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Our Economy according to Yellen...

This is from Stansberry Digest. Perfect example of the Left's attempt to destroy our economy and rebuild it in the Globalist view. She's a PERFECT example of the BEST that the Radical Left has to offer. Our country is in trouble!


Janet Yellen on the debt... 'I don't think the budget needs to be balanced'... Concern about commercial real estate... Bank crisis: Round 2?... This Fed program will end next month... Unrealized losses are still a problem...


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If there was any doubt Uncle Sam's $34 trillion debt will keep growing...​

Treasury Secretary Janet Yellen shut the door on even the most optimistic of people yesterday...

There is no hope.

At least, that's what I (Corey McLaughlin) took away from Yellen's scheduled testimony on the state of the U.S. economy before the House Committee on Financial Services yesterday.

A member of the House cited a report that falls under Yellen's umbrella – the U.S. Financial Stability Oversight Council's 2023 annual report – which said that...

Higher interest rates and slowing economic growth have increased nonfinancial corporate credit risk. If credit quality significantly worsens, a potential wave of debt defaults could lead to large redemptions at investment funds with significant liquidity mismatches and in turn disrupt bond market functioning. Moreover, such defaults may also have a cascading effect across broader financial markets.

Tell me your viewpoint, Texas Congressman Pete Sessions said... "At what point does this become a problem?"

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This exchange followed...
Yellen: It's critically important that the U.S. be on a fiscally sustainable path. And President Biden has put forward a series of budget proposals...
Sessions: Spending proposals.
Yellen: No, and also tax proposals and investment proposals that would, I believe, guarantee that we are on a fiscally sustainable path.
Sessions: Does that mean ever attempting to balance any one particular year over the next 50 years?
Yellen: Well, I don't think the budget needs to be balanced.

There you have it. The truth is not hidden.

At that point, Sessions interrupted and pointed out the cost of the U.S. debt and the risk it poses to financial stability. The Congressional Budget Office, which advises members of Congress, recently said interest on debt could reach $800 billion this year alone, nearly 7% of annual GDP, about the same as national defense.

Yellen said she agreed the country needed to reduce deficits – projected to be around $1.5 trillion this year – coupled with making investments (i.e., more spending) that are "critical to ensure that we grow and collect tax revenues that are..."

Then her voice trailed off.

Sessions picked up talking about other problems that he felt were mismanagement of government resources. What tax revenues do, in Yellen's mind at that moment, we'll never know... except that they are wanted because Uncle Sam will keep spending.

So much for the generous benefits in the sanctuary cities

In San Francisco, a 20-story office tower that sold for $146 million a decade ago was listed in December for just $80 million.

In Chicago, a 200,000-square-foot-office building in the city’s Clybourn Corridor that sold in 2004 for nearly $90 million was purchased last month for $20 million, a 78 percent markdown.

And in Washington, a 12-story building that mixes office and retail space three blocks from the White House that sold for $100 million in 2018 recently went for just $36 million.

Such steep discounts have become normal for office space across the United States as the pandemic trends of hybrid and remote work have persisted, hollowing out urban centers that were once bustling with workers. But the losses are hitting more than just commercial real estate investors. Cities are also starting to bear the brunt, as municipal budgets that rely on taxes associated with valuable commercial property are now facing shortfalls and contemplating cutbacks as lower assessments of property values reduce tax bills.
“They’re being sold at massive discounts,” Aaron Peskin, president of the San Francisco board of supervisors, said of office buildings in his city. “If you were the folks who bought at the top of the market, you’re taking a huge haircut.”

Mr. Peskin said that San Francisco’s $14 billion budget is facing the prospect of a $1 billion shortfall over the next few years, in part because of lost commercial real estate tax revenue.

“In the short term, it means less money in municipal coffers and a less robust downtown,” he said.

Since the pandemic, cities across the country have benefited from an economic rebound and an infusion of billions of dollars in federal relief money that was disbursed through the American Rescue Plan of 2021. That left municipalities so flush with cash that they were giving city workers raises, refurbishing local basketball and tennis courts and upgrading sewage systems.

But now budgets are starting to tighten.

A fiscal report published by the National League of Cities last year found that optimism among municipal finance officials has started to wane amid concerns of weaker sales and lower property taxes coinciding with the expiration of federal funds.

Cutbacks could lead to what Arpit Gupta, a professor at the New York University Stern School of Business, has described as an “urban doom loop” across the United States.

