Commercial electric vehicle company opens microfactory near Charlotte in Rock Hill, SC

Per WCNC, a television news station in Charlotte, a report called “Electric vehicle microfactory promises to bring 240 jobs to Rock Hill” was aired. Rock Hill is part of the Charlotte Metro area just across the border in South Carolina. Here are the salient points per a MSN write-up of the piece:

Arrival, a company that produces electric vehicles around the world, announced Tuesday its plans to build a ‘microfactory’ in York County. The factory is part of a $46 million investment in the region and is Arrival’s first American microfactory. The company expects to bring 240 new jobs to the Rock Hill area. 

Arrival, which was found in London in 2015, creates zero-emission vehicles for commercial transportation. The South Carolina facility will utilize a new cell-based assembly method to produce vehicles, rather than the traditional assembly line. This will give Arrival the flexibility to produce any vehicle in its portfolio at the factory, according to a press release from the company.”

This is just more evidence of where future growth will occur. It is good to see our area embracing new technologies to make zero emission vehicles. The train (or in this case, the bus) toward renewable energy has left the station. Communities that are embracing this will see more growth and better cost models going forward, as well as help the environment.

This is is not an outlier story. Solar energy jobs have averaged annual double digit growth and dwarf coal energy jobs. Wind energy is also growing in the US, especially in the plain states with Iowa, Kansas and Oklahoma combined getting more than 1/3 of their electricity from wind energy. And, Tesla has branched into electric delivery trucks on top of their cars.

These news stories should be more widely communicated to show the path forward is being taken by states, cities and companies.

https://www.msn.com/en-us/autos/news/electric-vehicle-microfactory-promises-to-bring-240-jobs-to-rock-hill/ar-BB19ZdCG?ocid=msedgdhp

The Appeal – a book with relevance today

With the pandemic, I have been catching up on the many unread books we still have on our shelves. Recently, I finished a book John Grisham published in 2008 called “The Appeal,” that was #1 on The New York Times bestseller list back then.

Even though it is twelve years old, the theme is relevant today. Without giving too much away, a married couple law team in a small town in Mississippi win a court case for their client against a company who had been proven to dump poisonous waste chemicals that made it into her community’s water supply. Their client lost both her husband and son to cancer as did many others in the county. She was awarded $41 million including punitive damages.

While others awaited to file suit, the verdict gave them reason to hope. The verdict was expected to be appealed, so no money traded hands. The CEO of the holding company for the chemical company decided to be proactive at the behest of a senior Mississippi Senator known for his wealth amassed through lobbyist funding. So, the CEO hires a secretive consulting firm whose expertise will help to unseat a less-friendly (to companies) judge running for reelection. Most of the $8 million fee is off shore and never declared.

The consulting firm recruits a young lawyer, with a young family and no baggage or judicial experience. So, he has no rulings that could be highlighted in a negative way. Once on board, they quietly fund his campaign commercials and strategy before announcing his candidacy. In essence, they use a surprise attack and overwhelm the sitting judge who thinks she is unopposed and has not raised funds.

I will stop there. The scary part is how easily this could be done. People were convinced to vote for this young, photogenic judge with a nice family, not knowing he was going to severely limit liability for companies who screwed people like these voters. He was supposed to be their judge.

So, when I see the stated reasons why judges are running, it makes me want to dig further. The true reason for a well-funded campaign is money. What judge will be the most friendly to companies? I have said this earlier, whether it is a supreme court seat or appellate court or some other court, lip service is given to issues that interest the voters. But, what interests the lobbyists is counting on a reliable vote in their industry’s favor.

Ten reasons to believe Trump disparaged the military (per Bill Press of The Hill)

Two letters to my newspaper framed the issue. One from a veteran said it is easy to believe Trump disparaged the troops based on his past actions and words. Another said she felt it was a “smear job” and encouraged the anonymous sources to come forward. Bill Press of The Hill wrote an opinion piece called “Trump gives military middle finger salute.” In it, he cites ten reasons to believe the story by a reputable source and corroborated by four other sources, is true. The highlighting of three reasons is my doing for emphasis.

“Admittedly, it’s hard to imagine any American president, Republican or Democrat, calling our soldiers, especially those killed in battle, ‘losers’ or ‘suckers.’ Still don’t believe it? Let me give you 10 reasons why you should.

