“In October 2004, the Iraq Survey Group presented its exhaustive report to Congress: Iraq did not possess any stockpiles of chemical, biological, or nuclear weapons at the time of the American invasion; its active programs had been destroyed more than a decade earlier, shortly after the 1991 Gulf War. A month later President Bush was reelected, having successfully blamed the deadly fiasco on intelligence failures. Napoleon should have thought of that excuse for his fateful invasion or Russia. The ‘it’s not their fault’ talking point is so sturdy that Trump supporters and neocons are employing it again to disavow the role of the Iran War in one of the biggest electoral wipeouts in American history.” (11/10/26)
“According to the MPT [Modern Portfolio Theory] framework, all market participants have the same expectations about future securities’ returns. Yet, if participants are alike in the sense of having homogeneous expectations, then why should there be trade? After all, trade implies the existence of heterogeneous expectations. A buyer expects a rise in the asset price while the seller expects a fall in the price. The MPT framework also implies that market participants have the same knowledge.” (11/10/26)
“The average nationwide price for regular gasoline Tuesday fell below $4 per gallon for the first time since July 20, according to data from motor club AAA. The drop comes as oil prices have plunged, with President Donald Trump repeatedly playing down the prospect of renewed strikes on Iran, and pushing for progress between Russia and Ukraine in new trilateral talks. Still, gas prices remain elevated by more than 30% since Trump and Israeli Prime Minister Benjamin Netanyahu launched the Iran war Feb. 28, and around 40% since the beginning of the year.” (11/10/26)
Source: The American Conservative
by Luke Nicastro
“Over at the New York Times last week, the conservative commentator and editor of Compact Matthew Schmitz pronounced Vice President J.D. Vance the ‘biggest loser’ of the midterm elections. Despite the popular endorsement of Vance’s own view of the war—viz., that it was an egregious mistake that should be corrected posthaste—Schmitz found in the blue tsunami only downside for the vice president. ‘J.D. Vance Is Probably Toast,’ ran the headline. … reports of Vance’s political demise are greatly exaggerated. In fact, the further we get from the initial shock and hysteria of the midterm massacre, the better his prospects look.” (11/10/26)
“While proponents of a wealth tax proved unsuccessful at the polls in their efforts to downsize the billionaires, it seems the financial markets are doing the job for them. The S&P 500 index fell 4.4 percent on Thursday, more than reversing its post-election rally on Wednesday. The NASDAQ dropped 5.5 percent, losing more in one day than what the wealth tax would have taken from the billionaires over 5 years.” (11/10/26)
