In other words, the NRA’s attorneys would rather have the organization dissolved than reformed.


NRA’s Lawyer Responds to Rocky Marshall’s Move To Intervene

Here is the NRA’s opposition to allowing Rocky Marshall to intervene in the suit to dissolve the NRA. Marshall’s arguments included that the court should not dissolve the NRA if it finds that things are corruptly run: it should remove the “leadership” and order new board elections, from which past directors (unless they had tried to do the right thing) would be excluded.

Would this be in NRA’s best interests? Assuredly. It’d only become a consideration if the judge concluded that NRA was being run so corruptly it deserved to be dissolved, and then it would give him an out short of dissolution.

NRA’s attorneys of course oppose it. Better to have the organization terminate than be reformed! A few quotes from the opposition (important portions bolded)

P. 17: “Movant’s [Marshall’s] proposal would frustrate the wishes of, and prejudice, the very members he seeks to represent by cancelling their democratically elected choices that comprise the current Board. Indeed, every Board member currently serving has been elected or reelected since 2018, when whistleblowers within the NRA came forward to raise concerns about mismanagement and wrongdoing by former officers of the Association and by certain former vendors. In fact, almost one-third of the current Board of Directors, or 21 of 75 members, are new Board members elected since 2018.

In reality, no officer of the Association controls the Board of Directors, but rather, the executive leadership of the Association answers to the Board.”

“At this year’s Fall Board of Directors meeting held in Charlotte, North Carolina on October 2, 2021, the Nominating Committee submitted to the Board the names of Wayne LaPierre for the office of Executive Vice President, Sonya Rowling for Treasurer, and John Frazer for Secretary. . . . Mr. LaPierre was reelected by the Board of Directors, receiving 44 votes, with 2 votes cast for Movant. Ms. Rowling and Mr. Frazer were reelected without opposition. The results of the election obviously reflect the Board’s considered judgment as to the direction the Association has taken since 2018.”

“the events of the recent NRA Annual Meeting of Members held in Charlotte on October 2, 2021, shows the degree to which members have robust opportunity to be heard under the NRA’s Bylaws and democratic governance.”

Enough. The Attorney General must be happy with this position. NRA’s attorneys are telling the court that, if it finds corruption, it’s corruption that the board and the members find acceptable and do not wish to change. The only conclusion the court could then reach would be: then dissolve the corporation. The whole thing is incurably corrupt; it’s the only thing left to do. If the board and even the members are happy with the corruption, and refuse to deal with it, what else can the court do?

The Attorney General likewise opposes Marshall’s motion. We talked to an attorney friend, who has long been associated with NRA, and he pointed out “She’s arguing that Marshall should be permitted to argue a derivative action, seeking damages for the NRA from LaPierre and the others, but that Marshall shouldn’t be allowed to defend NRA against dissolution, to argue that the court should give a lesser remedy if it finds things are completely corrupt. She knows where Marshall poses a danger to her plans. That NRA is taking the same side as her tells you a lot. The Association’s attorneys don’t want something that poses a danger to her plans. It poses a danger to theirs, too. The only question is, what those plans are.”

Louisiana AG Jeff Landry to JP Morgan: No State Business if Your Policies Restrict 2A

Louisiana Attorney General Jeff Landry sent a letter to JP Morgan Chase letting the company know it will not be an eligible state infrastructure underwriter unless it pledges to avoid polices that restrict or discriminate against Second Amendment rights.

On October 18, 2021, the Hayride reported Landry’s letter, noting that Landry is not only Louisiana’s AG but also sits on the state’s Bond Commission.

Landry’s letter was addressed to JP Morgan chairman and CEO Jamie Dimon, and said, in part:

Your recent testimony before the United States House of Representatives, Financial Services Committee, on May 27, 2021, has called into question your ability to do business in several states, including Louisiana. In this testimony, you stated the following in response to a question from Rep. Madeleine Dean: “We do not finance the manufacture of military-style weapons for civilian use.”

He then went on to cite a Solicitation for Offers (SFO) form that JP Morgan submitted in 2020, in order to be considered for underwriting of Louisiana infrastructure projects.

Landry pointed to Question No. 15 on the SFO, noting its language:

Certify whether your firm, either itself or through its parent company has policies that: a) Restrict or would otherwise infringe on the constitutionally protected rights of the citizens of the State to lawfully keep and bear arms, b) Discriminate against citizens based on the citizens’ exercise of their constitutional rights, or c) Otherwise unlawfully discriminate against of the State.

Landry noted that JP Morgan claimed to have no policies restricting or infringing constitutionally protected Second Amendment rights in 2020, but believes the company “may wish to reconsider…[it’s] certification to the Bond Commission.”

On August 16, 2018, Breitbart News noted that Landry and the state’s Bond Commission denied $600 million to Citibank and Bank of America over the gun control stance adopted by both companies. At the time the action was taken Louisiana Executive Division press secretary Ruth Wisher told Breitbart News that Landry and State Treasurer John Schroder had been working on the state’s response to corporate gun control “for some time.” Leaving Citibank and Bank of America out of the $600 million was part of the response.

Southwest CEO backs down, will not fire employees who refuse to get vaxxed

Chalk this up as a major victory for personal autonomy and liberty!  Even while refusing to admit that resistance to vaccination had anything to do with the massive disruption to operations that occurred last weekend, Gary Kelly, CEO of Southwest Airlines, backed off from earlier policy and announced that employees who refuse to receive COVID gene therapy “vaccines” will not be terminated.

Debra Heine reports at American Greatness:

During an interview with ABC News Tuesday, Gary Kelly, the CEO of Southwest Airlines, stated that no employees will be fired over the company’s vaccine mandate. However, the airline announced on October 4 that all 56,000 U.S. Southwest employees needed to get vaccinated against COVID-19 by November 24, or face termination.

The CEO also told ABC’s George Stephanopoulos that there was “no evidence” that any type of demonstration against the mandate had contributed to the massive service disruptions over the holiday weekend. Over 2,000 Southwest flights were cancelled, leaving tens of thousands of passengers stranded.

Technically speaking, Kelly is correct: there is no evidence because even if pilots (and other employees) were calling in sick or using vacation time, or refusing overtime, they would not say so — i.e., provide “evidence” — because doing so would amount to a confession of violating the law with an illegal work stoppage.  So, yes, there is no evidence, but Kelly’s reversal of policy, backing away from termination for failure to vax, is hard to explain otherwise.  And it is a major reversal:

The CEO told employees last week that the airline had no choice but to comply with the regime’s vaccine mandate.

“Southwest Airlines is a federal contractor and we have no viable choice but to comply with the U.S. government mandate for employees to be vaccinated, and — like other airlines — we’re taking steps to comply,” Kelly said.

As Debra Heine points out, Southwest and every other private employer has an out:

An executive order was issued last month requiring all federal employees to get vaccinated, but no executive order, or federal regulation has yet been issued for private companies. Joe Biden on September 9 unveiled his draconian plan to force all private businesses with more than 100 employees to make their workers get inoculated with the experimental COVID vaccines, or face weekly testing. A month later, no official guidance on the alleged mandate has been issued by the White House, the Occupational Safety and Health Administration (OSHA), or the Department of Labor.

Here is a three-plus-minute video of the interview:

Continue reading “”

Nothing is Real: A Visual Journey Through Market Absurdity

When it comes to modern markets, risk assets and the now normalized yet twisted tango of fiscal and monetary policy gone wild, it’s safe (rather than sensational) to simply confess that nothing is real.

As I recently watched BTC drop by 16% in one hour from $50K to $43K, only to reach back up to $46K in 20 minutes, my 20+ years of Wall Street experience watched with bemused yet experienced awe at what amounted to just another day of leverage, emotion and institutionalized front-running as the big money whales in crypto pulled off yet another media and SEC-ignored pump-dump-and-pump trade.

In short, the unreal has simply become business as usual.

Real Education vs. Surreal Facts

By 1997, I had graduated from a steady, iconic and expensive list of higher educational institutions which emphasized critical thinking, objective data, historical context and basic math.

But had I told a single professor back then that one day we’d see the simultaneous occurrence of Treasury Yields at 1.35%, and

Negative treasury yields occur when nothing is real in the economy.

….an “official” YoY CPI (inflation) growth rate of 5.4%, and

Inflation is soaring.

