Widget Image
Follow PPD Social Media
Tuesday, February 25, 2025
HomeStandard Blog Whole Post (Page 670)

[brid video=”22929″ player=”2077″ title=”GOP Debate Cold Open SNL”]

Saturday Night Live (SNL) ripped the fifth Republican debate hosted by CNN in Las Vegas during their cold open, emphasizing the exchange between frontrunner Donald Trump and Gov. Jeb Bush.

“Mr. Bush, go ahead and say out loud what you’ve been quietly muttering to yourself,” says “Wolf Blitzer.”

“Trump! I mean. This guy’s the chaos candidate,” shouts Beck Bennett, who is doing the Jeb Bush impression. “Am I right? The Chaos! Is he even real? Nah, man.”

“Jeb’s a very nice man,” responds Darrell Hammond, who is playing Trump. “But he is basically a little girl. Folks this is true, I got a hold of Jeb’s birth certificate, full disclosure, his real name is Jeborah.”

“That’s not true!” firing back “Jeb.”

“Jeborah, Jeborah, Jeborah,” taunts the chaos candidate.

“Hey, that’s not my name.”

“Yeah? Jeborah, losers say what?”

“What? Oh Dang it. No!”

Donald Trump (Darrell Hammond), Sen. Ted Cruz (Taran Killam), Dr. Ben Carson (Jay Pharoah), Sen. Marco Rubio (Pete Davidson), Gov. Jeb Bush (Beck Bennett), Carly Fiorina (Cecily Strong), Sen. Rand Paul (Kyle Mooney) and Gov. Chris Christie (Bobby Moynihan) debate in Las Vegas.

SNL ripped the fifth Republican debate hosted

Russian-President-Vladimir-Putin

Russian President Vladimir Putin gestures during the annual end of year news conference in Moscow, Russia, Thursday, Dec. 17, 2015. President Vladimir Putin said Thursday Russia is ready to improve ties with the United States and work with whomever is elected its next president. (Photo: AP/Alexander Zemlianichenko)

After the fall of the Soviet Union, the Russian population felt a great loss. This historically powerful and proud people had spent the last seventy years a superpower; now that was gone, replaced with shame and hardship as their economy collapsed and their geopolitical priorities were humiliated by the West around the world. The worst of these was the conflict in the Balkans, as the ethnic cleansing against Muslims in Bosnia by Serbs was halted with NATO bombing and the Serbs were forced into a peace agreement. The long-term Soviet ally’s leaders were hunted by the World Court for war crimes and in Russia’s eyes, unfairly prosecuted. Russians still bring up the fact that NATO acted alone, without Russia’s vote in the U.N. Security Council.

This shame continued for a decade with Russian President Boris Yeltsin routinely drunk and falling down at international events. The first Chechen war was a devastating defeat for the Russian armed forces and morale collapsed.

Then, enter stage right, Vladimir Putin.

Putin used the second conflict in Chechnya to convincingly put down the rebellion in his first brush with Islamic violence. He was not afraid to use brutality to win the conflict and re-establish Russian control over the primarily Muslim area.

As President for the next decade and a half, officially or not, Putin oversaw a vast increase in the average Russian’s standard of living. Millions of Russians were brought into the middle class. He is seen as a strong, effective leader who stands up for his country and his people, hence his sky-high domestic popularity ratings. The comment I hear most frequent in Moscow is, Russia is strong again. No one will mess with us now.

In Trump, Putin sees himself in many ways. He relates to Trump’s love of country, to his slogan of “making America great again.” He understands Trump’s brilliant assessment of the American peoples’ views and frustration at the United States being humiliated around the world–economically and geopolitically; its borders being overrun and its leadership complicit in an illegal immigrant invasion.

Putin, as well as tens of millions of Americans, doesn’t understand President Obama’s weakness, his obvious hatred of what his country stands for, its past success, and his intentional weakening of American power globally. He doesn’t respect Obama. I’m sure Putin wonders, “How could America elect someone like that? Twice?” That doesn’t stop Putin from taking advantage of Obama’s characteristics on the world stage, however.

Therefore, it is only natural that Putin would give heartfelt admiration for the gains Trump has made in the primary election process. It’s a simple voicing of respect for Trump’s campaign style and his priorities.

