Sen. Patrick Leahy, D-Vermont, said today he would not seek a 6th term.
He was first elected to the US Senate in 1974.
I like & respect Leahy.
But that is frankly ridiculous.
I'm 60.
1974 was the year I was bar mitzvah'd.
In 1974, even touch-tone phones were a novelty.
—>
2/ I know all the arguments for & against term limits.
But the idea that a single person (a man — VT has never sent a woman to either the US House or Senate) could hold one of a state's Senate seats from age 34 to age 81, across decades of change, seems wrong.
Undemocratic.
3/ The top 10 longest serving Senators were all in the Senate for 40 years or more.
Not much drop-off after that.
The top 20 longest serving Senators were all in the Senate for 36 years or more.
4/ (Especially if you factor in college + law school.)
Yes they all won re-election over and over.
But fresh energy, fresh perspective, fresh expertise, immersion in the current currents of American life — those things are vital to good political leadership.
Good democracy.
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100% positive. Not a single negative sentence in an hour.
Labor shortage?
WMT hired 200,000 new workers the last 3 months—2,200 people a day, 150,000 of them in stores.
Supply chain jam? WMT's inventory up 11.5%—stocked for Xmas.
2/ The financials are exuberant, too. Will get to those in a bit (US same store sales +9.2%).
But COVID? Mentioned once, in passing. In an hour.
Inflation? Barely mentioned—except as bringing customers to WMT.
The phrase of the hour was 'strong consumer'—used a dozen times.
3/ If you just assessed the US economy based on Walmart's performance in the last 92 days, and based on what their senior executives just said in an hour talking to investment analysts — the US economy is strong, even joyful.
'Customers are celebrating,' said one WMT executive.
Janet Yellen on US inflation, in a live interview Wednesday morning from the UN climate conference in Glasgow:
US inflation will return to 'more normal levels' in the 'second half of next year.'
So 'transitory inflation' will have lasted about 18 months — at roughly 5%.
2/ Two things are important:
• Ordinary Americans can handle 5% inflation of their milk & eggs, their juice & bread & chicken breasts. A $50 grocery bill is $52.50.
• The key is fuel inflation.
Winter heating bills across the US are going to soar—not 5%, more like 30%.
3/ The Energy Information Administration (EIA) says those who rely on natural gas will see a 30% increase. Heating oil users will see an increase of 40%.
That's the increase in the price of the fuel — how much the winter costs, of course, depends on how cold it gets.
2/ Legal experts cannot find a single example of a university barring faculty testimony.
‘The university does not exist to protect the governor. It exists to serve the public.…Nothing could be more to the public good than a professor telling the truth to the public under oath.’
As part of its sustainability program, Apple says that the cell phone antenna in iPhone 13 is made, in part, of up-cycled plastic from recycled water bottles.
That has to be the best single use I've ever heard of old plastic water bottles.
$AAPL
2/ All Apple stores worldwide — 515 — are now open for in-person shopping, Apple CEO Tim Cook says, as the company heads into its busiest season.
'…including our new store in The Bronx, which means we now have stores in each of the 5 boroughs of New York City.'
$AAPL
3/ Cook says $AAPL could have sold $6 billion more Apple products in the last 90 days, except for supply constraints, from chip shortages & supply chain bottlenecks.
Rev: $83.4 billion
Apple missed $100 in sales for every $1,400 it sold — because it didn't have the product.