One, Trump ducked military service in Vietnam by getting five deferments, including one of them for ‘temporary’ bone spurs – based on a diagnosis written by a New York podiatrist, according to his daughters, as a favor to Trump’s father. Two, this is the same Donald Trump who bragged to radio host Howard Stern in 1997 that his ‘personal Vietnam’ was dating in the ’90s without getting STDs.

Three, New York businessman Donald Trump fought repeatedly to ban disabled vets from selling goods on Fifth Avenue. ‘Whether they are veterans or not,’ he wrote in a 2004 letter to then-Mayor Michael Bloomberg, ‘they should not be allowed to sell on this most important and prestigious shopping street.’ Four, according to his niece Mary Trump, when Donald Jr. told his father he was considering joining the military, Trump said he would disown him.

Five, as candidate for president, Trump spent a week disparaging Gold Star parents of Army Capt. Humayun Kahn, after his father spoke at the Democratic National Convention. Six, he also insisted that John McCain was no ‘war hero’ because he was captured and later, as president, resisted honoring McCain’s death. ‘We’re not going to support that loser’s funeral,’ he reportedly told his staff.

Seven, he told the widow of slain Army Sgt. La David Johnson ‘he knew what he signed up for.’ Eight, in 2017, according to the Washington Post’s Philip Rucker and Carol Leonnig, he told top generals at the Pentagon: ‘I wouldn’t go to war with you people. You’re a bunch of dopes and babies.’ Nine, he called four-star General and former Defense Secretary James Mattis ‘not tough enough’ and ‘overrated.’ Ten, when our intelligence agencies reported that Russia was paying Taliban terrorists a bounty to kill American soldiers, Donald Trump did – absolutely nothing.

Given that history, no wonder not one military leader has stood up to deny the Atlantic’s report. They know the truth. Donald Trump’s been bad-mouthing the military all his life.

The full editorial is below. The words that Trump have been alleged to have said are entirely in character. The choice of words and the targets are meaningful and consistent.

https://www.msn.com/en-us/news/politics/press-trump-gives-military-middle-finger-salute/ar-BB18Osjk?ocid=msedgdhp

Scotland and America quietly (at least here) show the way on wind energy

In one of the best kept secrets in America, solar and wind energy continue to make huge strides and are on par cost-wise with coal energy production. And, with total cost of environmental, health, acquisition and litigation are factored in, the renewables beat the pants off coal. This is a key reason in Texas, renewable energy is passing coal as the second largest energy source behind natural gas in 2020. And, as oil tycoon T. Boone Pickens said on “60 Minutes” early in the last decade, natural gas will buy us time, but wind energy is the future in the plain states.

The wind also blows in Scotland, especially offshore in the North Sea. Per Wikipedia, “Wind power in Scotland is the fastest-growing renewable energy technology, with 8423 MW of installed wind power capacity as of December 2018. This included 7800 MW from onshore wind in Scotland and 623 MW of offshore wind generators. There is further potential for expansion, especially offshore given the high average wind speeds, and a number of large offshore wind farms are planned.

The Scottish Government has achieved its target of generating 50% of Scotland’s electricity from renewable energy by 2015, and is hoping to achieve 100% by 2020, which was raised from 50% in September 2010. The majority of this is likely to come from wind power. This target will also be met if current trends continue.”

From Offshore Wind Scotland (link below), more update numbers on the offshore wind power notes, “We have 915 MW of operational offshore wind (as compared to the 623 MW in December, 2018 in Wikipedia) including the world’s first floating offshore wind farm, Hywind Scotland, and a further 4.1GW of consented projects in the pipeline. One of the largest offshore wind projects in the world, the 950MW Moray East project, is under construction in the Moray Firth and Kincardine Offshore Wind Farm, which at 50MW is the largest floating wind array in the world, is also under construction 12km off Stonehaven. SSE’s 1075MW Seagreen project in the Firth of Forth will start construction next year with 114 turbines utilising 9.5MW machines from MHI Vestas. Crown Estate Scotland will kick off the next offshore wind leasing round, ScotWind, with projects announced in 2020 and this should see the Scottish market rise to over 10-12GW by 2030.”

