A sad May Day for organized labor

New figures show union membership plummeting ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ It's May Day, but American labor has been better. According to the United States Bureau of Labor Statistics, the proportion of employed workers who are union members is at just 10%. What's more, the sector with the highest rate of union membership is public sector workers, whose membership rate is 33.1%. That's incredibly high, especially considering the private sector union rate is just about 6%. About 58% of people in the United States think the decline in union membership has been bad for the country. Of course, there's a lot of political division here. There has been a movement to revitalize union membership. President Joe Biden has used his power to put the government behind union organization efforts. Republicans accurse him, with justice, of putting his thumb on the scales when it comes to regulatory issues. Meanwhile, union organizers are targeting companies we generally don't think of when it comes to unions, notably food chains like McDonald's, Chipotle, and most of all, Starbucks. Still, despite massive (and overwhelmingly positive) media coverage, the share of union membership continued to decline in 2022. The share of American workers in a union fell by 0.2% last year - to the lowest rate on record. The absolute number of members of unions actually went up. In fact, the National Labor Relations Board (staffed with pro-union members by President Biden) saw a 53% increase last year. Changing economic circumstances make it hard for unions to develop in the modern world. Stable industries, consistent profits, the need for a regular work force that can be counted on for the long term - none of these things really fit the modern economy. Thus, for many industries, unions are a human resources challenge rather than a partner in production as they were for the great American companies in the past. That's an unfortunate and perhaps tragic conclusion. But it's hard to come to another one when we look at the politics of unions today. We're on our own. No group will take care of us. That's why we are traders - and make our own way. Keep Moving, Corey Snyder Publisher, Rogue Investing WORD ON THE STREET Fed Report on Silicon Valley Bank Could Cause Major Chaos - The Blame Game - The Federal Reserve accepted some blame for the collapse of Silicon Valley Bank but pointed to "foundational and widespread managerial weaknesses" at the bank. The result is that shareholders who are suing the bank's former executives may have just gotten a big boost to their case. - Banking Crisis Intensifies - The FDIC is probably going to take First Republic into receivership as the bank's stock continues to collapse. It was down more than 43% on Friday. Regulators have asked for final takeover bids from JPMorgan Chase, PNC and other banks - Red Wave - Republicans may not have done as well as they hoped in the 2022 elections. But they can take some consolation from those who are voting with their feet. Illinois, New York, and California are losing adjusted gross income as wealthy residents flee to other states. California, for example, lost $29.1 billion in AGI in 2021. States like Florida have gained. - Munger Warns On Commercial Property - Investing icon Charlie Munger said that while it isn't as bad as it was in 2008, the banking sector is "full of" what he called "bad loans," especially in commercial real estate. "We have a lot of troubled office buildings, a lot of troubled shopping centers, a lot of troubled other properties," he said. "There's a lot of agony out there." HOT SPOTS: What's Going on in Geopolitics - Leaked Documents Show Developing Nations Straddle Geopolitical Fight - India, Brazil, Pakistan, Egypt, and other nations America wants on its side in the emerging showdown with Russia are not firmly aligning, as they seek maximum flexibility. Confidential documents leaked on Discord show that national leaders are resistant to American pressure to cut ties with Russia, despite receiving American aid in many cases. - Ukraine Claims It Controls Key Supply Route – The battle for Bakhmut rages on, but Ukraine is claiming progress in its defense. Ukraine claims it still has control over the so-called "road of life" that provides a route of resupply into the besieged city. Meanwhile, the Wagner Corporation is faltering in its attack, with frontman Yevgeny Prigozhin claiming there is not enough ammunition. - Russians Try To "Dogfight" American Jets - U.S. Central Command spokesman Col. Joe Buccino accused Russian pilots of trying to "dogfight" American planes over Syria. The Russian pilots are reportedly not trying to actually down American jets, but provoking the Americans into taking the first shot. CUTTING EDGE: What[']( )s Happening In Tech - Arm Ltd. Files For IPO - It's finally happened. British chip maker Arm Ltd. filed for its IPO. Arm will be listing on the Nasdaq and is trying to raise between $8 and $10 billion. In a slow year for IPOs, this will make it the biggest one this year. - SpaceX Spending This Year - $2 Billion – Starship's spectacular explosion during its last test flight is not discouraging Elon Musk. "My expectation for the next flight would be to reach orbit," he said. SpaceX is expected to spend at least $2 billion on Starship this year. - Dorsey Turns On Musk - Jack Dorsey, who is now backing competing social media site Bluesky, no longer thinks Elon Musk was the "singular" solution for Twitter. "It all went south," he said of Musk's tenure. have been full of articles about the downfall of Meta Platforms. But Mark Zuckerberg had the last laugh. Meta broke a losing streak, reporting an increase in sales in the first-quarter. "I think he [Musk] should have walked away and paid the $1b," said Dorsey about Musk's takeover. FOR YOUR CONSIDERATION --------------------------------------------------------------- Fed monetary policy, as Powell noted, will cause "some pain in the short term." That’s an understatement. It’s quite literally breaking the system, and the banks are just the first cracks to appear. There's a crisis underway... but don't expect the politicians to be honest about what's at stake. In fact, they are largely to blame for what's coming. The commercial real estate market is facing serious problems - and every investor needs to be aware. Dr. Jones has your investment prescription. [THE REAL ESTATE TIME BOMB]( ) Enjoying Dawn Report? Learn something, made some money? SHARE YOUR STORY WITH US OR TELL US HOW TO SERVE YOU BETTER. Let us know at info@rogueinvesting.com You’re receiving this email because you're signed up for alerts from Dawn Report. Make sure to keep them coming by [whitelisting Rogue Investing]( ). The information in this email is intended for informational purposes only and does not guarantee specific results as there is a high degree of risk involved with trading. Also, our traders are real traders and may have financial interests in the companies discussed. Please see our [Terms and Conditions]( ) for more information. Sent to: {EMAIL} [Unsubscribe]( ) Rogue Investing, 721 Court St., Unit #1, Lynchburg, VA 24504, United States