(FREE) PAINE IN THE MORNING: What you need to know this Tuesday – July 26, 2022

Here’s what you need to know today, Tuesday – July 26, 2022.

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White House Changing Definition of Recession, Will Take New ‘Holistic’ Look at the Situation – With The Washington Post blaring that “Big Tech is bracing for a possible recession,” the Biden White House is redefining the word.

A recession is traditionally defined as two consecutive quarters in which the nation’s Gross Domestic Product shrinks. A new report Thursday will assess the results of the second quarter. Shrinkage took place in the first quarter, and with inflation running at 9.1 percent, there’s not a lot of hope for economic good news. – READ MORE

Treasury Sec Yellen: US Economy Isn’t Necessarily Headed For A Recession, Might Not Meet ‘The Technical Definition’ – Treasury Secretary Janet Yellen said Sunday that the U.S. economy is not necessarily headed for a recession even if the gross domestic product experiences two consecutive quarters of decline

Appearing on NBC’s “Meet the Press,” Yellen acknowledged that many economists generally define a recession as two consecutive quarters of negative GDP growth but emphasized, “That is not the technical definition.” – READ MORE

SHRINKFLATION: Soaring Prices Lead To Smaller Burgers, Pizzas At Restaurants –  Everything’s getting more expensive.

But have you noticed? Everything’s getting smaller, too.

Cereal boxes, soup cans, paper towels, you name it, are all shrinking in a phenomenon known as “shrinkflation.” Manufacturers figure consumers will notice higher prices, but who can tell when a box of Wheat Thins goes from 10 ounces to 8.5 ounces? – READ MORE

Now Inflation Is The Millennials’ Fault! Or Is It? – Putin is causing inflation. Greedy corporations are causing inflation. COVID-19 caused inflation. We hear all kinds of reasons for the recent spike in prices. And now we have a new one. It’s the millennials’ fault.

This is all wrong and it illustrates the problem with redefining inflation to be something it isn’t. – READ MORE

1 industry ‘raking in’ cash during Biden’s inflation – Federal lobbyists have made huge profits in the second quarter of 2022, according to financial disclosures reviewed by Politico, while many Americans continue to feel the effects of inflation and the ongoing energy crisis.

Of the top twenty lobbying firms by revenue, just two saw revenue decreases when compared with the first three months of the year, Politico reported. The lobbying boom was largely attributable to reconciliation negotiations between Democratic Sen. Joe Manchin of West Virginia and Senate Majority Leader Chuck Schumer of New York, as well hotly contested deliberations on whether to dole out subsidies to domestic semiconductor companies. – READ MORE

Trucker Protesters Halt Operations at Port of Oakland over California Labor Law – The Port of Oakland was shut down for the third day in a row on Thursday as truckers continued to protest a California gig worker labor law that could impact an estimated 70,000 truckers.

The protests, which started Monday, have shut down the third busiest port on the West Coast and the eighth largest port in the nation. – READ MORE

Biden must ‘stop the fall in gasoline prices,’ set $5 gallon minimum to combat climate change: Bloomberg op-ed – Bloomberg opinion published a piece Wednesday calling for President Biden to increase gas prices, intentionally and forever, in order to hasten a transition to alternate forms of energy. The op-ed, written by columnist Eduardo Porter, called for a “$5-a-gallon floor on gasoline prices.”

Porter described the policy as “one bold move” that would put a “real dent” in “the emission of heat-trapping carbon dioxide that is causing such havoc with the weather,” although he admitted it was unlikely the president would make it. – READ MORE

World Economic Forum: Ditch Your Car and Save the Planet – Is your car really necessary? The World Economic Forum (WEF) doesn’t think so.

It has published a paper that calls for an end to “wasteful” private car ownership in favor of communal sharing to lessen global demands for precious metals and fossil fuels. – READ MORE

Great Reset: Government to Target Farmers with Carbon Emissions Cuts of Around 28 Per Cent – Ireland’s green agenda-loving government is set to impose an emissions cut of around 28 per cent on farmers, a report has claimed.

Farmers in Ireland may soon be forced to make potentially damaging changes to their businesses as climate alarmist ministers within Ireland’s government look set to cut the sector’s emissions by around 28 per cent. – READ MORE

New York Times Accused of ‘Normalizing’ Cannibalism After Publishing ‘Sick’ Essay – Cannibalism “has a time and a place,” according to a recent New York Times piece that was blasted for “normalizing” human consumption.

In an essay published in the New York Times on Saturday — titled “A Taste for Cannibalism?” — writer Alex Beggs discussed recent media involving cannibalism. – READ MORE

Blackstone Prepares A Record $50 Billion To Snap Up Real Estate During The Coming Crash – The past two months have seen a barrage of negative news coverage focusing on the US housing market…

… which is predictable: after all, with mortgage rates soaring at the fastest pace on record to decade highs, and sending US housing affordability to the lowest in history… – READ MORE

Private Equity Vultures Target Trailer Parks, Hiking Rents And Neglecting Repairs – While Blackstone may be preparing to snap up some $50 billion in real estate during the coming crash, a constellation of out-of-state institutional investors, led by private equity firms and real estate investment trusts, have been swooping in to buy mobile home parks – where they’ve been raising rents and neglecting to perform necessary repairs.

In short, corporate vultures are taking advantage of one of the most vulnerable demographics in the country; some 22 million low-income Americans across 43,000 communities – many of whom are elderly and the disabled who are surviving on social security, disability payments and other forms of fixed income, according to the Associated Press. – READ MORE

“We Decided To Stop Paying”: China’s Mortgage Payment Boycott Spreads As Property Suppliers Refuse To Pay Their Bills – The Great Debt Jubilee is picking up speed: China’s homebuyer mortgage boycott, which prompted Beijing to scramble to avoid a potentially devastating crash in what is the world’s biggest asset…

… is spreading, and according to Bloomberg, some suppliers to Chinese real estate developers are now also refusing to repay bank loans because of unpaid bills owed to them, a sign that the loan boycott that started with homebuyers is starting to spread. – READ MORE