investmentwatchblog--2020-06-18--RUSH: The Democrats are doing everything they can to divert everybody’s attention away from what has

RUSH: The Democrats are doing everything they can to divert everybody’s attention away from what has been decades of failure — failed promises, failed implementations of policy.

RUSH : All right .
So look at that headline right there : “ Republicans and Democrats Clash Over Police Reform.
” You know what this is about ?
This is about an actual piece of legislation that is being argued and debated in the United States Senate .
And I did a double-take because that ’ s not how laws are made in our country anymore .
The Senate and House don ’ t actually do anything anymore ’ cause they ’ re all afraid to .
Our laws come from regulators , unelected bureaucrats and our judges , @ @ @ @ @ @ @ Supreme Court decisions .
Josh Hawley from Missouri got it exactly right when he was complaining about Gorsuch and the decisions on the sexual discrimination cases being lapped into the 1964 Civil Rights Act .
You know , to put this in perspective , to show you how we conservatives — look , folks , I don ’ t want to dispirit you here .
I ’ ve already got a story here of polling data — well , a poll shows that half of Americans are unhappy .
Let me find the @ @ @ @ @ @ @ Are the Unhappiest They ’ ve Been in 50 Years.
” Not half of Americans .
Unhappiness they ’ ve been in 50 years .
Does that not make sense ?
I don ’ t want to dispirit you here , but do we ever hear about liberal judges not advancing the liberal cause ?
We do not .
They never make a mistake when they appoint a judge .
Isn ’ t that amazing ?
They never get fooled .
They appoint a judge , and that judge knows his job .
@ @ @ @ @ @ @ as it should be under liberalism .
We don ’ t do that .
We have these people that rate judges and recommend them to the president , and we pick the best conservatives we can find based on conservative principles and so forth .
Then we roll the dice .
The bottom line , conservative judges do not consider themselves at all like liberal judges do .
You might say , “ Well , that ’ s the way it ought to be .
It ought to be that way .
They @ @ @ @ @ @ @ law , not their agenda.
” Well , that ’ s why we keep losing , because we ’ re not on the playing field .
We are engaged in a battle for the kind of country we ’ re going to have .
Why do you think the American people are suggesting that they ’ re more unhappy than they ’ ve ever been ?
None of what ’ s happening now is normal .
None of what ’ s happening now is anything people would design , including the lockdowns , @ @ @ @ @ @ @ ineffective way of dealing with it , the fake news , all of these public protests , all these malcontents .
Look at what we ’ ve done .
Lyndon Johnson , Civil Rights Act 1964 .
What did we have ?
We had the Great Society .
We had the War on Poverty .
We ’ ve had over $ 4 trillion of wealth transferred from producers , taxpayers , to people who were discriminated against .
They ’ re worse off today than they were before all this happened .
This @ @ @ @ @ @ @ big points .
After all of this supposed help — it ’ s one of my big points , too — after all of this help , after all this compassion , after all this assistance provided by the Democrat Party , we ’ ve got an angrier population of minorities than we have ever had .
And most people in this country do not think they ’ re racist .
They think they ’ ve gone out of their way to avoid being racists .
They ’ ve gone out of their @ @ @ @ @ @ @ ve gone out of their way to be sympathetic .
It doesn ’ t compute .
Most people are ask , “ What the hell else can I do ?
” Now , if you get into the Millennial demographic , they ’ re not old enough to have had this perspective yet .
And I have mentioned the past couple of days — and this is true — that the vast majority of violent protests , not all , but the vast majority of violent protests are being conducted by white Millennial @ @ @ @ @ @ @ it ’ s a hell of a lot of women .
Their minds and brains have been totally commandeered .
You parents who have kids at college or recently were at college and have come home , you know exactly what I ’ m talking about .
After two years there , they come home and they start telling you how you ’ re racist , you ’ re destroying the planet with climate change , you ’ re listening to complaints about your parenting and the way you ’ ve run the @ @ @ @ @ @ @ recognize .
But your kids have been indoctrinated to believe that this country is white privileged , it ’ s white systemic — I get these two terms confused .
White privilege , white supremacy .
And the dangerous thing is , I ’ ve seen evidence .
I ’ ve had parents call here that start agreeing with their kids .
Their kids are coming home from college and persuading them that they ’ re right .
So then when the kids go to Seattle and start burning things down , the @ @ @ @ @ @ @ Other people , what the hell is happening to our country ?
If you think in the big picture of things , what is there to be happy about ?
Well , we ’ re alive .
But that doesn ’ t count because everybody takes that for granted every day .
Let ’ s see .
The economy may be coming back .
Well , yeah , but do you notice that there ’ s an effort to try to dispirit you on that ?
There is an effort — it is @ @ @ @ @ @ @ you , to dispirit you .
I find so much of this totally explainable why people would be unhappy .
RUSH : Look at this headline : “ Manhattan DA [ Refuses ] Declines to Prosecute the Man Arrested who Committed Vandalism Against St. Patrick ’ s Cathedral.
” Do you realize how often this is happening all over the country ?
The vandals , the rioters , the looters , none of them are being prosecuted !
Why do you think that is ?
Well , because at the root of it @ @ @ @ @ @ @ is scared to death of ’ em , literally scared to death of ’ em , and so it ’ s just the path of least resistance .
“ Okay .
We catch somebody looting ?
We catch a bunch of people looting , vandalizing ?
No prosecution.
” There ’ s this firm out there that has raised $ 30 million to bail some of these perps out of jail .
Do you know how much they ’ ve spent ?
As of yesterday , $ 200,000 .
So there ’ s @ @ @ @ @ @ @ yet that has been raised on bail for Black Lives Matter and other type perps .
Where ’ s that money ?
Where ’ s that money go ?
I ’ ll guaran-damn-tee you that money ’ s going right to the Democrat Party .
It ’ s going right to the presidential campaign .
It ’ s going right to the Democrat National Committee .
What do you mean , “ Where ’ s it going ?
” The only place it can go !
All of this talk about these police @ @ @ @ @ @ @ how bigoted and how out of control they are .
Didn ’ t Obama and Eric Holder have the Department of Justice take over something like 36 of these police departments under consent decrees ?
They took over police departments from Oakland to Baltimore — I think they tried in St. Louis , Ferguson , dozens of cities in between — and you know why they did it ?
These consent decrees are well known .
It was the way Obama wanted to federalize local police forces .
He and Holder had this @ @ @ @ @ @ @ mean give the federal government control over as much as possible , including local policing .
Thirty-six American police departments were taken over by the federal government .
They were demanded .
They were told that they had to do certain things , and if they couldn ’ t , that ’ s consent decree would apply , and they were given impossible conditions to meet .
So a number of these police departments — and I ’ m not kidding : Oakland , Baltimore — ended up under the control of the @ @ @ @ @ @ @ be any police racism or brutality after police departments have been under the enlightened control of the Obama-Holder administration ?
How does that happen ?
How is it that places that have been run by the Democrat Party for decades… ?
How is it that there ’ s any racism anywhere in these cities , much less just the police department ?
The Democrat Party promises to end all of that , and they promise to punish all the people responsible for it — us , conservative Republicans — and yet we don @ @ @ @ @ @ @ of these cities where we have any ability to shape the law or regulations !
This is all on the Democrat Party .
I ’ ll tell you , I think a lot of these statues coming down and all of this stuff going on is Democrats doing the best to get rid of their symbols of failure .
The Democrats are doing everything they can to divert everybody ’ s attention away from what has been decades of failure — failed promises , failed implementations of policy .
‘ Cause virtually everything @ @ @ @ @ @ @ to minority communities , hasn ’ t come to pass .
The minority communities are angrier today than they ’ ve ever been , after $ 4 trillion transfer of wealth to the Great Society programs and the War on Poverty , all of those things that LBJ created .
Listen to Shelby Steele .
He will tell you that the black community , in terms of education , in terms of jobs , in terms of standard of living , they were all doing better — including in Harlem !
They were @ @ @ @ @ @ @ Poverty , before the Great Society .
And he will tell you that the Great Society and the War on Poverty were not about actually improving the lives of African-Americans .
They were all about improving the political prospects of politicians who supported the legislation .
It was the greatest example of “ I care ” you ’ ve ever seen .
It had gazillion-dollar price tags to it .
It had all kinds of blame .
It had all kinds of promises .
But as we know now , we can watch @ @ @ @ @ @ @ after various blue cities and various blue states , and we can see by the evidence in our eyes that there hasn ’ t been anything that the Democrat Party has engaged in that has made one person in the minority community they claim to serve happy .
RUSH : I ’ m still zeroed in on this story : “ Americans Are Unhappiest They ’ ve Been in 50 years , Poll Show.
” By the way , this poll was taken by something called NORC .
This is not defined in @ @ @ @ @ @ @ ’ t know what it is .
It ’ s NORC at the University of Chicago .
I ’ ve never heard of it .
The senior research scientist with NORC at the University of Chicago is Louise Hawkley , and she says ( summarized ) , “ Well , loneliness , surprisingly , was not more prevalent among people who claim they ’ re unhappier than ever .
Loneliness is not as high as it could be .
People have figured out a way connect with others .
“ It ’ s @ @ @ @ @ @ @ managing , to some extent.
” Most of it , I guess , is based on people ’ s fear for their kids ’ economic future , which makes total sense .
I mean ( chuckles ) , although that ’ s a common parental concern in good times as well .
So apparently there ’ s a new China outbreak in Beijing .
It ’ s caused them to halt flights , to shut schools .
Residents , just as they were in Wuhan , are now being rounded up and sent @ @ @ @ @ @ @ on the fake news you look at , you can find any reason in the world to be unhappy , is the point .
RUSH : Carolyn in Virginia Beach .
You ’ re up first today .
Great to have you on the program .
Hello .
CALLER : Hi , Rush .
Thank you for listening to me , and mega prayers and dittos .
I was just going to say that I think that the unhappiness is just another sign that Trump is gon na win again .
RUSH : @ @ @ @ @ @ @ : So , because the same thing like it was back in 2016 where we were forced not to speak the truth .
The same thing is happening all over again .
You ’ re not allowed to raise your voice or show your flag , because the cancel culture will come down on you hard .
You see all these companies out there really honestly making fools of themselves with all this stuff .
I ’ ve been doing a lot of reading and listening , and I feel like there ’ @ @ @ @ @ @ @ Americans voting for Trump than the left wants to admit , and so they ’ re just trying to continue to scare us .
It ’ s really hard to find anything positive to listen to on the media or to read these days , but when you do find something… Like I found something last night where this woman who sounds like she was a pretty flaming liberal went to a Trump rally and actually enjoyed herself and says she ’ s gon na vote for Trump .
So I just think @ @ @ @ @ @ @ and we just have to stand up for the truth and for our country .
And one more thing .
Tim Scott today did an amazing job with this whole police reform , which they also don ’ t want Trump to get through .
You want to talk about somebody for 2024 ?
Tim Scott is in there , too , because — RUSH : Could you explain something to me , Carolyn ?
RUSH : Don ’ t get mad at me , folks .
What is in this reform bill @ @ @ @ @ @ @ are planning ?
CALLER : What is it ?
RUSH : Yeah .
You like it .
What ’ s in it ?
CALLER : I don ’ t know that I necessarily like it , but I feel like some of the stuff that especially if they can tame down the unions .