In a research paper that was updated late last year, Mr. Gupta and his colleagues estimated that the national office market lost $664.1 billion in value from 2019 to 2022. To fill the budget holes created by the lost tax revenue, they posited that cities could cut services or raise other kinds of taxes. But that would come with its own downsides, including prompting businesses and residents to leave, exacerbating the problem by further eroding the tax base.


Mr. Gupta compared the dynamic to the conundrum that rust belt cities experienced in the 1960s and ’70s when manufacturers shuttered and local governments struggled to balance their budgets.

“Some cities that tried to raise taxes and cut back on public services found that those responses accelerated the process of urban flight,” he said. “It sort of compounded itself.”

The stress bearing down on the commercial real estate sector has been evident since the pandemic accelerated the trend of remote work. That has been complicated by high interest rates, which have made refinancing expensive, and stress in the banking sector, which is holding about $3 trillion of outstanding commercial real estate debt.

Spring 2024 SEC Power Rankings

Spring Practice is finally here, and it's time to learn what the recruiting, winter workouts, and transfer portal work accomplished. Before the Longhorns step onto the field this week, I wanted to run through the SEC with a team-by-team mini-preview, explaining additions and departures heading into the spring, along with predictions and Power Rankings.

1. Georgia

Starting QB: Carson Beck - (RS Senior)
Key Additions: RB Trevor Etienne, WR London Humphreys, WR Colbie Young, DL Xzavier McLeod, CB Ellis Robinson IV
2023 Record: (13-1)
Key Departures: CB Nyland Green, CB AJ Harris, T Amarius Mims, WR Ladd McConkey, TE Brock Bowers, OL Sedrick Van Pran, RB Kendall Milton, CB Kamari Lassiter, S Javon Bullard
2024 Projection: (12-0)


2. Texas

Starting QB: Quinn Ewers - (RS Junior)
Key Additions: EDGE Colin Simmons, WR Isaiah Bond, EDGE Trey Moore, S Andrew Mukuba, TE Amari Niblack
2023 Record: (12-2)
Key Departures: WR Xavier Worthy, WR Adonai Mitchell, TE Jatavion Sanders, RB Jonathon Brooks, DL Byron Murphy, DL T'Vondre Sweat, LB Jaylan Ford, T Christian Jones
2024 Projection: (11-1)


3. Ole Miss


Starting QB: Jaxson Dart - (Senior)
Key Additions: DL Walter Nolen, WR Antwane Wells Jr., CB Trey Amos, LB Chris Paul Jr., EDGE Primcely Umanmielen
2023 Record: (11-2)
Key Departures: EDGE Cedric Johnson, RB Quinshon Judkins
2024 Projection: (11-1)


4. Alabama


Starting QB: Jalen Milroe - (RS Junior)
Key Additions: T Parker Brailsford, WR Germie Bernard, S Keon Sabb
2023 Record: (12-2)
Key Departures: HC Nick Saban, S Caleb Downs, T Kadyn Proctor, EDGE Dallas Turner, WR Isaiah Bond, T JC Latham, CB Terrion Arnold, CB Kool-Aid McKinstry
2024 Projection: (9-3)


5. Missouri


Starting QB: Brady Cook - (RS Senior)
Key Additions: T Cayden Green, CB Toriano Pride Jr., EDGE Darris Smith, RB Nate Noel
2023 Record: (11-2)
Key Departures: RB Cody Schrader, DL Darius Robinson, CB Ennis Rakestraw, CB Kris Abrams-Draine
2024 Projection: (10-2)


6. Oklahoma


Starting QB: Jackson Arnold - (RS Freshman)
Key Additions: EDGE Caiden Woullard, WR Deion Burks, TE Bauer Sharp, DL David Stone
2023 Record: (10-3)
Key Departures: T Tyler Guyton, WR Drake Stoops, QB Dillon Gabriel, C Andrew Raym, T Walter Rouse, T Cayden Green, T Savion Byrd
2024 Projection: (9-3)


7. LSU


Starting QB: Garrett Nussmeier - (RS Junior)
Key Additions: S Jardin Gilbert, WR CJ Daniels, WR Zavion Thomas, QB AJ Swann
2023 Record: (10-3)
Key Departures: WR Malik Nabers, WR Brian Thomas Jr., QB Jayden Daniels, DL Maason Smith, DL Mekhi Wingo, T Lance Heard, DL Quency Wiggins, WR Jalen Brown, CB Denver Harris, RB Logan Diggs
2024 Projection: (8-4)