I recognize most readers will gloss over the numbers, but suffice it to say, Scotland is recognizing and capturing the power of its location to harness the wind. They set out a long term plan and went about achieving it, even when obstacles got in the way. What got very little play here is a golf course owner who happens to be the US president sued to stop construction of offshore wind mills visible from one of his Scottish courses. His company lost the case and had to pay the Scottish government US$290,000 for its court costs.

But, back in the states, Texas is not the only plain state taking advantage of wind. Iowa gets about 40% of its electricity from wind energy. Per Wikipedia, in 2019, the top five wind energy states are:

Texas (28,843 MW)
Iowa (10,190 MW)
Oklahoma (8,172 MW)
Kansas (6,128 MW)
California (5,973 MW)

California also leads the pack by far on solar energy at 27,900 MW in the first quarter of 2020, with North Carolina (6,400 MW), Arizona (4,700 MW), Florida (4,600 MW) and Texas (4,600 MW) filling the next four slots.

To put the two leaders in perspective, the Texas wind energy and California solar energy megawatts can power close to 8 million homes in each state. It should also be noted that electricity intensive businesses that run data and call centers, like Amazon, Google, Facebook and retailers like Walmart and IKEA are well ahead of others on the push toward renewable energy. Amazon is running TV commercials right now that say Amazon will be 100% renewable energy powered by 2025.

COVID-19 is harmful to people, but also is hurting the fossil fuel businesses. Quite simply, fewer people are traveling and buying petrol. But, the renewable energy business is less impacted as the focus is on homes and businesses. The Paris Climate Change Accord was not the only big deal that occurred in 2015 in Paris. Bill Gates led a group of 26 private investors and the University of California to form The Breakthrough Energy Coalition to invest in technology that will improve renewable energy and lessen our carbon impact on the planet. Gates committed US$2 Billion of his own money.

I mention all of this as this move forward is still underreported and underappreciated, at least here in the states. When I see US politicians funded by fossil fuel companies cry foul over green initiatives, the answer is simple. It is already happening due to market forces and it also happens to be where the job growth is. So, where do you want to invest your money?

https://www.offshorewindscotland.org.uk/

Two quotes from a nice and effective public servant

The Charlotte Observer reported today that Boyd Cauble, a long time aide to many mayors of both parties passed away. Three things stand out about Cauble – he did not bring attention to himself, he was very effective working with officials in Raleigh and DC, and was a genuinely nice guy.

More than several of Charlotte’s major accomplishments can be traced to Cauble’s tireless advocacy. Rather than list such milestones, let me focus on two bookend quotes from Cauble from the article penned by Jim Morrill.

Morrill writes “Boyd Cauble lived by a simple credo: ‘Just be nice to people – you’ll be amazed what will happen.'”

When Cauble retired from the City, in an Observer article called “The City’s most influential guy you have never heard of,” he said at the time:

“‘I am a firm believer that if you don’t care who gets credit, you’ll gey a whole lot of things accomplished.'”

I encourage you to read these two quotes and contrast them to today’s partisan win/ lose debates that are a poor substitute for governance. All politicians (and business people or any team) from top to bottom could learn from these words.

Mayors from both parties lauded Cauble’s efforts. Vi Lyles, Charlotte’s current mayor and long time City leader, said “He helped bulld Charlotte.'”

Pandemic accelerates renewable energy surpassing coal energy in US

In an article by Brad Plumer of The New York Times (see below) called “In a first, renewable energy is poised to eclipse coal,” the growth of renewable energy has been further fueled by the pandemic. This year, renewable energy (solar, wind, bio-mass, geothermal and hydroelectric), will surpass coal as the second largest energy source.

Per Plumer, efforts by the current president to keep propping up coal-burning plants have proven ineffective against market conditions. He notes “Those efforts, however, failed to halt the powerful economic forces that have led utilities to retire hundreds of aging coal plants since 2010 and run their remaining plants less frequently. The cost of building large wind farms has declined more than 40% in that time, while solar costs have dropped more than 80%. And, the price of natural gas, a cleaner-burning alternative to coal, has fallen to historic lows as a result of the fracking boom.”

Plumer adds the impact of COVID-19 which has reduced electricity usage with fewer stores and restaurants open is hastening this trend. “And because coal plants often cost more to operate than gas plants or renewables, many utilities are cutting back on coal power first in response.”

Further, “Coal is the dirtiest of all fossil fuels, and its decline has already helped drive down US carbon dioxide emissions 15% since 2005. This year, the (Energy Information Administration) expects the US emissions to fall by another 11%, the largest drop in at least 70 years.”