The problem for Trump is that Putin is also a dictator who has no problem rubbing out the opposition whether they live in Moscow or London. Putin is also rumored to be the richest man in the world, with upwards of $200 billion stashed around the globe, along with his other oligarch friends running the country. Obviously being president of Russia has its perks.

I find it humorous that the Left is now calling Trump a dictator when it is their President Obama who routinely abused his power and that of the federal government. Whether it be using the IRS and other agencies to target the political opposition, stoking racial tensions for political gain, or stonewalling other branches of government investigating executive branch corruption, the Obama administration has to be the most corrupt in U.S. history. We will not know how deep the rabbit hole goes until he is out of office. The Democrats’ leading presidential candidate is under investigation by the FBI for goodness sake, so it doesn’t look like another Democrat administration will change much.

Trump’s putting America first, securing our borders, and going after the enemies who want to kill us, is all well-and-good. America needs a strong leader. However, Trump has to be careful to separate these inclinations from the corruption and dictatorial tendencies of Vladimir Putin, or Barack Obama.

[mybooktable book=”currency” display=”summary” buybutton_shadowbox=”true”]

In Donald Trump, Vladimir Putin sees himself

home-foreclosures

National and State Mortgage Risk Indices are tracked and released by AEI’s International Center on Housing Risk.

The composite National Mortgage Risk Index (NMRI) for Agency purchase loans reflected increased risk in the housing market in November and continued a concerning trend. The NMRI, which tracks originations to gauge market share belonging to high-risk loans following the financial crisis, inched up to 12.34% in November and 0.67% from a year earlier.

Further, the monthly composite has increased on a year-over-year basis in every month reported since January 2014. The risk has been fueled by Agency loan originations continuing to migrate from large banks to non-banks in November. This shift in market share has accounted for much of the upward trend in the composite NMRI, as non-bank lending is substantially riskier than the large bank business it replaces.

“Loose credit is driving higher purchase demand, particularly in the booming first-time buyer segment,” said Edward Pinto, the former executive vice president and chief credit officer for Fannie Mae and codirector of the American Enterprise Institute’s (AEI’s) International Center on Housing Risk. “This, in combination with shortness of supply, as evidenced by a seller’s market now in its 38th month, is fueling a vicious cycle that is driving real home prices higher—up 14% over the last 13 quarters and leading to calls for even looser credit.”

The NMRI results are based on nearly the entire universe of home purchase loans backed by a government guarantee. In November, data gathered in the included roughly 260,000 such purchase loans, a far larger sample than the industry standard indexes on home sales conducted by the National Association of Realtors (NAR). Including these loans the total number that have been risk-rated in the NMRI since November 2012 has skyrocketed to nearly 7.9 million, a result that is attributed in large part to the housing lobby at the NAR pressuring lawmakers on Capitol Hill and government agencies.

“The typical first-time buyer these days puts little money down and has a credit profile that is far from stellar,” said Stephen Oliner, a senior fellow at UCLA’s Ziman Center for Real Estate and codirector of AEI’s International Center on Housing Risk. “Those who assert that credit is tight are ignoring the facts.”

Meanwhile, the Federal Reserve announced Wednesday it approved the first interest rate hike since the Great Recession following seven years of rock-bottom, near-zero rates. However, the timing and trajectory of the move indicates the Fed policy-making committee is not at all confident in future U.S. economic stability, including first-time buying in the housing market.

The policy-setting Federal Open Market Committee (FOMC) voted unanimously to raise rates by 0.25% to a range of 0.25%-0.50%, not a whole lot but enough to potentially influence the NMRI and other indicators.

Other notable takeaways from the November NMRI include the following (N/T AEI’s International Center on Housing Risk):

• The pace of home-buying continued to be strong, with loan volume in November up 15% from a year earlier. The overall volume was buoyed by strengthening demand from first-time buyers, driven by looser lending and an improving job market.

•About 135,000 purchase loans for first-time buyers were added in November, up 19% from a year earlier, bringing the total in the NMRI to 3.6 million since April 2013.

• The NMRI for first-time buyers hit 15.81%, a new series high; the November level is up 1.0 percentage point from a year earlier and is well above the Repeat Primary Homebuyer NMRI of 9.83%.

• Credit standards for first-time home buyers are not tight. In November, 70% had down payments less than or equal to 5%, 27% had DTIs greater than the QM limit of 43%, and the median FICO score was 706, a bit below the median for all individuals in the U.S.

