Nel's New Day

February 5, 2018

Dueling Memos Accompanied by Dropping Stock Markets

Remember when Congress passed the last stall to the spending bill on January 22, 2018? That was the one they passed because they couldn’t meet the December 21, 2017 deadline when they couldn’t meet the October 1, 2017 deadline. No problem! They claimed they could get a spending bill in three weeks. Everyone knew they couldn’t. The House passed an unconstitutional anti-abortion bill that lost in the Senate, and Rep. Devin Nunes (R-CA) deliver the dud memo that DDT thought would save him from an investigation. It did garner Nunes’ opponent, Democrat Andrew Janz, $300,000 for his campaign in 72 hours. And Congressional members also wandered off to West Virginia for most of a working week while hitting a garbage truck on the way.

The next deadline is this Thursday, and nothing has been done to move forward on it. Republicans promised to deal with the immigration issue but only holds the DACA Dreamers hostage. The next spending bill delay piles the bill on top of a DACA immigration deadline on March 5 and the debt ceiling, a month closer to early March because the Treasury is giving handouts to the wealthy and big corporations.

Treasury Secretary Steve Mnuchin is already taking extraordinary actions to pay the nation’s bills by suspending payments into federal employee retiree, health and disability funds. This time of the year is harder on the treasury because of income tax returns. Last year’s budget deficit was $666 billion, the largest since the recession recovery in 2013.

DDT claimed that he fired former FBI director James Comey because the agency was in “turmoil, but it was the firing that created chaos within the FBI. Both Comey’s and Andrew McCabe’s firings from DDT’s politicization have been responsible for the demoralized environment that has grown only worse from the smear memo from Nunes’ memo. about the surveillance warrant request for Carter Page. Even some Republicans are withdrawing from Nunes and his memo, rejecting the idea that the memo exonerates DDT.

If not outright “misrepresenting” facts, the memo omits information about the research and documents including the background going back at least three years before Page’s involvement with DDT. In August 2013, Page bragged about being an “informal advisor” to the Kremlin. In the memo, Nunes claimed that the FBI didn’t know anything about Page’s Russian connections until Christopher Steele’s dossier of summer 2016 that was paid for by Democrats after conservatives stopped paying for the investigation into DDT.

Discovering that people were not buying his take on the FISA warrant for Page, Nunes switched his focus to George Papadopoulos, asking why there was no warrant for him. Then Nunes left out information about Papadopoulos when he said he didn’t deserve a warrant, claiming that he only got drunk in London and criticized Hillary Clinton instead of the report that he told a diplomat about getting hacked emails with “dirt” on Clinton. He even claimed that DDT had never met Papadopoulos (center left), but a small meeting with the two of them in 2016 is documented in a photo from a campaign meeting.

In an effort to take attention away from his nothing-burger memo, Nunes told Sean Hannity that the real Russian collaborator is the Hillary Clinton that weaponized the FBI against DDT. Nunes claimed that the memo shows a “clear link” between Russia and the Clinton campaign, although the memo only mentions that the Clinton campaign paid for part of Steele’s dossier. Missing from the memo—and Nunes’ talking points—is that a conservative group initially commissioned the investigation on DDT because he was obviously the GOP presidential campaign.

Ellen Nakashima explained in the WaPo that another Nunes point in the memo was also wrong: the application for surveilling Page came from a political source, according to the request. Asked about this discrepancy on Fox & Friends, Nunes said the information was not good enough because it was in small print in a footnote:

“A footnote saying something may be political is a far cry from letting the American people know that the Democrats and the Hillary campaign paid for dirt that the FBI then used to get a warrant on an American citizen to spy on another campaign.”

Failing to successfully communicate his lie about the memo vindicating him, DDT grew more desperate last Monday morning with a smear tweet about the Democratic senator from California with fake stories about his leaking information, “Little Adam Schiff …. Must be stopped!” During his tweets last weekend, DDT clearly indicated he approved the memo in order to block the investigation into Russian meddling with the presidential election.

The popularity of #release the memo came from “bots,” computational propaganda capable of sending massive numbers of social media messages which led to bots claiming they weren’t bots. The “fake” news from bots is changing behavior as shown in this detailed explanation of how a bot “personalizes” with “fake” photos and disseminates fake information about progressive causes.

The House Intelligence Committee has unanimously voted to release the Democratic memo that refutes much of what Nunes wrote. Once again, the ball is in DDT’s court. He has five days to decide whether to release or block it—probably while spweeting (sputter-tweeting?) more about Schiff “leaking” information. The committee can vote to override DDT if he blocks the release, and it can be read into the House record.

DDT has called Nunes a “Great American Hero.” The committee chair said he is keeping secret his “Phase Two” of the GOP investigation to focus on the State Department’s role in the early states of Russian investigation. Almost a year ago, Nunes recused himself from any investigations related to Russia because of an ethics charge that he was giving information to the White House. Charges were dropped last December, but his behavior may call on more ethics charges. Republicans report that as many as five more memos may appear, sure to provide more cover for DDT and avoid the nasty problems of the spending bill and the debt ceiling.

While the media buzz was primarily about Nunes’ memo, DDT set another record: today’s Dow Jones fall of 1,179 was the biggest ever, not even close to the 777 points lost on September 29, 2008. On the same day, the S&P lost its entire January gain, and the Nasdaq was down for the seventh of the last nine days. The Dow loss is on top of over a 1,000+ drop last week; the value equals a loss of over $1 trillion in the first five days of February. Although some people blame the upcoming increase in interest rates by the Federal Reserve, others say the reason is the rising bond market as the U.S. Treasury is borrowing more money. It has to pay for all those tax cuts to the wealthy and big corporations.

Last year, investors ignored the possibilities of a trade war with China, a nuclear war with North Korea, and other fear that might have been discouraging to the stock market. The removal of regulations, especially for Wall Street, encouraged them to buy, buy, buy—driving the Dow Jones index up 10,000 points in the ninth year of its boom. Now the cheap money from global central banks may disappear with rising interest rates.

GOP said that the tax cut would cause big corporations to invest in businesses and hire more workers. Instead, corporations are sheltering more and more of their money or buying back ownership in their companies, an action that briefly drove up stocks. Rising wages and interest rates are a sign of inflation which the Fed will try to ward off by raising the interest rates again. Janet Yellen, who kept rates low, is no longer the Federal Reserve chair, and investors don’t know what the new chair, Jerome H. Powell, will do.

Energy corporations lack high earnings, resulting in the biggest drops in stock value, and health stocks were badly hurt by three large companies creating their own health care company for their employees. Tech stocks went down, and the new Apple I 8 and X phone suffered a downturn in sales. Oil prices went down. There’s not a crash, but the market may be “correcting,” a euphemism for going down.

Kellyanne Conway celebrated her one-year anniversary after inventing the term “alternative facts” by doubling down on the appropriateness of the GOP fictional perspective. In a radio interview, she decried the practice of fact-checking by saying that “Americans are their own fact-checkers” and they “have their own facts.” She added that “the stock market is something [Americans] know about because they’re part of the investor class,” forgetting that fewer than half of those “Americans” have any involvement in the stock market and pretending that the stock market equals the economy. (Maybe her next statement could be “ignorance is knowledge”?) All these people who Conway referenced will now know that the stock market dropped eight percent in as many days.

 

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

the way of improvement leads home

reflections at the intersection of American history, religion, politics, and academic life

© blogfactory

Genuine news

Civil Rights Advocacy

Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has. -- Margaret Mead

AGR Daily News

Transformational News; What Works For Seven Future Generations Without Causing Harm?

JONATHAN TURLEY

Res ipsa loquitur - The thing itself speaks

Jennifer Hofmann

Inspiration for soul-divers, seekers, and activists.

Occupy Democrats

Progressive political commentary/book reviews for youth and adults

V e t P o l i t i c s

politics from a liberal veteran's perspective

Margaret and Helen

Best Friends for Sixty Years and Counting...

Rainbow round table news

Official News Outlet for the Rainbow Round Table of the American Library Association

The Extinction Protocol

Geologic and Earthchange News events

Central Oregon Coast NOW

The Central Oregon Coast Chapter of the National Organization for Women (NOW)

Social Justice For All

Working towards global equity and equality

Over the Rainbow Books

A Book List from Gay, Lesbian, Bisexual, and Transgender Round Table of the American Library Association

The WordPress.com Blog

The latest news on WordPress.com and the WordPress community.

%d bloggers like this: