Home » Open thread 5/3/24

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Open thread 5/3/24 — 33 Comments

  1. Liquidity crisis?
    Wouldn’t worry.
    They’ll be bailed out by “Biden” or “his” sugar daddies….

  2. Re-tweeted by Lee Smith, a baller himself:

    Three nuns went to a baseball game. Over the course of the game, the nuns became increasingly loud & rowdy.

    So, three men behind them began to have a loud discussion.

    “I think i’ll move to Idaho, I hear that there are only 20 nuns there,” said the first man.

    “20 nuns? I’m going to move to South Dakota. I hear that there are only 10 nuns there,” said second man.

    Just before the third man could speak, one of the nuns turned around and said,
    You should go to hell, I hear that there are no nuns there.”

  3. Very interesting interview of David Woo. Far ranging from economics to politics. He is worried about the election.

    Woo, the former head of Global Interest Rates, Foreign Exchange, Emerging Markets Fixed Income Strategy & Economics Research at Bank of America, is known for some of his bold and contrarian calls, including Trump winning the presidential race in 2016

    Analyst Who Nailed 2016 & 2020 U.S. Elections Sees Huge Economic Headwind With 2024 Vote | David Woo
    https://www.youtube.com/watch?v=4yJ0F44K9gg

  4. If Trump wins the election – no guarantee of that – but if he does, I wonder how he will handle the totally out of control spending and the massive federal fiscal deficit.

    I have not heard of anyone asking him about this problem nor has he addressed this problem.

    If Biden wins, he will keep spending non-stop and to address the problem – that he created – he will just raise taxes.

  5. thats more on the Congress’s side of it, remember that mulvaney put in a budget with discretionary reductions in growth, and that was dead on arrival, then when the dems came in, it was bon ton roulette, and then the lockdowns gave them another excuse,

    further more they wouldnt repeal or replace obamacare no matter they had done so in the 20011-2017 sessions, so there is that, and mcconnell did much to knee cap those who would have considered it, like akin or mcdaniel

  6. see i am cursed with memory of what went on before, no matter how the memory hole works, there was some cash that was repatriated from foreign sources but not enough to make up the extraordinary expenditure,

    as long as the printing presses have toner, they will continue to print, until it comes time for counterparties to look at it like monopoly money,

  7. its funny, the books were balanced under eisenhower, then came vietnam and the Great Society, eventually that drove us off the gold standard, because there was nowhere near the reserves, this would lead to the petrodollar which helped bring things more off kilter, then they complained about reagan’s budget deficitis it seems amusing in retrospect, with stockman’s soul fool ‘confession to grieder’
    then there was some discipline and chicanery past 1995, then came the long war, NCLB Medicare Part D, you see where the ladder keeps going, (like that price is right segment,) so now we find ourselves 35 trillion in depth, with a real unfunded liability, many multiples of that, now what was the question,

    thats a bit of shorthand there are some details along the way, now powell cannot follow his own rule, because the depth would be unsustainable, if isn’t in practice,

  8. Didn’t the Republican Congress succeed in bringing a little fiscal sanity in the Nineties? And didn’t some Bush Republicans say that if we did have a surplus, Democrats would waste it on more government programs? So we got Dick “Deficits Don’t Matter” Cheney and his wars. Clearly a lot of presidents and congresses have been responsible for the current mess — Biden most of all — but one big opportunity was lost 20 years ago.

  9. “Just before the third man could speak, one of the nuns turned around and said,
    “You should go to hell, I hear that there are no nuns there.”

    That’s an old joke with various set-ups. One, featured a nun on a bus.

    It probably had originated as one of those “told-in-school” ( meaning school in the old sense) jokes, and having more resonance in the days before the run up to the current post Vatican II virtual apostasy which now seems to have worked its way up to the reign of the little potbellied head of the church and his clique of sexually diverse simps and sly-guys.

    My poor mother’s church. It needs someone with a braided cord to enter in and whip some sense into them.

  10. the deal was struck with franklin raines, later of fannie mae, so how honest was it, but grant there was an attempt, and then the degenerate hastert went all out, and bob’s your uncle,

    I outlined the upward inexorable spending spiral, the only difference we continued to spend on more ridiculous things like green energy, and more boondoggles while our own physical plant collapses, with the highways the airlines the ports, funny how that works
    with more penzance characters like mayor howdy, cheerleader granholm et al,

  11. Frankie Valli Birthday… the original falsetto. .

    also… anyone catch the race-based Biden IRS stuff?