I mean , unfortunately I know that the unions help good cops sometimes , but it might be that they ’ re helping bad cops more than they ’ re helping good cops , and so they were talking @ @ @ @ @ @ @ little bit .
CALLER : I ’ m not sure about the whole chokehold thing .
My nephew is a police officer , and I know that it ’ s really hard to take people down sometimes , but the things that we ’ ve been shown — RUSH : I ’ ll bet you have a mean chokehold .
You sound like somebody that would have a mean chokehold .
You sound like a no nonsense choke holder .
CALLER : Well , they ’ re not gon na get me down @ @ @ @ @ @ @ .
All right .
Well , I appreciate the call .
I understand the sentiment with this poll out there with so much American unhappiness it pretty much translates into a Donald Trump reelection .
Now , keep in mind — and I don ’ t have to tell you this , that the media — and it ’ s not media .
The Democrats in the media , whatever the hell they are , they are attempting to — the reason for this poll : More Americans today are unhappy because of @ @ @ @ @ @ @ s done .
Because of the mockery Trump has made of the White House and the presidency .
And Trump ’ s the reason people are unhappy .
Trump ’ s the reason they ’ re burning down cities .
Trump is the reason that white cops think they can go out and kill black people .
They ’ re trying to throw all of this off on Trump , either directly or indirectly .
But regardless how they ’ re trying it they want that to be the conclusion .
Folks , @ @ @ @ @ @ @ ’ ll tell you one more time .
What they ’ re really trying to do is convince all of you Trump voters that none of this would be happening if you hadn ’ t elected Trump in the first place , that you ultimately are responsible for this .
These people will tell , you know , we ’ ll go back to being sane , we ’ ll go back to being cooperative and nice and all that when you get rid of that guy .
You have ruined this country @ @ @ @ @ @ @ ’ s the reason we ’ ve gone insane , he ’ s the reason we ’ re crazy .
You elected him .
You get rid of him , and I guarantee you the country will get back to normal and none of this will continue .
That ’ s what they want you to believe , however they go about convincing you of it .
They want you to believe all this is your fault , it ’ s your responsibility , you elected the guy , and you stand by @ @ @ @ @ @ @ doing is justified because he ’ s so dangerous , he ’ s so unqualified , he ’ s so stupid .
Their insanity is justified because of Donald Trump , and you made it happen .
I ’ m just trying to warn you of the pressure that you are going to be under in the coming months .
RUSH : This is Rosalie in Las Vegas .
It ’ s great to have you here .
Welcome to the program .
CALLER : ( garbled ) Well , I was not @ @ @ @ @ @ @ radio , and my husband would — CALLER : ( garbled ) — you , but I ’ ll tell you what — RUSH : Wait , wait , wait !
Wait a minute .
Wait .
Hang on .
Hang on a minute .
Would you please pull the phone three or four inches away from your mouth ( muffled ) kind of like-of-kind of like this ?
RUSH : There you go .
Now I can understand you .
RUSH : Thank you very much .
CALLER : You ’ re @ @ @ @ @ @ @ I was never a big… I mean , I would listen to you occasionally , but my husband would listen to you in the shower in the mornings , at night .
CALLER : I mean , it was all the time , and I just was kind of frustrated .
And the last couple days , I have seen the light .
I don ’ t know .
( chuckles ) It ’ s something .
Either , I woke up or you started to say something different .
I tell you @ @ @ @ @ @ @ ’ m actually… I ’ m a problem-solver , so it ’ s been gut-wrenching to see the truth .
But wow , you are spot on , and I see what ( crosstalk ) they are doing .
RUSH : Well , I wonder what changed .
So part of this… I mean , let ’ s be honest .
Part of this was resentment of your husband for having me on all the time , including in the shower .
CALLER : No .
No .
‘ Cause he ’ s @ @ @ @ @ @ @ .
It was great .
I liked to hear solutions .
But what I guess the only thing that I ’ m hearing different now is I believe that we have some extremists on both parties — and maybe just in all of the aspects that we deal with as far as leaders go — that there are bad actors in all of these parties .
And when you start saying , “ You know what ?
It ’ s a Democrat , ” then I kind of think you ’ re labeling @ @ @ @ @ @ @ “ It ’ s both in both parties , you ’ re correct , ” and now I see that you ’ re saying the same thing I ’ ve been saying , is we have extremists — CALLER : — and we ’ ve got to stop this .
RUSH : That ’ s what did it ?
RUSH : All this time you thought I was singularly focused on saying the Democrats are a rotten bunch SOBs .
RUSH : When I included Republicans in the group , that… ?
Okay @ @ @ @ @ @ @ same plain .
The Republicans are rotten SOBs , too .
CALLER : Well , not all of them .
RUSH : No , of course not .
But , I mean — CALLER : Let ’ s be honest about that ; that ’ s probably far less .
But there are some — you know , there ’ s some — and I ’ m sickened by it , and the more that I see the truth , I can ’ t believe how ignorant I ’ ve been .
RUSH @ @ @ @ @ @ @ I ’ m just shocked ( crosstalk ) about it .
RUSH : Ignorant about what ?
What are you thinking ?
CALLER : Ugh .
Well , I mean , first of all , I ’ ve been… You know , I ’ m just amazed at the corruption in the political arena .
I mean , I got so sick and tired of — CALLER : I ’ d always been taught that if you complain and you don ’ t do something about something , then you ’ re part @ @ @ @ @ @ @ how my family taught me .
CALLER : So I learned .
I over — reached out , and at the last minute in March , I decided to run for Congress in Nevada .
I did it to find out the truth .
I didn ’ t — RUSH : When did you decide to run ?
Are you running soon or have you ?
CALLER : Well , I ran .
I ran , and 40 % of the people who heard me talk voted for me .
So I realize @ @ @ @ @ @ @ m saying which is about accountability and transparency .
That ’ s our number one problem is we don ’ t know who to trust .
RUSH : Exactly .
Let me ask you a quick question .
How much of the… ?
When you watch the news during the day , how much of it do you believe ?
It ’ s not a trick question .
CALLER : First of all , I don ’ t watch the news because I can ’ t trust any of it .
And I @ @ @ @ @ @ @ I ’ ve seen news clips that have said 180-degree different things coming from Italy and coming from here , seeing it the exact same day .
There was some stuff said ; when I heard that , I never listened to the new after that , ’ cause none of it… It ’ s all fabricated and it ’ s all propaganda .
It ’ s bias .
It ’ s terrible .
RUSH : But now you have… You ’ re pretty much trust in what you hear from me on @ @ @ @ @ @ @ what ?
Yeah .
The last… ( laughing ) “ I have seen the light !
” Yes .
I have seen the light , and I have been listening to you nonstop now , and I ’ m thankful that you ’ re speaking a language that I understand now .
Whether it ’ s just now that I understand it , but I ’ m a solution person .
So I ’ ve got solutions .
I ’ ve been working on solutions ever since I woke up a couple days @ @ @ @ @ @ @ sound like a person that would want to push back against this stuff .
CALLER : You know , I ’ m not so much a “ pushbacker ” as much as I am , “ Hey , how about this idea , and let me show you why this is a different idea.
” I ’ m not a follower .
I ’ m kind of not ( crosstalk ) .
RUSH : But that ’ s still pushback .
You ’ re still saying , “ To hell with that , @ @ @ @ @ @ @ ’ re not just a sheep out there accepting whatever ’ s going on , especially stuff you disagree with .
So… Well , look , whatever is the explanation , I ’ m flattered that you ’ re here and that your husband and you are still together , and I hope you stay here .
I hope you stay glued to the program because the objective here is to never mislead , certainly to never deceive and never to tell you things that aren ’ t true .
There ’ s @ @ @ @ @ @ @ s no future in acquiring an audience by lying to them .
When we make mistakes — and sometimes we do — we correct them , but we never purposely do that .
I ’ m glad you called , Rosalie .
Thanks much .
Here ’ s Diane in Allentown , Pennsylvania .
You ’ re next .
Hello .
CALLER : Good afternoon , Rush .
Thank you for taking my call .
CALLER : We offer prayers every day for you , sir .
RUSH : Thank you .
Thank @ @ @ @ @ @ @ what I ’ ve been thinking about is while we have citizens of the country imposing and infringing and impinging on the rights of other citizens with these Marxist takeovers and marches and all the anarchy , what our government is focusing on is reforming the police .
Once again , we ’ re bending over to make the left happy while practically ignoring what they ’ re doing .
I ’ d like to know what you think about that .
RUSH : I think that is right on the money .
@ @ @ @ @ @ @ about the Senate doing legislation on police reform and how unusual it is to actually see the Senate or the House actually working on a bill .
‘ Cause legislation doesn ’ t come from the Congress anymore .
It comes from judges or from unelected regulators up on various cabinet levels .
But I think you ’ re exactly right .
But this is what happens .
This is exactly what Republicans do .
So let ’ s back to 2009 .
Barack Hussein O is the president , and we ’ @ @ @ @ @ @ @ that he was going to try to nationalize American health care .
It was gon na be called Obamacare .
And we are expecting our party to push back on this !
There is no way the Republican Party is for socialized medicine .
There is no way the Republican Party is for single-payer — and a bunch of Republicans ran for office in 2008 on that promise , to oppose it .
So Obama brings it up , and what ’ s the Republican response ?
“ Okay .
But we think @ @ @ @ @ @ @ think we can do it smarter.
” They were afraid to oppose Obama because what ?
Race .
They were scared to death to oppose Obama , to criticize Obama , to disagree with Obama on anything .
And so that ’ s when the Tea Party erupted .
A bunch of people who had never formally been involved with politics came out of the woodwork , organically .
They were upset it all the spending .
They were upset at the legislation itself .
The Republican Party and Democrat Party were blindsided @ @ @ @ @ @ @ leader to attack to destroy it .
And they were opposed to .
They were scared to death of the Tea Party so they immediately created Occupy Wall Street as a supposed organic Democrat uprising .
But the bottom line is that the Republican reaction was not to push back but rather to say , “ We think we can do it smarter.
” It was a pure pander .
Now we have police reform .
Don ’ t forget there are two elements of this , and one of them is an @ @ @ @ @ @ @ then we have this legislation that Tim Scott and others are running in the Senate that contain Opportunity Zones and some other things .
But you ’ re right , it ’ s the same thing .
So a bunch of cops — well , let me rephrase that .
A few cops do some really stupid , disgusting things and protests and discord erupt all over .
And what do we do ?
We act like it ’ s our fault .
We act like they ’ re right , it ’ @ @ @ @ @ @ @ got ta prove to them that we ’ re not like those cops .
We got ta prove to them that we ’ re not racists .
So we ’ re gon na come up with a police reform bill .
Pelosi and Schumer sit there and smile .
They don ’ t have to do diddly-squat .
In fact , they can oppose it all day long and say it doesn ’ t go far enough .
Pelosi can sit there and say I ’ m gon na kill this bill by @ @ @ @ @ @ @ that you can ’ t possibly support .
You think they ’ re gon na let the Republicans get away with winning this ?
You think they ’ re gon na let the Republicans succeed in carrying the mantle of police reformists into the presidential election ?
There ’ s no way .
But you ’ re right , it ’ s not pushback .
It ’ s the exact opposite .
Some people call it pandering .
Other people would call it the path of least resistance or what have you .
@ @ @ @ @ @ @ the status quo and accept that we might be somewhat responsible for it .
We might be , we ’ ll fix it .
‘ Cause it ’ s just so much easier to tell these people to go to hell and to straighten up and fly right and stop the BS .
Nobody ’ s inclined to do that .
Nobody is inclined to say that .
I don ’ t know of a single elected official who will say that to any of the vandals , any of the looters , @ @ @ @ @ @ @ and rioting and commandeering private property .
We ’ ve got prosecutors that are vacating charges against people who have been caught after looting Macy ’ s , after having been caught burning down buildings and stores , prosecutors are racing in Los Angeles , California , New York , they are racing to absolve these perps and to announce they won ’ t be charged .
I mean , it couldn ’ t be being handled in a worse way than what we are witnessing .