…an S&P reaching all-time highs above 4000,

Traders announce "Nothing is real!" as equity valuations repeatedly hit record levels.

…despite negative annual GDP rates, and

GDP is falling

… consumer sentiment tanking,

Consumer sentiments tank as consumers catch on that nothing is real.

… it’s likely they’d ask me to return my diplomas.

Why?

Because everything I (and all the rest of us) had been taught long ago was that rising risk assets reflect healthy economic growth, vigorous natural demand and a robust confidence in continued productivity and hence free-market price discovery.

That, at least, was the “reality” that nine years of secondary (post high-school) education gave me before I began my first toe-dip into the public exchanges (i.e., asset bubbles) of 1999.

Continue reading “”

More Info Surfaces On Southwest Airlines Flight Cancellations and Pilot Push Back Against Vaccine Mandates

People inside Southwest Airlines are speaking out carefully and pointing out why there are so many flight disruptions.   Essentially, the background issues are what were discussed earlier.  Pilots are pushing back against vaccine mandates; and if you think about the curriculum vitae of a typical pilot, it makes sense.

A big percentage of commercial airline pilots are former military pilots.  That group of people carry a strong disposition toward the principles of patriotism, service, liberty and freedom.

It is a simple truism that upsets leftists, but it makes sense for this specifically skilled workforce group to be the tip of the push back spear.

Alex Berenson provides some background details after being contacted by a Southwest pilot: “The pilot emailed following the first Southwest post today (and provided his SWA ID to prove his identity). He asked that I paraphrase the email.

Essentially, the union cannot organize or even acknowledge the sickout, because doing so would make it an illegal job action. Years ago, Southwest and its pilots had a rough negotiation, and the union would not even let the pilots internally discuss the possibility of working-to-rule (which would have slowed Southwest to a crawl).

But at the moment the pilots don’t even have to talk to each other about what they’re doing. The anger internally – not just among pilots but other Southwest workers – is enormous. The tough prior negotiations notwithstanding, Southwest has a history of decent labor relations, and workers believe the company should stand up for them against the mandate. Telling pilots in particular to comply or face termination has backfired. (read more)

This account is being confirmed by multiple people in/around the industry on social media:

 

Continue reading “”

Ruger Announces Their First Marlin Rifle Release

MAYODAN, NC., Oct. 06, 2021.

Christopher J. Killoy, Ruger CEO, said the first Marlin rifle to be delivered in December 2021 from their Mayodan, NC plant will be the Marlin model 1895SBL in 45-70.

Killroy indicated that the company will release this model first and will be followed up by some 336 models and the popular model 444 as well. These centerfire rifles will then be followed up by some model 1894’s in 357 and 44 magnum.

He also indicated that the Marlin famous Microgroove and Ballard rifling have been replaced with their method of rifling and that initial results are offering extremely good accuracy that they are use to producing from their other centerfire rifles in the Ruger line.

The model choice for first release is a proven best seller from past Marlin releases and is anticipated to sell very well.

The company emphasized that although initial availability will be light they expect to ramp up quickly.

More Firearms Imported in 2020 Than Ever Before

More firearms were imported into the United States in 2020 than any other year on record.

That’s according to the ATF’s 2021 annual report on firearms commerce in the United States, which was released Monday. The report showed a massive surge in gun importation. The numbers climbed to over 6.8 million firearms in 2020, marking the highest level on record.

Firearm Imports by year
Firearm imports by year / ATF

The ATF’s Firearms Commerce Report is an annual compilation of statistics kept year over year in order to track changes in the gun industry.

“This report presents data drawn from a number of ATF reports and records in one comprehensive document,” the bureau said on its website. “It also provides comparative data from as far back as 1975 for context, analyses of trends over the years, and a fuller picture of the state of firearms commerce in the United States today.”

The report is notable in light of the record-breaking level of gun sales the country has seen in recent years, with reports of domestic firearm manufacturers struggling to increase output during the pandemic in order to meet the unprecedented surge in demand. Many of the most popular firearms on the civilian market–including Austrian-made Glocks–are produced by foreign companies, suggesting increased importation was necessary in order to meet the heightened consumer demand.

Handguns were the most commonly imported type of firearm in 2020, representing 59 percent of imports. Meanwhile, shotguns and rifles represented 28 percent and 13 percent, respectively.

