BIDEN IS 100% RESPONSIBLE FOR THIS. https://www.dailymail.co.uk/news/ar...verdosing-fentanyl-laced-cocaine-Florida.html
I saw Biden's inflation speech on Monday. He blamed supply chain issues and Russia, but not government spending and previous Fed policy for their contribution to our current high inflation rates. Of note, US inflation data is to be reported tomorrow. I doubt Biden would hold a press conference on inflation the day before release of inflation data only to be embarrassed, if you catch my drift. Personally, I am willing to give Biden a mulligan on the contribution of additional stimulus related spending to inflation rates because I perceived a need for economic caution when he took office even though I thought it would be inflationary. However, I took exception on a couple of Biden's talking points. Biden discussed "Reducing costs". If these "Cost reductions are a result of government subsidizing business to lower consumer costs but maintain corporate profit margins, that is budget busting crony capitalism. Crony capitalism can't hold a candle to a legitimate free market system and will lead to stagflation and worse in the long run. If Biden meant his administration would politically lean on businesses to reduce their prices, effectively denying management for achieving appropriate returns for risks taken, the incentive for entrepreneurs to create or expand job and innovation creating businesses are reduced. This will create an environment that will lead to economic stagnation and worse in the long run. If Biden meant there was specific evidence of price gouging and or illegal restraint of trade, additional specificity would have been helpful. The other point I had an issue with is Biden discussing increased ethanol use. Ethanol comes from corn and is an energy inefficient and geopolitically tone deaf way to utilize corn, especially in a increasingly hungry world. Energy prices have a disproportionate effect on inflation. A multiplier effect, if you will. Rising energy prices are a combination of price, demand, and supply risk that flows through our supply chain. As costs and perceived risks go up, so does entrepreneur demand for higher returns. Therefore, Biden should not only be more business friendly, but more energy friendly, much more energy friendly to ensure energy supplies are ample, risks, including geopolitical ones are reduced, leading to increased investment while helping to achieve his stated goal of taming inflation. If one makes the effort to visualize the chain of events that leads to gasoline at the pump, from exploration and its high costs to refining and distribution, through geologically and geopolitically challenging areas, with the energy industry noted for paying high wages through most of the cycle, only then can it be appreciated the value we receive in spite of perceived high prices. The highest returning capital investments involve utilizing significant amounts of productivity enhancing energy. As far as CO2 and other pollutants are concerned, let it be regulated. Energy, including fossil fuels are plentiful, although now involving large reserves of lower concentrations than seen previously. However innovation has led to the profitable recovery of that energy and fracking technology should be utilized to the fullest, along with nuclear and renewables while properly addressing environmental concerns. The Biden Administration seems to be addressing the Ukrainian situation well, although I have concerns how efficiently our money is being spent. It is amazing how quickly our defense contractors find themselves at the government trough, again, with Afghanistan still fresh on many minds. In the poll above, it looks like there are 3 more votes for Biden being a disaster since the last update. I currently rate Biden as an average president. As a reminder, the poll is open indefinitely and votes are changeable. The current poll is Elite 3 vote(s) 12.0% Above Average 2 vote(s) 8.0% * Average 2 vote(s) 8.0% Below Average 3 vote(s) 12.0% Disaster 15 vote(s) 60.0%
It is often difficult for people to admit they are wrong. Newer short term traders who don't take their stops and let losses run. Putin and his failing war in Ukraine. Biden and his lack of a sound energy policy, then "Doubling down" on maintaining, if not increasing regulation against energy companies. Myself for thinking Biden, a career politician, had potential to be an above average or even great President. There are often several reasons behind someone who refuses to admit they made a mistake. Admitting a mistake shows our fallibilities and can hurt our ego. People in positions of power may fear they will lose their following if they admit fault, preferring to blames others. Causes of mistakes often involve failure to see reality the way it really is. Putin, although he was not the only one, was surprised by the steadfastness of Ukraine's leadership, leading to NATO galvanizing in support. While such a reality was hard to anticipate in my opinion, when it presented itself within days of the war, Putin could have exited for a relatively low cost. Now that costs of the Ukrainian War, including monetary, lives lost, international prestige lost, and mounting economic damage, quitting now would be like admitting to a huge mistake, like taking a huge loss for a trader. Biden does not seem to understand the reality of the "Inflation amplification" effect of significantly rising energy prices as these prices affect consumers and businesses throughout the supply chain. That, combined with various large spending bills as the economy's recovery from the Covid lockdowns was well underway created out current inflationary environment. While I feel some of that spending was justifiable as its inflationary effect, Biden dropping the ball on energy policy has hit the working poor and those on fixed income, with their tight discretionary income, in two ways. Federal Reserve tightening has raised interest rates, raising costs on financed goods that already had higher prices because of inflation and shortages. My mistake in being too open minded about Biden's capabilities was ignoring the reality of my own poll in this thread. Early on, there was an overwhelming number of negative responses where the majority of respondents thought Biden's Presidency would be looked at as a disaster. I now admit my mistake and now rank Biden's as "Below average". I feel I'm being generous here, especially considering the growing and critical issue of "Societal decay", where the value of a leader can have a positive impact versus Biden as an ineffective administrator, is a whole other subject requiring a post dedicated to it.
He literally said he was quoting and then send end quote...... He is grandpa from the Simpsons but I dont think this was one of those times. Cannot tell if he said repeat the line or Let me repeat the line..... I will grade it a meh