THE CAPE CHARLES MIRROR FEBRUARY 14, 2024 AT 10:11 PM
Paul Plante says:
And while American DICTATOR Joseph Robinette Biden, Junior is posting photos of himself on X, formerly TWITTER, with laser beams shooting out of his head ( https://twitter.com/JoeBiden/status/1756888470599967000 ) in what I consider to be a vain effort to scare the living crap right out of the Iranians and the Huthis and all those militias in Iraqinam and Syria who are among Joe’s many enemies and have them trembling in fear while groveling at Joe’s feet and begging for mercy, as he tries to stoke a new war in the Middle East where he hopes he has finally found some poorly-armed Tenth Century tribesmen he stands a chance of actually beating in a bid to make Joe a WAR PRESIDENT so that it would be imperative that Joe should be re-elected, since we should not change WAR LEADERS in the middle of a war they created, as was the case with small Bush during the second Iraqinam war, let’s take a look at the CHAOS Joe is creating here with our economy, thanks to Joe’s war efforts which are escalating tensions in the Middle East, coupled with BIDENFLATION in this country as a result of BIDE-O-NOMICS by going to Rigzone on February 13, 2024, where we see that West Texas Intermediate rose 1.2% to settle near $78 a barrel, pushing past its 200-day moving average of about $77.40, which raises the possibility of additional upward momentum, which of course will impact the price of gasoline as we head further and further into the SILLY SEASON leading up to November and the presidential elections.
And according to a CNBC article titled “10-year Treasury yield shoots higher as January CPI is hotter than expected” by Lisa Kailai Han, Alex Harring and Karen Gilchrist on February 13, 2024, thanks to BIDENFLATION, the yield on the 10-year Treasury note added 15 basis points to 4.32%, while the yield on the 2-year Treasury climbed 19 basis points to 4.664%, while Tuesday’s data on BIDENFLATION added to doubts that the federal reserve would be able to lower the cost of borrowing several times this year, which has been a centerpiece of equity market bullishness in recent months, with Skyler Weinand, chief investment officer at Regan Capital telling us, “Bond yields have not peaked and we believe that a 10-year Treasury yield with a 5-handle is more likely than a 3-handle in 2024,” because “Persistent inflation, full employment and strong growth may delay the Fed’s rate cuts.”
With respect to BIDENFLATION, food prices moved higher, while real weekly earnings fell 0.3%, and electricity costs rose 1.2%, despite Joe Biden and his team of morons telling us that Joe’s GREEN ENERGY using windmills and solar panels was going to make electricity cheaper, not more expensive as is the case.
Which takes us to a Reuters article titled “Wall St ends sharply lower as hot inflation sparks sell-off” by Johann M Cherian, Ankika Biswas and Carolina Mandl on February 13, 2024, where we see that thanks to BIDE-O-NOMICS, Wall Street’s main indexes tumbled after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving U.S. Treasury yields higher with the result that the Dow Jones Industrial Average posted its biggest one-day percentage drop in nearly 11 months, with the S&P 500 losing 68.14 points, while the Nasdaq Composite lost 282.64 points, and the Dow Jones Industrial Average fell 522.05 points.
Another Reuters article titled “Rising rents push US inflation higher; rate cuts still expected in 2024” by Lucia Mutikani on February 13, 2024 informed us that grocery food inflation increased 0.4%, the largest gain since January 2023, boosted by more expensive sugar and sweets as well as fats and oils, fruits and vegetables, with prices for hotel and motel rooms rebounding as did those for airline fares in January while motor vehicle insurance prices increased further, and medical care services increased 0.7%, with the cost of hospital services surging 1.6%, the most since October 2015, and the cost of health insurance also rose solidly.
So much for OBAMACARE making health insurance less expensive, which was always a BULL**** empty political claim.
And then we drop back a day to February 12, 2024 and another Reuters article where we learn that for the first four months of the fiscal year, the deficit rose $72 billion, or 16%, to $532 billion as costs to service the national debt rose, as did outlays for Social Security, Medicare and military programs related to Joe’s war mongering in the Middle East, with the Treasury’s interest cost on the public debt growing $18 billion, or 35%, in January compared to a year earlier due to a higher weighted average interest rate now at 3.15%, as well as higher debt levels, so that for the fiscal year to date, debt interest costs were up $96 billion, or 37%, to $357 billion, outpacing outlays for Medicare, as the Treasury also reported higher costs for military programs due to expenditures for military personnel operations and maintenance, so that for the first four months of fiscal 2024, those were up $32 billion, or 13%, to $283 billion.
So besides posting photos of himself with laser beams shooting out of his head as if he were some kind of space alien with superhuman powers, what is Joe doing about all that ECONOMIC CHAOS his misguided policies have created?
According to an article by AS USA titled “President Biden calls for an end to ‘shrinkflation’” by Jeffrey May on February 12, 2024, in a pre-Super Bowl video release by the White House’s social media team, Joe is calling on companies to put an end to “shrinkflation,” as if this mess Joe has created were their fault and not his, which message from Joe to the people of America about SHRINKFLATION, the cause of all our misery and woes can be viewed here:
https://twitter.com/POTUS/status/1756713597864988940
And off to a break for station identification we go, and when we return, it will be to discuss SHOCK AND AWE as Joe’s VIOLENCE CAMPAIGN in the Middle East gets underway, so stay tuned and don’t touch that dial!
http://www.capecharlesmirror.com/paul-p ... ent-899900
WHERE I HAVE BEEN, AND WHY
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 15, 2024 AT 6:56 PM
Paul Plante says:
So, yes, people, SHOCK AND AWE as Joe’s VIOLENCE CAMPAIGN in the Middle East gets underway, with Joe even conducting strikes using B-1 bombers, originally designed for low-level penetration during the Cold War, on Iran proxy militia targets in Syria and Iraq, as Joe, the COMMANDER-IN-CHIEF of our entire military, from top to bottom and from the middle out, as well as the HEAD or TOP DOG as that leader is called of the NATIONAL SECURITY COUNCIL, which consists of Joe, who according to the Daily Mail on February 14, 2024, after defending his memory against claims that he couldn’t even remember when his beloved son died, he lost the news cycle by referring to the Egyptian president as the “president of Mexico,” and Karmela Harris with her meaningless word salads and Venn diagrams and yellow school buses along with the hapless and clueless Tony Blinken, Lloyd Austin, Janet “TOODLES” Yellen, Jennifer Granholm, Merrick “THE GUTLESS” Garland, Alejandro Mayorkas, John “JACKIE BOY” Kerry, and John Podesta, plans a multi-layered campaign against these militias, relying on airpower for containment and punishment, which in the end is pure political BULL****, because it has never worked before and won’t work now.
Consider how many tons of bombs were dropped during Operation Rolling Thunder on March 2, 1965, when the USAF began a systematic bombing campaign against North Vietnam named ROLLING THUNDER which idiot planners in Washington, D.C. HOPED would provide a morale boost to South Vietnamese forces and interdict the flow of supplies going south, and discourage North Vietnamese aggression, a PIPE DREAM, since the aggression was caused by, as is the case now in the Middle East by an unwanted foreign military presence, where 864,000 tons of bombs and missiles were dropped, 152,399 attack sorties from Navy and Marine Corps aircraft were flown, while 153,784 attack sorties from Air Force aircraft were flown, along with a dramatic increase in electronic warfare, intelligence operations, and air-air-missile technology, and still Operation Rolling Thunder was a failure because the Air Force simply could not effectively interdict North Vietnam’s supply routes to the South, and in Clausewitzian terms, rolling thunder failed because it was not an effective political instrument because it did not achieve its stated goal of compelling to North Vietnamese to do our will.
Joe, who has never fought in a war and knows absolutely nothing about war and has never won a war, running as he did like a scared rabbit out of Afghanistnam, where despite his technological superiority, Joe was unable to defeat some poorly-armed Tenth Century tribesmen in that country, and his NATIONAL SECURITY COUNCIL, which is incompetent, want us to believe, and we would be fools and idiots if we did, that overall, these recent strikes are supposed to serve as a reminder of the U.S.’s ability to initiate sustained air campaigns and maintain pressure on various insurgent and militia groups, except that too is BULL**** precisely because Joe cannot do that without flying his planes and pilots and maintenance crews into the ground, as if Joe can fly those planes on a non-stop basis without them needing maintenance, and as if Joe has infinite amounts of ammunition, rockets and bombs, which he doesn’t.
And while this is all going on, what, pray tell, is NSC member Janet “TOODLES” Yellen doing about protecting and safeguarding OUR NATIONAL SECURITY?
How about her being out there in BATTLEGROUND states politicking for Joe Biden?
Think I’m kidding?
Not a joke, people, as we see from a Reuters article titled “Yellen says inflation moving down, market reaction a ‘tremendous mistake'” by Andrea Shalal on February 14, 2024, where we have as follows, keeping in mind that this is the same “TOODLES” Yellen who told admitted to being dead wrong about inflation being transitory in this CNBC video https://www.youtube.com/watch?v=o-gmBHCVKgA , to wit:
DETROIT, Feb 14 (Reuters) – U.S. Treasury Secretary Janet Yellen said on Wednesday that recent consumer price inflation data was “a tad higher” than expectations, but Americans should focus on longer-term declines in inflation trends and a strong economy and rising wages.
“I think it is a tremendous mistake to focus on minor fluctuations and to have failed to see the longer-term and bigger trends.”
“And the trend here is that inflation is moving decisively down,” Yellen told the Detroit Economic Club, where she appeared with Michigan Governor Gretchen Whitmer.
end quotes
And she is so far out of touch with the reality I reside in, it isn’t funny, because in my reality, where I have essentially been forced out of the economy, PRICES ARE STILL GOING UP, despite her claim that the RATE of PRICE INCREASES is coming down, as if that mattered, which it doesn’t.
What matters is the bottom line on the grocery receipt, or the line with “this amount owed” on the insurance bill, and on and on and on, things “TOODLES” Yellen, who according to Forbes is worth an estimated $20 million, doesn’t know about and certainly doesn’t have to worry about with her government salary of $235,600, which takes us back to Reuters for more from “TOODLES” of Joe’s NSC, to wit:
Yellen told reporters that Americans had been through a hard time with COVID and prices of some significant things – rental housing and food – were higher than before the pandemic, but wages were also increasing more than prices were.
end quote
Which is not true according to a CNBC article titled “Prices rose more than expected in January as inflation won’t go away” by Jeff Cox on February 13, 2024, where we learned that adjusted for the decline in the average workweek, real weekly earnings fell 0.3%, which takes us back for more NSC member “TOODLES” Yellen politicking for Joe Biden, while Joe is setting the Middle East on fire, to wit:
Yellen was visiting Detroit on a swing through the election battleground states of Michigan and Pennsylvania to tout U.S. President Joe Biden’s economic policies, including infrastructure, health care and clean energy investments, and try to persuade skeptical voters the economy is performing well, with falling inflation and historically low unemployment.
Yellen’s remarks this week build on earlier stops in Illinois, Wisconsin, Nevada and North Carolina.
Pennsylvania and Michigan are among the seven states Biden’s reelection campaign considers election battlegrounds because their voters’ preferences could swing to either party and determine the outcome of November’s race.
But the administration’s repeated efforts to showcase its economic successes have thus far failed to convince the American public, according to recent polls.
A recent Reuters/Ipsos poll showed Biden is running six percentage points behind Republican frontrunner former President Donald Trump, with voters focused on immigration challenges, Biden’s age and still unhappy about the economy despite big improvements since he took office in 2021.
Asked which person dead or alive she would like to have lunch with, Yellen chose influential 20th century British economist John Maynard Keynes.
“He changed the way all of us understand business cycles, public policy and financial markets.”
“And a long time ago, Richard Nixon said, ‘we’re all Keynesians now,'” Yellen said, adding: “He really had deep insights into how economies work.”
end quotes
And if Keynes were to have lunch with “TOODLES,” what he likely would say to her is “Janet, you are a ******* idiot who doesn’t understand anything about economics, driving the United States deeper and deeper into debt as you are doing, and you don’t understand a single word I said either, so you aren’t a ‘Keynesian,’ you’re an A-HOLE,” which takes us back to a Forbes article titled “‘Soft Landing’ Achieved: Janet Yellen Says Goal Reached After Recession Fears—But Some Still Skeptical” by Molly Bohannon on 6 January 2024, as follows:
Treasury Secretary Janet Yellen said in an interview on CNN on Friday that the U.S. has achieved a “soft landing” after years of concerns about the U.S. economy following the Covid-19 pandemic and high inflation rates — a scenario many economists once thought unlikely.
“What we’re seeing now I think we can describe as a soft landing and my hope is that it will continue,” Yellen said on CNN on Friday.
Yellen gave credit for the soft landing to the American people and President Joe Biden, saying: “The American people go to work every day, participate in the labor market, form new businesses, but President Biden has tried to create incentives that give Americans the tools they need to help this economy grow.”
end quotes
EXCEPT THERE HASN’T BEEN A SOFT LANDING, and “TOODLES” is doing what she does best, which is lying to us on behalf of Joe Biden, as if we were too stupid and uninformed to know the difference, as we see in a Reuters article titled “Fed’s Barr: ‘Bumpy’ path to 2% inflation means soft landing jury still out” by Howard Schneider on February 14, 2024, where we have “TOODLES” being refuted on that subject, to wit:
WASHINGTON, Feb 14 (Reuters) – Hotter-than-expected inflation in January shows that the United States’ path back to 2% inflation “may be a bumpy one,” Fed Vice Chair for Supervision Michael Barr said on Wednesday, adding it was too early to be assured price stability will be restored without a significant blow to jobs or economic growth.
“It’s very early to say whether we end up with a soft landing or not,” Barr said, referring to the Fed’s hoped-for outcome where inflation returns to the Fed’s target without a large rise in the unemployment rate.
“I’d be very careful about where we are in that process,” with the Fed facing a “difficult” decision on how long to maintain the target rate of interest at the current 5.25% to 5.5% range, Barr said at a National Association for Business Economics conference.
The Fed is “confident we are on a path to 2% inflation,” Barr said in a prepared speech at the event.
But a recent report showing prices rose faster than anticipated in January, “is a reminder that the path back to 2% inflation may be a bumpy one.”
“We need to see continued good data before we can begin the process of reducing the federal funds rate,” Barr said, adding he backed the “careful approach” to cutting rates advocated by Chair Jerome Powell and other Fed policymakers.
“It is a difficult set of judgments to make in the current context because there are no clear historical parallels,” given the current situation’s roots in the coronavirus pandemic, he said.
end quotes
And that takes us back to Reuters and “TOODLES” Yellen politicking for Joe Biden with DEMOCRAT Gretchen Whitmer, to wit:
When asked the same question, Whitmer, a Democrat, said she would choose Yellen, whom she had introduced as an inspiring role model – “She is a badass.”
“She eats, breathes and sleeps economics” – and because she had only been able to spend 10 minutes with her before the event on Wednesday.
end quotes
No, Gretchen, “TOODLES” Yellen is not a badass.
She is an idiot for thinking the American people are uniformed fools who can’t see through her outright lies, distortions of reality, misinformation and disinformation, and you are an idiot for believing a single word she says.
http://www.capecharlesmirror.com/paul-p ... ent-900102
Paul Plante says:
So, yes, people, SHOCK AND AWE as Joe’s VIOLENCE CAMPAIGN in the Middle East gets underway, with Joe even conducting strikes using B-1 bombers, originally designed for low-level penetration during the Cold War, on Iran proxy militia targets in Syria and Iraq, as Joe, the COMMANDER-IN-CHIEF of our entire military, from top to bottom and from the middle out, as well as the HEAD or TOP DOG as that leader is called of the NATIONAL SECURITY COUNCIL, which consists of Joe, who according to the Daily Mail on February 14, 2024, after defending his memory against claims that he couldn’t even remember when his beloved son died, he lost the news cycle by referring to the Egyptian president as the “president of Mexico,” and Karmela Harris with her meaningless word salads and Venn diagrams and yellow school buses along with the hapless and clueless Tony Blinken, Lloyd Austin, Janet “TOODLES” Yellen, Jennifer Granholm, Merrick “THE GUTLESS” Garland, Alejandro Mayorkas, John “JACKIE BOY” Kerry, and John Podesta, plans a multi-layered campaign against these militias, relying on airpower for containment and punishment, which in the end is pure political BULL****, because it has never worked before and won’t work now.
Consider how many tons of bombs were dropped during Operation Rolling Thunder on March 2, 1965, when the USAF began a systematic bombing campaign against North Vietnam named ROLLING THUNDER which idiot planners in Washington, D.C. HOPED would provide a morale boost to South Vietnamese forces and interdict the flow of supplies going south, and discourage North Vietnamese aggression, a PIPE DREAM, since the aggression was caused by, as is the case now in the Middle East by an unwanted foreign military presence, where 864,000 tons of bombs and missiles were dropped, 152,399 attack sorties from Navy and Marine Corps aircraft were flown, while 153,784 attack sorties from Air Force aircraft were flown, along with a dramatic increase in electronic warfare, intelligence operations, and air-air-missile technology, and still Operation Rolling Thunder was a failure because the Air Force simply could not effectively interdict North Vietnam’s supply routes to the South, and in Clausewitzian terms, rolling thunder failed because it was not an effective political instrument because it did not achieve its stated goal of compelling to North Vietnamese to do our will.
Joe, who has never fought in a war and knows absolutely nothing about war and has never won a war, running as he did like a scared rabbit out of Afghanistnam, where despite his technological superiority, Joe was unable to defeat some poorly-armed Tenth Century tribesmen in that country, and his NATIONAL SECURITY COUNCIL, which is incompetent, want us to believe, and we would be fools and idiots if we did, that overall, these recent strikes are supposed to serve as a reminder of the U.S.’s ability to initiate sustained air campaigns and maintain pressure on various insurgent and militia groups, except that too is BULL**** precisely because Joe cannot do that without flying his planes and pilots and maintenance crews into the ground, as if Joe can fly those planes on a non-stop basis without them needing maintenance, and as if Joe has infinite amounts of ammunition, rockets and bombs, which he doesn’t.
And while this is all going on, what, pray tell, is NSC member Janet “TOODLES” Yellen doing about protecting and safeguarding OUR NATIONAL SECURITY?
How about her being out there in BATTLEGROUND states politicking for Joe Biden?
Think I’m kidding?
Not a joke, people, as we see from a Reuters article titled “Yellen says inflation moving down, market reaction a ‘tremendous mistake'” by Andrea Shalal on February 14, 2024, where we have as follows, keeping in mind that this is the same “TOODLES” Yellen who told admitted to being dead wrong about inflation being transitory in this CNBC video https://www.youtube.com/watch?v=o-gmBHCVKgA , to wit:
DETROIT, Feb 14 (Reuters) – U.S. Treasury Secretary Janet Yellen said on Wednesday that recent consumer price inflation data was “a tad higher” than expectations, but Americans should focus on longer-term declines in inflation trends and a strong economy and rising wages.
“I think it is a tremendous mistake to focus on minor fluctuations and to have failed to see the longer-term and bigger trends.”
“And the trend here is that inflation is moving decisively down,” Yellen told the Detroit Economic Club, where she appeared with Michigan Governor Gretchen Whitmer.
end quotes
And she is so far out of touch with the reality I reside in, it isn’t funny, because in my reality, where I have essentially been forced out of the economy, PRICES ARE STILL GOING UP, despite her claim that the RATE of PRICE INCREASES is coming down, as if that mattered, which it doesn’t.
What matters is the bottom line on the grocery receipt, or the line with “this amount owed” on the insurance bill, and on and on and on, things “TOODLES” Yellen, who according to Forbes is worth an estimated $20 million, doesn’t know about and certainly doesn’t have to worry about with her government salary of $235,600, which takes us back to Reuters for more from “TOODLES” of Joe’s NSC, to wit:
Yellen told reporters that Americans had been through a hard time with COVID and prices of some significant things – rental housing and food – were higher than before the pandemic, but wages were also increasing more than prices were.
end quote
Which is not true according to a CNBC article titled “Prices rose more than expected in January as inflation won’t go away” by Jeff Cox on February 13, 2024, where we learned that adjusted for the decline in the average workweek, real weekly earnings fell 0.3%, which takes us back for more NSC member “TOODLES” Yellen politicking for Joe Biden, while Joe is setting the Middle East on fire, to wit:
Yellen was visiting Detroit on a swing through the election battleground states of Michigan and Pennsylvania to tout U.S. President Joe Biden’s economic policies, including infrastructure, health care and clean energy investments, and try to persuade skeptical voters the economy is performing well, with falling inflation and historically low unemployment.
Yellen’s remarks this week build on earlier stops in Illinois, Wisconsin, Nevada and North Carolina.
Pennsylvania and Michigan are among the seven states Biden’s reelection campaign considers election battlegrounds because their voters’ preferences could swing to either party and determine the outcome of November’s race.
But the administration’s repeated efforts to showcase its economic successes have thus far failed to convince the American public, according to recent polls.
A recent Reuters/Ipsos poll showed Biden is running six percentage points behind Republican frontrunner former President Donald Trump, with voters focused on immigration challenges, Biden’s age and still unhappy about the economy despite big improvements since he took office in 2021.
Asked which person dead or alive she would like to have lunch with, Yellen chose influential 20th century British economist John Maynard Keynes.
“He changed the way all of us understand business cycles, public policy and financial markets.”
“And a long time ago, Richard Nixon said, ‘we’re all Keynesians now,'” Yellen said, adding: “He really had deep insights into how economies work.”
end quotes
And if Keynes were to have lunch with “TOODLES,” what he likely would say to her is “Janet, you are a ******* idiot who doesn’t understand anything about economics, driving the United States deeper and deeper into debt as you are doing, and you don’t understand a single word I said either, so you aren’t a ‘Keynesian,’ you’re an A-HOLE,” which takes us back to a Forbes article titled “‘Soft Landing’ Achieved: Janet Yellen Says Goal Reached After Recession Fears—But Some Still Skeptical” by Molly Bohannon on 6 January 2024, as follows:
Treasury Secretary Janet Yellen said in an interview on CNN on Friday that the U.S. has achieved a “soft landing” after years of concerns about the U.S. economy following the Covid-19 pandemic and high inflation rates — a scenario many economists once thought unlikely.
“What we’re seeing now I think we can describe as a soft landing and my hope is that it will continue,” Yellen said on CNN on Friday.
Yellen gave credit for the soft landing to the American people and President Joe Biden, saying: “The American people go to work every day, participate in the labor market, form new businesses, but President Biden has tried to create incentives that give Americans the tools they need to help this economy grow.”
end quotes
EXCEPT THERE HASN’T BEEN A SOFT LANDING, and “TOODLES” is doing what she does best, which is lying to us on behalf of Joe Biden, as if we were too stupid and uninformed to know the difference, as we see in a Reuters article titled “Fed’s Barr: ‘Bumpy’ path to 2% inflation means soft landing jury still out” by Howard Schneider on February 14, 2024, where we have “TOODLES” being refuted on that subject, to wit:
WASHINGTON, Feb 14 (Reuters) – Hotter-than-expected inflation in January shows that the United States’ path back to 2% inflation “may be a bumpy one,” Fed Vice Chair for Supervision Michael Barr said on Wednesday, adding it was too early to be assured price stability will be restored without a significant blow to jobs or economic growth.
“It’s very early to say whether we end up with a soft landing or not,” Barr said, referring to the Fed’s hoped-for outcome where inflation returns to the Fed’s target without a large rise in the unemployment rate.
“I’d be very careful about where we are in that process,” with the Fed facing a “difficult” decision on how long to maintain the target rate of interest at the current 5.25% to 5.5% range, Barr said at a National Association for Business Economics conference.
The Fed is “confident we are on a path to 2% inflation,” Barr said in a prepared speech at the event.
But a recent report showing prices rose faster than anticipated in January, “is a reminder that the path back to 2% inflation may be a bumpy one.”
“We need to see continued good data before we can begin the process of reducing the federal funds rate,” Barr said, adding he backed the “careful approach” to cutting rates advocated by Chair Jerome Powell and other Fed policymakers.
“It is a difficult set of judgments to make in the current context because there are no clear historical parallels,” given the current situation’s roots in the coronavirus pandemic, he said.
end quotes
And that takes us back to Reuters and “TOODLES” Yellen politicking for Joe Biden with DEMOCRAT Gretchen Whitmer, to wit:
When asked the same question, Whitmer, a Democrat, said she would choose Yellen, whom she had introduced as an inspiring role model – “She is a badass.”
“She eats, breathes and sleeps economics” – and because she had only been able to spend 10 minutes with her before the event on Wednesday.
end quotes
No, Gretchen, “TOODLES” Yellen is not a badass.
She is an idiot for thinking the American people are uniformed fools who can’t see through her outright lies, distortions of reality, misinformation and disinformation, and you are an idiot for believing a single word she says.
http://www.capecharlesmirror.com/paul-p ... ent-900102
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 19, 2024 AT 11:08 PM
Paul Plante says:
And talk about a “whole of government” approach to getting Joe Biden re-elected, notwithstanding that the Hatch Act, which Joe totally ignores, as if it, like every other law, does not apply to him, prohibits public officials from using their official authority or influence to interfere with or affect the results of an election or nomination, Joe has a “full court press” going, and here I am now talking about Lael Brainard, who Joe announced on February 14, 2023 as a key member of his economic team, with her serving as Director of Joe’s National Economic Council, with Joe telling us at that time that Lael was one of the country’s leading macroeconomists who was bringing Joe, who himself knows absolutely nothing about the subject, an extraordinary depth of domestic and international economic expertise, with her having previously served at CEA, NEC, the Treasury Department and the Federal Reserve, so that she is a trusted veteran across our economic institutions, which means she is politically reliable and can be trusted to say what needs to be said when it needs to be said, like now to get Joe re-elected, and according to Joe, who himself is totally clueless as to how everyday Americans live, unlike him, supposedly, Lael understands how the economy affects everyday people, which is horse****, plain and simple, because Lael is as clueless as is Joe Biden about how the economy affects everyday people, because like Joe, Lael Brainard, a Washington insider who began her political career in 1997, serving as deputy national economic advisor and deputy assistant to the president during the Clinton administration, where she helped build a new White House organization to address global economic challenges such as the Asian financial crisis and China’s accession to the World Trade Organization, doesn't have a clue as to how everyday people in America outside the Washington Beltway live.
Thereafter, having proved her political reliability, on March 23, 2009, Lael was nominated by Hussein Obama to serve as Under Secretary of the Treasury for International Affairs and after that, Hussein nominated her to the Federal Reserve Board of Governors in January 2014, being confirmed by the Senate by a vote of 61–31 on June 12, 2014, and beginning her term on June 16, 2014.
Then, on November 22, 2021, Joe Biden nominated Brainard to be the vice-chair of the Federal Reserve, with her initial nomination being returned to Joe on January 3, 2022, due to it expiring at the end of the year.
Undaunted, Joe simply renominated her the following day, so that on April 26, 2022, her nomination was confirmed by the Senate by a 52–43 vote, with all Democrats present and seven Republicans voting in favor of her confirmation.
And then, as was stated above, Lael was selected by Joe as Director of the National Economic Council, which was established in 1993 to advise the President on U.S. and global economic policy, it being part of the Executive Office of the President, and by Executive Order, the NEC has four key functions, those being to coordinate policy-making for domestic and international economic issues; to give economic policy advice to the President; to ensure that policy decisions and programs are consistent with the President’s economic goals; and to monitor implementation of the President’s economic policy agenda.
As to Lael’s lack of credibility, she was quoted in a Financial Times article titled “Fed governor plays down inflation risks as ‘transitory surge’ – Lael Brainard says central bank should be ‘patient’ in pursuing loose monetary policy” by James Politi in Washington and Colby Smith in New York on May 11, 2021, as follows:
A senior Federal Reserve official has called on the US central bank to be “patient” in pursuing its ultra-loose monetary policy, dismissing inflation worries and highlighting “uneven” improvements in the labour market.
end quotes
In the above article where I pondered whether it is truly necessary to be a loser and a fool to work in high levels of government in Washington, D.C., I was actually thinking of Lael Brainard at the time, based on those wrong-footed comments from her above, on inflation being transitory, who is now out there touting BIDE-O-NOMICS for Joe, as if we would believe a word she says after her telling us on May 11, 2021, six months before Joe nominated her to be the vice-chair of the Federal Reserve on November 22, 2021, that inflation was transitory when it was anything but.
And thereafter, in a July 19, 2021 speech, old Joe marked the first six months of his administration by celebrating the nation’s economy, which he hailed as experiencing “the fastest growth, I’m told, at this point in any administration’s history.”
Getting himself all puffed up with how great he and his administration are, Joe then got on a roll as follows:
“We also know that as our economy has come roaring back, we’ve seen some price increases,” Biden said.
“Some folks have raised worries that this could be a sign of persistent inflation.”
“But that is not our view.”
In a reference to Lael at that time, who is now out there on the campaign trail for Joe as his Director of the National Economic Council touting BIDE-O-NOMICS, Joe continued by saying, “Our experts believe, and the data shows, that most of the price increases we’ve seen are expected to be temporary.”
And two months later, in a Marketwatch article titled “Fed’s Brainard says spike in inflation this year is ‘transitory’” by Greg Robb on September 27, 2021, Lael was back reinforcing Joe Biden’s political message on inflation of July 19, 2021, as follows:
Federal Reserve Board Governor Lael Brainard on Monday laid out a strong case for the central bank to maintain low interest rates, saying that the spike seen in inflation this year was transitory and the labor market was far from healed.
“High inflation readings from the spring and early summer were disproportionately driven by a few sectors experiencing specific supply bottlenecks,” Brainard said.
“As those COVID related disruptions subside, most forecasters expect inflation to move back down towards our 2% long-run objective on its own.”
“That’s the sense in which currently high inflation is likely to be transitory,” Brainard said.
“I expect inflation to decelerate, and pre-COVID inflation dynamics to return when COVID disruptions dissipate,” Brainard said.
She said it is uncertain how fast inflation will slow down over the remainder of this year and next year.
end quotes
And how wrong she was!
Which got her promoted!
Welcome to the whacky world of American DICTATOR Joseph Robinette Biden, Junior, and boy, is it ever a doozy!
http://www.capecharlesmirror.com/paul-p ... ent-901219
Paul Plante says:
And talk about a “whole of government” approach to getting Joe Biden re-elected, notwithstanding that the Hatch Act, which Joe totally ignores, as if it, like every other law, does not apply to him, prohibits public officials from using their official authority or influence to interfere with or affect the results of an election or nomination, Joe has a “full court press” going, and here I am now talking about Lael Brainard, who Joe announced on February 14, 2023 as a key member of his economic team, with her serving as Director of Joe’s National Economic Council, with Joe telling us at that time that Lael was one of the country’s leading macroeconomists who was bringing Joe, who himself knows absolutely nothing about the subject, an extraordinary depth of domestic and international economic expertise, with her having previously served at CEA, NEC, the Treasury Department and the Federal Reserve, so that she is a trusted veteran across our economic institutions, which means she is politically reliable and can be trusted to say what needs to be said when it needs to be said, like now to get Joe re-elected, and according to Joe, who himself is totally clueless as to how everyday Americans live, unlike him, supposedly, Lael understands how the economy affects everyday people, which is horse****, plain and simple, because Lael is as clueless as is Joe Biden about how the economy affects everyday people, because like Joe, Lael Brainard, a Washington insider who began her political career in 1997, serving as deputy national economic advisor and deputy assistant to the president during the Clinton administration, where she helped build a new White House organization to address global economic challenges such as the Asian financial crisis and China’s accession to the World Trade Organization, doesn't have a clue as to how everyday people in America outside the Washington Beltway live.
Thereafter, having proved her political reliability, on March 23, 2009, Lael was nominated by Hussein Obama to serve as Under Secretary of the Treasury for International Affairs and after that, Hussein nominated her to the Federal Reserve Board of Governors in January 2014, being confirmed by the Senate by a vote of 61–31 on June 12, 2014, and beginning her term on June 16, 2014.
Then, on November 22, 2021, Joe Biden nominated Brainard to be the vice-chair of the Federal Reserve, with her initial nomination being returned to Joe on January 3, 2022, due to it expiring at the end of the year.
Undaunted, Joe simply renominated her the following day, so that on April 26, 2022, her nomination was confirmed by the Senate by a 52–43 vote, with all Democrats present and seven Republicans voting in favor of her confirmation.
And then, as was stated above, Lael was selected by Joe as Director of the National Economic Council, which was established in 1993 to advise the President on U.S. and global economic policy, it being part of the Executive Office of the President, and by Executive Order, the NEC has four key functions, those being to coordinate policy-making for domestic and international economic issues; to give economic policy advice to the President; to ensure that policy decisions and programs are consistent with the President’s economic goals; and to monitor implementation of the President’s economic policy agenda.
As to Lael’s lack of credibility, she was quoted in a Financial Times article titled “Fed governor plays down inflation risks as ‘transitory surge’ – Lael Brainard says central bank should be ‘patient’ in pursuing loose monetary policy” by James Politi in Washington and Colby Smith in New York on May 11, 2021, as follows:
A senior Federal Reserve official has called on the US central bank to be “patient” in pursuing its ultra-loose monetary policy, dismissing inflation worries and highlighting “uneven” improvements in the labour market.
end quotes
In the above article where I pondered whether it is truly necessary to be a loser and a fool to work in high levels of government in Washington, D.C., I was actually thinking of Lael Brainard at the time, based on those wrong-footed comments from her above, on inflation being transitory, who is now out there touting BIDE-O-NOMICS for Joe, as if we would believe a word she says after her telling us on May 11, 2021, six months before Joe nominated her to be the vice-chair of the Federal Reserve on November 22, 2021, that inflation was transitory when it was anything but.
And thereafter, in a July 19, 2021 speech, old Joe marked the first six months of his administration by celebrating the nation’s economy, which he hailed as experiencing “the fastest growth, I’m told, at this point in any administration’s history.”
Getting himself all puffed up with how great he and his administration are, Joe then got on a roll as follows:
“We also know that as our economy has come roaring back, we’ve seen some price increases,” Biden said.
“Some folks have raised worries that this could be a sign of persistent inflation.”
“But that is not our view.”
In a reference to Lael at that time, who is now out there on the campaign trail for Joe as his Director of the National Economic Council touting BIDE-O-NOMICS, Joe continued by saying, “Our experts believe, and the data shows, that most of the price increases we’ve seen are expected to be temporary.”
And two months later, in a Marketwatch article titled “Fed’s Brainard says spike in inflation this year is ‘transitory’” by Greg Robb on September 27, 2021, Lael was back reinforcing Joe Biden’s political message on inflation of July 19, 2021, as follows:
Federal Reserve Board Governor Lael Brainard on Monday laid out a strong case for the central bank to maintain low interest rates, saying that the spike seen in inflation this year was transitory and the labor market was far from healed.
“High inflation readings from the spring and early summer were disproportionately driven by a few sectors experiencing specific supply bottlenecks,” Brainard said.
“As those COVID related disruptions subside, most forecasters expect inflation to move back down towards our 2% long-run objective on its own.”
“That’s the sense in which currently high inflation is likely to be transitory,” Brainard said.
“I expect inflation to decelerate, and pre-COVID inflation dynamics to return when COVID disruptions dissipate,” Brainard said.
She said it is uncertain how fast inflation will slow down over the remainder of this year and next year.
end quotes
And how wrong she was!
Which got her promoted!
Welcome to the whacky world of American DICTATOR Joseph Robinette Biden, Junior, and boy, is it ever a doozy!
http://www.capecharlesmirror.com/paul-p ... ent-901219
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 20, 2024 AT 7:28 PM
Paul Plante says:
Not being accountable to the American people, who in the grand Washingtonian scheme of things count for nothing in the BIG PICTURE, and not being held to account by Joe Biden himself, as he wants them out there telling us lies about Joe, while feeding us MISINFORMATION and DISINFORMATION about the economy, these public officials like Lael Brainard who are out there on the campaign trail for Joe, touting him and his
BIDE-O-NOMICS while blaming BIDENFLATION on corporate greed, this as that same alleged corporate greed helps fuel the Wall Street rally that the Biden campaign attributes to Joe’s BIDE-O-NOMICS, can feed us any bull**** they choose to feed us with impunity.
As to the Wall Street rally, which TEAM BIDEN is taking the credit for, as if BIDE-O-NOMICS is the cause of it, and Joe Biden the architect of it, we see that happening in a Fox News article titled “Lincoln Project adviser demands Democrats start calling Biden a ‘great president'” by Hanna Panreck on February 18, 2024, as follows:
Stuart Stevens, an adviser for the Lincoln Project, recently claimed Democrats need to start calling President Biden a “great president,” and not just a “better choice” than former President Trump.”
“A plea to my Democratic friends: It’s time to start calling Joe Biden a great president.”
“Not a good one.”
“Not a better choice than Donald Trump.”
“Joe Biden is a historically great president.”
“Say it with passion backed by the conviction that it’s true,” he wrote in an op-ed for the New Republic.
The president’s message has largely focused on Trump and making the election a choice between Biden and the former president, who they deem is a threat to democracy.
“Stop the nonsense that only a weak opponent gives Joe Biden a chance to win.”
“It’s more than wrong — it’s dangerous, completely misjudging Donald Trump’s strength,” Stevens wrote.
He cited strong unemployment numbers and the stock market hitting record highs, as well as student loan forgiveness for three million borrowers.
Stevens argued Biden “met the moment,” and told Democrats to “wake up and show some gratitude.”
end quotes
Show gratitude to Joe Biden?
NOT HARDLY!
In America, dude, we don’t do that groveling kind of bull****.
Joe Biden is beholden to we, the American people, not the other way around, as if this were the old Soviet Union and Joe Biden were instead the butcher Joe Stalin.
And why, pray tell, is the stock market up?
In an article titled “Wall Street ends higher, lifted by Uber, Lyft and Nvidia” by Noel Randewich and Johann M Cherian on February 14, 2024, this is what Reuters tells us:
Expectations the Fed will cut interest this year have fueled a rally on Wall Street in recent months that has sent the S&P 500 to record highs.
end quote
While in another Reuters article titled “Wall Street slides as hot producer price data crimps rate cut bets” by Carolina Mandl, Amruta Khandekar and Ankika Biswas on February 16, 2024, we are told as follows as to why there is a rally on Wall Street, to wit:
The S&P 500 closed above 5,000 for the fourth time this year thanks to robust corporate earnings and surging enthusiasm around artificial intelligence.
end quote
Robust corporate earnings?
How about OBSCENE PROFITS, people which takes us back to March 28, 2022, and a PRESS RELEASE by Bernie Sanders titled “NEWS: Senate Budget Committee Chairman Sanders Statement on President Biden’s Budget Proposal” where we have as follows on that same subject that is fueling Joe Biden’s stock market rally today, to wit:
WASHINGTON, March 28 – Chairman of the Senate Budget Committee, Sen. Bernie Sanders (I-Vt.), Monday issued the following statement after President Joe Biden released his fiscal year 2023 federal budget proposal:
I thank the President for submitting his budget proposal to Congress and I look forward to reviewing it closely.
At a time when corporations are making obscene profits by charging outrageously high prices for gas, food and rent, we need a budget that takes on the unprecedented corporate greed that is taking place in America today by enacting a windfall profits tax and preventing corporations from ripping off working families.
end quotes
HUH?
Preventing corporations from ripping off working families?
When is that supposed to happen, dude?
Which then takes us to Lael Brainard and her parroting Joe Biden’s claims of corporate greed fueling BIDENFLATION, as opposed to BIDE-O-NOMICS being the cause of BIDENFLATION, and here I am referring to a CNBC article titled “Lael Brainard slams food companies for ‘shrinkflation’ as White House attacks price gouging” by Rebecca Picciotto on February 13, 2024 to wit:
“If you look at some of the staples, like eggs or milk, they have come down.”
“But consumer brands, instead of actually lowering prices, they’ve shrunk packaging,” Brainard said on CNBC’s “Money Movers.”
“That’s the shrinkflation that the president is really calling attention to.”
Brainard’s comments came hours after the consumer price index showed inflation trending above expectations, coming in 0.3% higher in January.
In particular, food prices slid up 0.4% during the month.
Consumer brands like Coca-Cola, PepsiCo, Procter & Gamble and more have raised prices over the past year to keep profits afloat.
Shrinkflation, the practice of reducing product sizes while keeping prices the same, is Biden’s latest line of attack against corporations, which he debuted on Super Bowl Sunday.
Both the White House and Biden’s 2024 reelection campaign have touted inflation recovery as a key accomplishment of his economic agenda, dubbed Bidenomics.
But consumers have yet to feel the relief on their wallets and they blame Biden for it, according to recent polls.
Instead, Biden has pointed the finger at corporate price-gouging tactics, which he says are the real driver of sticky high prices.
“The president is going to continue emphasizing that input costs have come down, supply chains have healed,” Brainard said.
“He’s going to keep calling on corporations to pass those savings on to the American consumer.”
end quotes
Joe Biden is going to keep calling on corporations to pass those savings on to the American consumer?
At the expense of Joe’s Wall Street rally?
Don’t hold your breath, because it is not going to happen?
And now it is time to break for station identification. but don’t touch that dial, because we will be right back!
http://www.capecharlesmirror.com/paul-p ... ent-901412
Paul Plante says:
Not being accountable to the American people, who in the grand Washingtonian scheme of things count for nothing in the BIG PICTURE, and not being held to account by Joe Biden himself, as he wants them out there telling us lies about Joe, while feeding us MISINFORMATION and DISINFORMATION about the economy, these public officials like Lael Brainard who are out there on the campaign trail for Joe, touting him and his
BIDE-O-NOMICS while blaming BIDENFLATION on corporate greed, this as that same alleged corporate greed helps fuel the Wall Street rally that the Biden campaign attributes to Joe’s BIDE-O-NOMICS, can feed us any bull**** they choose to feed us with impunity.
As to the Wall Street rally, which TEAM BIDEN is taking the credit for, as if BIDE-O-NOMICS is the cause of it, and Joe Biden the architect of it, we see that happening in a Fox News article titled “Lincoln Project adviser demands Democrats start calling Biden a ‘great president'” by Hanna Panreck on February 18, 2024, as follows:
Stuart Stevens, an adviser for the Lincoln Project, recently claimed Democrats need to start calling President Biden a “great president,” and not just a “better choice” than former President Trump.”
“A plea to my Democratic friends: It’s time to start calling Joe Biden a great president.”
“Not a good one.”
“Not a better choice than Donald Trump.”
“Joe Biden is a historically great president.”
“Say it with passion backed by the conviction that it’s true,” he wrote in an op-ed for the New Republic.
The president’s message has largely focused on Trump and making the election a choice between Biden and the former president, who they deem is a threat to democracy.
“Stop the nonsense that only a weak opponent gives Joe Biden a chance to win.”
“It’s more than wrong — it’s dangerous, completely misjudging Donald Trump’s strength,” Stevens wrote.
He cited strong unemployment numbers and the stock market hitting record highs, as well as student loan forgiveness for three million borrowers.
Stevens argued Biden “met the moment,” and told Democrats to “wake up and show some gratitude.”
end quotes
Show gratitude to Joe Biden?
NOT HARDLY!
In America, dude, we don’t do that groveling kind of bull****.
Joe Biden is beholden to we, the American people, not the other way around, as if this were the old Soviet Union and Joe Biden were instead the butcher Joe Stalin.
And why, pray tell, is the stock market up?
In an article titled “Wall Street ends higher, lifted by Uber, Lyft and Nvidia” by Noel Randewich and Johann M Cherian on February 14, 2024, this is what Reuters tells us:
Expectations the Fed will cut interest this year have fueled a rally on Wall Street in recent months that has sent the S&P 500 to record highs.
end quote
While in another Reuters article titled “Wall Street slides as hot producer price data crimps rate cut bets” by Carolina Mandl, Amruta Khandekar and Ankika Biswas on February 16, 2024, we are told as follows as to why there is a rally on Wall Street, to wit:
The S&P 500 closed above 5,000 for the fourth time this year thanks to robust corporate earnings and surging enthusiasm around artificial intelligence.
end quote
Robust corporate earnings?
How about OBSCENE PROFITS, people which takes us back to March 28, 2022, and a PRESS RELEASE by Bernie Sanders titled “NEWS: Senate Budget Committee Chairman Sanders Statement on President Biden’s Budget Proposal” where we have as follows on that same subject that is fueling Joe Biden’s stock market rally today, to wit:
WASHINGTON, March 28 – Chairman of the Senate Budget Committee, Sen. Bernie Sanders (I-Vt.), Monday issued the following statement after President Joe Biden released his fiscal year 2023 federal budget proposal:
I thank the President for submitting his budget proposal to Congress and I look forward to reviewing it closely.
At a time when corporations are making obscene profits by charging outrageously high prices for gas, food and rent, we need a budget that takes on the unprecedented corporate greed that is taking place in America today by enacting a windfall profits tax and preventing corporations from ripping off working families.
end quotes
HUH?
Preventing corporations from ripping off working families?
When is that supposed to happen, dude?
Which then takes us to Lael Brainard and her parroting Joe Biden’s claims of corporate greed fueling BIDENFLATION, as opposed to BIDE-O-NOMICS being the cause of BIDENFLATION, and here I am referring to a CNBC article titled “Lael Brainard slams food companies for ‘shrinkflation’ as White House attacks price gouging” by Rebecca Picciotto on February 13, 2024 to wit:
“If you look at some of the staples, like eggs or milk, they have come down.”
“But consumer brands, instead of actually lowering prices, they’ve shrunk packaging,” Brainard said on CNBC’s “Money Movers.”
“That’s the shrinkflation that the president is really calling attention to.”
Brainard’s comments came hours after the consumer price index showed inflation trending above expectations, coming in 0.3% higher in January.
In particular, food prices slid up 0.4% during the month.
Consumer brands like Coca-Cola, PepsiCo, Procter & Gamble and more have raised prices over the past year to keep profits afloat.
Shrinkflation, the practice of reducing product sizes while keeping prices the same, is Biden’s latest line of attack against corporations, which he debuted on Super Bowl Sunday.
Both the White House and Biden’s 2024 reelection campaign have touted inflation recovery as a key accomplishment of his economic agenda, dubbed Bidenomics.
But consumers have yet to feel the relief on their wallets and they blame Biden for it, according to recent polls.
Instead, Biden has pointed the finger at corporate price-gouging tactics, which he says are the real driver of sticky high prices.
“The president is going to continue emphasizing that input costs have come down, supply chains have healed,” Brainard said.
“He’s going to keep calling on corporations to pass those savings on to the American consumer.”
end quotes
Joe Biden is going to keep calling on corporations to pass those savings on to the American consumer?
At the expense of Joe’s Wall Street rally?
Don’t hold your breath, because it is not going to happen?
And now it is time to break for station identification. but don’t touch that dial, because we will be right back!
http://www.capecharlesmirror.com/paul-p ... ent-901412
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 21, 2024 AT 9:28 PM
Paul Plante says:
And while we are on the subject of corporate profits fueling the Wall Street rally Joe Biden is attributing to BIDE-O-NOMICS as he takes credit for making it happen, it seems like only yesterday that we were reading a Reuters story titled “GlobalFoundries forecasts hit as chip customers seek advanced processes, clear inventory” on February 13, 2024, where we learned as follows:
Feb 13 (Reuters) – GlobalFoundries forecast its first quarter below market estimates on Tuesday, as some customers continue to clear excess chip inventory while others opt for more advanced manufacturing processes which are not provided by the contract chipmaker.
Customers in end markets such as communications infrastructure and data center have been working down existing chip inventory, weighing on demand for GlobalFoundries.
Shares of the company were down 4%.
end quotes
And see, people, that simply is not good, not good at all, that shares in GlobalFoundries should be down, at all, let alone 4%, because that calls into question just how effective BIDE-O-NOMICS really has been, which takes us back to that story for more detail, as follows:
GlobalFoundries expects its first-quarter revenue to be in the range of $1.50 billion to $1.54 billion, compared with analysts’ average estimate of $1.76 billion, according to LSEG data.
“We remain cautious on the outlook for 2024, and are closely monitoring for signs of improved demand in the macroeconomic indicators while our customers actively manage down their inventory levels,” Caulfield said.
GlobalFoundries expects adjusted profit per share to be in the range of 18 cents to 28 cents in the first quarter, versus analysts’ estimate of 46 cents.
end quotes
And here, with all that in mind, to see BIDE-O-NOMICS in action in a bid to boost the stock price of GlobalFoundries as a way of showcasing just how effective BIDE-O-NOMICS really is with respect to causing Wall Street rallys, just six short days later, we are reading a story in the Albany, New York Times Union titled “GlobalFoundries wins $3 billion from feds for massive expansion – Chipmaker to sign largest CHIPS Act funding deal to date, paving way for $12.5 billion expansion that includes long-anticipated second fab in Malta” by Larry Rulison on February 19, 2024, where we learn how Joe Biden is going to step in and save GlobalFoundries and create a lot of real high-paying jobs to boost Joe’s chances in the polls come November, as Joe pours out federal dollars in a bid to buy this upcoming election, to wit:
The White House will announce Monday a $3.1 billion federal aid package it has negotiated with GlobalFoundries to help the semiconductor company undertake a historic $12.5 billion expansion in Saratoga County and Vermont, work that would include the construction of a second computer chip factory at its Fab 8 headquarters in Malta.
end quotes
Yes, people, under Joe Biden, it is considered sound economic policy to use borrowed federal funds at interest to build a second factory to make the product the first factory is making, but doesn’t have customers for.
That is how Joe is going to build back better to build an economy from the bottom up and the middle out to make America an industrial behemoth that would be the wonder of the modern world to showcase the greatness of American DICTATOR Joseph Robinette Biden, Junior, who is following the economic blueprint used by Soviet dictator Joe Stalin to make the old Soviet Union the industrial powerhouse and envy of the world that it was under Stalin, who Joe Biden hopes to emulate here as he does the same for America, which takes us back to the story, to wit:
Officials said the money would help add more than 1,000 jobs at the new factory at the company’s Saratoga County headquarters and GlobalFoundries’ operation in Essex Junction, Vt.
The federal funding will come from the U.S. Commerce Department through the $52 billion CHIPS and Science Act authored by U.S. Senate Majority Leader Charles Schumer of New York and signed by President Joe Biden in 2022.
The CHIPS law provides an unprecedented amount of money and support for computer chip companies to expand manufacturing and supply chains in the United States.
It was enacted as a rising China increasingly is seen as a geopolitical adversary to the U.S. and Taiwan, where the majority of high-end chips are made.
“This is such a big day,” U.S. Commerce Department Secretary Gina Raimondo said during a conference call with reporters on Sunday.
“A big day for our country, and a big day for New York and Vermont.”
end quotes
HUH?
A big day for our country?
How so, Gina?
I recall reading a Fox News story titled “Whatever happened to the global chip shortage?” by Bret Baier and Amy Munneke on 28 March 2023, where we were informed as follows:
President Biden has been traveling across the country to meet with state leaders in an effort to ramp up semiconductor production across the United States.
“America is coming back.”
“We’re determined to lead the world in the manufacturing of semiconductors,” President Biden said Tuesday.
end quotes
And that is what this is all about people – THE GREATNESS AND MAJESTY OF AMERICAN DICTATOR JOSEPH ROBINETTE BIDEN, JUNIOR!
Joe is determined to lead the world in the manufacturing of semiconductors, and by God, that is going to happen, even if Joe doesn’t have a market for them, because Joe doesn’t know about needing markets, never having worked a day in his life as anything but a hack politician getting his palm greased and his pocket stuffed while feeding off the taxpayers, which again takes us back to that story, to wit:
Nearly three years ago, the coronavirus pandemic exposed the first signs of U.S. vulnerability when it came to semiconductor manufacturing.
“The reality is we had a whole world clambering for electronics to work at home and to study at home, and those electronics are chock full of chips.”
“So, no surprise, demand for chips just went off the charts,” Semiconductor Industry Association President John Neuffer said.
Neuffer said most U.S. fabs were operating at full capacity but they couldn’t keep up with the demand needed.
Biden signed the CHIPS and Science Act into law last year following a bipartisan push from lawmakers.
It’s incentivized companies to build and manufacture on U.S. soil.
“We eventually were able to catch up.”
“That’s the short term.”
“The CHIPS Act is really for the long term,” Neuffer said.
Commerce Secretary Gina Raimondo spoke about the CHIPS for America Program on “Special Report” this past February.
Semiconductor companies have been able to apply for those incentives through the initiative.
“Congress has sent $52 billion to us here at the Commerce Department and it’s our job to invest that, working with companies to make chips in America,” Raimondo said.
“Every governor out there thinks the next chip factory will be in their state.”
“They will compete.”
“I’m sure they’ll put incentives on the table and that’s what they should do.”
Many companies began breaking ground on new facilities and expansions before the CHIPS Act was officially signed, including New York-based GlobalFoundries.
“We need the right economics to continue to add capacity in the U.S.,” GlobalFoundries CEO Thomas Caulfield said.
“We have a facility that needs to grow to full scale in upstate New York in what we call Fab 8.”
“The chips will be an integral part of the economics to close the funding gap, to create that capacity that can compete globally against all the players in manufacturing.”
Since the end of 2022, at least 23 new chip fabs have been announced and nine will increase production, according to the Semiconductor Industry Association.
Companies including Intel and TSMC have announced plans to build new fabs in Arizona.
“Nationwide, we have suppliers that all over the country that’ll be providing the tooling and the materials needed to build the best semiconductor chips in the world,” Kelly said.
“These are also jobs that you don’t need a four-year degree to get and you can actually get a salary you can raise a family on.”
U.S. domestic production is expected to increase in the near future, but competing abroad with Taiwan could take some time.
“I would say it’s going to take us years.”
“The CHIPS funding gives us the tools we need to start manufacturing these semiconductor chips here,” Kelly said.
“What it means for our country: that we don’t have to go across the Pacific Ocean to get something so critical that’s in everything that has an on/off switch.”
Caulfield pointed out it took around three decades to create the imbalance in semiconductor production around the world.
“This didn’t happen overnight for our industry,” Caulfield said.
“It’s going to take decades to correct that issue.”
“So this is a good start and the sooner we get going on this as an industry, the better we’ll be.”
“Probably the biggest issue we still need to contend with is to make sure the demand for all this capacity we want in the U.S. materializes,” Caulfield said.
“The last thing we want to do is in industry, create capacity in the U.S. and have it go underutilized.”
end quotes
THE LAST THING WE WANT TO DO IN INDUSTRY IN AMERICA, people, IS TO CREATE, AS JOE BIDEN AND GINA RAIMONDO ARE DOING, THOUGHTLESSLY, CAPACITY IN THE U.S. AND HAVE IT GO UNDERUTILIZED, SO WHY THEN ARE THEY DOING IT, OTHER THAN TO BUY AN ELECTION?
http://www.capecharlesmirror.com/paul-p ... ent-901962
Paul Plante says:
And while we are on the subject of corporate profits fueling the Wall Street rally Joe Biden is attributing to BIDE-O-NOMICS as he takes credit for making it happen, it seems like only yesterday that we were reading a Reuters story titled “GlobalFoundries forecasts hit as chip customers seek advanced processes, clear inventory” on February 13, 2024, where we learned as follows:
Feb 13 (Reuters) – GlobalFoundries forecast its first quarter below market estimates on Tuesday, as some customers continue to clear excess chip inventory while others opt for more advanced manufacturing processes which are not provided by the contract chipmaker.
Customers in end markets such as communications infrastructure and data center have been working down existing chip inventory, weighing on demand for GlobalFoundries.
Shares of the company were down 4%.
end quotes
And see, people, that simply is not good, not good at all, that shares in GlobalFoundries should be down, at all, let alone 4%, because that calls into question just how effective BIDE-O-NOMICS really has been, which takes us back to that story for more detail, as follows:
GlobalFoundries expects its first-quarter revenue to be in the range of $1.50 billion to $1.54 billion, compared with analysts’ average estimate of $1.76 billion, according to LSEG data.
“We remain cautious on the outlook for 2024, and are closely monitoring for signs of improved demand in the macroeconomic indicators while our customers actively manage down their inventory levels,” Caulfield said.
GlobalFoundries expects adjusted profit per share to be in the range of 18 cents to 28 cents in the first quarter, versus analysts’ estimate of 46 cents.
end quotes
And here, with all that in mind, to see BIDE-O-NOMICS in action in a bid to boost the stock price of GlobalFoundries as a way of showcasing just how effective BIDE-O-NOMICS really is with respect to causing Wall Street rallys, just six short days later, we are reading a story in the Albany, New York Times Union titled “GlobalFoundries wins $3 billion from feds for massive expansion – Chipmaker to sign largest CHIPS Act funding deal to date, paving way for $12.5 billion expansion that includes long-anticipated second fab in Malta” by Larry Rulison on February 19, 2024, where we learn how Joe Biden is going to step in and save GlobalFoundries and create a lot of real high-paying jobs to boost Joe’s chances in the polls come November, as Joe pours out federal dollars in a bid to buy this upcoming election, to wit:
The White House will announce Monday a $3.1 billion federal aid package it has negotiated with GlobalFoundries to help the semiconductor company undertake a historic $12.5 billion expansion in Saratoga County and Vermont, work that would include the construction of a second computer chip factory at its Fab 8 headquarters in Malta.
end quotes
Yes, people, under Joe Biden, it is considered sound economic policy to use borrowed federal funds at interest to build a second factory to make the product the first factory is making, but doesn’t have customers for.
That is how Joe is going to build back better to build an economy from the bottom up and the middle out to make America an industrial behemoth that would be the wonder of the modern world to showcase the greatness of American DICTATOR Joseph Robinette Biden, Junior, who is following the economic blueprint used by Soviet dictator Joe Stalin to make the old Soviet Union the industrial powerhouse and envy of the world that it was under Stalin, who Joe Biden hopes to emulate here as he does the same for America, which takes us back to the story, to wit:
Officials said the money would help add more than 1,000 jobs at the new factory at the company’s Saratoga County headquarters and GlobalFoundries’ operation in Essex Junction, Vt.
The federal funding will come from the U.S. Commerce Department through the $52 billion CHIPS and Science Act authored by U.S. Senate Majority Leader Charles Schumer of New York and signed by President Joe Biden in 2022.
The CHIPS law provides an unprecedented amount of money and support for computer chip companies to expand manufacturing and supply chains in the United States.
It was enacted as a rising China increasingly is seen as a geopolitical adversary to the U.S. and Taiwan, where the majority of high-end chips are made.
“This is such a big day,” U.S. Commerce Department Secretary Gina Raimondo said during a conference call with reporters on Sunday.
“A big day for our country, and a big day for New York and Vermont.”
end quotes
HUH?
A big day for our country?
How so, Gina?
I recall reading a Fox News story titled “Whatever happened to the global chip shortage?” by Bret Baier and Amy Munneke on 28 March 2023, where we were informed as follows:
President Biden has been traveling across the country to meet with state leaders in an effort to ramp up semiconductor production across the United States.
“America is coming back.”
“We’re determined to lead the world in the manufacturing of semiconductors,” President Biden said Tuesday.
end quotes
And that is what this is all about people – THE GREATNESS AND MAJESTY OF AMERICAN DICTATOR JOSEPH ROBINETTE BIDEN, JUNIOR!
Joe is determined to lead the world in the manufacturing of semiconductors, and by God, that is going to happen, even if Joe doesn’t have a market for them, because Joe doesn’t know about needing markets, never having worked a day in his life as anything but a hack politician getting his palm greased and his pocket stuffed while feeding off the taxpayers, which again takes us back to that story, to wit:
Nearly three years ago, the coronavirus pandemic exposed the first signs of U.S. vulnerability when it came to semiconductor manufacturing.
“The reality is we had a whole world clambering for electronics to work at home and to study at home, and those electronics are chock full of chips.”
“So, no surprise, demand for chips just went off the charts,” Semiconductor Industry Association President John Neuffer said.
Neuffer said most U.S. fabs were operating at full capacity but they couldn’t keep up with the demand needed.
Biden signed the CHIPS and Science Act into law last year following a bipartisan push from lawmakers.
It’s incentivized companies to build and manufacture on U.S. soil.
“We eventually were able to catch up.”
“That’s the short term.”
“The CHIPS Act is really for the long term,” Neuffer said.
Commerce Secretary Gina Raimondo spoke about the CHIPS for America Program on “Special Report” this past February.
Semiconductor companies have been able to apply for those incentives through the initiative.
“Congress has sent $52 billion to us here at the Commerce Department and it’s our job to invest that, working with companies to make chips in America,” Raimondo said.
“Every governor out there thinks the next chip factory will be in their state.”
“They will compete.”
“I’m sure they’ll put incentives on the table and that’s what they should do.”
Many companies began breaking ground on new facilities and expansions before the CHIPS Act was officially signed, including New York-based GlobalFoundries.
“We need the right economics to continue to add capacity in the U.S.,” GlobalFoundries CEO Thomas Caulfield said.
“We have a facility that needs to grow to full scale in upstate New York in what we call Fab 8.”
“The chips will be an integral part of the economics to close the funding gap, to create that capacity that can compete globally against all the players in manufacturing.”
Since the end of 2022, at least 23 new chip fabs have been announced and nine will increase production, according to the Semiconductor Industry Association.
Companies including Intel and TSMC have announced plans to build new fabs in Arizona.
“Nationwide, we have suppliers that all over the country that’ll be providing the tooling and the materials needed to build the best semiconductor chips in the world,” Kelly said.
“These are also jobs that you don’t need a four-year degree to get and you can actually get a salary you can raise a family on.”
U.S. domestic production is expected to increase in the near future, but competing abroad with Taiwan could take some time.
“I would say it’s going to take us years.”
“The CHIPS funding gives us the tools we need to start manufacturing these semiconductor chips here,” Kelly said.
“What it means for our country: that we don’t have to go across the Pacific Ocean to get something so critical that’s in everything that has an on/off switch.”
Caulfield pointed out it took around three decades to create the imbalance in semiconductor production around the world.
“This didn’t happen overnight for our industry,” Caulfield said.
“It’s going to take decades to correct that issue.”
“So this is a good start and the sooner we get going on this as an industry, the better we’ll be.”
“Probably the biggest issue we still need to contend with is to make sure the demand for all this capacity we want in the U.S. materializes,” Caulfield said.
“The last thing we want to do is in industry, create capacity in the U.S. and have it go underutilized.”
end quotes
THE LAST THING WE WANT TO DO IN INDUSTRY IN AMERICA, people, IS TO CREATE, AS JOE BIDEN AND GINA RAIMONDO ARE DOING, THOUGHTLESSLY, CAPACITY IN THE U.S. AND HAVE IT GO UNDERUTILIZED, SO WHY THEN ARE THEY DOING IT, OTHER THAN TO BUY AN ELECTION?
http://www.capecharlesmirror.com/paul-p ... ent-901962
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 22, 2024 AT 6:10 PM
Paul Plante says:
And while we are on the subject of Joe Biden blatantly using taxpayer dollars to goose the stock market in a bid to create the illusion of a vibrant and flourishing economy in order to make his BIDE-O-NOMICS look like an American success story so that Janet “TOODLES” Yellen and Lael Brainard have something to tout out there on the campaign trail as they stump for Joe, let’s take a look at Plug Power, whose stock price is another beneficiary of Joe’s largesse with taxpayer dollars.
According to its website, Plug Power helps businesses achieve greater productivity and sustainability in an electrified world through hydrogen and fuel cells.
Going back to November 5, 2023, we find Plug Power making national news related to Joe Biden’s INSANE GREEN DREAM in an article by Larry Rulison in the Albany, New York Times Union titled “Could new hydrogen discovery provide cheaper form of ‘green’ hydrogen? – French scientists found that underground hydrogen is more plentiful than previously expected, although extracting it could be a different story,” where we are informed as follows, to wit:
COLONIE — Both the Biden and Hochul administrations are making huge investments into the production of “green” hydrogen — a manmade form of hydrogen that is made from water using renewable energy.
And Plug Power, the Latham fuel cell maker, has also made huge bets on seeking to become one of the world’s largest manufacturers and suppliers of green hydrogen — considered by some to be a nearly perfect emissions-free energy source to replace fossil fuels in transportation, power plants, houses and businesses.
When using renewable, non-emissions electricity sources like wind or solar power, electrolysis produces what’s known as green hydrogen.
That’s the business that Plug Power is in.
The company has been building green hydrogen plants all across the United States and also internationally as governments across the globe seek to reduce and eventually eliminate the use of fossil fuels.
The company’s efforts, which have been supported by both the state and federal government with tax breaks and other financial assistance, have led it to become the world’s largest producer of green hydrogen, although the market is very small compared to the overall hydrogen market.
end quotes
TAX BREAKS, people, and OTHER FINANCIAL ASSISTANCE, which is called CORPORATE WELFARE!
Joe Biden and his pack of DEMOCRATS go on and on and on, blaming Trump and the Republicans for the huge deficit as a result to them handing out tax breaks to rich Americans, but Joe and the DEMOCRATS are doing the same exact thing, as we clearly see right above here, which takes us forward in time to November 11, 2023, and a story in TheStreet titled “Plug Power collapses after ‘going concern’ warning from hydrogen developer” by Martin Baccardax, where we have as follows, which will require a GOVERNMENT BAIL-OUT by Joe Biden to fix to keep Joe’s Wall Street Rally going, to wit:
Plug Power shares plunged lower Friday after the hydrogen-fuel-cell developer warned that it may not be able to continue operations amid supply chain disruptions and a severe cash burn rate.
Plug Power, which provides fuel cells for electrified industrial vehicles used by Amazon and Walmart, also posted weaker-than-expected third quarter sales of $199 million last night, thanks in part to what it described as “unprecedented hydrogen supply challenges” in the north American hydrogen market.
In a later filing with the Securities and Exchange Commission, however, Plug Power also added that given its current cash position and expected capital spending, there is “substantial doubt about the Company’s ability to continue as a going concern.”
The group is seeking a $1.5 billion loan from the Department of Energy, as part of its green hydrogen network financing, but funds are unlikely to being flowing into the Latham, New York-based group until early next year.
“To alleviate the conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern, management is currently evaluating several different options to enhance the Company’s liquidity position, including the sale of securities, incurrence of debt or other financing alternative,” Plug Power said.
“The Company’s plan includes various financing solutions from third parties with a particular focus on corporate level debt solutions, investment tax credit related project financings and loan guarantee programs, and/or large scale hydrogen generation infrastructure project financing,” Plug Power added in the 10-Q filing.
Plug Power shares were marked 28.8% lower in pre-market trading to indicate an opening bell price of $4.22 each.
KeyBanc Capital Markets analyst Sangita Jain, who carries a ‘sector weight’ rating on Plug Power stock, said the lack of a detailed financial plan amid the ‘going concern’ warning is troubling.
“Management reiterated the myriad options being considered including project finance, ABLs, advances against restricted cash and inventory draw down,” she said.
“But nothing has been decided despite elevated cash burn and the unrestricted cash & available for sale securities balance declining from $2 billion at the end of last year to around $500 million at the end of the third quarter.”
end quotes
So, without MASSIVE LIFE SUPPORT from Joe Biden using taxpayer dollars which we peons and serfs are on the hook for, Plug Power was not a viable business, which takes us to a Bloomberg article on Joe Biden’s INSANE GREEN DREAM titled “A $30 Billion Meltdown in Clean Energy Puts Biden’s Climate Goals at Risk” by David R Baker, Saijel Kishan and Jennifer A Dlouhy on November 30, 2023, where we have this hard look at the reality Joe Biden and Gina Raimondo and Jennifer Granholm all think we are too stupid to grasp, because they all are, to wit:
(Bloomberg Businessweek) — No one expected the transition from fossil fuels to be easy.
But a year after President Joe Biden’s landmark climate law promised billions of dollars for America’s switch to clean energy, some of the nation’s most ambitious renewable power projects have been shelved, electric car sales are missing targets and investors are fleeing the sector in droves.
The result is a $30 billion collapse in US clean energy stocks in the last six months — a market many investors expected to flourish in the aftermath of the law’s passage.
end quotes
NOTE: TO BE AN “INVESTOR,” ALL YOU NEED IS MONEY, NO BRAINS OR INTELLIGENCE IS REQUIRED!
Scanning down that story, we then come to this:
The giddy enthusiasm that followed the Inflation Reduction Act’s passage evaporated, wiping out a quarter of the market value of US companies in the S&P Global Clean Energy Index in the six months ended Nov. 27.
It’s a meltdown that underscores the obstacles standing in the way of Biden’s ambitious climate goals.
Along with sky-high financing costs, clean energy companies face the problems of winning over potential neighbors for their projects, securing government permits and plugging into a creaky power grid unable to handle all the renewable power that’s planned.
end quotes
The sky-high financing costs these projects are facing, of course, are as a direct result of BIDE-O-NOMICS, which takes us back to Bloomberg for more of the reality that escapes Joe Biden and Gina Raimondo and Jennifer Granholm, to wit:
The warnings are clear: America’s road to achieving a zero-carbon electricity grid by 2035 is getting rockier by the day.
The specter of bankruptcies now haunts the sector.
It was only two years ago that Wall Street investors and bankers headed to Scotland for a global climate meeting, waxing lyrical about net-zero emissions goals and the profits to be made from the shift to cleaner energy.
That’s a stark contrast to the current mood as the world convenes again for climate talks at the COP28 summit this week in Dubai.
Biden’s sweeping climate law offers at least $374 billion in tax credits and other incentives to spur the energy transition.
Many saw it as a grand experiment to test whether subsidies, rather than top-down government mandates, would be enough to accelerate a change the planet desperately needs.
Instead, the US remains far off track for reaching Biden’s goal of a net-zero economy by 2050.
Companies such as Plug Power Inc. are building hydrogen production plants, but potential users have been slow to sign supply deals, since switching from natural gas to hydrogen usually means installing expensive new equipment.
In mid-November, Plug Power issued a going-concern warning, an accounting term that means the business may be illiquid within 12 months.
end quotes
But have no fear, people, because as we will see, “BAIL-OUT JOE” Biden is coming to the rescue with gobs of federal money to pull Plug Power’s fat back out of the fire, and when we return from our break for station identification, that story will continue, so stay tuned and don’t touch that dial!
http://www.capecharlesmirror.com/paul-p ... ent-901962
Paul Plante says:
And while we are on the subject of Joe Biden blatantly using taxpayer dollars to goose the stock market in a bid to create the illusion of a vibrant and flourishing economy in order to make his BIDE-O-NOMICS look like an American success story so that Janet “TOODLES” Yellen and Lael Brainard have something to tout out there on the campaign trail as they stump for Joe, let’s take a look at Plug Power, whose stock price is another beneficiary of Joe’s largesse with taxpayer dollars.
According to its website, Plug Power helps businesses achieve greater productivity and sustainability in an electrified world through hydrogen and fuel cells.
Going back to November 5, 2023, we find Plug Power making national news related to Joe Biden’s INSANE GREEN DREAM in an article by Larry Rulison in the Albany, New York Times Union titled “Could new hydrogen discovery provide cheaper form of ‘green’ hydrogen? – French scientists found that underground hydrogen is more plentiful than previously expected, although extracting it could be a different story,” where we are informed as follows, to wit:
COLONIE — Both the Biden and Hochul administrations are making huge investments into the production of “green” hydrogen — a manmade form of hydrogen that is made from water using renewable energy.
And Plug Power, the Latham fuel cell maker, has also made huge bets on seeking to become one of the world’s largest manufacturers and suppliers of green hydrogen — considered by some to be a nearly perfect emissions-free energy source to replace fossil fuels in transportation, power plants, houses and businesses.
When using renewable, non-emissions electricity sources like wind or solar power, electrolysis produces what’s known as green hydrogen.
That’s the business that Plug Power is in.
The company has been building green hydrogen plants all across the United States and also internationally as governments across the globe seek to reduce and eventually eliminate the use of fossil fuels.
The company’s efforts, which have been supported by both the state and federal government with tax breaks and other financial assistance, have led it to become the world’s largest producer of green hydrogen, although the market is very small compared to the overall hydrogen market.
end quotes
TAX BREAKS, people, and OTHER FINANCIAL ASSISTANCE, which is called CORPORATE WELFARE!
Joe Biden and his pack of DEMOCRATS go on and on and on, blaming Trump and the Republicans for the huge deficit as a result to them handing out tax breaks to rich Americans, but Joe and the DEMOCRATS are doing the same exact thing, as we clearly see right above here, which takes us forward in time to November 11, 2023, and a story in TheStreet titled “Plug Power collapses after ‘going concern’ warning from hydrogen developer” by Martin Baccardax, where we have as follows, which will require a GOVERNMENT BAIL-OUT by Joe Biden to fix to keep Joe’s Wall Street Rally going, to wit:
Plug Power shares plunged lower Friday after the hydrogen-fuel-cell developer warned that it may not be able to continue operations amid supply chain disruptions and a severe cash burn rate.
Plug Power, which provides fuel cells for electrified industrial vehicles used by Amazon and Walmart, also posted weaker-than-expected third quarter sales of $199 million last night, thanks in part to what it described as “unprecedented hydrogen supply challenges” in the north American hydrogen market.
In a later filing with the Securities and Exchange Commission, however, Plug Power also added that given its current cash position and expected capital spending, there is “substantial doubt about the Company’s ability to continue as a going concern.”
The group is seeking a $1.5 billion loan from the Department of Energy, as part of its green hydrogen network financing, but funds are unlikely to being flowing into the Latham, New York-based group until early next year.
“To alleviate the conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern, management is currently evaluating several different options to enhance the Company’s liquidity position, including the sale of securities, incurrence of debt or other financing alternative,” Plug Power said.
“The Company’s plan includes various financing solutions from third parties with a particular focus on corporate level debt solutions, investment tax credit related project financings and loan guarantee programs, and/or large scale hydrogen generation infrastructure project financing,” Plug Power added in the 10-Q filing.
Plug Power shares were marked 28.8% lower in pre-market trading to indicate an opening bell price of $4.22 each.
KeyBanc Capital Markets analyst Sangita Jain, who carries a ‘sector weight’ rating on Plug Power stock, said the lack of a detailed financial plan amid the ‘going concern’ warning is troubling.
“Management reiterated the myriad options being considered including project finance, ABLs, advances against restricted cash and inventory draw down,” she said.
“But nothing has been decided despite elevated cash burn and the unrestricted cash & available for sale securities balance declining from $2 billion at the end of last year to around $500 million at the end of the third quarter.”
end quotes
So, without MASSIVE LIFE SUPPORT from Joe Biden using taxpayer dollars which we peons and serfs are on the hook for, Plug Power was not a viable business, which takes us to a Bloomberg article on Joe Biden’s INSANE GREEN DREAM titled “A $30 Billion Meltdown in Clean Energy Puts Biden’s Climate Goals at Risk” by David R Baker, Saijel Kishan and Jennifer A Dlouhy on November 30, 2023, where we have this hard look at the reality Joe Biden and Gina Raimondo and Jennifer Granholm all think we are too stupid to grasp, because they all are, to wit:
(Bloomberg Businessweek) — No one expected the transition from fossil fuels to be easy.
But a year after President Joe Biden’s landmark climate law promised billions of dollars for America’s switch to clean energy, some of the nation’s most ambitious renewable power projects have been shelved, electric car sales are missing targets and investors are fleeing the sector in droves.
The result is a $30 billion collapse in US clean energy stocks in the last six months — a market many investors expected to flourish in the aftermath of the law’s passage.
end quotes
NOTE: TO BE AN “INVESTOR,” ALL YOU NEED IS MONEY, NO BRAINS OR INTELLIGENCE IS REQUIRED!
Scanning down that story, we then come to this:
The giddy enthusiasm that followed the Inflation Reduction Act’s passage evaporated, wiping out a quarter of the market value of US companies in the S&P Global Clean Energy Index in the six months ended Nov. 27.
It’s a meltdown that underscores the obstacles standing in the way of Biden’s ambitious climate goals.
Along with sky-high financing costs, clean energy companies face the problems of winning over potential neighbors for their projects, securing government permits and plugging into a creaky power grid unable to handle all the renewable power that’s planned.
end quotes
The sky-high financing costs these projects are facing, of course, are as a direct result of BIDE-O-NOMICS, which takes us back to Bloomberg for more of the reality that escapes Joe Biden and Gina Raimondo and Jennifer Granholm, to wit:
The warnings are clear: America’s road to achieving a zero-carbon electricity grid by 2035 is getting rockier by the day.
The specter of bankruptcies now haunts the sector.
It was only two years ago that Wall Street investors and bankers headed to Scotland for a global climate meeting, waxing lyrical about net-zero emissions goals and the profits to be made from the shift to cleaner energy.
That’s a stark contrast to the current mood as the world convenes again for climate talks at the COP28 summit this week in Dubai.
Biden’s sweeping climate law offers at least $374 billion in tax credits and other incentives to spur the energy transition.
Many saw it as a grand experiment to test whether subsidies, rather than top-down government mandates, would be enough to accelerate a change the planet desperately needs.
Instead, the US remains far off track for reaching Biden’s goal of a net-zero economy by 2050.
Companies such as Plug Power Inc. are building hydrogen production plants, but potential users have been slow to sign supply deals, since switching from natural gas to hydrogen usually means installing expensive new equipment.
In mid-November, Plug Power issued a going-concern warning, an accounting term that means the business may be illiquid within 12 months.
end quotes
But have no fear, people, because as we will see, “BAIL-OUT JOE” Biden is coming to the rescue with gobs of federal money to pull Plug Power’s fat back out of the fire, and when we return from our break for station identification, that story will continue, so stay tuned and don’t touch that dial!
http://www.capecharlesmirror.com/paul-p ... ent-901962
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 24, 2024 AT 7:22 PM
Paul Plante says:
“BLUNDERING JOE” Biden is a big bag of hot wind with respect to his specious claims and BIDEN BOBANCE that BIDE-O-NOMICS creates good, high-paying union jobs while building an economy that works for everybody from the bottom up and middle out, as we will clearly see by going back to the Plug Power saga starting with a Reuters article titled “Plug Power jumps on govt loan, liquid green hydrogen production start” by Mrinalika Roy and Tanay Dhumal on January 23, 2024, where we have BIDEN CORPORATE WELFARE for failing businesses that can’t make it on their own goosing Plug Power’s stock, which in turn gooses the stock market, and by doing so, makes BIDE-O-NOMICS look good to the rich investor class who profit off of BIDE-O-NOMICS, to wit:
Jan 23 (Reuters) – Plug Power said on Tuesday that it has secured over $1 billion in government funding and started producing liquid green hydrogen at its Georgia plant, sending the company’s shares up about 20% in morning trade.
end quotes
And there is BIDE-O-NOMICS in action, people, and make no mistake about it, which takes us back for more, to wit:
The hydrogen fuel cell firm said it has finalized a term sheet negotiation with the U.S. Department of Energy (DoE) for a $1.6 billion loan facility.
The company has been facing liquidity issues amid supply challenges in the liquid hydrogen market in North America, and had raised going concern doubts in November.
end quotes
The company has been facing liquidity issues and had raised going concern doubts in November precisely because the business is not really viable as we can readily by referring to an excellent engineering analysis on the subject titled “Energy and the Hydrogen Economy” by Ulf Bossel, who studied Mechanical Engineering in Darmstadt (Germany) and the Swiss Federal Institute of Technology in Zurich, where he received his Diploma Degree (fluid mechanics, thermodynamics) in 1961, and after a short work period at BBC, he continued his graduate education at the University of California at Berkeley, receiving his Ph.D. degree in 1968 for experimental research in the area of space aerodynamics, and after two years as Assistant Professor at Syracuse University he returned to Germany to lead the free molecular flow research group at the DLR in Göttingen, leaving that field for solar energy in 1976, where he was founder and first president of the German Solar Energy Society, and started his own R&D consulting firm for renewable energy technologies, and in 1986, BBC asked him to join their new technology group in Switzerland where he became involved in fuel cells in 1987 and later director of ABB’s fuel cell development efforts worldwide; and Baldur Eliasson, who studied Electrical Engineering and Astronomy at the Swiss Federal Institute of Technology in Zurich, where he received his doctorate in 1966 on a theoretical study of microwave propagation, and then he worked for three years as radio astronomer at the California Institute of Technology at Pasadena before joining the newly founded Brown Boveri (later ABB) Research Center in Switzerland in 1969, where he is in charge of ABB’s Energy and Global Change Program worldwide and reports directly to ABB’s Chief Technology Officer, while representing ABB in a number of international programs, where, for example, he is Vice Chairman of the “R&D Program on Greenhouse Gas Mitigation Technologies” of the International Energy Agency and has received many international awards for his contributions to environmental sustainability, where we find in Section 8.1 The Limits of a Pure Hydrogen Economy, as follows:
The results of this analysis indicate the weakness of a “Pure-Hydrogen-Only Economy” as depicted in Figure 14.
All difficulties with the pure Hydrogen Economy appear to be directly related to the nature of hydrogen.
Most of the problems cannot be solved by additional research and development.
We have to accept that hydrogen is the lightest of all gases and, as a consequence, that its physical properties do not fully match the requirements of the energy market.
Production, packaging, storage, transfer and delivery of the gas, in essence all key component of an economy, are so energy consuming that alternatives should and will be considered.
Mankind cannot afford to waste energy for idealistic goals, but economy will look for practical solutions and select the most energy-saving procedures.
The “Pure-Hydrogen-Only Solution” may never become reality.
The degree of energy waste certainly depends on the chosen path.
Hydrogen generated from rooftop solar electricity and stored at low pressure in stationary tanks may be a viable solution for private buildings.
On the other hand, hydrogen generated in the Sahara desert, pumped to the Mediterranean Sea through pipelines, then liquefied for sea transport, docked in London and locally distributed by trucks may not provide an acceptable energy solution at all.
Too much energy is lost in the process to justify the scheme.
end quotes
PLUG POWER IS PIE-N-THE-SKY regardless of how many taxpayer dollars Joe Biden wastes on it, precisely because hydrogen is the lightest of all gases and, as a consequence, its physical properties do not fully match the requirements of the energy market, so that production, packaging, storage, transfer and delivery of the gas, in essence all key component of an economy, are so energy consuming that alternatives should be considered, which isn’t going to happen with Joe Biden and his INSANE GREEN DREAM in control of things, which takes us back for more, to wit:
It also planned a $1 billion equity raise earlier this month.
“This funding, when received, will support the development construction and ownership of up to six hydrogen production facilities, significantly advancing green hydrogen deployment in the United States,” CEO Andrew Marsh said during an investor call.
“With our Georgia plant operational, and the Tennessee plant coming online, we expect a significant reduction in costs,” he added.
Talking about the Georgia plant, Marsh said while “the construction took slightly longer than expected”, the facility will bolster Plug’s supply of liquid hydrogen being delivered to its customers for material handling operations, fuel cell electric vehicle fleets, and stationary power applications.
The plant, which the company said is the largest liquid green hydrogen plant in the U.S. market, is designed to produce 15 tons per day (TPD) of liquid electrolytic hydrogen.
“The DoE loan facility seems well baked, but we have to wait until the second half of 2024.”
“Seems they are getting the finance options they need and wiggling out of a very tight spot,” said Craig Irwin, an analyst at Roth Capital Partners.
As companies are moving towards their net-zero emission targets, hydrogen, a zero-emission gas at point-of-use, serves as both a fuel and as energy storage, helping them reduce their carbon footprint.
The company said the production is expected to positively impact its bottom line and provide an additional step change in fuel margin expansion.
end quotes
Which takes us back to Joe Biden’s BOBANCE about creating good high-paying jobs, which we see isn’t happening here, anyway, in this Albany, New York Times Union article titled “Plug Power starts hiring freeze as the company’s finances tighten – Company is also expecting to receive a $1.6 billion loan from the Energy Department” by Larry Rulison on January 23, 2024, to wit:
COLONIE — Latham fuel cell maker Plug Power has instituted a hiring freeze and is planning to increase prices on its products a week after it raised concerns over its financial stability.
Plug Power CEO Andy Marsh also revealed that the company is in the final stages of obtaining a $1.6 billion loan from the U.S. Department of Energy that could be drawn down on starting in the second half of 2024 to help with the cost of building six new clean hydrogen manufacturing plants.
Hydrogen is used to power Plug Power’s fuel cells, and the company recently completed its first industrial-sized facility to produce hydrogen from water using electrolysis.
“We’re grateful for our partnership with the Department of Energy and look forward to our continued collaboration, which will play a pivotal role in scheduling our forthcoming plants in Texas and New York,” Marsh said Tuesday during the company’s 2024 business outlook conference call with stock analysts.
Shares of the company surged 32 percent to $3.75 during mid-day trading, although that number is significantly lower than its stock price from a year ago, when shares were trading north of $17.
The news comes a week after Plug Power announced it had activated a sale of up to $1 billion in stock as it started to run low on cash and issued a “going concern” warning that cast doubts on Plug Power’s ability to keep operating.
Plug Power had only $110 million in unrestricted cash at the end of the third quarter of 2023, compared to $690 million at the end of 2022.
The company says it will have $150 million in capital expenses in 2024 to complete clean hydrogen plants in New York, Texas and Tennessee.
Most hydrogen produced in the world today is made from methane, meaning it releases carbon into the atmosphere when produced.
Plug Power is seeking to create a new market for so-called green hydrogen made from water that can be used to power its fuel cells and used by other companies seeking to reduce carbon emissions.
Plug Power lost $283 million during the third quarter of 2023 and has yet to turn an actual profit as it expands into capital-intensive ventures on clean hydrogen production in the U.S. and abroad.
Hydrogen-powered fuel cells only largely emit water vapor as a byproduct, making it a good fuel to use to combat climate change caused by carbon emissions from fossil fuels like natural gas and petroleum.
Plug Power makes fuel cells for vehicles and stationary applications like data centers.
Marsh said that during the hiring freeze, positions will be eliminated through attrition.
The company has several thousand employees, with its headquarters in Latham and a fuel cell factory in Bethlehem.
“While adopting a more conservative outlook, we remain dedicated to leading the industry and building the company prudently,” Marsh said.
end quotes
And so much then for all those good high-paying jobs Joe says he is creating because it sure does look like they are frozen here.
http://www.capecharlesmirror.com/paul-p ... ent-902558
Paul Plante says:
“BLUNDERING JOE” Biden is a big bag of hot wind with respect to his specious claims and BIDEN BOBANCE that BIDE-O-NOMICS creates good, high-paying union jobs while building an economy that works for everybody from the bottom up and middle out, as we will clearly see by going back to the Plug Power saga starting with a Reuters article titled “Plug Power jumps on govt loan, liquid green hydrogen production start” by Mrinalika Roy and Tanay Dhumal on January 23, 2024, where we have BIDEN CORPORATE WELFARE for failing businesses that can’t make it on their own goosing Plug Power’s stock, which in turn gooses the stock market, and by doing so, makes BIDE-O-NOMICS look good to the rich investor class who profit off of BIDE-O-NOMICS, to wit:
Jan 23 (Reuters) – Plug Power said on Tuesday that it has secured over $1 billion in government funding and started producing liquid green hydrogen at its Georgia plant, sending the company’s shares up about 20% in morning trade.
end quotes
And there is BIDE-O-NOMICS in action, people, and make no mistake about it, which takes us back for more, to wit:
The hydrogen fuel cell firm said it has finalized a term sheet negotiation with the U.S. Department of Energy (DoE) for a $1.6 billion loan facility.
The company has been facing liquidity issues amid supply challenges in the liquid hydrogen market in North America, and had raised going concern doubts in November.
end quotes
The company has been facing liquidity issues and had raised going concern doubts in November precisely because the business is not really viable as we can readily by referring to an excellent engineering analysis on the subject titled “Energy and the Hydrogen Economy” by Ulf Bossel, who studied Mechanical Engineering in Darmstadt (Germany) and the Swiss Federal Institute of Technology in Zurich, where he received his Diploma Degree (fluid mechanics, thermodynamics) in 1961, and after a short work period at BBC, he continued his graduate education at the University of California at Berkeley, receiving his Ph.D. degree in 1968 for experimental research in the area of space aerodynamics, and after two years as Assistant Professor at Syracuse University he returned to Germany to lead the free molecular flow research group at the DLR in Göttingen, leaving that field for solar energy in 1976, where he was founder and first president of the German Solar Energy Society, and started his own R&D consulting firm for renewable energy technologies, and in 1986, BBC asked him to join their new technology group in Switzerland where he became involved in fuel cells in 1987 and later director of ABB’s fuel cell development efforts worldwide; and Baldur Eliasson, who studied Electrical Engineering and Astronomy at the Swiss Federal Institute of Technology in Zurich, where he received his doctorate in 1966 on a theoretical study of microwave propagation, and then he worked for three years as radio astronomer at the California Institute of Technology at Pasadena before joining the newly founded Brown Boveri (later ABB) Research Center in Switzerland in 1969, where he is in charge of ABB’s Energy and Global Change Program worldwide and reports directly to ABB’s Chief Technology Officer, while representing ABB in a number of international programs, where, for example, he is Vice Chairman of the “R&D Program on Greenhouse Gas Mitigation Technologies” of the International Energy Agency and has received many international awards for his contributions to environmental sustainability, where we find in Section 8.1 The Limits of a Pure Hydrogen Economy, as follows:
The results of this analysis indicate the weakness of a “Pure-Hydrogen-Only Economy” as depicted in Figure 14.
All difficulties with the pure Hydrogen Economy appear to be directly related to the nature of hydrogen.
Most of the problems cannot be solved by additional research and development.
We have to accept that hydrogen is the lightest of all gases and, as a consequence, that its physical properties do not fully match the requirements of the energy market.
Production, packaging, storage, transfer and delivery of the gas, in essence all key component of an economy, are so energy consuming that alternatives should and will be considered.
Mankind cannot afford to waste energy for idealistic goals, but economy will look for practical solutions and select the most energy-saving procedures.
The “Pure-Hydrogen-Only Solution” may never become reality.
The degree of energy waste certainly depends on the chosen path.
Hydrogen generated from rooftop solar electricity and stored at low pressure in stationary tanks may be a viable solution for private buildings.
On the other hand, hydrogen generated in the Sahara desert, pumped to the Mediterranean Sea through pipelines, then liquefied for sea transport, docked in London and locally distributed by trucks may not provide an acceptable energy solution at all.
Too much energy is lost in the process to justify the scheme.
end quotes
PLUG POWER IS PIE-N-THE-SKY regardless of how many taxpayer dollars Joe Biden wastes on it, precisely because hydrogen is the lightest of all gases and, as a consequence, its physical properties do not fully match the requirements of the energy market, so that production, packaging, storage, transfer and delivery of the gas, in essence all key component of an economy, are so energy consuming that alternatives should be considered, which isn’t going to happen with Joe Biden and his INSANE GREEN DREAM in control of things, which takes us back for more, to wit:
It also planned a $1 billion equity raise earlier this month.
“This funding, when received, will support the development construction and ownership of up to six hydrogen production facilities, significantly advancing green hydrogen deployment in the United States,” CEO Andrew Marsh said during an investor call.
“With our Georgia plant operational, and the Tennessee plant coming online, we expect a significant reduction in costs,” he added.
Talking about the Georgia plant, Marsh said while “the construction took slightly longer than expected”, the facility will bolster Plug’s supply of liquid hydrogen being delivered to its customers for material handling operations, fuel cell electric vehicle fleets, and stationary power applications.
The plant, which the company said is the largest liquid green hydrogen plant in the U.S. market, is designed to produce 15 tons per day (TPD) of liquid electrolytic hydrogen.
“The DoE loan facility seems well baked, but we have to wait until the second half of 2024.”
“Seems they are getting the finance options they need and wiggling out of a very tight spot,” said Craig Irwin, an analyst at Roth Capital Partners.
As companies are moving towards their net-zero emission targets, hydrogen, a zero-emission gas at point-of-use, serves as both a fuel and as energy storage, helping them reduce their carbon footprint.
The company said the production is expected to positively impact its bottom line and provide an additional step change in fuel margin expansion.
end quotes
Which takes us back to Joe Biden’s BOBANCE about creating good high-paying jobs, which we see isn’t happening here, anyway, in this Albany, New York Times Union article titled “Plug Power starts hiring freeze as the company’s finances tighten – Company is also expecting to receive a $1.6 billion loan from the Energy Department” by Larry Rulison on January 23, 2024, to wit:
COLONIE — Latham fuel cell maker Plug Power has instituted a hiring freeze and is planning to increase prices on its products a week after it raised concerns over its financial stability.
Plug Power CEO Andy Marsh also revealed that the company is in the final stages of obtaining a $1.6 billion loan from the U.S. Department of Energy that could be drawn down on starting in the second half of 2024 to help with the cost of building six new clean hydrogen manufacturing plants.
Hydrogen is used to power Plug Power’s fuel cells, and the company recently completed its first industrial-sized facility to produce hydrogen from water using electrolysis.
“We’re grateful for our partnership with the Department of Energy and look forward to our continued collaboration, which will play a pivotal role in scheduling our forthcoming plants in Texas and New York,” Marsh said Tuesday during the company’s 2024 business outlook conference call with stock analysts.
Shares of the company surged 32 percent to $3.75 during mid-day trading, although that number is significantly lower than its stock price from a year ago, when shares were trading north of $17.
The news comes a week after Plug Power announced it had activated a sale of up to $1 billion in stock as it started to run low on cash and issued a “going concern” warning that cast doubts on Plug Power’s ability to keep operating.
Plug Power had only $110 million in unrestricted cash at the end of the third quarter of 2023, compared to $690 million at the end of 2022.
The company says it will have $150 million in capital expenses in 2024 to complete clean hydrogen plants in New York, Texas and Tennessee.
Most hydrogen produced in the world today is made from methane, meaning it releases carbon into the atmosphere when produced.
Plug Power is seeking to create a new market for so-called green hydrogen made from water that can be used to power its fuel cells and used by other companies seeking to reduce carbon emissions.
Plug Power lost $283 million during the third quarter of 2023 and has yet to turn an actual profit as it expands into capital-intensive ventures on clean hydrogen production in the U.S. and abroad.
Hydrogen-powered fuel cells only largely emit water vapor as a byproduct, making it a good fuel to use to combat climate change caused by carbon emissions from fossil fuels like natural gas and petroleum.
Plug Power makes fuel cells for vehicles and stationary applications like data centers.
Marsh said that during the hiring freeze, positions will be eliminated through attrition.
The company has several thousand employees, with its headquarters in Latham and a fuel cell factory in Bethlehem.
“While adopting a more conservative outlook, we remain dedicated to leading the industry and building the company prudently,” Marsh said.
end quotes
And so much then for all those good high-paying jobs Joe says he is creating because it sure does look like they are frozen here.
http://www.capecharlesmirror.com/paul-p ... ent-902558
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 26, 2024 AT 10:23 PM
Paul R Plante, NYSPE says:
Before we go back to that incipient BIDEN GREEN HYDROGEN BOONDOGGLE, for a real good look at just how stupid and short-sighted and frankly idiotic this Biden crowd including Gina Raimondo really are as they push Joe’s INSANE GREEN DREAM on us, let’s go to an article in the Albany, New York Times Union titled “Semiconductor manufacturing expected to strain NY electrical grid – The recently announced expansion of GlobalFoundries will bring another large load project to New York as the electric grid’s reliability margins narrow” by Molly Burke York Times Union on February 26, 2024, where we have BIDEN STUPID ON THE HOOF, as follows:
ALBANY — As some of New York’s most influential politicians celebrate the infusion of federal money to expand the GlobalFoundries Fab 8 campus in Malta, questions remain about the ability of the state’s electrical grid to meet the needs of another high-demand project.
end quotes
Those “influential” politicians start with Democrat Charley “CHUCK” Schumer, and never in my life have I seen such a bunch of thumb-sucking losers in charge of things as is this crowd, throwing around BILLIONS of taxpayer dollars without a clue as to the true ramifications of their actions on the stability of America, which is not theirs to destroy.
How long now has it been known that these CHIP FABS are energy hogs?
That answer is years!
How long has it been known that New York is heading towards an energy deficit?
Years again, but notwithstanding, plow ahead with an energy-consuming project because as part of his Stalinesque FIVE-YEAR PLAN to build back America better to create an economy that works for everybody from the bottom up and middle out, it is what Joe Biden, who has never worked a real job in his life and knows nothing about anything other than getting his pocket stuffed and his palm greased as a hack politician, wants, and what Joe wants, he gets, which takes us back for more of this short-sighted idiocy, to wit:
The project will expand the current semiconductor manufacturing plant while adding a second facility, estimated to be 358,000 square feet, that GlobalFoundries said will triple their capacity.
But the process of manufacturing semiconductors requires significant energy to power operations, with estimates that the Micron plant near Syracuse will use up to 928 megawatts by 2035.
One megawatt powers roughly 750 to 1,000 households.
In 2023, prior to the major expansion’s announcement, GlobalFoundries had plans on file with local municipalities noting that its structures would run on 195 megawatts when completed.
The new multi-billion dollar expansion will bring a significant jump in that required energy.
The Times Union reported in January 2023 that the growing semiconductor industry would place a strain on the electrical grid’s reliability margins.
The growth comes as the state is transitioning energy sources toward renewables and away from fossil fuels to meet requirements in New York’s ambitious Climate Leadership and Community Protection Act, signed into law in 2019.
The climate law requires that 70 percent of statewide electricity come from renewable energy by 2030, and that New York’s electricity system is completely emission-free by 2040.
The New York Independent System Operator — a not-for-profit that manages the state’s electrical grid and marketplace — estimated in its Jan. 12 quarterly report on reliability that approximately 260 megawatts of large loads were installed across the state in recent years.
That amount is projected to increase to 764 megawatts in 2025, reducing the reliability margin during normal operations and weather to less than 100 megawatts.
end quotes
People, frankly, this is insane, and yet, it is also reality, which takes us back for more, to wit:
The Independent System Operator’s comprehensive reliability plan estimated that the reliability margin could be eliminated within the decade.
“When considering the impact of proposed large load projects, the available statewide reliability margin decreases and approaches a deficiency in 2030 for higher demand scenarios,” the plan says.
The estimates face more dire predictions if New York experiences extreme weather — like a sustained heat wave of 95 degrees or higher — which is becoming more common due to the effects of climate change.
Low reliability margins, which measure the electrical grid’s “insurance policy” of extra power to be used for high demand of electricity or unforeseen circumstances, could lead to brownouts and increased reliance on emergency energy purchases from neighboring states or regions.
The increase in “large load projects” — which use significant amounts of energy to operate — is projected to be a risk to the reliability of the state’s power grid if new renewable energy resources are not introduced at a similar rate.
“This has been a concern for quite some time and now it is a red light concern,” said Gavin Donohue, president of the Independent Power Producers of New York.
“We’ve gone from yellow to red.”
A study by David Brooks, an electrical engineer at Harvard University, that was co-authored with Udit Gupta and others, shows that by 2030 the computing sector will use 20 percent of electricity globally, and that chip manufacturing “accounts for most of the carbon output attributable to hardware systems,” both due to its energy consumption and its release of greenhouse gases during the process.
The Fab 8 plant annually manufactures 400,000 wafers — which are later divided into computer chips — that are in demand by 60 percent of the market.
The expansion is receiving $1.5 billion in federal funding from the CHIPS and Science Act to upgrade and expand its manufacturing plants in New York and Vermont.
The grant comes from the $52 billion federal commitment to aid the U.S. computer chip industry to expand manufacturing capacity and the supply chain amid growing economic and technological threats from China.
GlobalFoundries was the first chip manufacturer to be awarded a CHIPS grant under the program, which is overseen through the Commerce Department.
GlobalFoundries is also getting a loan of federal money along with state and potentially local government subsidies to help pay for a $12.5 billion investment at Fab 8 and at its chip factory in Essex Junction, Vt., outside of Burlington.
New York’s Green CHIPS program, which was signed into law by Hochul in 2022, will provide $575 million in tax credits to GlobalFoundries for the expansion.
Empire State Development, which runs the Green CHIPS program, will also commit $15 million in workforce development funding to the GlobalFoundries project.
The Green CHIPS program also requires that GlobalFoundries enter into a “sustainability plan” with Empire State Development to use fully renewable energy for the site’s electricity with “potential onsite solar energy infrastructure and onsite battery storage systems.”
GlobalFoundries already receives a discounted 15 megawatt allotment from ReCharge NY, a program run by the New York Power Authority.
That allotment is expected to increase after consideration at NYPA’s board of directors meeting in March.
The project is also getting $30 million from the state for infrastructure investment in the expansion.
ReCharge NY incentivizes businesses and nonprofits to stay in New York with 7-year contracts providing access to discounted hydro and market energy sources.
In 2023, high-load businesses like GlobalFoundries saved an average of $250,000 per megawatt compared with market rate.
The program sources 455 megawatts of power from hydro-electric sources in Western and Northern New York, while procuring 455 megawatts from market sources.
ReCharge NY currently has 66 megawatts of unallocated power, Paul DeMichele, a spokesperson for NYPA, said.
The Independent System Operators most recent annual report showed that two years ago, 22 percent of the market was from hydro-electric power, 21 percent was from nuclear power, 4 percent from wind and less than 1 percent from solar, while more than 51 percent came from oil and gas.
The strain of the “large load project” is expected to narrow the reliability margin as a project is brought onto the grid through an interconnection process.
Kevin Lanahan, a spokesman for the Independent System Operators, said that the pace of new renewable energy sources is not matching the pace of retiring fossil fuel-based energy leaving the grid, leading to an overall decline in the total megawatts available on New York’s grid.
Donohue, who is also a member of the New York Climate Council, which was tasked with developing a scoping plan to meet the goals of the climate act, said that New York needs “honest assessments” about how energy-demanding projects can be brought to the state while prioritizing the reliability of the electrical grid.
“The pace of promises in New York does not keep up with the pace of play,” Donohue said.
“New York is a very difficult state to build anything and even more complicated when it’s an energy infrastructure project, regardless of the fuel source.”
“… At the end of the day, reliability is paramount.”
end quotes
And reliability with Joe Biden in charge is going right out the window!
http://www.capecharlesmirror.com/paul-p ... ent-903187
Paul R Plante, NYSPE says:
Before we go back to that incipient BIDEN GREEN HYDROGEN BOONDOGGLE, for a real good look at just how stupid and short-sighted and frankly idiotic this Biden crowd including Gina Raimondo really are as they push Joe’s INSANE GREEN DREAM on us, let’s go to an article in the Albany, New York Times Union titled “Semiconductor manufacturing expected to strain NY electrical grid – The recently announced expansion of GlobalFoundries will bring another large load project to New York as the electric grid’s reliability margins narrow” by Molly Burke York Times Union on February 26, 2024, where we have BIDEN STUPID ON THE HOOF, as follows:
ALBANY — As some of New York’s most influential politicians celebrate the infusion of federal money to expand the GlobalFoundries Fab 8 campus in Malta, questions remain about the ability of the state’s electrical grid to meet the needs of another high-demand project.
end quotes
Those “influential” politicians start with Democrat Charley “CHUCK” Schumer, and never in my life have I seen such a bunch of thumb-sucking losers in charge of things as is this crowd, throwing around BILLIONS of taxpayer dollars without a clue as to the true ramifications of their actions on the stability of America, which is not theirs to destroy.
How long now has it been known that these CHIP FABS are energy hogs?
That answer is years!
How long has it been known that New York is heading towards an energy deficit?
Years again, but notwithstanding, plow ahead with an energy-consuming project because as part of his Stalinesque FIVE-YEAR PLAN to build back America better to create an economy that works for everybody from the bottom up and middle out, it is what Joe Biden, who has never worked a real job in his life and knows nothing about anything other than getting his pocket stuffed and his palm greased as a hack politician, wants, and what Joe wants, he gets, which takes us back for more of this short-sighted idiocy, to wit:
The project will expand the current semiconductor manufacturing plant while adding a second facility, estimated to be 358,000 square feet, that GlobalFoundries said will triple their capacity.
But the process of manufacturing semiconductors requires significant energy to power operations, with estimates that the Micron plant near Syracuse will use up to 928 megawatts by 2035.
One megawatt powers roughly 750 to 1,000 households.
In 2023, prior to the major expansion’s announcement, GlobalFoundries had plans on file with local municipalities noting that its structures would run on 195 megawatts when completed.
The new multi-billion dollar expansion will bring a significant jump in that required energy.