via rushlimbaugh
RUSH: All right. So look at that headline right there: “Republicans and Democrats Clash Over Police Reform.” You know what this is about? This is about an actual piece of legislation that is being argued and debated in the United States Senate.
And I did a double-take because that’s not how laws are made in our country anymore. The Senate and House don’t actually do anything anymore ’cause they’re all afraid to. Our laws come from regulators, unelected bureaucrats and our judges, as has just been demonstrated by these Supreme Court decisions.
Josh Hawley from Missouri got it exactly right when he was complaining about Gorsuch and the decisions on the sexual discrimination cases being lapped into the 1964 Civil Rights Act. You know, to put this in perspective, to show you how we conservatives — look, folks, I don’t want to dispirit you here. I’ve already got a story here of polling data — well, a poll shows that half of Americans are unhappy. Let me find the actual headline. Yeah. “Americans Are the Unhappiest They’ve Been in 50 Years.” Not half of Americans. Unhappiness they’ve been in 50 years. Does that not make sense?
I don’t want to dispirit you here, but do we ever hear about liberal judges not advancing the liberal cause? We do not. They never make a mistake when they appoint a judge. Isn’t that amazing? They never get fooled. They appoint a judge, and that judge knows his job. That judge is to write the law as it should be under liberalism.
We don’t do that. We have these people that rate judges and recommend them to the president, and we pick the best conservatives we can find based on conservative principles and so forth. Then we roll the dice. The bottom line, conservative judges do not consider themselves at all like liberal judges do. You might say, “Well, that’s the way it ought to be. It ought to be that way. They ought to judge cases based on the law, not their agenda.”
Well, that’s why we keep losing, because we’re not on the playing field. We are engaged in a battle for the kind of country we’re going to have. Why do you think the American people are suggesting that they’re more unhappy than they’ve ever been? None of what’s happening now is normal. None of what’s happening now is anything people would design, including the lockdowns, the shutdowns, the pandemic, the ineffective way of dealing with it, the fake news, all of these public protests, all these malcontents.
Look at what we’ve done. Lyndon Johnson, Civil Rights Act 1964. What did we have? We had the Great Society. We had the War on Poverty. We’ve had over $4 trillion of wealth transferred from producers, taxpayers, to people who were discriminated against. They’re worse off today than they were before all this happened. This is one of Shelby Steele’s big points. After all of this supposed help — it’s one of my big points, too — after all of this help, after all this compassion, after all this assistance provided by the Democrat Party, we’ve got an angrier population of minorities than we have ever had.
And most people in this country do not think they’re racist. They think they’ve gone out of their way to avoid being racists. They’ve gone out of their way to be cooperating. They’ve gone out of their way to be sympathetic. It doesn’t compute. Most people are ask, “What the hell else can I do?” Now, if you get into the Millennial demographic, they’re not old enough to have had this perspective yet. And I have mentioned the past couple of days — and this is true — that the vast majority of violent protests, not all, but the vast majority of violent protests are being conducted by white Millennial kids.
And in that group, it’s a hell of a lot of women. Their minds and brains have been totally commandeered. You parents who have kids at college or recently were at college and have come home, you know exactly what I’m talking about. After two years there, they come home and they start telling you how you’re racist, you’re destroying the planet with climate change, you’re listening to complaints about your parenting and the way you’ve run the country that you don’t even recognize.
But your kids have been indoctrinated to believe that this country is white privileged, it’s white systemic — I get these two terms confused. White privilege, white supremacy. And the dangerous thing is, I’ve seen evidence. I’ve had parents call here that start agreeing with their kids. Their kids are coming home from college and persuading them that they’re right. So then when the kids go to Seattle and start burning things down, the parents are proud of ’em. Other people, what the hell is happening to our country?
If you think in the big picture of things, what is there to be happy about? Well, we’re alive. But that doesn’t count because everybody takes that for granted every day. Let’s see. The economy may be coming back. Well, yeah, but do you notice that there’s an effort to try to dispirit you on that? There is an effort — it is ongoing and never ending — to depress you, to dispirit you. I find so much of this totally explainable why people would be unhappy.
BREAK TRANSCRIPT
RUSH: Look at this headline: “Manhattan DA [Refuses] Declines to Prosecute the Man Arrested who Committed Vandalism Against St. Patrick’s Cathedral.”
Do you realize how often this is happening all over the country? The vandals, the rioters, the looters, none of them are being prosecuted! Why do you think that is? Well, because at the root of it is Black Lives Matter, and everybody is scared to death of ’em, literally scared to death of ’em, and so it’s just the path of least resistance.
“Okay. We catch somebody looting? We catch a bunch of people looting, vandalizing? No prosecution.” There’s this firm out there that has raised $30 million to bail some of these perps out of jail. Do you know how much they’ve spent? As of yesterday, $200,000. So there’s $29,800,000 hasn’t been spent yet that has been raised on bail for Black Lives Matter and other type perps.
Where’s that money? Where’s that money go? I’ll guaran-damn-tee you that money’s going right to the Democrat Party. It’s going right to the presidential campaign. It’s going right to the Democrat National Committee. What do you mean, “Where’s it going?” The only place it can go! All of this talk about these police reports and how racist they are and how bigoted and how out of control they are.
Didn’t Obama and Eric Holder have the Department of Justice take over something like 36 of these police departments under consent decrees? They took over police departments from Oakland to Baltimore — I think they tried in St. Louis, Ferguson, dozens of cities in between — and you know why they did it? These consent decrees are well known.
It was the way Obama wanted to federalize local police forces. He and Holder had this as an objective, “federalizing” mean give the federal government control over as much as possible, including local policing. Thirty-six American police departments were taken over by the federal government. They were demanded. They were told that they had to do certain things, and if they couldn’t, that’s consent decree would apply, and they were given impossible conditions to meet.
So a number of these police departments — and I’m not kidding: Oakland, Baltimore — ended up under the control of the federal government. So how can there be any police racism or brutality after police departments have been under the enlightened control of the Obama-Holder administration? How does that happen? How is it that places that have been run by the Democrat Party for decades…?
How is it that there’s any racism anywhere in these cities, much less just the police department? The Democrat Party promises to end all of that, and they promise to punish all the people responsible for it — us, conservative Republicans — and yet we don’t have a presence in any of these cities where we have any ability to shape the law or regulations! This is all on the Democrat Party.
I’ll tell you, I think a lot of these statues coming down and all of this stuff going on is Democrats doing the best to get rid of their symbols of failure. The Democrats are doing everything they can to divert everybody’s attention away from what has been decades of failure — failed promises, failed implementations of policy. ‘Cause virtually everything they’ve been promising, particularly to minority communities, hasn’t come to pass.
The minority communities are angrier today than they’ve ever been, after $4 trillion transfer of wealth to the Great Society programs and the War on Poverty, all of those things that LBJ created. Listen to Shelby Steele. He will tell you that the black community, in terms of education, in terms of jobs, in terms of standard of living, they were all doing better — including in Harlem!
They were all doing better before the War on Poverty, before the Great Society. And he will tell you that the Great Society and the War on Poverty were not about actually improving the lives of African-Americans. They were all about improving the political prospects of politicians who supported the legislation. It was the greatest example of “I care” you’ve ever seen.
It had gazillion-dollar price tags to it. It had all kinds of blame. It had all kinds of promises. But as we know now, we can watch the country burn in various blue cities after various blue cities and various blue states, and we can see by the evidence in our eyes that there hasn’t been anything that the Democrat Party has engaged in that has made one person in the minority community they claim to serve happy.
BREAK TRANSCRIPT
RUSH: I’m still zeroed in on this story: “Americans Are Unhappiest They’ve Been in 50 years, Poll Show.” By the way, this poll was taken by something called NORC. This is not defined in this stupid story, so I don’t know what it is. It’s NORC at the University of Chicago. I’ve never heard of it.
The senior research scientist with NORC at the University of Chicago is Louise Hawkley, and she says (summarized), “Well, loneliness, surprisingly, was not more prevalent among people who claim they’re unhappier than ever. Loneliness is not as high as it could be. People have figured out a way connect with others.
“It’s just not satisfactory, but people are managing, to some extent.” Most of it, I guess, is based on people’s fear for their kids’ economic future, which makes total sense. I mean (chuckles), although that’s a common parental concern in good times as well.
So apparently there’s a new China outbreak in Beijing. It’s caused them to halt flights, to shut schools. Residents, just as they were in Wuhan, are now being rounded up and sent to who knows where. So depending on the fake news you look at, you can find any reason in the world to be unhappy, is the point.
BREAK TRANSCRIPT
RUSH: Carolyn in Virginia Beach. You’re up first today. Great to have you on the program. Hello.
CALLER: Hi, Rush. Thank you for listening to me, and mega prayers and dittos. I was just going to say that I think that the unhappiness is just another sign that Trump is gonna win again.
RUSH: Okay. Tell me why.
CALLER: So, because the same thing like it was back in 2016 where we were forced not to speak the truth. The same thing is happening all over again. You’re not allowed to raise your voice or show your flag, because the cancel culture will come down on you hard. You see all these companies out there really honestly making fools of themselves with all this stuff.
I’ve been doing a lot of reading and listening, and I feel like there’s gonna be many more black Americans voting for Trump than the left wants to admit, and so they’re just trying to continue to scare us. It’s really hard to find anything positive to listen to on the media or to read these days, but when you do find something…
Like I found something last night where this woman who sounds like she was a pretty flaming liberal went to a Trump rally and actually enjoyed herself and says she’s gonna vote for Trump. So I just think that they’re being scared, and we just have to stand up for the truth and for our country. And one more thing. Tim Scott today did an amazing job with this whole police reform, which they also don’t want Trump to get through. You want to talk about somebody for 2024? Tim Scott is in there, too, because —
RUSH: Could you explain something to me, Carolyn?
CALLER: Sure.
RUSH: Don’t get mad at me, folks. What is in this reform bill that Tim Scott and these other guys are planning?
CALLER: What is it?
RUSH: Yeah. You like it. What’s in it?
CALLER: I don’t know that I necessarily like it, but I feel like some of the stuff that especially if they can tame down the unions. I mean, unfortunately I know that the unions help good cops sometimes, but it might be that they’re helping bad cops more than they’re helping good cops, and so they were talking something about dealing with the unions a little bit.
RUSH: Yeah.
