Posted August 02, 2021
By Aaron Gentzler
“I Experienced Jimmy Carter”
For more Wells Fargo absurdity, a reader writes: “When my mother passed away, I tried to close an account she had NEVER used. They refused until she came in personally.
“I couldn't get it through their heads she was no longer alive. So, I went home, picked up her remains, took them to the bank and plopped ‘her’ in a chair.
“I told them again that my mother wished to close her account. They did.”
Our condolences, reader… And talk about absurd!
Speaking of, a reader says: “How much of the $800 billion in infrastructure spending -- which Obama put Biden in charge of -- actually went to infrastructure? Try to find any projects that his infrastructure spending accomplished or proof of how many people actually got jobs. Most of that money went to save union pensions and existing union jobs, not make any new ones.
“As if that record weren’t bad enough, Biden tells us the economy is red hot. If you add massive stimulus to a red-hot economy, you will get more of the inflation we are currently seeing. Much more.
“I experienced Jimmy Carter. Trust me, you won’t like runaway inflation!”
We’ll take your word for it, reader. As for infrastructure spending, more on that below…
Send your opinions to, TheRundownFeedback@StPaulResearch.com
Your Rundown for Monday, August 2, 2021...
This Just In: Infrastructure Bill
“We haven’t done a large, bipartisan bill of this nature in a long time,” says Senate Majority Leader Chuck Schumer (D-N.Y.) per a massive infrastructure bill. He says the Senate’s vote is just days away.
And lawmakers had to work over the weekend in order to complete the bill. (Tiny violins.)
In a moment of self-congratulation, Sen. Kyrsten Sinema (D-Ariz) said from the Senate floor Sunday: “We know that this has been a long and sometimes difficult process, but we are proud this evening to announce this legislation… We can put aside our own political differences for the good of the country.”
So what’s tucked away in the bill’s 2,700 pages?
“It calls for $550 billion in new spending over five years… [in] what could be one of the more substantial expenditures on the nation’s roads, bridges, waterworks, broadband and the electric grid in years,” says The Associated Press.
“Among the major new investments, the bipartisan package is expected to provide $110 billion for roads and bridges, $39 billion for public transit and $66 billion for rail.
“There’s also... $55 billion for water and wastewater infrastructure as well as billions for airports, ports, broadband internet and electric vehicle charging stations,” says the AP.
We asked another question last week: Who pays?
“Senators rejected ideas to raise revenue from a new gas tax or other streams. Instead, it is being financed from funding sources that might not pass muster with deficit hawks, including repurposing some $205 billion in untapped COVID-19 relief aid, as well as unemployment assistance that was turned back by some states and relying on projected future economic growth,” according to the AP article.
Believe it when you see it? Of course, the bill still has to pass the Senate and the House before Biden signs on the dotted line. Stay tuned…
Market Rundown for Monday, Aug. 2, 2021
The S&P 500 is up 0.52% to 4,177.
Oil’s down 1.6% to $72.78 for a barrel of WTI.
Gold is stuck in neutral at $1,817.30 per ounce.
Bitcoin is down 4% to $39,600.
Send your comments and questions to, TheRundownFeedback@StPaulResearch.com
You have a great rest of your Monday! We’ll be back Wednesday…
For The Rundown,
Editor, The Rundown