Coupled with people driving less and avoiding traveling by airplanes, an upside to COVID-19 is 2020 will be an impactful year on less carbon usage which will help in cleaning air (which is noticeable from satellites) and addressing climate change. As the economy slowly recovers with the majority of people being cautious in their movements and spending patterns, at least this positive impact will continue for more than 2020. And, hopefully with the coal plants being used more and more in the bull pen for extra need, more may be retired.

Still, some folks are surprised by the news of the decline in coal. They should not be. About eight years ago, oil tycoon T. Boone Pickens was on “60 Minutes” and said the future energy source in the windy plains states is wind energy. He added fracking for natural gas will buy time until the cost of wind is more economical. Now, oil rich Texas bears that out with wind energy surpassing coal by itself this year. While Texas produces more wind energy than any other state, Iowa gets over 40% of its electricity from wind and most of the top states in percentage of electricity are plains states.

Not only has coal become relatively more expensive due to the cost declines in other sources, its costs and risk continue beyond the life of the fuel and the plant. Duke Energy and TVA have had to clean up messes from coal ash that have bled into the water systems. And, Duke’s Dan River spill was from a long-ago retired coal plant.

The people I feel for are the coal miners whose hopes have been propped up by politicians who have not been forthcoming. I have known about coal’s demise since that Pickens’ interview and through other news and reading sources. My guess is so have the politicians, yet rather than be truthful and help them plan for new careers, they kept feeding their hopes. And, last time I checked, the wind blows and sun shines in those coal producing states. So, these miners are owed long-time-coming truths and help to find and train for new jobs.

Inspector Generals and Auditors

What do Enron, Healthsouth, Adelphia and Tyco have in common? All were found guilty of fraudulent activities. And, each were misled by CEOs and even CFOs. The names Kenneth Lay and Richard Skilling of Enron (accounting and tax fraud), Richard Scrushy of HealthSouth (accounting fraud), John and Tim Rigas of Adelphia (fraud, corruption and theft) and Dennis Kozlowski and Mark Switz of Tyco (massive theft) will not be remembered in a good light. The Enron scandal even brought down one of the largest accounting firms, Arthur Andersen.

Because of their activities, the SEC passed a rule stating that the Board of Directors’ Audit Committee must be given greater authority and independence. In short, the Audit Committee must be independent of the Executive Committee and cannot include the President or Treasurer. It also must:

– Not include anyone employed by the organization or the audit firm
– Have at least one “ financial expert ” who is familiar with the audit process
– Avoid conflicts of interest.

In the federal government, the Inspector General’s office imbedded in each of the departments of the Executive branch serves like an auditor. The equivalent Board oversight is the Congress of the United States, not the president. It is a very important role that keeps America running like a democracy and not an autocracy. When this oversight is compromised, America’s democracy is diminished.

I raise this now as the president of the United States seems to be at war with the Inspector Generals in the Executive branch. Friday night, the president sent a letter that he was firing Michael Atkinson who did his job and reported to Congress the veracity of a whistleblower complaint. To Atkinson’s credit, he publicly defended his role and encouraged whistleblowers to still come forward.

This week, the Glenn Fine, the appointed IG overseeing the $2.2 trillion coronavirus stimulus fund, was removed and will be replaced by a Trump appointee. Fine was well regarded in this role coming out of the Department of Defense. Something seems fishy here.

If that were not enough, the president was critical of a US Department of Health and Human Services IG report led by Christi Grimm. The report was critical of the hospital preparedness for the coronavirus, which is not a surprise, since hospitals and governors are begging for help.

What does all of this mean? Why is the president at war with the Inspector General’s office? Is he hiding something? Are they saying things that run counter to his own storytelling which is well-known to be less than truthful? If this were a publicly traded company, these actions would raise a red flag with the Audit Committee. They should do the same with Congressional oversight.

In short, the US is not a kingdom. It is not an autocracy. The president has never reported to anyone before his swearing in, except for his father. He is highly accustomed to not being questioned. In fact, he does not like being questioned, which is apparent on a daily basis. Yet, he must answer to Congress. I urge Congress to do their job. They must represent Americans, not a political party.

