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[] Breaking: President Trump grants Michael Flynn a full pardon Published:11/25/2020 4:13:50 PM
[Politics] Lara Trump Not Dismissing Senate Run Lara Trump, daughter-in-law to President Donald Trump and an adviser to his campaign, hasn't ruled out running for Senate in her home state of North Carolina in 2022... Published:11/25/2020 4:13:50 PM
[Entertainment] Soccer Legend Diego Maradona Dead at 60: Cristiano Ronaldo, Maluma and More Stars Pay Tribute Diego Armando MaradonaCelebs, fans and colleagues are mourning Argentine soccer legend Diego Maradona, who has died at age 60. The athlete, a former captain for the country's national team who is...
Published:11/25/2020 4:13:49 PM
[bcba1389-a4f9-5545-9fc9-becd09e2c333] Kate Hudson says she's a 'strict' mom, has 'no tolerance' for this one thing Hudson is mom to 2-year-old daughter Rani Rose, who she shares with boyfriend Danny Fujikawa, and she also has sons Bingham "Bing" Hawn, 9, and Ryder Russell, 16, from previous relationships. Published:11/25/2020 4:13:49 PM
[Markets] For What Are America's Wealthy Thankful? A Worsening Culture War: Taibbi For What Are America's Wealthy Thankful? A Worsening Culture War: Taibbi Tyler Durden Wed, 11/25/2020 - 17:00

Authored by Matt Taibbi via taibbi.substack.com

Self-described “elected DNC member” and Washington Monthly contributor David Atkins tweeted this last week, garnering a huge response:

You have to read the full thread to grasp the argument, a greatest hits collection of DNC talking points. Conservatives, Atkins writes, have no beliefs, being a “belligerent death cult against reality and basic decency.” There’s no reason to listen to them, since the “only actual policy debates” are “happening within the dem coalition between left and center-left.” He had over 61,000 likes last I checked.

Meanwhile, as Donald Trump kept describing the election as a “hoax,” newly re-upped South Carolina Senator Lindsey Graham tweeted this, perhaps offering a preview into Republican messaging in the post-Trump era:

From the “vast right-wing conspiracy” through the “basket of deplorables” to now, the Democratic message increasingly focuses on the illegitimacy of the ordinary conservative voter’s opinion: ignorant, conspiratorial, and racist, so terrible that the only hope is mass-reprogramming by educated betters.

On the other hand, Republicans from Goldwater to Trump have warned that coalitions of “marauders” from the inner cities and “bad hombres” from across the border are plotting to use socialist politics to seize the hard-earned treasure of the small-town voter, with the aid of elitist traitors in the Democratic Party.

Spool these ideas endlessly and you get culture war. Any thought that it might abate once Trump left the scene looks naive now. The pre-election warnings from the right about roving bands of Pelosi-coddled Antifa troops looking to “attack your homes” haven’t subsided, while the line that Trump voters are not a political group but a stupidity death-cult is no longer hot take, but a mandatory element of mainstream press analyses.

Continue reading here.

Published:11/25/2020 4:13:49 PM
[Markets] NewsWatch: Legendary investor called this stock market a ‘Real McCoy’ bubble, and now Jeremy Grantham’s fund is trailing the S&P 500 by 14 percentage points Jeremy Grantham, co-founder and chief investment strategist at Boston-based money manager Grantham, Mayo, Van Otterloo & Co., has seen his fund badly trail the broader stock market in 2020.
Published:11/25/2020 4:13:49 PM
[Michael Flynn] Trump pardons Flynn (Paul Mirengoff) President Trump has issued a pardon to Gen. Michael Flynn. Flynn pleaded guilty to lying to the FBI, a felony. However, a Justice Department investigation caused Attorney General Barr to conclude that the prosecution should not have been brought. Accordingly, the Justice Department sought to dismiss the prosecution. That should have ended the case, as matter of law. However, Judge Emmet Sullivan, unhappy that Flynn had either lied to the Published:11/25/2020 4:13:49 PM
[Apps] Gift Guide: 5 solid tech gifts to help decrease stress and increase sleep Even in a normal year, the holidays can be an anxiety-inducing hellscape. In 2020, though — honestly, it’s hard to say what manner of climactic finale this historically rough year might have on tap. In honor of the one of the most epically rotten years on record, we’ve cobbled together a list of gifts that could go a ways toward helping folks make it triumphantly across the finish line. Published:11/25/2020 4:13:49 PM
[] Trump Pardons General Flynn Rogue "judge" Sullivan got what he wanted -- he illegally, unconstitutionally acted as prosecutor against Sullivan and refused to dismiss his case, thus forcing Trump to pardon him, and denying Flynn the simple dropping of charges he was entitled to.... Published:11/25/2020 4:13:49 PM
[] Jonathan Turley contemplates the Michael Flynn case under a Biden Justice Department; Update: Pardoned Published:11/25/2020 3:42:53 PM
[] Denver mayor asks residents to avoid travel on Thanksgiving -- before boarding plane to Houston Published:11/25/2020 3:42:53 PM
[Politics] Trump Pardons Ex-Aide Michael Flynn President Donald Trump pardoned former National Security Adviser Michael Flynn on Wednesday, taking direct aim at a Russia investigation he has long insisted was motivated by political bias. Published:11/25/2020 3:42:53 PM
[Entertainment] RHOP's Monique Samuels Details How Her Childhood Triggered Fight With Candiace Dillard Candiace Dillard, Monique Samuels, The Real Housewives of PotomacThe currently airing season five of The Real Housewives of Potomac has largely focused on the physical altercation between Monique Samuels and Candiace Dillard, but in reality, the incident took...
Published:11/25/2020 3:42:53 PM
[Politics] Ohio Commuters Taxed by Cities Where They Used to Work Published:11/25/2020 3:42:53 PM
[Democrats] Biden Labor Candidate Oversaw Fraudulent Payments to California Prison Inmates

A frontrunner to be president-elect Joe Biden's labor secretary oversaw the payment of nearly $1 billion in fraudulent benefits to California prison inmates.

The post Biden Labor Candidate Oversaw Fraudulent Payments to California Prison Inmates appeared first on Washington Free Beacon.

Published:11/25/2020 3:42:53 PM
[Politics] Trump pardons former aide Michael Flynn

President Trump pardons former national security advisor Michael Flynn, rewarding loyalist who pleaded guilty during Russia investigation.

Published:11/25/2020 3:42:53 PM
[Uncategorized] Trump pardons Michael Flynn

"It is my Great Honor to announce that General Michael T. Flynn has been granted a Full Pardon."

The post Trump pardons Michael Flynn first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 3:42:53 PM
[Startups] Enterprise investor Jason Green on SPAC hopefuls versus startups bound for traditional IPOs Jason Green has a pretty solid reputation as venture capitalists go. The enterprise-focused firm the cofounded 17 years ago, Emergence Capital, has backed Saleforce, Box, and Zoom, among many other companies, and even while every firm is now investing in software-as-a-service startups, his remains a go-to for many top founders selling business products and services. […] Published:11/25/2020 3:42:53 PM
[Markets] "Pandemic Of Crime" - LA Homicides Hit Decade Highs "Pandemic Of Crime" - LA Homicides Hit Decade Highs Tyler Durden Wed, 11/25/2020 - 16:30

This past weekend, a surge in violent crime resulted in Los Angeles' 300th homicide for 2020, a bloody benchmark not seen since the dark days of the 2009 financial crisis, reported LA Times

Killings have risen 25% over last year, and shootings climbed by more than 32%, reflecting a similar trend across many other US metro areas (read: here & here) as defunding the police and socio-economic implosions and the virus-pandemic have left urban areas in chaos

LAPD Police Chief Michel Moore said, "with the health pandemic, we don't just cross our arms and say, 'It is what it is.' We're taking all types of efforts to flatten the curve, to lower the impact, to save lives. And that's what I'm asking for us to do with this violent crime. We have a pandemic of crime right now."

LA Murder Map 

Multiple crises are impacting Los Angeles come as the $3 billion police budget was slashed this year by $150 million following widespread social-unrest across the country against police brutality and misconduct. 

"These cuts couldn't come at a worse time," Moore said. "My ability to put added resources [in the community] right now is hampered."

The last time the city passed the bloody benchmark was in 2009, during a brutal downturn in the economy. Recessions have commonly been associated with the rise of violent crime. 

Compound a whole host of issues, from the virus pandemic to socio-economic implosions to defunding the police, well, the latest rash of violent crime in the metro area could continue well into 2021. This would force an even larger exodus of city dwellers to the countryside. 

Published:11/25/2020 3:42:53 PM
[Markets] : Trump asks Pennsylvania lawmakers to ‘turn around’ election results during GOP event in Gettysburg President Trump addressed an audience of Republican state legislators and other supporters at the Wyndham Hotel in Gettysburg this afternoon.
Published:11/25/2020 3:42:53 PM
[IJR] Trump Says He Has Granted Former National Security Adviser Michael Flynn a ‘Full Pardon’a "I know you will now have a truly fantastic Thanksgiving!" Published:11/25/2020 3:42:53 PM
[] 'This is wild'! WATCH: President Trump calls into PA lawmakers' meeting about allegations of election fraud Published:11/25/2020 3:18:35 PM
[Politics] Dick Morris to Newsmax TV: Georgia Ignored Election Fraud Warning The Atlanta Journal-Constitution had forecast potential voter fraud in Georgia with its scathing rebuke of the new Dominion Voting Systems' vulnerabilities Oct. 23, presidential political strategist Dick Morris lamented on Newsmax TV. Published:11/25/2020 3:18:35 PM
[Entertainment] Go Inside Paris Hilton's Jaw-Dropping Los Angeles Mansion Paris Hilton, 2020 American Music Awards, AMAs, ShowEver wondered what the inside of Paris Hilton's home looks like? Well, here's a close look inside. On Wednesday, Nov. 25, the multi-million dollar business woman gave her 1...
Published:11/25/2020 3:18:35 PM
[Artificial Intelligence] Flexible expressions could lift 3D-generated faces out of the uncanny valley 3D-rendered faces are a big part of any major movie or game now, but the task of capturing and animated them in a natural way can be a tough one. Disney Research is working on ways to smooth out this process, among them a machine learning tool that makes it much easier to generate and […] Published:11/25/2020 3:18:35 PM
[Markets] The Dow dipped and the Nasdaq rose Wednesday ahead of the Thanksgiving holiday The Dow dipped and the Nasdaq rose Wednesday ahead of the Thanksgiving holiday Published:11/25/2020 3:18:35 PM
[Uncategorized] Denver Mayor Jets Off to Houston After Telling People to Avoid Thanksgiving Travel

I'm tired of saying this, but it's still true: All animals are equal, but some animals are more equal than others.

The post Denver Mayor Jets Off to Houston After Telling People to Avoid Thanksgiving Travel first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 3:18:35 PM
[World] [Ilya Somin] Volokh Conspiracy Holiday Gifts—2020 VC-Related gifts for the whole family! Published:11/25/2020 3:18:35 PM
[Markets] President Trump Pardons Michael Flynn President Trump Pardons Michael Flynn Tyler Durden Wed, 11/25/2020 - 16:09

Just minutes before the market closed on the day before Thanksgiving (typically one of the slowest, lowest-volume days of the year) John Solomon reported that President Trump has pardoned Michael Flynn, the man who briefly served as his national security advisor before being taken down (and then charged and convicted of lying to investigators) in an effort that some have described as a deep state-backed setup.

Trump just confirmed the reports, published minutes ago by John Solomon and Just the News, in a tweet.

Flynn was granted a full pardon by the president, who also commuted the sentence of former advisor Roger Stone back in July.

Published:11/25/2020 3:18:35 PM
[Markets] Deep Dive: Only these five dividend stocks made the cut in a ‘safer and better’ screen The companies had to reach yield and sales hurdles.
Published:11/25/2020 3:18:35 PM
[Politics] BREAKING: President Trump pardons Michael Flynn! President Trump just pardoned Michael Flynn, according to reports just breaking: BREAKING: Trump pardons former national security adviser Mike Flynn | Just The News https://t.co/eGJzEAVRQG — John Solomon (@jsolomonReports) November 25, 2020 . . . Published:11/25/2020 3:18:35 PM
[Politics] BREAKING: President Trump pardons Michael Flynn! President Trump just pardoned Michael Flynn, according to reports just breaking: BREAKING: Trump pardons former national security adviser Mike Flynn | Just The News https://t.co/eGJzEAVRQG — John Solomon (@jsolomonReports) November 25, 2020 . . . Published:11/25/2020 3:18:35 PM
[Markets] US STOCKS-S&P 500, Dow pull back from all-time closing highs after grim jobless data The S&P 500 index closed lower on Wednesday as mounting U.S. layoffs in the wake of new mandated lockdowns to contain surging COVID-19 infections dampened investor risk appetite. The index and the Dow Jones Industrial Average retreated from record closing highs, pulled lower by cyclicals and small caps that drove the rally earlier in the week. Pandemic-resilient tech and tech-adjacent market leaders helped keep the Nasdaq afloat. Published:11/25/2020 3:18:34 PM
[IJR] Joe Scarborough: The Republican Party ‘Can’t Win Me Back’ After Backing Trump "The Republican party keeps making fools of themselves by kowtowing to this guy." Published:11/25/2020 3:18:34 PM
[] The Federalist: Joe Biden's Unprecedented, Statistically Unlikely, History-Defying Magical Election "Victory" Truly, Biden must have had some Hidden Force on his side. In all the excitement among objective journalists for Joe Biden's declared victory, reporters are missing how extraordinary the Democrat's performance was in the 2020 election. It's not just that... Published:11/25/2020 3:18:34 PM
[] Massive fraud: California's unemployment system delivered hundreds of millions to inmates including 133 on death row Published:11/25/2020 2:43:31 PM
[AAPL] A Historic Capital Rotation Is Happening Hidden In Plain Sight Published:11/25/2020 2:43:31 PM
[World] Thanksgiving should be about gratitude to our Creator

The first Thanksgiving on American soil may well have occurred in May 1541 near Canyon, Texas, where Father Juan de Padilla said Mass for an army of 1,500 accompanying Spanish conquistador Francisco Vasquez de Coronado. 

Or the first Thanksgiving on American soil may have occurred on Sept. 8, 1565. On ... Published:11/25/2020 2:43:31 PM

[Entertainment] The Weeknd Fires Back at Recording Academy for Grammys Snub--and Gets Support From Ex Bella Hadid The WeekndThe Weeknd is making sure he has the last word. One day after the 2021 Grammy nominations were revealed, many fans remain shocked that the singer didn't receive any nominations. After...
Published:11/25/2020 2:43:30 PM
[Markets] Doctors Warn Side Effects From COVID-19 Vaccine "Won't Be A Walk In The Park" Doctors Warn Side Effects From COVID-19 Vaccine "Won't Be A Walk In The Park" Tyler Durden Wed, 11/25/2020 - 15:25

Fevers, sweats, migraines and muscle aches that last for days - these are just some of the symptoms reported by various 'Phase 3' trial participants who volunteered for the vaccine trials run by Pfizer, Moderna and others. Though AstraZeneca noted in its preliminary results that its vaccine (which uses the more traditional adenovirus vector) seemed to produce side effects that are less severe than some of its competitors.

As scientists try to ensure the US reaches a 70%+ vaccination rate (the cut-off point at which herd immunity is believed to kick in) a group of doctors just warned that public health officials and drugmakers need to be "transparent" with patients about the potential side effects of vaccination, and ensure precautions are taken to ensure patients don't skip their follow-up visit.

This is a top concern for Dr. Sandra Fryhofer of the American Medical Association, who warned that the side effects might deter many of her patients from receiving the follow-up shot. Dr. Fryhofer expressed her concerns during a virtual meeting on Monday with the CDC and representatives from various vaccine makers

"We really need to make patients aware that this is not going to be a walk in the park," Fryhofer said during a virtual meeting with the Advisory Committee on Immunization Practices, or ACIP, an outside group of medical experts that advise the CDC. She is also a liaison to the committee. "They are going to know they had a vaccine. They are probably not going to feel wonderful. But they've got to come back for that second dose."

During the meeting on Monday, Dr. Nancy Messonnier, director of the CDC's National Center for Immunization and Respiratory Diseases who frequently participated in CDC press briefings during the early days of the outbreak, said the agency would work to develop guidance if a health-care worker got a vaccine and then felt unwell the following day, since this could "impact planning on a hospital level in terms of which staff gets vaccinated which day?" she said.

