Stop Counting! Stop Counting!
This Week In Blunders – 27- Aug. 2
“Facts do not cease to exist because they are ignored.” – Aldous Huxley
President Donald Trump can fire everyone at the National Weather Service but we will still get violent storms.
He can shut down the U.S. Geological Survey, but we will still have earthquakes.
He can fire the commissioner at the U.S. Bureau of Labor Statistics, but we may still suffer a sagging labor market.
In firing BLS Commissioner Erika McEntarfer on Friday, all Trump has done is find yet another way to undermine faith in the U.S. economy.
I’ll let the pros tell it:
“Just because numbers came out that the administration did not like, they immediately turn around and fire the commissioner. Without knowing what those numbers mean, without understanding what goes behind the data, and the integrity of data collection. The charges that the numbers were faked is completely false and the fact that she was appointed by Biden is immaterial.”
– Michael Horrigan, president of the Upjohn Institute, and a BLS veteran who oversaw the employment, unemployment, and inflation measurement program.
“Unfortunately, it will call into question the validity and reliability of the data used to collect the most sensitive economic metrics: the U.S. unemployment rate and the monthly jobs growth rate.”
– Joe Brusuelas, chief economist at consulting firm RSM.
“This rationale for firing Dr. McEntarfer is without merit and undermines the credibility of federal economic statistics that are a cornerstone of intelligent economic decision-making by businesses, families, and policymakers.”
– Friends of BLS, a group that included two former BLS commissioners, including William Beach, who was appointed by Trump.
This is how the former Soviet Union managed its economy. This is how communist China bumps its numbers. This is what despots and tin pot dictators do.
This is America.
A Chicken In Every Instant Pot
In the ongoing competition to out-flatter President Trump, we have a loser.
Instant Pot Brands unveiled plans to launch “Make America Great Again” and “45/47” branded kitchen appliances in June.
It was reportedly part of a broader strategy by New York-based private equity firm, Centre Lane Partners, which bought Instant Pot out of bankruptcy last year.
Centre Lane needed help with tariffs, so it planned on launching all kinds of Trump-themed merchandise, including plates, flatware, bedsheets and even snow globes.
Imagine your own snow globe with a tiny orange man inside – looking something like an Oompa Loompa in a fine suit. Shake it and know that, yes, winter is coming.
All proceeds from this scheme would fund Trump’s presidential library.
But here’s where Centre blundered: It didn’t get permission before announcing the plan in an exclusive Semafor story.
Turns out, the Trump Organization doesn’t appreciate trademark infringement, according to a report this week in The New York Times.
The family business was also miffed that it wasn’t offered a cut of the profits, and it threatened legal action.
Sadly, no MAGA Instant Pots will ever be manufactured. They would have been great for cooking the employment numbers.
Selling China Tech To Nuke Us
Add another entry to the Business Blunder list of criminally charged corporations.
Cadence Design Systems agreed to plead guilty and pay more than $140 million to resolve criminal charges for exporting technology to a nation that we fear could one day destroy us.
The San Jose, Calif.-based company was accused of selling hardware, software, and semiconductor design technology to the National University of Defense Technology in the People’s Republic of China.
The school is “believed to support nuclear explosive simulation and military simulation activities in the PRC,” the Justice Department said. The Commerce Department placed it on its restricted trade list in 2015.
A few million dollars settles anything. None dare call it “treason.” That’s a word reserved for former President Barack Obama. Not our fine corporations.
Don’t Miss These Blunders
The Gods Or Money? A new book, "The Almightier," pulls back the temple curtains and reveals what mankind really worships
Break It ‘Til You Make It Big money investors fell prey to a fashion industry fairy tale
Making A List, Checking It Twice The '30 Under 30 Curse' is an enduring embarrassment for business news publications
The Empress’s New Clothes Big money investors fell prey to a fashion industry fairy tale
Just Smile And Wave This Week In Blunders – July 13-19
Make The Competition Disappear A bid-rigging indictment calls foul on Tim Leiweke, a long-respected sports arena developer
Better To Be An Ex-CEO Than An X CEO This Week In Blunders – July 6-12
Slipping Away From Prosecutors The Volkswagen CEO who lorded over "Dieselgate" defers consequences with a happy accident
15 Tales Of Lost Ponzi Riches Swindlers can steal billions because investors won't learn from history. Here's a ranking of America's top Ponzi schemers.
Hello, I Love You This Week In Blunders – June 22-28
Milk It Like Milken Terren Peizer ratted out the junk bond king in the 1980s. Now he's headed to prison for insider trading.
Hey, Pig. The Feds Found Your Crypto This Week In Blunders - June 15 - 21
The Outrageous Acts Of Criminally Charged Corporations How crooked is Big Business? Check out the rap sheet
Musk Chickens Out To TACO This Week In Blunders - June 8-14
Silicon Valley Sex Farm OneTaste executives face prison time for a forced labor scheme
Care Fakers This Week In Blunders - June 1-7
Trophy Blonde A 'Real Housewives' husband purchased fame for his younger bride. Now he's 86, claiming dementia, and heading to prison
Chrisley Knows Bunk This Week In Blunders – May 25-31
If You Like Data Colada … Harvard proves business ethics are baloney
CEOs Say The Dumbest Things Here's a list of top executives who exposed how self-absorbed, out-of-touch and wrong they can be
Ahh, the old "shoot the messenger" routine....sooo Trump. What did Forrest Gump say?? Hopefully consumers now are well-versed enough to see the lipstick....
“And when memory failed and written records were falsified—when that happened, the claim of the Party to have improved the conditions of human life had got to be accepted, because there did not exist, and never again could exist, any standard against which it could be tested.”