Boston Fed’s Collins says ‘higher
unemployment’ needed
Posted By: Ribicon, 9/26/2022 11:29:53 AM
Washington—Susan Collins, the new president of the Federal Reserve Bank of Boston, said Monday that a higher unemployment rate will be needed to bring down inflation from unusually high levels, but suggested any economic downturn would likely be modest. In her first speech as Boston Fed president, Collins said the economy is resilient enough to withstand the higher interest rates needed to combat inflation, which is near a four-decade high. Her comments echoed similar remarks from Raphael Bostic, president of the Atlanta Fed, on Sunday. Fed Chair Jerome Powell has also said that fighting inflation would cause “pain” for households and businesses.
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The White House is preparing for Janet Yellen to leave her post as Treasury Secretary as soon as November as Americans rank the economy as one of their biggest concerns with just weeks until Election Day.
Her potential departure is in the early stages and would come after the 2022 midterms, people familiar with the matter told Axios, and no decision has been made on a replacement. Yellen would be the most consequential exit from President Joe Biden's White House so far, especially as the nation grapples with record-high inflation and gas prices and classically defined recession with two straight quarters of negative GDP growth.
New York—With two hurricanes in less than two weeks—Fiona and Ian—affecting the eastern U.S., the situation is a reminder of how vulnerable our region is to flooding and other storm damage. It’s also why a new, comprehensive plan to protect New York Harbor from the effects of storms has been introduced by the U.S. Army Corps of Engineers. The detailed proposal has a $52 billion price tag and would combine a variety of coastline protection systems, both manmade and natural, to guard against the most devastating effects of a storm, according to Corps of Engineers planners.(Snip)Specifically, the federal government would pay for 65 percent
Yet another electric vehicle disaster is making the rounds on the internet, this time as a YouTuber with over 1.4 million followers tried towing an ancient 1930s Ford Model A truck with a contemporary Ford F-150 Lightning electric pickup. Despite setting the bar ridiculously low–he just wanted to tow it just over 100 miles round trip–the entire experiment failed in a spectacularly “complete and total disaster.” Youtuber Tyler Hoover says in the video, seen below, that “[i]f a truck towing 3,500 pounds can’t even go 100 miles—that is ridiculously stupid.(Snip)“This truck can’t do normal truck things. You would be stopping every hour to recharge
Senate Minority Leader Mitch McConnell on Tuesday threw his support behind legislation to reform the Electoral Count Act, saying it would prevent the 'chaos' that occurred in 2020 when Congress met Jan. 6 to count the electoral votes. McConnell made his statement on the Senate floor as the at the Senate Rules Committee, prepared to consider legislation that has already drawn bipartisan support, with the potential to come up in a 'lame duck' session after the elections. The House last week advanced its own version, coauthored by GOP Rep. Liz Cheney (Wyo.) and Zoe Lofgren (R-Calif.), who are both members of the House select committee probing the events
The Internal Revenue Service sent out $1.1 billion in advanced child tax credit payments to 1.5 million people who shouldn't have received them last year. A new audit from the Treasury Inspector General found the error between July and December of 2021, during the period President Joe Biden expanded the child tax credit to include monthly payments rather than the typical annual refund.
Along with giving more than $1 billion to unqualified taxpayers, the IRS also failed to distribute $3.7 billion in the tax credits to 4.1 million eligible households.(Snip)According to the audit, the government dished out more than $93 billion in advance child tax credit payments
Seattle—A former Nigerian government official was sentenced Monday to five years in prison for stealing more than $500,000 in pandemic relief benefits in the United States. Abidemi Rufai was wearing a $10,000 watch and $35,000 gold chain when he was arrested at JFK International Airport in New York on his way to Nigeria in May 2021.(Snip)Prosecutors said the 45-year-old had a history of defrauding the U.S. government, including using stolen identities to file for emergency relief after hurricanes in Texas and Florida. “When disaster struck, so did Mr. Rufai,” Seattle U.S. Attorney Nick Brown said in a news release. "Whether it was hurricane disaster relief,
House Republicans sound the alarm over
a China-linked land purchase near N.D.
Air Force base 12 replies
a China-linked land purchase near N.D.
