US continues to go backward...

Republican Matt Gaetz files historic bid to oust Speaker Kevin McCarthy bbc

US House of Representatives Speaker Kevin McCarthy is fighting for his political life after a right-wing rebel filed a rarely used motion to oust him.
He is expected to call a vote on his fate on Tuesday. If he loses, he would be removed as Speaker.
Matt Gaetz, a far-right Republican, moved to oust Mr McCarthy on Monday, frustrated about a "secret deal" he believes he made with Democrats.
Mr McCarthy posted on social media: "Bring it on."
The Speaker rebuffed questions from reporters on Tuesday, declaring: "You're asking me why I'm confident? Because of who I am. And I just don't give up.
"Keeping the government open and paying our troops was the right decision. I stand by that decision and at the end of the day if I have to lose my job over it, so be it."
...
Tensions between Mr Gaetz and Mr McCarthy boiled over at the weekend after the Speaker passed a bill with the help of Democrats to fund government agencies.
No US Speaker has ever been ousted by such a so-called motion to vacate.
The Speaker is second in the line of succession for the presidency after the US vice-president. He or she sets the lower house of Congress's legislative priorities, controls committee assignments, and can make or break the White House's agenda.
The deal late on Saturday that averted a government shutdown left out $6bn (£5bn) of funding for Ukraine because Mr Gaetz, of Florida, and others on the right of the Republican Party, insisted the US has spent too much on that country's war with Russia.
Mr Gaetz has wielded the threat of dethroning Mr McCarthy ever since January when he led party rebels in opposing the California congressman's bid for the speakership, forcing him to endure 15 gruelling rounds of voting in the chamber.
During the political horse-trading before he ultimately won the gavel, Mr McCarthy agreed to a change of rules that would allow any single lawmaker to call for a vote to oust the Speaker.
...
 
Hopefully they expel Gaetz and it will send a message to both sides to calm TF down and get to work.


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John Rich was tweeting about this test this morning saying he didn't like it and that the govt was going to hijack everyone phone....

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Supreme Court Justice Amy Coney Barrett is a devout, lifelong member of People of Praise, the dark Christian sect being scrutinized by the FBI following allegations of sexual abuse by several group members — individuals who now consider themselves to be survivors. Bear in mind, all Pop members must follow strict rules and requirements as documented in the Pop handbook, including total subservience to men. Obey male authorities. Serve Pop males, whatever they request — no matter how cruel, predatory, and victimizing.

People of Praise?: Strangely, questions surrounding Amy Coney Barrett’s avowed, lifelong membership in this cult-like entity never arose during Supreme Court confirmation hearings.

A spokesperson for PoP Survivors said: “We urge the FBI to use their power to unearth the long-standing pattern of child sexual abuse and coverup in the People of Praise. All perpetrators and their enablers must finally be held accountable. We must ensure that no child is victimized and silenced by a People of Praise member ever again.”

Details below:
FBI interviewed individuals who accuse Amy Coney Barrett faith group of abuse
 
Supreme Court Justice Amy Coney Barrett is a devout, lifelong member of People of Praise, the dark Christian sect being scrutinized by the FBI following allegations of sexual abuse by several group members — individuals who now consider themselves to be survivors. Bear in mind, all Pop members must follow strict rules and requirements as documented in the Pop handbook, including total subservience to men. Obey male authorities. Serve Pop males, whatever they request — no matter how cruel, predatory, and victimizing.

People of Praise?: Strangely, questions surrounding Amy Coney Barrett’s avowed, lifelong membership in this cult-like entity never arose during Supreme Court confirmation hearings.

A spokesperson for PoP Survivors said: “We urge the FBI to use their power to unearth the long-standing pattern of child sexual abuse and coverup in the People of Praise. All perpetrators and their enablers must finally be held accountable. We must ensure that no child is victimized and silenced by a People of Praise member ever again.”

Details below:
FBI interviewed individuals who accuse Amy Coney Barrett faith group of abuse

Last I heard The Big Guy pretends to be a Catholic. Just sayin. ( 2 wrongs don’t make a right…. I know, I know.)


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Last I heard The Big Guy pretends to be a Catholic. Just sayin. ( 2 wrongs don’t make a right…. I know, I know.)


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Geez, now you’re pretending to be a theologian, and you know who’s legit and who’s not. Who’s a genuine believer and who’s faking. Wow your knowledge knows no bounds. Do you live permanently in a Holiday Inn?
 
Geez, now you’re pretending to be a theologian, and you know who’s legit and who’s not. Who’s a genuine believer and who’s faking. Wow your knowledge knows no bounds. Do you live permanently in a Holiday Inn?

Yes, thanks, and no.


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This story isn't good...even the title is wrong as they revised more than first quarters.... but touches the highlights in as positive a way as you can and you have to scroll a long ways to find a single story about this.....you can't find one about the fed paper that spending is in fact what caused inflation that was also recently released....but OHMYGAWD did you hear T Swift is dating a football boy named Kelce?!?!?!?! You are poorer than they have been saying and things are worse than they have said but T SWIFT IS AT THE GAME!!!!!

