This red poppy bloomed on Memorial Day in my wife's garden.
Memorial Day Poppies: The Significance Behind the Red Flowers (rd.com)
Just One Thing: Jocko's "Note on a White Stone Cross"
I rarely start a blog with a video, much less one that relates to a holiday that is now passed, even if just one day ago. But I think this is so very worth your time.
By the way, in case you don't know who Jocko Willink is: Former Navy SEAL (both enlisted and officer) and now author, podcaster, etc. Intense dude, to say the least.
Here's his web page: Jocko
One More Thing: Debt Ceiling Deal
It looks like there's a deal between President Biden (or his negotiators) and Speaker of the House Kevin McCarthy (or his negotiators, though I think McCarthy was probably more personally involved than Biden was) to raise the debt ceiling in return for a handful, but far from all, of the concessions that Republicans had demanded. There will be a LOT of Republicans who won't vote for this so Biden will have to wrangle Democrat votes in the House. I don't think this will have too hard a time in the Senate except that Lindsey Graham, who never met a war he didn't want the US involved in, will squawk a LOT about not increasing defense spending enough.
Economically, I think this is slightly better than nothing but only slightly. Politically, it's an obvious win for McCarthy and perhaps a less obvious win, even if a smaller one, for Biden. Biden's big error was saying that he wouldn't negotiate with Republicans, figuring that the GOP would just end up in their usual circular firing squad. For the record, that's not a bad bet most of the time but McCarthy surprised me and lots of others by herding those cats and actually passing a bill through the House. When McCarthy says that Biden and others have been consistently underestimating him, I think he's right.
So what’s in the deal? What’s in the Debt-Ceiling Deal - WSJ
Debt ceiling deal: What's in, what's out of the bill to avert US default - ABC News (go.com)
Wall Street Journal says it's "worth passing": A Debt-Ceiling Deal Worth Passing - WSJ
One of the best parts of the deal: Why the Biden-McCarthy debt ceiling deal angers climate activists - The Washington Post
For the super-nerds, here's the bill text: Debt limit increase bill text - DocumentCloud
And does it really do anything about the looming fiscal disaster facing our country? (Well, it might not yet be "looming" but the thing with economic surprises is that you don't know when they'll happen. Just ask Greece.)
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Today's Guests
Jon Miltimore is the Managing Editor at FEE.org, the website of the invaluable Foundation for Economic Education. He wrote this piece some months ago and I just found it again and am, at long last, having Jon on the show to talk about it. It's quite thought-provoking.
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Jonathan Adler is a Professor of Law and Director of the Coleman P. Burke Center for Environmental Law at Case Western Reserve University School of Law (in Cleveland).
We'll discuss last week's Supreme Court ruling that dramatically restricted the ability of the EPA to regulate "wetlands" that aren't actually connected to navigable waterways.
I think it's a huge win for property rights, but did SCOTUS go a little too far?
Jonathan H. Adler | School of Law | Case Western Reserve University
New Report on State Standing in Student Loan Case Comes Up A Few Dollars Short (reason.com)
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Other Stuff
Drones attack Moscow (with very modest success) but where do they come from and who's giving the orders?
Ukraine war comes to Moscow as drones strike both capitals | Reuters
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Unfortunately, Erdogan wins re-election: Turkey’s Erdogan Defies Odds to Win Presidential Election - WSJ
What’s next (or continuing) for Turkey? Erdogan’s Election Win: Shaping Turkey’s Role on the World Stage - WSJ
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Just because the massive push for “green” energy is well-intended doesn’t mean it isn’t the road to hell (at least given what it currently requires to make all these EVs, wind turbines, etc.)
Green Energy Has a Dirty Secret - Foundation for Economic Education (fee.org)
Meanwhile, the gov’t is massively distorting the energy market: Investments in Solar Power Eclipse Oil for First Time - WSJ
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When I was much younger, I enjoyed almost everything about Las Vegas. The gambling, the restaurants, the entertainment, and even nearby hiking. And it was remarkably affordable. These days, the shows and restaurants are still great, but prices for everything are way way up and casinos are changing rules on games to take more money from gamblers. One of the biggest is the wide adoption of a 6:5 payout for getting blackjack versus the historic 3:2 payout, meaning that you win $12 instead of $15 on a $10 bet. Last year was the second-highest losing year for blackjack players in Vegas history. They’re also adding a third zero to some roulette wheels. It’s a big turn-off for me, but casinos are laughing all the way to the bank.
Why You’re Losing More to Casinos on the Las Vegas Strip - WSJ
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Remarkable story this day after Memorial Day
A U.S. WW I soldier’s remains will be reburied with honors in France - The Washington Post
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Nobody’s buyin’ it: United Airlines CEO: Biden administration's travel compensation plan is 'bad public policy,' poses safety risk | Fox Business
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I keep seeing numbers saying that the % of Americans who are LGBT is much higher than I think is right...and then I read that actually a big percentage is in the "B" category that we don't really think about all that much.
U.S. LGBT Identification Steady at 7.2% (gallup.com)
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Et tu, Lulu? Lululemon employees fired after chasing robbers out of store: report | Fox Business
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Luxury goods: an interesting article, and some of its takeaways
Dior, Tiffany, Le Creuset: Why we’re buying luxury goods like crazy - Vox
- Lower-income folks bought a lot of expensive stuff with helicopter money
- Millennials seem more open to buying expensive stuff because of apps and sites that make it easy to resell later
- Social media makes people want to show off luxury purchases
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I owe you this stuff from last week...
It’s not that much different from any other market
Colorado marijuana sales lowest since before pandemic (kdvr.com)
Retail Sales: Beer, Wine, and Liquor Stores (MRTSSM4453USN) | FRED | St. Louis Fed (stlouisfed.org)
And another market
Taylor Swift’s Tour Is Wreaking Havoc on Ticket Reselling - WSJ
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A boring but famous house can be yours for $5.5 million
Boring-Looking Ranch for Sale for $5.5M Is a Famous One (newser.com)
Here's the listing: 11222 Dilling St, Studio City, CA 91602 | MLS# 23-273457 | Redfin
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Rebuilding Notre Dame de Paris' roof frame structure without power tools: Time machine: Rebuilding Notre Dame's fire-ravaged roof transports workers back to Middle Ages | AP News
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Today's Videos
I think I've never seen this Monty Python skit until yesterday...
Richard Nixon is mostly famous for the ridiculous criminality of Watergate. But listening to him talk (much like listening to Reagan's speeches and interviews) reminds us of just how pathetic our last 3 presidents, at least, and perhaps the last 5, have been when it comes to understanding the world.
And some more interesting insights more in the domestic sphere. "I don't want a president who's warm on the outside and warm on the inside too."
AI-version of Donald Trump does an orange juice commercial