  12. Back in the Stone Age, when I was a kid, There was a rather long poem:

    ‘Twas the Night of the King’s Castration: the last of the Royal Balls was coming off. All the counts, discounts and no-‘ccounts were sitting around the throne room slinging camel-shit, for in those days, bull-shit was as yet unknown.
    A noise was heard in the courtyard and in came Daniel on his gallant white steed, with his balls slung over his shoulder. “What ho!” cried the King. “Ass-hole!” replied Daniel, thus scoring an early point for the common people.

    At this, the Queen dashed madly through the court with her drawers at half-mast, and her ass shining like a looking-glass in the moonlight.

    Hilarious now, the King offered Daniel the post of second-in-command. “But what of the Queen?” asked Daniel. “Oh, fuck the Queen!” replied the King, and 50,000 loyal courtiers were killed in the rush, for in those days the King’s word was law, and the King ruled with an iron hand.

    Upon seeing such mass slaughter, the King in exasperation exclaimed, “Oh, shit!”; and all 50,000 remaining loyal courtiers dropped their drawers and squatted on their haunches and strained and grunted in unison, for in those days the King’s word was law and the King ruled with an iron hand.

    “Stop!” cried the Queen, thinking of the royal carpet. The King called “Halt!” and 49,999 loyal butt-holes snapped shut with a stately click, and 49,999 glistening turds were nipped, gently steaming in the morning air, all save for that of Daniel, who proceeded to lay one two cubits wide by one cubit high by three cubits long.

    The King was sore affronted, and ordered Daniel thrown into the lions’ den for three days and three nights, for in those days the King’s word was law and the King ruled with an iron hand.

    And here was Daniel, in the midst of all those roaring, snarling beasts — but of course, you could easily recognize Daniel by the large green parasol that he always carried.

    On the first day, the Queen came unto Daniel and Daniel said, “Oh Queen, I am in need of some tea!” and the Queen asked, “What manner of tea?” Daniel replied, “C-U-N-T!” And the Queen departed.

    On the second day the Queen came unto Daniel and Daniel said, “Oh Queen, I am in need of some pills!” and the Queen asked, “What manner of pills?” Daniel replied, “NIP-PILLS!” And the Queen departed.

    Again on the third day, the King came unto Daniel, but it had come to pass that on the morning of the third day, Daniel had shat a great shit, and the lions were sore affronted. Almost all of them had thenceforth kept their distance from Daniel. But one of the lions took a liking to Daniel’s left nut, and began to munch upon it. “Oh, it tickles, it tickles!” cried Daniel. “What tickles?” asked the King. “TES-TICKLES!” roared Daniel, thereby scoring another point for the common people. Upon hearing this, all the ladies in the courtyard took out their tits and tittered.

    Then the lion crouched as if to spring, but instead laid a big turd. This amused the King, and he ordered Daniel to come forth, but Daniel slipped on the lion’s turd and came fifth, thus utterly losing the race. This angered Daniel so greatly that he picked up the lion turd and, with menacing accuracy, hurled it at random. Random, being a crafty little bugger, ducked, and the turd hit the King full in the eye.

    Now, this made the King exceedingly angry, whereupon he inquired, “Where’s the Queen?” “Milord, she is on the Royal Crapper.” “And is she well-supplied with paper?” “Milord, she has forty reams of the finest linen.” “It is good,” said the King. “And where’s the Princess?” “Oh, she’s upstairs in bed with laryngitis.” “Not that fucking Greek again!” cried Daniel.

    This amused the King and he spake, “Oh, fuck the Princess!” and another 40,000 loyal courtiers were trampled to death in the rush, for in those days the King’s word was law, and the King ruled with an iron hand, and besides, the Princess was a comely wench. This made the King exceeding angry, but the Queen only said, “Well, I’ll be fucked!” — more in hope than in indignation. But nobody moved, save a solitary senile seneschal, quietly masturbating in a corner into a silver teaspoon, and Daniel, who, taking her at her word, grabbed the Queen by her butt-cheeks and slipped her onto his dick like a well-worn jackboot.

    Later in the evening the King entered the Royal Boudoir and beheld the Queen lying on the bed, clad only in Nature’s attire. “Roll over, Queen!” ordered the King. “I’ll be fucked if I will!” shouted the Queen. “You will at that,” observed the King, “but you’ll be corn-holed if you won’t!” Hearing this, the Queen shat a gold brick, for in those days a square ass-hole was a symbol of royalty.

