Widget Image
Follow PPD Social Media
Tuesday, February 4, 2025
HomeStandard Blog Whole Post (Page 321)

U.S. President Barack Obama greets outgoing U.S. Attorney General Eric Holder at Holder's portrait unveiling ceremony at The Department of Justice in Washington, DC, February 27, 2015. (Photo: AP)

U.S. President Barack Obama greets outgoing U.S. Attorney General Eric Holder at Holder’s portrait unveiling ceremony at The Department of Justice in Washington, DC, February 27, 2015. (Photo: AP)

Donald Trump has been President for more than 200 days and those of us who want more economic liberty don’t have many reasons to be happy.

ObamaCare hasn’t been repealed, the tax code hasn’t been reformed, and wasteful spending hasn’t been cut.

The only glimmer of hope is that Trump has eased up on the regulatory burden. More should be happening, of course, but we are seeing some small steps in the right direction.

Let’s share one positive development.

Professor Tony Lima of California State University opined back in January in the Wall Street Journal that Trump could unilaterally boost growth by ending a reprehensible policy known as “Operation Choke Point.”

…the Trump administration could shut down Operation Choke Point. This program, enforced by the Federal Deposit Insurance Corp., targets “risky” banking customers and pressures banks to deny them credit. It’s unnecessary: If these industries are really risky, banks would not want their business. The real purpose of Operation Choke Point is to target industries that are out of favor…, among them: Coin dealers, money-transfer networks and payday lenders. Sales of ammunition and firearms (Second Amendment, anyone?) and fireworks (legal in some states). …Other legal goods and services such as surveillance equipment, telemarketing, tobacco and dating services. …Denying credit hampers an industry’s growth. Eliminating Operation Choke Point would encourage growth. It costs nothing. And someday it may reduce enforcement spending.

And Professor Charles Calomiris from Columbia University echoed those views a few weeks later.

Imagine you have a thriving business and one morning you get a call from your banker explaining that he can no longer service your accounts. …That’s what happened to many business owners as the result of an Obama administration policy called Operation Choke Point. In 2011 the Federal Deposit Insurance Corp. warned banks of heightened regulatory risks from doing business with certain merchants. A total of 30 undesirable merchant categories were affected…the FDIC explained that banks with such clients were putting themselves at risk of “unsatisfactory Community Reinvestment Act ratings, compliance rating downgrades, restitution to consumers, and the pursuit of civil money penalties.” Other FDIC regulatory guidelines pointed to difficulties banks with high “reputation risk” could have receiving approval for acquisitions.

Keep in mind, by the way, that Congress didn’t pass a law mandating discrimination against and harassment of these merchants. The Washington bureaucracy, along with ideologues in the Obama Administration, simply decided to impose an onerous new policy.

In effect, the paper pushers were telling financial institutions “nice business, shame if anything happened to it.” But at least when mobsters engage in that kind of a shakedown, there’s no illusion about what’s happening.

Professor Calomiris explained that this regulatory initiative of the Obama Administration made no sense economically.

It is rather comical that regulators would use the excuse of regulatory risk management to punish banks. Banks are in the business of gauging risk and have every incentive to avoid customer relationships that could hurt their reputation. Regulators, on the other hand, have shown themselves unwilling or unable to acknowledge risk, the most obvious example being the subprime mortgage crisis in 2008.

And he also explained why Operation Choke Point was such a reprehensible violation of the rule of law.

The FDIC’s regulators never engaged in formal rule-making or announced penalties for banks serving undesirable clients. Such rule-making likely would have been defeated in congressional debate or under the Administrative Procedures Act. Instead, regulators chose to rely on informal decrees called “guidance.” …Financial regulators find regulatory guidance particularly expedient because it spares them the burden of soliciting comments, holding hearings, defining violations, setting forth procedures for ascertaining violations, and defining penalties for ignoring the guidance. Regulators prefer this veil of secrecy because it maximizes their discretionary power and places the unpredictable and discriminatory costs on banks and their customers.

Well, we have some good news.

The Trump Administration has just reversed this terrible Obama policy. Politico has some of the details.