Air Force base 12 replies
Dozens of House Republicans told the Biden administration they fear a Chinese company’s purchase of farmland near a military base in North Dakota will imperil national security. Rep. Carlos Gimenez, Florida Republican, sounded the alarm about the Fufeng Group’s purchase near Grand Forks Air Force Base in a new letter signed by 50 colleagues and sent to Defense Secretary Lloyd Austin, Treasury Secretary Janet Yellen and Agriculture Secretary Tom Vilsack. They fear the company will be too cozy with the communist government in Beijing. “The Grand Forks Air Force Base has exceptional intelligence, surveillance, and reconnaissance capabilities, making the recently purchased land the ideal location to closely monitor and intercept
The Biden administration is laying out its plan to meet an ambitious goal of ending hunger in the U.S. by 2030, including expanding monthly benefits that help low-income Americans buy food. The administration, in a plan released Tuesday, is also seeking to increase healthy eating and physical activity so that fewer people are afflicted with diabetes, obesity, hypertension and other diet-related diseases. It said it would work to expand Medicaid and Medicare access to obesity counseling and nutrition.(Snip)Biden is hosting a conference this week on hunger, nutrition and health, the first by the White House since 1969. That conference, under President Richard Nixon, was a pivotal moment
The migrant smuggling economy at the U.S.-Mexico border now tops $20 billion and the cartels have made at least $2.6 billion in profit over the past 12 months just from controlling the routes illegal immigrants use, according to a Washington Times analysis. Both amounts are up substantially from the Trump and Obama years because more people are coming to the border and because they are paying higher prices. Mexican migrants are paying an average of $8,600 in total smuggling fees this year, according to The Washington Times’ database of smuggling cases. That’s up roughly $2,000 from 2019, the last pre-pandemic year under the Trump administration.
A woman arriving at JFK airport for her job as a security guard fears she'll lose her sight in one eye after she was savagely beaten by a homeless career criminal at the airport subway station. Elizabeth Gomes, 33, arrived at the Howard Beach station in Queens, New York City, at around 5:15am on September 20. Waheed Foster, 41, tried to start a conversation, but when she ignored him he flung himself at her—dragging her to the ground then kicking and punching her. Foster, who was arrested for murdering his 82-year-old foster grandmother in a brutal beating at the age of 14, rained blows down
The U.S. Department of Homeland Security (DHS), which recently said that questioning official narratives on matters like coronavirus policies constitutes a terrorist threat, has awarded nearly $700,000 to left-wing researchers to study radicalization in video games, with a focus on “white supremacy.” “Over the past decade, video games have increasingly become focal points of social activity and identity creation for adolescents and young adults,” said DHS in its press release announcing the grant.(Snip)The money will go to a joint project run by Middlebury Institute’s Center on Terrorism, Extremism, and Counterterrorism (CTEC), Take This, a non-profit that pushes left-wing identity politics, and Logically, a company which,
Armed activists with a coalition of black self-defense groups marched in Austin, Texas over the weekend calling for an end to illegal immigration and demanding that President Biden close the borders. Some of the activists chanted 'close the borders' and 'take your a** home' as they marched toward the Texas Capitol in the 'Second Amendment Unity Walk' on Saturday. The march was led by The Elmer 'Geronimo' Pratt Pistol & Rifle Gun Club. Their demands also included reparations for descendants of enslaved people and a hate crime bill protecting Black Americans. The group faced opposition from a handful of Trump supporters and other protesters gathered at the Texas State Capitol
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The Biden administration is laying out its plan to meet an ambitious goal of ending hunger in the U.S. by 2030, including expanding monthly benefits that help low-income Americans buy food. The administration, in a plan released Tuesday, is also seeking to increase healthy eating and physical activity so that fewer people are afflicted with diabetes, obesity, hypertension and other diet-related diseases. It said it would work to expand Medicaid and Medicare access to obesity counseling and nutrition.(Snip)Biden is hosting a conference this week on hunger, nutrition and health, the first by the White House since 1969. That conference, under President Richard Nixon, was a pivotal moment
Chelsea Clinton claimed during a recent interview that her family was “the reason that Fox News was created,” arguing that the network’s founder Rupert Murdoch had seen an opportunity and a market for attacks against them.
Clinton and her mother, former Secretary of State Hillary Clinton, spoke with entertainment magazine Variety about their new Apple TV+ venture, “Gutsy,” in a wide-ranging feature interview that was published on Tuesday, and the topic eventually turned to Fox News.
“Your family was the first great target of Fox News’ approach,” the interviewer prompted.
With six weeks to go until November’s elections, a new public opinion poll in the crucial battleground state of Pennsylvania indicates that Democratic Lt. Gov. John Fetterman is ahead of GOP nominee Mehmet Oz in the race for Senate, with Democratic state Attorney General Josh Shapiro leading Republican state Sen. Doug Mastriano by double digits in the gubernatorial showdown.
Fetterman tops Oz, the cardiac surgeon and celebrity doctor, 51%-44% among those likely to vote in the general election, according to a Marist College Poll in Pennsylvania conducted Sept. 19-22 and released on Tuesday. Among a wider pool of all registered voters, the survey indicates Fetterman with a 10-point 51%-41% lead
President Joe Biden used a Rose Garden speech on touting his work reducing healthcare costs to launch a political attack on Republicans, accusing them of plotting the abolition of Social Security if they take back Congress.
