Reveille Letter - Pre-market morning financial commentary with an international circulation

Blog Detail

Reveille Reconnaissance Blog

This blog is for the benefit of both subscribers and non-subscribers and is public to assist...
To subscribe to the Reveille Letter,
click here

In The News for Tuesday, July 26, 2022
Posted Jul 26 2022 7:40AM

·        Like most of you probably, I was a big fan of Gen. (Mad Dog) Mattis initially when he first appeared in the limelight and hoped he would be a great Secretary of Defense when President Trump named him. He turned out to be a disappointment. I read his autobiography, and it caused me to dial back my enthusiasm for him and to realize he wasn’t the renaissance warrior he was touted as. His involvement in the Theranos scam further hurt his reputation. But the thing that really changed my feeling about him was his involvement in a miscarriage of woke justice against his own Marines. I have followed this story and this article is a good description of what happened. How Mattis Betrayed His Fellow Marines at the Behest of the Deep State. It is written by Maj. Fred Galvin, USMC (Ret.), author of A Few Bad Men.

·        European reacts to her first American Rodeo. Great clip. Twenty minutes of good fun.  If you’ve ever been to a local rodeo you’ll appreciate this.  

·        Hopefully, the Senate will not confirm this Biden appointee to the 9th Circuit Appeals Court. Biden Appoints Pro-Crime Appellate Judge.

·        Ed Hyman points out that inflation might have peaked, but it will take at least another two years before real wages catch up to where they were two years ago.

·        A good article in USA Today by Glenn Reynolds. Oikophobia on the rise after Trump win. Oikophobia: the opposite of Xenophobia. It is the irrational, exaggerated fear of your fellow citizens. I would argue that if you are an unhinged liberal a little oikophobia might be in order.

·        Perhaps it’s because Salon and most liberals are totally out of touch with most Americans. How in God’s name are the Democrats still losing – even after Jan. 6 hearings and Roe? LOL. It’s precisely because of these things, you idiots.

·        As the author says, let’s hope sanity prevails as the Senate tries to pass a Semiconductor subsidy bill that has morphed from $76 billion to $250 billion.

The $76 billion Chips version is wasteful enough since the pandemic computer-chip shortage is already easing amid slowing demand and new investments in capacity—including new factories in the U.S.

But politicians always want more, and the $250 billion version will help the U.S. compete against China only if you believe that the key to success is a larger federal bureaucracy and more political allocation of capital.

·        SCOTUS and media silence: Whatever happened to the leak probe? My guess is it turned out to be Justice Kagan and they are keeping it quiet.