Word of an Iran deal this morning hasn’t goosed the markets. In fact, the Dow was about flat when I peeked at it.
What was moving was the price of oil, which was down into the $51 range. And that is likely because if the deal is approved by the US (big hurdle there) then oil supplies will be plentiful and with the US rig count up a tad, looks like Boone Pickens might be off on his $70 oil by year end call made just last week.
Interestingly, the European markets were down. We can only attribute to the notion that war is good for the economy and peace is a loser. Hence, if the Iran deal is a solid, there won’t be all those bunker busters and arms sales.
President Obama “has the gloat on” about the deal and says he will veto any attempt by congress to block it.
For a constitutional scholar, the real problem may come if congress over-rides the veto, but that will have to await disclosure of what’s specifically in the deal.
And given how the TPP misdealing’s went, I don’t expect that today. But go ahead, surprise me, please.
Meanwhile, a court in Iran has issued a $50 billion judgment against the USA which would be almost comical, except I suppose there will be people in Washington who will support paying it.
“If you want a deal bad enough, you’ll make a bad deal” may be about to ring true.
Greece Troubles Continue
The idea of having “foreign supervisors” ruling Greece is not playing well. We may get a chance to see how NATO will react when Greece boils over…that’d be interesting, we think.
As you read more details over here, think of the world EuroCoup.
Fell in the fresh report out just a few minutes ago from Census:
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and
holiday and trading-day differences, but not for price changes, were $442.0 billion, a decrease of 0.3 percent (±0.5%)* from the previous month, but up
1.4 percent (±0.9%) above June 2014. Total sales for the April 2015 through June 2015 period were up 1.7 percent (±0.7%) from the same period a
year ago. The April 2015 to May 2015 percent change was revised from +1.2 percent (±0.5%) to +1.0 percent (±0.3%).
Retail trade sales were down 0.3 percent (±0.5%)* from May 2015, but up 0.6 percent (±0.7%)* above last year. Food services and drinking places were
up 7.7 percent (±3.3%) from June 2014 and sporting goods, hobby, books and music were up 6.6 percent (±1.9%) from last year. Gasoline stations
were down 17.1% (±1.4%) from the previous year.
Only thing holding the economy together is car sales:
Go buy another one…save ‘Merica.
Some Recovery, Huh?
Food stamp recipients are over 45-million again. Oh boy. If this is a recovery, I can hardly wait to see what a pullback will be like.
If you’re keeping track, this is for two years in a row. No, didn’t see any demographics on who is new to ‘em…
KOIN-TV in Portland says Oregon will be toast, too. Though damned if I could figure out white, wheat, or rye…
Attacking the Pot Shops
Pretty interesting case up in Colorado, where an out of state “anti crime” group has forced one pot shop to close under organized crime and racketeering charges.
Where this will be interesting is that under Colorado state law it’s not illegal, but under federal law (we assume d paid for by alcohol interests who don’t want competition and the insurance industry) it is… Where there’s a will, there’s a lawyer.
Mozilla Blocking Flash
Or, maybe you like security vulnerabilities…