Archive for 2021

WHIFF: Q2 GDP misses expectations at 6.5%. “Economists expected a growth rate of 8.4% in Q2, given that Biden and Congress spent $1.9 trillion of relief money beginning in March. Even the 6.5% growth rate looks a little worse once you get under the hood. Despite all of the cash that flowed into the economy, wages and disposable income dropped sharply, in part because the direct relief payments went out before the start of the quarter.”

And as a result of all that spending: Barbie maker Mattel says higher prices are coming just in time for Christmas.

KAY HYMOWITZ: Runaway Degree Inflation Reinforces the Class Divide. “College graduates may have plenty to dislike about the arms race, but the biggest losers are workers at the bottom of the labor market. The more credentials, the less hope for the child of a single mother who works as a health-care aide or for a father disabled in a mining accident. The more time and money needed to get a mid-skilled job, the more likely that people will give up and continue packing orders at an Amazon warehouse. Degree inflation widens the nation’s class divide.”

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS:

● Shot: “I don’t think the things we espoused in the ‘60s were wrong: that love is better than hatred, that peace is better than war. I think those are true; I don’t think we were wrong about any of those.”

David Crosby Asked If ‘60s Were ‘Dream That Didn’t Come True,’ Ultimate Classic Rock, October 23, 2019.

● Chaser: Cranky Old Hippie David Crosby Wants Fox News Rupert Murdoch Creator ‘Taken Out’ & ‘Shot.’

—NewsBusters, yesterday.

HMM: Beijing calls for calm after historic tech stock rout. “Chinese state-run newspaper Securities Times published a commentary Wednesday acknowledging the ‘changes in policy for certain industries’ after a market rout on Monday and Tuesday that came as investors reacted to Beijing’s widening crackdown on private enterprise.”

WHO COULD HAVE SEEN THIS COMING? South Africa Is Falling Apart.

At the heart of the discord is the ruling African National Congress. In the 27 years since it steered South Africa to democracy, it has carried the hopes of millions of South Africans. Drawing on its reputation as the party of liberation, it has strong support and remains electorally unassailable. But it has now become squarely a source of division. A devastating battle for its soul is underway, with the country as the battlefield.

Though the A.N.C. always promoted the rise of a Black elite, Mr. Zuma’s presidency, beginning in 2009, changed the focus: The state, rather than the market, became the main site for opportunity and enrichment. A spurious ideology of “Radical Economic Transformation,” spun as a radical challenge to South Africa’s white-dominated private sector, provided rhetorical cover for corruption and patronage.

Let’s hope that South Africans don’t wind up like Zimbabweans under Mugabe: Black Zimbabweans nostalgic for era of white rule:

An elderly peasant in another village, Makupila Muzamba, said that hunger today is worse than ever before in his seven decades or so, and said: “I want the white man’s government to come back. Even if whites were oppressing us, we could get jobs and things were cheap compared to today.”

His wife, Mugombo Mudenda, remembered that as a younger woman she used to eat meat, drink tea, use sugar and buy soap. But now she cannot even afford corn gruel. “I miss the days of white rule,” she said.

Nearly every peasant I’ve spoken to in Zimbabwe echoed those thoughts.

But Mugabe was never demonized by the Western media the way say, Augusto Pinochet — who brought freedom and prosperity to his own country — was.

KRUISER’S MORNING BRIEF: Bill de Blasio Reminds Us That He’s an Unhinged Commie Dictator. “Most of the dictators in history have been high-functioning, intelligent sociopaths. De Blasio, however, couldn’t think his way out of an open bathroom. Watching de Blasio wield that much political power in that way is kinda like watching a chimp with ‘roid rage. One of the dumber chimps in the zoo. It could be rough going for the citizens of New York until he’s out of office.”

IRAN TRIED TO KIDNAP THREE U.S. JOURNOS: All three were employees of the federal government, working at the Voice of America (VOA), according to Washington Free Beacon’s Alana Goodman. Read the whole story because, in addition to the outrageous kidnapping angle, it’s also a classic illustration of bureaucratic incompetence and political influence.