US Home Prices Rise At Fastest Pace On Record

US Home Prices Rise At Fastest Pace On Record

According to the Case-Shiller indices, home prices in America’s 20 largest cities have exploded at 19.08% YoY in June up from 17.14% in May, beating expectations of 18.6%, and the highest pace on record even surpassing the housing bubble days of 2005-2006.

Wihle there was a modest trace of a slowdown in this insane bubble, as the 20-city SA index rose 1.77% m/m in June after rising 1.81% the prior month, the double digit gains will continue well into 20% Y/Y territory. Phoenix, San Diego, Seattle reported highest year-over-year gains among 20 cities surveyed.

All cities that make up the composite saw home prices appreciate at double digits, just a little higher than The Fed’s 2% “goal”.

But, on a national scale, it gets even crazier – or worse for anyone wanting to buy a house: Case-Shiller’s National Home Price Index rose 18.61% YoY in June, up from 16.78% and the fastest pace of home price inflation on record (back to 1988)

The National home price index rose 1.83% m/m in June after rising 1.81% the prior month.

“June’s 18.6% price gain for the National Composite is the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data,” Craig J. Lazzara, global head of index investment strategy at S&P Dow Jones Indices, said in statement.  “This month, Boston joined Charlotte, Cleveland, Dallas, Denver, and Seattle in recording their all-time highest 12-month gains.”

The question for Jay Powell is – explain how this is “transitory”?

“The forces that have propelled home price growth to new highs over the past year remain in place and are offering little evidence of abating,” Matthew Speakman, and economist at Zillow Group Inc., said in a statement.

“The number of available homes for sale remains historically small, particularly given the elevated demand for housing.”

Tyler Durden
Tue, 08/31/2021 – 09:13

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Will Chief Justice Burger’s Official Biography Ever Arrive?

Chief Justice Burger may be the least influential member of the Burger Court. In modern-day discussions about constitutional law, he barely registers. Justice Blackmun wrote Roe. Justice Powell wrote the Bakke concurrence. Justice Rehnquist led the federalism revolution. Justice Stevens led the Court’s liberal wing for decades. Justice O’Connor was the first female Justice. Indeed, the members of the Burger Court that preceded Burger–Black, Douglas, Harlan, Brennan, Stewart, White, and Marshall–still feature prominently in any study of constitutional law. The most significant Burger decision in our casebook was INS v. Chadha, and we have since removed it. Perhaps Burger has a bigger influence in Criminal Procedure. But for Constitutional Law, I spend very little time talking about Chief Justice Burger. Maybe Burger’s only modern-day relevance is his short essay about the Second Amendment in Parade Magazine.

For these reasons, I was unaware that Chief Justice Burger did not have an official biography. Tony Mauro explains why.

Shortly after Burger died in 1995, three of his law clerks met to discuss an official biography: Ken Starr, Mike Luttig, and Tim Flanigan. According to Flanigan, “no one was really interested in doing a biography of the chief justice, at least that we could find, and it came, ‘Well, should one of us do it?'” At the time, Starr was busy with the Clinton investigation, and Luttig was a busy federal judge. According to Flanigan, “They both kind of looked at me and said, ‘Well, you’re just practicing law, Tim. Why don’t you do the biography?'”

According to the New York Times, the Federalist Society “administered the financing for the project.” The benefactor was Dwight Opperman. By 2001, the Federalist Society paid more than $600,000 “for researchers, expenses and a salary for Mr. Flanigan.” That amount was equivalent to Flanigan’s salary from the New York law firm he left to work on the project. At that point, the book was apparently 2/3 complete. But “Flanigan . . . put it aside to work” as deputy White House counsel.

Two decades later, Tony Mauro reports, the book remains unfinished. According to Flanigan, he has only covered the first forty years of Burger’s life. “I’ve written about his early life, his family background. I have rough drafts about his rise in politics and civic affairs and his legal practice in Minnesota, taken up to about 1947 or so.” I eagerly await the discussion of 1948-1953, when Burger worked on the Minnesota Governor’s interracial commission. I’m not sure how this book could have been deemed 2/3 complete.

