Cars and light trucks are seeing declining YoY sales in January (-0.7%) as M2 Money growth remains negative.
Automotive News was the first to report Ford Motor Co. halted shipments of all 2024 F-150 Lightning electric pickup trucks for an undisclosed quality control issue just weeks after slashing production volumes for the EV model due to sliding demand.
“We expect to ramp up shipments in the coming weeks as we complete thorough launch quality checks to ensure these new F-150s meet our high standards and delight customers,” company spokeswoman Emma Bergg wrote in a statement.
Last month, Ford announced plans to slash the Lightning production in April “to achieve the optimal balance of production, sales growth and profitability.”
The automaker (and many others, like Mercedes Benz) is recalibrating its electric vehicle strategy as the Biden administration plans to downshift the EV transition as demand plummets.
Thousands of auto dealers nationwide recently warned the ‘climate change warriors’ in the White House: the 2030 EV push is backfiring.
“Currently, there are many excellent battery electric vehicles available for consumers to purchase. These vehicles are ideal for many people, and we believe their appeal will grow over time. The reality, however, is that electric vehicle demand today is not keeping up with the large influx of BEVs arriving at our dealerships prompted by the current regulations. BEVs are stacking up on our lots,” the dealers said.
They warned: “Already, electric vehicles are stacking up on our lots which is our best indicator of customer demand in the marketplace.”
“Key takeaways thus far from earnings season are that the EV slowdown is not showing any evidence of an inflection, Level 4 autonomy headwinds continue to persist, and fears over supplier inventory overbuild are likely overblown.
The Hollies said it best: Stop, stop, stop. FIAT Money Printing that is.
Typically, we look at M2 Money Velocity (GDP/M2) as a measure of how much the economy grows by expanding the money supply.
M2 Money Velocity is currently at 1.344, and still below where we were under Trump prior to Covid. After Powell printing palooza after Covid, M2 Money Velocity collapsed and is slowly rising, but remains low by historic standards.
Perhaps a more interest velocity is DEBT velocity (GDP/DEBT). Under Biden’s Reign of Error, Federal debt has increased by $6,539,359 million while real GDP has increased by only $1,948.731 billion (or roughly $2 trillion in GDP growth after $6.54 trillion in debt). Or a DEBT velocity of 0.3. Yikes! No wonder China is bailing on US debt!
This chart makes debt issuance look better than it really is. Again, the DEBT VELOCITY of 0.3 is terrible meaning that for every $1 of Federal debt, we get 30 cents in Real GDP under Biden. One of my macroeconomics textbooks stated that debt growth is fine as long as real GDP growth rises faster than debt growth. Apparently, Treasury Secretary Janet Yellen didn’t read that textbook! Real GDP has grown by 9.43% under Biden while Federal debt has grown by … gulp .. 24%.
Yes, the US is borrowing like the proverbial drunken sailor while they “invest” in green energy, wars in Ukraine and the Middle East, and massive social welfare programs (like the old breads and circuses from the dying Roman Empire). When watching the media’s obsession with Taylor Swift and Chief’s Tight End Travis Kelce at The Super Bowl, it reminded me of “Breads and Circuses” as our nation is collapsing like a dying star. (That is why I Iike Gold, Silver and Bitcoin!)
What about The Federal Reserve? It was created in 1913 after signed into existence by President Woodrow Wilson. Since The Fed’s inception, consumer purchasing power has declined by 97%.
And under Biden, inflation has been so bad that consumer purchasing power is down 16%.
In summary, The Federal Reserve has been printing like crazy (I would say Batshit Crazy, but I actually think bats are adorable). And Treasury (under former Fed Chair Janet Yellen) has been borrowing like crazy too. While politicians claim the economy is in great shape, it is really because The Fed is printing wildly, Yellen is borrowing wildly, and much of US GDP is not due to the private sector, but Federal government spending … to the donor class. This is NOT a sustainable and will eventually crash into a ravine.
So, despite recent declines in energy prices, gasoline prices are still up 46.25% under “Green Joe” and the all important for shipping, diesel prices, are still up 55.6% under Brainless Joe.
One would think that massive rises in gasoline and diesel prices would make everyone buy an electric vehicle (EV). But alas, the high cost and unreliability of EVs is turning off consumers. (I own a hybrid and wish I didn’t).