8. Texas A&M

Starting QB: Conner Weigman - (RS Sophomore)
Key Additions: EDGE Nic Scourton, CB Dezz Ricks, EDGE Cashius Howell, WR Cyrus Allen, CB Will Lee III, S Marcus Ratcliffe, CB Donovan Saunders, LB Scooby Williams, EDGE Solomon Williams
2023 Record: (7-6)
Key Departures: DL Walter Nolen, WR Evan Stewart, S Jardin Gilbert, DL LT Overton, TE Jake Johnson, EDGE Fadil Diggs, WR Raymond Cottrell, G Layden Robinson, WR Ainias Smith, LB Edgerrin Cooper, DL McKinnley Jackson
2024 Projection: (9-3)


9. Kentucky


Starting QB: Brock Vandagriff - (RS Junior)
Key Additions: QB Brock Vandagriff, RB Chip Trayanum, WR Raymond Cottrell, LB Jamon Dumas-Johnson
2023 Record: (7-6)
Key Departures: WR Tayvion Robinson, RB Ray Davis, LB Trevin Wallace, CB Andru Phillips
2024 Projection: (8-4)


10. Tennessee


Starting QB: Nico Iamaleava - (RS Freshman)
Key Additions: T Lance Heard, TE Holden Staes, WR Chris Brazzell II, CB Jermod McCoy, WR Mike Matthews, RB Peyton Lewis
2023 Record: (9-4)
Key Departures: QB Joe Milton III, RB Jaylen Wright, EDGE Tyler Baron, S Tamarion McDonald
2024 Projection: (7-5)


11. Auburn


Starting QB: Payton Thorne - (RS Senior)
Key Additions: TE Rico Walker, T Percy Lewis, WR Robert Lewis, WR Cam Coleman, EDGE Amaris Williams
2023 Record: (6-7)
Key Departures: CB DJ James, CB Nehemiah Pritchett, S Jaylin Simpson, QB Robby Ashford
2024 Projection: (6-6)


12. Florida


Starting QB: Graham Mertz - (RS Senior)
Key Additions: DL Joey Slackman, LB Grayson Howard, CB Jameer Grimsley, QB DJ Lagway, DL LJ McCray
2023 Record: (5-7)
Key Departures: WR Ricky Pearsall, OL Kingsley Eguakun, EDGE Princely Umanmielen, RB Trevor Etienne, LB Scooby Williams
2024 Projection: (2-10)


13. Arkansas


Starting QB: Taylen Green - (RS Junior)
Key Additions: RB Ja'Quinden Jackson, LB Xavien Sorey Jr., DL Anton Juncaj
2023 Record: (4-8)
Key Departures: OL Beaux Limmer, LB Chris Paul Jr., RB Raheim Sanders, QB KJ Jefferson
2024 Projection: (4-8)


14. South Carolina


Starting QB: LaNorris Sellers - (RS Freshman) vs. Robby Ashford - (RS Senior)
Key Additions: RB Raheim Sanders, LB Demetrius Knight Jr., EDGE Kyle Kennard, DL DeAndre Jules, EDGE Dylan Stewart
2023 Record: (5-7)
Key Departures: WR Xavier Legette, QB Spencer Rattler, TE Trey Knox, CB Marcellas Dial, WR Antwane Wells Jr., DL Xzavier McLeod
2024 Projection: (4-8)


15. Mississippi State


Starting QB: Mike Wright - (Senior)
Key Additions: TE Cameron Ball, OL Ethan Miner, WR Kevin Coleman
2023 Record: (5-7)
Key Departures: WR Lideatrick Griffin, DL Jaden Crumedy, CB Decamerion Richardson, QB Will Rogers, WR Zavion Thomas, RB Jo'Quevious Marks
2024 Projection: (3-9)


16. Vanderbilt


Starting QB: Diego Pavia - (Senior) vs. Nate Johnson - (RS Sophomore)
Key Additions: QB Nate Johnson, WR Joseph McVay
2023 Record: (2-10)
Key Departures: WR London Humphreys, WR Will Sheppard, DL Nate Clifton
2024 Projection: (3-9)

Rogue Shops newest product launch (THCA) 20 percent off inside!!!

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Hey guys its been a while since I posted a deal for y'all. We have been working on growing a strain for a rapper named Dorrough, he has a pretty popular song called Ice Cream Paint Job. So what with did with Dorrough is get him to make a (WeedMix) of the song Ice Cream Paint Job. That is now complete and so is the video which me and Mrs Rogue will be in 😂. The song, video, new strain (Ice Cream Paint Job 2) will all drop March 22nd so we are supper excited for everyone to check it out and support Rogue Shop and Dorrough in this process. With all of that being said, here is the deal which runs March 17th Through March 24th, you will get 20 percent off all three of our THCA products listed below. If you are not interested in the THCA, then remember the code for 10 percent off OrangeBloods is always available to use.

