Levine: An interesting week of news

The news last week was full of extraordinary items. I’ve selected just a few from a three-day period, adding a few comments.

April 25

Emmanuel Macron, president of the French Republic, delivered a well-crafted speech in English to a joint meeting of Congress. In it, he denounced nationalism and isolationism and urged free trade. Recalling a long history of closeness between France and the United States, he declared hope that the U.S. would find a way to return to multilateralism and support the Paris Climate Agreement as well as the multination nuclear deal with Iran. Macron said, “We need a free and fair trade for sure. A commercial war is not consistent with our mission, with our history, with our current commitments for global security.” On the Climate Accord, Macron said, “There is no Planet B.” Taking the high ground, he said “Without reason, without truth, there is no democracy.”

In contrast, Mick Mulvaney, head of the Consumer Financial Protection Bureau, crawled through the mud in addressing a group of banking executives. Speaking of his days in Congress, Mulvaney advised his audience to pay to play. Mulvaney said: “If you were a lobbyist who never gave us money, I didn’t talk to you. If you were a lobbyist who gave us money, I might talk to you.” Unless a lobbyist donated to Mulvaney’s campaign, he had no chance of getting in to see him. This from a person who wants to help drain the swamp with the president (who also openly paid to play). Politico editor Timothy Noah commented: “I’ve never before seen a former member describe Congress so explicitly as an extortion racket.”

The Dow-Jones Index tumbled 550 points just after Caterpiller came out with its quarterly earnings report. A Caterpiller executive, announcing an exceptionally good quarter, proudly exclaimed that “This will likely be a high-water mark for the year.” Although the outlook for Caterpiller was strong, the stock plummeted 6 percent and the market panicked.

April 26

Michael Cohen plans to invoke his Fifth Amendment right not to incriminate himself in the Stormy Daniels civil case. His client, Donald Trump, had earlier said that innocent people don’t take the Fifth: “Only the mob pleads the Fifth.” Ironically, Trump took the Fifth 97 times during his divorce deposition in 1990.

Presidential physician Ronny Jackson withdrew from nomination as Veterans Administration head. Complaints of character flaws were coming out of the woodwork. The question is: was Trump’s vetting team unaware of the numerous events in Jackson’s past, or were they fully aware and found them acceptable?

The Senate confirmed Mike Pompeo for secretary of state. Does this mean that we have a militant hawk reporting to an isolationist? Strange brew, but likely to go down easier than the Tillerson/Trump pairing.

Chipotle stock rose a whopping 25 percent on the news of one good quarter. Crazy! Earnings per share were significantly higher than estimates. But revenue was up only due to increased stores and higher prices. Same store revenue gain was only 2.2 percent and did not come from increased sales, but from a 4.5 percent price increase.

EPA Administrator Scott Pruitt faced critical questioning from House Energy and Commerce Committee over extravagant spending and for renting a condo from a lobbyist. Democrats understandably led the criticism, but several Republicans joined in. Pruitt replied that “Many of the complaints were only half-truths.” He also claimed not to know about the raises to staffers or the cost of his $43,000 soundproof phone booth. At least four House Republicans have called for Pruitt to resign.

A jury convicted Bill Cosby of all charges. This is such a sad situation. In a distressing sign of our times, another popular figure falling in disgrace. But is it necessary for all the news of the day to be preempted by photos of cameras waiting outside of shuttered courtroom doors?

April 27

House Speaker Paul Ryan ousted the House chaplain, the Rev. Patrick Conroy. Although no reason was given, several members, and Conroy himself, cited Conroy’s prayer last fall for fairness to all income groups as the House debated the tax cuts. Conroy asked that “There not be winners and losers under new tax laws, but benefits balanced and shared by all Americans.” Could this be blasphemy?

And the international hug-a-thon, started earlier this week in Washington, D.C., continued at the DMZ with the leaders of North and South Korea embracing as they took turns crossing their common border. A reasoned thinker might see a rationale for Kim Jong Un’s recent overtures. But with a world so full of hope for a calming in that area, we must not let down our guard and forget with whom we are dealing.

One bizarre event after another. What will May bring?

A Rancho Bernardo resident, Levine is a retired project management consultant and the author of three books on the subject.