CALLER: I’m not sure about the whole chokehold thing. My nephew is a police officer, and I know that it’s really hard to take people down sometimes, but the things that we’ve been shown —
RUSH: I’ll bet you have a mean chokehold. You sound like somebody that would have a mean chokehold. You sound like a no nonsense choke holder.
CALLER: Well, they’re not gonna get me down.
RUSH: (laughing) Yes. All right. Well, I appreciate the call. I understand the sentiment with this poll out there with so much American unhappiness it pretty much translates into a Donald Trump reelection. Now, keep in mind — and I don’t have to tell you this, that the media — and it’s not media. The Democrats in the media, whatever the hell they are, they are attempting to — the reason for this poll: More Americans today are unhappy because of Trump.
Because of what Trump’s done. Because of the mockery Trump has made of the White House and the presidency. And Trump’s the reason people are unhappy. Trump’s the reason they’re burning down cities. Trump is the reason that white cops think they can go out and kill black people. They’re trying to throw all of this off on Trump, either directly or indirectly. But regardless how they’re trying it they want that to be the conclusion.
Folks, I’m telling you. I’ll tell you one more time. What they’re really trying to do is convince all of you Trump voters that none of this would be happening if you hadn’t elected Trump in the first place, that you ultimately are responsible for this. These people will tell, you know, we’ll go back to being sane, we’ll go back to being cooperative and nice and all that when you get rid of that guy. You have ruined this country by electing that guy, and he’s the reason we’ve gone insane, he’s the reason we’re crazy. You elected him. You get rid of him, and I guarantee you the country will get back to normal and none of this will continue.
That’s what they want you to believe, however they go about convincing you of it. They want you to believe all this is your fault, it’s your responsibility, you elected the guy, and you stand by him, that everything they’re doing is justified because he’s so dangerous, he’s so unqualified, he’s so stupid. Their insanity is justified because of Donald Trump, and you made it happen. I’m just trying to warn you of the pressure that you are going to be under in the coming months.
BREAK TRANSCRIPT
RUSH: This is Rosalie in Las Vegas. It’s great to have you here. Welcome to the program.
CALLER: Hi.
RUSH: Hi!
CALLER: (garbled) Well, I was not ever a really big fan of talk radio, and my husband would —
RUSH: Hey. Hey. Ah, ah! Could you hold?
CALLER: (garbled)
RUSH: Wait, wait, wait, wait, wait, wait, wait.
CALLER: (garbled) — you, but I’ll tell you what —
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RUSH: Wait, wait, wait! Wait a minute. Wait. Hang on. Hang on a minute. Would you please pull the phone three or four inches away from your mouth (muffled) kind of like-of-kind of like this?
CALLER: (garbled) Oh. Okay.
RUSH: A little more.
CALLER: All righty.
RUSH: There you go. Now I can understand you.
CALLER: Okay.
RUSH: Thank you very much.
CALLER: You’re welcome. So I… You know, I was never a big… I mean, I would listen to you occasionally, but my husband would listen to you in the shower in the mornings, at night.
RUSH: (chuckle)
CALLER: I mean, it was all the time, and I just was kind of frustrated. And the last couple days, I have seen the light. I don’t know. (chuckles) It’s something. Either, I woke up or you started to say something different. I tell you what, I am no longer… I’m actually… I’m a problem-solver, so it’s been gut-wrenching to see the truth. But wow, you are spot on, and I see what (crosstalk) they are doing.
RUSH: Well, I wonder what changed. So part of this… I mean, let’s be honest. Part of this was resentment of your husband for having me on all the time, including in the shower.
CALLER: No. No. ‘Cause he’s entertained that way, right? No. It was great. I liked to hear solutions. But what I guess the only thing that I’m hearing different now is I believe that we have some extremists on both parties — and maybe just in all of the aspects that we deal with as far as leaders go — that there are bad actors in all of these parties. And when you start saying, “You know what? It’s a Democrat,” then I kind of think you’re labeling people. But when you say, “It’s both in both parties, you’re correct,” and now I see that you’re saying the same thing I’ve been saying, is we have extremists —
RUSH: So that’s —
CALLER: — taking over —
RUSH: That is —
CALLER: — and we’ve got to stop this.
RUSH: That’s what did it?
CALLER: Yes.
RUSH: All this time you thought I was singularly focused on saying the Democrats are a rotten bunch SOBs.
CALLER: Yeeeah!
RUSH: When I included Republicans in the group, that…? Okay. Now we’re on the same plain. The Republicans are rotten SOBs, too.
CALLER: Well, not all of them.
RUSH: No, of course not. But, I mean —
CALLER: Let’s be honest about that; that’s probably far less. But there are some — you know, there’s some — and I’m sickened by it, and the more that I see the truth, I can’t believe how ignorant I’ve been.
RUSH: Like about what?
CALLER: I’m just shocked (crosstalk) about it.
RUSH: Ignorant about what? What are you thinking?
CALLER: Ugh. Well, I mean, first of all, I’ve been… You know, I’m just amazed at the corruption in the political arena. I mean, I got so sick and tired of —
RUSH: How much…?
CALLER: I’d always been taught that if you complain and you don’t do something about something, then you’re part of it problem. That’s how my family taught me.
RUSH: That’s good. In fact, it’s true.
CALLER: So I learned. I over — reached out, and at the last minute in March, I decided to run for Congress in Nevada. I did it to find out the truth. I didn’t —
RUSH: When did you decide to run? Are you running soon or have you?
CALLER: Well, I ran. I ran, and 40% of the people who heard me talk voted for me. So I realize there’s something that I’m saying which is about accountability and transparency. That’s our number one problem is we don’t know who to trust.
RUSH: Exactly. Let me ask you a quick question. How much of the…? When you watch the news during the day, how much of it do you believe? It’s not a trick question.
CALLER: First of all, I don’t watch the news because I can’t trust any of it. And I have good reason for it, because I’ve seen news clips that have said 180-degree different things coming from Italy and coming from here, seeing it the exact same day. There was some stuff said; when I heard that, I never listened to the new after that, ’cause none of it… It’s all fabricated and it’s all propaganda. It’s bias. It’s terrible.
RUSH: But now you have… You’re pretty much trust in what you hear from me on this show?
CALLER: You know what? Yeah. The last… (laughing) “I have seen the light!” Yes. I have seen the light, and I have been listening to you nonstop now, and I’m thankful that you’re speaking a language that I understand now. Whether it’s just now that I understand it, but I’m a solution person. So I’ve got solutions. I’ve been working on solutions ever since I woke up a couple days ago.
RUSH: Well, you sound like a person that would want to push back against this stuff.
CALLER: You know, I’m not so much a “pushbacker” as much as I am, “Hey, how about this idea, and let me show you why this is a different idea.” I’m not a follower. I’m kind of not (crosstalk).
RUSH: But that’s still pushback. You’re still saying, “To hell with that, let’s do this.” You’re not just a sheep out there accepting whatever’s going on, especially stuff you disagree with. So… Well, look, whatever is the explanation, I’m flattered that you’re here and that your husband and you are still together, and I hope you stay here.
I hope you stay glued to the program because the objective here is to never mislead, certainly to never deceive and never to tell you things that aren’t true. There’s no future in that. There’s no future in acquiring an audience by lying to them. When we make mistakes — and sometimes we do — we correct them, but we never purposely do that. I’m glad you called, Rosalie. Thanks much.
Here’s Diane in Allentown, Pennsylvania. You’re next. Hello.
CALLER: Good afternoon, Rush. Thank you for taking my call.
RUSH: You bet.
CALLER: We offer prayers every day for you, sir.
RUSH: Thank you. Thank you.
CALLER: Okay. So what I’ve been thinking about is while we have citizens of the country imposing and infringing and impinging on the rights of other citizens with these Marxist takeovers and marches and all the anarchy, what our government is focusing on is reforming the police. Once again, we’re bending over to make the left happy while practically ignoring what they’re doing. I’d like to know what you think about that.
RUSH: I think that is right on the money.
CALLER: Thank you.
RUSH: I started the program talking about the Senate doing legislation on police reform and how unusual it is to actually see the Senate or the House actually working on a bill. ‘Cause legislation doesn’t come from the Congress anymore. It comes from judges or from unelected regulators up on various cabinet levels.
But I think you’re exactly right. But this is what happens. This is exactly what Republicans do. So let’s back to 2009. Barack Hussein O is the president, and we’ve known since the campaign of 2008 that he was going to try to nationalize American health care. It was gonna be called Obamacare.
And we are expecting our party to push back on this! There is no way the Republican Party is for socialized medicine. There is no way the Republican Party is for single-payer — and a bunch of Republicans ran for office in 2008 on that promise, to oppose it. So Obama brings it up, and what’s the Republican response?
“Okay. But we think we can do it better. We think we can do it smarter.” They were afraid to oppose Obama because what? Race. They were scared to death to oppose Obama, to criticize Obama, to disagree with Obama on anything. And so that’s when the Tea Party erupted. A bunch of people who had never formally been involved with politics came out of the woodwork, organically. They were upset it all the spending. They were upset at the legislation itself.
The Republican Party and Democrat Party were blindsided by it. There was no singular leader to attack to destroy it. And they were opposed to. They were scared to death of the Tea Party so they immediately created Occupy Wall Street as a supposed organic Democrat uprising. But the bottom line is that the Republican reaction was not to push back but rather to say, “We think we can do it smarter.” It was a pure pander.
Now we have police reform. Don’t forget there are two elements of this, and one of them is an executive order by the president. And then we have this legislation that Tim Scott and others are running in the Senate that contain Opportunity Zones and some other things. But you’re right, it’s the same thing. So a bunch of cops — well, let me rephrase that. A few cops do some really stupid, disgusting things and protests and discord erupt all over.
And what do we do? We act like it’s our fault. We act like they’re right, it’s our fault, we’ve gotta prove to them that we’re not like those cops. We gotta prove to them that we’re not racists. So we’re gonna come up with a police reform bill. Pelosi and Schumer sit there and smile. They don’t have to do diddly-squat. In fact, they can oppose it all day long and say it doesn’t go far enough. Pelosi can sit there and say I’m gonna kill this bill by throwing a bunch of spending in it that you can’t possibly support.
You think they’re gonna let the Republicans get away with winning this? You think they’re gonna let the Republicans succeed in carrying the mantle of police reformists into the presidential election? There’s no way. But you’re right, it’s not pushback. It’s the exact opposite. Some people call it pandering. Other people would call it the path of least resistance or what have you.
Regardless, what it does is accept the status quo and accept that we might be somewhat responsible for it. We might be, we’ll fix it. ‘Cause it’s just so much easier to tell these people to go to hell and to straighten up and fly right and stop the BS. Nobody’s inclined to do that. Nobody is inclined to say that. I don’t know of a single elected official who will say that to any of the vandals, any of the looters, any of the people that are destroying and rioting and commandeering private property.
We’ve got prosecutors that are vacating charges against people who have been caught after looting Macy’s, after having been caught burning down buildings and stores, prosecutors are racing in Los Angeles, California, New York, they are racing to absolve these perps and to announce they won’t be charged. I mean, it couldn’t be being handled in a worse way than what we are witnessing.


