Kash And Carry

Last week was like many recent weeks in that there were plenty of huge political stories. Today I’d like to touch on two of them.

Last week we got the strongest indication to date that the Justice Department is contemplating criminal charges against Donald Trump.

Recently Kash Patel testified before the grand jury exploring Trump’s handling of materials that should have been turned over to the National Archives. Patel repeatedly took the Fifth. Justice has granted him limited immunity which will basically compel him to answer the questions because the risk of prosecution via self-incrimination is removed.

In reality Patel has a few options. He can still refuse to answer the questions in which case he is in contempt and faces incarceration. He can claim he doesn’t remember which would be particularly difficult to believe – and leaves him open to criminal charges – since he recently remembered well enough to know his answers could incriminate him in a crime. He can lie which leaves him subject to perjury charges and incarceration.

The smart move (on Patel’s part) is to tell the truth and skate. He is hard core MAGA and just might take a different route expecting Trump to be reelected and pardon him. He might be willing to go the Paul Manafort route and “stand on his head” for a few months in anticipation of said pardon.

I’m guessing here and do not possess any inside information, but considering Patel’s character I doubt Justice is putting all their eggs in his basket. My guess is that they have other evidence of Trump’s crimes and want Patel as confirmation and an eyewitness. This is a “stay tuned” situation!

The Fed raised the interest rate by .75% last week. Plain and simple, I think it was a mistake. I think the decision was based on looking at lagging not leading economic indicators.

I had major misgivings about the last rate increase and this one is certainly unwarranted. In fact, I think it will be detrimental to the American economy and getting out of the next hole will prove to be difficult especially if, as anticipated, the Republicans take over one or both chambers of the next Congress. Despite rhetoric and conventional wisdom to the contrary Republicans have been bad for the American economy for at least the last 100 years. They tend to ruin not repair economies.

I realize the Fed has only one tool with which to combat inflation but slamming the brakes and then pulling the emergency brake is not the way to go about it. Taxes and business regulations are outside the Fed’s purview but corporate greed, not too much money in the hands of the working and middle classes is the problem. Joe and Jane Paycheck already feel squeezed by high prices and making everyday living more expensive isn’t going to help them.

In the not that distant future the American economy is going to go into recession and need a boost to come out of it. If you have any Republican control in Congress, they will shut the purse strings to make President Biden and the Democrats look bad and if they hurt many of their voters in the process they simply won’t care. (They are working on voter nullification and don’t feel that they will need them much longer anyway.) We have seen this act before and regardless of what happens Tuesday the next Republican congressional caucus will be more radical than ever.

There you have the Kash and carry (as in interest being carrying charges). If you haven’t already done so, vote!!!!!! It may well be your last opportunity to actually have your vote count. American democracy is on the ballot!

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