The Angry Bear

RJS: Focus on Fracking ~~~~~~~ Summary: Global oil surplus at 560,000 barrels per day in May as OPEC output fell to 1.049 million bpd below quota ~~~~~~~ OPEC’s Report on Global Oil for May Tuesday of this week saw the release of OPEC’s June Oil Market Report, which includes details on OPEC & global oil data for May, and hence it gives us a picture of the global oil supply & demand situation at a time when major cities in China...

“Teacher With $303K Student Debt Says Biden’s $10K Relief Plan Not Enough” (businessinsider.com) Finally, I am seeing various publications (Business Insider, etc.) writing about accrued interest on student loans. Interest on the principal and also the interest. This particular article also touches upon Deferred Student Loans and the resulting paying the interest first before touching principal. This is much of what I have pointed out previously...

Tariffs and Inflation Kevin Quinn, Econospeak  Jason Furman and Janet Yellen have both suggested that cutting Trump’s tariffs would be anti-inflationary. But most economists agree that the incidence of the tariffs is for the most part on US consumers, not foreign suppliers (pace the treasonous and ignorant former president, who crowed about all the revenues we were raising from China). So how is a tax cut anti-inflationary?  There is a supply-side...

Dale Coberly: The 2022 Social Security Report came out on June 2. There were no surprises. Things are still predicted to turn out pretty much as they have been predicted to turn out since the 1990’s or earlier. The Report projects the Trust Fund will run out of money in 2035. After that, benefits will need to be reduced about 20% or the tax will need to be increased about 4%. Workers who are not their own boss will see a tax increase of about...

I am disappointed in the reporting on these Hearings and the Hearings themselves. This is the second time people are applauding statements from the January 6th Committee Hearing. In this Hearing we experienced former 4th COA Judge Luttig slowly, carefully, and legally make a statement on conversations he had concerning Pence and what trump was trying to get Pence to do. After his conversation with a Pence attorney, Judge Luttig tweeted a message...

Summary: US oil supplies at a 17½ year low. SPR at a 35 year low after the SPR largest withdrawal on record. Gasoline supplies at a 6-month low. ~~~~~~~~ The Latest US Oil Supply and Disposition Data from the EIA US oil data from the US Energy Information Administration for the week ending June 10th show that after a big increase in our oil imports, another big oil withdrawal from the SPR, and an increase in oil supplies not accounted...

Interesting story popped up on MedPage Today. “America’s Frontline Doctors’ Simone Gold Gets Prison Time” On March 3, 2022 Ms. Simone Gold filed a brief confessing (line 10) in United States of America v Simone Gold to being inside the U.S. Capitol on January 6, and regretting going inside. In a story run on January 12, GOLD gave an interview to The Washington Post where she confessed to being inside the U.S. Capitol on January 6, and stated...

Weekly Indicators for June 13 – 17 at Seeking Alpha  – by New Deal democrat My Weekly Indicators post is up at Seeking Alpha. My paradigm is: first the long leading indicators turn. Then the short leading indicators turn. Then the coincident indicators turn. Finally the lagging indicators turn. For months I have been documenting the downturn among the long leading indicators. In the past few weeks, that deterioration has been gradually...

Positive production print points to continued economic expansion in May The usual suspects are out, claiming that a recession has either already started or is imminent. Well, the big reason I call industrial production the King of Coincident Indicators is because empirically is the one whose peaks and troughs coincide most definitively with NBER recession dates. And unless there is a significant downward revision, in May the King of Coincident...

An across the board downturn for housing permits and starts in May Housing permits and starts declined across the board in May. In the past year there has been a unique divergence between permits and starts due to construction supply shortages.  This has been reflected in the number of housing units authorized but not started increasing to a near-50 year records of 298.4 in March. In May that number increased from April by 1.5 million...