The Angry Bear

RJS at Marketwatch 666 reviews oil and natural gas pricing, June 28, 2021 Oil Pricing Oil prices set a new 32 month high for a fifth consecutive week, as negotiations to lift Iranian sanctions broke off and US crude supplies fell more than was expected for a fifth straight week. After rising 1% to $71.64 a barrel last week on rising demand and falling supplies, the contract price of US light sweet crude for July delivery opened lower on...

Oedipus Marx and the Chimera of Socially Necessary Labour Time Karl Marx: “Pamphlet No. 1 ends with the statement: ‘Wealth is nothing but disposable time'” No, it doesn’t.  The pamphlet Marx cited was The Source and Remedy of the National Difficulties. The phrase, “wealth . . . is disposable time, and nothing more,” appeared on page 5 of the 40-page pamphlet. On page 6, the pamphlet’s author asked, “Why then is it that no existing...

Sunday, June 20, 2021 at 8:49 AM First Comment Facebook Moderator who did not allow feedback to their comments to me. About your comment. No one else can see your comment.Facebook Moderator on June 20,2021 8:49AM Bill Haskell I am addressing Ada Gardiner’s comment on Facebook: Where do we begin to this rant?– We were scheduled to leave Iraq and were asked to leave Iraq.– Invading Iraq was a huge mistake and done under false...

by New Deal democrat Weekly Indicators for June 21- 25 at Seeking Alpha My Weekly Indicators post is up at Seeking Alpha. All of the important metrics for the economy remain positive. But, in addition to supply chain issues, we have to start worrying about COVID again, because the delta variant has now taken hold in up to 8 States with rising new cases. All of those States have fewer vaccinations per capita than the national average, and...

New jobless claims stall, adding to the evidence that stalling vaccinations and case counts are having an economic effect New jobless claims have been the most important weekly economic datapoint this year, as they have correlated strongly with vaccination progress. Unfortunately, that progress has largely stalled in the past month, and now new jobless claims appear to have stalled as well. This week new jobless claims declined 7,000 to...

Real personal income and spending both decline in May – but that’s OK, as it was mainly expiration of stimulus; NBER likely to declare end of recession soon The last of the 4 monthly coincident markers for whether the economy is in recession vs. expansion was reported this morning for May. Let’s take a look. Personal income declined -2.0% in nominal terms, which on top of April’s decline of -13.1%, has taken back most, not by no means all, of...

Living the Big Lie In the more insular areas of the red states, of all the states, some have been saying, thinking, and believing like Marjorie Taylor Greene since forever. In these areas, this narrative of Marjorie’s wasn’t unusual to the local ear; neither was what Trump was saying. Trump’s election in 2016, accorded the narrative the presidential seal of approval. Henceforth his election, Marjorie felt free to say these things to the world...

If vaccinations are available, then one should get the vaccine. Briefly . . . Mildly Ill Young COVID-19 Patients Report Lasting Symptoms, MedScape More than half of young adults with mild COVID-19 who self-isolated at home were still reporting troublesome after-effects six months later, a study from Norway published in Nature Medicine found. The study included 312 COVID-19 survivors over age 16, with illnesses of varying severity....

2 Months PCE Would Add 7.36 Percentage Points to Q2 GDP Angry Bear Commenter RJS and Marketwatch 666 blogger computes the impact of real PCE from this report on GDP and explains his math. The May report Personal Income and Outlays from the Bureau of Economic Analysis gives us nearly half the data that will go into 2nd quarter GDP, since it gives us 2 months of data on our personal consumption expenditures (PCE), which accounts for nearly 70%...

Justice Dept. Will Toughen Rules for Seizing Lawmakers’ Data, Garland Says (msn.com) The Justice Department will tighten its rules for when law enforcement officials may seize information about members of Congress and their aides, Attorney General Merrick B. Garland said on Monday amid a backlash to the disclosure of a 2018 subpoena that swept in data from the Apple accounts of Democratic lawmakers and staff. What Ilhan Omar Actually Said – The...