Beyond ensuring hospitals aren't left in the lurch because they decided to vaccinate their entire staff at the same time, the doctors also discussed a novel strategy: using "positive" language to talk about the sideeffects. One example would be referring to side effects as a "response" to the vaccine.

Of course that won't actually do anything to mitigate the side effects.

As one might expect, some patients who participated in the study actually got upset when they didn't experience severe side effects post-vaccination, believing it was a sign they had received the placebo not the actual vaccine.

The doctors apparently brought in a anonymous North Carolina woman who participated in the Moderna study. "If this proves to work, people are going to have to toughen up," she said. "The first dose is no big deal. And then the second dose will definitely put you down for the day for sure...You will need to take a day off after the second dose."

Still, missing one day of work is certainly preferable to missing 14 days, which, as one doctor noted, is an "enormous" amount of time. 

Published:11/25/2020 2:43:30 PM
[IJR] National Security Adviser Robert O’Brien Addresses Speculation He May Run for President in 2024 "I'm not going to make a Shermanesque statement about never running under any circumstances, but I'm focused on implementing the president's agenda." Published:11/25/2020 2:43:30 PM
[Economy] Why the Market is Soaring
The lessons of history.
View Post
Published:11/25/2020 2:43:30 PM
[Markets] Mnuchin 'making it up' on stripping Fed of emergency loan funds: former TARP inspector Former special inspector general of TARP Neil Barofsky said the Treasury is violating the law in locking away $455 billion in funds away from the Biden administration. Published:11/25/2020 2:43:30 PM
[TC] Gift Guide: 7 Smart Home gift ideas that go beyond the usual Google/Amazon smart speakers It's never been easier to build a smart home. Beyond the same Google/Amazon/Apple/etc. voice-powered assistant speakers you've probably seen on every gift guide for years, there's a world of wonderful smart home products that can delight, surprise, and maybe make your life a little easier. The following list is void of those usual suspects and features unique products that would be perfect for anyone trying to make their home just a little bit smarter. Or for you. Whatever works. Published:11/25/2020 2:43:30 PM
[Markets] Economic Report: Consumer sentiment dips again on coronavirus angst Consumer attitudes toward the economy suffered a jolt in November after a record increase in coronavirus cases, a closely followed "sentiment" survey showed.
Published:11/25/2020 2:43:30 PM
[Markets] These 5 dividend stocks were the only ones to pass this 'safer and better' test These 5 dividend stocks were the only ones to pass this 'safer and better' test Published:11/25/2020 2:43:30 PM
[] Flashback video throws an awkward wrench into Chris Hayes' slam on 'authoritarian, flatly anti-democratic' attempts to delay election certification Published:11/25/2020 2:16:17 PM
[Politics] Biden's DNI Pick Experienced With Cybersecurity Issues Joe Biden's pick for director of national intelligence has a deep understanding of cybersecurity and digital identity issues, reports Axios. Avril Haines, a former national security adviser to President Barack Obama and former deputy director of the CIA, has worked with... Published:11/25/2020 2:16:17 PM
[Democrats] Frontrunner to Replace Sen. Harris Fights to Pay Out $35 Mil to Biden Firm

California's top elections official is pushing the state to pay out a $35 million contract with a major Democratic consulting firm as he lobbies behind the scenes for a Senate seat.

The post Frontrunner to Replace Sen. Harris Fights to Pay Out $35 Mil to Biden Firm appeared first on Washington Free Beacon.

Published:11/25/2020 2:16:17 PM
[Markets] Opinion: The small-cap Russell 2000 has had a powerful month, and it's not over Opinion: The small-cap Russell 2000 has had a powerful month, and it's not over Published:11/25/2020 2:16:17 PM
[Startups] Remote-controlled delivery carts are now working for the local Los Angeles grocer Robots are no longer the high-tech tools reserved for university labs, e-commerce giants and buzzy Silicon Valley startups. The local grocer now has access too. Tortoise, the one-year-old Silicon Valley startup known for its remote repositioning electric scooters, has taken its tech and adapted it to delivery carts. The company recently partnered with online grocery […] Published:11/25/2020 2:16:17 PM
[Markets] The New 'Woke' Times: The Death Of News As We Once Knew It The New 'Woke' Times: The Death Of News As We Once Knew It Tyler Durden Wed, 11/25/2020 - 15:00

Authored by Sharyl Attkisson via RealClearBooks.com,

The following is an excerpt from "Slanted: How the News Media Taught Us to Love Censorship and Hate Journalism" by Sharyl Attkisson. (emphasis ours)

There’s no more exemplary sign of the death-of-the-news-as-we-once-knew-it than the public unraveling of The New York Times, once perhaps of the most well-respected news organizations on the planet. The newspaper’s series of unfortunate, self-inflicted events, highlighted in a disastrous summer of 2019, led one insider to refer to the publication as “The New Woke Times.” A leaked transcript of a staff meeting following a string of public embarrassments punctuated the point.

I can’t help but think that the angst-filled newsroom at the New York Times might not have to expend so much effort dodging flak if management had allowed the paper’s public editor to do her job. The public editor was the internal ombudsman assigned “to help keep the Times and its coverage honest in an increasingly commercialized and politicized news environment.” This was the person assigned to address major public criticism and, to some degree, inoculate the newsroom from having to get mired so deeply in controversies over its coverage.

The position of public editor at the Times was first created after the Jayson Blair scandal. Blair was the Times reporter who resigned in disgrace in 2003 after it was discovered that his stories—some of them published on the front page—were fabricated and plagiarized. The controversy led to the resignation of Times executive editor Howell Raines and managing editor Gerald Boyd. The new public editor would serve as a check and balance to help uncover and remedy journalistic misdeeds sooner.

In May 2016, Elizabeth Spayd became the Times’ last public editor. During her relatively short tenure, she fielded criticism about controversies such as the Times’ increase in “native advertising,” meaning ads seamlessly worked into the fabric of the publication as if they were a news story. Spayd called the uncomfortable mix of commercials and journalism a proven winner in terms of revenue. She noted that “The vast majority of readers apparently find it un- objectionable.” She drew that conclusion in part, she said, because she had received few complaints about it. Actually, the lack of complaints might have been because most readers don’t recognize native advertising when they are reading it. That’s the whole point: it is advertising disguised as news.

In any event, during the course of her work, Spayd sometimes criticized her own publication. In turn, she was sometimes criticized by Times staffers and outside journalists. That comes with the territory. Some of Spayd’s critics took their objections to left-leaning outlets such as The Atlantic, which worked to controversialize and undermine her. The Atlantic printed accusations of her being “inclined to write what she doesn’t know,” said her work had become “iconic in its uselessness and self-parody,” and accused her of “squandering the most important watchdog job in journalism.”

In May 2017, Times publisher Arthur Ochs Sulzberger, Jr., suddenly eliminated the job of public editor. In a memo explaining Spayd’s termination, he argued the position was now superfluous because the Internet had become the media’s watchdog.

“Our followers on social media and our readers across the Internet have come together to collectively serve as a modern watchdog, more vigilant and forceful than one person could ever be,” he stated. “Our responsibility is to empower all of those watchdogs, and to listen to them, rather than to channel their voice through a single office.”

So as the 2020 presidential campaign heated up, the Times’ disastrous summer of 2019 drew to a merciful close. If, as you read these words, you remember a dominant narrative on the news and the Internet being President Trump as a racist and divisive leader in a divided America, you know it is at least partly the result of a plan executed by the New York Times. Never did Trump’s slur, “the failing New York Times,” seem to hit closer to home.

The New “Woke” Times

If there were any hope that the cacophony of high-profile embarrassments at the Times would prompt a rational reexamination of the newspaper’s slant, it was not to be. The exclamation point was added in June 2020 in what became perhaps the most bizarre of the incidents. Once again, the media finds itself giving time and space to news about the news rather than, well, to news itself.

The trigger of this disaster is an op-ed written for the Times by Senator Tom Cotton, an Arkansas Republican, titled “Send in the Troops.” It advocated for dispatching military assistance to US cities wracked by violence amid protests against police brutality. Sending in the troops is a position that has plenty of both supporters and de- tractors. This is typical of topics tackled in op-ed pieces. Most people would argue that’s the point: to present diverse views.

But that’s not how a lot of Times staffers apparently see things. After the piece is published, they launch an internal revolt and take to social media to denounce their own newspaper for having dared to publish Cotton’s words. “Running this puts black @NYTimes staff in danger,” claim staffers and their supporters in unified tweets.

Then New York Times employees pen a letter to Times management demanding the newspaper publish a refutation of Cotton’s position.

The letter is addressed to editorial page editor James Bennet and his two deputies, chief executive Mark Thompson, chief operating officer Meredith Kopit Levien, executive editor Baquet, and publisher A. G. Sulzberger, who by then had taken over the newspaper’s helm from his father. In the fallout, Bennet admits that he didn’t read the Cotton op-ed before it was published and left that job up to his number two.

As demanded by the mob of staff, the Times adds an editor’s note to Cotton’s column. It says the op-ed had been approved in a “rushed” editorial process that did not meet its standards. Sulzberger emails employees, “Last week we saw a significant breakdown in our editing processes, not the first we’ve experienced in recent years.”

Days later, editorial chief Bennet is finished. The Times announces he has resigned. The same newspaper that defended controversial op-eds such as the one signed by Russian president Vladimir Putin in 2013, and even an anti-Trump opinion piece that hadn’t been signed at all and was published anonymously, was now adjudicating the words of a prominent US senator to be just too incendiary.

It is a strange place, indeed, where news reporters can editorialize but op-ed editorials cannot. On June 1, 2020, after President Trump walked through a public Washington, DC, park amid national protests and riots—to a church that had been burned a block away—Times chief White House correspondent Peter Baker, tweets:

Trump just stands in front of the church and holds up a bible while posing for photos . He does not even go inside for a faux tour of the damage or make a pretense of having any purpose in going there other than to pose for photos .

The latest developments remove any lingering doubt as to how the Times sees its modern mission: serving and pleasing the left-wing activists on its staff and the liberal activists who dominate on the news and social media. Arthur Ochs Sulzberger’s dictum when he fired the newspaper’s public editor in May 2017 had come to pass in a terrible way. Recall that, at the time, he declared that the Times’ followers on social media would “collectively serve as a modern watch- dog, more vigilant and forceful than one person could ever be.”

The Times let itself become hopelessly slanted. Captive to organized feedback on social media. Beholden to irredeemably conflicted staff members. Consumed by internal demons.

Make no mistake: other media outlets are taking note. In this way, they are motivated to self-censor news and information, lest they draw the wrath of the mobs. One editorial figure at a major international publication who did not want to be identified recounted numerous pieces he has recently killed for fear of the organized backlash.

“They can bankrupt me,” he tells me. “Facebook, Twitter, Google— they can ruin you in a matter of hours. For somebody like us, they can destroy you. So what do we do? We pull our punches. To raise certain issues is to cut your own throat.”

He continues, “The newsman in me says, ‘Tell the truth,’ and that sounds great. But if I do that and destroy [my publication] in the process, what kind of pyrrhic victory is that?”

The information landscape becomes ever narrower, squashing diversity of thought and facts. Pretty soon, we won’t know what we don’t know. And that will be that.

One former insider wrote to me after Bennet’s resignation and referred to his alma mater as “The New Woke Times.”

“The NYT still plays an outsized role in shaping the news agenda in America,” he tells me.

“The news business is highly competitive. If the leader has abandoned its own standards and history of fair and rigorous re- porting, why should the others be any different?”

Published:11/25/2020 2:16:17 PM
[Markets] Thanksgiving is increasingly bleak for many food pantries this year — here’s why Food insecurity is on the rise, according to ongoing U.S. Census Bureau data.
Published:11/25/2020 2:16:17 PM
[] Ivanka Trump shares 'absolutely amazing' evidence that the dream of Donald Trump's Israel-UAE peace deal is becoming reality [video] Published:11/25/2020 1:47:11 PM
[] Obama: What's up with Latinos voting for a guy like Trump who says racist things about them? Published:11/25/2020 1:47:11 PM
[World] Fight against electoral fraud is a fight against totalitarianism

President Trump and his legal team are exposing a massive electoral fraud in Democrat-controlled cities in swing states. This looks like 1960 all over again, when Chicago Mayor Richard Daley stole the presidential election for John Kennedy. The difference in 2020 is the theft took place in more than one ... Published:11/25/2020 1:47:11 PM

[Politics] Rick Scott to Newsmax TV: 'I Don't Get' Why Coronavirus Relief Stalled in Senate Sen. Rick Scott, R-Fla., told Newsmax TV on Wednesday that despite protests from prominent Democrats, they are the ones keeping the Senate from passing coronavirus relief legislation. When asked... Published:11/25/2020 1:47:10 PM
[Entertainment] Bachelor Nation's Krystal Nielson Reveals the Sex of Her First Baby Krystal Nielson, Miles BowlesIt's a baby girl for Krystal Nielson and boyfriend Miles Bowles. The former Bachelor in Paradise star, 33, shared footage from her sex reveal party in a Nov. 25 YouTube video. She...
Published:11/25/2020 1:47:10 PM
[Markets] Propane Supplies Fly Off Store Shelves As COVID Drives Outdoor Dining Propane Supplies Fly Off Store Shelves As COVID Drives Outdoor Dining Tyler Durden Wed, 11/25/2020 - 14:35

Since the start of the virus pandemic, various consumer services such as restaurants, bars, and clubs have moved outdoors to reduce the risk of virus spread. 

As a result, supplies of propane tanks have been depleted across the country as demand for small cylinder tanks jumps 75% year on year. 

FT notes that hardware stores, such as Ace Hardware, Lowe's, and Home Depot, are having extreme difficulty keeping up with the demand for portable steel tanks as demand is off the charts. 

Propane Education & Research Council said demand for propane retail-size cylinders would be around 500 million gallons this year, up from 284 million in 2019. 

At the start of fall, we cited a Goldman Sachs report detailing how restaurants approved for outdoor dining in public areas in NYC have risen from 10% to more than 40% in just a few months. Similar outdoor dining trends have been seen in nearly all US metro areas as state and local governments limit indoor dining. 

So far, restaurants in NYC have had a mild winter. Many of these shops are stocked up with propane cylinders and heaters to preparing against colder weather. Goldman noted if daily average temperatures slide below 40°F - then it would be associated with a steep drop off in consumer activity at eateries. 

Complicating things for restaurants, states and governments have been limiting indoor dining and outdoor as virus cases uncontrollably spread across the country.

For more on the buying panic, the largest US propane retailer, UGI, recently reported that its AmeriGas cylinder exchange service hit record volumes through the end of September. UGI delivers tanks to many retailers, including Home Depot. 

Suburban Propane Partners, another propane retailer, said its business segment that sells retail-size cylinders has "significantly benefited by all of the outdoor living activities."

Roger Perreault, UGI executive vice-president, said they've been buying new steel tanks to keep up with massive demand: 

"We have been investing significantly in additional cylinders to bring into the market," Perreault said. 

A local hardware store, called Strosniders Hardware, in the Maryland suburbs of Washington, said all restaurants within a square mile of the store are using outdoor patio heaters.

"All the restaurants around here are using outdoor patio heaters. There's probably 300-400 restaurants within a square mile of that store," said Strosniders Hardware's owner Bill Hart. 

Internet searches for "propane heater" have erupted over the last three months as Old Man Winter is set to reappear in early December.

We assume all those propane salesmen are hitting record numbers this year.   

Published:11/25/2020 1:47:10 PM
[Society] Texas, Louisiana Can Exclude Planned Parenthood From Medicaid Funding, Court Rules

Texas and Louisiana may exclude Planned Parenthood clinics from Medicaid funding, the 5th U.S. Circuit Court of Appeals ruled Monday. “Undercover video plainly showed Planned... Read More

The post Texas, Louisiana Can Exclude Planned Parenthood From Medicaid Funding, Court Rules appeared first on The Daily Signal.

Published:11/25/2020 1:47:10 PM
[IJR] Meghan Markle Details Experience With Miscarriage in New York Times Op-Ed "Losing a child means carrying an almost unbearable grief, experienced by many but talked about by few." Published:11/25/2020 1:47:10 PM
[Middle Column] You were warned: COVID lockdowns morph to Climate Lockdowns?! Biden urged to invoke ‘a climate emergency’ – ‘Could give Biden the authority to circumvent Congress’

Bloomberg News: Invoking a climate emergency could give Biden the authority to circumvent Congress and fund clean energy projects, shut down crude oil exports, suspend offshore drilling and curtail the movement of fossil fuels on pipelines, trains, and ships, according to a research note by consulting firm ClearView Energy Partners. “The president’s powers to address climate change through an emergency are very, very large,” said Kassie Siegel, an attorney with the environmental group Center for Biological Diversity, which is lobbying Biden’s team to act. “This is No. 1 on the list of things the Biden administration should do.” ...

