The Angry Bear

A note on existing home sales Existing home sales are the least noteworthy of the housing data, because of the very limited economic activity moving into or out of an existing home provokes compared with the construction, furnishing, and landscaping of a new home. But it’s worth a brief look, so let’s note this month’s report. Existing home sales (blue in the graph below) are only up 1.7% compared with one year ago, as opposed to new...

July industrial production (good news) and retail sales (bad news still being pretty good news)  – by New Deal democrat This morning brought the July report for the King of Coincident Indicators, industrial production, as well as one of my favorite consumer side indicators, retail sales. Let’s take a look at each. Industrial sales increased strongly in July, up 0.9% overall, and the manufacturing component up 1.4%. Manufacturing production...

Retail Sales Fell 1.1% in July After May and June Sales were Revised Higher, R.J.S, MarketWatch 666 Seasonally adjusted retail sales were 1.1% lower in July after retail sales for May and June were revised higher . . . the Advance Retail Sales Report for July (pdf) from the Census Bureau estimated that our seasonally adjusted retail and food services sales totaled $617.7 billion during the month, which was 1.1 percent (± 0.5 percent) less than...

Evonomic’s contributor Jag Bhalla offers his narrative of how the vaccine choices played out in the US and looks to continue along the same lines with the booster shots for Covid 19 in Vaccine Greed: Capitalism Without Competition Isn’t Capitalism, It’s Exploitation. DID GREED JUST save the day? That’s what British Prime Minister Boris Johnson claimed recently. “The reason we have the vaccine success,” he said in a private call to Conservative...

Accountable Care Organizations don’t cut costs. It’s time to stop the managed care experiment, STAT, Kip Sullivan and James G. Kahn August 23, 2021 Kip Sullivan is a member of the advisory board of Health Care for All Minnesota. James G. Kahn is emeritus professor of health policy at the University of California San Francisco. For the last half-century, Congress has endorsed essentially the same approach to cutting health care costs, an...

“Do Your Research” Is it my imagination, or do vax- and mask-hesitant people, reported in news stories about the Covid Divide, almost always say they “have done their research” or something like that?  The medical people and public health advocates that get interviewed rarely seem to use this phrase, at least not in the first person.  More research, more unhinged beliefs—how does that happen? There are many parts to this story, but one is...

Economist-Farmer Michael Smith gives us a view of how serious the drought conditions are and the impact on the nations agriculture. Post after post of hydraulic shovels pulling orchards up in California, news of the large almond producers having to cull hundreds of acres at a time to divert water and resources to other parts of their farms. We saw the Midwest run hot and dry all summer and when harvest season arrived, monsoon rains made harvest...

Much of the news from the last few weeks has been about Covid, the Delta version, the Delta versions impact on the unvaccinated, and the lack of resources to care for those with Covid. Medical resource capacity is very low in some states. Hospitals are shipping patients to other cities and or states for care at a great expense. Practicing your individual rights in the United States is protected mostly for White Americans and complained about if...

Socially Ambivalent Labour Time XI, Capital, volume II Aside from a comment on the “labour socially necessary” in Engels’s preface, there is no other mention of socially necessary labour time in volume II of Capital. That preface is where Engels wrote of Marx saving The Source and Remedy from oblivion, albeit with only a single, short innocuous quotation (see also this earlier post).  In the early post, I related how Anton Menger had doubted...