banks to prepare for that.”

He Said It Out Loud

While using the subject of reparations and the claimed need for them, as his tool, Congressman Jamaal Bowman (D, NY) said the truth out loud.

When you analyze the landscape of the country, and when you see the leaders of our corporations, the CEOs, the majority of the presidents of this country, and when you look at who in this nation has wealth and power and influence and it doesn’t represent you, that is a trauma in and of itself[.]

“It’s Paid For”

That’s the Biden-Harris reconciliation bill that the House passed a version of Friday morning that’s “paid for.” And, no, that’s not Joe Biden’s quote—he said the bill would cost zero, which of course contradicts the headline quote, there being nothing for which to pay.

It’s Treasury Secretary Janet Yellen who said that when the CBO report on the bill was published before the House vote. Here’s her claim as cited by yahoo!news:

[T]he Built Back Better (BBB) Act is “fully paid for, and in fact will reduce our nation’s debt over time….”

What the CBO said, in summary: