
I am fond of quoting the opening of A Tale of Two Cities to note that it is always the best and worst of times. But there is one way that I am particularly focused on that modern America is the worst of times. That is the overwhelming influence of the power elite on economic policy. Right now, there is a huge push to tighten the money supply. The net result of this will be to stop even the modest economic recovery we have going. And why do we supposedly need to do this? Because the inflation rate might—Might!—tick up a bit past two percent.
Consider Evan Soltas. In Bloomberg View a couple of days ago, he argued that the economy is nearly at full employment. “The strongest piece of evidence is that far too many people are choosing to leave their jobs in search of better ones—what economists dryly call ‘quits’—for there to be much slack left in the economy and, in particular, in the labor market.” But Dean Baker countered this last night, Getting to Full Employment By Lowering the Goalpost. He noted that although the “quit rate” is up a bit, it is still well below the rate at the bottom of the last recession.
The point here is that the power elites are running around looking for any reason at all to raise interest rates. They’ve never cared about high levels of unemployment. But as long as inflation was running at under two percent, they couldn’t really get away with calling for higher interest rates. Not that many didn’t do just that, but it wasn’t mainstream. Now we have a situation where people are looking at the “quit rate” and screaming inflation, despite the fact that the employment situation looks like this:

This morning, Paul Krugman countered a different attack, Wages of Fear. In this case, the folks who are worried about inflation rising to a reasonable level are arguing that wages are rising and that spells disaster. But as Krugman notes: we are barely seeing any rise in wages and what we are seeing is only quite recent. But more to the point:
Sadly, I have an answer for Krugman. For the people trying to sell the “overheating economy” line, nothing is wrong with rising wages. It is just another plausible sounding argument to justify doing what they want: keeping inflation low. Remember, this is the rentier class. Inflation can’t get too low. The lower the inflation rate, the more their current rents are worth. These people aren’t concerned about the economy generally—only how it affects their particular form of wealth.
Notice that these people can go around and lobby for bad economic policy and no one raises an eyebrow. But the moment the working classes complain about a lack of jobs and income inequality, well, that’s class warfare. It’s maddening. A good economy helps everyone. A bad economy only helps the already rich. This really shouldn’t be a difficult choice. But the fact that even council members of small towns are dependent upon rich benefactors means that their interests take precedence over everything else. And that is class warfare. They’re killing the rest of us.

Garofalo has defended his tweet by saying that he was not talking about blacks (that make three-quarters of the NBA), but rather the athletes who feel they are above the law, blah, blah, blah. That’s to be expected. That’s the point of a dog whistle: you can always say, “I didn’t mean that! You are the racist for thinking I did!” It’s just perfect for the hateful. It’s what allows Ann Coulter to say things designed to offend and then pretend to be offended when others don’t find her humorous.
Peter Hart of Fairness and Accuracy In Reporting (FAIR) wrote a great article,
The US government is against the current democratically elected government in Venezuela, so all the good “independent” journalists in the United States are hot on the trail for any story that will push that narrative.
On this day, there are so many people I could have chosen to write about. There is the 
Many years ago, I read about the events that led up to a terrible airline crash. The pilots had set their plane on automatic pilot so that they could work on a problem they were having with their landing lights—an important but non-critical issue. But something had gone wrong with the automatic pilot system and the plane slowly descended. When the plane was about 100 feet off the ground, the pilots noticed the problem. But they were stunned. They just couldn’t believe that they were actually so low to the ground. And so they did nothing for several seconds and the plane crashed killing hundreds.
Paul Waldman wrote a great article over at The American Prospect,
Last year on this day, I talked about Osama bin Laden. And I recommend that you click over, because I think I was rather insightful. The article was called,
Jonathan Turley is a great man and I very much admire him. He is an idealist in a world gone mad with cynicism. Even when I disagree with him, I see his point. And mostly, I do agree with him. And that brings us to his op-ed in yesterday’s Los Angeles Times,
If a public official is acting really badly, you can depend upon the fact that he is doing it, “For the kids!” It’s gotten to the point where much of the country is determined to destroy itself in the name of keeping the development of children arrested. It
I spent much of yesterday over at the 
On this day in 1940, the actor Raul Julia was born. I hesitate to call him “great” even though he was a very fine actor. The problem is that he was in so much crap, it is amazing. Take, for example,