investmentwatchblog--2020-06-18--Housing statistics show a mixed picture for the economy

Starts for the volatile multi-family segment jumped 16.9 % to 0.29 million while single-family housing which is the largest share of the housing market , edged up 0.1 % to 0.67 million .
Increases were seen in all regions : the Northeast ( 82 % to 111,000 ) , the Midwest ( 18.4 % to 167,000 ) , the West ( 12.3 % to 283,000 ) and the South ( 7.7 % to 659,000 ) .
Year-on-year , housing starts tanked by 8.8 % , which is a significant decline and should tell us that the nearterm outlook is quite @ @ @ @ @ @ @ stayed quite steady .
Building permits , meanwhile , rose 14.4 % from a month earlier to a seasonally adjusted annual rate of 1.220 million in May , after hitting a five-year low in April and compared with market expectations of 1.228 million .
Single-family permits were up 11.9 % and authorizations for the volatile multi-occupant segment jumped 18.8 % to a rate of 475,000 .
Across regions , permits rebounded in the South ( 7.7 % to 659,000 ) , West ( 12.3 % to 283,000 ) , Midwest ( 18.4 % @ @ @ @ @ @ @ % 111,000 ) .

Starts for the volatile multi-family segment jumped 16.9% to 0.29 million while single-family housing which is the largest share of the housing market, edged up 0.1% to 0.67 million. Increases were seen in all regions: the Northeast (82% to 111,000), the Midwest (18.4% to 167,000), the West (12.3% to 283,000) and the South (7.7% to 659,000).
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Year-on-year, housing starts tanked by 8.8%, which is a significant decline and should tell us that the nearterm outlook is quite grim. Prices, meanwhile, have stayed quite steady.
Building permits, meanwhile, rose 14.4% from a month earlier to a seasonally adjusted annual rate of 1.220 million in May, after hitting a five-year low in April and compared with market expectations of 1.228 million. Single-family permits were up 11.9% and authorizations for the volatile multi-occupant segment jumped 18.8% to a rate of 475,000. Across regions, permits rebounded in the South (7.7% to 659,000), West (12.3% to 283,000), Midwest (18.4% to 167,000) and Northeast (82.0% 111,000).
Below, building permits over past 10 years:


investmentwatchblog--2020-06-18--America, get ready for your police-free reality: Police have no duty to protect

We all have a notion about what government is suppose to do for us , especially since we give them our hard-earned money in the form of taxes .
Yet when it comes to your protection , you will find that many times your protection comes down to being YOUR RESPONSIBILITY .
Because , you know : When police are sworn in to office , they take an oath to “ serve and protect.
” Yet with demorats ’ current hostility toward police and their desire to abolish the police , why would one risk their life to protect you @ @ @ @ @ @ @ ’ t have a duty to protect ?
( More on that below ) .
A resident in Seattle stuck in the middle of “ CHOP , ” is finding this lesson out the hard way .
Watch his Daily Caller interview below : A case in 1981 , Warren vs. District of Columbia , went before a District of Columbia Court of Appeals which determined that the police do not owe a specific duty to provide police services to citizens based on the public duty doctrine .
Warren vs. DC in a @ @ @ @ @ @ @ Department because men broke into their residence .
The police came to the residence and one drove by while another knocked on the front door and left after no answer .
The officers left five minutes after arriving , without catching the intruders .
The women again called the police and for some reason , the call was not dispatched to police .
The women ended up being held captive by the intruders for 14 hours and were beaten and raped .
The decision ( from Wikipedia ) : In a 4–3 decision @ @ @ @ @ @ @ Appeals affirmed the trial courts ’ dismissal of the complaints against the District of Columbia and individual members of the Metropolitan Police Department based on the public duty doctrine ruling that “ the duty to provide public services is owed to the public at large , and , absent a special relationship between the police and an individual , no specific legal duty exists ” .
The Court thus adopted the trial court ’ s determination that no special relationship existed between the police and appellants , and therefore no specific legal duty @ @ @ @ @ @ @ .
Read about the whole case here .
If the demorats and BLM keep up with demonizing the police and attacking them , we ’ ll soon see a lot more police exercising their legal right .

by DCG
We all have a notion about what government is suppose to do for us, especially since we give them our hard-earned money in the form of taxes.
Yet when it comes to your protection, you will find that many times your protection comes down to being YOUR RESPONSIBILITY. Because, you know:
When police are sworn in to office, they take an oath to “serve and protect.”
Yet with demorats’ current hostility toward police and their desire to abolish the police, why would one risk their life to protect you?
Did you know that police don’t have a duty to protect? (More on that below).
A resident in Seattle stuck in the middle of “CHOP,” is finding this lesson out the hard way. Watch his Daily Caller interview below:
I spoke to a resident of Capitol Hill, the area of Seattle that is now CHAZ. He was terrified & told me that the very lawmakers he supported and elected have abandoned him. “This is personal, because this is my home & I don’t have cops anymore.” VIDEO: t.co/WnaKWXmGTl pic.twitter.com/MJdAhSYRX0 — Shelby Talcott (@ShelbyTalcott) June 14, 2020
A case in 1981, Warren vs. District of Columbia, went before a District of Columbia Court of Appeals which determined that the police do not owe a specific duty to provide police services to citizens based on the public duty doctrine.
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Warren vs. DC in a nutshell: Women called the Metropolitan Police Department because men broke into their residence. The police came to the residence and one drove by while another knocked on the front door and left after no answer. The officers left five minutes after arriving, without catching the intruders.
The women again called the police and for some reason, the call was not dispatched to police.
The women ended up being held captive by the intruders for 14 hours and were beaten and raped.
The decision (from Wikipedia): In a 4–3 decision, the District of Columbia Court of Appeals affirmed the trial courts’ dismissal of the complaints against the District of Columbia and individual members of the Metropolitan Police Department based on the public duty doctrine ruling that “the duty to provide public services is owed to the public at large, and, absent a special relationship between the police and an individual, no specific legal duty exists”. The Court thus adopted the trial court’s determination that no special relationship existed between the police and appellants, and therefore no specific legal duty existed between the police and the appellants.
Read about the whole case here.
If the demorats and BLM keep up with demonizing the police and attacking them, we’ll soon see a lot more police exercising their legal right.
DCG


investmentwatchblog--2020-06-19--Dalio’s Bridgewater Warns of Possible ‘Lost Decade’ for Stocks

Paying attention to covid-19, job and real earnings could help?
It's Getting Harder to Avoid the Insanity: Timing a bubble is impossible, if alluringly lucrative. @johnauthers t.co/u89zjo0QYI #valuation #investor #eps h/t @ennovance pic.twitter.com/82NW075ulZ
— Mo Hossain (@MoHossain) June 18, 2020


investmentwatchblog--2020-06-19--Capital is shifting on rising wave 2 risk…

Our Index of At-Home equities is back at the March highs relative to the S & P 500 .

Our Index of At-Home equities is back at the March highs relative to the S&P 500.
Capital is shifting on rising wave 2 risk… pic.twitter.com/La81beddXP
— The Bear Traps Report (@BearTrapsReport) June 18, 2020


investmentwatchblog--2020-06-19--30% of Americans missed their housing payments in June. U.S. bank profits plunge 70% on coronavirus

30% of Americans missed their housing payments in June. U.S. bank profits plunge 70% on coronavirus loss provisioning. Continuing claims are not dropping.

30 % of Americans missed their housing payments in June As the United States continues to face record unemployment due to the coronavirus pandemic , 30 % of Americans missed their housing payments in June , according to a survey by Apartment List , an online rental platform .
That ’ s up from 24 % who missed their payment just two months earlier in April and about on par with the 31 % who missed payments in May .
Renters , younger and lower-income households and urban dwellers were the groups most likely to miss their housing payments , @ @ @ @ @ @ @ time that this “ historically high ” rate of Americans are missing their housing payments , eviction protections put in place at the beginning of Covid-19′s spread in the U.S. are beginning to expire .
Additionally , the current 30 million unemployed Americans will lose the extra $ 600 per week in federal unemployment benefits at the end of July .
WASHINGTON ( Reuters ) – U.S. bank profits fell by 69.6 % to $ 18.5 billion in the first quarter of 2020 from the year prior as banks felt the economic impact @ @ @ @ @ @ @ to data from a banking regulator .
The Federal Deposit Insurance Corporation reported that “ deteriorating economic activity ” caused lenders to write off delinquent debt and set aside billions of dollars to guard against future losses .
Over half of all banks reported a profit decline , and 7.3 % of lenders were unprofitable .