Turkey, Austria, and Brazil represented the three most prevalent sources of imported guns in 2020, respectively, with each country contributing more than a million total firearms.

2020 Imports by country
2020 Imports by country / ATF

Other notable findings from the ATF report indicated that the agency processed more than 500,000 National Firearms Act (NFA) applications in 2020, the highest level on record for a single year. NFA applications and ATF approval are required when attempting to make, transfer, or import an item regulated under the NFA, such as a short-barreled rifle or silencer.

NFA forms by fiscal year
NFA forms by fiscal year / ATF

The report found that Texas was by far the state with the highest total number of registered NFA weapons (1,006,555), followed by Florida (518,725), and Virginia (423,707), respectively.

There’s A Reason The Market Isn’t Providing Smart Guns

Gun control fans aren’t happy. They can’t seem to get their way through either Congress or most state legislatures. It’s frustrating, to be sure.

However, it seems that some people believe there’s an alternative. Basically, they think the answer is for the gun industry to just start making smart guns.

While many politicians at the state and federal levels are unable to pass gun reform legislation, there are other things that can be done to defend both human life and the constitutionally protected right to own a gun. The private sector must step up to make guns safer in order to reduce gun violence.

In today’s polarized political climate around gun culture, little can be done at the federal level to reduce gun violence and encourage the passage of meaningful legislation to reduce the prevalence of guns in American life. Experts have taken steps to attempt to reframe gun violence as a public health issue and have changed their language from “gun control” to “gun violence prevention” in an attempt to take control of the narrative. This rhetorical adjustment moves from the idea of “taking your guns” to one of safe gun purchase and use. If these cultural changes become more mainstream, more can be done to pass legislation to reduce gun violence.

In the meantime, other steps can be taken to mitigate the risks posed by guns. If comprehensive policy can’t be passed, the other option is to turn to the private sector to address this problem. If gun manufacturers made guns safer, it would help to prevent a significant amount of gun violence deaths. Obviously, this would not solve all of the United States’ problems regarding guns, but it would be a start.

There are technological innovations that could be implemented in guns to make them safer for consumers. One innovation is designing guns that only work for specific people by connecting the guns to RFID tags on watches or rings. Another is using biometric technology by requiring proof of identity to use the gun, such as voice activation, a retinal scan or a fingerprint.

The final strategy is using “microstamping” technology so that guns imprint unique marks on the cartridge casings as the rounds are fired. In a similar approach, in May, the Justice Department proposed a rule to require gun-making kits to include a serial code in order to crack down on “ghost guns,” untraceable weapons assembled by individuals in their private residences rather than licensed manufacturers.

Oh, they’re so adorable when they think they know what they’re talking about, aren’t they?

Alright, let’s break these down one by one.

First, let’s understand why the private sector isn’t already providing this, assuming the technology works as advertised (more on that in a bit). After all, wouldn’t “safer” guns be better for everyone?

Sure. Except that no one wants them.

Seriously, talk to the gun-buying community sometimes. I have. I have yet to encounter a single gun buyer that would gladly pick up a smart gun tomorrow if their local gun store had one at a competitive price. If none of the established customer base wants one, then it would be imperative to attract people to form a completely different customer base. The problem is that most people who are interested in buying guns already have them or are quite content to buy what’s already being sold.

In short, there are no customers interested. Companies aren’t going to push products that absolutely no one wants.

And there’s a reason for it. A lot of them, actually. One is that none of the technology in question is actually proven. A firearm is one of those things you need to work the moment you need it to work. My Glock 19 does. My buddy’s 1911 does. Another friend’s GP-100 in .357 does as well.

These are firearms we can trust with our life.

Not only that, but if my Glock or my friend’s 1911 or any other semi-auto jams, there’s the old “tap-rack-bang” trick to get the weapon back up and running in the blink of an eye.

Tell me, just how do you get a biometric scanner to recognize your fingerprint if it’s being stubborn? If it doesn’t work, you and your family may die.

I’d just love for the author to explain how this makes a gun safer. I really and truly would.

Just yesterday, I touched on the problems with RFID technology applied to guns. That hasn’t exactly changed overnight, now has it? The author doesn’t address these concerns, probably because she wouldn’t quite know how to do so.