This isn't as cool as fussing about which party sucks more but isn't good news and it matters. The BEA just revised a whole crap ton of numbers from the last few years and by margins that are dubious. It's hard to believe that that many PhD's could be that wrong for so long when some of the things they published are counterintuitive to everything we have known. They are either horrible at their job or they have been lying for years. They had a 9 sigma miss one quarter....the chances of that happening by chance are astronomical....like winning the lottery while be struck by lightning. You can look into the numbers on the BEA site.

This is America actually going backwards.
 

This story isn't good...even the title is wrong as they revised more than first quarters.... but touches the highlights in as positive a way as you can and you have to scroll a long ways to find a single story about this.....you can't find one about the fed paper that spending is in fact what caused inflation that was also recently released....but OHMYGAWD did you hear T Swift is dating a football boy named Kelce?!?!?!?! You are poorer than they have been saying and things are worse than they have said but T SWIFT IS AT THE GAME!!!!!

This isn't as cool as fussing about which party sucks more but isn't good news and it matters. The BEA just revised a whole crap ton of numbers from the last few years and by margins that are dubious. It's hard to believe that that many PhD's could be that wrong for so long when some of the things they published are counterintuitive to everything we have known. They are either horrible at their job or they have been lying for years. They had a 9 sigma miss one quarter....the chances of that happening by chance are astronomical....like winning the lottery while be struck by lightning. You can look into the numbers on the BEA site.

This is America actually going backwards.

Fed Gov will soon have to start paying about double the interest on its new debt. That's going to get expensive and will start a spiral. Someone in Washington has to reign in deficit spending. And yes, come up with ways to raise revenue. But our voters....

"I mean did you see that Tik Tok of Matt Gaetz with that really good one liner and he totally owned AOC? Go Red team!"
 

This story isn't good...even the title is wrong as they revised more than first quarters.... but touches the highlights in as positive a way as you can and you have to scroll a long ways to find a single story about this.....you can't find one about the fed paper that spending is in fact what caused inflation that was also recently released....but OHMYGAWD did you hear T Swift is dating a football boy named Kelce?!?!?!?! You are poorer than they have been saying and things are worse than they have said but T SWIFT IS AT THE GAME!!!!!

This isn't as cool as fussing about which party sucks more but isn't good news and it matters. The BEA just revised a whole crap ton of numbers from the last few years and by margins that are dubious. It's hard to believe that that many PhD's could be that wrong for so long when some of the things they published are counterintuitive to everything we have known. They are either horrible at their job or they have been lying for years. They had a 9 sigma miss one quarter....the chances of that happening by chance are astronomical....like winning the lottery while be struck by lightning. You can look into the numbers on the BEA site.

This is America actually going backwards.
As a long time NPR listener, they always report on the gdp and jobs revisions after the fact. It happens almost every month/quarter, and it is always a downward revision.

There is an incentive to report things better than they are and it is taken.
 
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As a long time NPR listener, they always report on the gdp and jobs revisions after the fact. It happens almost every month/quarter, and it is always a downward revision.

There is an imcentive to report things better than they are and it is taken.

None of these numbers seem too particularly egregious to me. From the article:

GDP in the first quarter of 2020 was revised down to show it contracting at a 5.3% annualized rate, instead of the previously reported 4.6% pace. But GDP for the whole of 2020 was upgraded by 0.6 percentage point to show the economy contracting 2.2% amid robust performances in the third and fourth quarters.

In the first quarter of 2021, GDP increased at a 5.2% rate rather than the previously published 6.3% pace, with consumer spending revised lower. Growth for the full year was trimmed to 5.8% from 5.9%, reflecting downgrades to state and local government spending, federal government spending and nonresidential fixed investment.


In 2022, GDP contracted at a 2.0% rate in the first quarter, revised down from the previously reported 1.6% pace. Consumer spending, now estimated to have been flat instead of growing at a 1.3% rate as previously reported, accounted for the downgrade.

For the full year, economic growth was lowered by 0.2 percentage point to 1.9%, the result of downward revisions to consumer spending, inventory investment, state and local government spending and exports as well as an upgrade to imports.

And to Donny's point:

"It's worth noting the average statistical discrepancy as a share of GDP over the last 50 years is about 0.9%," said Wasshausen. "And with the updated figures from 2017 forward, the share is 0.3% or less in each of these three years. So with this update, we feel really very good about where that statistical discrepancy is sitting."
 
Fed Gov will soon have to start paying about double the interest on its new debt. That's going to get expensive and will start a spiral. Someone in Washington has to reign in deficit spending. And yes, come up with ways to raise revenue. But our voters....

"I mean did you see that Tik Tok of Matt Gaetz with that really good one liner and he totally owned AOC? Go Red team!"
The bond market is imploding. We'll see another rate hike before the end of the year and nobody is buying the govt's BS numbers on inflation, unemployment, GDP, etc.. The economy will have more to do with which party is in the White House at the next election than all of this other noise combined. Strap in, it doesn't look pretty to me.
 
The bond market is imploding. We'll see another rate hike before the end of the year and nobody is buying the govt's BS numbers on inflation, unemployment, GDP, etc.. The economy will have more to do with which party is in the White House at the next election than all of this other noise combined. Strap in, it doesn't look pretty to me.

It's the everything bubble. Only the strong will survive.

Inflation is staying because of the last couple of decades of free money. Historically low rates. A mortgage rate shouldn't be 2 or 3%. We're going through a normalization of rates. We'll just have a lot of short-term pain getting used to it.
 
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