With the headlines. Julie we have one item of breaking news, construction spending. Month over month, it is a disappointment. It looks like it is more than made up for based on the revision from the prior month, an increase of 1. 8 , up from 0. 8 . Getsee that the may bar bigger as the june bar is smallre. A strange situation with the isn manufacturing. The numbers coming out early. We saw manufacturing in the u. S. Cooling in july from the highest level in five months. The reading is down from 53. 5 the prior month to 50 2. 7. Guys. Matt thanks very much for that. I want to check out how markets are reacting to that news. Stocks are trading lower. Take a look at the indexes. The nasdaq is up a little bit. The s p is unchanged. The dow is down. We did have an up month at the end of the week last week. Erik i want to point everybody to what is happening in the oil market. Freefalleen oil in a over the past few days. Brent is really pacing declines. This is more of an international bench
Bases as for jobs in so many congressional districts. And i have heard very conservative members of congress say government doesnt create jobs, it destroys them, and all that sort of thing. It doesnt apply to the military base in my district. If we lost that, we would lose jobs. Is there anyway around this . I dont know how, other than a fundamental change. I remember seeing many years ago, a map of where the subcontracts were, i think it was the b2 bomber. There was a pin the companies are smart enough to be sure that this happens, because they know the reality of it. I think to some extent Representative Democracy is inherently inefficient. That doesnt mean there arent things you carve out and ask government to do because they only do it. You probably do want to minimize them because its not going to be as efficient if you have a truly competitive industry. And yet we ought to at least acknowledge that the base Culture Commission turned out to be a very effective mechanism and we clo
Onal security argument for it. And it turns out last month the u. S. Army sent 100 tanks back to europe in response to the ukraine process. And maybe thats the evidence that we made the right call. One year they wanted to discontinue the global hawk and rely instead on the 50yearold, and the next year they proposed exactly the reverse. They asked to retire the a10 and then sent it to fly attack missions in iraq and syria. The navy included no money in this years budget to begin to refuel the george washington, a carrier with 25 years of life left. And the pentagon repeatedly asked congress for another round of closure when they tell us we have not yet broken even from the last round which was ten years ago. And now all of this congress on a bipartisan basis disagree with the request. And thats exactly the way the Founding Fathers intended our system to work. Sometimes the pend gone is penny wise and a pound foolish. Sometimes the white house tries to cut military spending to put money
Four years later the squadron was operational and we built nearly 3,000 of them. Compare that to the f22. In 1981 the air force established a requirement for 750 advanced tactical fighters. It wasnt until 2005, 24 years later, that the f22 was first introduced and instead of 750 of them, we bought 195. If boeing can field a new commercial airliner in five years, and ford can take a car from design to production in 24 months, then theres absolutely no reason the pentagon should take two decades to put a new fighter into service. Things have to change. We have the unfortunate tendency to fix organizational problems with more organization. Ive seen estimates that show 1 3 of the acquisition budget goes to overhead costs. This system is so gummed up it is a wonder things come out the other end. To have a military that is strong and agile means that we cannot tolerate the delays and cost overruns that have plagued our procurement system. Every delay means that technology doesnt get to the t
Of the United States and we can report for you that police have now identified a School Shooter as adam lanza. A shooter who killed 26 people today at the Sandy Hook Elementary School here in this small connecticut town. 20 children were killed. 18 of them were pronounced dead right at the scene of the school. Two of them were rushed to the hospital, hoping that they could save them. Those children died at the hospital. Six adults at the school were also shot dead. And they died at the scene as well. Nancy lanza, a teacher at the school and a mother of the suspected shooter, was also killed. But she was found dead in her sons home in newtown. Adam lanza, the 24yearold brother ryan lanza, was taken into Police Custody. Ryan lanza taken into Police Custody for questioning in hoboken, new jersey, earlier today. Officials had not labeled him a suspect. But he was taken away in handcuffs. His brother adam died at the scene. But police are not saying at this point if he killed himself. Polic