• Fueled by historically low mortgage rates and high and growing leverage, a seller’s market has now prevailed for 38 straight months. As a result, the rise in real home prices from the 2012:Q2 trough has far outstripped income growth, crimping affordability.

• The cut in FHA’s annual insurance premium early this year boosted its market share to 29.3% in November from 22.9% in March. This increase has come largely at the expense of Fannie Mae and the Rural Housing Service.

• The seismic shift in market share from large banks to non-banks continued in November, boosting overall risk as non-banks have a much higher MRI. In November, the large bank share was 27%, down from more than 60% three years earlier.

AEI’s International Center on Housing Risk was established to provide research, commentary, and new tools for measuring risk in housing and mortgage markets following the recent financial crisis. The subprime mortgage crisis resulted in the devastation of wealth and security for millions of families and largely stemmed from a failure to understand the build-up of risk in these markets.

The National Mortgage Risk Index (NMRI) for

Hillary-Clinton-Bernie-Sanders

Vermont socialist Sen. Bernie Sanders, left, and former Secretary of State Hillary Clinton, right. (Photo: AP)

The Democratic National Committee has revoked Bernie Sanders’ access to the party’s master voter list after his operative hacked into voter data for Hillary Clinton’s campaign.

The Washington Post reported late Thursday that Sanders’ campaign manager acknowledged a staffer had viewed the information and was subsequently fired. The Post reported that the DNC told the socialist’s campaign that it will not have access to the party’s master list of likely Democratic voters until it provides a further detailed explanation and destroys any copies of Clinton campaign data that it stole.

The DNC rents out the master list to national and state campaigns. Michael Briggs, a spokesman for the Sanders campaign, sought to deflect blame for the hack on a vendor and “low-level” staffer, which in the former’s case is NGP VAN.

“Sadly, the vendor who runs the DNC’s voter file program continues to make serious errors. On more than one occasion, the vendor has dropped the firewall between the data of different Democratic campaigns,” he said in a statement to Fox News. While saying it was “unacceptable” for a campaign staffer to access “some modeling data from another campaign,” he also said they want to work with the DNC and vendor to fix the “software flaws” that could make Sanders’ records vulnerable as well.

Stu Trevelyan, the company’s CEO, told the Post the hack was an “isolated incident that was fairly short in duration. By lunchtime, it was resolved.” The DNC apparently doesn’t trust the campaign’s or the company’s final say, thus will be going forward with an independent review process.

The Democratic National Committee has revoked Bernie

Enrique Marquez: “The (expletives) used my gun in the shooting”

Enrique-Marquez-San-Bernardino

Enrique Marquez, the friend and former neighbor of San Bernardino terrorists, in a court artist rendering.

Enrique Marquez, the friend and former neighbor of San Bernardino terrorists, was arrested Thursday. PPD obtained a transcript of his 911 call made a day after the attack. Syed Farook, 28, and Tashfeen Malik, 27, killed 14 and wounded 22 others on Dec. 2 at a Christmas party for county workers. The two married Islamic terrorists were killed by police shortly after the attack.

911 operator: And what’s wrong? Why do you feel like you want to kill yourself? What’s going on?
Marquez: I don’t know. My neighbor. He did the San Bernardino shooting.
911 operator: Your neighbor did what?
Marquez: He did the San Bernardino shooting.
911 operator: Your neighbor was in the San Bernardino shooting? He died or what he was the shooter or what?
Marquez: He was the shooter.
911 operator: He was the shooter?
Marquez: The (expletives) used my gun in the shooting.
911 operator: You said he used your gun?
Marquez: Yes. Oh my god.
911 operator: How do you know it’s your gun?
Marquez: They can trace all the guns back to me.
911 operator: It wasn’t. How did he get your gun?
Marquez: I couldn’t have it at home because I have brothers and then I got moved and then I can’t have it around.
911 operator: So you gave him your gun?
Marquez: Only for safe storage.
911 operator: It was in storage?
Marquez: Yeah.
911 operator: How did he get it out of storage?
Marquez: It wasn’t in storage. To me, he was reliable enough for him for storage, like to store my gun.
911 operator: Oh, you had him store you gun?
Marquez: Yeah. And then he…Why did he have to do it?
911 operator: What was the guy’s name that had your gun?
Marquez: It’s Syed Farook.

