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Saturday, December 03, 2022

Biden gets no quick fix on windmill power instead of US oil

If Sleepy Joe Biden didn’t trip over every other word, he might be more dominant in his divisiveness.

It was our president’s latest assessment after an embarrassing display of economic ineptitude from a group of deaf, uncertain, often poor and certainly Wall Street groups I often lean to measure the pulse of financial sector thinking.

Some of them voted for Biden; None of them can be portrayed as the mega-hats a Trump supporter is wearing. But everyone agreed that Biden’s speech on Tuesday on inflation, and how he plans to fight it, was awkward on so many levels – including, but not limited to, the bubbling presentation.

Some of them even yearned for the good old days when Donald was in the White House. Yes, they hated Trump’s mean tweets and petty feuds with those who surpassed him (either real or imaginary). But at least he kept things interesting and at the bottom his economic policies were quite efficient.

You can’t really say the same about Biden. The most memorable thing about his speech was that he stopped his speech by blaming everyone but for his own inflationary policies. Most to blame, according to Biden, is Vladimir Putin and his invasion of Ukraine, which is adding to inflationary pressures due to sanctions against Russia, a major energy producer, stirring up oil markets.

But those inflationary pressures were evident long before the war. White House green-energy policies began to disappoint oil supplies and squeeze consumers at the pump, just as the new administration went on a spending spree, which drove consumer demand for everything, including food and gasoline.

Remember the words of Obama-Clinton economist Larry Summers. Summers, hardly a part of the MAGA crowd, predicted long before the Ukraine conflict that spending blown Biden through a Democratic-controlled Congress would drive up ’70s-style prices.

economic constraints

Such economic illiteracy is scary in a president. It is also appalling that the president’s inflation speech attacked Putin as much as his fellow Americans who voted for Trump. He called them “ultra maga” or “maga republicans” as if they were some strange new species of animal that pulled the lever for the former president.

Land-Based Windmills In Atlantic City Nj That Help Power A Sewage Treatment Plant.
The Biden administration believes that windmill turbines will blow away the inflation crippling American purse.
AP Photo/Wayne Perry

Rick Scott of Wisconsin (his words are not mine; I know Scott represents Florida), falsely claiming that the GOP wants to raise taxes and pay corporations their fair share. does not allow.

Funny, the last tax increase that I can remember was put into law that Biden’s doomed build back was a better multitrillion-dollar spending fiasco, which primed our already high inflation rate of 8.3% well into the double digits. would have done.

To address inflation, Biden plans to go big in so-called clean energy (ie, windmills, EVs and solar) that reduce our reliance on foreign oil. OK, but when will windmills and EVs really replace what we rely on for energy and transportation? Certainly not yet, as Tesla EV maker Elon Musk recently pointed out.

I can go on – Biden even falsely claimed that we would have more domestic oil production, thus lower gas prices and lower inflation, if Big Oil hadn’t sat on a license to drill. He left out how the Fed would not give the green-light to other required permits.

A General View Of $4.00 Gas Prices At The Exxon Gas Station On May 10, 2022 In Hawthorne, Nj.
Team Biden’s refusal to invest in US oil production caused gas prices to skyrocket.
Christopher Sadowski

Some people may be fooled by his speech, but again, I couldn’t find any in my Wall Street sources. Markets smelled all of the president’s absurdity, selling the Dow almost every day since he made the speech.

Is the president a liar? Maybe, but he may also actually believe these lies. And it’s scary.

Disney Affair

Ron DeSantis of Florida Gov. keeps winning over the awakened Disney entertainment and theme-park empire—who thought it was a smart idea to oppose a state law prohibiting children from being educated about sex in kindergarten.

And the governor’s aides say he’s itching more.

Disney’s opposition to that very sensible law only caused the most awakened fathom among us to prompt Florida’s governor and legislature to end the House of Mouse’s special tax treatment in the state. Leftists cried foul, then a lawsuit was filed by a trio of state residents, who argued that they were somehow injured because one of the world’s largest companies had violated their First Amendment rights, which are a measure of corporate welfare. was not receiving.

Florida Gov. Ron Desantis
Florida Gov. Ron DeSantis demonstrates how to punish companies that try to interfere with the law.
Ellen Schmidt/Las Vegas Review-Journal via AP

I’m told the case was laughed out of court last week, and DeSantis is still enjoying taking it to Disney and winning. Aides to the Florida governor told Fox Business’s Eleanor Terrett that their polling shows that even 55% of Florida Democrats believe that children do not need to be lectured about sex.

“Of course we don’t want a company to fail, but weighing in on these social issues doesn’t bode well for business,” said a DeSantis associate.

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