The Justice Department has committed to ending a controversial Obama-era program that discourages banks from doing business with a range of companies, from payday lenders to gun retailers. The move hands a big victory to Republican lawmakers who charged that the initiative — dubbed “Operation Choke Point” — was hurting legitimate businesses. …House Judiciary Chairman Bob Goodlatte…and House Financial Services Chairman Jeb Hensarling (R-Texas), along with Reps. Tom Marino (R-Pa.), Blaine Luetkemeyer (R-Mo.) and Darrell Issa (R-Calif.) praised the department in a joint statement. “We applaud the Trump Justice Department for decisively ending Operation Choke Point,” they said. “The Obama Administration created this ill-advised program to suffocate legitimate businesses to which it was ideologically opposed by intimidating financial institutions into denying banking services to those businesses.”

And Eric Boehm of Reason is pleased by this development.

A financial dragnet that ensnared porn stars, gun dealers, payday lenders, and other politically disfavored small businesses has been shut down. Operation Choke Point launched in 2012… It quickly morphed into a questionably constitutional attack on a wide range of entrepreneurs who found their assets frozen or their bank accounts closed because they were considered “high-risk” for fraud. …Assistant Attorney General Stephen Boyd called Operation Choke Point “a misguided initiative” and confirmed that DOJ was closing those investigations… “Law abiding businesses should not be targeted simply for operating in an industry that a particular administration might disfavor,” Boyd wrote. …The repudiation of Operation Choke Point is a welcome development, says Walter Olson, a senior fellow at the libertarian Cato Institute.

shared a video last year that explained Operation Choke Point in just one minute. But that just scratched the surface, so here’s a video from Reason that explains in greater detail why Operation Choke Point was so repulsive.

Kudos to the Trump Administration for reversing this awful policy.

But hopefully this is just the first step. Regulators are still squeezing financial institutions in an attempt to discourage them from doing business with low-tax jurisdictions. This policy of “de-risking” exists even though so-called tax havens generally have tighter laws against dirty money than the United States.

President Trump should put an end to that misguided policy.

 

President Trump has put an end to

Truth Graphic (Photo: Pixabay/People's Pundit Daily)

Truth Graphic (Photo: Pixabay/People’s Pundit Daily)

Since my job is to proselytize on behalf of economic liberty, I’m always trying to figure out what motivates people. To be blunt, I’ll hopefully be more effective if I understand how they decide what policies to support. That’s a challenge when dealing with my friends on the left since some of them seem to be motivated by envy.

Unsurprisingly, there are people on the other side who also contemplate how to convert their opponents.

Harvard Professor Maximilian Kasy wrote a column for the Washington Post that advises folks on the left how they can be more effective when arguing with folks on the right. He starts with an assertion that conservatives are basically impervious to facts.

Worries about…our “post-factual era” impeding political debate in our society have become commonplace. Liberals…are often astonished at the seeming indifference of their opponents toward facts and toward the likely consequences of political decisions. …A common, though apparently ineffective, response to this frustration is to double down by discussing more facts.

This is a remarkable assertion. I’m a libertarian rather than a conservative, so I don’t feel personally insulted. That being said, conservatives generally are my allies on economic issues and I’ve never found them to be oblivious or indifferent to facts (I’m speaking about policy wonks, not politicians, who often are untethered from reality regardless of their ideology).

So let’s see how Mr. Kasy justifies his claim about conservatives. Here’s more of what he wrote.

…maybe the issue is not conservatives’ ignorance of facts, but rather a fundamental difference of values. Taking this point of view seems essential for effective communication across the political divide.

I basically agree that differences in values play a big role, so I’m sort of okay with that part of his analysis (I’ll return to this issue in the conclusion).

But my alarm bells started ringing at this next passage.

Much normative (or value-based) reasoning by liberals (and mainstream economists) is about the consequences of political actions for the welfare of individuals. Statements about the desirability of policies are based on trading off the consequences for different individuals. If good outcomes result from a policy without many negative consequences, then the policy is a good one.

Huh? Since when are liberals (and he’s talking about today’s statists, not the classical liberals of yesteryear) and mainstream economists on the same side?

Though I admit it’s hard to argue about the rule he proposes for policy. He’s basically saying that a change is desirable if “good outcomes” are more prevalent than “negative consequences.”

That’s probably too utilitarian for me, but I suspect most people might agree with that approach.

But he makes a giant and unsubstantiated leap by then claiming it would be wrong to repeal a supposedly good policy like Obamacare.

