Posted September 23, 2019
By Byron King
A contributor responds to this readers Friday missive: Representatives should receive $6/day and senators receive $7/day stipends every day they are in session doing their jobs; no benefits.
That way we would know who is more interested in serving his country and who just wants to stuff his pockets.
On the other hand, a reader notes: No, that way we will ensure that only millionaires are elected.
The writer either thinks members of Congress can live under a bridge or has never considered the cost of housing in the D.C. area.
Indeed, Washington D.C. is the fifth most expensive U.S. city to live in; regarding living under a bridge? Many Americans think members of Congress are troll people anyway. So.
The only way (I believe) that anything will get substantially changed is through a Convention of States as authorized by Article V of the Constitution.
This is a state-level, bottom-up approach and safety valve for federalism extremis. I believe 17 states have already passed this measure while it takes 34 states to call the convention and 38 to ratify any proposed amendments.
Article V pertains to the process for adding amendments to the Constitution.
Our reader refers to this portion of the article: On the application of the legislatures of two thirds of the several states, shall call a convention for proposing amendments.
If you could add an amendment to the Constitution, what would it be and why?
Your Rundown for Monday, Sept. 23, 2019:
Boeing is back in the news today.
Reuters reports: The chief of the U.S. Federal Aviation Administration is set to detail on Monday progress on the Boeing 737 MAX aircraft to international air regulators who are divided about returning the grounded jet to flight after two fatal crashes.
The two fatal crashes involved a Lion Air (Indonesia) plane in Oct. 2018 and then an Ethiopian air disaster in March of this year.
In both crashes, says Reuters, erroneous data to one of the angle of attack sensors led to the activation of an automated system that repeatedly pushed down the planes nose.
[Boeing] has spent months working to update critical flight control software at the center of both crashes, in hopes of winning FAA approval for the planes to fly again in the United States between October and December.
The EUs Aviation Safety Agency is conducting its own investigation, with the agency already saying it doesnt believe Boeings done enough to remedy the aircrafts problem.
Relative to Boeing stock -- after the March crash of the Ethiopian jet -- we said: You can make a giant bear case against Boeing and, by inference, the Dow Jones Industrial Average because Boeing is the largest component. Realistically, Boeings not going anywhere.
While Boeing (BA) shares have been stuck in range between $330 to $380 in 2019, they might be poised for a breakout -- especially if 737 MAX planes receive regulatory approval.
Reasons to buy Boeing? The company has weathered other plane-specific issues in the past; plus, Boeing offers shareholders a substantial dividend yield.
As we said in March, Boeings not going anywhere. Price target to buy? Between $300 and $330.
Market Rundown for Mon. September 23, 2019
S&P 500 futures are sitting at 2,989.50.
Oil is down 32 cents per barrel to $57.77.
Gold is up $9.80 to $1,524.90 per ounce.
Bitcoin is down $122.06 to $9,916.65.
Have a good day. Well talk more tomorrow.
For the Rundown,