This time it deals with supply chain logistics, with Bloomberg reporting this week that in the year and a half since passing the Inflation Reduction Act, automakers are finding out the hard way that the rigorous criteria for manufacturing batteries using materials from the United States and its free-trade allies could render them cost-inefficient compared to global competitors.
Companies like Tesla are instead taking advantage of a temporary shift in the rules to stock up with cheaper batteries from countries like China.
The Biden administration’s new rules will all but cut out China from the supply chain, however, which will make it tougher to find affordable metal suppliers.
This, in turn, will threaten President Biden’s goal to boost the domestic electric vehicle market. Bloomberg writes that mining companies and labor unions insist that without curtailing the influx of cheaper, Chinese-subsidized materials, the U.S. can’t develop a competitive EV market.
Meanwhile, the higher costs are driving automakers away from EVs. And as battery material requirements are set to double by 2027, fulfilling these mandates will be increasingly difficult, putting Biden’s ambitious EV strategy at risk.
The demand side of the equation also looks less than favorable. We wrote just hours ago about how Ford was slashing prices on its Mach E and Lightning 150. Tesla has been slashing prices to stoke demand for nearly a year now.
Both Ford and GM have said they’re going to curtail their investment in EVs. General Motors, who posted better than expected earnings earlier this month, said that it plans on changing its product lineup to include more hybrid vehicles, drifting away from pure electric vehicles.
CEO Mary Barra said on the earnings call: “Let me be clear, GM remains committed to eliminating tailpipe emissions from our light-duty vehicles by 2035, but, in the interim, deploying plug-in technology in strategic segments will deliver some of the environment or environmental benefits of EVs as the nation continues to build this charging infrastructure.”
Recall, a report from Consumer Reports last year found that electric vehicles have almost 80% more problems and are “generally less reliable” than conventional internal combustion engine cars.
But hey, what good is a “free” market if the government doesn’t have complete and total control of consumer choice, right Joe? After all, Biden drives a gas guzzling Chevy Corvette. When Biden sells his Corvette and buys a Chevy Bolt, I might believe him. Nah!
So, the free market is standing up to Biden’s hard left tyranny.
My new nickname for Biden is Dopey. And Kamala Harris is Happy (because she laughs constantly). Mayorkas is Bashful (he doesn’t do anything). NY Senator Chuck Schumer is Grumpy. Jill Biden is Doc (for her pathetic PhD in Education). The intellectual seven dwarves are running our country into the ground.
I remember the joke made by Jay Leno about Obama. Go to a McDonalds and order whatever you want and give the bill to the person behind you. Unfortunately, that is the Democrat playbook under Obama/Biden (hereafter termed “O’Biden”). For example, Biden is bragging about forgiving student loan debt relief in the amount of $1.2 Billion in student debt for roughly 153,000 borrowers. And bragging that he is ignoring the US Supreme Court like a banana republic dictator. Like the Jay Leno “joke,” SOMEONE has to pay for this election year vote pandering. But that is the beauty/tragedy of BIG government. It is so big and the numbers so monstrous that many kind of shrug and go “eh.” But someone pays and its the middle class in the form of taxes and inflation.
Who is going to pay for the 10 million illegal immigrants that have crossed the southern border under Biden? While Paul Krugman points to a higher GDP from immigration (illegals still buy goods and services), but mostly are a deadweight drag on social services such as welfare, Medicare, schools, healthcare system, etc.). And of course migrant crime is going off the charts. Who pays for Biden’s border fiasco? The middle class and low wage workers, of course. Elites benefit from uncontrolled immigration, generally live in compounds with private security that the rest of us can’t afford. Remember President Carter and the Cuban Mariel boat lift where Fidel Castro emptied his prisons and sent them to Florida creating absolute mayhem and a huge spike in crime? Biden and Cuba Pete Mayorkas turning up the heat on immigration and its accompanied crime wave.
O’Biden loves to spend other people’s money. Aka, OUR money. Case in point. According to the CBO, net interest on the exploding Federal debt under O’Biden now exceeds our defense spending and that gap is expected to explode. To be sure, the US is funding billions in the middle east, handing over billions to Zelensky and Ukrainian oligarchs, and we have China. What a mess!
So, when will “Billions Biden” stop spending other people’s money? Well, only a barely-held Republican House can stop Biden. Meanwhile I will focus on soaring food prices and eat cheap cabbage rolls and drink coffee. Until Biden kills off those pleasures.