When Sen. Kamala D. Harris (D-Calif.) remarked on the Affordable Care Act this spring, for example, she said, “…we’re talking about something that would deny those in need with the relief and the help that they need, that they want and deserve…” In other words, if a policy will harm the welfare of individuals in need, it’s a bad policy.

Huh? What happened to his utilitarian formula about “good outcomes” vs “negative consequences”? Sure, some additional people have health insurance coverage, but is he blind to rising premiumsjob losseshigher taxesloss of plans and loss of doctorsdumping people into Medicaid, and other downsides of Obamacare?

If facts are important, shouldn’t he be weighing the costs and benefits?

In other words, Kasy must be in some sort of cocoon if he thinks the Obamacare fight is between Republicans motivated only by values and Democrats motivated by helping individuals.

His analysis of the death tax is similarly off base.

…consider the example of bequest taxes, labeled “estate taxes” by liberals and “death taxes” by conservatives. A liberal might invoke various empirical facts…our empiricist liberal might conclude that bequest taxes are an effective policy instrument, providing public revenue and promoting equality of opportunity. The conservative addressee of these facts might now just shrug her shoulders and say “no thanks.” Our conservative likely believes that everyone has the right to keep the fruits of her labor, and free contracts of exchange between any two parties are nobody else’s business. …Taxing bequests thus means punishing moral behavior, the exact opposite of what the government should do.

Once again, Kasy is deluding himself. Conservatives do think the death tax is morally wrong, so he’s right about that, but they also have very compelling arguments about the levy’s negative economic impact. Simply stated, the death tax exacerbates the tax code’s bias against capital formation and results in all sorts of economically inefficient tax avoidance behavior (with Bill and Hillary Clinton being classic examples).

His column concludes with some suggestions of how folks on the left can be more persuasive. He basically says they should appeal to conservatives with values-based arguments such as these.

We should evaluate the policy based on its effect on individuals, and assign a higher weight to the majority of less wealthy people. …nobody can be said to consume only the products of their own labor. We rely on social institutions including markets and governments to provide us with all the goods we consume, and absent a theory of just prices (which present day conservatives don’t have) there is no sense in which we are entitled to specific terms of exchange.

I’m not the ideal person to speak for conservatives, but I don’t think those arguments will win many converts.

Regarding his first suggestion, Kasy’s problem is that he apparently assumes that people on the right don’t care about the poor. Maybe I’m reading between the lines, but he seems to  think conservatives will automatically favor lots of redistribution if he can convince that it’s good to help the poor.

I think it’s much more accurate to assume that plenty of conservatives have thought about how to help the poor, but they’ve concluded that the welfare state is injurious and that it is more effective to focus on policies such as school choiceeconomic growth, and occupational licensing.

Indeed, I hope most conservatives would agree with my Bleeding Heart Rule.

And his second idea is even stranger because economic conservatives have a theory of just prices. It’s whatever emerges from competitive markets.

Let’s close with a column by Alberto Mingardi of the Bruno Leoni Institute in Italy. Published by the Foundation for Economic Education, the piece is relevant to today’s topic since it looks at why an unfortunate number of intellectuals are opposed to economic liberty.

…some have replied that the main reason is resentment (intellectuals expect more recognition from the market society than they actually get); some have pointed out that self-interest drives the phenomenon (intellectuals preach government controls and regulation because they’ll be the controllers and regulators); some have taken the charitable view that intellectuals do not understand what the market really is about (as they cherish “projects” and the market is instead an unplanned order).

Alberto then shares Milton Friedman’s answer.

I think a major reason why intellectuals tend to move towards collectivism is that the collectivist answer is a simple one. If there’s something wrong pass a law and do something about it. If there’s something wrong it’s because of some no-good bum, some devil, evil and wicked – that’s a very simple story to tell. You don’t have to be very smart to write it and you don’t have to be very smart to accept it.

My two cents, based on plenty of conversations with well-meaning folks on the left, is that there’s actually a lot of agreement of some big-picture values. We all want less poverty and more prosperity. In other words, I think most people have similar good intentions (I’m obviously excluding communists, Nazis, and otherswho believe in totalitarianism).

