The talking heads on cable news, the social media influencers, and the political cheerleaders all told you things were going to change. I told you to deal with the terrain. Guess who was right.
While cable news keeps you distracted with AI apocalypse stories, both political parties have been quietly building the actual jobs killer for decades. The national debt and its crowding out effect will destroy millions of jobs and gut income growth, and almost no one in the media is connecting the dots.
Steak is up 155%. Ground beef is up 210%. Your cup of coffee has gone up 400% since 2006. But do not worry, the influencers getting paid to post say everything is fine.
I was in Florence this morning at the Uffizi Gallery, staring at centuries of art built on genuine belief and genuine inspiration. Then I came home to read Peggy Noonan warning that socialism is becoming the new religion for a generation that abandoned faith. She’s onto something, and the financial implications should terrify anyone with a retirement account.
The political class has decided that capitalism is the villain, and both the left and the right are now singing from the same broken hymnal. Meanwhile, the actual problem, crony capitalism and rigged systems, goes unaddressed.
Wall Street has a private nickname for wealthy investors with bad judgment. They call them muppets. And for decades, Saudi Arabia has been the biggest muppet of them all, while the banks laugh all the way to their bonuses.
An actor wrote an op-ed and ended a sitting president’s re-election campaign, and the media treated it like normal political news. I have been covering Wall Street and Washington long enough to know when something is deeply broken, and this is it.
The Commerce Department just quietly committed $874 million in federal money to semiconductor companies in exchange for minority stakes. This is not a free market. This is the government playing venture capitalist with your money, and you are not invited to the upside.
I’ve been reading the Fauci diary, and what’s in it isn’t a surprise to me. What is infuriating is that the people who should have been asking these questions years ago were too busy making him a celebrity to do their jobs. Here’s what the record actually shows.
Administration officials were on television promising 5% and 6% GDP growth this year. The actual number came in at 1.5% annualized, and I told you this was coming. Meanwhile inflation as measured by the Fed’s own preferred metric is running at 3.7%, nearly double their target, and your real wages just went negative.