Dinner with a friend who’s a dean at liberal arts college in New England. “We’re pretty fucked. Enrollment is down, everyone thinks their fringe department is too valuable to cut, and leadership doesn’t have the balls to right the ship.”

US 2 year yield post FOMC 🚀 (chart: Bloomberg)

This is the most insane footage you will see in the Bangor, Maine universe.... ....We have been officially invaded. My friend Adam Stade Bangor Maine on a Facebook post shows us what happened. Go find his page and follow him. Also, the only reason some of you know me is the Maine Wire, find them and follow them!

Best administration of my lifetime

RFK Jr. and President Trump are taking on the American Medical Association’s monopoly over the billing codes used throughout America’s healthcare system. “CPT codes are owned exclusively by the American Medical Association, the AMA.” “Decades ago, Congress gave the AMA a de facto monopoly over these codes.” “Last year alone, organizations across all of our healthcare systems paid the AMA more than three hundred million dollars just to use those CPT codes.” “Those costs don’t disappear.” “Healthcare providers and insurers and employers pass them on to their patients.” “Every American pays the price.” “Washington created a system that puts special interests ahead of the American people.” “President Trump is changing all that.”

Won’t work Will drive a recession And deficit rises 600-1000 bps of GDP in a recession Big debt devaluation only way out now

Six weeks before a TWA 727 flew into a Virginia mountain and killed all 92 people on board, a United crew made the exact same mistake on the exact same approach and missed the ridge by a few hundred feet. United wrote it up internally. Nobody outside United ever saw the memo. The crash was December 1, 1974. The controller said "cleared for the approach." The TWA crew took that as permission to descend to 1,800 feet. The controller assumed they knew to stay high until the published approach began. Pilots and controllers across the country were using the same words to mean different things, and the plane hit Mount Weather at 1,670 feet. When the NTSB found the United near miss sitting in a company file, the question wrote itself. Why did the second crew have to die to learn what the first crew already knew? Incentives. A pilot who admitted a mistake to the FAA was handing the regulator evidence against his own license. So nobody admitted anything. Every airline kept its own quiet incident folder, and none of them talked to each other. The fix, launched in April 1976, is the strangest institution in American transportation. The FAA handed the confession box to NASA, a completely different agency, because pilots would never trust the cop. File a report within 10 days of screwing up and the FAA cannot use it against you. No fine, no suspension. NASA strips your name before anyone at the FAA reads a word. Fifty years in, the system has taken more than 2 million reports and never leaked a single identity. Close to 100,000 arrive every year. Wrong altitudes, missed clearances, two planes nearly sharing a runway, fatigue nobody wants on their record. NASA reads all of it, spots the patterns, and pushes alerts back out to every carrier before the pattern kills anyone. That is the machine behind the chart. 6,581 deaths per billion passengers in 1970. 42 in 2023. At the 1970 rate, 2023's passengers would have produced around 29,000 funerals. The actual number was under 200. Every industry says it wants people to report their mistakes. Aviation is the one that made confessing cheaper than hiding.