And don’t get me started on microstamping. That’s a technology that’s been talked about for years and still doesn’t work.

I think that just leaves “ghost guns.” However, what the author doesn’t recognize is that manufacturing guns at home is still legal and you can do so without a serial number so long as you don’t intend to sell it. While the proposal will hurt those who want incomplete receivers, there are still plenty of tools out there that will allow you to make your own firearms. The policy change won’t actually stop that.

So really, the most impressive thing here is just how wrong she is about the effectiveness of just about everything. In fairness to the author, that is pretty impressive. It takes work being that wrong about stuff, so go her!

NRA Members Meeting Aftermath

From NRA’s Twitter:

New NRA president Charles Cotton: “The proceedings in Charlotte were an amazing celebration of NRA fellowship and freedom. Under the direction of Wayne LaPierre, the NRA is strong and secure – well-positioned to chart its course for the future.” An. Amazing. Celebration. of. NRA. Fellowship. A whole 126 people were able to attend, thanks to NRA leadership having taken care to keep everyone away! And a third of the board stayed away — at an annual meeting session! Neither has occurred in NRA’s recent history.

Here’s that “amazing celebration,” and look at all the empty chairs, despite the reservations webpage telling members that every seat had been taken:

If that weren’t enough, the tweet goes on to guote LaPierre saying “The NRA is focused and energized” — when the roof of headquarters is failing, membership is down by over a million, and NRA recently filed for bankruptcy, and lost, and that “I am honored by the trust placed in me by the NRA board of directors.” Yes, no dinner for me.

The board vote was 44-2 to re-elect LaPierre, and the vote was by secret ballot. I can only explain it as a mass delusion. Those do occur, particularly within tight groups where ostracism is a painful penalty. They believe, in mass, in something because they want to believe it. The punishment for not believing is too painful, so they convince themselves. We are winning, the accusations are all lies, NRA is doing well, we will prevail against the New York AG. Don’t look at the data, just believe and you’ll be happier.

Update: The New York AG will of course use this in her lawsuit to dissolve the NRA, as even more proof that the board cannot be expected to deal with the corruption, it has endorsed it, and the members cannot save NRA because the board and leadership have found ways to strip the members of power. She just issued a statement: “”The NRA’s decision to re-elect Wayne LaPierre and other top leaders yesterday despite the detailed evidence of repeated fraud and self-dealing we have laid out in our lawsuit and during the bankruptcy trial underscores that board governance is broken and that the rot runs deep at the NRA.”

Some good new, though. Frank Tait is running for the board, by petition. He needs 477 signatures, by voting members, to get on the ballot. Here is his posting, with a link to a printable petition.

Appears the stockholders and management learned a lesson from a few years ago to nip idiocy like this ASAP.


Smith & Wesson Shareholders Shut Down Activist Investors

A group of nuns, among others, have been a pain in the butt for companies like Smith & Wesson for a while. After all, they’re investors who actively despise firearms. They’re activist investors. They put their money into the company with the intention of making it difficult for them to conduct business as they have.

Their explicit goal is to change how these companies do business. They want to push gun companies to adopt policies that they claim will reduce guns in criminal hands.

Which is hilarious because we know that criminals aren’t buying guns through lawful means. They’re damn sure not buying them directly from the manufacturer.

Still, they persist. And Smith & Wesson just told them to pound sand.

Smith & Wesson shareholders did not pass a resolution sponsored by Catholic nuns and others that would have forced the gunmaker to develop a human rights policy.

The resolution brought by Adrian Dominican Sisters, as well as 14 other Catholic religious communities and Catholic health care groups, called on the company to mitigate the risk to human rights posed by the sale of firearms to civilians.

“We have never attempted to conceal our deep concern about the devastating toll of gun violence in our communities, nor the fact that we are proponents of gun safety including a tightening of regulations that would prevent guns from getting into the wrong hands,” said sister Judy Byron of the Adrian Dominican Sisters in her statement to shareholders. “The majority of us are people of faith, some of us school teachers and health professionals. I expect that you are as troubled as we are when another gun violence event occurs, particularly one involving a Smith & Wesson firearm. Our advocacy on gun safety has been characterized by S&W management as a ruse whose real intention is to put the company out of business and to abolish the second amendment. We have always said this is not our agenda. Again, we seek to make the business, the products and the consumers who buy them, safer. We seek – as everyone here must surely do – to save lives.

