Author Archives: eehines

Bidenomics

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It’s terrific, or so claims our Progressive-Democratic Party President, Joe Biden. Here are some examples of how well it’s working.

  • He [Mark Zandi, Chief Economist at Moody’s Analytics] estimates that the typical American household would need to use 42 weeks of income to buy a new car, as of August, up from 33 weeks three years ago.
  • New 30-year fixed-rate mortgages today carry rates around 7%, up from 3% two years ago.
  • The typical credit card carried a 20.7% interest rate in May, up from 14.6% in February 2022….

That’s Bidenomics’ inflation, which drives the Fed’s moves on interest rates. That’s also Bidenomics’ inflation, which drives prices higher. That last pushes the need to borrow, whether to buy a home, buy a car (new or used), or via credit card debt to buy daily and monthly necessities.

Sure, Bidenomics is working. And maybe I know of some beachfront property north of Santa Fe….

ByteDance and TikTok

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Recall that TikTok, a social medium heavily favored by our children, is wholly owned by ByteDance. Recall further, that ByteDance is domiciled inside the Peoples Republic of China. Finally, recall that the PRC’s 2017 national security law requires every PRC-domiciled company to collect and deliver to that nation’s intelligence community any information that community requests. A bonus memory: TikTok’s executive team has been at pains to insist that, in the United States, they operate independently of all of that.

Against that backdrop, there’s this:

Since the start of the year, a string of high-level executives have transferred from ByteDance to TikTok, taking on some of the top jobs in the popular video-sharing app’s moneymaking operations. Some moved to the US from ByteDance’s Beijing headquarters.

That’s not independence. Nor does it matter what top jobs, in particular, ByteDance’s transferred executives assume in TikTok. They work for ByteDance, which operates at the behest of the PRC government. Their presence at the top of TikTok only tightens that control.

Bottom line: it doesn’t matter how much gussying up ByteDance or TikTok executives do in their attempts to deny Peoples Republic of China control of TikTok; the PRC’s intelligence community can command TikTok to obtain and deliver any information regarding TikTok’s users that the intel community wants.

It’s past time the Federal government bans TikTok from any and all operations inside the US. Standing in the way of that are too many Congressmen and Senators, of both parties, who have taken “donations” from folks like Jeff Yass, who through his Susquehanna International Group owns a big stake in ByteDance, [and he] has also worked to fend off a US ban through organizations like Club for Growth. Among those…donees…are

  • Senator Rand Paul (R, KY), who received through a Paul-supporting PAC, $3 million
  • Congressman Thomas Massie (R, KY), who has received $32,200 directly from Yass, his wife, and via a Massie-supporting PAC
  • Other [carefully unnamed] Republicans in Congress, including at least five others besides Paul and Massie, who received financial support from Club for Growth and have objected to legislation targeting TikTok.

Yass has rationalized his antipathy to banning TikTok with this:

TikTok is about free speech and innovation, the epitome of libertarian and free market ideals. The idea of banning TikTok is an anathema to everything I believe.

Aside from moving to protect his investment in the PRC-controlled ByteDance, it appears that part of everything I believe includes the right of the Peoples Republic of China to spy on our children. Banning TikTok has nothing to do with interfering with free speech (or innovation, come to that). Banning TikTok would ban a tool used by the PRC against our children and our national security, to the extent it’s used by government officials at any level of our hierarchy or by business executives anywhere. Content, speech, all of that, could and would continue apace, completely unhindered, on any of the plethora of other social medium platforms.

Ban TikTok. No further delays.

Featherbedding

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It’s not just for railroads, or auto unions. It seems to have come to the Writers Guild of America. The WGA and the Alliance of Motion Picture and Television Producers appear to have reached a tentative agreement, wanting only fleshing out the details and then a WGA rank and file vote.

The tentative agreement appears to include these items:

  • a minimum number of writers per television show
  • guaranteed employment for those writers from conception to postproduction

If those really are included, they would be just naked featherbedding. Not even TV and movie production needs a guaranteed, fixed numbers of writers, or of any other type of employee, nor should these businesses need to provide guaranteed employment, whether or not the employees are needed at one time or another.

Instead, those items should be matters agreed in contracts between employee groups or their representing unions and the particular television and movie production company.

This wastefulness—and increased cost to consumers—is part of the price a union shop inflicts on the rest of us.

Student Debt and Savings

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The lede’s lead sentence leads into it.

Everybody knows that US households’ savings soared after the pandemic struck, as the combined effects of checks from the government and fewer opportunities to spend swelled wallets.

Increasing household savings is, in almost all cases, good since we Americans don’t keep a big enough cash cushion against unexpected exigencies, anyway. There was, though, one key area, one Critical Item, that did—and does—represent quite a large opportunity legitimately to spend: paying down the student debt held by one or more members of a household.

Sure, the Federal government, with questionable legality, initiated a pause on student debt payment and associated interest accruals. However, that pause was on lenders’ ability to demand payment. That pause in no way blocked the ability of the student borrowers to continue making payments of their loans.

Where we stand today is indicated by the San Francisco Fed (keep in mind that they say their estimate is pessimistic):

They calculate that excess savings peaked at about $2.1 trillion in August 2021, but by the second quarter of this year less than $190 billion remained, putting them on pace to be depleted in the current quarter.

Now (assuming arguendo, the estimate is accurate), in the face of those vastly depleted and rapidly disappearing savings, those student debtor households will have to resume student loan payments, whether they want to or not, next month. That represents a sequence of problems for our economy and for them: student loan debtors must make loan payments from shrunken resources, which means they’ll spend less in the consumer economy. Less consumer spending slows our economy. In a slowing economy, employers hire fewer employees or employ fewer folks outright—furloughs and layoffs. That tightening, even shrinking, labor tightens even further the economic condition of those student debt-laden households.

Boosting my WiFi Signal at Home

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Kurt Knutsson has some ideas for doing this. Luddite that I am, I question a couple of his going-in assumptions, at least as his suggestions apply to my case. Start with his subheadline:

Fix deadzones, speed up slow spots, and make your wireless internet signal reach farther

I have an ordinary-sized, one-story, wood frame, single-family home. I don’t have deadzones or slow zones (I’ve walked signal-assessors around my house). I don’t want my WiFi signal to reach farther, either; that would take the signal even farther outside my house, even farther past my city lot boundaries, making it even easier for wardrivers to capture, or for others to (try to) piggyback off my WiFi Internet connection (despite the several security precautions I’ve taken).

Have you ever wanted to watch your desktop screen on your smart TV, yet found out that the network connection is too weak or unreliable?

Nope. In the first place, I’ll never have a “smart” TV in my house until they’re the only ones left on the market when I need a replacement, and/or I can guarantee the device will never have or get access to the Internet. Smart TVs, currently, are just another piece of the Internet of Things that is so much a security risk.

YMMV. And probably does.