Five Observations for Monday

Finally—A stock market I like!

My hunch is that a recession has already started. There’s always a lag in the data.

• Funny how we don’t hear so much any more from Democrats about “Modern Monetary Theory,” that is, the ludicrous idea that the government can spend as much as we like without worrying about inflation. (Once upon a time I think this was called “Keynesianism.”) Looks like Milton Friedman is still in charge after all.

• What’s the over/under line on whether we’ll get “malaise speech” from Biden around July?

• From one of our regular TWiP suppliers, a new acronym for our time—SNABU: “Situation Normal All Bidened Up!”

Bonus item—some days you just can’t make up things like this:

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