 “Declaring a climate emergency will radicalize climate protection, alienating the very moderate Senators needed to pass infrastructure and other bills with carbon-reducing provisions,” said Paul Bledsoe, a former climate official in the Clinton White House, now with the Progressive Policy Institute. ...Greenpeace, along with the Center for Biological Diversity and groups like Friends of the Earth, were among 500 organizations that called for the next president to declare a national climate emergency last December. Two candidates who sought the Democratic presidential nomination, Bernie Sanders and Tom Steyer, vowed on the campaign trail to declare climate change a national emergency.

#

[See Full April 2020 Climate Depot Special Report:

‘Fantastic’ for the climate: Activists See Coronavirus Lockdowns As A Dress Rehearsal for ‘Climate Emergency’

Published:11/25/2020 1:47:10 PM
[Markets] The Fed: ‘Most’ Fed officials want to give better guidance to investors about its massive bond-buying program, minutes show Most senior Fed officials want to provide better guidance to investors about its on-going bond-buying program, for instance explaining what economic conditions would need to be reached before the purchases can end.
Published:11/25/2020 1:47:10 PM
[] Vermont Governor Phil Scott Demands That Stasi Teachers Recruit Children to Inform On Their Parents Regarding Thanksgiving Plans Phil Scott is nominally a "Republican" -- but he voted for Joe Biden, and was happy to declare it. So a NeverTrump liberal "Republican" is now acting as the Stasi enforcement agent for the leftist surveillance state. How suprising! Vermont... Published:11/25/2020 1:47:10 PM
[Politics] House Race in Iowa May Come Down to Single Digits The tightest House race of 2020 could be settled by single digits - or a hat draw. The battle for Iowa's 2nd Congressional District, where Democrat Rep. Dave Loebsack is retiring, pit GOP state Sen. Mariannette Miller-Meeks against Democrat Rita Hart. Hart called for a recount of... Published:11/25/2020 1:20:29 PM
[Europe] France starts collecting tax on tech giants France is going forward with its plan to tax big tech companies. The government has sent out notices to tech giants, as reported by the Financial Times, Reuters and AFP. There could be retaliation tariffs on French goods in the U.S. For the past couple of years, France’s Economy Minister Bruno Le Maire has been […] Published:11/25/2020 1:20:29 PM
[Middle Column] Trump tweet promotes Climate Hustle 2 film & Morano’s praising of Trump’s ‘energy dominance’

President Trump's tweet on November 25, 2020:

Published:11/25/2020 1:20:29 PM
[In The News] Watch Live: Joe Biden Delivers Thanksgiving-Eve Address – 11/25/20

By R. Mitchell -

Joe Biden delivers a Thanksgiving address to the nation on Wednesday. The campaign says that Biden will deliver “a Thanksgiving address on the shared sacrifices Americans are making this holiday season and how we’ll get through this crisis together.” The address is scheduled to begin at 2:05 p.m. EST. Content created by Conservative Daily News and …

Watch Live: Joe Biden Delivers Thanksgiving-Eve Address – 11/25/20 is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:11/25/2020 1:20:29 PM
[] New ‘Study’ Claims ‘Far-Right Terrorism’ is ‘Bigger Threat to West Than Islamic State’ Published:11/25/2020 1:20:29 PM
[Entertainment] What to Watch This Thanksgiving Weekend: Our Top Binge Picks for November 26-29 What to Watch This Weekend, Thanksgiving WeekendReady for a Tryptophan-induced binge sesh? It's officially Thanksgiving weekend, people, which means one thing: Five days to fill up on comfort food and catch up on all of your TV...
Published:11/25/2020 1:20:29 PM
[Politics] Obama trashes Hispanic Trump supporters as evangelical Christian bigots Obama was on with the leftist Breakfast Club radio show this morning where he trashed Hispanics who voted for Trump as Christian bigots: Obama on @breakfastclubam: “… There’s a lot of evangelical . . . Published:11/25/2020 1:20:29 PM
[Politics] Obama trashes Hispanic Trump supporters as evangelical Christian bigots Obama was on with the leftist Breakfast Club radio show this morning where he trashed Hispanics who voted for Trump as Christian bigots: Obama on @breakfastclubam: “… There’s a lot of evangelical . . . Published:11/25/2020 1:20:29 PM
[Uncategorized] CDC Might Shorten Recommended Quarantine Time Between Seven and Ten Days

Only if you test negative.

The post CDC Might Shorten Recommended Quarantine Time Between Seven and Ten Days first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 1:20:28 PM
[Education] Online Learning Tanked Grades, Learning in VA’s Largest School System, Study Finds

Virtual learning due to the coronavirus pandemic is tanking academic achievement in the largest school system in Virginia, a study from Fairfax County Public Schools... Read More

The post Online Learning Tanked Grades, Learning in VA’s Largest School System, Study Finds appeared first on The Daily Signal.

Published:11/25/2020 1:20:28 PM
[Markets] COVID-19 cases and tests are surging as U.S. heads into holiday weekend COVID-19 cases and tests are surging as U.S. heads into holiday weekend Published:11/25/2020 1:20:28 PM
[Politics & Ideas] Barack Obama: The First ‘Extremely Online’ President
Donald Trump isn't the only politician who says the quite part out loud.
View Post
Published:11/25/2020 1:20:28 PM
[Markets] FOMC Minutes Show Fed Split Over Asset-Purchase Plans FOMC Minutes Show Fed Split Over Asset-Purchase Plans Tyler Durden Wed, 11/25/2020 - 14:12

The market has ripped higher since the November 5th FOMC statement (helped by vaccine hype and election hope) and it seems from the Minutes that there is some disagreement in the central planning ranks.

The key sentence in the well-managed Minutes was:

“Many participants judged that the Committee might want to enhance its guidance for asset purchases fairly soon.”

Many Fed officials saw bond-buying as insuring against risks...

Most participants favored moving to qualitative outcome-based guidance for asset purchases that links the horizon over which the Committee anticipates it would be conducting asset purchases to economic conditions.”

But there was disagreement...

A few participants were hesitant to make changes in the near term to the guidance for asset purchases and pointed to considerable uncertainty about the economic outlook and the appropriate use of balance sheet policies given that uncertainty.”

But others fear they may have reached their limit...

“Several participants noted the possibility that there may be limits to the amount of additional accommodation that could be provided through increases in the Federal Reserve’s asset holdings in light of the low level of longer-term yields, and they expressed concerns that a significant expansion in asset holdings could have unintended consequences.”

Really?

As a few hawks saw bubbles elsewhere...

“A few participants expressed concern that maintaining the current pace of agency MBS purchases could contribute to potential valuation pressures in housing markets.”

There was very little reaction in markets to the Minutes for now.