Marquez checked into the UCLA Harbor Medical Center’s emergency room on Dec. 3 and told medical personnel that his mother called him earlier telling him the Bureau of Alcohol, Tobacco and Firearms had been to her house asking about him.

Enrique Marquez, the friend and former neighbor

Mother-Teresa-PopeFrancis-John-Paul-II

Pope John Paul II with Mother Teresa after visiting the Casa del Cuore Puro, left, and Pope Francis, right, taking the stage at the Festival of Families in Philadelphia on Sept. 26, 2015. (Photos: Reuters/AP/Alessandra Tarantino)

Pope Francis has approved the second miracle performed by Mother Teresa, making one of the most famous figures in the 20th century eligible to be a saint. The canonization is expected to take place sometime next year, though Italian media were speculating the ceremony would take place in the first week of September to mark the anniversary of her death, and during Francis’ Holy Year of Mercy.

The second miracle involved a Brazilian man who was suffering from a viral brain infection that resulted in multiple abscesses with triventricular hydrocephalus. In December 2008, the patient’s wife sought out Mother Teresa as her husband was in a coma and dying. On Dec. 9, after multiple medical treatments had been ineffective, the patient was being wheeled into an operating room for emergency surgery. His wife went to church and begged Mother Teresa to intercede.

The Vatican said in a statement that 30 minutes after the patient arrived in the operating room, the doctor found the patient awake and without pain.

“What am I doing here?” the patient then asked the doctor.

The man, who is now completely healed, went back to his job as a mechanical engineer and has not suffered further problems.

Mother Teresa, who became a Nobel laureate in 1979, died Sept. 5, 1997 at the age of 87.

This past September, the Vatican’s medical commission voted unanimously that his cure was inexplicable in the light of current medical knowledge. On Tuesday, Pope Francis received the final approval for canonization of the Congregation for the Causes of Saints meeting.

Pope Francis has approved the second miracle

minimum-wage-graphic-image

Minimum Wage Graphic Image

As you can see from this interview, I get rather frustrated by the minimum wage debate. I’m baffled that some people don’t realize that jobs won’t be created unless it’s profitable to create them.

[brid video=”22766″ player=”2077″ title=”Dan Mitchell Explains Why Boosting the Minimum Wage Is Bad for LowSkilled Workers”]

 

You would think the negative effects of a higher minimum wage in Seattle would be all the evidence that’s needed, but I’ve noted before that many people decide this issue based on emotion rather than logic. So even though we have lots of evidence already that wage mandates cause joblessness (especially for minorities), let’s add to our collection.

Here are some excerpts from a column in The Wall Street by Professor David Neumark from the University of California Irvine.

Economists have written scores of papers on the topic dating back 100 years, and the vast majority of these studies point to job losses for the least-skilled. They are based on fundamental economic reasoning—that when you raise the price of something, in this case labor, less of it will be demanded, or in this case hired. Among the many studies supporting this conclusion is one completed earlier this year by Texas A&M’s Jonathan Meer and MIT’s Jeremy West, which reaffirmed that “the minimum wage reduces job growth over a period of several years”… An extensive survey of decades of minimum-wage research, published by William Wascher of the Federal Reserve Board and me in a 2008 book titled “Minimum Wages,” generally found a 1% or 2% reduction for teenage or very low-skill employment for each 10% minimum-wage increase. …let’s not pretend that a higher minimum wage doesn’t come with costs, and let’s not ignore that some of the low-skill workers the policy is intended to help will bear some of these costs.

The column also exposes some of the methodological flaws in studies that claim high minimum wages don’t lead to job losses, so the entire piece is worth reading.

Since we’re on this topic, here’s a great table prepared by Mark Perry of the American Enterprise Institute. Is anyone shocked to learn that countries with minimum wage mandates have higher unemployment levels, particularly for young people?

I have two big observations and two minor comments in response to this data.

The first big observation is the caveat that minimum wage mandates are just one piece of the economic puzzle. The numbers if Greece, for instance, are miserable for many reasons. The minimum wage mandate is just another straw on the camel’s back. Moreover, it’s possible for a nation to have a decent-performing economy with a minimum wage (see Luxembourg) and a decrepit economy without one (see Italy). It’s the overall burden of government that matters, which is why the rankings from Economic Freedom of the World are the first place to look when determining if a nation is market-oriented or statist.

