The Iran War seems to be generating its share of doomsday predictions of late. Not nuclear doomsday predictions. Financial doomsday predictions, as in how the huge AI debt bubble, funded largely by suspect Private Credit, could pop big-time after colliding with a real-world global energy crisis. There’s this from the Atlantic: “Welcome to a Multidimensional Economic Disaster.”… And then there’s this from the NYT: “I Predicted the 2008 Financial Crisis. What Is Coming May Be Worse.”

What do I know about AI debt and Private Credit, the latest opaque financial product concocted by Wall Street? Not much. But two things strike me: 1.) The two doomsday predictions above appear in two non-business publications whose politics tilt distinctly toward anti-Trumpism and whose coverage of the war has been rather, well, doomsday-ish of late. 2.) I tend to agree with the WSJ’s Greg Ip, who says we’re not close to a 2008-like financial crisis. But the growing size and scope of the lightly regulated Private Credit market makes him more than a little nervous.

Fyi — The Private Credit market has replaced cryptocurrency as my new economic bete noire, i.e. Wall Street’s latest financial product that could one day seriously stress the U.S. financial system.

Update — 3.30.26 – And then there’s this, via the WSJ: “Private Credit’s Exposure to Ailing Software Industry Is Bigger Than Advertised.”

Update II –– 3.30.26 – And from the Times: “Private-Credit Wobbles Could Prove Perilous for Trump.” … Typically, it’s seen through the prism of politics and Trump. But I guess I’m guilty of too often wearing the same blinders, so …

Chronicling Dem dysfunction and infighting seems to have become a regular Hub Blog feature. And because there’s been so much of it on display lately, I thought I might as well dump it all into one blog post – along with other political tidbits.

— Is Mayor Wu part Irish? It sure seems like it with her growing list of grudges. The Emerald Necklace Conservancy. Sen. Nick Collins. The Boston Municipal Research Bureau. The Globe’s Shirley Leung, prompted by this Globe editorial, has the full list of recent mayoral grudges and score settlings. And, judging by Shirley’s recent excellent columns on the lack of development in Boston, she might soon have to put her own name on the mayoral grudge/score-settling list.

— This is yet another score-settling incident involving the mayor, but it’s so much more. It’s also a Mayor vs Gov fight. From the Herald: “Governor Healey backs Boston senator who helped to kill Mayor Wu’s tax shift bill.”

—  Gov. Healey hasn’t even won reelection yet and we’re already talking about her possible Dem successors? Yes, at Contrarian Boston, and Auditor Diana DiZoglio and Attorney General Andrea Campbell do seem to be jostling for position.

— I admit it: I immediately thought of Dukakis in the tank when I first saw the recent photo of Gov. Healey taking aim at an imaginary Bambi. The Dukakis connection dates me, I know. But I also thought of something else: Elmer Fudd. Which really dates me. Anyway, Joe Battenfeld and Joan Vennochi have more on Healey lifting the Sunday hunting ban in Massachusetts.

— A Rachael Rollins comeback? Really? Anyway, there’s a lot of talk out there about potential challengers to Suffolk DA Kevin Hayden due to his decision to charge a Boston cop with manslaughter in connection with an on-duty fatal shooting, as the Herald reports. The Globe’s Adrian Walker has more on the Hayden controversy.

— Did you know a New York road paving firm and DraftKings care deeply about the housing crisis in Massachusetts? Apparently so. Or maybe not. WBUR reports on the political “dark money” flowing into non-transparent nonprofits in Massachusetts.

— Yes, there is a Republican Party in Massachusetts, and there’s actual news to report on our cuddly little Bay State GOP: one of the Republican candidates running for governor has picked a little-known and little-experienced (to put it mildly) New Bedford city councilor to be his running mate. It’s a head scratcher, needless to say.

— And there’s more from the Mass. GOP! Long-time House Minority Leader Brad Jones is retiring, after nearly a quarter-century of managing near irrelevancy on Beacon Hill.

— Finally, I couldn’t resist, via Karl Rove at the WSJ: “Republicans’ Biggest Asset: Democrats.”

I took one look at the top infographic from the NYT on where all the oil goes from the Strait of Hormuz and I immediately thought of Charles Minard’s classic graphic showing Napoleon’s losses during the Russian campaign of 1812 (see below). … The Times deserves credit for using a Minard-like approach to conveying information about the strait. It works. But its graphic should be horizontal, as pictured above and on its web homepage, not vertical, as in the actual article. 

Re Minard’s legendary graphic: the beige line at the left conveys how many troops Napoleon had when he launched his attack on Russia – and how dramatically his army had thinned by the time he got to Moscow. The black line, running right to left, shows Napoleon’s retreat from Moscow and his steady loss of troops till he got back to France with only a fraction of his original army. As the Wikipedia entry notes: “Statistician professor  Edward Tufte described the graphic as what ‘may well be the best statistical graphic ever drawn.’”