    When the King saw this, he cried, “Balls!”; not because he had to, but because he had two. And the Queen replied, “Balls!? If I had two, I could be King!”

    Whereupon the King, having partaken of over-ripe olives, hied himself to the innermost part of his kingdom and proceeded to shit buttermilk for three days, and thereafter was forever known as King Dairy-Ass, throughout the world.

    Blaming Daniel for his digestive discomfort the King sentenced Daniel to wander in the wilderness for forty days and forty nights, for in those days the King’s word was law and the King ruled with an iron hand.

    And so it came to pass that Daniel wandered in the wilderness for many a long day and many a long night. But in the evening of his thirteenth day in the wilderness, Daniel was set upon by bandits! Not, as you might at first surmise, ordinary bandits, but Mexican bandits. Nor, as you might at second surmise, ordinary Mexican bandits, but Mexican bum-bandits, who debagged him, scragged him, and shagged him, and left him with his pockets jingling, and his ass-hole tingling.

    Months went by before the Queen came unto Daniel. “Oh Daniel, I am heavy with child. What steps are to be taken?” “Fuckin’ big ones!” replied Daniel as he vanished over the Southern horizon.

  13. The most dysfunctional state in America? Soaring unemployment, sky-rocketing debt and punishing taxes send residents fleeing – New York? Nope. California? Nope. ‘Land of Lincoln’? Close – it’s Land of Obama. Who’s his Daddy? Ann will never tell. Like his mother, Stanley Ann Dunham, Barack “Che” Obama was raised a pure Communist. Hard to believe there were Communist schools in America back when Ann was being raised, but Ann went to some of the best. Frank Marshall Davis – Obama’s link to Chicago & Harvard. If you knew Frank “Sex Rebel: Black (Memoirs of a Gash Gourmet)” Davis, then America’s hidden & wide open Communist World opened up for you. If Frank “Sex Rebel: Black (Memoirs of a Gash Gourmet)” Davis mentored you, then that Communist World bowed before you.

    llinois is grappling with a string of issues which have triggered a rise in residents departing the state.

    The state has struggled to add jobs and its public pension debt has ballooned to nearly $150 billion. Meanwhile, its population has declined, hurting tax income.

    Conservative thinktanks have now grouped Illinois with other blue states like New York and California, which have also faced an exodus amid issues ranging from immigration to crime.

    ‘Unemployment rates are very high; wage growth is lagging compared to most other states,’ said Bryce Hill, the director of fiscal and economic research at the Illinois Policy Institute.

  14. An old and stale Catholic joke I have probably recounted before.

    I’ll skip the adjectival rigmarole concerning the old Irish priest with the Barry Fitzgerald brogue. Rework to suit.

    Skeletally:

    Priest visiting the classroom: “Now children, we are going to discuss “faith”. Can any of you be telling me what it is that “faith” is?”

    Tommy, brightly: “I can Fadda!”

    Priest: “That’s a good lad. Tell the class what “faith” is, Tommy.”

    Tommy, “Sure, Fadda. Easy! ” To class: ” ‘Faith’, means believing in what you know aint true!”

    Like I said, stale.

  15. Re: AI and electrical power

    “Watts up with that” has an excellent article on the looming electrical power shortage. The US has managed to hold its consumption flat since 2007, but that’s no longer going to be sufficient, because of all the Net Zero requirements to transition from fossil fuels to electric vehicles and appliances.

    So if we are going to increase demands for electrical power, where does that power come from? From what I can tell, it was supposed to come from solar and wind, which we were assured could handle the burden and economically, but our authorities gamed the studies to reach that answer. Quelle surprise!

    Now we are discovering that mustard won’t be cut. Even Elon Musk has been caught pants-down and Tesla sales are stagnating because of the charging problems.

    All that’s bad enough, but AI is going to kill any further wishful Net Zero thinking:
    _________________________________

    But the electricity needed for the new artificial intelligence (AI) revolution will be greater than that needed for EVs, electric appliances, and green hydrogen combined. Amazon, Alphabet, Meta, Microsoft, and dozens of other firms are building massive new multi-acre data centers. In addition to new facilities, servers in the nation’s 2,700 data centers are being upgraded with new high-performance processing cards, boosting data center power consumption by six to ten times. Today, data centers use about 4% of US electricity, but the AI revolution is expected to boost that demand to more than 20% of US electricity consumption within the next ten years.

    https://wattsupwiththat.com/2024/05/02/the-looming-electrical-power-shortage/
    _________________________________

    The AI stakes are Mt. Everest high. AI’s power demands are non-negotiable.