But similar good intentions doesn’t translate into agreement on policy because of secondary values. Especially differences in whether we view “equality of outcomes” as an appropriate goal for government. Some on the left openly are willing to sacrifice growth to achieve more equality (Margaret Thatcher even claimed that they would be willing to hurt the poor if the rich suffered even more). Folks on the right, by contrast, are m

Maximilian Kasy wrote a column for the Washington Post that conservatives

A worker stacks boxes of television sets after they have been assembled, checked and repackaged, before moving them to the warehouse at Element Electronics in Winnsboro, South Carolina May 29, 2014. (Photo: Reuters)

A worker stacks boxes of television sets after they have been assembled, checked and repackaged, before moving them to the warehouse at Element Electronics in Winnsboro, South Carolina May 29, 2014. (Photo: Reuters)

Here’s a simple and fundamental question: What is economic growth? Here’s a simple answer: It’s when there’s more national income.

That’s seems like a trivial tautology, but let’s explore some implications. When you dig into the numbers, it turns out that increases in national income (usually measured by gross domestic product, though I prefer gross domestic income (GDI)) are driven by two factors.

  • More people.
  • More output per hour, also known as increased productivity.

This is why people sometimes say that GDP growth is a function of population growth plus productivity growth.

And what really matters, at least if we want higher living standards, is to have more output per hour. As a result, we should be very concerned that productivity growth seems to be lagging in the United States.

Here’s a chart that was created by the Wall Street Journal, showing data from the Labor Department on productivity all the way back to the 1950s.

And here’s what I wrote about these numbers in a column for the Hill, starting with the observation that productivity growth is very important for long-run prosperity.

…one thing that presumably unites economists is that we all recognize higher productivity is a good thing. It’s what enables higher wages for workers, higher earnings for companies and higher living standards for the nation.

I then point out that we have a problem.

…when we see weak productivity numbers, that’s not good news. …there is a very worrisome trend this century. Productivity is increasing, but at ever-lower rates, which helps to explain why the overall rate of economic growth this century has lagged compared to the post-World War II average.

But I also share suggestions for policy reforms that would lead to higher productivity.

…tax reform could be…beneficial. …a lower corporate tax rate…a key reason…is that investors will have a bigger incentive to finance new projects that will boost productivity and thus boost wages. …to replace “depreciation” with “expensing” would be particularly helpful since the current approach imposes an unwarranted tax on new investments.

The column explains why it’s foolish to impose tax penalties on income that is saved and invested. Policies such as the capital gains tax and death tax punish capital formation and thus reduce productivity growth.

Politicians impose these levies to go after “the rich,” but it’s the rest of us who suffer because of slower growth.

But my column doesn’t just focus on investments in “physical capital.” I also argue that our current education system does a very poor job of boosting “human capital.”

The United States spends more on education — on a per-pupil basis — than other nations. Yet, international test scores show that we get very mediocre results. We see a similar pattern inside the country, with high levels of spending associated with more bureaucracy rather than better outcomes. …it’s time to unleash the power of markets by allowing greater school choice. There’s certainly plenty of evidence that this approach will be more effective.

I closed the column by noting that productivity growth increased under both Ronald Reagan and Bill Clinton when the United States was moving in the direction of free markets Conversely, I also noted that productivity growth has declined under the government-centric policies of George W. Bush and Barack Obama.

Seems like the lesson should be obvious.

Here’s a simple and fundamental question: What

President Donald Trump talks to chief strategist Steve Bannon during a swearing-in ceremony for senior staff at the White House on January 22. (Photo: Reuters)

President Donald Trump talks to chief strategist Steve Bannon during a swearing-in ceremony for senior staff at the White House on January 22. (Photo: Reuters)

President Donald Trump took to Twitter to thank and praise his former chief strategist Steve Bannon and his decision to return to Breitbart News. Mr. Bannon on Friday became the latest to leave the White House in a series of big departures meant to reset the Trump Administration.

“I want to thank Steve Bannon for his service,” President Trump tweeted first. “He came to the campaign during my run against Crooked Hillary Clinton – it was great! Thanks S”

Mr. Bannon, whom the Drudge Report hailed as a “populist hero,” was back at Breitbart News before the end of business day Friday, almost a full year after joining the Trump campaign on August 17, 2016.”

“Steve Bannon will be a tough and smart new voice at …maybe even better than ever before,” he wrote in a second tweet. “Fake News needs the competition!”

According to reports, Mr. Bannon is in better spirits after leaving the White House than he’s been in a long time. As far as the outlet is concerned, they are ecstatic to have him back.

“Breitbart’s pace of global expansion will only accelerate with Steve back,” said Breitbart News CEO and President Larry Solov. “The sky’s the limit.”

