Links & comments

Trump is complaining that the Fed's plans to raise interest rates to fight inflation will hurt the recovery. This is true. Most of the recessions during my work life were caused by this. But I also note that is raising these extremely low interest rates to a more normal level would slow or reverse the economic recovery, he is inadvertently admitting that much or all of the economic recovery is due to these low interest rates, not just his own actions.
And note that economic growth is expressed as a percentage. The same amount of growth will be a larger percent increase than the same amount of growth from a better point. So the current growth is not as remarkable as might seem. And this rate cannot be sustained.


https://www.apnews.com/a7e135215ebc4993a99a85f7eb6963f3
July 27, 2018
AP FACT CHECK: Trump falsely claims historic turnaround
TRUMP: “We’ve accomplished an economic turnaround of historic proportions.” — remarks Friday at the White House.
THE FACTS: Trump didn’t inherit a fixer-upper economy.


https://www.washingtonpost.com/news/post-nation/wp/2018/07/28/get-out-with-your-life-californias-deadly-carr-fire-doubles-in-size/?noredirect=on&utm_term=.78f074b71a09
July 28, 2018
Fueled by an incendiary combination of scorching temperatures, dry air and unpredictable winds, the deadly Carr Fire has doubled in size to 80,906 acres — almost the size of the city of Philadelphia. The wildfire has forced thousands to flee, torched 500 buildings and killed two firefighters trying to contain it.
The National Weather Service issued a Red Flag Warning Friday, saying fire-favorable conditions would exist until at least 8 a.m. Monday. The fire was so strong it was producing wind gusts of up to 50 mph and fire whirlwinds — tornado-like funnels of fire, ash and combustible gas. Smoke from the Carr Fire could be seen from space.
Although the death toll remains at two, there is still an untallied number of people who authorities fear may have been unable to escape the fire.
The weather was counteracting firefighters’ efforts to make a dent in the blaze. Forecasts for the weekend said temperatures could approach 110 degrees on Saturday and Sunday, the Weather Service said. The humidity hovered around 5 to 10 percent, wind gusted to 30 mph in some canyons that were on fire.
Complicating matters for firefighters was the fact that they were fighting a battle on multiple fronts.
The Ferguson Fire, which forced officials to close the Yosemite Valley through at least the weekend, has burned across nearly 50,000 acres since mid-July and was 29 percent contained as of Saturday morning, fire officials said.
The Cranston Fire in Riverside County had burned across 12,300 acres and was 16 percent contained, officials said.


https://www.cbsnews.com/news/egyptian-court-sentences-75-to-death-for-their-involvement-in-a-2013-sit-in-2018-07-28/
July 28, 2018
An Egyptian court sentenced 75 people to death on Saturday, including top figures of the outlawed Muslim Brotherhood group, for their involvement in a 2013 sit-in, state media reported. The Cairo Criminal Court referred the sentences to the Grand Mufti -- the country's top theological authority -- for his non-binding opinion as is the norm in capital cases. Though non-binding, the formality gives a window of opportunity for a judge to reverse an initial sentence.
Of the 75 defendants referred to the Mufti, 44 are jailed and 31 are at large. The court normally hands down the maximum sentence for fugitives but a re-retrial is typically held after they are caught.