The Times Union reported in January 2023 that the growing semiconductor industry would place a strain on the electrical grid’s reliability margins.
The growth comes as the state is transitioning energy sources toward renewables and away from fossil fuels to meet requirements in New York’s ambitious Climate Leadership and Community Protection Act, signed into law in 2019.
The climate law requires that 70 percent of statewide electricity come from renewable energy by 2030, and that New York’s electricity system is completely emission-free by 2040.
The New York Independent System Operator — a not-for-profit that manages the state’s electrical grid and marketplace — estimated in its Jan. 12 quarterly report on reliability that approximately 260 megawatts of large loads were installed across the state in recent years.
That amount is projected to increase to 764 megawatts in 2025, reducing the reliability margin during normal operations and weather to less than 100 megawatts.
end quotes
People, frankly, this is insane, and yet, it is also reality, which takes us back for more, to wit:
The Independent System Operator’s comprehensive reliability plan estimated that the reliability margin could be eliminated within the decade.
“When considering the impact of proposed large load projects, the available statewide reliability margin decreases and approaches a deficiency in 2030 for higher demand scenarios,” the plan says.
The estimates face more dire predictions if New York experiences extreme weather — like a sustained heat wave of 95 degrees or higher — which is becoming more common due to the effects of climate change.
Low reliability margins, which measure the electrical grid’s “insurance policy” of extra power to be used for high demand of electricity or unforeseen circumstances, could lead to brownouts and increased reliance on emergency energy purchases from neighboring states or regions.
The increase in “large load projects” — which use significant amounts of energy to operate — is projected to be a risk to the reliability of the state’s power grid if new renewable energy resources are not introduced at a similar rate.
“This has been a concern for quite some time and now it is a red light concern,” said Gavin Donohue, president of the Independent Power Producers of New York.
“We’ve gone from yellow to red.”
A study by David Brooks, an electrical engineer at Harvard University, that was co-authored with Udit Gupta and others, shows that by 2030 the computing sector will use 20 percent of electricity globally, and that chip manufacturing “accounts for most of the carbon output attributable to hardware systems,” both due to its energy consumption and its release of greenhouse gases during the process.
The Fab 8 plant annually manufactures 400,000 wafers — which are later divided into computer chips — that are in demand by 60 percent of the market.
The expansion is receiving $1.5 billion in federal funding from the CHIPS and Science Act to upgrade and expand its manufacturing plants in New York and Vermont.
The grant comes from the $52 billion federal commitment to aid the U.S. computer chip industry to expand manufacturing capacity and the supply chain amid growing economic and technological threats from China.
GlobalFoundries was the first chip manufacturer to be awarded a CHIPS grant under the program, which is overseen through the Commerce Department.
GlobalFoundries is also getting a loan of federal money along with state and potentially local government subsidies to help pay for a $12.5 billion investment at Fab 8 and at its chip factory in Essex Junction, Vt., outside of Burlington.
New York’s Green CHIPS program, which was signed into law by Hochul in 2022, will provide $575 million in tax credits to GlobalFoundries for the expansion.
Empire State Development, which runs the Green CHIPS program, will also commit $15 million in workforce development funding to the GlobalFoundries project.
The Green CHIPS program also requires that GlobalFoundries enter into a “sustainability plan” with Empire State Development to use fully renewable energy for the site’s electricity with “potential onsite solar energy infrastructure and onsite battery storage systems.”
GlobalFoundries already receives a discounted 15 megawatt allotment from ReCharge NY, a program run by the New York Power Authority.
That allotment is expected to increase after consideration at NYPA’s board of directors meeting in March.
The project is also getting $30 million from the state for infrastructure investment in the expansion.
ReCharge NY incentivizes businesses and nonprofits to stay in New York with 7-year contracts providing access to discounted hydro and market energy sources.
In 2023, high-load businesses like GlobalFoundries saved an average of $250,000 per megawatt compared with market rate.
The program sources 455 megawatts of power from hydro-electric sources in Western and Northern New York, while procuring 455 megawatts from market sources.
ReCharge NY currently has 66 megawatts of unallocated power, Paul DeMichele, a spokesperson for NYPA, said.
The Independent System Operators most recent annual report showed that two years ago, 22 percent of the market was from hydro-electric power, 21 percent was from nuclear power, 4 percent from wind and less than 1 percent from solar, while more than 51 percent came from oil and gas.
The strain of the “large load project” is expected to narrow the reliability margin as a project is brought onto the grid through an interconnection process.
Kevin Lanahan, a spokesman for the Independent System Operators, said that the pace of new renewable energy sources is not matching the pace of retiring fossil fuel-based energy leaving the grid, leading to an overall decline in the total megawatts available on New York’s grid.
Donohue, who is also a member of the New York Climate Council, which was tasked with developing a scoping plan to meet the goals of the climate act, said that New York needs “honest assessments” about how energy-demanding projects can be brought to the state while prioritizing the reliability of the electrical grid.
“The pace of promises in New York does not keep up with the pace of play,” Donohue said.
“New York is a very difficult state to build anything and even more complicated when it’s an energy infrastructure project, regardless of the fuel source.”
“… At the end of the day, reliability is paramount.”
end quotes
And reliability with Joe Biden in charge is going right out the window!
http://www.capecharlesmirror.com/paul-p ... ent-903187
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 28, 2024 AT 11:45 PM
Paul Plante says:
And while we are on the subject of MASSIVE CORPORATE WELFARE funded by borrowed money at interest, known as FEDERAL DEBT, let’s go to a Reuters article titled “Chips firms seek double $28 bln US subsidies available, Commerce Dept says” by David Shepardson on February 26, 2024, where we have as follows on the subject, to wit:
WASHINGTON, Feb 26 (Reuters) – U.S. Commerce Secretary Gina Raimondo said on Monday most chips companies seeking government subsidies will get significantly less than they have sought, since the government received requests for more than double the $28 billion it plans to award.
Raimondo said companies in leading edge chips manufacturing have requested more than $70 billion.
end quotes
That is by way of background.
Where I wanted to go in that article is to here, to wit:
The $52.7 billion Chips and Science program approved by Congress in August 2022 includes a $39 billion program to subsidize chip production and related supply chain investments, and the awards will help build factories and increase production.
Earlier this month, Raimondo said Commerce would award a $1.5 billion grant to GlobalFoundries, the first major award.
“These are highly complex, first-of-their-kind facilities.”
“The kind of facilities that TSMC, Samsung, Intel are proposing to do in the United States – these are new-generation investments – size, scale complexity that’s never been done before in this country,” Raimondo told Reuters this month.
end quotes
Yes, people, they have never been done here in this country, and the consequence is that non-technical political hacks like Gina Raimondo who is pushing Joe Biden’s INSANE GREEN DREAM on us like a good little political soldier haven’t a clue as to what really is needed besides a building to make these projects viable, like large amounts of water, and large amounts of electricity.
Where are these coming from, especially in Arizona, which gets less than 13 inches (33 centimeters) of average annual rainfall as America’s second driest state behind Nevada, which meteorologist say averages less than 10 inches (25.4 centimeters) of rain per year compared to the national average of about 30 inches (76 centimeters)?
The answer is that people like Gina Raimondo don’t have a clue.
Stay tuned!
More to come.
http://www.capecharlesmirror.com/paul-p ... ent-903770
Paul Plante says:
And while we are on the subject of MASSIVE CORPORATE WELFARE funded by borrowed money at interest, known as FEDERAL DEBT, let’s go to a Reuters article titled “Chips firms seek double $28 bln US subsidies available, Commerce Dept says” by David Shepardson on February 26, 2024, where we have as follows on the subject, to wit:
WASHINGTON, Feb 26 (Reuters) – U.S. Commerce Secretary Gina Raimondo said on Monday most chips companies seeking government subsidies will get significantly less than they have sought, since the government received requests for more than double the $28 billion it plans to award.
Raimondo said companies in leading edge chips manufacturing have requested more than $70 billion.
end quotes
That is by way of background.
Where I wanted to go in that article is to here, to wit:
The $52.7 billion Chips and Science program approved by Congress in August 2022 includes a $39 billion program to subsidize chip production and related supply chain investments, and the awards will help build factories and increase production.
Earlier this month, Raimondo said Commerce would award a $1.5 billion grant to GlobalFoundries, the first major award.
“These are highly complex, first-of-their-kind facilities.”
“The kind of facilities that TSMC, Samsung, Intel are proposing to do in the United States – these are new-generation investments – size, scale complexity that’s never been done before in this country,” Raimondo told Reuters this month.
end quotes
Yes, people, they have never been done here in this country, and the consequence is that non-technical political hacks like Gina Raimondo who is pushing Joe Biden’s INSANE GREEN DREAM on us like a good little political soldier haven’t a clue as to what really is needed besides a building to make these projects viable, like large amounts of water, and large amounts of electricity.
Where are these coming from, especially in Arizona, which gets less than 13 inches (33 centimeters) of average annual rainfall as America’s second driest state behind Nevada, which meteorologist say averages less than 10 inches (25.4 centimeters) of rain per year compared to the national average of about 30 inches (76 centimeters)?
The answer is that people like Gina Raimondo don’t have a clue.
Stay tuned!
More to come.
http://www.capecharlesmirror.com/paul-p ... ent-903770
Re: WHERE I HAVE BEEN, AND WHY
THE CAPE CHARLES MIRROR FEBRUARY 29, 2024 AT 10:22 PM
Paul Plante says:
So that we can understand what is going on here with the Commerce Department handing out all this taxpayer money to these large corporations, some of which are foreign-owned and foreign-based, like Taiwan Semiconductor Manufacturing Company Limited, which has its headquarters and main operations located in the Hsinchu Science Park in Hsinchu, Taiwan, by way of some essential background as to exactly what role Democrat Gina Marie Raimondo, born May 17, 1971, a year after I returned to this country from service as a combat infantryman in America’s war of choice in Viet Nam, who is an American businesswoman, lawyer, politician, and venture capitalist who has served Joe Biden since 2021 as the 40th United States secretary of commerce, and her commerce department are supposed to be playing in our lives as American citizens, now more or less bystanders in what used to be our nation, let’s go to an excerpted chapter from the 1988 book “From Lighthouses to Laserbeams: A History of the US Department of Commerce,” where we have the following American history on that subject to consider, to wit:
On March 4, 1913, nearly 125 years after the Constitution established promotion of the general welfare as one of the great goals of government, President William Taft signed legislation creating the Department of Commerce.
It was the desire to promote the general welfare through expansion of commerce and industry that had brought the delegates to the fateful meeting in Philadelphia and made the Union possible.
The period between the Declaration of Independence in 1776 and the Constitutional Convention in 1787 had been tumultuous, marked by discord among the newly independent states.
Trade had become particularly troublesome.
At the time, much of the commerce between states was conducted along the Atlantic seaboard and via the waterways flowing into the Atlantic or the inland rivers.
The Articles of Confederation allowed each state the freedom to create regulations, tariffs, and currency and to tax neighboring states using their ports and throughways for interstate or foreign commerce.
In 1785, legislators from Virginia and Maryland recognized the need to work together to ensure mutually profitable commerce on the shared waterways of the Potomac River and agreed to meet.
George Washington, interested in plans to finance navigational improvements that would push the Potomac route westward to the Shenandoah and Ohio Valleys, offered the hospitality of Mount Vernon for the conference.
A 13-point agreement, covering tidewater navigational rights, toll duties, commerce regulations, fishing rights and debt collections, was drawn.
Mt. Vernon Conference
The success of the Mount Vernon Conference led James Madison to write Washington about a proposal for a meeting with commissioners from other states to discuss matters of interstate commerce.
A resolution appointing commissioners was introduced in the Virginia House of Delegates.
The Virginia commissioners were to meet with other state delegates “to consider how far a uniform system in their commercial regulations may be necessary to their common interest and their permanent harmony.”
In 1786, representatives from five states convened in Annapolis “to take into consideration the trade and commerce of the United States.”
At this meeting, Alexander Hamilton, in a proposal cosigned by James Madison and Edmund Randolph, recommended a general meeting of all the states at a future convention.
The mandate was to be broader than that of the Annapolis meeting, because, as Hamilton said, the delegates had been “induced to think that the power to regulate trade is of such comprehensive extent and will enter so far into the general system of the federal government, that to give it efficacy, and to obviate questions and doubts concerning its precise nature and limits, may require a correspondent adjustment of other parts of the federal system.”
U.S. Constitution
This third meeting, which was held in Philadelphia in May, 1787, and presided over by George Washington, resulted in the replacement of the Articles of Confederation with a new United States Constitution, which was adopted on September 17, 1787.
As Hamilton had foreseen, an “adjustment” was made, a profound adjustment that fundamentally restructured the government.
A national executive was authorized and new powers were given to the Congress.
These included the power to “regulate commerce with foreign nations and among the several states.”
Among the proposals which were considered at the Constitutional Convention was one by Gouverneur Morris on August 20, 1787, to create a council of state “to assist the President in conducting the public affairs.”
Morris recommended that the third member be a “Secretary of Commerce and Finance, whose responsibilities would include recommending such things as may in his judgment promote the commercial interests of the United States.”
The Constitution, however, made no provision for a council of state, although soon after Washington took office, the Department of Foreign Affairs (July 27, 1789), renamed the Department of State (September 15, 1789), the War Department (August 7, 1789) and the Treasury Department (September 2, 1789) were created to help administer the new government.
Treasury was given responsibility for business and commerce.
The Secretaries of these departments and the Attorney General, who had been appointed under the act of September 24, 1789, became members of the first Cabinet.
Two States
With the new government in place, North Carolina and Rhode Island, the only two states yet to ratify the Constitution, found that their commerce and manufactures were to be treated in the same manner as those of any foreign country if they were not part of the United States.
North Carolina joined on November 21, 1789; Rhode Island on May 29, 1790.
Commercial and industrial interests thus provided the vital key needed to open the door to the drafting of the Constitution and to its final acceptance by the 13 existing states.
George Washington, in his first address as President, said: “The advance of agriculture, commerce and manufactures by all proper means will not, I trust, need recommendation.”
In December 1795, the House of Representatives created a Committee of Commerce and Manufactures as a third standing committee.
(The Senate established a Commerce Committee in 1816.)
Navy Department
Before the turn of the 19th century, another executive department was added.
The Navy Department was created on April 30, 1798, because of the impending war with France.
In 1829, the Postmaster General was officially invited by President Andrew Jackson to join the Cabinet.
The Department of the Interior came into being in 1849, and although broader duties had been proposed its focus became land and Indian affairs.
In 1870, the Department of Justice was created.
In 1884, Congress established a Bureau of Labor in response to the urgings of labor.
It was constituted as a separate department in 1888, but without Cabinet status.
Agriculture was the first industry of the country to be accorded an executive department by the Congress.
The Department of Agriculture was authorized by the act of February 9, 1889.
Panic of 1893
By the mid-1890s, depression conditions which followed the “Panic of 1893” had caused the newly formed National Association of Manufacturers to set as a principal goal the formation of a Department of Commerce and Industry, which would include the independent Department of Labor and other agencies.
end quotes
As an aside, the Panic of 1893 was a depression set off by the failure of two of the largest employers in the country: The Philadelphia and Reading Railroad and the National Cordage Company with the result that the stock market plummeted as businesses that had borrowed heavily to invest in railroads went bankrupt.
Going back to the history, it continues as follows:
Instead, in 1898, Congress created a U.S. Industrial Commission to investigate a number of economic and social problems, including the growing impact of corporate trusts on the national welfare.
Even when the Twelfth Census in 1900 showed that the aggregate value of manufacturing products of the United States exceeded $13 billion, approximately four times the value of all the products of agriculture, Congress did not respond to the pleas of business for a Cabinet agency for commerce and industry.
By this time, the enormous growth of business, industry, commerce and banking between 1850 and 1900 had resulted in an increase of the national wealth from under $5 billion to $88 billion, 20 percent of which was in the hands of fewer than 4,000 men.
Great Wealth
Some of these were among Theodore Roosevelt’s “malefactors of great wealth,” who had benefited from the nation’s rapid change from an agrarian society to an industrial one powered by steam engines, gasoline automobiles, electricity, telegraphs, and other inventions ranging from crude washing machines to zippers.
Problems with transportation of increased volumes of materials and goods had already led to the establishment of an Interstate Commerce Commission in 1887 to regulate railroad rates and access.
At the end of the 1890s, with the assistance of President William McKinley’s “Open Door” policy of actively promoting exports, the value of American manufactured goods sold abroad had almost tripled, and total foreign commerce had passed the $1 billion mark as exports exceeded imports for the first time.
What was to be called the great commercial invasion of Europe had begun.
Still, Congress did not act on proposals for a Cabinet department for commerce until Roosevelt succeeded to the Presidency and recommended creation of a combined Department of Commerce and Labor in his first State of the Union message in 1901.
end quotes
Teddy Roosevelt was known as a “trust buster” who took the view that the President as a “steward of the people” should take whatever action necessary for the public good unless expressly forbidden by law or the Constitution,” and as President, Roosevelt held the ideal that the Government should be the great arbiter of the conflicting economic forces in the Nation, especially between capital and labor, guaranteeing justice to each and dispensing favors to none.
Going back to the history, we have more as follows, to wit:
Roosevelt wanted the new department to have the power to investigate corporate earnings and to guard the rights of the workingman.
Spurred by the President, once again Congress considered a proposal for a Department of Commerce.
When the debate in Congress concluded, the advocates of a Department of Commerce agreed to a compromise with those seeking a Cabinet voice for labor.
For the first time in the Nation’s history, a vote was scheduled on the creation of a new executive department with a dual title, the Department of Commerce and Labor.