The Globe’s Shirley Leung has another great piece on development (or lack thereof) in Boston, this time about how neighboring Revere’s side of the old Suffolk Downs is booming while Boston’s side is sitting idle. … The Wu administration can’t blame construction prices in this case. The two sites sit literally next to each other. … Hmmm. Is this the bad side of Wu’s micromanaging, as opposed to the good side of her micromanaging? See post immediately below. … Here is HB’s take on Shirley’s earlier development piece.

Jon Keller at MassterList thinks Mayor Wu was right to overrule the overzealous bureaucrats in the streets department: 

Wu should be praised, not vilified, for doing what elected leaders should (but often do not) do – recognizing a mistake, and taking responsibility for fixing it. “I feel lucky and blessed every day to represent a community that is among the most opinionated and involved in the entire world,” said Wu in a brief interview with MASSterList. “We get the best outcomes when we can hear people’s feedback and incorporate that into what we try to do.” 

Part I is here. I admit: I was initially a vilifier. But I can recognize a mistake too (very grudgingly so).

— And we’re talking about VCs and mutual funds as well, not just banks: “Boston has lost its financial services clout. Santander’s latest move is just another example” (Globe)

— But here’s a local industry that’s doing rather well – for now: “Robotics funding is surging in Mass. But so is the competition” (BBJ)

— Yet more good news: “Vineyard Wind, country’s first large-scale offshore wind project, finishes construction” (WBUR)

— More like freed from bad trade policies: “Red Line train shells freed from US Customs, allowing work to resume” (GBH)

— I can already see the GOP commercials this fall: “Massachusetts Parole Board frees toddler killer, 17 other murderers” (Herald)

— He’s back! “Four and a half months after being laid off, Jon Keller is returning to WBZ-TV’s airwaves” (Dan Kennedy)

— This is the type of idea that infuriates moderates – and loses Dems elections: “Boston City Council floats letting non-citizens vote amid federal immigration crackdown” (Herald)

— Believe it or not, it’s not a totally bad idea: “SEC Prepares Proposal to Eliminate Quarterly Reporting Requirement” (WSJ)

— The young ones definitely rose to the occasion when Jayson was out: “Why Celtics legend loves Joe Mazzulla, believes Jayson Tatum injury helped team” (Herald)

Perhaps inspired by my recent reading of Amir Aczel’s ‘The Jesuit and the Skull,’ I decided to embark on a cultural anthropological quest of my own: in search of true old-fashioned donuts. And, tipped off by friends, I recently found some in Northborough. In the photo above, the plain donut to the left is from Nicky D’s Donuts on Route 20 in Northborough. Notice the cracks and crevices and other non-smooth imperfections. And it’s slightly crunchy to the taste, a texture true donut connoisseurs expect.  Now look at the donut to the right from Dunkin’ – and its perfectly smooth surfaces and perfectly round dimensions. And it’s ridiculously soft and gummy to the taste, as if it’s made from a Ducan Hines cake mix. It’s no contest: Nicky D’s donuts are far, far superior.

Btw: Nicky D’s also has old-fashioned crullers (see below), which Dunkin’ shamelessly dropped from its menu years ago (and before Dunkin’ dropped ‘Donuts’ from its very name, it should be noted).

Update –– An HB reader emails in: “You’ve become a true Influencer!” … Well, I try. First ice cream. Now donuts. What next? Maybe meatball grinders. Good ones are hard to find these days.

They’re hoping people fall for it. I.e. the illusory utility savings in the various energy bills now floating through the Massachusetts State House, as the Globe reports. And part of the illusion is bogus symbolic votes designed to give some lawmakers cover when the ‘environmental advocates’ come after them in primaries.

Sorry, but cutting Mass Save fees just isn’t going to be enough to significantly lower utility bills. Personally, I’ll believe Beacon Hill lawmakers are serious about cutting utility costs when they start addressing our energy supply problem, not conservation fees, and acknowledge that part of the supply solution is procuring lower-priced fossil fuels until new clean-energy sources kick in. 

And they need to openly acknowledge that this transition to clean-energy is going to take a hell of a lot longer than thought.

Reading this WSJ story about President Trump reportedly telling his inner circle that some mass deportations went too far, I started wondering if Massachusetts would ever see a Minnesota-like flood of ICE agents in these parts – or anything close to that anti-immigrant campaign. At this point, it sure doesn’t look like it. … Of course the president is known for changing his mind on a whim. So it may be a case of only a temporary reprieve for Mass. … Maybe after the president finds a way to extricate the U.S. from the mess he made in Iran?

Update – 3.22.26 — Another sign that policy/tactics might be changing. From NYT: “Mullin Explored Bipartisan Deal to Rein in Immigration Crackdown” (NYT)