30% of Americans missed their housing payments in June
As the United States continues to face record unemployment due to the coronavirus pandemic, 30% of Americans missed their housing payments in June, according to a survey by Apartment List, an online rental platform.
That’s up from 24% who missed their payment just two months earlier in April and about on par with the 31% who missed payments in May. Renters, younger and lower-income households and urban dwellers were the groups most likely to miss their housing payments, Apartment List found.
At the same time that this “historically high” rate of Americans are missing their housing payments, eviction protections put in place at the beginning of Covid-19′s spread in the U.S. are beginning to expire. Additionally, the current 30 million unemployed Americans will lose the extra $600 per week in federal unemployment benefits at the end of July.
We are primarily funded by readers. Please subscribe and donate to support us!
U.S. bank profits plunge 70% on coronavirus loss provisioning
WASHINGTON (Reuters) – U.S. bank profits fell by 69.6% to $18.5 billion in the first quarter of 2020 from the year prior as banks felt the economic impact of the novel coronavirus pandemic, according to data from a banking regulator.
The Federal Deposit Insurance Corporation reported that “deteriorating economic activity” caused lenders to write off delinquent debt and set aside billions of dollars to guard against future losses. Over half of all banks reported a profit decline, and 7.3% of lenders were unprofitable.
Continuing claims are not dropping. pic.twitter.com/jEBFrGc1FL — Market Musings (@AndysCycles) June 18, 2020


investmentwatchblog--2020-06-19--Even if COVID-19 Goes Away, the Economy Isn’t Going Back to “Normal”

Speculative frenzy in the midst of recession is not a new phenomenon .
Yet the extent of the “ madness ” this time might well beat records in the small sample size available from the history laboratory .
The combination of extreme monetary radicalism and a receding supply shock has proved to be a potent toxic , impairing mental processes in ways described by the behavioral finance theorists .
The pandemic stock “ bubble ” and resumed hectic demand for risky credit paper provide illustrations .
Speculative narratives which would normally encounter much rational skepticism are now riveting investors .
@ @ @ @ @ @ @ that the Fed ’ s credit paper purchase programs amount to a gift to the US corporate sector even larger than the business tax cuts of 2018 .
A sister narrative concerns European Central Bank ( ECB ) gifts to Italy .
In fact , the gift element is much smaller than at first sight—this is not manna from heaven , but a transfer which imposes burdens on donors and recipients .
These programs distort market signals in ways ( especially stimulating even higher leverage ratios in the meanwhile ) which will worsen @ @ @ @ @ @ @ to erupt before full economic expansion resumes .
Two notorious past market frenzies during recessions came to an end with the eruption of credit and banking crisis .
First was the US stock market frenzy of winter 1930 .
The Dow Jones index rose 50 percent from November 29 to April 30 and was back to within 20 percent of that level on the eve of the Wall Street Crash .
Then there was the oil ( and wider commodity ) market bubble of spring and summer 2008 ( though US recession had @ @ @ @ @ @ @ The oil price peaked at $ 145 per barrel , followed by a collapse to below $ 40 the following year .
The 1930 frenzy succumbed to the grim news of emerging credit ( especially bank ) defaults in the US and then , crucially , in Germany ; the 2008 frenzy yielded to the subprime mortgage crisis coupled with the European banking crisis .
Is the present frenzy in recession different ?
As a reference point , on average US stocks in mid-June 2020 are back to their prerecession peak ( the @ @ @ @ @ @ @ ] estimates February 2020 as the start of the recession ) .
But a group of “ pandemic stocks ” —in businesses whose profits gain directly from pandemic , such as online retailing , cloud computing , pharmaceuticals , video conferencing and communication in cyberspace more generally , and computer games , and in businesses whose monopoly power is potentially enhanced in the long run by the knockout of financially crippled competitors—have experienced rises in their prices to far above the level at the cyclical peak .
The nearest counterpart to this “ @ @ @ @ @ @ @ boom in war stocks during the period of US neutrality in World War I .
Similar to the boom in war stocks , this pandemic stock boom is occurring in the context of rampant monetary inflation .
A key difference is that inflation does not for now show up in goods markets .
In the case of war , competition from the military sector ( munitions and armed forces ) for scarce resources ( most of all labor ) means that prices rise immediately across a broad range ; in a pandemic , @ @ @ @ @ @ @ but mainly for the purpose of staying safe at home .
Demand from the sectors mounting defences against COVID-19 ( medical services , pharmaceuticals , constructors of safeguards for social distancing ) is quite modest .
Even so , the prospect of high goods inflation in the aftermath of pandemic may already be triggering some demand for real assets including stocks , especially those earning a present or prospective stream of monopoly rents ( several of these found among the pandemic stocks ) .
The optimists tell us that there is no frenzy @ @ @ @ @ @ @ that the recession is already over ( the NBER may indeed date the end May 2020 ) .
A strong economic recovery is now in process , as COVID-19 ’ s offensive has been “ beaten back.
” This should gain new momentum into the winter as the present lull or truce is followed by a victory peace , meaning the arrival of effective cures and vaccines .
What look like hot speculative conditions in the marketplace now could morph into a prolonged “ bull market ” ( a euphemism for sustained asset @ @ @ @ @ @ @ in the small sample size of history include the great asset inflations of 1922–28 or 1962–66 , which both started early in the recovery from serious recessions ( but not right at the beginning ) .
This spin is all a tall order .
Yes , the NBER may well determine that the recession is over .
This , however , would be a case of meaningless measurement .
If one superimposes a massive supply shock and a subsequent rapid easing ( of the supply constraints ) on an already endogenously determined decline @ @ @ @ @ @ @ malinvestment and financial excesses during the long preceding period of asset inflation ( say , 2012–19 ) , what will come into view ?
Most likely a fitful economic expansion , with an initial bounceback of private consumption from lockdowns but with business spending and international trade remaining depressed .
The emergence of sustained strong economic expansions such as accompanied the long asset inflations in the 1920s and 1960s will depend in part on victory over COVID-19 .
Also , however , there must be a victory for creative capitalism .
Growing capital @ @ @ @ @ @ @ capital stock accumulated during the previous cycle should go along with high rates of return at the frontier of new investment opportunity .
When the pandemic is over , it will not mean a reset of fundamental equity and credit values to the market price levels on the eve of pandemic levels .
The period was already the late afternoon if not twilight of a long and virulent asset inflation .
All the malinvestment which is now coming to light during the pandemic—whether in shale oil , the aircraft industry , auto industry @ @ @ @ @ @ @ emerging markets , European export sectors , or commercial real estate—is surely worth some serious downgrade in aggregate valuations from the peak of the last cycle .
This further write-off is highly relevant to credit paper .
The optimists retort that this time is different because of the extent to which the Fed and Uncle Sam are bailing out “ the whole system.
” But there is much fiction here .
Yes , the Fed under the CARES Act ( Coronavirus Aid , Relief , and Economic Security Act ) can draw on @ @ @ @ @ @ @ Treasury in compensation for aggregate losses on credit paper that it buys under its array of asset purchase programs .
Such compensation , however , only covers a fraction of the total paper to be purchased , which is an even smaller fraction of the total high-risk credit in the US and global economy .
The Fed under these programs is essentially a price taker , not a price maker , even though the belief that the Fed is in there may be fueling the price of credit paper in the midst of @ @ @ @ @ @ @ , the Fed will not be graciously renouncing its claims in favor of all other creditors .
Nor will it be automatically rolling over all proceeds from credit paper together with interest in its portfolio into new paper from the same issuer .
Back to the laboratory of history : if we do hear an echo as the present episode of speculative frenzy in recession fades , it may well come from a big “ credit event.
” This would likely start in either the emerging markets ( including China ) or Europe @ @ @ @ @ @ @ edifice of the Mnuchin Treasury-Powell Fed credit market protection schemes would crack under the impact.Author : Brendan Brown is a founding partner of Macro Hedge Advisors ( www.macrohedgeadvisors.com ) and senior fellow at Hudson Institute .
As an international monetary and financial economist , consultant , and author , his roles have included Head of Economic Research at Mitsubishi UFJ Financial Group .
He is also an Associated Scholar of the Mises Institute .
His latest book is The Case Against 2 Per Cent Inflation ( Palgrave , 2018 ) and he is @ @ @ @ @ @ @ Euro Crash : How Asset Price Inflation Destroys the Wealth of Nations and The Global Curse of the Federal Reserve : Manifesto for a Second Monetarist Revolution .

