RUTHFULLY YOURS

When a bank gets robbed, is it now the Justice Department’s practice to let the suspect hold on to the money while the FBI does its investigation?

According to the Washington Examiner, the Justice Department has still not seized the Clinton server and at least one thumb-drive copy of its contents even though government officials have conceded that national-defense secrets are stored on them. Former secretary of state Clinton apparently still has the server, while the thumb drive is reportedly in the possession of her private lawyer, David Kendall.

Remarkably, although these private parties are being permitted to maintain custody of classified information, the State Department has denied the intelligence community’s inspector general access to Mrs. Clinton’s e-mails — at least, the 30,000 or so she finally deigned to surrender.

This was the most entertaining debate I’ve seen, but there was no additional light shed on the candidates’ views on immigration.

The issue came up early, but both the questions and the answers were predictable. Everybody’s against illegal immigration. Everybody wants better border enforcement. Everybody’s against sanctuary cities and pretty young women being killed by illegal-alien felons protected by commies in San Francisco.

Trump claimed that “if it weren’t for me, you wouldn’t even be talking about illegal immigration.” This is Trumpishly exaggerated, of course, but if you de-Trumpize the comment, he’s right – without his grabbing the issue (and then being vindicated by Kate Steinle’s death shortly afterwards), the public anxiety about the issue would not be on the front burner. But when pressed on his ridiculous assertion that the Mexican government is intentionally sending criminals north (like Castro did during the Mariel boatlift, seems to be the idea), all he could offer by way of evidence is that some guys he met at the border told him so.

Of the 10 Republicans in Thursday’s debate, none was harder to explain than Donald Trump. It’s not that he isn’t a serious candidate. It’s that he was on the wrong stage, with the wrong people, at the wrong time.

Republicans have been working for the past decade to reconstruct a movement that collapsed in the mid-2000s as a result of laziness and loss of principle. It has been a wrenching process, full of tea-party uprisings and bitter primaries, uninspired presidential candidacies and blown elections, policy setbacks and government shutdowns. Still, the number of triumphs has been growing. The Republicans’ hold over governorships and takeover of the Senate, their new faces and new ideas, and their brimming presidential field all are signs that the Republican electorate has grown more thoughtful about the political process—and more demanding of smart, principled conservatives.

There was never any mistaking the aura of confident superiority from the host of ‘The Daily Show.’

It comes as no surprise that the end of Jon Stewart’s reign at Comedy Central should occasion a flow of testimonials fit for a revered leader. All that’s missing are the floral tributes in the streets. Long before word of Mr. Stewart’s departure was in the air, the reverential status he enjoyed as combination show host, news commentator and disseminator of all the latest in received wisdom was clear to all. Some of this week’s testaments, recorded in a New York Times piece Wednesday, sum the tone up nicely.

When President Obama on Monday announced new “Clean Power Plan” regulations to help mitigate climate change, more than a few religious leaders were quick to offer their blessing. Some 170 evangelicals—pastors, religion professors, nonprofit directors and others—sent an open letter to the president “to offer our support and encouragement for your efforts to overcome the climate challenge.”

The Evangelical Environmental Network, as the group calls itself, would “prefer that Congress act to reduce carbon pollution through a market-based approach, such as a revenue-neutral carbon tax swap that cuts other taxes,” but is nonetheless “grateful” for the president’s executive action.

The FBI is finally looking into Hillary Clinton’s handling of email as Secretary of State, but her campaign says not to worry because it’s not a “criminal referral” and she followed “appropriate practices.” The relevant question is why isn’t it a criminal probe?

Congress asked Charles McCullough III, Inspector General for the intelligence community, to evaluate whether classified information was transmitted or received by State Department employees over personal email systems. His office sampled 40 of Mrs. Clinton’s emails, determined that four contained classified intelligence, and passed that finding to Justice for review. This was merely a first step, and now we know the FBI is investigating the security of Mrs. Clinton’s private server.

The cartel faces the prospect of surging US output whenever oil prices rise

If the oil futures market is correct, Saudi Arabia will start running into trouble within two years. It will be in existential crisis by the end of the decade.

