Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktVital Statistics:
Stocks are higher this morning on no real news. Bonds and MBS are down.
Retail sales rose 0.6% in February, which was a touch below expectations. On a year-over-year basis retail sales were up 1.5%. These numbers are not adjusted for inflation, so it is an indication that spending is on the weaker side. January’s numbers were revised downward, which is typical these days.
Inflation at the wholesale level increased 0.6% in February, which was an acceleration from January and December. About 70% of the increase was due to energy prices, particularly gasoline. Excluding food and energy, wholesale prices rose 0.3%.
Initial Jobless Claims fell to 209,000 last week.
Biden is proposing a $10,000 tax credit for first-time homebuyers and people who sell their starter home. The admin is also directing FHFA to waive title insurance fees and telling CFPB to go after fees at closing. Ultimately the problem is supply and interest rates, so the going after closing costs and goosing demand probably isn’t going to do much.
Since the inflation numbers aren’t going to allow the Fed to cut as much as necessary to lower mortgage rates, one way to attack the problem is to target MBS spreads. FHFA can tell Fannie Mae and Freddie Mac buy MBS again which was part of their job prior to the financial crisis.
Homebuilder Lennar reported first quarter earnings yesterday. Revenues rose 13%, which was driven by a 23% increase in units and a 8% decline in average selling prices. Gross margins expanded to 21.8% compared to 21.3% a year ago. The increase in gross margins were driven by decreased construction costs which was offset by a decline in average selling prices and higher land costs. Lennar is holding much less land in inventory than it has in the past.
Earnings were $719 million and the company spent $506 million buying back stock.
Filed under: Economy |
All Things in Moderation 
Biden is also proposing to dismantle part of the Interstate highway system in the name of correcting past racial injustice:
https://www.washingtonpost.com/business/2024/03/13/biden-economy-milwaukee/
LikeLike
It’s about fucking time! I-10 is a disgrace, with each mile more racist than the last. And don’t get me started on I-5 in California, otherwise known and Lyncher’s Alley!
LikeLike
I suspect most Wisconsinites would prefer to have the potholes filled instead of having I-94 moved.
LikeLike
The other thing I found funny was this assumption that somehow carrots from DC can turn places like Gary, IN or Akron OH into tech hubs.
Only someone from Brookings could be that dense.
This is about spending money in urban areas in swing states, knowing that the recipients will send back a percentage in campaign donations.
LikeLike
He also wants to increase the stock buyback tax from 1% to 4%.
https://www.cnbc.com/2024/03/07/president-biden-wants-higher-taxes-on-corporate-americas-stock-buybacks-.html
LikeLike
Man, the left hates stock buybacks for some reason.
LikeLike
They think that if companies didn’t buy back their stock, they would hire more people or give employees raises.
That is economically illiterate of course, but that is how the left thinks.
LikeLike
They’re not that stupid, are they? I mean, Schumer and Pelosi don’t believe it, do they?
LikeLike
It is hard to tell. Companies did stock buybacks because they are more tax-efficient than dividends.
But, the net result for this will be for companies to hold cash.
LikeLike
lol!
That’s why there’s no hope left. Keep what you can secure, move to a deep red state and pray.
LikeLike
Good interview:
https://reason.com/podcast/2024/03/06/nate-silver-libertarians-are-the-real-liberals/
LikeLike
Rest assured however, that the climate change data is Rock.Fucking.Solid!
LikeLike
I know when I got married I suddenly desired to own slaves.
LikeLike
This has been true since the early ‘90’s at least when I worked in the meat and poultry industry.
LikeLike
Eyes on the goddamn prize!
What’s wild is that incumbents don’t (usually) lose, so….
LikeLike
Dude’s severely conservative.
https://x.com/ronfilipkowski/status/1769091128488345601?s=46&t=vSGsUlnc4rLxcUf7zfUiHg
LikeLike
Hot chicks who won’t let me watch them pee in the ladies toilet are racists, straight up.
A perfect win/win!
LikeLike
I think this is a thoughtful thread.
