Trump Media & Technology Group Corp. (DJT) jumps 6% Pre-Market
Looks like Trump was found guilty on 34 felony charges relating to his accountant putting a payment to a porn star in the wrong column. The good news is that New York City just lets people out of jail as soon as then go in.
In no time the criminals are let out to go rape, murder, and screw up double entry book-keeping almost soon as they are convicted. Heck, they don’t even have to put up bail money.
But seriously, I admire those people who thought that Venezuela took the right path and said, “We should do that.”
I look forward to the runaway inflation, spiraling debt, and IMF bailouts. Not to mention the decade or so where a large part of the population mysteriously disappears followed by “Truth and Reconciliation” committees and a few more IMF bailouts.
We should start by nationalizing companies – Meta comes to mind – and fixing prices on things like housing and gasoline.
In other news:
Biden to Release One Million Barrels of Gasoline Before Election
The Energy Department said the sale of one million barrels, about 42 million gallons, was timed to provide relief for motorists as the summer driving season begins.
In March Congress approved a release of gasoline according to a spending deal that ended the government shutdown. The gasoline was in storage from a reserve formed after Superstorm Sandy ten years ago. The release is a bid to lower gasoline prices this summer before the election.
Biden will release these reserves in 100,000-barrel increments starting just before the July 4th driving surge. The Energy Department said the gasoline will be sold at competitive prices.
To put this in perspective, according to the EIA:
“In 2022, Americans used about 135.73 billion gallons of gasoline, including 134.55 billion gallons of finished motor gasoline (about 368.63 million gallons per day) and about 0.19 billion gallons of finished aviation gasoline.”
In other words, don’t expect the 42 million gallons of gasoline released from storage to significantly impact the price at the pump. But it’s a good start.
In other, other news direct from the White House:
“President Biden announces plans to lower housing costs for working families.
President Biden believes housing costs are too high, and significant investments are needed to address the large shortage of affordable homes inherited from his predecessor and that has been growing for more than a decade. During his State of the Union Address, President Biden will call on Congressional Republicans to end years of inaction and pass legislation to lower costs by providing a $10,000 tax credit for first-time homebuyers and people who sell their starter homes; build and renovate more than 2 million homes; and lower rental costs. President Biden also announced new steps to lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters.”
Biden is right. More people should be able to get a home loan. Rich people own homes. If poor people owned homes, they would be rich too. We should come up with innovative ways to help them out. Maybe have loans where they don’t pay interest for a few years.
It would help if we didn’t ask too many questions regarding their ability to pay the money back. These are good people, we can trust them. Don’t call them subprime, that isn’t very kind, a bit triggering even.
Then we could take all those loans, get some of our Wall Street donors onboard to bundle them up into super-safe packages, back them with a quasi-government pseudo-guarantee, and sell them to people who manage pension funds.
All the best,
Christian DeHaemer
American Stock Investor
P.S. Here is a good read: https://raconteurreport.blogspot.com/2024/05/ruminate-sil-vous-plait.html
The movie on the last housing crash. The big short: https://www.imdb.com/title/tt1596363/
The White House Press Release on housing: https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-announces-plan-to-lower-housing-costs-for-working-families