President Donald Trump took to Twitter to

President Donald Trump left, waves to the crowd as he is introduced by Defense Secretary James Mattis, right, aboard the nuclear aircraft carrier USS Gerald R. Ford for it's commissioning at Naval Station Norfolk in Norfolk, Va., Saturday, July 22, 2017. (Photo: AP)

President Donald Trump left, waves to the crowd as he is introduced by Defense Secretary James Mattis, right, aboard the nuclear aircraft carrier USS Gerald R. Ford for it’s commissioning at Naval Station Norfolk in Norfolk, Va., Saturday, July 22, 2017. (Photo: AP)

Secretary of Defense Jim Mattis on Saturday kicked off a trip to re-affirm U.S. partnerships and commitments with allies in the Middle East and Europe. The trip comes a day after the secretary attended a meeting at Camp David with President Donald Trump and his advisors to discuss the U.S. strategy in Afghanistan.

On Monday, Secretary Mattis with meet with His Majesty King Abdullah II bin Al-Hussein of Jordan and the Chairman of the Joint Chiefs of Staff Lieutenant General Mahmoud Freihat. Jordan has been a key U.S. ally in the fight against the Islamic State (ISIS) in Syria praised President Trump in April during his visit to the White House.

You will find a strong ally in Jordan in supporting you in all your policies,” King Abdullah told President Trump during a joint press conference. “But I believe under your leadership we will be able to unravel this very complicated situation.”

This is the first trip Secretary Mattis has made to Jordan during his tenure.

On Wednesday, he heads to Turkey to meet with President Recep Tayyip Erdoğan, Minister of National Defense Nurettin Canikli and Minister of Foreign Affairs Mevlut Çavusoğlu. The Defense Department (DOD) said in a statement he will offer held U.S. assistance to President Erdoğan in “the fight against the PKK.”

“Secretary Mattis will emphasize the steadfast commitment of the United States to Turkey as a NATO ally and strategic partner, seek to collaborate on efforts to advance regional stability, and look for ways to help Turkey address its legitimate security concerns- including the fight against the PKK,” the Defense Department said.

The secretary will end his trip on Thursday during his first visit to Kyiv, Ukraine. He’ll meet with President Petro Poroshenko and Minister of Defense Stepan Poltorak. The trip comes as Andrei Derkach, an independent member of the parliament, is demanding an investigation into his government’s role in a scheme to help elect Hillary Clinton, orchestrated by Democratic National Committee (DNC) and allies in Ukraine.

“During these engagements,” the Defense Department said, “the secretary will reassure our Ukrainian partners that the U.S. remains firmly committed to the goal of restoring Ukraine’s sovereignty and territorial integrity, as well as strengthening the strategic defense partnership between our two countries.”

Secretary of Defense Jim Mattis on Saturday

White House National Security Advisor H.R. McMaster (C) and Chief Strategist Steve Bannon (L) attend a joint news conference between U.S. President Donald Trump and NATO Secretary General Jens Stoltenberg in the Oval Office at the White House in Washington, U.S., April 12, 2017. (Photo: Reuters)

White House National Security Advisor H.R. McMaster (C) and Chief Strategist Steve Bannon (L) attend a joint news conference between U.S. President Donald Trump and NATO Secretary General Jens Stoltenberg in the Oval Office at the White House in Washington, U.S., April 12, 2017. (Photo: Reuters)

President Donald Trump is expected to okay National Security Advisor H.R. McMaster’s Afghanistan strategy calling for an increase in the number of U.S. troops, multiple sources claim. While the official decision was delayed, the president’s preference was made clear during a highly-anticipated meeting at Camp David.

The development comes shortly after White House chief strategist Steve Bannon became the latest to leave in a series of big departures meant to reset the Trump Administration.

There were two, conflicting reasons given for Mr. Bannon’s exit. While reports indicate President Trump had made the decision to fire him on Friday, People’s Pundit Daily learned that Mr. Bannon submitted his resignation in writing two weeks ago on August 7.

Breitbart News confirmed he was back at the outlet he once led before the end of business day Friday, almost a full year after joining the Trump campaign on August 17, 2016.

Still, other sources say he needed to be fired before the meeting on Afghanistan at Camp David, at which President Trump’s remaining advisers led by H.R. McMaster waged a scripted debate to convince him to approve the additional troop presence.