It does reach a conclusion I agree with already, so…
LikeLike
Anyone else notice that Substack ceased rendering correctly in Firefox?
LikeLike
Hitler could riff jokes for an hour.
It’s how he warmed up the crowd for Triumph of the Will.
Literally had them rolling in the aisles!
and the Beer Hall Putsch? Think Bill Burr’s “Philly Rant”. He was heckled for the last 1/3rd of his set, hence the failure.
LikeLike
What goes around comes around:
https://www.politico.com/news/2024/03/18/supreme-court-new-mexico-griffin-00147547
LikeLike
Apparently he was found guilty of misdemeanor trespassing. If that is cause for disqualification under the “insurrection” clause, then every Republican controlled state should be searching the history of all elected Democrats for instances of having been arrested at a protest, and disqualifying them immediately.
edit: Looks R’s did a similar thing years ago. Not under the insurrection clause, but under state law, in Arkansas.
https://www.jurist.org/news/2020/11/arkansas-supreme-court-invalidates-election-victory-over-misdemeanor-conviction/
The Arkansas Supreme Court on Tuesday invalidated the state legislature election victory of Democrat Jimmie Wilson over a previous federal misdemeanor conviction. The invalidation deemed Republican David Tollett the default victor of the November 3 Arkansas State House District 12 election.
LikeLike
Some people still do not understand we are past the Rubicon. There is no going back, it’s surrender or victory. Elected Republicans hoping for a return to normal are as bad as elected Democrats, but even more dishonest.
LikeLike
It will be interesting if some states revise their oaths of office for state offices to remove any mention of upholding the US Constitution in response to this.
LikeLike
Absolutley wild!
https://uk.news.yahoo.com/trump-t-464-million-appeal-152402765.html
LikeLike
The government will make a living hell out of any bank that loans him the money.
LikeLike
Exactly. Their behavior will attract those that think they can game the left and repel those that think they cannot. Does that help or hurt NYC consumers?
But Trump needs to reconcile the fact that the city is going to seize his properties, liquidate them at fire sale prices then seize more. I suspect most of his real estate in NY will be gone forever. I see no court reversing this.
LikeLike
maybe I’m being obtuse but Lemon’s argument, that mistakes are happening now, would indicate a need for higher standards.
LikeLike
To me, these are signs of actual life within the GOP, that the civil war within it is coming to a head.
LikeLike
The ESG battles continue:
https://finance.yahoo.com/news/texas-schools-fund-pulls-8-173145555.html
LikeLike
IMO ESG investing is a complete breach of fiduciary responsibility. ESG investors are virtue-signaling with other people’s money.
LikeLike
That’s the best way to do it though, with OPM!
LikeLike
I assume he can now be targeted with a defamation law suit, even in the absence of being convicted or even charged with a crime.
LikeLike
Anyone here have any experience selecting a 401k plan for a business? Any recommendations?
Total assets around $2 m
LikeLike
Im laughing at the thought of Mnuchin as MAGA.
LikeLike
The useful thing about his comment is that it shows that Chinese ownership has nothing to do with why they are going after Tik Tok.
LikeLike
If Trump can’t capitalize on this then he deserves to lose:
“Biden Administration Announces Rules Aimed at Phasing Out Gas Cars
The regulations would require automakers to produce more electric vehicles and hybrids by gradually tightening limits on tailpipe pollution.”
https://www.nytimes.com/2024/03/20/climate/biden-phase-out-gas-cars.html
LikeLike
For you George:
“Yes, Sydney Sweeney’s Boobs Are Anti-Woke
Leftists are now trying to pretend they never had a problem with women’s bodies
Richard Hanania
Mar 19, 2024″
https://www.richardhanania.com/p/yes-sydney-sweeneys-boobs-are-anti
LikeLike
No link is present.
LikeLike
My bad. I can’t find it anymore so I deleted it.
LikeLike
And another cave on the budget process:
https://punchbowl.news/archive/32124-punchbowl-news-am/
LikeLike