But don’t worry! We might get Gavin Newsom, the ultimate used car salesman, to replace Biden against Trump. But Biden’s ego is so massive (why I have no idea) that he won’t go down without a fight. And what about Cacklin’ Kamala?
Silence is not golden. Particularly when it comes to a silent DEPRESSION. Talking is cheap, people follow like sheep. Particularly when are told by Biden, Press Secretary Karine Jean-Pierre and NY Times economic spinster Paul Krugman say its the best economy in decades. It isn’t. In fact, the US is in a silent depression.
Typically, a recession is defined as two consecutive quarters of negative GDP growth. If we use 2 consecutive quarter of negative GDP growth, we are not in a recession. But ….
Why these results? Bidenomics is based on costly Keynesian boom-and-bust policies. With so much whiplash, it’s no wonder people are conflicted about the economy.
In the latest jobs report for January, a net increase of 353,000 nonfarm jobs from the establishment survey appears robust, as it was well above the consensus estimate of 185,000 new jobs. But let’s dig deeper.
Last month, household employment declined by 31,000, contradicting the headlines. The divergence of jobs added between the household survey and the establishment survey has widened since March 2022. This period coincides with declining real gross domestic product in the first and second quarters of 2022 (usually that’s deemed a recession, but it hasn’t been yet). Indexing these two employment levels to 100 in January 2021, they were essentially the same until March 2022, but nonfarm employment was 2.5 percent higher in January 2024.
While this divergence mystifies some, a primary reason is how the surveys are conducted.
The establishment survey reports the answers from businesses and the household survey from individual citizens. The establishment survey often counts the same person working in multiple jobs, while the household survey counts each person employed. This likely explains much of the divergence, as many people work multiple jobs to make ends meet. The surge in part-time employment and more discouraged workers underscores
Though average weekly earnings increased by 3 percent in January over a year prior, this is below inflation of 3.1 percent. Real average weekly earnings had increased for seven months before falling last month. And there had been declines in year-over-year average weekly earnings for 24 of the prior 25 months before June 2023. These real wages are down 4.4 percent since Biden took office in January 2021.
As purchasing power declines, mounting debts become more urgent.
Total US household debt has reached unprecedented levels, with credit card debt soaring by 14.5 percent over the last year to a staggering $1.13 trillion in the fourth quarter of 2023. Such substantial growth in debt raises concerns about the current (unsustainable?) consumption trends, business investment, and a looming financial crisis.
The surge in mortgage rates to over seven percent for the first time since December and rising home prices exacerbate housing affordability challenges, particularly for aspiring homeowners. An integral component of what some consider the “American Dream,” housing affordability is a major factor discouraging Americans. Remember, Bidenomics has seen a 155% increase in mortgage rates.
The euphoria surrounding the January 2024 jobs report is misplaced. Policymakers should heed these warning signs and enact meaningful reforms to address root causes.
Biden’s policy approach undergirds most of these difficulties. Bidenomics focuses on his Build Back Better agenda that picks winners and losers by redistributing taxpayer money for supposed economic gains through large deficit spending (and most of the gains went to political donors).
We haven’t seen an agenda of this magnitude since LBJ’s Great Society in the 1960s or possibly since FDR’s New Deal in the 1930s. Both were damaging, as the Great Society dramatically expanded the size and scope of government, contributing to the Great Inflation in the 1970s, and the New Deal contributed to a longer and harsher Great Depression.
These four bills will add nearly $4.3 trillion to the national debt. But at least another $2.5 trillion will be added to the national debt for student loan forgiveness schemes, SNAP expansions, net interest increases, Ukraine funding, PACT Act, and more. In total over the past three years, excessive spending will lead to more than $7 trillion added to the national debt, which now totals $34 trillion — a 21 percent increase since 2021. There seems to be no end to soaring debt with the recent discussions of more taxpayer money to Ukraine, Israel, the border, and the “bipartisan tax deal,” collectively adding at least another $700 billion to the debt over a decade.
Record debts accrued by households and by the federal government (paid by households) are not signs of a robust economy. This will likely worsen before it improves, as household savings dry up. And with interest rates likely to stay higher for longer because of persistent inflation, debts will crowd out household finances and the federal budget.