The Afghanistan strategy Gen. McMaster crafted and pitched would okay up to 5,000 additional U.S. and NATO troops to Afghanistan and is an open-ended commitment. It was billed to President Trump as “the consensus plan,” and was supported by Defense Secretary James Mattis, Secretary of State Rex Tillerson, and White House Chief of Staff John Kelly, the first and latter being former generals.

Mr. Bannon was the last real major opponent after Gen. McMaster purged America First nationalists from the National Security Council (NSC). The changes drew harsh backlash from Breitbart and President Trump’s base supporters, but he defended Gen. McMaster amid the criticism.

Even though President Trump could still decide on another course, it is “highly unlikely.”

The additional U.S. troops–no less than 4,000–will be tasked with propping up the Afghan National Security Forces, which are still struggling against the Taliban and al-Qaeda even after it became the longest war in U.S. history.

Under Barack Obama, the Islamic State became a growing presence in the war-torn country, with high-profile Taliban militants swearing allegiance to ISIS leader Abu Bakr al-Baghdadi. In July, the Syrian Observatory for Human Rights obtained “reliable information” that seemed to support the claim al-Baghdadi was dead, killed in an airstrike in May.

First-line and second-line commanders told the Syrian Observatory a meeting was called to appoint an “alternative successor,” but the U.S. has yet to confirm either.

As a candidate, President Trump criticized the U.S. for open-ended military commitments abroad, particularly in Iraq and for not securing a deal for the nation’s oil resources, which are now being tapped by Iran. If he was going to make any decision to reenforce the ANSF, it was believed by advisors he would look for such a sweetener.

Afghan President Ashraf Ghani, who first met with President Trump in Riyadh back in May, suggested the U.S. could become a stakeholder in the enormous wealth buried beneath the surface of his country. There is at least an estimated $1 trillion in untapped mineral resources, including rare-earth metals, copper and iron.

The War on Terror in Afghanistan has cost America roughly 2,400 lives, scores more wounded and more than $1 trillion. The Camp David meeting took place in the wake of the latest casualty, the death of a Green Beret who was supporting Operation Freedom’s Sentinel.

Staff Sgt. Aaron R. Butler, 27, who served in the 19th Special Forces Group, died August 16 in Nangarhar Province as a result of injuries suffered from an improvised explosive device (IED).

President Trump made it clear that if there were to be any troop surge, he wanted the U.S. to be compensated.

In July, he met with Michael Silver, the CEO of American Elements. His firm specializes in the production of advanced metals and chemicals. Mr. Silver laid out how he would put Afghanistan’s national resources to work for the United States. President Trump had decided to allow Secretary Mattis the freedom to increase troops up to just under 4,000, but the head of the Defense Department wanted less restrictions.

In the end, Gen. McMaster’s strategy for another open-ended commitment, one which brings the total of U.S. troops in Afghanistan to roughly 15,000, appears to have won the debate.

President Donald Trump has decided to approve National

Steve Bannon, assistant to the president and chief strategist, speaks at the Conservative Political Action Conference, Feb. 23, 2017. (Photo: AP)

Steve Bannon, assistant to the president and chief strategist, speaks at the Conservative Political Action Conference, Feb. 23, 2017. (Photo: AP)

Former White House chief strategist Steve Bannon was back at Breitbart News before the end of business day Friday, the news outlet confirmed. He rejoins the outlet he led almost a full year after joining the Trump campaign on August 17, 2016.

“The populist-nationalist movement got a lot stronger today,” said Breitbart News Editor-in-Chief Alex Marlow. “Breitbart gained an executive chairman with his finger on the pulse of the Trump agenda.”

He’s the latest to depart the White House in a series of big moves meant to reset the Trump Administration.

“White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve’s last day,” White House Press Secretary Sarah Sanders said in a statement on Friday. “We are grateful for his service and wish him the best.”

There were two, conflicting reasons given for him leaving. While reports indicate President Donald Trump had made the decision to fire him on Friday, People’s Pundit Daily learned that Mr. Bannon submitted his resignation in writing two weeks ago on August 7. He apparently may return to Breitbart News, which he led before joining the Trump campaign.

Still, other sources say he needed to be fired before the summit on Afghanistan at Camp David, at which President Trump’s remaining advisors led by H.R. McMaster will attempt to convince him to approve the new surge.

Either way, Breitbart News CEO and President Larry Solov was also happy to have him back.

