Grumpy Editor

POLICYMAKERS SEE SLIGHT SLOWING IN U.S. GROWTH THIS YEAR

Forecasts released by the Fed show policymakers expect U.S. growth to slow only o.2 percent this year, notes Grumpy Editor.

However, they see growth picking up 1.2 percent in 2023, but predict the unemployment rate will rise to 4.4 percent.  

"Higher interest rates, slower growth and a softening labor market are all painful for the public that we serve but they're not as painful as failing to restore price stability and then having to come back and do it down the road again,” says Fed chairman Jerome H. Powell.  

Many analysts are forecasting a recession next year but remain hopeful it will be relatively mild.

 

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HOLLYWOOD SIGN GETTING PAINTED.  The Hollywood sign (originally Hollywoodland), on a hill north of Hollywood, is getting a fresh coat of paint on its 45-foot-high letters just ahead of its 100th anniversary. The sign is now an American cultural landmark and culturalicon.

BANK DEPOSITS DECLINE.  Second quarter deposits in U.S. banks declined by a record $370 billion in the second quarter.  It’s the first decline since 2018.  

HOMEBUYERS FACE PAYMENT SHOCK.  Average interest rate on a 30-year fixed mortgage edges up to 6.7 percent.  That is an increase of 3.3 percent from the start of the year.   While home prices have eased over the last couple of months, they are still up 13.1 percent from a year ago

TARGET PLANS MAJOR HIRING.  Target plans to hire up to 100,000 seasonal workers for its U.S. stores and warehouses.  This with inflation  pushing consumers to limit spending.

AUTUMN PUTS SOME IN BETTER MOOD.  Latest Rasmussen Reports survey finds 49 percent of adults say arrival of fall puts them in a better mood, 10 percent say they are in a worse mood, while 37 percent say change of seasons has no impact. 

EX-FBI DIRECTOR WRITING CRIME FICTION. Former FBI Director James Comey is into writing crime fiction.  His first novel, "Central Park West," features an assistant U.S. Attorney looking into ties between the Mafia and the murder of a local politician. The book is scheduled for release next spring.

DOG STEALER NABBED.  An Irvine, California man is facing grand theft charges after surveillance footage showed him taking a dog out of a parked car.  A small dog, named Mookie, was stolen in a parking lot.  Footage shows a man walking up to the car’s rear passenger side, seemingly talk to the dog and then take the dog through an open window within 40 seconds.

MAINTENANCE, PRODUCTION AFFECT U.S. NAVY’S SUBMARINE FLEET

An observer warns the U.S. Navy’s submarine fleet is smaller than normal, due to maintenance and production delays, notes Grumpy Editor.

Seth Cropsey, former naval officer and deputy undersecretary of the Navy, points out in a Wall Street Journal piece that the fleet “is about three-fifths the size it should be” and it “comes amid stepped-up threats to Taiwan by China.”

He says U.S. submarines “are the most effective tool to counter an assault on Taiwan.”

The U.S., he adds, “has a world leading attack submarine force of 49 nuclear-powered boats, along with four guided-missile submarines each packed with 154 cruise missiles."

 

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370 WORDS ADDED TO DICTIONARY.  Merriam-Webster adds 370 words and phrases to its dictionary this month.  Two examples plucked from the myriad slang and informal coinages:  yeet --- to throw something with force and without regard for the thing being thrown; the other --- janky, meaning of very poor quality.

TOW TRUCK CALLED TO LIFT ALLIGATOR.  A tow truck had to be called to lift a massive alligator out of a neighborhood outside Houston, Texas.  The alligator, trapped four hours later with assistance from licensed trappers with Texas Parks and Wildlife, is relocated to a sanctuary in El Campo.

MASKED MEN STEAL DOGS.  In Northrige, Calif., a person left puppies with a friend when two masked men entered the residence and stole the dogs.  Police say bulldogs, especially French bulldogs, have soared in popularity in recent years. The high demand for the dogs has made them more prone to theft --- and sale at a steep price on the black market.

PET KANGAROO KILLS OWNER.  An Australian man dies after being attacked by his pet kangaroo.  Police say they were forced to shoot the marsupial dead so paramedics could reach the 77-year-old man who later died at the scene.  This is the first fatal attack by a kangaroo in Australia since 1936.

COAST GUARD BOOSTS ARCTIC OPERATIONS.  The U.S. Coast Guard will step up operations in the increasingly contested Arctic region, crack down on illegal fishing and forced labor, and improve oil spill response under legislation approved by a Senate committee wary of competition from Russia and China.

MICHAEL JORDAN’S JERSEY SELLS FOR RECORD.  Michael Jordan’s basketball jersey, worn during the 1998 NBA finals, sells for a record $10.1 million.  It ranks as the most expensive piece of game-worn sports memorabilia ever sold.

“PHANTOM” TO CLOSE AFTER RECORD RUN.  Broadway’s longest-running show --- The Phantom of the Opera --- is slated to close next Feb. 18.   The musical, on Broadway since 1988, will conclude with 13,925 performances.

