Bidenomics? Since January 2021, Regular Gasoline Prices Up 57% Under Biden, CRB Foodstuffs Up 55% As Strategic Petroleum Reserves DOWN -46% (10Y-2Y Treasury Curve Inverts To -102.45)

Jared Bernstein was VP Joe Biden’s former Chief Economist and is now chair of the United States Council of Economic Advisers. Pretty impressive! Except that Bernstein is not really an economist. He has a PhD in social welfare from Columbia University. In other words, Bernstein is a Progressive Marxist cheerleader, not a real economist. Perfect for The Biden Adminstration where they installed a small town Mayor with no experience (Buttigieg) as Transportation Secretary.

But Bernstein’s interview with Fox’s Shannon Bream on gas prices under Biden says it all about his economic acumen:

Top economic advisor Jared Bernstein tries and fails to brag about gas prices under Biden.

HOST: “…what about where we started? Because when [Biden] took office, it was $2.39/gallon. Now, it’s about $3.60/gallon…”

BERNSTEIN: “Yes, it depends on what your benchmark is.”

Bernstein’s answer reminds me of the infamous reply of President Clinton about having sex in the Oval Office with Monica Lewinsky: “It depends on what the definition of sex is.”

Well, Jared, here is the data.

Since January 2021, regular gasoline prices are up 57% under Biden’s and Bernstein’s Reigns of Error. CRB Foodstuffs are up 55% under Clueless Joe and Diesel prices 50% under Bully Biden. Meanwhile, the Strategic Petroleum Reserves is DOWN -46% under Hidin’ Biden.

Meanwhile, the US Treasury 10Y-2Y yield curve has inverted to -102.45 as it does prior to a recession. I would love to hear “economist” Jared Bernstein explain that!

The Chicago Fed’s National Activity index fell to -0.32 in June. That is negative readings for 6 of the last 8 months.

The Fed still hasn’t removed its monetary stimulypto from the market.

The Fed’s Minsky Moment! Even Top 1% Of Net Worth Is Lower With Fed Tightening (US Industrial Production YoY Goes Negative)

The Federal Reserve, an organization that even George Orwell would find outrageous, is a Minsky Moment Machine!

A Minsky Moment refers to the onset of a market collapse brought on by the reckless speculative activity that defines an unsustainable bullish period. Minsky Moment crises generally occur because investors, engaging in excessively aggressive speculation, take on additional credit risk during bull markets.

And since Covid and the Great Monetary Expansion to fight it helped creates massive inflation and helps the 1% get wealthier and wealthier. BUT as M2 Money growth slows, the 1% are losing their position as top dogs in the economy. Not by much (see pink circle), but a little.

And The Federal Reserve helps create the monetary expansion through low rate policies, fueling credit and asset bubble expansion. Greenspan, Bernanke and Yellen were the masters at creating a Minsky Moment (named after Hymen Minsky, the late Washington University of St Louis economist).

Then we have the latest bit of bad news. US Industrial Production year-over-year of -0.43% as M2 Money growth evaporates.

After The Fed’s insertion of massive monetary in 2008, continued stimulus until the second massive stimulus burst in 2020, unfunded liabilities of pension funds have worsened. Another possible Minsky Moment created by the Kafkaesque Fed. Kafedesque??

The Fed’s Powell: Let’s play a game … and make the 1% even wealthier!!!

The Fed. The beauty of failure. When the economy starts failing, The Fed goes wild.

Used Electric Vehicle Prices Crashing As Fed Pushes Auto Loan Rates Above 7% (60M Auto Loan Rates Up 74.4% Under Bidenomics)

Yes, one of the cornerstones of Bidenomics is the massive expansion of (impractical) electric vehicles (or EVs). You know, those mondo expensive cars that run out of power after a couple of hundred miles requiring a lengthy recharge (kind of makes long distance trips the domain of Internal Combustion Engine (ICE) cars.

But as Biden/Congress spent trillions on green energy (massive subsidies for anything green), we noticed that 1) inflation hit 40 year highs and 2) The Fed intervened to raise rates. So, now we see that 60-month auto loan rates are now around 7.36%, up 74.4% under “Middle Class Joe.”

And we see used EV prices collapsing like a week-old soufflé.

Speaking of green energy fraud, here is the leader of the green energy fraud movement, John F’ing Kerry. Aka, Heinz Planes Grifter.

Livin’ La Vida Biden! Bankrate’s 60 Month Auto Loan Rate Up To 7.65%, Up 166% Under Bidenomics (Only Getting Worse As Powell Vows More Rate Hikes)

Livin’ la vida Biden!

The Biden Administration has got a line on you! Unfortunately that line is choking America’s middle class and low wages workers with inflation and rising interest rates.

Auto loan rates are now up to 7.65%, a gut-wrenching 166% increase under Bidenomics.

Average monthly payments also reached a new record of $733. That compares with $730 in the first quarter and $678 in the second quarter of 2022. Buyers were financed with an average APR of around 7.1%, the highest since the fourth quarter of 2007.

2 out of every 3 consumers who agreed to a $1,000+ monthly payment in Q2 signed up for an average APR between 8.5% and 9.6%. (via Edmunds).

As for buyers who took on $1,000 monthly auto payments, about 65% of them had an average loan-term range of 67 months and 84 months, their average APR rate was between 8.5% and 9.6%.

Bidenomics. Crushing the soul of America’s middle class and low wage workers.

I love how the most secure building in Washington DC with cameras 24/7 EVERYWHERE and the Secret Service claims they don’t know who left the cocaine on a table. I will bet they pin the blame on VP Kamala Harris as an excuse to replace her word salads for the 2024 Presidential election.