By Brendan Brown via Mises
Speculative frenzy in the midst of recession is not a new phenomenon. Yet the extent of the “madness” this time might well beat records in the small sample size available from the history laboratory. The combination of extreme monetary radicalism and a receding supply shock has proved to be a potent toxic, impairing mental processes in ways described by the behavioral finance theorists. The pandemic stock “bubble” and resumed hectic demand for risky credit paper provide illustrations.
Speculative narratives which would normally encounter much rational skepticism are now riveting investors. Perhaps the most fantastic of these is that the Fed’s credit paper purchase programs amount to a gift to the US corporate sector even larger than the business tax cuts of 2018. A sister narrative concerns European Central Bank (ECB) gifts to Italy. In fact, the gift element is much smaller than at first sight—this is not manna from heaven, but a transfer which imposes burdens on donors and recipients. These programs distort market signals in ways (especially stimulating even higher leverage ratios in the meanwhile) which will worsen the global credit and banking crisis likely to erupt before full economic expansion resumes.
Past Speculative Frenzies
Two notorious past market frenzies during recessions came to an end with the eruption of credit and banking crisis. First was the US stock market frenzy of winter 1930. The Dow Jones index rose 50 percent from November 29 to April 30 and was back to within 20 percent of that level on the eve of the Wall Street Crash. Then there was the oil (and wider commodity) market bubble of spring and summer 2008 (though US recession had already started in November 2007). The oil price peaked at $145 per barrel, followed by a collapse to below $40 the following year. The 1930 frenzy succumbed to the grim news of emerging credit (especially bank) defaults in the US and then, crucially, in Germany; the 2008 frenzy yielded to the subprime mortgage crisis coupled with the European banking crisis.
Is the present frenzy in recession different?
As a reference point, on average US stocks in mid-June 2020 are back to their prerecession peak (the National Bureau of Economic Research [NBER] estimates February 2020 as the start of the recession). But a group of “pandemic stocks”—in businesses whose profits gain directly from pandemic, such as online retailing, cloud computing, pharmaceuticals, video conferencing and communication in cyberspace more generally, and computer games, and in businesses whose monopoly power is potentially enhanced in the long run by the knockout of financially crippled competitors—have experienced rises in their prices to far above the level at the cyclical peak. The nearest counterpart to this “bubble” in pandemic stocks is the boom in war stocks during the period of US neutrality in World War I.
Similar to the boom in war stocks, this pandemic stock boom is occurring in the context of rampant monetary inflation. A key difference is that inflation does not for now show up in goods markets.
In the case of war, competition from the military sector (munitions and armed forces) for scarce resources (most of all labor) means that prices rise immediately across a broad range; in a pandemic, labor exits the supply-crippled civilian economy, but mainly for the purpose of staying safe at home. Demand from the sectors mounting defences against COVID-19 (medical services, pharmaceuticals, constructors of safeguards for social distancing) is quite modest.
Even so, the prospect of high goods inflation in the aftermath of pandemic may already be triggering some demand for real assets including stocks, especially those earning a present or prospective stream of monopoly rents (several of these found among the pandemic stocks).
The optimists tell us that there is no frenzy. Markets are responding rationally to news that the recession is already over (the NBER may indeed date the end May 2020). A strong economic recovery is now in process, as COVID-19’s offensive has been “beaten back.” This should gain new momentum into the winter as the present lull or truce is followed by a victory peace, meaning the arrival of effective cures and vaccines.
What look like hot speculative conditions in the marketplace now could morph into a prolonged “bull market” (a euphemism for sustained asset inflation). Examples of this phenomenon in the small sample size of history include the great asset inflations of 1922–28 or 1962–66, which both started early in the recovery from serious recessions (but not right at the beginning).
We are primarily funded by readers. Please subscribe and donate to support us!
This spin is all a tall order. Yes, the NBER may well determine that the recession is over. This, however, would be a case of meaningless measurement.
If one superimposes a massive supply shock and a subsequent rapid easing (of the supply constraints) on an already endogenously determined decline of business spending amid massive accumulation of malinvestment and financial excesses during the long preceding period of asset inflation (say, 2012–19), what will come into view? Most likely a fitful economic expansion, with an initial bounceback of private consumption from lockdowns but with business spending and international trade remaining depressed.
The emergence of sustained strong economic expansions such as accompanied the long asset inflations in the 1920s and 1960s will depend in part on victory over COVID-19. Also, however, there must be a victory for creative capitalism. Growing capital shortage amid the exposed obsolescence of much capital stock accumulated during the previous cycle should go along with high rates of return at the frontier of new investment opportunity.
The Pandemic Exposes the Bubbles
When the pandemic is over, it will not mean a reset of fundamental equity and credit values to the market price levels on the eve of pandemic levels. The period was already the late afternoon if not twilight of a long and virulent asset inflation. All the malinvestment which is now coming to light during the pandemic—whether in shale oil, the aircraft industry, auto industry, international supply chains, China and emerging markets, European export sectors, or commercial real estate—is surely worth some serious downgrade in aggregate valuations from the peak of the last cycle. This further write-off is highly relevant to credit paper.
The optimists retort that this time is different because of the extent to which the Fed and Uncle Sam are bailing out “the whole system.” But there is much fiction here.
Yes, the Fed under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) can draw on up to $500 billion from the Treasury in compensation for aggregate losses on credit paper that it buys under its array of asset purchase programs. Such compensation, however, only covers a fraction of the total paper to be purchased, which is an even smaller fraction of the total high-risk credit in the US and global economy.
The Fed under these programs is essentially a price taker, not a price maker, even though the belief that the Fed is in there may be fueling the price of credit paper in the midst of frenzy. In the event of bankruptcy, the Fed will not be graciously renouncing its claims in favor of all other creditors. Nor will it be automatically rolling over all proceeds from credit paper together with interest in its portfolio into new paper from the same issuer.
Back to the laboratory of history: if we do hear an echo as the present episode of speculative frenzy in recession fades, it may well come from a big “credit event.” This would likely start in either the emerging markets (including China) or Europe (think of Italy). The edifice of the Mnuchin Treasury-Powell Fed credit market protection schemes would crack under the impact.Author:
Brendan Brown
Brendan Brown is a founding partner of Macro Hedge Advisors (www.macrohedgeadvisors.com) and senior fellow at Hudson Institute. As an international monetary and financial economist, consultant, and author, his roles have included Head of Economic Research at Mitsubishi UFJ Financial Group. He is also an Associated Scholar of the Mises Institute. His latest book is The Case Against 2 Per Cent Inflation (Palgrave, 2018) and he is publisher of “Monetary
Scenarios,” Euro Crash: How Asset Price Inflation Destroys the Wealth of Nations and The Global Curse of the Federal Reserve: Manifesto for a Second Monetarist Revolution.


investmentwatchblog--2020-06-19--Zero Hedge: “there is a full blown assault against this website”

( by Half Dollar ) The Internet Censorship certainly is real .
I mean , nobody wants to give us the time of day because we ’ re supposedly some fringe website ( PropOrNot credentials here ) for a rag-tag group of Russian Propagandists , tin-foil hat wearin ’ conspiracy theorists , wannabe traders , CIA shills , and don ’ t get me started on what else we ’ ve been called .
And we ’ ve been subject to fierce shadow banning , demonetization , outright disruption of service , content burying , fake disclaimer embedding and more @ @ @ @ @ @ @ Tech social media .
Regardless , Zero Hedge is apparently feeling the full brunt of the Internet Censors .
Please excuse my ignorance if I haven ’ t been on this story like a hawk .
I lost a lot of respect for Zero Hedge when it was obvious they went full Trump 2020 , and it ’ s really very sad their newfound agenda seems to be pushing Cold War 2.0 , the US Police State , the nationalization of everything , and Regime Change , especially in Venezuela and Iran , @ @ @ @ @ @ @ for whatever reason , when you rub somebody the wrong way , well , let ’ s just say they ’ re gon na come ’ round and try to get you to pay .
In any case , somebody has something against ZH right now .
Some months ago , Zero Hedge was banned from Twitter , and most recently , Zero Hedge ’ s ad revenue became the target of Google .
Today , ZH has an update on the situtation : We can do what the Federalist did , and @ @ @ @ @ @ @ alive , or we can implement a filter to comments which avoids triggering a limited number of keywords that started this whole fiasco ( one can figure out the context there ) and get reinstated .
At the same time , there are legislative developments in the pipeline which we reported on earlier , which may or may not come to pass .
We are not holding our breath .
We are going with option 2 because we would like to preserve the comments , and the website .
We are doing everything @ @ @ @ @ @ @ .
That said , now that we know which way the winds are blowing , we are urgently working on a premium version of the site which will be independent of outside forces , and ad free .
Incidentally many of the comments that got us here , were the result of targeted provocation by people who don ’ t have this site ’ s best interest at heart .
I can totally relate to the attacks , but when you make somebody mad who has more money to spend than you , @ @ @ @ @ @ @ And sometimes the truth hurts .
Heck , whenever I bring up the truth , like just today , it gets avoided like the plague : Or avoided like some dang coronavirus .
Nonetheless , the simple truth is that nobody can dispute what I wrote in that article because they ’ re not my words that are doing the talking , but Trump ’ s own words , and it ’ s a shame too , because it really speaks to Trump ’ s severe lack of integrity .
What does what @ @ @ @ @ @ @ do with Zero Hedge ?
I still expect the re-Tweets to come .
The problem is , however , Trump ’ s options are extremely limited .
You see , since Candidate Trump the Patriot turned out to be President Trump the Deep State Globalist , he can ’ t use WikiLeaks anymore , mostly because of the whole Julian Assange thing , and other websites , or even people , such as Alex Jones , for example , could be great mainstream choices , but would easily be cast as kooks by @ @ @ @ @ @ @ .
Trump needs something like Zero Hedge for the illusion of having a rogue , alternative source of good , juicy information , because when your website is ranked in the top 2000 , globally , you ’ re not alternative , you ’ re mainstream .
Still , it will be interesting to see how this one plays out .
Is this just some sly guerrilla marketing for Trump 2020 ?

(by Half Dollar) The Internet Censorship certainly is real.
I mean, nobody wants to give us the time of day because we’re supposedly some fringe website (PropOrNot credentials here) for a rag-tag group of Russian Propagandists, tin-foil hat wearin’ conspiracy theorists, wannabe traders, CIA shills, and don’t get me started on what else we’ve been called.
And we’ve been subject to fierce shadow banning, demonetization, outright disruption of service, content burying, fake disclaimer embedding and more!
No wonder I barely use Big Tech social media.
Regardless, Zero Hedge is apparently feeling the full brunt of the Internet Censors.
Please excuse my ignorance if I haven’t been on this story like a hawk.
I lost a lot of respect for Zero Hedge when it was obvious they went full Trump 2020, and it’s really very sad their newfound agenda seems to be pushing Cold War 2.0, the US Police State, the nationalization of everything, and Regime Change, especially in Venezuela and Iran, but that doesn’t mean that for whatever reason, when you rub somebody the wrong way, well, let’s just say they’re gonna come ’round and try to get you to pay.
I know.
In any case, somebody has something against ZH right now.
Some months ago, Zero Hedge was banned from Twitter, and most recently, Zero Hedge’s ad revenue became the target of Google.
Today, ZH has an update on the situtation:
Here’s what’s going on.
We can do what the Federalist did, and pull the entire comment section to stay alive, or we can implement a filter to comments which avoids triggering a limited number of keywords that started this whole fiasco (one can figure out the context there) and get reinstated. At the same time, there are legislative developments in the pipeline which we reported on earlier, which may or may not come to pass. We are not holding our breath.
We are going with option 2 because we would like to preserve the comments, and the website. We are doing everything we can to maintain an open forum. That said, now that we know which way the winds are blowing, we are urgently working on a premium version of the site which will be independent of outside forces, and ad free. Incidentally many of the comments that got us here, were the result of targeted provocation by people who don’t have this site’s best interest at heart.
One other thing: we have also been deplatformed by PayPal, which is why the donation section is different now.
In summary, there is a full blown assault against this website and even if we go premium it is unclear what will happen if all funding lines are cut off. We’ll cross that bridge if and when we get there.
Bottom line: we are just asking for some patience.
I can totally relate to the attacks, but when you make somebody mad who has more money to spend than you, what are you going to do?
That’s the truth.
And sometimes the truth hurts.
Heck, whenever I bring up the truth, like just today, it gets avoided like the plague:
Or avoided like some dang coronavirus.
Nonetheless, the simple truth is that nobody can dispute what I wrote in that article because they’re not my words that are doing the talking, but Trump’s own words, and it’s a shame too, because it really speaks to Trump’s severe lack of integrity.
That’s needed in any good leader!
But I digress.
We are primarily funded by readers. Please subscribe and donate to support us!
What does what I wrote about Trump today have to do with Zero Hedge?
A lot.
That’s what.
I wrote this on February 1st, 2019:
I expect the Zero Hedge re-Tweets from President Trump to begin very soon.
I’m always early, but rarely wrong.
I still expect the re-Tweets to come.
And more.
Why?
Trump needs his WikiLeaks.
That’s why.
The problem is, however, Trump’s options are extremely limited.
You see, since Candidate Trump the Patriot turned out to be President Trump the Deep State Globalist, he can’t use WikiLeaks anymore, mostly because of the whole Julian Assange thing, and other websites, or even people, such as Alex Jones, for example, could be great mainstream choices, but would easily be cast as kooks by the b-rate hollywood producers in the MSM.
Um, so yeah.
Trump needs something like Zero Hedge for the illusion of having a rogue, alternative source of good, juicy information, because when your website is ranked in the top 2000, globally, you’re not alternative, you’re mainstream.
Still, it will be interesting to see how this one plays out.
Is this just some sly guerrilla marketing for Trump 2020?
We’ll see.
Developing…