That being said, Mark’s data certainly shows a correlation between joblessness and minimum wage mandates. Part of the reason for this link is that higher minimum wages are bad for employment, and part of the reason for the correlation is that governments foolish enough to impose minimum wages are probably foolish enough to impose other bad policies as well.

The second big observation is that I periodically encounter leftists who say a minimum wage is needed because employers have all the leverage and would pay workers starvation wages in the absence of a mandate. To which I always respond by asking them, “Then why don’t employers use that leverage to reduce the wages of the 98 percent of workers who make more than the minimum wage?” That shuts down the conversation very quickly.

But now I’ll also ask these folks, “And why aren’t workers in Austria and Sweden paid starvation wages?” Their responses will be amusing.

For my minor comments, I’ll start by noting that Switzerland is a uniquely sensible nation. Voters recently rejected a minimum wage mandate by an overwhelming 3-1 margin. I fear American voters would not be nearly as sensible if we had a national referendum.

My second minor comment is to share this amusing report about Belgian politicians whining that the lack of a minimum wage in Germany (at least as of 2013) was causing “unfair” competition. Oh, the horror!

Last but not least, let’s recycle this great video from the Center for Freedom and Prosperity.

[brid video=”22767″ player=”2077″ title=”The JobKilling Impact of Minimum Wage Laws”]

 

If you have friends and colleagues who lean left but nonetheless are open-minded, please share this video with them. And let them know that even Fed Chair Janet Yellen has acknowledged that minimum wage mandates are the recipe for joblessness.

P.S. I wrote a few days ago to identify several statist policies that cause inequality. Well, I’ve added to that list because it turns out that red tape also can unjustly line the pockets of the rich at the expense of the poor. Make sure to check out the updated version of that post.

CATO economist Dan Mitchell explains how minimum

Reince-Priebus

RNC Chair Reince Priebus speaks to the debate crowd before the CNBC Republican presidential debate in Boulder, Colorado, on Oct. 29, 2015.

I’ve long said that the differences between so-called establishment Republicans and grassroots conservatives are about more than tactics in budgetary battles with President Obama and congressional Democrats. The current Cruz-Rubio flap validates my position.

Establishment Republicans have been enormously frustrated with the grassroots for wanting to call Obama’s bluff in these budget battles to the point of allowing the government to shut down. They have maintained this is a fool’s errand that will only help Democrats because shutdowns will always be blamed on the GOP, supposedly the party of limited government.

The establishment has been particularly derisive of Ted Cruz — one of the leading senators fighting to call Obama’s bluff — arguing he has pursued quixotic positions designed not to prevail legislatively but to grandstand and serve his own political ambitions.

I disagree with that assessment of Cruz, who I believe has acted on principle and to honor his campaign promises. The establishment tends to see these legislative battles as a zero-sum game, thinking that unless you can be almost assured of prevailing in your legislative goals, it is counterproductive to fight Obama to the point of a government shutdown because that will inevitably result in voters punishing the GOP in the next election — no matter when that election is.

I reject that analysis. If establishment Republicans would ever unite with Cruz and the grassroots in opposing Obama publicly and vehemently instead of telegraphing their intention to surrender from the outset, the GOP might have a better chance of stopping Obama. If they didn’t concede defeat in advance by saying it is impossible for the GOP to win a public relations battle with Obama over a government shutdown no matter how unreasonable Obama’s position is, the GOP might — just might — be able to convince the public.

Why do establishment types automatically assume they will lose a PR war with Obama even when he is obviously the extremist in these budget battles, at a time when we are more than $18 trillion in debt, terrorists are at our doorstep and Obama is off globally evangelizing for the earth goddess Gaia? Doesn’t it say something about these Republicans’ lack of confidence in conservative ideas that they are never willing to entrust the voters to back them? Many of them demonstrate this same lack of confidence in selling conservative ideas when they repeatedly urge the party to tack to the middle in national elections to win moderate voters instead of passionately articulating Reagan conservatism and energizing (and expanding) the base.

I hear the same fecklessness from my establishment friends in the context of the Cruz-Rubio contest when they tell us that Cruz is too extreme and that of the two, only Rubio could defeat Hillary Clinton. Nonsense. Establishment types said the same thing about Ronald Reagan — and overall, things are worse now than they were even under Jimmy Carter.