Biden Drains Strategic Petroleum Reserve For 14th Straight Week (SPR Down -46% Under Bidenomics, Reg Gas Price UP 48%, Diesel Fuel UP 47%) Hunter In The West Wing With A Straw!

What is Bidenomics? It isn’t what Press Secretary Karine Jean Pierre thinks. She said Biden hates “trick down economics”. Instead, Biden prefers a Soviet-style command economy where The Federal Government spends trillions of dollars and directs where the money goes. We also have the Socialist Federal Reserve that relies on rate manipulation to achieve policy results.

A good example of Biden’s Soviet-style “Bidenomics” is his use of the Strategic Petroleum Reserve (SPR). Biden has now drained almost 50% of the SPR from when he was sworn in as President. And has drained the SPR for 14 straigth weeks to manipulate gasoline and diesel fuel prices in an effort to lower fuel prices ahead of the 2024 Presidential election. Watch Biden suddenly stop caring about fuel prices once he wins reelection!

After last week’s huge draw, expectations were for a smaller draw (which API showed last night), but the actual crude draw was smaller – just 1.5mm barrels. Stocks at the Cushing hub fell 400k barrels and products also saw notable draws..

At least we now know who left cocaine in the White House!

ADP Jobs Added 497k In June! Almost Guarantees Another Rate Hike At July FOMC Meeting, 10Y T-Yield UP >10 BPS, 2Y T-Yield UP 16 BPS (Yellen Goes To China?) Bitcoin Cash UP 10%

The good news (if true)? ADP announced that 497k jobs were added in June.

The bad news? A 497k print on jobs (many seasonal, it is summer!) almost guarantees that The FOMC (Fed Open Market Committe) will raises rates again at at the July meeting.

The 2-year Treasury yield is up over 10 basis points.

The 2-year Treasury yield is up 16.5 basis points.

Bticoin Cash is up 10% today.

I should have bought nickel!

Why is Biden sending Treasury Secretary Janet “The Marxist Midget” Yellen to China? A Treasury Secretary and former Federal Reserve Chair? Likely trying to convince China that our $32 TRILLLION AND GROWING national debt is not a problem, since China is the third largest holder of US Treasury debt (after The Fed and Japan). Note that China has decreased its holdings of US Treasuries by -25.6% since January 2018.

Hopefully, Yellen isn’t acting as a bag man for The Biden Crime Family. 10% for The Big Guy?? How much does Yellen get??

US Mortgage Purchase Demand Down -42.3% Under Bidenomics, Mortgage Refi Demand Down -91%, Mortgage Rates UP 131% (As Liquidity Dries Up)

Joe Biden, or “Blow Biden” after the cocaine was discovered in the White House the other day, owns the abysmal mortgage and housing market thanks to The Fed fighting inflation caused by Bidenomics (massive Federal spending and massive Fed stimulus).

Mortgage applications decreased 4.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 30, 2023. Last week’s results included an adjustment for the Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week and was 30 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 22 percent lower than the same week one year ago.

Here is the rest on the story:

As liquidity dries up under Bidenomics. Or Yellenomics. Take your pick!

Seriously, can The Biden Administration get any more embarrassing? Or dangerous to American civil liberties?

Bidenomics! US Factory Orders Decline YoY For First Time Since Oct 2020 As Fed Retreats (Economy Is Slip, Slidin’ Away!)

The closer we get to the 2024 Presidential election, the more the economy is slip slidin’ away.

As Powell and The Gang raise interest rates, the more the economy is … slip slidin’ away. US Manufacturers New Orders YoY in May declined -1.0% for the first time since Covid.

But as M2 Money growth slows, its getting late in the election cycle.

Too soon?

Addicted To Gov! Mortgage Rates UP 150% Under Biden, 10Y-2Y Most Inverted Since 1981 (Unfunded Liabilities 5x National Debt) Gold, Silver UP

Its the 4th of July, American Independence Day from England, but under Biden and The Federal Reserve, Americans are DEPENDENT on debt and Federal spending. In other words, Americans are addicted to gov.

First, Bankrate’s 30-year mortgage rate index is up 150% under Biden. You can see the rapid rise in mortgage rates started with Biden (orange box). Meanwhile, the US Treasury yield curve (10Y-2Y) is the most inverted (negative slope) since 1981. Way to go, Joe!!

On the metals side, gold and silver are up slightly. (Go silver go!!)

On the crypto side, Polkadot is up 1.26% while Bitcoin is down -0.18%.

Memo To Fed: keep on printing! Why? US debt is currently $32.33 TRILLION with $192 TRILLION in unfunded Federal liabilties. That is 5 times the current level of debt!!

US Manufacturing Activity Shrinks By Most in Three Years As Cardboard Box Shipments Declining At Fastest Rate Since Financial Crisis) Ethereum UP >2% This AM

I was hoping that the week of July 4th would start off with fireworks, but we got bad news about the economy.

US factory activity contracted for an eighth month in June, slipping to the weakest level in more than three years as production, employment and input prices retreated.

The Institute for Supply Management’s manufacturing gauge fell to 46, the weakest since May 2020, from 46.9 a month earlier, according to data released Monday. The current stretch of readings below 50, which indicates shrinking activity, is the longest since 2008-2009.

The decline in the ISM production gauge, which also stands at the lowest level since May 2020, suggests demand for merchandise remains weak. The index of new orders contracted for the 10th straight month and order backlogs shrank, which may help explain a pullback in a measure of manufacturing employment.

The ISM gauge retreated to a three-month low and, at 48.1, indicates fewer producers adding to payrolls.

Many Americans continue to limit their spending on merchandise as they rotate to services and experiences. Others are simply tightening their belts as still-high inflation takes a toll on their incomes.

And then we have cardboard box shipments declining at fastest rate since 2008/2009.