    Unless our elites imagine they can starve and freeze half the world’s population in favor of their Net Zero fantasies, that dream is over until we have the tech that can make solar and wind work. Which frankly I doubt, for the next few decades anyway.

  16. Open Thread:

    Don’t trust your heart to Dr. AI.

    OT READY FOR PRIME TIME: Study: AI is unreliable in assessing heart risk in emergencies. Though after Helen’s heart attack, the ER EKG’s expert system flagged her as “likely recent MI” and the cardiologists looked at her, a fit, slender young woman, and said “naaah.” It was a couple of more months before she was diagnosed.

    https://www.upi.com/Health_News/2024/05/02/artificial-intelligence-emergency-room/3771714655609/

    HT Glen Reynolds at https://instapundit.com/

  17. Re: Chicago
    The crooks that run that place – liberal progressive leftists- know full well that their underfunded pensions will be made whole by the federal govt. if push comes to shove.
    Also, any leftist city in the USA – NY, Chicago, etc . – if bankrupt, will be bailed out by the federal govt.
    Leftist cities can spend themselves into oblivion without any worries.

    Recently some part-of-a-city in Louisiana (or was it Mississippi?) after several years of court battles, finally won the right to secede from the larger city they were a part of, and form their own, new city.

    Don’t know if the legal methods they used are applicable to other states, but I would venture to guess that the majority of counties in Illinois would love to free itself from the shit hole that is Chicago.
    Ditto for many places in NY State, Washington and Oregon, Maryland, etc.

    Secession from a state or a state seceding from the nation does not have to be violent. The Civil War became violent because the hot heads in South Carolina decided to bomb a federal fort in Charleston Harbor, Ft. Sumter, basically declaring war on the USA.
    It is interesting to speculate how things would have unfolded if the Confederacy had not started the war.

  18. I thought it was strange and troubling that Biden’s top economic advisor wasn’t an economist but rather a professor of social work.

    It’s worse than I thought. Here’s Jared Bernstein’s response to a question about the deficit and bonds:

    Well, um… the… uh… so the… I mean… again, some of this stuff gets… some of the language that the MM… some of the language and concepts are just confusing. I mean, the government definitely prints money and it definitely lends that money. Which is why, uh… uh… the government definitely prints money and it lends that money by uh… by selling bonds. Is that what they do? They… they… um… they… yeah… they… they… um… they sell bonds. Yeah. They sell bonds, right? Since they sell bonds and people buy the bonds and lend them the money. Yeah. So, a lot of times, a lot of times, at least to my ear with MMT, the language and the concepts can be kind of unnecessarily confusing, but there is no question that the government prints money and then it uses that money to um… uh… eh… uh… so… um… yeah… I… I… I guess I’m just… I don’t… I can’t really ta- I don’t… I don’t get it. I don’t know what they’re talking about, like… cuz… it’s like, the government clearly prints money. It does it all the time, and it clearly borrows. Otherwise we wouldn’t be having this in.. this conversation. I don’t think there’s anything confusing there.”

    At least he and Biden will be able to communicate with each other.

  19. To Fullmoon – ah, but why did 7 eat 9? Because he heard he should have 3 squared meals a day.

  20. …why did 7 eat 9?
    __________________________________

    Now if uh, 6 turned out to be 9
    Oh I don’t mind, I don’t mind

    If all the hippies cut off all their hair
    Oh I don’t care, oh I don’t care
    Dig
    ‘Cause I’ve got my own world to live through and uh, huh
    And I ain’t gonna copy you

    –Jimi Hendrix, “If 6 Was 9”
    https://www.youtube.com/watch?v=cQCM2vHIZ3o

    __________________________________

    I thought this song was stupid back in the day, but it has grown on me.

    Sing it, Jimi!

  21. First grade jokes require a believable first grade delivery. He didn’t have one and probably can’t because although I’d never heard of him he’s established and probably not in an Bud Abbott kind of way.

    The women in my family more or less appreciated The Three Stooges and despised Jerry Lewis. They said Lewis was making fun of toddlers and mentally deficient children and the Stooges came across as stupid adults behaving like children – and getting punished.

    His delivery reminded me of Chaz, a long ago friend of mine who had no discernible sense of humor. Which for everyone else was a great source of humor.

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