The Federal Reserve has monetized much of this increased national debt over the last few years by ballooning its balance sheet from $4 trillion to $9 trillion and back down to a still-bloated $7.6 trillion. This helps explain persistent inflation, massive misallocation of resources, and costly malinvestments across the economy, keeping the economy afloat yet fragile.
Excessive deficit spending weighs heavily on future generations, saddling them with unsustainable debt levels they have no voice in. Today, everyone owes about $100,000, and taxpayers owe $165,000, toward the national debt. Of course, these amounts don’t include the hundreds of trillions of dollars in unfunded liabilities for the quickly-going-bankruptwelfare programs of Social Security and Medicare.
Future generations will be on the hook for even more national debt if Bidenomics continues and Congress doesn’t reduce government spending now. This is why the national debt is the biggest national crisis for America. We’re robbing current and future generations of their hopes and dreams.
Fortunately, there’s a better path forward if politicians have the willpower. This path should be chosen before we reap the major costs of a bigger crisis. Look at Argentina’s president Javier Milei who managed to balance the budget in 60 days and generate a whopping SURPLUS of $589,000,000. How? By cutting massive government waste and closing agencies and programs.
In short, we need a fiscal rule of a spending limit covering the entire budget based on a maximum rate of population growth plus inflation. There should also be a monetary rule that ideally reduces and caps the Fed’s current balance sheet to at least where it was before the lockdowns. My work with Americans for Tax Reform shows that had the federal government used this spending limit over the last 20 years, the debt would have increased by just $700 billion instead of the actual $20.2 trillion. That’s much more manageable and would point us in a more sustainable fiscal and monetary direction.
Together, fiscal and monetary rules that rein in government will help reduce the roles that politicians and bureaucrats have in our lives so we can achieve our unique American dreams. If not, we will have wasted many dreams on Bidenomics that can make things look good on the surface, but cause rot underneath.
Clarification: When Biden and various members of Congress tout Biden as having created more jobs that previous Presidents, that is the ultimate gaslighting of the American people. Trump actually saw more job creation than Biden until Covid struck and politicians shut down the economy (and schools closed). Then like magic, after Biden was elected, many jobs returned. Biden and his lackies take credit for the incredible job market, but NEW jobs (rather than simply old jobs returning) had nothing to do with Biden’s Keynesian policies. Rather, Biden’s policies have helped destroy the jobs market.
And yes, the US is under invasion by the United Nations who are helping millions of migrants ILLEGALLY cross the US border, creating horrible stress on the economy and helping keep inflation high. Not to mention soaring crime. Its as if Biden (and his master Obama) are using the Cloward-Piven strategy of overwhelming the economy so it breaks.
All we hear about from Biden and Schumer (and their ilk) is about spending billions MORE on Ukraine and their oligarchs to “protect their borders” while Biden and Mayorkas (Cuba Pete) leave American borders over to invasion.
Yes, Democrats like The Clintons, Obamas and Bidens LOVE the Cloward-Piven strategy. Hey, they are all multi-millionaires and are insulated from all the damage they inflict on the middle class and low wage workers.
The biggest positive contributor to the leading index was stock prices (again)at +0.10
The biggest negative contributor was average workweek at -0.18
This is the 22nd straight MoM decline in the LEI (and 23rd month of 25) – equaling the longest streak of declines since ‘Lehman’ (22 straight months of declines from June 2007 to April 2008)
“While the declining LEI continues to signal headwinds to economic activity, for the first time in the past two years, six out of its ten components were positive contributors over the past six-month period (ending in January 2024).
As a result, the leading index currently does not signal recession ahead.
While no longer forecasting a recession in 2024, we do expect real GDP growth to slow to near zero percent over Q2 and Q3.”
While the Conference Board seems optimistic, we are struggling to see any signs of hope! tumbling back below the peak in March 2006…
And on a year-over-year basis, the LEI is down 7.0% (down YoY for 19 straight months) – still close to its biggest YoY drop since 2008 (Lehman) outside of the COVID lockdown-enforced collapse (but starting to inflect)…
The annual growth rate of the LEI remains deeply negative and decoupled from Real GDP…..
Finally, the massive easing of financial conditions in the last few months suggests a turn in LEI is imminent…
And hence the ‘soft landing’ mission is accomplished… so no need for rate-cuts? (Except for the banking crisis that looms in March).