What is the cause for the delay? Flanigan, who is 67, plans to return to the project when he retires. He told Mauro, “I am very much looking forward to picking up the writing again, as soon as my current career phase is over.”

$600,000 is an obscene amount of money for a book project about a fairly non-influential Justice. My goodness. In the span of a decade, Joan Biskupic wrote four excellent biographies about significant Supreme Court justices. And, I suspect, she did not have a team of researchers who were paid that much money. Writing a book is an arduous project. You must have the commitment and passion to write, write, and write every day.  And you must love the project, even when you hate it. Joan talked about her writing process in a recent SCOTUSBlog podcast. (No, I did not listen to the podcast, but I used Otter to transcribe it):

Howe: Yeah, so you’ve written four books. And that is a lot for somebody with a full time job, even with, you know, even with book leaves, it’s still a lot, because I’m sure you were working on the books, even on both sides of the book leaves.

Biskupic: You know, you’re right, and probably what at first of all, I’ve always had a very high energy level, and, you know, going to law school at night, gets you into a mindset of your day becomes just a long day, you come home, you make dinner, you eat with your family, then you go up to this very crowded room of books and papers and everything else and have at it. And then you do it on weekends. And I actually enjoyed it  so much. And that’s the thing I say to people, when people ask about going to law school, or they ask about writing a book, and I said it, it will always be hanging over your head. So you really have to love doing it.

I second everything Joan said. She is a tenacious reporter and a committed author. It is no surprise she puts out so many high-quality biographies. Flanigan is obviously not up to the task. It is impossible to start a book, stop for twenty years–the length of the entire Afghanistan campaign–and complete the project. There are many articles I start and stop. After about six months, I have to abandon the project altogether. It is no longer in my mind. I have many, many half-written, half-baked articles that will never see the light of day. If only someone paid me $600,000 to write them!

Tony’s piece also sheds light on Burger’s decision to restrict his papers for “10 years after the last Justice who served with Warren E. Burger on the Supreme Court has passed away, or 2026, whichever comes later.” It will be later. Justice Sandra Day O’Connor is still alive. At the earliest, the papers will not be open till 2031. At present, only one person has access to the papers. You guessed it. Tim Flanigan. And he hasn’t looked at them in a decade! Oh, and the William and Mary law library spent $6 million to house Burger’s papers. What a staggering amount of money for documents very few people will ever visit Williamsburg to read. Is there anything in the Burger papers that are not in the Blackmun and Marshall papers?

I doubt the New Hampshire Historical Society will spend nearly that amount on Justice Souter’s papers, which will become available 50 years after his death! When those papers are finally available–circa 2090 or so–I may be one of the few attorneys who lived through Souter’s service on the Supreme Court. (He stepped down after I graduated law school in 2009, but before I got my bar results). At that point, perhaps Gerard Magliocca’s granddaughter will write a biography about an obscure and forgotten justice.

You may discern a bit of anger in this post. Indeed. So much time and effort was wasted because none of Burger’s clerks actually wanted to write the book. They could have contracted with an actual author to complete the project. But instead, Flanigan drew the short straw and blew through $600,000 with nothing to show for it. That money could have been used for so many more worthwhile causes.

The Federalist Society should try to claw back whatever money it paid Flanigan.

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Alan Rozenshtein, “Silicon Valley’s Speech: Technology Giants and the Deregulatory First Amendment”

Still more from the free speech and social media platforms symposium in the first issue of our Journal of Free Speech Law; you can read the whole article (by Alan Rozenshtein, Minnesota) here, but here’s the abstract:

The technology giants that dominate Silicon Valley are facing unprecedented calls for regulation across a wide range of policy areas, ranging from content moderation and surveillance to competition, privacy, and consumer protection. But, as this Article explains, the First Amendment may stymie such efforts in ways that go far beyond the much-discussed “First Amendment Lochnerism.” Because technology companies’ core busi­ness activity is the facilitation of communication through computer code, they are particularly well suited to wield a deregulatory First Amendment.