Smith & Wesson’s annual meeting and shareholder vote was Monday. The Interfaith Center on Corporate Responsibility said only that the referendum did not pass. Smith & Wesson has not yet released a vote count.

“The shareholder proposal did not pass, which we believe reflects the clear understanding by the majority of our shareholders that the Proponent’s demands were disingenuous, politically motivated, and were not in the best interests of our company. In spite of the Proponents implications to the contrary, we have worked tirelessly for decades with the National Shooting Sports Foundation and the BATFE on a multitude of programs that have tangible real world impacts on preventing firearms from being misused or obtained by those with malintent, and educating retailers and citizens on compliance with existing laws and the safe and legal sale, use, and storage of our products. We are committed to continuing these fruitful partnerships and look forward to increasing the transparency of our work in these areas for our shareholders,” said company spokesman Matt Spafford.

Oh, that’s just glorious.

See, while the good sister may claim they don’t want to end the Second Amendment, they clearly do. Remember, it says “shall not be infringed.” Their efforts are little more than an attempt to infringe. Even if people can still purchase firearms, the more heavily restricted they are, the less the Second Amendment actually means.

And they want nothing more than to make the Second Amendment meaningless.

Of course, the company is right about not just the activist investors’ agenda but also that manufacturers already do plenty to try and mitigate the possibility of firearms ending up in the wrong hands. They should also note that while you can go on Smith & Wesson’s website and buy a gun, you can’t take possession of it without it first routing through an FFL holder who will run a NICS check.

People aren’t getting their guns in this way, and I’m quite tired of people pretending they do.

Then again, these activist investors aren’t really up on how bad guys get firearms in the first place. They know what the media has told them, what the anti-Second Amendment groups have told them, and what the voices in their own heads have told them and are busy running with that instead of looking and seeing the truth.

Honestly, if they wanted to keep guns out of criminal hands, why not use the money they invested in these companies to provide gun safes to people so their firearms won’t be stolen–gun locks don’t prevent that, after all.

Then again, that would mean doing more than showing up at a meeting once per year and making an ass of yourself, so that kills any interest they might have in doing that.

Smith & Wesson to Relocate Headquarters to Tennessee

Move includes headquarters and significant portion of operations due to changing business climate for firearms
manufacturing in Massachusetts

SPRINGFIELD, Mass., Sept. 30, 2021 /PRNewswire/ — Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), one of the nation’s oldest
firearms manufacturers, announced today that it is moving its headquarters and significant elements of its operations to Maryville, Tennessee in
2023. Smith & Wesson has been based in Springfield, Massachusetts since the company was incorporated in 1852.

Workers Who Maintain Supply Chains Warn of Worldwide ‘System Collapse.’

Several industry groups have warned world leaders of a worldwide supply-chain “system collapse” due to pandemic restrictions, coming as Federal Reserve Chairman Jerome Powell suggested that the current period of higher inflation will last until 2022.

The International Chamber of Shipping, a coalition of truck drivers, seafarers, and airline workers, has warned in a letter to heads of state attending the United Nations General Assembly that governments need to restore freedom of movement to transportation workers amid persistent COVID-19 restrictions and quarantines.

If nothing is done, they warned of a “global transport system collapse” and suggested that “global supply chains are beginning to buckle as two years’ worth of strain on transport workers take their toll,” according to the letter. It was signed by the International Air Transport Association (IATA), the International Road Transport Union (IRU), and the International Transport Workers’ Federation (ITF), which represent some 65 million transport workers around the world.

“All transport sectors are also seeing a shortage of workers, and expect more to leave as a result of the poor treatment millions have faced during the pandemic, putting the supply chain under greater threat,” the letter said. “We also ask that WHO and the ILO raise this at the U.N. General Assembly and call on heads of government to take meaningful and swift action to resolve this crisis now,” they wrote.

Meanwhile, retailer Costco said it’s chartering its own container ships between Asia and North America amid supply chain issues worldwide, Chief Financial Officer Richard Galanti said in a recent conference call.

