The Angry Bear

Farmer and Agriculture Economist Michael Smith “[Land profits] are a species of revenue which the owner, in many cases, enjoys without the care and attention of his own” -Adam Smith In other words, land appreciates not by the owners doing, but his neighbors.  Sure, there are certain things that can be done to improve land, build a house, clear the brush and trees, install utilities. Or choose none of the above and wait.  The post pandemic...

I understand why congressional Democrats are frustrated with Manchin.  But what on earth is the point of this: “I do believe the president when he said to us, and to me personally, that he got a commitment from Senator Manchin or [Manchin] would have to go back on his word,” Jayapal told reporters on a Monday afternoon press call. “And obviously yesterday, the senator took the latter path and went back on this word. That lack of integrity is...

November’s retail sales, industrial production, producer prices, & new home construction; October’s business inventories, Summary: Record 9.6% Annual Increase in November Producer Price Index; Record 6.9% YoY Increase in Core Prices; Record 7.1% YoY Increase for Final Demand Services, Record YoY 14.9% Increase for Final Demand Goods, and a 46+ year Record for Prices of Intermediate Goods The seasonally adjusted Producer Price Index (PPI)...

The italian idiom for a low blow (also for an unexpected blow) is “un tiro mancino” literally a left handed blow. Manchin hit all the other Democrats with a tiro mancino yesterday. Notably “mancino” means left handed so, hard as it is to believe, he had ancestors who were lefties as in left handed. Aside from the irresistable pun, I feel the need to write about senator Manchin, because I can’t stop thinking about him. I suspect that reading this...

by New Deal democrat Weekly Indicators for December 13 – 17 at Seeking Alpha [Brief programming note: this coming week will only see existing home sales on Wednesday, and new home sales plus jobless claims on Thursday. In other words – don’t be surprised if I take a couple of days off. Omicron permitting] My Weekly Indicators post is up at Seeking Alpha. While the large majority of the strictly economic data continues positive in all...

Cringeworthy, are the numbers of people who still are unvaccinated and believe they will not be stricken by Covid. Hospitals, doctors, nurses and the staff are at critical mass again. Meanwhile courts continue to block mandatory vaccinations on the premise it is their right to become infected and endanger others. And Republicans are cheering on their supporters to resist anything which may prevent Covid. Cringworthy; VP Kamala Harris In an...

Total supplies at an 83 month low; total demand at a record high; distillates demand at 18+ year high; global shortage at 1,210,000 bpd, Focus On Fracking, RJS Strategic Petroleum Reserve approaching a 19 year low; oil + products supplies drop to an 83 month low; total oil product demand sets a record high, led by distillates demand at 18+ year high; global oil shortage at 1,210,000 barrels per day in November as OPEC output falls 563,000 barrels...

Friday morning I argued that Democrats should stop trying to save Republicans from themselves. Biden will address nation and change his approach I was unaware that on Thursday afternoon Biden had given a statement to the press urging people to get vaccinated.  Apparently he will also give a national address Tuesday.  According to the New York Times: Mr. Biden “will announce new steps the Administration is taking to help communities in need...

Real retail sales declined in November, but continue to auger well for strong jobs growth, New Deal Democrat Retail sales, one of my favorite “real” economic indicators, were reported this morning for November. They increased 0.3% for the month, and October’s blockbuster report was revised 0.1% higher, to +1.8%. After inflation, though, “real” retail sales declined  -0.5%.  Although real retail sales are down -2.6% from their April peak, they...