investmentwatchblog--2020-06-19--Record Spending and Money-Printing Puts Markets in Uncharted Waters

Back in March , I predicted that the total U.S. economic response to the COVID-19 crisis would be at least $ 10 trillion .
Between the relief packages passed by Congress and monetary stimulus enacted by the Federal Reserve , we ’ ve already reached that enormous sum .
And yet it still won ’ t be enough to prevent further economic erosion , according to some economists .
In a letter to Congress signed by more than 100 ppeople , including former Fed chairs Ben Bernanke and Janet Yellen , the authors warn lawmakers that even though “ unprecedented @ @ @ @ @ @ @ set aside for families and businesses affected by the lockdown , “ more needs to be done.
” Congress must pass a “ multifaceted relief bill of a magnitude commensurate with the challenges our economy faces , ” the letter urges .
The record-setting amount of spending and money-printing is understandably giving some finance experts serious concerns .
In a tweet yesterday , precious metal commentator Jim Rickards remarked that Bernanke and Yellen ’ s proposals are not “ stimulus ” but “ slow-mo ruin.
” You ’ re welcome to disagree with @ @ @ @ @ @ @ ’ s no denying that we ’ re in uncharted financial and economic waters right now .
In my eyes , that ’ s more than enough reason to make sure your portfolio has adequate exposure to gold and gold mining stocks to help hedge against potential inflation , currency devaluation and a collapse in equity prices .
More than half of the $ 3 trillion in rescue funds authorized by Congress has so far been distributed , and there are now reports that President Donald Trump is considering a $ 1 trillion @ @ @ @ @ @ @ announced this week that it will begin buying individual corporate bonds on top of the corporate debt ETFs it ’ s already purchased .
It has the ability to buy up to $ 750 billion worth of corporate credit through its Secondary Market Corporate Credit Facility ( SMCCF ) .
Thanks to all this buying , the bank ’ s balance sheet has skyrocketed past $ 7 trillion , representing nearly a third of the entire U.S. economy .
That ’ s up significantly from 6 percent of GDP in 2006 , when @ @ @ @ @ @ @ with near-zero interest rates , these actions have prompted a tidal wave of corporate borrowing .
In the first five months of 2020 , U.S. firms have issued over $ 1.12 trillion in investment-grade debt .
That ’ s more the total borrowing amount for all of 2019 .
And remember , this is only investment-grade .
If we included lower-rated bonds , the figures would be even higher .
As a result , we may see an increase in the share of “ zombie ” firms , or those whose “ debt @ @ @ @ @ @ @ but are kept alive by relentless borrowing , ” according to a report by Axios .
Currently at 18.9 percent , the rate could soon rise past 20 percent , or one in five U.S. companies .
Tortsen Sløk , chief economist at Deutsche Bank , addressed the inherent risks in zombie firms in a note to clients this week , writing that such companies “ are less productive , and their existence lowers investment in and employment at more productive firms.
” For this reason and more , I would be extra @ @ @ @ @ @ @ diligence if I were thinking of investing in corporate bonds at this time .
Again , I would use this opportunity to make sure I had adequate exposure to gold and gold equities .
As I ’ ve shared with you before , many investors who believe they have enough exposure to the yellow metal are actually underinvested .
Most broad-based commodity indices tracked by mutual funds and ETFs have an underweight in gold producers , especially compared to oil producers .
Our preferred way to get exposure is with gold and precious @ @ @ @ @ @ @ have historically had strong availability of capital , substantially higher margins than producers and organic growth opportunities with limited required capital .
They ’ ve also provided investors with a highly diversified set of active mines .
We believe royalty companies , which had an impressive first quarter , feature a superior business model in the metals and mining industry .
Check out the chart below , courtesy of CIBC .
It shows that shares in five royalty companies ( Franco-Nevada , Wheaton Precious Metals , Osisko Gold Royalties , Sandstorm Gold and @ @ @ @ @ @ @ 2007 , when Franco began trading publicly .
Producers , meanwhile , have remained essentially flat over the same period .
That ’ s not to say you should avoid producers and explorers .
Far from it .
But if you ’ re going to put money in a mutual fund or ETF that invests in gold mining companies , I would make sure that it ’ s overweight royalty and streaming companies .
Interested in learning more ?
Email us at info @ usfunds.comwith the subject line “ Seeking info on royalty @ @ @

by Frank Holmes, CEO, U.S. Global Investors
Back in March, I predicted that the total U.S. economic response to the COVID-19 crisis would be at least $10 trillion.
Between the relief packages passed by Congress and monetary stimulus enacted by the Federal Reserve, we’ve already reached that enormous sum. And yet it still won’t be enough to prevent further economic erosion, according to some economists.
In a letter to Congress signed by more than 100 ppeople, including former Fed chairs Ben Bernanke and Janet Yellen, the authors warn lawmakers that even though “unprecedented levels of economic support” have been set aside for families and businesses affected by the lockdown, “more needs to be done.”
Congress must pass a “multifaceted relief bill of a magnitude commensurate with the challenges our economy faces,” the letter urges.
The record-setting amount of spending and money-printing is understandably giving some finance experts serious concerns. In a tweet yesterday, precious metal commentator Jim Rickards remarked that Bernanke and Yellen’s proposals are not “stimulus” but “slow-mo ruin.”
These two wrote a letter to Congress (signed by many others) saying $10 trillion (fiscal+monetary) "stimulus" is not enough. We need more, more, more. Would someone please explain to them that we're getting spending and money printing but it's not "stimulus." It's slo-mo ruin. pic.twitter.com/O7eIdqCfHz — Jim Rickards (@JamesGRickards) June 16, 2020
You’re welcome to disagree with Rickards, of course, but there’s no denying that we’re in uncharted financial and economic waters right now. In my eyes, that’s more than enough reason to make sure your portfolio has adequate exposure to gold and gold mining stocks to help hedge against potential inflation, currency devaluation and a collapse in equity prices.
Unintended Consequences of Fed Policies: Zombie Firms?
More than half of the $3 trillion in rescue funds authorized by Congress has so far been distributed, and there are now reports that President Donald Trump is considering a $1 trillion infrastructure package.
Meanwhile, the Fed announced this week that it will begin buying individual corporate bonds on top of the corporate debt ETFs it’s already purchased. It has the ability to buy up to $750 billion worth of corporate credit through its Secondary Market Corporate Credit Facility (SMCCF).
Thanks to all this buying, the bank’s balance sheet has skyrocketed past $7 trillion, representing nearly a third of the entire U.S. economy. That’s up significantly from 6 percent of GDP in 2006, when Alan Greenspan vacated the Fed.
click to enlarge
Combined with near-zero interest rates, these actions have prompted a tidal wave of corporate borrowing. In the first five months of 2020, U.S. firms have issued over $1.12 trillion in investment-grade debt. That’s more the total borrowing amount for all of 2019. And remember, this is only investment-grade. If we included lower-rated bonds, the figures would be even higher.
We are primarily funded by readers. Please subscribe and donate to support us!
click to enlarge
As a result, we may see an increase in the share of “zombie” firms, or those whose “debt servicing costs are higher than their profits but are kept alive by relentless borrowing,” according to a report by Axios. Currently at 18.9 percent, the rate could soon rise past 20 percent, or one in five U.S. companies.
click to enlarge
Tortsen Sløk, chief economist at Deutsche Bank, addressed the inherent risks in zombie firms in a note to clients this week, writing that such companies “are less productive, and their existence lowers investment in and employment at more productive firms.”
For this reason and more, I would be extra cautious and make sure I conduct due diligence if I were thinking of investing in corporate bonds at this time.
Gold Royalty Companies: Up Sixfold Since 2007
Again, I would use this opportunity to make sure I had adequate exposure to gold and gold equities. As I’ve shared with you before, many investors who believe they have enough exposure to the yellow metal are actually underinvested. Most broad-based commodity indices tracked by mutual funds and ETFs have an underweight in gold producers, especially compared to oil producers.
Our preferred way to get exposure is with gold and precious metal royalty and streaming companies, which have historically had strong availability of capital, substantially higher margins than producers and organic growth opportunities with limited required capital. They’ve also provided investors with a highly diversified set of active mines.
We believe royalty companies, which had an impressive first quarter, feature a superior business model in the metals and mining industry.
Check out the chart below, courtesy of CIBC. It shows that shares in five royalty companies (Franco-Nevada, Wheaton Precious Metals, Osisko Gold Royalties, Sandstorm Gold and Royal Gold) have increased sixfold since 2007, when Franco began trading publicly. Producers, meanwhile, have remained essentially flat over the same period.
click to enlarge
That’s not to say you should avoid producers and explorers. Far from it. But if you’re going to put money in a mutual fund or ETF that invests in gold mining companies, I would make sure that it’s overweight royalty and streaming companies.
Interested in learning more? Email us at info@usfunds.comwith the subject line “Seeking info on royalty companies!”