“Breitbart’s pace of global expansion will only accelerate with Steve back,” said Solov. “The sky’s the limit.”

Mr. Bannon reportedly “felt liberated” leaving the White House and met with top Trump financier Robert Mercer in New York for five hours this week as he “prepares for war.” The two have plans to be a “well-funded force on the outside.”

Former White House chief strategist Steve Bannon

The U.S. flag is displayed at Tesoro's Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)

The U.S. flag is displayed at Tesoro’s Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)

The Baker-Hughes North American rig count fell again for the fourth time in 16 weeks, down by 9 rigs for the week ending August 18, 2017.

The U.S. count, down 3 rigs to 946, is still up nearly double (455 rigs) from last year. Rigs classified as drilling for oil are down 5 to 763 and gas rigs are up by 1 to 182. Oil rigs are up 406 over the previous year, while gas rigs are up 83.

The Canadian rig count was down by 6 to 214, and is now up 121 rigs from last year. Rigs classified as oil are down 6 to 121, though still 65 rigs higher than last year. Gas rigs are unchanged at 93 and are 56 rigs higher than at this point in 2016.

The North American rig count is released weekly at noon central time on the last day of the work week.

The Baker-Hughes North American rig count fell

Jon Cooper, the chairman of the Democratic coalition, left, retweeted a Huffington Post story with a headline using a Jewish slur, which was denounced by ADL CEO Jonathan Greenblatt, right.

Jon Cooper, the chairman of the Democratic coalition, left, retweeted a Huffington Post story with a headline using a Jewish slur, which was denounced by ADL CEO Jonathan Greenblatt, right.

Jon Cooper, the chairman of the Democratic coalition, wrote and retweeted a widely denounced Jewish slur in a Huffington Post headline about Steven Bannon. The far-left website changed the headline after receiving backlash on social media, including from ADL CEO Jonathan Greenblatt and others.

“Goy, Bye!” Cooper tweeted. “Steven Bannon is finally out at the White House.”

The Democratic Coalition is the self-proclaimed “home of The Resistance to Donald Trump” and “the nation’s largest grassroots anti-Trump organization.”

“Goy” is a derogatory slur for Christians and non-Jews, used by Jews, which as People’s Pundit Daily’s editor pointed out, insinuates anything other than Jewish is “less than.”

It’s a dog-whistle that the “globalists” scored a victory against the last nationalist force in the White House. President Donald Trump decided to remove Mr. Bannon from his role as chief strategist on Friday, though other sources say he handed in his written resignation on August 7.

Unlike the Huffington Post, he has thus far not seen fit to delete it. But just in case he does, it’s here:

Jon Cooper Tweet Goy Bye Steve Bannon

Jon Cooper, the chairman of the Democratic

White House Chief of Staff Reince, left, and Senior Counselor Steve Bannon, right, make a joint appearance at the Conservative Political Action Conference in Maryland on Feb. 23, 2017.

White House Chief of Staff Reince, left, and Senior Counselor Steve Bannon, right, make a joint appearance at the Conservative Political Action Conference in Maryland on Feb. 23, 2017.

Steven Bannon is out as chief strategist at the White House in is the latest in a series of big moves to reset and shake up the Trump Administration.

“White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve’s last day,” White House Press Secretary Sarah Sanders said in a statement on Friday. “We are grateful for his service and wish him the best.”

While reports indicate President Donald Trump had made the decision to fire him, People’s Pundit Daily has learned Mr. Bannon submitted his resignation in writing two weeks ago on August 7. He apparently may return to Breitbart News, which he led before joining the Trump campaign.

Still, there are other sources saying he was fired and needed to go before the summit in Afghanistan at Camp David, at which remaining advisors led by H.R. McMaster will attempt to convince the president to approve the new surge.

The news outlet is gearing up to launch a full assault against globalists in the media and both political parties who sought to tank the Trump presidency.

President Trump briefly spoke to the speculation about Mr. Bannon’s possible departure during a wide-ranging interview with reporters at Trump Tower on Tuesday. He downplayed his role in the campaign and praised him at the same time.

“I like Mr. Bannon, he’s a friend of mine,” he said. “I like him. He’s a good man. He’s not a racist. He is treated very unfairly by the media. But we’ll see what happens with Mr. Bannon.”

Steven Bannon is out as chief strategist

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial