Good morning. Yesterday’s quote was the Bureau of Labor Statistics on the rising inflation rates. Today big banks post record earnings; CBS repeats Cuban propaganda; Texas lawmakers flee the state; and OPEC agrees to pump more oil. Here is today’s quote:
Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.
Large banks continue to post record earnings. Bank of America, for example, more than doubled its profit. The only issue: the low rates perpetrated by the Federal Reserve kept its revenue from seeing the same kind of jump. Record-high stock prices and better-than-expected loan losses have likewise allowed JPMorgan Chase to profit in recent months, posting $31.4 billion in revenue versus the $29.9 billion expected by analysts.
Cubans are taking to the streets of Havana to protest the squalor conditions brought on by its communist dictatorship. Regurgitating Cuban propaganda that blamed former President Donald Trump for refusing to roll back the sanctions—penalties that have been in place since the Kennedy administration—CBS had this to say:
Díaz-Canel, like his predecessors did for decades before him, blames Cuba’s economic malaise on the U.S. trade restrictions and sanctions imposed by former President Donald Trump. In his remarks on Sunday, he accused American officials and others in the U.S. of fueling the unrest in his small Caribbean nation by spreading anti-government propaganda.
MISSING: Fifty-seven Texas state legislators. Last seen absconding from the democratic process in order to protest attempts undermine the democratic process. These criminals seem to have used taxpayer dollars to rent a private jet to, and hotel rooms in, Washington, D.C., where they will ask US lawmakers to abolish the filibuster and subvert the national democratic process. If seen, please report them to the Texas sergeant-in-arms, who has been instructed to arrest absent legislators upon their return. PLEASE NOTE: arrests can only be made within the state of Texas.
Oil prices have skyrocketed over the past year. That was wholly expected, given the Saudi – Russian agreement not to oversupply the international marketplace. That deal proposed to cut 9.7 million barrels per day. Since then, OPEC nations rolled the cuts back to 5.8 million bpd, which is set to be sliced in half under a new deal with the United Arab Emirates to take advantage of these higher prices. Crude oil prices stayed flat around $75/barrel on the news.