Costco, he said, is dealing with “port delays, container shortages, COVID disruptions, shortages on various components, raw materials and ingredients, labor cost pressures” along with “trucks and driver shortages,” Fox News reported.

Gene Seroka, executive director of the Port of Los Angeles, attempted to shed some light on the problem during a recent ABC News interview, noting that there’s a significant backup of container ships off the coast of major ports of entry.

“We’re witnessing a pandemic-induced buying surge by the American consumer, the likes of which we’ve never seen,” he told the network on Sept. 29.

In remarks on Sept. 29, Powell said that the current spike in inflation is a “consequence of supply constraints meeting very strong demand,” saying it’s “associated with the reopening of the economy, which is a process that will have a beginning, middle and an end.”

“It’s very difficult to say how big the effects will be in the meantime or how long they last,” Powell said during a forum hosted by the European Central Bank. The current price surge, he said, is due to bottlenecks in the supply chain, although he believes prices will eventually come down on their own. The surge will continue into 2022 before dropping, Powell said.

The Federal Reserve doesn’t anticipate the current trend to “lead to a new inflation regime, in which inflation remains high year after year,” Powell said.

“Managing through that process over the next couple of years is … going to be very challenging because we have this hypothesis that inflation is going to be transitory. We think that’s right,” Powell said. “But we are concerned about underlying inflation expectations remaining stable, as they have so far.”

Observation O’ The Day
When the story becomes the person running to organization, not the organization’s mission, than that person needs to go.


NRA Board Member Calls for CEO Wayne LaPierre’s Removal
Roscoe ‘Rocky’ Marshall argues that the organization’s board should also be removed as the association battles corruption allegations

A National Rifle Association board member called for the removal of the organization’s entire board and Chief Executive Wayne LaPierre, saying the actions were required for meaningful reform of the nonprofit gun-rights group as it battles corruption allegations.
The unusual move came in a series of legal filings Friday by Roscoe “Rocky” Marshall, an NRA board member since early this year, who is seeking to intervene on behalf of the association’s members in a continuing legal battle in state court in New York between the organization and New York Attorney General Letitia James.
Ms. James last year filed a lawsuit against the NRA, Mr. LaPierre and other current and former executives, alleging that NRA insiders violated the state’s nonprofit laws by illegally diverting tens of millions of dollars from the group through excessive expenses and contracts that benefited relatives or close associates.
Ms. James’s office says the corruption is so deep at the NRA that the group should be dissolved.
Mr. LaPierre and the NRA have denied the allegations, claiming the legal action by Ms. James—a Democrat—is politically motivated.
In Friday’s filings, Mr. Marshall opposed the attorney general’s effort to break up the group, saying that it would unfairly punish the NRA’s millions of members for the alleged sins of the group’s leaders. He backed Ms. James’s central allegations of corruption and mismanagement, calling Mr. LaPierre’s regime an “executive cancer that has threatened and continues to threaten the NRA’s ability to serve its members and the public interest.”
He said the board, rather than conducting effective oversight, has been a passive rubber stamp for Mr. LaPierre and his “cronies.” Mr. Marshall is part of a small group of dissident directors on the NRA board, which overwhelmingly has backed Mr. LaPierre.
Mr. Marshall called for the court to appoint a temporary receiver to take charge of the NRA and oversee the election of a new board, which could replace current management. Mr. Marshall, who has a long background as a business executive, volunteered himself for that post.
The legal move comes after the judge overseeing the case earlier this month rejected a motion by two NRA members to intercede to represent the rights of members. The two had argued that NRA members have interests distinct from the NRA leaders who are the focus of the attorney general’s complaint.
As a director, Mr. Marshall similarly is seeking to intervene on behalf of NRA members, and has the same lawyers as the rejected parties.
In a statement, Ms. James said: “While we continue to review this motion, we are glad to hear that Mr. Marshall agrees that Wayne LaPierre and his top lieutenants must be removed from the NRA.”
The NRA released a statement from its second vice president, Willes K. Lee, who said, “It is unfortunate that Mr. Marshall aligns himself with those who continually attempt to intervene in the handling of NRA’s matters by its elected leadership. The NRA is a well-managed, actively engaged membership organization. We will continue on our current course of action—in the interests of our five million members and their Second Amendment freedoms.”