For profit drug and medical supply companies are geared to maximize profits

This topic is not a new one and is one I first wrote of several years ago. The concern is the number of for-profit companies who make drugs and medical supplies are not geared toward fighting pandemic or new bacterial strains that keep cropping up. They are geared toward profit. What do I mean by this?

Think of all of the television commercials about new prescription drugs. It will not be hard as there is a growing number with new names that make you ask, now what does this do? Quite simply, a drug company makes more money creating a maintenance drug you take every day for the rest of your life than they do making cures for major diseases.

It is not unusual for the company to codify a new illness which is neatly packaged with this new pill. Or, the new pill may be a supplement to an existing drug to make it better or address the side effects. Did you know there is an anti-constipation drug that is sold to help alleviate the constipation caused by opioid painkillers? Please note this is not intended to slight anyone who is gaining benefit from one of these drugs.

Making a drug that will cure something, simply has a low or negative ROI. One reason is the company would look poor if they charge to high a price for a cure. This is where the CDC and NIH must garner funding to pay for the development of drugs before the pandemic catches fire. The other risk is the new bacterial strains that may develop beyond our ability to fight the strain. This is where I first learned of the funding deficiency for massive exposure problems.

The same can be said of medical equipment. The New York Times has a good piece on the recent history of ventilator production. Agreements have been made then voided by acquisitive companies. These acquisitions were either to protect a higher priced ventilator or a market share. So, there were a number of false starts. What is frustrating is how easily contracts can be voided after an acquisition. This is horribly unfair to the buyer of the service or product, especially when the contract could help many.

There are a couple of larger points to be made. This is a great example of where there needs to be a blend of financial responsibility on investment for the greater good. This is not new. Our country has a history of a blend of corporate, venture capital, private and government investment. This is a key theme of Pulitzer Prize winning author Thomas Friedman’s book “That Used to be Us: How America fell behind in the world it created and how it can come back.”

Per another economic advisor, David Smick (“The World is Curved”) who advised Republican and Democrat presidents, this blend of capital investment need not occur on every investment or in some set order. Sometimes government funding leads and sometimes it may trail. The point is we have way to many either/ or arguments when the right answer is a blend of both or multiple. This is known as the “tyranny of the or.” Our history is built on the blend of capital investment, especially for large infrastructure projects.

So, greater good investments need to be evaluated as soon as possible. When the risk is identified, that is when the spend is needed, if not before given what the challenge is. Not having a COVID-19 vaccine early on is one thing that should have been addressed a few months ago given the development time. Not having enough ventilators is something that should have been addressed well before given their need. Leaving certain things to solely a for-profit lens will mean that some needed investments may not get made or not made soon enough.

Poor (or not so poor) Richard’s Almanac

One of my two North Carolina Senators is Richard Burr. While I do not agree with everything he opines, this independent voter has voted for him on occasion and against him as well. Yet, he has always seemed to be one of the more reasonable Republicans and Senators in office. I have actually even met him twice, once at a meeting about the state’s homeless population and once at my boss’ request to brief him on employer health care issues when he first ran as a Congressman.

So, this makes it even more troubling that he has been alleged of insider trading on stocks to pocket the upside gain on hospitality stocks when he had knowledge those stocks would suffer as the coronavirus became more known. He and Kelly Loeffler, the new Senator from Georgia, have been accused of such. From a Reason.com article called “Senators Richard Burr, Kelly Loeffler accused of coronavirus motivated insider trading” (see link below):

“Plague trading? Privately, Sen. Richard Burr (R–N.C.) warned constituents weeks ago that coronavirus was “akin to the 1918 pandemic,” NPR reports. Publicly, he towed President Donald Trump’s line that the new disease would not be a big deal.

Worse still, ProPublica reports that Burr sold off between $600,000 and $1.7 million in stocks on February 13, suggesting that he used his private knowledge about the coming economic impact of the pandemic to prevent personal financial losses. Burr chairs the Senate Intelligence Committee and is a member of the Health Committee. At the time he sold the stocks—a significant proportion of his wealth—he was being briefed regularly on COVID-19.

It was the largest single-day stock trade for Burr in 14 months.”

Insider trading is a crime for “named executives” according to the Securities Exchange Commission (SEC). Note Burr is not a named executive of these companies. Yet, it is also in violation of the STOCK (Stop Trading on Congressional Knowledge) passed in 2012, which Burr ironically voted against. This act was passed after “60 Minutes” did a report that noted former Congress members were leaving office much wealthier than when they arrived due to insider knowledge. This is where Burr’s action may lead to trouble for him.