*  *  *

Full Minutes below:

Minutes of the Federal Open Market Committee, November 4-5, 2020 by Zerohedge on Scribd

Published:11/25/2020 1:20:28 PM
[Markets] US STOCKS-S&P 500, Dow retreat from record highs after bleak jobless data The S&P 500 and the Dow Jones Industrial Average retreated from record closing highs, pulled lower by cyclicals and small caps that drove the rally earlier in the week. Pandemic-resilient tech and tech-adjacent market leaders helped keep the Nasdaq afloat. "Days like we're seeing today on the heels of strong growth is a response to the ebb and flow of the market," said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. Published:11/25/2020 1:20:28 PM
[] 'Tell the commies to shove it': Johnny 'Joey' Jones drops a reality check on those trying to control your Thanksgiving Published:11/25/2020 12:47:03 PM
[] Portland's BLM activists not thrilled about the white anarchists rampaging in their name Published:11/25/2020 12:47:03 PM
[Politics] Rep. Kinzinger: Sooner Trump Admin Can Allow Transition 'the Better' GOP Rep. Adam Kinzinger, citing threats posed by Russia and China, says the sooner the Trump administration can kick-start the formal transfer of presidential power the better, Newsweek reports. "We find out, you know, about a potential conflict between Russia and the United... Published:11/25/2020 12:47:02 PM
[Entertainment] How Brie and Nikki Bella "Let Loose" While Celebrating Their Birthdays Nikki Bella, Brie Bella, InstagramThe Bella Twins' latest birthday celebration was one for the books! Nikki Bella and Brie Bella turned 37 on Saturday, Nov. 21, and as the former WWE stars revealed on the newest...
Published:11/25/2020 12:47:02 PM
[Opinion] Honest Journalism, We Hardly Knew You, An Astute Retrospective

By Sgt. Rock -

Remember, when you were a kid, and you and your parents would sit down and watch the television news? Remember how the major stories of the day were presented to you with representatives from both sides of a given issue, and then the story was wrapped up with a summary? Well, to paraphrase an old …

Honest Journalism, We Hardly Knew You, An Astute Retrospective is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:11/25/2020 12:47:02 PM
[Anti-Americanism] The Thing that wouldn’t leave   Presidents are generally expected to sort of go quietly into the night following the end of their terms. Some do not. Then there are those who need to STFU and go away. Barack Obama is one of those Things that just won’t leave. And he’s so full of sh*t. He’s back to lecturing us... Read more » Published:11/25/2020 12:47:02 PM
[Markets] Thanksgiving night NFL game abruptly moved to Sunday Thanksgiving night NFL game abruptly moved to Sunday Published:11/25/2020 12:47:02 PM
[World] LIVE AT 3:30PM EASTERN: VIP Gold Live Chat with Kruiser, Preston, VodkaPundit Published:11/25/2020 12:47:02 PM
[topics:organisations/retail-and-consumer-industry] Early Christmas shoppers warned that Black Friday purchases given as gifts could be hard to return Published:11/25/2020 12:47:02 PM
[Middle Column] Watch: Morano on Fox & Friends on Trump’s energy dominance & Kerry’s hypocrisy & UN Paris pact

Morano on Fox & Friends - Fox News Channel - Broadcast November 25, 2020

Marc Morano:  "The entire contingent of climate activists from the U.N. Chief to U.N. Climate chiefs joined together and Jane Fonda--  they all praised the lockdowns. The Covid lockdowns. Jane Fonda went as far as Covid is god’s gift to the left exact quote. The idea here is they love the solutions to Covid. What they have been proposing at U.N. Climate summits for years planned recessions to fight global warming. What’s a lockdown -- essentially an enforced recession. What John Kerry is saying we are going to have more viruses. Climate is now part of the Covid agenda. That’s what’s happening here. They are trying to scare everyone with climate -- we’re going to have worse viruses if we don’t solve climate. Originally they were jealous of Covid. Now they are joining forces with the Covid virus in order to essentially achieve their climate agenda."

Published:11/25/2020 12:47:02 PM
[IJR] Trump Says ‘2020 is a Long Way From Over’ Amid Speculation of 2024 Run Trump is refusing to concede. Published:11/25/2020 12:47:02 PM
[Markets] General News: Goldman Sachs is launching a new trading platform as an insurance policy. Here’s why Goldman Sachs is being forced to open a new stock trading hub in Paris, due to uncertainty surrounding Brexit and London’s future as a European stock trading center.
Published:11/25/2020 12:47:02 PM
[Markets] "Compliance Units" - Maryland Police Partner With Local Officials To Enforce Virus Rules "Compliance Units" - Maryland Police Partner With Local Officials To Enforce Virus Rules Tyler Durden Wed, 11/25/2020 - 13:45

Besides Maryland Governor Larry Hogan (R) telling inhabitants of the Mid-Atlantic state this week that they have 'no constitutional right' to refuse wearing a mask during the COVID-19 pandemic, the governor has also dispatched "compliance units" to enforce coronavirus safety measures at businesses, including bars and restaurants. 

Starting at 5 p.m. Wednesday, Maryland State Police and local officials will combine forces in "high-visibility compliance units" to monitor capacity levels, mask-wearing, and social distancing at bars and restaurants, reported WBAL TV

For the first time since June, the state recorded 32 new virus-related deaths in a single day - also reporting 4,325 new cases - adding to total cases of more than 185,000. The positivity rate of 6.6%, makes it a red zone state. 

After months of declining cases, the resurgent virus has forced Hogan to reimpose harsh restrictions on businesses and deploy compliance units that will start in Baltimore and Frederick counties. 

"We don't look to shut down places immediately, and in some areas of the state, we will have the health department with us; however, again, it is about educating, see if we can get that business into compliance," Maryland State Police Sgt. Travis Nelson said.

Last week, Hogan said the virus was beginning to ravage the state: 

"We are in a war right now, and the virus is winning. Now more than ever, I am pleading with the people of our state to stand together a while longer to help us battle this surging virus," he said.

Compliance units are expected to operate statewide in the near term. State troopers will work with local health departments and liquor board inspectors to enforce new restrictions. 

"The intent is really to find the major violators of these public health orders," Nelson said. 

A business operator who breaches the new public health measures could face a $5k fine and possibly one year in jail.

"If somebody is intentionally violating the orders, we are going to give them a written notice that says this is what you have to do if you want to stay open," Nelson said. "If that is violated, then the health department will issue a closure order. At that point, the business is required to remain closed until such time the health department feels that it is safe for them to reopen."

While many small businesses in the state have been devastated by the virus pandemic shutdowns - the question remains just how many business operators will follow the new rules, or if some are willing to incur the $5k fine and risk jail just to keep the cash flow coming in amid a covid winter the threatens many with imminent bankruptcy. 

Months ago, a Maryland man was sentenced to one year in jail for a series of pandemic parties he hosted in late March. 

Published:11/25/2020 12:47:02 PM
[] The Healer in Chief, Barack Obama: Hispanics Who Voted for Trump Are Racists Los Clingeros Amargos. "There's a lot of evangelical Hispanics who, the fact that Trump says racist things about Mexicans, or puts undocumented workers in cages, they think that's less important than the fact that he supports their views on gay... Published:11/25/2020 12:47:02 PM
[Politics] Pennsylvania Judge Blocks Further Election Certification Steps A Pennsylvania judge issued an order temporarily preventing the state from taking any further actions to certify the election results. The ruling stops action until after a Nov. 27 hearing, "to the extent that there remains any further action to perfect the certification of the results... Published:11/25/2020 12:18:29 PM
[topics:things/im-a-celebrity-get-me-out-of-here] 'I'm A Celebrity... Get Me Out Of Here!' may be fuelling Covid-19 spread through cockroaches, Wales' First Minister suggests Published:11/25/2020 12:18:29 PM
[Markets] Slack shares spike on reported Salesforce interest in acquisition Slack shares spike on reported Salesforce interest in acquisition Published:11/25/2020 12:18:29 PM
[World] Vatican Unveils Avant Garde 2020 Nativity Scene, and Boy Does Twitter Have Opinions Published:11/25/2020 12:18:29 PM
[IJR] Fauci Would ‘Absolutely’ Serve on Biden’s COVID-19 Task Force if Asked Fauci was asked during an interview on CSPAN if he would serve on a coronavirus task force during Biden's presidency. Published:11/25/2020 12:18:29 PM
[Entertainment] Why Meghan Markle Decided to Write About Her Miscarriage Meghan Markle, Duchess of SussexMeghan Markle published a personal essay for The New York Times on Wednesday, Nov. 25 in which she shared she suffered a miscarriage in July. E! News learned the Duchess of Sussex wanted...
Published:11/25/2020 12:18:29 PM
[Markets] Global Stocks Set For Best Month Ever As Dollar Dumps Near 3-Year Lows Global Stocks Set For Best Month Ever As Dollar Dumps Near 3-Year Lows Tyler Durden Wed, 11/25/2020 - 13:00

With just a few days (of illiquid markets) to go, global stocks (MSCI World) is set for its greatest monthly return ever...

Source: Bloomberg

As the dollar dumps to its weakest against its fiat peers since April 2018...

Source: Bloomberg

Small Caps are outperforming this week (continuing an enormous month); Nasdaq is lagging but still up 2% this week...

The Dow is also having its best month since Jan 1987...

Source: Bloomberg

Which sent "Extreme" greed to "Extremer" greed...

Source: CNN

This is easy!!