For those who don't know THCA is the real deal like Evander Holyfield, its primary cannabinoid is THCA which turns to Delta 9 THC when lit, this it is no different than Marijuana other than the fact that it is legal as long as its below .30 percent total THC Delta 9 which ours is. So if you are a smoker, check out our Indoor THCA Flower, our smalls and our carts. We will also be having the Ice Cream Paint Job Strain dropping on the 22nd and let me tell you, it some of the most exotic flower Ive ever seen, creme de la creme. We will also start selling Green House Light Deps soon so keep an eye out for that next week as well. Thanks for all of y'alls support, we love and appreciate OB.


Discount code is OBTHCA20 Good Through March 24th

Indoor THCA Hydroponic Flower (Smalls)
Indoor THCA Hydroponic Flower (Bigs)
THCA Carts (Don't Forget you need a battery when purchasing carts)


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PerfectTourney Bracket Welcomes All Orangebloods Yet Again!

After bringing a few fellow Orangebloods on board the last couple of years, it's time to extend invites once again to my fellow OBers.

It's called PerfectTourney, it's $25 per entry and you can enter as many times as you like.

Here's how it works.

Instead of just filling out a boring old bracket, here you give each team in the tournament a ranking from 1 to 64, using each number only once.

1 = Team you think is LEAST LIKELY to win the tournament
64 = Team you think is MOST LIKELY to win the tournament

Every time a team wins, you get the amount of points equivalent to the ranking you assigned to that team. For the first two rounds of the tournament, you get a single point for equal to your ranking for each win. For the second two rounds, it’s double your ranking points. And for the final two rounds, it’s triple your ranking points.

So, ideally you should seek to assign the numbers 1 through 32 to the teams you think will likely lose in the first round. The rankings of 33 through 48 should go to the teams you think will lose in the second round and so on, all the way up to the team you rank as 64 being the team you think is likely to lift the trophy after all is said and done.

The entry with the highest total accumulated points at the end of March Madness, wins the tournament and takes home 50% of the pot. And ultimately, the top four places pay out.

The ranking approach is always the thing that keeps people coming back, year after year, because it doesn't matter whether you pick teams that advance like in normal brackets. It only matters whether your rankings of the teams that do is higher than the other people playing.

So, if you're interested in trying a little different March Madness experience, just DM me here with your email address, and I'll be happy to shoot you out an invite. Just make sure to get registered and have those rankings in by the start of the first game on Thursday morning.

The more the merrier, so come one come all!

Hook 'em!

MOVIE REVIEW: ONE LIFE, starring Anthony Hopkins.

ONE LIFE was released to theaters 3/15/24. If you are a fan of World War II movies like SCHLINDLER'S LIST, you will likely enjoy this one. It's not as good as SCHLINDLER'S LIST but few are. ONE LIFE is based on a true story about Nicholas "Nicky" Winton, who is a London broker who goes to great lengths to rescue Jewish children as Nazis Germany invades Czechoslovakia. It's a very moving story worthy of a tissue or two. I recommend this story. ( Runtime 1:47).

Notes and NUGGETS from Longhorns First 2024 Spring Practice

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The first day of 2024 Texas Football spring practice is in the books, and while the media's viewing window was limited, there is still plenty to report. As always, I would expect many things to change through spring, but we have to start somewhere:

- The question about where Bama transfer Isaiah Bond would line up among the receivers seems to have a clear answer based on one practice. Despite lining up in the slot for 60% of his snaps at Alabama last season, he's playing outside at the X. The first group up in practice during the media window was Bond, Deandre Moore in the slot and Johntay Cook at the Z.

- While Bond looks good, the eyeball test tells you that Cook is the alpha among Texas WRs. He's put on good mass and plays like ... well, the Johntay Cook Texas fans were promised. Fast and quick with sticky hands.

- The "depth" at WR is still being figured out, and who knows how the starting group will end up. During the time we were out there, I watched both Matthew Golden and Ryan Wingo practice both out of the X and out of the Z. They are both cross-training as Chris Jackson figures out how he wants this group to ultimately shape up. Behind those guys Parker Livingstone handles exclusively the X, while Aaron Butler plays flanker.

