Little girl starts to cry.
Amen.
"There is always a heavy demand for fresh mediocrity. In every generation the least cultivated taste has the largest appetite." - Paul Gauguin
Little girl starts to cry.
Amen.
...there is much to be said in favour of modern journalism. By giving us the opinions of the uneducated, it keeps us in touch with the ignorance of the community. By carefully chronicling the current events of contemporary life, it shows us of what very little importance such events really are. By invariably discussing the unnecessary it makes us understand what things are requisite for culture, and what are not.--Oscar Wilde
The AFL-CIO, the 11-million-member labor federation, is urging Congress to impose a transaction tax on securities trading to help cover the $900 billion cost for a government jobs program they want lawmakers to create.Why even bother creating the jobs? Why don't they just demand that the government redistribute the money directly to them? I mean, not via check, because they'd have to go to a BANK to get it cashed, but maybe through an envelope of cash?
Last week's release of the Producer Price Index should have sent shivers down the spines of those who worry about silly things like profit margins. Prices for finished goods were up 0.7% month-over-month and 6% year-over-year. Intermediate goods prices were up 7.7% year-over-year. Prices for crude goods have soared 3.2% since March and 33.4% on an annual basis. If that's not a V-shaped recovery in inflation, what would you call it?
The Consumer Price Index is up 2.4% over the past 12 months. No, that level alone does not equal intractable inflation, but it's still a big jump from last summer's 2% CPI drop. Thanks to the Fed's record-sized balance sheet ($2.32 trillion), which has grown by $20 billion since since last week alone, inflation data has become disturbing. April's import prices were up 0.7% from March and 11.4% from a year ago.
The losers in all this are members of the general public, who are suffering the double whammy of high unemployment and the erosion of their purchasing power.