Millennial Review – Daily Review July 19th

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MR Daily Review

July 19th

1. Indiana mass shooting, and Uvalde is a fucking mess.

This past Sunday, there was another mass shooting – this time at a shopping mall in Greenwood Park, Indiana. The shooting left three dead including the shooter, who was allegedly killed by an armed mall shopper. It is one of the over 300 mass shootings there have been so far this year, and comes on the heels of those in Buffalo, New York and Uvalde, Texas that have left the country reeling from the violence with no end in sight. The fall out from Uvalde in particular has left many wondering not only how this happened, a common feeling post mass shooting at this point, but how the response could have been so terrible in every way, with the DOJ refusing to get on the ground. The revelations of utter failure continued over the weekend as a new report shed new light on the the sheer number of police that arrived on the seen – the force included 376 officers, including 149 federal officers, and 91 state police, who proceeded to stand around and do nothing.

2. Fossil fuel companies and enablers cause rampant wildfires in Europe.

A European heatwave is shattering records this week. For the first time in recorded history parts of the U.K. hit over 104 degrees Fahrenheit, as did Paris. Fires were a particular problem in France where according to the New York Times, “more than 2,000 firefighters battled blazes that have burned nearly 80 square miles of parched forest in the Gironde area of the country’s southwest, forcing more than 37,000 people to evacuate in the past week.” These record heat waves match the heat waves in Russia and the Pacific Northwest last year and are just more confirmation of the devastation fossil fuel companies have wrought. The human consequences are devastating as well with thousands dying in countries all across Europe. Climate change isn’t an issue for a decade from now, it’s an issue for right now because these costs, in human life and otherwise, will only continue to mount.

3. Nancy Pelosi’s husband insider trades, shocking no one. 

Ahead of an expected Senate vote on a bill to include $52 billion in subsidies for computer chips companies, disclosures confirm that in June, Paul Pelosi purchased between $1 million and $5 million shares of Nvidia, an industry leading computer chipmaker that will be a chief benefactor of congress’ multi-billion dollar investment. It was a convenient time to buy before there had been wider reporting on the upcoming vote, that may take place as early as this week. It’s not the first time the Pelosi family has made conveniently timed trades and it’s exactly how Nancy Pelosi’s net-worth has ballooned to $100 million dollars. No word yet on when the Speaker might schedule a floor vote for any of the stock-trade bans congress is considering. Due to her ardent support of the “free market,” Pelosi only reluctantly agreed to support restrictions on trades for members, “if members want to do that.” You can tell her heart isn’t really in it.

4. Chipotle closes Augusta, Maine store after company’s first successful union vote. 

In a classic union busting move, Chipotle announced it is permanently closing its Augusta store where workers had just won their union vote. In a truly disgusting move, the company sent an email announcing the store closure was immediate, giving workers same day notice they were out of job. No one believes that a company whose total revenue increased 16% last quarter with $2 billion in profit, had no choice but close a store without notice to the workers who made them that profit in the first place. In the e-mail, management proceeded to blame workers for the closure, citing for frequent “callouts.” In reality, we all know that the reasons are bogus – companies offer abysmal pay and terrible work conditions, and then cry that no one wants to work for them. The workers at Chipotle had committed to making their workplace better through forming a union. For now, the workers were informed that they could collect their last pay checks and if they were enrolled in benefits, coverage would end at the end of July.

5. Ahead of Fed meeting next week, the press is keeping up their inflation outrage.

In the lead up to the Fed (FOMC) meeting, the press continues with its non-stop inflation obsession. While inflation is a huge problem, it is notable that we didn’t hear as much from the press about the outrageous cost of housing or medical care at any time over the past decade. But the idea that the Costco would raise the price of a hot dog is a f*cking problem. The result of the endless press attention on inflation has been to provide cover for politicians to oppose any more public spending on social programs – even though that is the only way to get us out of this mess. We need massive investment in housing, energy, transportation, and social infrastructure to help make it easier for people to get the things they need to live their lives. Even Moody’s Analytics called Build Back Better’s policies deflationary. The press also continues on this line even though we have known since the 80’s that inflation is not a function of the amount of money in circulation. I didn’t hear a peep from Manchin about his concern that the $800 billion record high defense spending will have on inflation. Regardless of whether the government spends money, the money in circulation goes up because banks also create money. The fight is always over who will have access to the new money that is created.

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