The contract price of US crude oil for delivery in December 2020 is currently $62.05, implying a drastic change in the economic landscape for the Middle East and the petro-rentier states.

Sen. Charles Schumer ended weeks of indecision Thursday night by announcing he would not support President Obama’s landmark nuclear deal with Iran.

The high-ranking Democrat released a statement saying that after “considerable soul-searching” he determined that there are “serious weaknesses” in the accord signed by Iran and six world powers in mid-July.

“I will vote to disapprove the agreement, not because I believe war is a viable or desirable option, nor to challenge the path of diplomacy,” Schumer said.

“It is because I believe Iran will not change, and under this agreement it will be able to achieve its dual goals of eliminating sanctions while ultimately retaining its nuclear and non-nuclear power.”

As the U.S. Presidential campaign starts its inevitable ramp up, one issue investors should consider is each candidate’s views on energy especially since energy policy has been consistently important in recent elections.

For all of the talk about clean energy, the reality is that U.S. carbon dioxide emissions have come down primarily as a result of shale gas and oil displacing coal. Solar power is only just now getting to the point where it is cost effective versus conventional fossil fuels, and wind power is a bit further along, but still has a ways to go before it becomes a reliable generation source. Presidential candidates, especially on the left, prefer to talk more about clean energy than the benefits of fracking, but investors need to consider both aspects of energy policy.

On the Republican side, there are so many candidates that the nuances of most individual views have been lost amongst the shuffle. Nonetheless, a few trends do stand out. For instance, from front-runner Jeb Bush on down through the pack, most of the Republican group is skeptical about the impact man-kind is having on the Earth’s climate. Just about all are in favor of the Keystone XL pipeline and presumably would be supportive of more domestic fossil fuel production in general.

There are a few differences here and there, however.

For example, as governor of Florida, Bush did support various conservation efforts such as the Florida Forever Program, which focused on acquiring and preserving environmentally significant properties.

Other Republicans have offered varying degrees of opinion and proposed action on energy policy. For instance, Scott Walker of Wisconsin has come out clearly in favor of the Keystone XL pipeline as well as fracking, but he has also expressed support for a devolved set of EPA powers. The EPA as currently constructed is a national institution, but there are also state-level equivalents throughout all 50 states. Walker is in favor of removing powers from the EPA and putting them in the hands of individual states in order to create a more customized and tailored regulatory environment by region. Walker’s view is that devolving these powers would lead to greater authority at the local level and more accountability to the residents impacted by those decisions.

Gen. Curtis E. LeMay, the former Air Force chief of staff who was an architect of strategic air power and insisted that the nation be willing to use nuclear weapons when necessary, died yesterday in a California military hospital. He was 83 years old and lived in Moreno Valley, Calif.

The retired four-star general died of a heart attack at the 22d Strategic Hospital at March Air Force Base, an Air Force spokesman said.

General LeMay, who directed the air assault over Japan in the final days of World War II and relayed the Presidential order to drop nuclear bombs, years later wrote that a solution to the Vietnam War might be to bomb North Vietnam ”back into the Stone Ages.”

After World War II he commanded the Berlin airlift, then for many years was the commander of the Strategic Air Command. He entered politics briefly in 1968 as the running mate of George C. Wallace in the former Alabama Governor’s unsuccessful campaign for the Presidency.

Years after relaying the orders from President Harry S. Truman to drop nuclear bombs on Hiroshima and Nagasaki, General LeMay said the actions were not necessary.

‘Truman Told Me to Do It’

”We felt that our incendiary bombings had been so successful that Japan would collapse before we invaded,” he said in a 1985 interview with the Omaha World Herald. ”We went ahead and dropped the bombs because President Truman told me to do it. He told me in a personal letter.”

He was hawkish on the Vietnam War and an outspoken advocate of manned air power based on a willingness to use nuclear weapons.

When Mr. Wallace introduced him as his running mate in 1968 on the American Independent Party ticket, General LeMay called for use of any available means, including nuclear weapons, to end the war. Later, he visited Vietnam on a fact-finding mission and called for renewed bombing of North Vietnam, especially the harbor at Haiphong.