To avoid the First Amendment becoming a new, digital Lochner, this Article argues that First Amendment doctrine must sharply distinguish between arguments made on behalf of the First Amendment rights of users, which should be embraced, and those made on behalf of the companies themselves, which should be credited only if they advance the First Amendment interests of society, not merely those of the companies themselves. This Article concludes by using the recently enacted Florida law limiting social-media content moderation as a case study for how courts and other legal actors can determine what degree of First Amendment protections is appropriate for Silicon Valley’s speech.

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Homeschool Interest In Texas Jumps 5 Fold From 2020 Record

Homeschool Interest In Texas Jumps 5 Fold From 2020 Record

While dehumanizing COVID restrictions and poisonous Critical Race Theory (CRT) plague public schools, many parents opt for homeschooling this fall. The number of families seeking homeschooling in Texas is up five-fold in one week compared with the same period last year, the Texas Homeschool Coalition (THSC) reports.

“We are literally inundated with calls and emails from thousands upon thousands of families asking how they can begin homeschooling this fall,” Tim Lambert, president of the Texas Home School Coalition, said in a statement.

THSC reports weekly call and email volume, for the second week of August, reached 4,699, nearly five times the weekly record in the second set by 2020.

Last year, THSC saw a 400% increase in requests from parents to help with the transition from public school to homeschool. Compound today’s massive increase and it suggests the homeschooling trend is hot. 

Jube Dankworth of Texas Home Educators told local news ABC13 that about 750,000 Texas students are homeschooled. The number dramatically increased during the pandemic, and there are no signs of the trend slowing down. 

“Our call volume and contact volume doubled last week. We went from 300 to 500 calls to 1,000,” said THSC’s Tim Lambert said.

Lambert said the pandemic is the main driver for alternative learning: 

“We are hearing parents who are saying, ‘You know, I am real uncomfortable with the situation in the schools,’ ‘I do not want my kids to wear a mask,’ ‘I do want my kids to wear a mask.'”

He added: 

“2020 set records for the number of families interested in homeschooling. 2021 is now crushing those records. We are literally inundated with calls and emails from thousands upon thousands of families asking how they can begin homeschooling this fall. Families know that in homeschooling, they can find a form of education that is flexible and stable at the same time and it comes with a community of families who are ready to help.”

Besides COVID measures, some parents are pulling their kids out of public schools because they say CRT is poisoning the minds of their kids. 

The explosion in homeschooling appears to be broad-based. 

The California Department of Education reported homeschool applications doubled during the 2020-2021 school year. Millions of other parents across the country choose homeschool instead, as the work-at-home environment allows parents to spend more time with their children, preventing them from being brainwashed by liberal curriculums. 

Tyler Durden
Tue, 08/31/2021 – 09:05

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CDC Advisory Panel Hints It Won’t Back Biden’s Booster Jab Plan

CDC Advisory Panel Hints It Won’t Back Biden’s Booster Jab Plan

Shares of BioNTech, Moderna and Pfizer will be closely watched on Tuesday after the CDC’s advisory panel, the ACIP, remained circumspect about the need for a booster dose of the vaccine in the US, leaving the door open for the agency to scuttle the Biden Administration’s push for booster jabs.

While Israel is the world leader in terms of the largest percentage of the population to have received a third “booster” dose, other countries, including Turkey, have started doling them out, too. And despite the WHO’s pleas for western nations not to be too greedy with their jabs, the Biden Administration has repeatedly announced that it’s working on approvals for booster jabs eight months after the second dose.

“CDC’s Advisory Committee on Immunization Practices (ACIP) remains circumspect about the need and timing for additional COVID-19 vaccine doses, despite more aggressive messaging from the White House,” said SVB Leerink analyst Daina Graybosch.

Graybosch believes the meeting indicates that an “uptick in third doses may not come as rapidly as investors have been expecting,”

A Jefferies analyst said ACIP appears to be leaning toward a narrow recommendation for high-risk patients, which doesn’t bode well for the White House’s proposal. 

“We think the ACIP could be leaning toward just a narrow 3rd dose recommendation for high-risk people (healthcare workers, elderly) vs the more blanket recommendation the White House favors.”

In other news, Singapore’s health authorities are reportedly leaning toward allowing patients to receive any vaccine for their third jab, instead of recommending that those who got Moderna jab first time around get the same one this time, too – and vice-versa.

“Both approaches are being considered, with pros and cons to both strategies,”  Associate Professor Lim Poh Lian, director of the High Level Isolation Unit at the National Center for Infectious Diseases, said.

“We have to look at which is more effective in protecting against the current and future virus strains circulating. We have to look at safety issues and different segments of the population.

“What might be good for older adults might have more side-effects in younger persons, so it may not be a one-size-fits-all recommendation. Those kinds of data just take time to be collected, analysed and reported,” said Prof Lim, who is also a member of the Expert Committee on Covid-19 vaccination.

The UK is also looking into mixing its vaccines for booster doses, after results from a recent study showed that patients who received a Pfizer jab after an AstraZeneca jab actually showed higher rates of resistance.

Tyler Durden
Tue, 08/31/2021 – 08:40

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AOC, Tlaib, Pressley “Urge” Biden To Replace Fed Chair With Someone Focused On “Climate Change” And “Racial Justice”

AOC, Tlaib, Pressley “Urge” Biden To Replace Fed Chair With Someone Focused On “Climate Change” And “Racial Justice”

Excited at the prospect of gold at $10,000 and Bitcoin at $1,000,000 in short order? Here’s one way it could happen.

The collective brain trust that is Reps. Alexandria Ocasio-Cortez, Rashida Tlaib and Ayanna Pressley, has once again come together to hoist upon the populace their latest idea for turning the United States into their vision of a socialist utopia.

Today’s installment in “real congresswomen of genius” includes the “squad” urging President Biden to replace arguably the most dovish Fed chair in modern history because he isn’t doing enough about climate change, which of course, has nothing to do with the Fed’s dual mandate.  All three women (of course) sit on the House Financial Services Committee.

In a statement to Politico, the Reps. said: “As news of the possible reappointment of Federal Reserve Chair Jerome Powell circulates, we urge President Biden to re-imagine a Federal Reserve focused on eliminating climate risk and advancing racial and economic justice. We urge the Biden Administration to use this opportunity to appoint a new Federal Reserve Chair.”

AOC said of Jerome Powell: “Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system.”

“At a time when the Intergovernmental Panel on Climate Change is warning of the potential catastrophic and irreversible damage inflicted by a changing climate, we need a leader at the helm that will take bold and decisive action to eliminate climate risk,” their statement said.

The emotionally-stable women continued: “Weakening financial regulations that were specifically created to prevent such a disaster from happening again risks the livelihoods of Americans across the country. To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a Chair who is committed to these objectives.”

The Reps. are a minority as part of the “few” lawmakers who haven’t been satisfied with the job Powell has done as Fed Chair. Sens. Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts have occasionally been critical of Powell’s deregulatory efforts, however, Politico notes.

But for the most part, Powell has received praise from both sides of the aisle. His term is set to run out in February and Biden is expected to announce his plans for the position within weeks.

The call for Powell’s removal comes at a time when the Fed has been engaged in substantial mission creep with its mandate now including Social Justice, Race, Gender Issues, Climate Change And Inequality. This farcial outcome has prompted even the ultra pro-establishment and central bank FT to write that Central Banks need to “stop the mission creep”. 

“Mission creep is a common problem,” a new op-ed, suggesting the Fed actually focus on doing its job and no other political nonsense, says. The piece suggests the Fed stay in its lane and ignore political problems and issues like climate change: “It might be time for national politicians to start insisting that political issues are left to them and that everyone else just gets on with their own jobs. Local councils could fix the roads really quickly. Companies could make, sell and deliver stuff. And central banks could use monetary tools to have a go at controlling inflation.”

Alas, that won’t happen and instead the most likely outcome is that after the next crash the squad will get its wish, and the Fed will have the wokest, pro-MMT female chair yet, one who is especially adept at wiring digital dollars to minorities in the form of reparations for centuries of slavery under the white devil.

Tyler Durden
Tue, 08/31/2021 – 08:18

via ZeroHedge News https://ift.tt/3jthdBZ Tyler Durden

The New Yale Book of Quotations Is Published

The just-published New Yale Book of Quotations, by utilizing state-of-the-art research tools, can with some justification be described as the Oxford English Dictionary of quotations. Like the OED‘s approach to words, the NYBQ employs extraordinarily powerful searching of online historical texts to identify the most famous quotations, trace them to their original sources as far as possible, and record those sources precisely and accurately. The saying “Justice delayed is justice denied” illustrates the radical improvements in our knowledge of quotation origins that are yielded by these computer-assisted methods. Below is the second part of the NYBQ‘s introduction:

The science of compiling a quotation dictionary consists in exhaustively identifying the most famous quotations, tracing them to their original sources as far as possible, and recording those sources precisely and accurately.  For this book, novel techniques were used in pursuit of those standards, highlighted by extensive computer-aided research.  An enormous number of historical texts are now available in electronic form.  By searching online databases one can often find earlier or more exact information about famous quotations.

The very well-known maxim “Justice delayed is justice denied” was until recently listed in the Oxford Dictionary of Quotations as a “late 20th century saying.”  When British newspaper databases are searched, however, it becomes abundantly clear that the great Prime Minister William Gladstone used “justice delayed is justice denied” in an important speech about Ireland on March 16, 1868.  Other searching for The New Yale Book of Quotations unearthed usage of these words in The Weekly Mississippian (Jackson, Miss.), November 23, 1838.  Moreover, Edward K. Conklin of Honolulu emailed the NYBQ‘s editor with the results of his own online sleuthing: the formulation “Justice delayed is little better than justice denied” was used in an 1815 book, and in 1646 a book was published with the title Another Word to the Wise, Showing that the Delay of Justice, Is Great Injustice.

Like the “justice delayed” example, many famous and interesting quotations have no definite original source.  Other quotation dictionaries may give vague citations such as “Remark” for such quotes; The New Yale Book of Quotations, however, attempts to give the earliest findable occurrence.  Usually the citation takes the form “Quoted in,” followed by the oldest known book or article or other publication in which the words in question appear:

Is that a gun in your pocket, or are you just glad to see me?

Quoted in Wit and Wisdom of Mae West, ed. Joseph Weintraub (1967) [listed in this book under Mae West]

If there is substantial reason to doubt the validity of the attribution by the oldest source, the form “Attributed in” is used:

640K [of computer memory] ought to be enough for anybody.

Attributed in Computer Language, Apr. 1993 [listed in this book under Bill Gates]

Powerful online and other research methods make it possible to trace quotations to the most accurate sources.  Some notable quotations misattributed by earlier quotation dictionaries include the following: “The opera ain’t over until the fat lady sings” (actually by Ralph Carpenter, not Dan Cook); “Put all your eggs in one basket, and then watch that basket” (Andrew Carnegie, not Mark Twain); “Go west, young man” (Horace Greeley, not John Soule); “War is hell” (Napoleon, not William Tecumseh Sherman);”There ain’t no such thing as free lunch” (Walter Morrow, not Milton Friedman); “Winning isn’t everything—it’s the only thing” (Red Sanders, not Vince Lombardi); “If you can’t stand the heat, get out of the kitchen” (Buck Purcell, not Harry Truman).

The following were some of the most helpful of the electronic tools, presenting images and searchable text of billions of pages of publications, that were searched regularly to help determine quotation sources, wording, and frequency:

  • ProQuest (newspapers, periodicals, and other materials from the eighteenth century to present)
  • Newspapers.com (newspapers from the eighteenth century to present)
  • NewspaperArchive.com (newspapers from the seventeenth century to present)
  • America’s Historical Newspapers (U.S. newspapers from the seventeenth to twentieth centuries)
  • Nineteenth Century U.S. Newspapers (U.S. newspapers from the nineteenth century)
  • LexisNexis (newspapers and periodicals from the twentieth and twenty-first centuries)
  • JSTOR (scholarly journals in the humanities, social sciences, and natural sciences, 1665 to present)
  • Early English Books Online (primarily British books, 1473-1700)
  • Eighteenth Century Collections Online (primarily British and U.S. books from the eighteenth century)
  • America’s Historical Imprints (U.S. books, 1639-1820)
  • Google Books (tens of millions of books scanned from large libraries)
  • HathiTrust (millions of books scanned from large libraries)

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ECB’s Holzmann Sparks Fears Of ECB Taper But That Won’t Happen For A Long Time: Here Is A Blueprint Of PEPP Tapering

ECB’s Holzmann Sparks Fears Of ECB Taper But That Won’t Happen For A Long Time: Here Is A Blueprint Of PEPP Tapering

There was a bit of a cold shower for markets this morning which were merrily levitating to new all time highs on a one-two punch of far stronger European inflation and a (hawkish) ECB governing council member saying the ECB should discuss cutting crisis aid next week.

Eurostat reported that in August, flash HICP inflation for the euroarea came in a red hot 3.0%, sharply higher from 2.2% in July and smashing expectations of a 2.7% print and coming at the highest since 2011. Core HICP inflation, excluding energy, food, alcohol and tobacco, also surged, more than doubling to 1.59%yoy, an 88bps increase.

The breakdown by main expenditure categories showed services inflation rose 0.2pp to 1.1%, and non-energy industrial goods inflation rose 2.0pp to 2.7%. Of the non-core components, energy inflation rose 1.1pp to 15.4%, while food, alcohol and tobacco inflation rose 0.4pp to 2.0%.

The news of Europe’s quickening inflation promptly brought the ECB hawks out of hibernation, and in an interview in Alpbach, Austria hawkish Governing Council member Robert Holzmann said that the European Central Bank should start debating how it will phase out its pandemic-era stimulus and focus on tools that would help achieve its 2% inflation target sustainably.

“We are now in a situation where we can think about how to reduce the pandemic special programs — I think that’s an assessment we share,” Holzmann, who heads Austria’s central bank, said ahead of the Governing Council meeting next week. “We have the opportunity to discuss how do we close the pandemic part and focus on the inflation part.”

Following the inflation print and Holzmann comment, German bunds extended a decline with 10-year yields rising four basis points to -0.40%, the highest in over a month. The euro rose 0.3% to $1.1837.

While major central banks such as the Federal Reserve and the Bank of England have signaled their intention to gradually unwind crisis-era aid, the ECB has stuck to its ultra-loose policy to cushion Europe’s fragile rebound. But as Bloomberg notes, with the recovery gathering steam, the ECB will have to discuss whether to look through a recent spike in inflation, which saw consumer prices accelerate at the fastest pace in a decade this month. Naturally, like everywhere else, policy makers have said the surge will be temporary, leaving them with the elusive task of hitting their 2% target in the medium-term.

“If enough people share my opinion, we will certainly advise the Executive Board to slow down purchases in the fourth quarter and more so in the first,” Holzmann said. “We will spend as much as needed.”

The problem is that Holzmann is one of the lone hawks on the ECB council, and despite Europe’s roaring inflation, it is unlikely that the central bank with the €6.5 trillion balance sheet will do anything to reverse its auto pilot in the coming months.

So what will the ECB do?

In a recent report from Nomura’s Chiara Zingarelli, she laid out a blueprint for what the ECB’s PEPP easing could look like.

Specifically, she said that September’s ECB meeting will see it making a decision on the pace of its PEPP purchases for Q4 2021. While the ECB is likely to discuss the future of its asset purchase programmes (APP and PEPP) in September, she believes it is only likely to make a firm decision at the end of the year – once the evolution of the pandemic becomes clearer and European countries’ fiscal plans for 2022 have been published.

Below Nomura provides the key points of our ECB view ahead of the September meeting:

  1. We expect the ECB to move from “a significantly higher pace” in PEPP purchases to flexible purchases in Q4 2021. We think the ECB will slow its Q4 PEPP purchases, but only modestly, from €20bn per week to something closer to the average of net purchases conducted so far in 2021 (€16.6bn per week).
  2. We expect the ECB to use its PEPP envelope in full — on our expectations, it should be exhausted by the first week of April 2022 — and end the programme thereafter. We don’t think the ECB will expand its PEPP.
  3. In our view, the ECB will increase the pace of its APP purchases from €20bn per month to €40bn per month in December 2021. We expect it to implement higher purchases from the start of Q2 2022, when the PEPP will come to an end.
  4. In order to stabilize markets as PEPP comes to an end, we think the ECB will announce in December an additional €140bn temporary APP envelope, to be used flexibly over time and depending on market conditions, from the start of April until end-2022.

As Nomura concludes, “the way in which the ECB adjusts its purchases next year will be relevant for markets to the extent that any increase in the APP may be perceived as a longer-lasting form of monetary stimulus than an expansion of PEPP. While the ECB’s asset purchases will likely decline next year, once the PEPP comes to an end, the good news for markets is that higher APP purchases are here to stay. We expect APP purchases to run at a higher pace at least until the end of 2023.

Tyler Durden
Tue, 08/31/2021 – 08:07

via ZeroHedge News https://ift.tt/2Wx3ilj Tyler Durden

The New Yale Book of Quotations Is Published

The just-published New Yale Book of Quotations, by utilizing state-of-the-art research tools, can with some justification be described as the Oxford English Dictionary of quotations. Like the OED‘s approach to words, the NYBQ employs extraordinarily powerful searching of online historical texts to identify the most famous quotations, trace them to their original sources as far as possible, and record those sources precisely and accurately. The saying “Justice delayed is justice denied” illustrates the radical improvements in our knowledge of quotation origins that are yielded by these computer-assisted methods. Below is the second part of the NYBQ‘s introduction:

The science of compiling a quotation dictionary consists in exhaustively identifying the most famous quotations, tracing them to their original sources as far as possible, and recording those sources precisely and accurately.  For this book, novel techniques were used in pursuit of those standards, highlighted by extensive computer-aided research.  An enormous number of historical texts are now available in electronic form.  By searching online databases one can often find earlier or more exact information about famous quotations.

The very well-known maxim “Justice delayed is justice denied” was until recently listed in the Oxford Dictionary of Quotations as a “late 20th century saying.”  When British newspaper databases are searched, however, it becomes abundantly clear that the great Prime Minister William Gladstone used “justice delayed is justice denied” in an important speech about Ireland on March 16, 1868.  Other searching for The New Yale Book of Quotations unearthed usage of these words in The Weekly Mississippian (Jackson, Miss.), November 23, 1838.  Moreover, Edward K. Conklin of Honolulu emailed the NYBQ‘s editor with the results of his own online sleuthing: the formulation “Justice delayed is little better than justice denied” was used in an 1815 book, and in 1646 a book was published with the title Another Word to the Wise, Showing that the Delay of Justice, Is Great Injustice.

Like the “justice delayed” example, many famous and interesting quotations have no definite original source.  Other quotation dictionaries may give vague citations such as “Remark” for such quotes; The New Yale Book of Quotations, however, attempts to give the earliest findable occurrence.  Usually the citation takes the form “Quoted in,” followed by the oldest known book or article or other publication in which the words in question appear:

Is that a gun in your pocket, or are you just glad to see me?

Quoted in Wit and Wisdom of Mae West, ed. Joseph Weintraub (1967) [listed in this book under Mae West]

If there is substantial reason to doubt the validity of the attribution by the oldest source, the form “Attributed in” is used:

640K [of computer memory] ought to be enough for anybody.

Attributed in Computer Language, Apr. 1993 [listed in this book under Bill Gates]

Powerful online and other research methods make it possible to trace quotations to the most accurate sources.  Some notable quotations misattributed by earlier quotation dictionaries include the following: “The opera ain’t over until the fat lady sings” (actually by Ralph Carpenter, not Dan Cook); “Put all your eggs in one basket, and then watch that basket” (Andrew Carnegie, not Mark Twain); “Go west, young man” (Horace Greeley, not John Soule); “War is hell” (Napoleon, not William Tecumseh Sherman);”There ain’t no such thing as free lunch” (Walter Morrow, not Milton Friedman); “Winning isn’t everything—it’s the only thing” (Red Sanders, not Vince Lombardi); “If you can’t stand the heat, get out of the kitchen” (Buck Purcell, not Harry Truman).

The following were some of the most helpful of the electronic tools, presenting images and searchable text of billions of pages of publications, that were searched regularly to help determine quotation sources, wording, and frequency:

  • ProQuest (newspapers, periodicals, and other materials from the eighteenth century to present)
  • Newspapers.com (newspapers from the eighteenth century to present)
  • NewspaperArchive.com (newspapers from the seventeenth century to present)
  • America’s Historical Newspapers (U.S. newspapers from the seventeenth to twentieth centuries)
  • Nineteenth Century U.S. Newspapers (U.S. newspapers from the nineteenth century)
  • LexisNexis (newspapers and periodicals from the twentieth and twenty-first centuries)
  • JSTOR (scholarly journals in the humanities, social sciences, and natural sciences, 1665 to present)
  • Early English Books Online (primarily British books, 1473-1700)
  • Eighteenth Century Collections Online (primarily British and U.S. books from the eighteenth century)
  • America’s Historical Imprints (U.S. books, 1639-1820)
  • Google Books (tens of millions of books scanned from large libraries)
  • HathiTrust (millions of books scanned from large libraries)

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Hurricane Ida Exposes Grid Weaknesses As 2,000 Miles of High-Voltage Lines Damages 

Hurricane Ida Exposes Grid Weaknesses As 2,000 Miles of High-Voltage Lines Damages 

More than a million customers across Lousiana are without power on Tuesday morning. Some reports indicate it could take weeks for the lights to come back on as thousands of miles of transmission lines were damaged after Hurricane Ida rolled through on Sunday

The Category 4 hurricane raises fresh questions about how well New Orleans and other coastal areas across Lousiana are prepared for natural disasters. As of 0630 ET, PowerOutage.US reports a little more than one million customers are without power across the state’s coastal plain. 

Energy provider Entergy Corp has been surveying the damage since Monday and has found 207 transmission lines spanning more than 2,000 miles have been knocked out by the storm, according to WSJ

Rod West, Entergy’s group president of utility operations, said drones, helicopters, and land-based vehicles are surveying the damage and estimate it could take at least three weeks to restore power. 

“The hard part is that the geography is a rather wide swath,” West said. “That three weeks is not going to apply to everybody the same way.” He added some transmission towers need to be replaced entirely due to “significant wind” damage. 

West said the damage to the transmission system is more severe than Hurricane Katrina because Ida made landfall at 150 mph. 

Besides transmission lines, some of Entergy’s powerplants have sustained damage. West said the damage at some plants would not hinder energy production. One of their nuclear power plants 25 miles west of New Orleans on the Mississippi River was shuttered ahead of the storm. 

West said they’d rebuilt their transmission system over the years to withstand speeds of 150 miles an hour. Still, it appears some of those high-voltage cables that carry electricity from power plants to substations that connect to lower-voltage distribution lines, were no match for Ida. 

It could take weeks for Entergy and other power companies to restore energy in the state. 

Customers have been panic searching Generac generators and generators since the hurricane made landfall. 

Searches for “generator” 

Searches for “generac” 

There’s potential for power to be out for a few weeks. We noted communication systems are offline in New Orleans. What are the chances this could spiral into a humanitarian crisis? 

Tyler Durden
Tue, 08/31/2021 – 07:50

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