So yes, I believe that grassroots conservatives differ with establishment Republicans in their respective budgetary tactics but also in these further particulars, among others: The establishment believes that Reagan conservatives such as Cruz are a bit extreme; indeed, the establishment probably defines Reagan conservatism differently than the grassroots; the establishment doesn’t attach the same degree of urgency as the grassroots to the monumental problems this nation faces, from immigration to the national debt; the establishment seems far less confident that conservative ideas will sell; and the establishment is far more risk-averse.

I agree that there is far too much animosity from both sides in these GOP intramural conflicts and that we should all more strongly resist the urge to impugn the other side or its motives. But we must recognize that we have serious, though not insurmountable, differences.

We do need each other in presidential elections, so we’d better be careful not to burn too many bridges. But from my perspective as a grassroots conservative, I must say that I don’t believe the establishment has its ear to the ground; it is not hearing the American people, who are neither crazy nor extreme.

This is why establishment Republicans don’t really understand Donald Trump’s appeal. It’s not because Trump supporters are politically unsophisticated. It’s that they don’t believe that seasoned Beltway politicians — the ones with all this vaunted experience — understand or care about the level of fear, angst, disgust, concern and outrage that ordinary Americans are feeling over the ongoing destruction of our nation. The establishment doesn’t grasp the frustration of Americans who are sick of being told “no” and given all kinds of reasons — from many Republicans, no less — that we can’t do anything to stop Obama. Establishment types don’t understand why Trump supporters are not turned off by Trump for not being more refined and nuanced in his proposals rather than simply saying, “We need to kill the terrorists, and you guys keep telling us why we can’t.”

Establishment Republicans had better start listening because the more obtuse they are on Trump and demeaning to his supporters the more they are going to empower him. The more they conspire to take out Cruz based on his alleged lack of purity — focusing on the specks in Cruz’s eye while ignoring the logs in some of their candidates’ eyes — the more they are going to empower Cruz.

Grassroots Americans have had it, and they are fighting back. Nevertheless, I will support any establishment candidate if he ultimately wins the GOP nomination. Will the establishment support Cruz if he wins the nomination?

Let’s vigorously fight for our respective candidates, but let’s not destroy each other in the process, because we will need each other to defeat Clinton and save this nation.

The Cruz-Rubio gap exposes differences between so-called

Gen. Flynn: ‘He [Obama] Shouldn’t Be Surprised’ by Rise of Islamic State

[brid video=”22707″ player=”2077″ title=”Lt. Gen. Michael Flynn Reacts to Obama Security Scandal ISIS Strategy”]

Retired Lt. Gen. Michael Flynn said Thursday that President Obama was “not going to get a rosy picture” during his visit to the National Counterterrorism Center in McLean, Virginia. The trip follows another visit on Monday to the Pentagon made by the president to receive an update on the threat from Islamic terrorism, and with the hope he can reassure an increasingly concerned public.

“He’s not going to get a rosy picture from the National Counterterrorism Center today and it’s not going to be one of an organization, in terms of the Islamic State, that is set back or a jayvee team,” Gen. Flynn said. “The National Counterterrorism Center has been very, very consistent for a longtime. I’m talking years as to the threat that we’re facing from al-Qaeda, the Islamic State and these Islamists.”

But the president has yet to offer a new strategy, leaving himself open to criticism, the nation threatened by radical Islam and members of his own party increasingly nervous heading into the 2016 election cycle.

“He shouldn’t be surprised.”

Gen. Flynn, who also served the former director of the Defense Intelligence Agency under the president, called Obama’s refusal to change course a “tragedy.” He noted how he and others in the intelligence community who are deeply concerned with the rising threat of radical Islam “would’ve cheered the president” if he laid out a new strategy during his widely criticized Oval Office address.

On his way to Hawaii, Mr. Obama will stop in San Bernardino, Calif., to meet privately with the families of the 14 victims of the most deadly Islamic terror attack since September 11, 2001. Syed Farook, 28, and Tashfeen Malik, 27, killed 14 and wounded 22 others on Dec. 2 at a Christmas party for county workers. Farook, an American-born citizen, and his jihadist wife Malik, a Pakistani national who came to the U.S. on a K-1 visa, were killed by police shortly after the attack.