The warning is designed to win over older voters, a key demographic in November's midterm elections.
Yet he ended his political attack with an appeal for Americans to come together, forget the partisan wrangling and cooperate on bringing down costs for families.
Biden held the event to advertise that Americans will pay less next year on monthly premiums for Medicare 's Part B plan,
Harry and Meghan have been moved to the bottom of the Royal Family's website alongside the disgraced Prince Andrew.
Links taking readers to pages dedicated to the Duke and Duchess of Sussex had previously been placed around halfway down the page - below senior royals and above minor members of the family.
But after the webpage was updated following the death of the Queen earlier this month, Harry and Meghan have now been moved down below the likes of Princess Alexandra and the Duke and Duchess of Gloucester.
It's no secret that the mainstream media and liberal pundit class are not fans of Florida's Republican Governor Ron DeSantis. From the day he took office, through COVID, and amid Biden's border crisis, the media has never resisted an opportunity — however frivolous — to attack the man known to conservatives as "America's Governor." (snip) But now, even the media has found another low with their anti-DeSantis attacks: salivating over the chance for a hurricane to devastate Florida and make its governor look bad.
Former Fox News host bombs in CNN debut
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A new show hosted by former Fox News host and current CNN host Chris Wallace fell flat in its debut. Nielsen Media Research tracked ratings for Wallace's show, Who’s Talking to Chris Wallace, which debuted on CNN Sunday. The ratings show that there were 401,000 viewers, down 29% from the average, and 44,000 among those aged 25 to 54, down 64% from the average. Sunday Night in America with Trey Gowdy, a long-standing Fox News program that aired at the same time as Wallace's, received 1.3 million viewers and 78,000 viewers aged 25 to 54. Over the weekend, Fox News
Gavin Newsom: 'I Worry About Ron DeSantis'
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California Gov. Gavin Newsom (D) said he worries about Florida Gov. Ron DeSantis (R), asserting that the Sunshine State’s leader is a “bully.”
Newsom traveled to Texas — notably one of the states subject to California’s ban on “state-funded and state-sponsored travel” — over the weekend, speaking at the Texas Tribune Festival in Austin where he further expressed his newfound obsession with disliking DeSantis. “I worry about Trump. [I] worry about Trumpism. I worry more about Tucker Carlson. I worry about Ron DeSantis. He’s a bully,” Newsom said, attempting to provide an example of such abominable behavior.
Staffers at the New York Times are openly discussing the possibility of a work stoppage as talks with management have reportedly hit an impasse over the union’s demands for a salary hike.
The guild representing journalists at the newspaper also wants management to commit to an 8% annual salary increase year-over-year for a period of four years.
But management has countered with a significantly smaller hike — a 4% increase for the first year followed by a 2% boost for the following two years, according to Insider.
Recent polls have shown the US Senate race in Pennsylvania heating up, with Republican Mehmet Oz in a good position to win if undecideds break towards the out-party, something that has historically happened in first-term mid-terms.
Meanwhile, Democrat John Fetterman continues his grueling, break-neck campaign of five-minute campaign stump speeches. The Democrat, who had a massive stroke in May after ignoring his doctor for half a decade, has put in some disturbing, uncomfortable performances over the last month or so, and Monday was no different.
Fetterman decided he’d try to rib the crowd a little bit by saying that the Eagles are “so much better” than the Steelers
A Polish politician suggested the United States was behind the sabotage of two Nord Stream pipelines linking Russia to Germany.
“Thank you, USA,” European Parliament member Radoslaw Sikorski said on Twitter, sharing a photo of the Nord Stream leak in the Baltic Sea. Hours later, Sikorski added a follow-up tweet.
“BTW, there's no shortage of pipeline capacity for taking gas from Russia to Western Europe, including Germany,” he wrote. “Nordstream's only logic was for Putin to be able to blackmail or wage war on Eastern Europe with impunity.”
California finds itself on edge more than ever with a lingering fear: the threat of rolling blackouts for years to come. Despite new power plants, building huge battery storage systems and restarting some shuttered fossil fuel generators over the past couple of years, California relies heavily on energy from other states — the cavalry rushing over a distant hill. Sometimes the support does not show up when expected or at all. That was the case this month, when millions of residents got cellphone alerts urging them to cut their energy use as the state teetered close to blackouts in blazing heat.
Comments:
Higher unemployment is absolutely needed, starting with abolishing the "Federal" Reserve. How does that sound?