Small Caps have dominated mega-tech this month... but did they stumble at resistance?

Source: Bloomberg

Energy stocks gave a little back today but remain up yuuuge in November. Utes are the laggards but are also up on the month...

Source: Bloomberg

Momentum staged a very small comeback relative to value today, but it's been an ugly month...

Source: Bloomberg

Treasury yields fell today but remain modestly higher on the week (2y unch, 30Y +8bps)...

Source: Bloomberg

Bitcoin was modestly lower on the day, back below $19,000, but still up large on the week...

Source: Bloomberg

Its been an ugly month for PMs as copper and crude exploded higher... hope!

Source: Bloomberg

Gold futs managed to bounce off their 200DMA and back above the $1800 level...

WTI surged back to almost $46 today - its highest in 8 months...

Finally, we note that investors should really be giving thanks to just one 'thing' this holiday... Global Central Banks!!

Source: Bloomberg

The best month ever for global stocks on the back of $14 trillion in global liquidity pukage for the last few months.

And you should probably ignore this too...

Source: Bloomberg

Oh and Maradonna died... I guess the 'hand of god' finally caught up with him.

Have a great Thanksgiving.

Published:11/25/2020 12:18:29 PM
[Political Cartoons] Political Football – A.F. Branco Cartoon

By A.F. Branco -

Many folks are accusing Dr. Fauci of continuously moving the science goalpost. Political cartoon by A.F. Branco ©2020.

Political Football – A.F. Branco Cartoon is original content from Conservative Daily News - Where Americans go for news, current events and commentary they can trust - Conservative News Website for U.S. News, Political Cartoons and more.

Published:11/25/2020 12:18:29 PM
[China] Biden turns to “polite and orderly caretakers of America’s decline” (Paul Mirengoff) I wanted to write a hard-hitting post about Joe Biden’s selections for key foreign policy jobs — Anthony Blinken (Secretary of State), Alejandro Mayorkas (Secretary of Homeland Security), and Avril Haines (Director of National Intelligence). Then I found out that three Republican Senators have already done the work. According to the Washington Post, Sen. Tom Cotton called this collection “panda huggers who will only reinforce [Biden’s] instincts to go soft Published:11/25/2020 12:18:29 PM
[Column] What will tomorrow’s tech look like? Ask someone who can’t see Will Butler Contributor Share on Twitter Will Butler is a writer, producer and podcast host from California. Legally blind since age of 19, Will has written and produced numerous stories about adjusting to vision loss. Will joined Be My Eyes as its VP in 2019 after four years at Lighthouse for the Blind and Visually […] Published:11/25/2020 12:18:29 PM
[World] Nordstrom shares soar with one analyst group upbeat about the luxury retailer’s post-COVID prospects Nordstrom’s third-quarter results have sent shares soaring, but some analysts are wary about the off-price business and what the post-pandemic future holds.
Published:11/25/2020 12:18:29 PM
[] Oregon Gov. Kate Brown shares last-minute video plea to 'uninvite your drunken uncle' and others from Thanksgiving Published:11/25/2020 11:43:35 AM
[] Tucker Carlson: Don't sit out the Georgia runoffs even if you're mad about the election Published:11/25/2020 11:43:35 AM
[AAPL] Don't Sell Potential 10-Baggers Just To Chase Income Published:11/25/2020 11:43:35 AM
[Politics] Trump 1st President Since Carter Not to Send Troops Into New Conflict President Donald Trump will likely become the first president since Jimmy Carter to not send American forces into a new conflict once he leaves office, Newsweek reports. Trump's recently-appointed... Published:11/25/2020 11:43:35 AM
[Democrats] Biden Eyes Israel Critic as White House Press Sec

Incoming president Joe Biden is reportedly close to selecting a vocal Israel critic to serve as his White House press secretary.

The post Biden Eyes Israel Critic as White House Press Sec appeared first on Washington Free Beacon.

Published:11/25/2020 11:43:35 AM
[Society] Americans View Religion as an ‘Identity,’ Not a ‘Hobby.’ Policymakers Should Take Note.

A new survey has provided unique insights into what faith-based Americans have been thinking about their beliefs in the wake of COVID-19—and how they feel... Read More

The post Americans View Religion as an ‘Identity,’ Not a ‘Hobby.’ Policymakers Should Take Note. appeared first on The Daily Signal.

Published:11/25/2020 11:43:35 AM
[Free Speech] [Eugene Volokh] California AG's Brief Claims "Hate Speech" Is Constitutionally Unprotected From a brief filed by the California Attorney General's office in Ogilvie v. Gordon, a case dealing with restrictions on personalized license plates (such as exclusions of "racially degrading term[s]"): There are well-defined and narrowly-limited classes of speech, "the prevention and punishment of which have never been thought to raise any Constitutional problem." Chaplinsky v. N.H.,… Published:11/25/2020 11:43:35 AM
[Markets] Fisker, Nordstrom Drive Higher as Stock Markets Pause The stock market took a pause on Wednesday morning, giving up a small portion of the gains that took the Dow Jones Industrial Average (DJINDICES: ^DJI) and S&P 500 (SNPINDEX: ^GSPC) to record heights on Tuesday. Citi also likes that the company's debut vehicle, the Fisker Ocean, is an SUV. Published:11/25/2020 11:43:35 AM
[Entertainment] Prince Harry's Uncle Charles Spencer Speaks Out About Meghan Markle's Miscarriage Meghan MarklePrince Harry's uncle and the late Princess Diana's brother Earl Charles Spencer has offered his public condolences to his nephew and his wife, Meghan Markle, for her...
Published:11/25/2020 11:43:35 AM
[News] Biden To Unveil Economic Team Next Week as Transition Moves Ahead Biden was expected to receive his first presidential daily intelligence briefing on Monday. Published:11/25/2020 11:43:35 AM
[Markets] Coronavirus Update: U.S. records highest daily number of COVID deaths since May Coronavirus Update: U.S. records highest daily number of COVID deaths since May Published:11/25/2020 11:43:35 AM
[Quick Takes] Trinity College Promises New Diversity Hires and Microagression Training

“creating six such hires each year for the next three years to increase faculty diversity”

The post Trinity College Promises New Diversity Hires and Microagression Training first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 11:43:35 AM
[Markets] Judge Blocks Certification Of Pennsylvania Election Results Judge Blocks Certification Of Pennsylvania Election Results Tyler Durden Wed, 11/25/2020 - 12:31

Authored by Ivan Pentchoukov via the Epoch Times

A Pennsylvania judge on Wednesday ordered state officials to not certify the results of the 2020 election until her court holds a hearing on an election contest on Friday.

Commonwealth Judge Patricia McCullough ordered the state to not take any further steps to complete the certification of the presidential race, which the state announced on Tuesday. She also blocked the certification of all the other election results.

“To the extent that there remains any further action to perfect the certification of the results of the 2020 General Election for the offices of President and Vice President of the United States of America, respondents are preliminarily enjoined from doing so, pending an evidentiary hearing to be held on Friday,” the judge wrote in her order (pdf).

Respondents are preliminarily enjoined from certifying the remaining results of the election, pending the evidentiary hearing.”

McCullough is presiding over a lawsuit brought by Republican lawmakers and candidates against the Commonwealth of Pennsylvania, Gov. Tom Wolf (D), Secretary of State Kathy Boockvar, and the Pennsylvania General Assembly.

The plaintiffs alleged that Pennsylvania’s vote-by-mail stature—Act 77—is in violation of the state’s constitution.

“Act 77 is the most expansive and fundamental change to the Pennsylvania voting code, implemented illegally, to date,” the lawsuit, filed in the Commonwealth Court of Pennsylvania, states.

“As with prior historical attempts to illegally expand mail-in voting by statute, which have been struck down going as far back as the Military Absentee Ballot Act of 1839, Act 77 is another illegal attempt to override the limitations on absentee voting prescribed in the Pennsylvania Constitution, without first following the necessary procedure to amend the constitution to allow for the expansion.”

The plaintiffs include Rep. Mike Kelly (R-Pa.), Republican congressional candidate Sean Parnell, and Pennsylvania House of Representatives candidate Wanda Logan.

Marc Elias, one of the top attorneys leading the Democrats’ post-election legal battles, called the lawsuit frivolous.

