Happy Thursday. With some rambling thoughts, I decided to throw down a few thumbnail comments below for your digestion.
While I am elated that a bipartisan compromise was reached in the US Senate to possibly end these budget kick-the-can exercises, I must confess concerns that it would increase the debt. Yet, it frustrates me just as much to see members of the Freedom Caucus appear high and mighty against the effort after many of them voted for a tax bill to increase the debt by $1.5 trillion. That is what we call hypocrisy. Nonetheless we are avoiding the looming problem as the debt and interest cost build.
I must confess being tickled at the US President for fussing at the stock market saying it is not reacting well to good news. It reminds of a toddler fussing at the tide for washing his sandcastle away. The stock market is reacting to concerns over inflation and rising interest rates, as well as pulling back on some of the euphoria that had been baked in. My guess is the tide will erode a little more of the sandcastle before settling at a lower level. Less funny was the President inviting a government shutdown if Congress does not fund his wall.
I am delighted Chancellor Angela Merkel has reached an agreement to form a government in Germany. A coalition between her Christian Democrstic Union and the Social Democrats would result. The negative is it would leave the Alternative for Germany as the opposition party giving more voice to their zealous nationalism. Her leadership is needed there, but even moreso around the globe with the United States retrenching from its role with its tempestuous leader at the helm. She and Emmanuel Macron will be the leaders of a more global construct.
If you have not seen “The Post,” with Meryl Streep and Tom Hanks, please do so. The story is about the consternation as to whether The Washington Post should publish articles about The Pentagon Papers after The New York Times was forbidden to do so after its first set of articles. But, the story goes deeper as it is about a female publisher, Kay Graham, who stood up to everyone (all men) telling her she would be a fool for publishing the articles as she took her company public. She supported her editor, Ben Bradlee and they won their Supreme Court case advocating the freedom of the press. The similarities between the demonizing words used by Nixon and Trump against the press are striking. An interesting sidebar is while this debate was going on, a little break-in at The Watergate Hotel occurred.
That is all for this Thursday. I hope our Congress reaches a deal and keeps the government open. Next up DACA.