People may not recall the Enron scandal which hit the fan in the early 2000s. This is where Enron executives had over 40 fraudulent schemes to hide losses and artificially prop up earnings for stock appreciation and bonus determination. What is also infuriating, the CEO told employees to keep buying and not divest Enron stock, even when he knew the price was artificially propped up. He and his CFO went to jail for securities fraud. Senator Burr was telling people the president’s party-line of not to panic about the coronavirus and this will blow over, when he had been briefed as chair of the Senate Foreign Relations and Intelligence Committee to the contrary.

He argues that he was selling based on public knowledge, but the above paragraph reveals concerns. Right now, a shareholder of Wyndham Resorts, one of the stocks, is suing the Senator for insider trading. I am certain other shareholders will be asked to join the lawsuit to make it a class action. They will have standing, meaning they lost value, while Burr sold and pocketed gain on the advance knowledge.

A recent poll in The Charlotte Observer, cited 50% of all NC voters and 31% of GOP NC voters want Burr to resign. Even Fox News talk show host Tucker Carlson has asked for his resignation. This is why it is critical that elected officials must be divorced from the handling of their investments, either placing them in blind trust or selling them. It should be noted NC Congressman Robert Pittenger resigned his position two years ago due to his unethically remaining involved in the management of his business when he said he was not.

Senator Burr, I recognize this an alleged crime, but the optics look very poor. I know you asked for an investigation, which sounds good, but if it is done correctly, it may not come out in your favor. Even if it does, the shareholder lawsuit will be even more invasive. I do not see you escaping hard scrutiny. It is sad that you will likely be remembered more for this, than other more reasonable efforts you have made. I know you have announced last year you won’t be running again in 2022, but you may be forced to reconsider this.

Sens. Richard Burr, Kelly Loeffler Accused of Coronavirus-Motivated Insider Trading

The Fed needs to act independently

The Federal Reserve was set up to be a nonpartisan governing board over the money supply in the US, which impacts the economy. The president would only appoint members for Senate vetting when terms expired. The Fed is supposed to be independent from pressures from the White House.

Yet, the bull-in-the-china shop president wreaks havoc over what is supposed to be done. He acts regally in what is supposed to be a democracy with rules of governance. The Fed should not succumb to any president, but especially this one, who routinely places his self-interests above the country’s. And, that does not lead to good governance.

Presidents have little impact on the economy, only providing some headwinds and tailwinds. This president has done a little bit of both. But, he championed himself as a superior dealmaker and business person when campaigning and since elected. Yes, he has had success, but given his starting point, some financial people think he should be wealthier than he is.

He touts a $1 million loan from his father, but that is fable. An in-depth study was reported by The New York Times in the fall of 2018, that Trump’s father transferred tax free over $400 million to his son before he died. That is well north of a $1 million loan. Plus, there are Trump’s six corporate bankruptcies on failed projects. That caused US banks to stop lending to him, so he went to Deutsche Bank for money. But, there have been other failed investments – airlines, mortgage company, etc.

Trump has eagerly patted himself on the back about the economy. But, the economy was just over 7 years of economic growth and the stock market had more than doubled under his predecessor when he took office. But, as with Trump, Obama should not get too much credit for the economy either. He provided mostly tailwinds and a few headwinds. What is revealed by the stock market fall off due to global softening, falling oil prices and the coronavirus, is the president does not have much to do with the stock market. As Warren Buffett once said, if the president is going to take credit for the stock market increase, then he must take the blame for the fall.

So, the Fed would do well to ignore the president. Yes, the president is entitled to his opinion, but what has been shown over his history, is maybe his financial advice is not as sound as he (or his followers) think it is. My concerns are we are using tools that should be reserved for even tougher times. The stock and bond markets seem to be more jittery with moves like this. And, when people are staying home, traveling less and eating in, reducing interest rates may not be creating a needed salve, if less spending is occurring.

Yet, as noted earlier, what bothers me most is the president is interested in his own optics, not fixing a problem. He has and wants to trade short term gain for his benefit, at the expense of future problems. He did this with the debt and deficit and he has and will do it with the Fed. They need to tell the president, thanks but no thanks.