- Livingstone is a good player. He's fast and not like "sneaky fast," just fast.

- As for the OL, from all I saw with the first group it was as expected (L to R): Kelvin Banks, Hayden Conner, Jake Majors, DJ Campbell, Cam Williams.

- Second group: LT Trevor Goosby (and my oh my, has there been a body transformation there -- all of the sudden he looks like a giant with the same quick feet), LG Neto Umeozulu, C Conner Robertson, RG Cole Hutson and RT Andre Cojoe. ( I should note that Hutson was also working out with the centers pre-practice during QB drills, so he's cross-training at least to some degree).

- Third OL was LT Jaydon Chatman, LG Malik Agbo (who is wearing 67 and may be done playing almost exclusively jumbo TE and wearing a TE jersey?), C Daniel Cruz (who is another guy that looks ready to play by the eyeball test), RG Connor Stroh and RT Brandon Baker.

- It was good to see Bama transfer TE Amari Niblack out there participating after missing winter conditioning. He looks perfectly fine to me, although, unlike Bond, he was not inserted immediately in with the ones. He's working behind most everyone right now, and I only assume it's because he hasn't been part of the offseason program until very recently. I would expect that to change because Niblack is long, tall and angular and sure presents like a guy who could be quite a weapon offensively.

- With that said, I kind of like the looks of the TE group post-JT Sanders. Helm is the lead dog, and Juan Davis is still kicking around looking better in practice than he ever has in an actual game ... but guys like Jordan Washington and even Will Randle had a few flashes to like during our media window.

- One of the bigger surprises for me was how ready the freshmen RBs, Christian Clark and Jerick Gibson, look. Gibson has power-piston thighs like Saquon Barkley while Christian Clark is quite a specimen himself, and boy can he catch. He already looks like one of the team's best receiving backs. Really soft hands and excellent framing, he extends to the football and tracks it like a natural receiver.

- One of the big questions I wanted answered was how the defense would align, especially the edge guys, in order to see more of Collin Simmons and Trey Moore. We didn't really get that answer today, but maybe got a few clues. Obviously, this will be one of the more dynamic situations to monitor through camp. As for the starting defense, though, at least in pursuit drills (we didn't see any team stuff today), it was

DE Barryn Sorrell, DT Alfred Collins, NT Vernon Broughton, EDGE Ethan Burke. The linebackers were Anthony Hill and David Gbenda. Jahdae Barron at nickel, Manny Muhammad and Terrence Brooks at the corners, and Derek Williams and Michael Taafe at the safeties.

- Behind those guys, the depth chart is tough to navigate as things were getting mixed and matched from drill to drill, but we do know how a few things looked as far as position group participation and groups within those groups. As for the edge guys, when they split up on their own, there were two groups. One included Justice Finkley, Ethan Burke, Billy Walton Jr. and Collin Simmons. The other group was Barryn Sorrell, Zina Umeozulu, Trey Moore, J'Mond Tapp and Tausili Akana. This was also happening during some special teams work, so it's not inclusive of all players like Colton Vasek, etc. I don't really know what to make of that, and I'm not sure it's worth trying to parse out based on these early groupings. We've seen these sorts of things change -- and drastically -- within just a few practices in springs past. This is clearly a set of alignments and a rotation we'll have to monitor as I'd expect some changes for sure.

- Guys working with the corners were Manny Muhammad, Terrence Brooks, Gavin Holmes, Kobe Black, Austin Jordan, Jahdae Barron, Warren Roberson, Jaylen Guilbeau and Wardell Mack. Working out with the safeties were Michael Taaffe, Derek Williams, Andrew Mukuba, Jelani McDonald, Xavier Filsaime, Jordon Johnson-Rubell and Zikky Umeozulu. It should be noted that the nickel corner pool will be pulled from this group as well, so it doesn't mean that these positions will be where these players ultimately line up, especially among Barron, Jordan, Guilbeau, etc.

- As far as how some of these guys looked: Trey Moore is a little smaller than I expected and more compact with shorter arms than they appeared on his UTSA film. It's not to say he didn't look good, but Collin Simmons is taller, more slender and longer even though they are both listed at 6-3.

- I mentioned those young RBs but dang. Just gotta mention 'em again if we're talking about eyeball stuff.

- Kobe Black is really well put-together and already looks like a really imposing college corner with the way he moves and his size.

- Arizona transfer Tia Savea is a guy who looks a little smaller than the others when they all stand together, but he's dense and looks to have a solid anchor on him through his lower body.