MINOR LEAGUE BASEBALL PLAYERS FORM UNION.  More than 5,500 minor league baseball players form a union in an effort to boost annual salaries as low as $10,400.  That compares with major league players getting millions a season. 

 

ANOTHER HOTEL FEE LOOMS FOR TRAVELERS

Will there be another hotel fee soon to greet travelers, asks Grumpy Editor.

It could be in the works.

The hotel industry is poised to start charging additional fees, according to an industry observer who points out, "We are in the middle of two major events:  COVID and the inflationary environment.”

"Hoteliers had to cut average daily rates by up to 60 percent during the pandemic,” he adds.

In trying to make up for lost revenue, the focus will be on hotel guests…and their wallets.

One area that may see a fee increase:  Daily housekeeping. 

Hotels cut back on daily housekeeping during the pandemic and that’s an area being eyed for new charges.

 

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REGAL CINEMAS OWNER FILES FOR BANKRUPTCY.  Movie chain Cineworld Group LLOC, owner of Regal Cinemas, files for Chapter 11 bankruptcy protection in the U.S. as it deals with several billions of dollars in debt and lower attendance in theaters.

BURGER KING PLANS MAJOR INVESTMENT.  Over the next two years Burger King plans to invest $400 million in its 7,058 U.S. restaurants.  That includes $250 million for updates  nd $120 million in advertising. 

UPS PLANS TO ADD 100,000+ WORKERS.  United Parcel Service plans to hire more than 100,000 workers to help handle the holiday season rush.  UPS’s job openings are for package handlers, drivers and driver helpers.

WOMAN FIGHTS OFF TIGER.  In India a woman is hospitalized with serious injuries after fighting off a tiger that was trying to grab her 15-month-old son.  The attack occurs on the outskirts of the Bandhavgarh Tiger Reserve in the northeast part of the country.

F-35 FIGHTER JETS DELIVERIES PAUSE.  The Pentagon temporarily halts delivery of F-35 fighter jets to the military branches and international customers after Lockheed Martin discovers a metal component used in the jet’s engine is produced in China. 

STOLEN ART RETURNS TO ITALY.  New York’s district attorney returns $19 million worth of stolen art to Italy. The 58 pieces include a marble head of the goddess Athena dated 200 BC, worth an estimated $3 million. The stolen items were sold to museums and private dealers by convicted looters.

RUSSIA SEEKS NORTH KOREA ROCKETS, ARTILLERY SHELLS.  Affected by its six-month-old invasion of Ukraine, Russia approaches North Korea for rockets and artillery shells for its military forces, according to U.S. intelligence officials. 

FASCINATION WITH BRITAIN'S PRINCESS DIANA CONTINUES

Media continue the fascination with Britain’s Princess Diana on the 25th anniversary of her death in a Paris car accident, notes Grumpy Editor.

Diana, 37, died on Aug. 31, 1997, stunning people who felt they knew the princess after following her struggles and successes in media coverage over 17 years.

Anniversary stories focused on Diana's fans placing flowers, photos and messages outside the gates at Kensington Palace.

Kensington Palace is a royal residence set in Kensington Gardens, in the Royal Borough of Kensington and Chelsea in London.  It has been a residence of the British royal family since the 17th century.

 

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KIDS' MATH, READING SCORES DROP.  In a setback for the nation’s children, a federal study shows math and reading scores for nine-year-olds in the U.S. fell dramatically during the first two years of the pandemic. 

200-YEAR-OLD SAGUARO CACTUS TOPPLES.  Heavy rains in Tucson, Arizona, topples a 200-year-old saguaro cactus.  It had more than 30 arms and was more than 40 feet high.

DOLLY PARTON DEBUTS DOG APPAREL.  Singer Dolly Parton starts an apparel brand aimed for dogs.   Named Doggy Parton, it offers gingham check bandanas, feather-brimmed cowboy hats, Dolly Parton shirts and more 

POLAND SEEKS WWII REPARATIONS.  Poland is seeking the equivalent of $1.3 trillion in reparations from Germany for the Nazis' World War II invasion and occupation.  It stems from a long-awaited report on the cost to the country of years of Nazi German occupation as it marks 83 years since the start of World War II.

YOUNGER AMERICANS DO SEEK DAILY NEWS.  A study shows 79 percent of Americans, ages 16 to 40, say they get news daily.  The report is contrary to the thinking that young people aren’t interested in daily news happenings. 

GOATS MUNCH ON PAPER WORK IN PATROL CAR.  A pair of curious goats broke into a Madison County, Alabama, sheriff's deputy's patrol car and ate his paperwork.  A video shows the hungry animals busy inside (in the passenger seat) and on top of the vehicle munching paper work.

SHORTAGE IN TOMATO PRODUCTS LOOMS.  California farmers warn ketchup, salsa, pasta sauce and other tomato products could soon be in short supply. The Golden State grows nearly all of America's processing tomatoes, but this year is shaping up to be another poor harvest season.