Meanwhile, when asked on “America’s Newsroom, Gen. Flynn offered some disturbing insight into reports claiming administration officials told intelligence agencies to whitewash the spread of radical Islam.

“I think you’re right. I think there’s more that is going to come out.” Flynn added. “History will not be kind to those who were potentially involved in this thing.”

Retired Lt. Gen. Michael Flynn said that

mid-atlantic-manufacturing-aluminium-raw-materials-reuters

A worker in the mid-Atlantic manufacturing sector works with raw aluminum materials. (PHOTO: REUTERS)

The Philadelphia Federal Reserve said the Manufacturing Business Outlook Survey covering the mid-atlantic region tumbled to -5.9 in December from 1.9 the month prior. The gauge of manufacturing activity in the mid-Atlantic barely posted in expansion territory last month, but now came in well below the median forecast of 1.5.

Readings above 0 indicate expansion, while those below point to contraction.

The six-month outlook in the Manufacturing Business Outlook Survey turned decidedly negative in December, falling to 23.0 from 43.4. It’s the lowest reading in about three years and was fueled by firms’ predictions in steep drop-offs in new orders, shipments and pricing power. The future employment index declined to 5.5 from 13.4 in November. Producers also suggested they plan to reduce capital spending, sending that gauge down to 10.9 from 25.9.

The Philadelphia-area survey is one of several regional manufacturing reports economists and analysts use to forecast the health of the nation’s manufacturing sector as reported by the Institute of Supply Management in its monthly report next due on Jan. 4, 2016. Earlier this week, the Empire State Manufacturing Survey, which is the New York Fed’s gauge of activity in the Northeast region, remained stuck in contraction territory in December.

Manufacturing Business Outlook Survey Special Questions (Dec.)*


 

1. What percentage change in costs do you expect for the following categories in 2016?
Energy
(%)
Other Raw Materials
(%)
Intermediate Goods
(%)
Wages
(%)
Health Benefits
(%)
Nonhealth Benefits
(%)
Wages & Health Benefits & Nonhealth Benefits
(%)
Decline of more than 4%
9.4 10.8 3.1 0.0 0.0 0.0  0.0
Decline of 3-4%
10.9 0.0 0.0 0.0 0.0 0.0  0.0
Decline of 2-3%
9.4 1.5 1.6 0.0 0.0 0.0  0.0
Decline of 1-2%
18.8 7.7 0.0 1.5 0.0 4.8  1.6
No Change
32.8 35.4 46.9 9.2 7.7 25.8  3.2
Increase of 1-2%
9.4 20.0 23.4 23.1 3.1 24.2  6.5
Increase of  2-3%
3.1 13.8 21.9 49.2 10.8 27.4  17.7
Increase of 3-4%
1.6 7.7 3.1 15.4 1.5 9.7  24.2
Increase of 4-5%
1.6 0.0 0.0 1.5 15.4 3.2  24.2
Increase of 5-7.5%
0.0 0.0 0.0 0.0 15.4 3.2  6.5
Increase of 7.5-10%
1.6 1.5 0.0 0.0 21.5 0.0  4.8
Increase of 10-12.5%
1.6 1.5 0.0 0.0 7.7 0.0  3.2
Increase of 12.5-15%
0.0 0.0 0.0 0.0 6.2 1.6  4.8
Increase of more than 15%
0.0 0.0 0.0 0.0 10.8 0.0  3.2
Median
0.0 0.0 0.0 2.5
6.3
 1.5  3.5
Average
-0.7 0.6
0.8
2.2
7.5
 1.9  4.8
* Percentages may not add to 100 percent because some reporters did not respond to the questions.


 

2. How do these expected costs compare with those in 2015?
Energy
(%)
Other Raw Materials
(%)
Intermediate Goods
(%)
Wages
(%)
Health Benefits
(%)
Nonhealth Benefits
(%)
Wages & Health Benefits & Nonhealth Benefits
(%)
Higher 16.9 13.8 14.0 44.8 68.4 22.8 64.9
Same 52.5 62.1 75.4 50.0 26.3 73.7 31.6
Lower 30.5 24.1 10.5 5.2 5.3 3.5 3.5
* Percentages may not add to 100 percent because some reporters did not respond to the questions.


 

The Philadelphia Federal Reserve said the Manufacturing

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