- Deandre Moore looks like a guy who's going to be a bigger factor than some may have expected. He's got great hands. Sturdy and quick as a hiccup.

- Johntay Cook looks like a racehorse or a sports car. Something fast, powerful and expensive if you get the drift. Total alpha. His confidence is very easy to perceive when watching him on the field among teammates.

- Savion Red is a bit of a fireplug all of the sudden, it will be interesting to see how he's utilized this year. I have a feeling that competition from the freshmen RBs is on the horizon for every back on the roster.

- Bama transfer LB Kendrick Blackshire may be the most rocked-up dude on the field, hands down. We didn't get to see him play or do much outside of drills, but if he can play at that size, being that muscle-bound, without sacrificing movement ability and playing ultra-stiff, he'd be a problem to face for a downhill run team.

- We were shooed out of practice right as WR/CB one-on-ones started, but not before I got a peek of a pretty ball from Quinn Ewers to Isaiah Bond, who beat Manny Muhammad on an outside whip route.

WAY OT: Artificial Grass in Backyard?

Seems like every year I'm tilling up dead St. Augustine due to drought and too much shade and retilling and then replanting a couple of pallets of grass....I've been thinking about laying down artificial grass. Am I nuts? I got a quote to professionally lay down 1 1/2 inch fescue surface but will set me back 20K. That is for around 1400 sq. ft. Seems exorbitant as a pallet of St. Augustine costs about $235. I thought with 2-3K spent on tree trimming for more sunlight, tilling, re-sodding, and watering it would be long term cost effective...but for 20 grand I may just do the latter. Any OBers go artificial? Must have UT graduation party in back yard in May so need to decide.

Texas BASEBALL v. Air Force - Wed Game Thread

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In case you missed it, here is the quick recap from last night Tues Night Recap


The Horns are back in action this afternoon against Air Force looking to add another non-conference win to the sheet before jumping back into Big 12 conference play as the Baylor Bears come to town this weekend.


TUESDAY NIGHT GAME

Opponent:
Air Force (9-10, 5-1 Mountain West) v. Texas (12-8, 2-1 Big 12)
Date: Wed - March 20th
Time: 4pm
Where: Disch-Falk Field
TV: LHN



Prediction:
TUES - Texas wins 8-4 - (last night, the Horns won 6-5)
WED - Texas wins 7-5

Season Prediction Update:
On the season I am 15-5 with my predictions



Pitching Matchups:

TUESDAY–
Texas RHP Charlie Hurley (1-0, 6.75 ERA) v. Air Force LHP Jack Bello (0-0, 7.71 ERA)



LINEUPS

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Air Force Lineup:

CF - Chase Spencer (.333)
DH - Sam Kulasingam (.227)
3B - Jay Thomason (.364)
RF - Jack Greiving (.315)
SS - Aerik Joe (.288)
LF - Christian Taylor (.312)
1B - Charlie Jones (.222)
C - Van Klein (.000)
2B - Ben Niednagel (.125)
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OT: Zoysia Grass in The Woodlands

Evidently some Zoysia Emerald has grown in part of our predominately St. Augustine yard and a landscape guy today recommended that we switch to all Zoysia. Do any of y'all have experience with Zoysia? Our St. Augustine was planted 24 years ago and has seen better days, plus we have a few of these tall things they call trees here in The Woodlands. St. Augustine doesn't like shade.

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Joe Biden - Making The Rich Richer And The Poor Poorer

I created a similar thread around 2010 about Obama's Fed with its persistent low interest rates. The untold story of Obama's Administration is that the rich got richer than ever and when he left office, the poor still had nothing and arguably they had even less on relative terms.

Now, Joe Biden is set to embark on a couple of executive actions that will make the rich richer, and the poor poorer.

EA #1 - Joe Biden is talking about a tax credit for first time home buyers. This is a politically prudent move for Joe Biden personally because on the surface it looks like it helps first time homebuyers who tend to be young and tend to vote Democrat. But the move will only serve to make the richer richer. The credit will artificially inflate demand with no effect on supply. It will cause home prices to go up - increasing the home equity of current stakeholders in the economy be they individual home owners or corporate home owners.

EA #2 - Joe Biden is set to invoke new EPA rules that will ostensibly force Americans to buy EV's by 2032. EV's are and will remain considerably more expensive than ICE vehicles. America's first time car buyers, generally young and relatively poor, will be forced to spend >$10,000 more on their vehicles. This will make the poor poorer. Expect more Government incentives which will ultimately end up in the pockets of rich investors.
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