An example of the Sisyphus economy? The top 1% of earners (blue line) have seen an incredible increase in net worth, particularly after Fed Chair Alan Greenspan’s big rate cuts (green line) from 2000 to 2004. Each subsequent rate cuts under Bernanke (2007-2008) and Yellen (who just kept rates too low for too long). The end result? In the red box, the top 1% made out like bandits.
The end result? The top 1% of earners now have more wealth the the middle class.
Of course, asinine Federal government policies (like open borders and making donors wealthy with green energy spending) and the lack of a serious approach to corruption have complicated matters.
So the working class, middle class and low wage workers, are the ones pushing the boulder up a hill while government insiders like Biden make millions through influence peddling. So, unlike the Sisyphus legend, the middle class and low wage workers are being punished by simply existing.
The Fed’s balance sheet has had a similar effect, particularly since the financial crisis of 2007-2008 when The Fed truly became unhinged under Janet Yellen. So of course, Yellen was made Secretary of Treasury, the largest honey pot in the world, so she could continue growing the elites power while minimizing the wealth of all others.
Should we end The Fed? Of course! But we can’t even have a rational discussion on why we are funding a war in Ukraine (to protect their border?) while we leave our borders open to invasion?
Here is one of the 1% who made a fortune by simply having a big mouth and being in politics.
The Federal Reserve (aka, The Keep) is back in the saddle again. The Fed has been unable to control inflation since Federal government spending was so fast and furious after Covid that little thought was given to the long-term ramifications of insane spending. Not to mention The Fed’s overreaction to Covid.
Example?
Home price growth is rising again. Home prices in traditional “bubble cities” out west were cooling, but are reaccelerating. Even Detroit and Cleveland are seeing rapid home price acceleration.
Yes, housing inflation is sticky.
In retrospect, this wholesale dovish euphoria may have been rather short sighted, because after several strong economist reports hit the tape (with the Nov 2024 election growing closer by the day, that should hardly have been a surprise), March rate cut odds collapsed from over 100% in late December, to just 12% currently…
… as first the January CPI printed red blazing hot– with core coming in at 3.9% far higher than the 3.7% expected, with the 3-month annualized rate jumping to 4% from 3.3% and the 6-month annualized rate spiking to 3.7% vs 3.2%, but the biggest highlight was SuperCore CPI (i.e., core CPI services ex-Shelter) which soared 0.7% MoM, the biggest jump since Sept 2022…
… and then the January PPI print come in even hotter, with a core component surging in January by 0.5%, smashing expectations and beating estimates by the most since Jan 2021.
The result: not only has the market rapidly priced out what if formerly saw as many as 6 rate cuts in 2024, but growing speculation that a rate cut may not come at all unless the Fed tightens some more first (and with the S&P500 now over 5000, it is pretty clear that the market has already priced in virtually all rate cuts and has cornered the Fed).
Of course, the mass migration across the Mexican border (who knows? could be up to 11 million under Biden’s Reign of Error). While Paul Krugman, the resident lunatic economist for the New York Times, extols the virtues of mass immigration for driving up GDP, fails to recognize that mass migration is helping drive up prices. This is inflation that The Fed can’t control. And Biden/Mayorkas want even MORE mass immigration.
The Biden administration is reportedly considering easing tailpipe emissions regulations, a move that was designed to force Americans from gas and diesel-powered vehicles to electric vehicles, according to The New York Times, citing three people familiar with the plan. This potential policy adjustment is in response to concerns from major automakers and labor unions and comes amid sliding EV demand, recently prompting companies such as Ford Motor Company to reduce EV production and lay off workers.
“Instead of essentially requiring automakers to rapidly ramp up sales of electric vehicles over the next few years, the administration would give car manufacturers more time, with a sharp increase in sales not required until after 2030,” the people said.
This policy change comes after 3,900 auto dealers penned a letter to President Biden at the end of 2023, warning the president to reconsider the pace of EV mandates, citing a severe decline in demand for these vehicles.
“Currently, there are many excellent battery electric vehicles available for consumers to purchase. These vehicles are ideal for many people, and we believe their appeal will grow over time. The reality, however, is that electric vehicle demand today is not keeping up with the large influx of BEVs arriving at our dealerships prompted by the current regulations. BEVs are stacking up on our lots,” the dealers said.
They warned: “Already, electric vehicles are stacking up on our lots which is our best indicator of customer demand in the marketplace.”
Last month, Ford Motor’s electric vehicle sales ran out of juice as the automaker was forced to slash production of its all-electric F-150 Lightning to April “to achieve the optimal balance of production, sales growth and profitability.”
“Key takeaways thus far from earnings season are that the EV slowdown is not showing any evidence of an inflection, Level 4 autonomy headwinds continue to persist, and fears over supplier inventory overbuild are likely overblown.”
The EV bubble is no match for elevated interest rates, and no fiscally conservative American is trying to survive the era of failed Bidenomics with a +$1,000 EV car payment.
Plus, Toyota’s chairman and former CEO, Akio Toyoda, will likely be proven right: EV cars will never dominate the global market, adding hybrids are the future.
If the alleged climate crisis is as urgent as portrayed by radicals in the White House and woke corporate media, then why does the Biden administration feel the need to move the transition goalposts if banning gas cars saves the planet?
Biden would likely sound more sincere if he dumped his gasoline-powered Corvette for a lousy electric car. On a personal note, I own at Volvo XC-60 hybrid and HATE the damn thing!!!
This headline from Zero Hedge makes me so glad I have eaten heart-healthy Quaker Oats and Cheerios every morning for the last 20 years! Study Finds 80% Of Americans Exposed To Fertility-Lowering Chemicals In Cheerios, Quaker Oats. The chemical (chlormequat chloride) was detected in “92 percent of oat-based foods purchased in May 2023, including Quaker Oats and Cheerios.” But that was nothing compared to this Zero Hedge headline: EU “Suicide Pact” Threatens To Flood Continent With 75 Million More Migrants. Makes me wonder if Biden/Mayorkas are under orders from the UN/WEF/Soros to let immigrants pour across our southern border (including 20,000+ Chinese military age males). But back to the economy.
Both bank credit growth year-over-year (YoY) and bank deposit growth (YoY) are NEGATIVE. Covid resulted in massive Federal government stimulus spending (and Federal Reserve hyper stimulus) in 2020, but as the stimulus wears out, so does bank lending and deposits.
And after the prior week’s miraculous surge in deposits (again, according to The Fed), last week saw total bank deposits (seasonally-adjusted) drop $57BN – the biggest weekly drop since October…
This data is from the week when Regional bank shares shit the bed thanks to NYCB…
Interestingly, on a non-seasonally-adjusted basis, total bank deposits declined about the same as SA -$58BN (and are down $180BN YTD)…
And, excluding foreign banks, domestic deposits dropped $52BN SA (Large Banks -$40BN, Small Banks -$12BN), and tumbled $65BN NSA (Large Banks -$57BN, Small Banks -$$8BN)
As the chart above shows, on an NSA basis, domestic banks have only seen one week of inflows in 2024.
As one might expect, loan volumes shrank during that week by just over $9BN (Large banks -$4.6BN, Small banks -$4.4BN)…
And finally, as a reminder – despite the rebound off the lows again this week in regional bank shares, which must mean everything is awesome, right? – the regional bank crisis is still very much alive as evidenced by the red line below (without The Fed’s imminently expiring BTFP facility)…
…what else are big banks (green line) going to do with all that cash burning a hole in their pockets?
The bottom line is – this looks a lot like a ‘Small Bank’ crisis. The last time this happened, the crisis sparked a sudden $300BN ‘run’ in small bank deposits…
Is The Fed ‘hoping’ for a controlled bank-run this time – so as many small bank deposits are drained voluntarily, before they are drained all at once in a panic (and the Reverse Repo facility is empty, unable to provide any cushion)?
It is looking like a recession in mid-2024 as Covid Stimulypto has run its course. Is the US economy so lame that is requires constant Federal government and Federal Reserve manipulation??
Joe Biden (President of the top 1% of Americans) and his likely replacement “Greasy Gavin” Newsom, wrecker of the California economy. Two economy wreckers on the same stage.
Remember when Democrats were the party of the working man and Republicans (like George HW Bush) were called “Country Club Republicans”? Now Biden and Democrats represent the elitist top 1% of wealth and Trump/Republicans (that Biden snidely calls “Maga Republicans”) represent the bottom 99%. Who woulda thunk??
Confounded Interest - Anthony B. Sanders 
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