1
Black Knight: Another Record Low for Mortgage Delinquencies in May
From Black Knight: Black Knight’s First Look: Continued Improvement Pushes
Mortgage Delinquencies to New Record Low in May; Prepayment Activity
Doubles Over Past Four Months
• The national delinquency rate has fallen for the third consecutive month,
hitting 3.36% in May, its lowest level since Black Knight began reporting
the metric in January 2000
• Both early-stage and serious delinquencies fell from April, as did loans
in active foreclosure, bringing total non-current inventory – all loans
past due, including foreclosures – to its lowest point since early 2005
• Foreclosure star... more »
Caution helps.
2
Philly Fed Mfg "Manufacturing conditions in the region weakened" in June
From the Philly Fed: June 2019 Manufacturing Business Outlook Survey
Manufacturing conditions in the region weakened this month, according to
firms responding to the June Manufacturing Business Outlook Survey. The
current activity index declined to a reading just above zero this month.
The survey’s indexes for new orders, shipments, and employment remained
positive but also declined from their May readings. Most of the survey’s
future activity indexes improved but continue to reflect muted optimism for
the remainder of the year.
*The diffusion index for current general activity dec... more »
Hope does not defer bankruptcy.
3
Weekly Initial Unemployment Claims decreased to 216,000
The DOL reported:
In the week ending June 15, the advance figure for *seasonally adjusted
initial claims was 216,000*, a decrease of 6,000 from the previous week's
unrevised level of 222,000. The 4-week moving average was 218,750, an
increase of 1,000 from the previous week's unrevised average of 217,750.
emphasis added
The previous week was unrevised.
The following graph shows the 4-week moving average of weekly claims since
1971.
*Click on graph for larger image.*
The dashed line on the graph is the current 4-week average. The four-week
average of weekly unemployment claims inc... more »
Hope does not fix insufficient income.
4
New York Union Throws Weight Behind ‘Hometown Guy’ Bill de Blasio for 2020
A New York hotel union is directing donations to the mayor, with an eye on
influencing the next mayor’s race in addition to the presidential contest.
De Blasio is doing a good job.
5
Cory Booker Proposes Clemency for Thousands of Nonviolent Drug Offenders
Mr. Booker’s proposal, announced a week before the first 2020 primary
debate, would be the broadest clemency initiative since the Civil War.
The clemency for addicts is a good idea.
6
To Take Down Big Tech, They First Need to Reinvent the Law
For decades, antitrust has focused on the welfare of the consumer. Now a
backlash over Big Tech’s power has regulators and scholars trying to
reverse years of established doctrine.
https://en.wikipedia.org/wiki/United_States_Postal_Service
https://en.wikipedia.org/wiki/Interstate_Commerce_Commission
https://en.wikipedia.org/wiki/Federal_Communications_Commission
The law is there.
Use it inspite of this president.
7
‘These People Aren’t Coming From Norway’: Refugees in a Minnesota City Face a Backlash
As more Somali refugees arrive in St. Cloud, white anti-immigration
activists have pressed an increasingly explicit anti-Muslim agenda.
These Somali are refugees.
Treat them as refugees.
8
New Judge in the 9/11 Trial at Guantánamo Inherits a Complex History
Col. W. Shane Cohen could be the first judge to set a trial date for the
five defendants charged in the Sept. 11, 2001, terror attacks.
War crimes are a burden. The U.S. is guilty.
9
On Politics: Revisiting the Case for Reparations
NYT > Politics - 8 hours ago
The writer Ta-Nehisi Coates testified during a House Judiciary Committee
hearing about government reparations for African-Americans.
The tort is real.
https://en.wikipedia.org/wiki/Tort
The injuring party is not easily available.
https://en.wikipedia.org/wiki/Leviathan_(Hobbes_book)
10
Joe Biden and Democratic Rivals Exchange Attacks Over His Remarks on Segregationists
Mr. Biden’s fond remarks about dealing with segregationist senators are
raising questions about both his political past and his political acumen
now in dealing with it.
Joe Biden should not be president.
11
A New Lincoln Bible, From a Mantel to a Presidential Library
The Bible, given to a friend of Lincoln’s after his death, has remained out
of sight, passed along from one generation to another, unknown to the vast
array of scholars who have studied his life.
This is a trivial discovery.
The bible Lincoln read and marked is important.
12
House Moves Forward With Spending Bills as Congress Grapples With Looming Fiscal Deadlines
The burst of productivity stood in stark contrast to the tenor of the wider
negotiations, which are hung up over how much to increase domestic spending.
Collect the taxes.
Borrow as necessary.
Keep the National credit good.
13
A Trio of Unlikely Partners: Kim, Xi and Trump
Their motives for getting together are deeply divergent, but the interests
of the leaders of North Korea, China and the United States occasionally
harmonize.
Diplomacy cannot be done by fiat.
https://en.wiktionary.org/wiki/fiat
14
Trump Awards Presidential Medal of Freedom to Arthur Laffer, Tax-Cut Guru
The president gave the nation’s highest civilian honor to a conservative
economist who has advised generations of politicians.
Arthur Laffer should never been allowed to graduate from highschool.
15
Thursday: Unemployment Claims, Philly Fed Mfg Survey
Thursday:
• At 8:30 AM: The *initial weekly unemployment claims* report will be
released. The consensus is for 217 thousand initial claims, down from 222
thousand last week.
• At 8:30 AM: the *Philly Fed manufacturing survey* for June. The consensus
is for a reading of 14.0, down from 16.6.
House sales are falling.
16
South Carolina Will Host 21 Presidential Candidates, and C-Span Can’t Do Live Coverage
After the state Democratic Party cut an unusual deal granting MSNBC live
broadcasting rights, the public affairs network and Fox News lodged
complaints.
Rhere is no right to profit.
17
Immigration Agency Says It Plans Deportation Operation Aimed at Undocumented Families
The acting director of Immigration and Customs Enforcement said the focus
would be on 2,000 family members who already have deportation orders.
Sadism.
18
Can Europe Wean Itself From Fossil Fuels? Its Leaders Are About to Decide
European leaders from 28 countries will decide Thursday whether the E.U.
will aim to get to net-zero emissions in the next 30 years.
Europe must make the attempt.
19
Here’s What Ta-Nehisi Coates Told Congress About Reparations
The writer argued that African-Americans were exploited by nearly every
American institution, before and after slavery ended.
Ta-Nehisi Coates is correct.
Racism and slavery were and are errors that are being corrected.
It is a depressingly slow process.
Most babies are about equal at birth.
If there were no progress Mr. Coates would be enslaved like the rest of us.
20
The Fed Threads the Needle, for Now
Deciding to wait for more evidence is a decision, too, and perhaps a lost
opportunity to get ahead of a problem.
The Fed is steering by watching what was.
It is slow and frightening.
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