Years: 1903-1913
On February 14, 1903, Congress approved legislation (S.359) creating a Department of Commerce and Labor and President Theodore Roosevelt signed the bill (32 Statute 825) that same day.
Two days later, Roosevelt nominated his personal secretary, George B. Cortelyou, to be the first Secretary.
He was sworn in on February 18, 1903.
The new Department of Commerce and Labor was one of the largest and most complicated in Government.
It included a Bureau of Corporations, Bureau of Immigration, Bureau of Navigation, Light House Board, Steamboat Inspection Service, Bureau of Statistics, Coast and Geodetic Survey, Bureau of Standards, Bureau of Census, Bureau of Fisheries, and the still to be organized Bureau of Manufactures.
The Department of Labor became once more a Bureau of Labor and accounted for only one percent of all personnel.
Promoting Commerce
Charged with fostering, promoting and developing foreign and domestic commerce, the mining, manufacturing, shipping and fishery industries, the labor interests, and the transportation facilities of the United States, the Department’s work was to include:
* investigating management of corporations (except railroads) engaged in interstate commerce;
* administering the Lighthouse Service, including the establishment and maintenance of aids to navigation;
* taking the census;
* making coast and geodetic surveys;
* collecting and publishing statistics on foreign and domestic commerce;
* investigating markets for American products;
* inspecting steamboats and enforcing laws pertaining thereto for the protection of life and property;
* supervising Alaskan fur-seal and salmon fisheries;
* monitoring merchant vessels, including their registry, measurement, licensing, entry, and clearance;
* applying immigration law; and
* collecting information on hours of labor, earnings, and means of promoting material, social, intellectual and moral prosperity.
end quotes
Today, do we see Gina Raimondo making any attempt whatsoever to promote social, intellectual and moral prosperity in this country?
Going back to the history we have more as follows:
The Secretary also was required to make special investigations as requested and to report annually to the President on Department activities.
The youngest department had responsibility for some of the oldest programs in government: The maintenance of lighthouses was authorized by Congress in 1789.
The first census was conducted in 1790.
Thomas Jefferson signed legislation creating a “Survey of the Coast” in 1807.
The Treasury Department started keeping statistics on waterborne foreign commerce in 1820 and organized an Office of Weights and Measures in 1836.
Within five months, when all transfers were complete, the Department of Commerce and Labor grew from one official, the Secretary, to a total of 10,125 people in Washington and the country at large.
Cortelyou served only a year before being called to manage Roosevelt’s presidential campaign in June, 1904.
But his successor, California congressman Victor H. Metcalf, found that the work of organizing the Department had been “as thorough and complete” as was possible.
During Metcalf’s tenure, the Bureau of Manufactures, which would be most directly related to the primary function of the Department — the promotion of industry and commerce — was established in 1905 with an $11,020 appropriation and provision for seven employees, including a bureau chief and assistant messenger.
Secretaries
There were two more Secretaries of Commerce and Labor over the combined Department’s limited lifespan, Oscar S. Straus, an entrepreneur and former U.S. Minister to Turkey (1906-1909), and Charles Nagel, a politician and Missouri supreme court justice (1909-1913).
The Department became the increasing focus of requests for information of every kind — scientific, sociological, statistical, and commercial.
By 1912, manufactures accounted for 47 percent of exports, up from 32 percent in 1902 and 18 percent in 1892, with a total value exceeding $1 billion for the first time.
end quotes
In our times today, in a Reuters article titled “US economy on firmer footing heading into first quarter” by Lucia Mutikani on February 28, 2024, we have as follows on exports:
The goods trade deficit increased 2.6% to $90.2 last month, the Commerce Department’s Census Bureau said in a separate report on Wednesday.
Exports rose 0.2% to $170.4 billion, but were outpaced by a 1.1% jump in imports to $260.6 billion.
end quotes
And again, some more history:
In a report to Roosevelt, Straus summarized the climate in these words: “Our age has been very properly called an era of commercial development and expansion, and the United States, by reason of its many exceptional advantages, its boundless natural resources, and possessing a growing, intelligent, energetic, enterprising, and self-reliant population, is reaping a greater share of industrial and commercial prosperity than any of the other nations of the world.”
As the need for ever-expanding markets for manufactures intensified and workers moved from farm to factory in greater numbers, labor brought increasing pressure for separation of the Department’s functions and independent Cabinet status.
President William Taft signed legislation on March 4, 1913, his last day in office, splitting the combined department.
Labor was given Cabinet status and the designation of the Department of Commerce and Labor was changed to the Department of Commerce.
It had taken more than a century for the Congress to establish an executive department exclusively devoted to the commercial and manufacturing interests of the Nation.
http://www.capecharlesmirror.com/paul-p ... ent-904226
Paul Plante says:
So that we can understand what is going on here with the Commerce Department handing out all this taxpayer money to these large corporations, some of which are foreign-owned and foreign-based, like Taiwan Semiconductor Manufacturing Company Limited, which has its headquarters and main operations located in the Hsinchu Science Park in Hsinchu, Taiwan, by way of some essential background as to exactly what role Democrat Gina Marie Raimondo, born May 17, 1971, a year after I returned to this country from service as a combat infantryman in America’s war of choice in Viet Nam, who is an American businesswoman, lawyer, politician, and venture capitalist who has served Joe Biden since 2021 as the 40th United States secretary of commerce, and her commerce department are supposed to be playing in our lives as American citizens, now more or less bystanders in what used to be our nation, let’s go to an excerpted chapter from the 1988 book “From Lighthouses to Laserbeams: A History of the US Department of Commerce,” where we have the following American history on that subject to consider, to wit:
On March 4, 1913, nearly 125 years after the Constitution established promotion of the general welfare as one of the great goals of government, President William Taft signed legislation creating the Department of Commerce.
It was the desire to promote the general welfare through expansion of commerce and industry that had brought the delegates to the fateful meeting in Philadelphia and made the Union possible.
The period between the Declaration of Independence in 1776 and the Constitutional Convention in 1787 had been tumultuous, marked by discord among the newly independent states.
Trade had become particularly troublesome.
At the time, much of the commerce between states was conducted along the Atlantic seaboard and via the waterways flowing into the Atlantic or the inland rivers.
The Articles of Confederation allowed each state the freedom to create regulations, tariffs, and currency and to tax neighboring states using their ports and throughways for interstate or foreign commerce.
In 1785, legislators from Virginia and Maryland recognized the need to work together to ensure mutually profitable commerce on the shared waterways of the Potomac River and agreed to meet.
George Washington, interested in plans to finance navigational improvements that would push the Potomac route westward to the Shenandoah and Ohio Valleys, offered the hospitality of Mount Vernon for the conference.
A 13-point agreement, covering tidewater navigational rights, toll duties, commerce regulations, fishing rights and debt collections, was drawn.
Mt. Vernon Conference
The success of the Mount Vernon Conference led James Madison to write Washington about a proposal for a meeting with commissioners from other states to discuss matters of interstate commerce.
A resolution appointing commissioners was introduced in the Virginia House of Delegates.
The Virginia commissioners were to meet with other state delegates “to consider how far a uniform system in their commercial regulations may be necessary to their common interest and their permanent harmony.”
In 1786, representatives from five states convened in Annapolis “to take into consideration the trade and commerce of the United States.”
At this meeting, Alexander Hamilton, in a proposal cosigned by James Madison and Edmund Randolph, recommended a general meeting of all the states at a future convention.
The mandate was to be broader than that of the Annapolis meeting, because, as Hamilton said, the delegates had been “induced to think that the power to regulate trade is of such comprehensive extent and will enter so far into the general system of the federal government, that to give it efficacy, and to obviate questions and doubts concerning its precise nature and limits, may require a correspondent adjustment of other parts of the federal system.”
U.S. Constitution
This third meeting, which was held in Philadelphia in May, 1787, and presided over by George Washington, resulted in the replacement of the Articles of Confederation with a new United States Constitution, which was adopted on September 17, 1787.
As Hamilton had foreseen, an “adjustment” was made, a profound adjustment that fundamentally restructured the government.
A national executive was authorized and new powers were given to the Congress.
These included the power to “regulate commerce with foreign nations and among the several states.”
Among the proposals which were considered at the Constitutional Convention was one by Gouverneur Morris on August 20, 1787, to create a council of state “to assist the President in conducting the public affairs.”
Morris recommended that the third member be a “Secretary of Commerce and Finance, whose responsibilities would include recommending such things as may in his judgment promote the commercial interests of the United States.”
The Constitution, however, made no provision for a council of state, although soon after Washington took office, the Department of Foreign Affairs (July 27, 1789), renamed the Department of State (September 15, 1789), the War Department (August 7, 1789) and the Treasury Department (September 2, 1789) were created to help administer the new government.
Treasury was given responsibility for business and commerce.
The Secretaries of these departments and the Attorney General, who had been appointed under the act of September 24, 1789, became members of the first Cabinet.
Two States
With the new government in place, North Carolina and Rhode Island, the only two states yet to ratify the Constitution, found that their commerce and manufactures were to be treated in the same manner as those of any foreign country if they were not part of the United States.
North Carolina joined on November 21, 1789; Rhode Island on May 29, 1790.
Commercial and industrial interests thus provided the vital key needed to open the door to the drafting of the Constitution and to its final acceptance by the 13 existing states.
George Washington, in his first address as President, said: “The advance of agriculture, commerce and manufactures by all proper means will not, I trust, need recommendation.”
In December 1795, the House of Representatives created a Committee of Commerce and Manufactures as a third standing committee.
(The Senate established a Commerce Committee in 1816.)
Navy Department
Before the turn of the 19th century, another executive department was added.
The Navy Department was created on April 30, 1798, because of the impending war with France.
In 1829, the Postmaster General was officially invited by President Andrew Jackson to join the Cabinet.
The Department of the Interior came into being in 1849, and although broader duties had been proposed its focus became land and Indian affairs.
In 1870, the Department of Justice was created.
In 1884, Congress established a Bureau of Labor in response to the urgings of labor.
It was constituted as a separate department in 1888, but without Cabinet status.
Agriculture was the first industry of the country to be accorded an executive department by the Congress.
The Department of Agriculture was authorized by the act of February 9, 1889.
Panic of 1893
By the mid-1890s, depression conditions which followed the “Panic of 1893” had caused the newly formed National Association of Manufacturers to set as a principal goal the formation of a Department of Commerce and Industry, which would include the independent Department of Labor and other agencies.
end quotes
As an aside, the Panic of 1893 was a depression set off by the failure of two of the largest employers in the country: The Philadelphia and Reading Railroad and the National Cordage Company with the result that the stock market plummeted as businesses that had borrowed heavily to invest in railroads went bankrupt.
Going back to the history, it continues as follows:
Instead, in 1898, Congress created a U.S. Industrial Commission to investigate a number of economic and social problems, including the growing impact of corporate trusts on the national welfare.
Even when the Twelfth Census in 1900 showed that the aggregate value of manufacturing products of the United States exceeded $13 billion, approximately four times the value of all the products of agriculture, Congress did not respond to the pleas of business for a Cabinet agency for commerce and industry.
By this time, the enormous growth of business, industry, commerce and banking between 1850 and 1900 had resulted in an increase of the national wealth from under $5 billion to $88 billion, 20 percent of which was in the hands of fewer than 4,000 men.
Great Wealth
Some of these were among Theodore Roosevelt’s “malefactors of great wealth,” who had benefited from the nation’s rapid change from an agrarian society to an industrial one powered by steam engines, gasoline automobiles, electricity, telegraphs, and other inventions ranging from crude washing machines to zippers.
Problems with transportation of increased volumes of materials and goods had already led to the establishment of an Interstate Commerce Commission in 1887 to regulate railroad rates and access.
At the end of the 1890s, with the assistance of President William McKinley’s “Open Door” policy of actively promoting exports, the value of American manufactured goods sold abroad had almost tripled, and total foreign commerce had passed the $1 billion mark as exports exceeded imports for the first time.
What was to be called the great commercial invasion of Europe had begun.
Still, Congress did not act on proposals for a Cabinet department for commerce until Roosevelt succeeded to the Presidency and recommended creation of a combined Department of Commerce and Labor in his first State of the Union message in 1901.
end quotes
Teddy Roosevelt was known as a “trust buster” who took the view that the President as a “steward of the people” should take whatever action necessary for the public good unless expressly forbidden by law or the Constitution,” and as President, Roosevelt held the ideal that the Government should be the great arbiter of the conflicting economic forces in the Nation, especially between capital and labor, guaranteeing justice to each and dispensing favors to none.
Going back to the history, we have more as follows, to wit:
Roosevelt wanted the new department to have the power to investigate corporate earnings and to guard the rights of the workingman.
Spurred by the President, once again Congress considered a proposal for a Department of Commerce.
When the debate in Congress concluded, the advocates of a Department of Commerce agreed to a compromise with those seeking a Cabinet voice for labor.
For the first time in the Nation’s history, a vote was scheduled on the creation of a new executive department with a dual title, the Department of Commerce and Labor.
Years: 1903-1913
On February 14, 1903, Congress approved legislation (S.359) creating a Department of Commerce and Labor and President Theodore Roosevelt signed the bill (32 Statute 825) that same day.
Two days later, Roosevelt nominated his personal secretary, George B. Cortelyou, to be the first Secretary.
He was sworn in on February 18, 1903.
The new Department of Commerce and Labor was one of the largest and most complicated in Government.
It included a Bureau of Corporations, Bureau of Immigration, Bureau of Navigation, Light House Board, Steamboat Inspection Service, Bureau of Statistics, Coast and Geodetic Survey, Bureau of Standards, Bureau of Census, Bureau of Fisheries, and the still to be organized Bureau of Manufactures.
The Department of Labor became once more a Bureau of Labor and accounted for only one percent of all personnel.
Promoting Commerce
Charged with fostering, promoting and developing foreign and domestic commerce, the mining, manufacturing, shipping and fishery industries, the labor interests, and the transportation facilities of the United States, the Department’s work was to include:
* investigating management of corporations (except railroads) engaged in interstate commerce;
* administering the Lighthouse Service, including the establishment and maintenance of aids to navigation;
* taking the census;
* making coast and geodetic surveys;
* collecting and publishing statistics on foreign and domestic commerce;
* investigating markets for American products;
* inspecting steamboats and enforcing laws pertaining thereto for the protection of life and property;
* supervising Alaskan fur-seal and salmon fisheries;
* monitoring merchant vessels, including their registry, measurement, licensing, entry, and clearance;
* applying immigration law; and
* collecting information on hours of labor, earnings, and means of promoting material, social, intellectual and moral prosperity.
end quotes
Today, do we see Gina Raimondo making any attempt whatsoever to promote social, intellectual and moral prosperity in this country?
Going back to the history we have more as follows:
The Secretary also was required to make special investigations as requested and to report annually to the President on Department activities.
The youngest department had responsibility for some of the oldest programs in government: The maintenance of lighthouses was authorized by Congress in 1789.
The first census was conducted in 1790.
Thomas Jefferson signed legislation creating a “Survey of the Coast” in 1807.
The Treasury Department started keeping statistics on waterborne foreign commerce in 1820 and organized an Office of Weights and Measures in 1836.
Within five months, when all transfers were complete, the Department of Commerce and Labor grew from one official, the Secretary, to a total of 10,125 people in Washington and the country at large.
Cortelyou served only a year before being called to manage Roosevelt’s presidential campaign in June, 1904.
But his successor, California congressman Victor H. Metcalf, found that the work of organizing the Department had been “as thorough and complete” as was possible.
During Metcalf’s tenure, the Bureau of Manufactures, which would be most directly related to the primary function of the Department — the promotion of industry and commerce — was established in 1905 with an $11,020 appropriation and provision for seven employees, including a bureau chief and assistant messenger.
Secretaries
There were two more Secretaries of Commerce and Labor over the combined Department’s limited lifespan, Oscar S. Straus, an entrepreneur and former U.S. Minister to Turkey (1906-1909), and Charles Nagel, a politician and Missouri supreme court justice (1909-1913).
The Department became the increasing focus of requests for information of every kind — scientific, sociological, statistical, and commercial.
By 1912, manufactures accounted for 47 percent of exports, up from 32 percent in 1902 and 18 percent in 1892, with a total value exceeding $1 billion for the first time.
end quotes
In our times today, in a Reuters article titled “US economy on firmer footing heading into first quarter” by Lucia Mutikani on February 28, 2024, we have as follows on exports:
The goods trade deficit increased 2.6% to $90.2 last month, the Commerce Department’s Census Bureau said in a separate report on Wednesday.
Exports rose 0.2% to $170.4 billion, but were outpaced by a 1.1% jump in imports to $260.6 billion.
end quotes
And again, some more history:
In a report to Roosevelt, Straus summarized the climate in these words: “Our age has been very properly called an era of commercial development and expansion, and the United States, by reason of its many exceptional advantages, its boundless natural resources, and possessing a growing, intelligent, energetic, enterprising, and self-reliant population, is reaping a greater share of industrial and commercial prosperity than any of the other nations of the world.”
As the need for ever-expanding markets for manufactures intensified and workers moved from farm to factory in greater numbers, labor brought increasing pressure for separation of the Department’s functions and independent Cabinet status.
President William Taft signed legislation on March 4, 1913, his last day in office, splitting the combined department.
Labor was given Cabinet status and the designation of the Department of Commerce and Labor was changed to the Department of Commerce.
It had taken more than a century for the Congress to establish an executive department exclusively devoted to the commercial and manufacturing interests of the Nation.
http://www.capecharlesmirror.com/paul-p ... ent-904226