“Republican Congressman Mike Kelly has filed a new frivolous lawsuit in Pennsylvania seeking to block the state from certifying the election results and having the state legislature choose electors,” Elias wrote on Twitter on Nov. 21. “This is absolutely shameful.”

President Donald Trump responded to Elias, writing: “This is not at all frivolous. It is brought on behalf of one of the most respected members of the United States Congress who is disgusted, like so many others, by an Election that is a fraudulent mess. Fake ballots, dead people voting, no Republican Poll Watchers allowed, & more!”

Pennsylvania Gov. Tom Wolf, a Democrat, signed Act 77 into law on Oct. 31, 2019. Eight of the nine sponsors of the bill in the Pennsylvania Senate were Republicans.

Follow Ivan on Twitter: @ivanpentchoukov
Published:11/25/2020 11:43:35 AM
[Cloud] Amazon Web Services outage takes a portion of the internet down with it Amazon Web Services is currently having an outage, taking a chunk of the internet down with it. Several AWS services were experiencing problems as of early Wednesday, according to its status page. That means any app, site or service that relies on AWS might also be down, too. (As I found out the hard way […] Published:11/25/2020 11:43:35 AM
[topics:organisations/home-office] Calling someone 'king of the jungle' is not racist because it can refer to a lion, judge rules Published:11/25/2020 11:43:35 AM
[Politics] BREAKING: Pennsylvania judge halts further action on certification of election results, grants hearing on mail-in ballots It’s being reported now that a Pennsylvania judge has blocked the state from certifying the 2020 election results: NEWS: Pennsylvania judge blocks state from certifying election results in presidential and all other . . . Published:11/25/2020 11:43:35 AM
[Politics] BREAKING: Pennsylvania judge halts further action on certification of election results, grants hearing on mail-in ballots It’s being reported now that a Pennsylvania judge has blocked the state from certifying the 2020 election results: NEWS: Pennsylvania judge blocks state from certifying election results in presidential and all other . . . Published:11/25/2020 11:43:35 AM
[] Court Rules That Minneapolis Residents Have Right to Sue the Leftwing City Council Over Harms Suffered Due to Defunded Police Via John Sexton, a judge rules that law-abiding citizens have the right to expect the law to be abided. The citizens had a useful fact on their side: the city's charter apparently spells out the number of cops (or at... Published:11/25/2020 11:43:35 AM
[Politics] Gov. Cuomo Defends Trump Against Media Bias New York Gov. Andrew Cuomo is standing up for President Donald Trump against attacks by the media. Cuomo comments came during a radio interview with WAMC on Monday. He maintained the press has taken on a "nastier tone" when dealing with Trump and was critical of... Published:11/25/2020 11:11:27 AM
[topics:places/usa] Ghislaine Maxwell woken up every 15 minutes in jail while she sleeps says lawyer Published:11/25/2020 11:11:27 AM
[Markets] Tesla issues recall of 9,000-plus Model X and Model Y vehicles Tesla issues recall of 9,000-plus Model X and Model Y vehicles Published:11/25/2020 11:11:27 AM
[Arab Israel conflict] Live from Dubai (Scott Johnson) Ivanka Trump credits her dad, President Trump, her husband, Jared Kushner, and presidential assistant Avi Berkowitz for the “fruits” of Trump’s diplomacy in the Middle East, now derided and disparaged by the clowns appointed to serve in the prospective Democratic administration. Ivanka shares a video posted by Amit Deri, the CEO of the IDF Reservists on Duty organization from a supermarket in Dubai. President Trump has done great good. Let Published:11/25/2020 11:11:27 AM
[Libel] [Eugene Volokh] Quaking Quagmires From the great torts scholar William Prosser, writing in 1953: The realm of the conflict of laws is a dismal swamp, filled with quaking quagmires, and inhabited by learned but eccentric professors who theorize about mysterious matters in a strange and incomprehensible jargon. I think things have improved, at least in this narrow area, since then,… Published:11/25/2020 11:11:27 AM
[Markets] NewsWatch: Why it’s worth sticking with stocks even at record levels, HSBC strategist says Just because everyone is talking about stocks going up doesn't mean they're wrong. One strategist explains why he's bullish.
Published:11/25/2020 11:11:27 AM
[Uncategorized] After Four Years of Democrat Attacks on Trump Supporters, Biden Can’t “Unify” the Nation

"only 3% of Trump voters surveyed said they accept Biden’s victory as legitimate"

The post After Four Years of Democrat Attacks on Trump Supporters, Biden Can't "Unify" the Nation first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 11:11:27 AM
[Markets] Dow Falls Below 30,000; Salesforce Down on Report of Slack Interest Stocks are mostly lower Wednesday, a day after the Dow Jones Industrial Average and S&P; 500 close at record highs. Published:11/25/2020 11:11:26 AM
[Markets] NY Reports Most New Cases Since April After Deadliest Day For US In Months: Live Updates NY Reports Most New Cases Since April After Deadliest Day For US In Months: Live Updates Tyler Durden Wed, 11/25/2020 - 12:06

Summary:

  • NY reports most new cases since April
  • US suffers most new deaths in months
  • Global deaths see new daily record
  • Cases near 60 million
  • US mulling abandoning travel restrictions on Europe, Brazil etc
  • College students scramble to get home for the holiday
  • Merkel proposes tighter restrictions
  • Iran sees back-to-back record cases
  • Russia sees another day of record deaths
  • South Korea confirms nearly 400 new cases
  • Australia's most populous state to ease restrictions

* * *

Update (1200ET): As we head into the afternoon, New York Gov Andrew Cuomo has just confirmed the most new daily cases in the Empire State since April.

Remember, anybody trying to enter or leave NYC today and tomorrow will face traffic checkpoints.

* * *

As global confirmed COVID cases teeter on the brink of 60 million, millions of Americans are rushing home via planes, trains and automobiles to try and spend the holiday with family (even if this year, the number of seats at the table is much smaller than usual). Just in time for the holiday, the 7-day average of new cases remains at record highs, while hospitalizations have hit a new record, and daily deaths topped 2k yesterday, the largest tally since the spring.

Globally, the number of deaths record yesterday topped 12.75k in just 24 hours, a new record high, as deaths finally start to catch up to increases in case numbers and hospitalizations.

In terms of news, Reuters reported that the US government is considering removing bans on entry into the US for non-citizens who recently visited Brazil, the UK and the EU. While lifting these restrictions could lead to a resurgence in tourism, it's more likely that it won't have much of a near-term impact, as most airlines have cut international flights to the bone. Other bans, including on travelers from China and Iran, will remain in place.

According to Reuters, the plan has received the approval of the White House Coronavirus Task Force. Many administration officials argue the restrictions no longer make sense given that most countries aren't subject to any travel bans. Officials believe lifting the restrictions could bolster the struggling airline industry, which has seen international travel fall by 70% this year. The Trump Administration infamously dragged its feet before imposing travel restrictions in Europe, though Trump was one of the first leaders to impose restrictions on travelers from China.

Reuters also interviewed family members of college students traveling home for the holiday, some of whom described asking their children to quarantine despite a negative test.

Finally, German Chancellor Angela Merkel proposed tighter restrictions during a Wednesday meeting with regional leaders including suggesting further reduction on the number of customers allowed in shops and tighter measures in schools in certain 'hotspots'.

Here's some more COVID-19 news from overnight:

Iran reported a new record for daily infections for a second day in a row, pushing the number of total known cases to 894,385. The death toll reached 46,207 with 469 more deaths in the last 24 hours, down from a day earlier (Source: Bloomberg).

The daily death toll in Russia exceeded 500 for the first time as surging infections across the country put increasing strain on hospitals and medical staff complained about a lack of medicines and protective gear (Source: Bloomberg).

India reports 44,376 cases for the past 24 hours, up from 37,975 the previous day, bringing the country total to 9.22 million. The death toll jumped by 481 to 134,699 (Source: Nikkei).

South Korea confirms 382 new daily cases, up from 349 a day ago. Total infections reach 31,735, with 513 deaths (Source: Nikkei).

Australia's most populous state will ease social distancing restrictions after recording nearly three weeks without any local transmissions, Premier Gladys Berejiklian said on Wednesday (Source: Nikkei).

China recorded five cases on Nov. 24, down from 22 a day earlier. All infections originated overseas (Source: Nikkei).

Published:11/25/2020 11:11:26 AM
[Apps] Slack’s stock climbs on possible Salesforce acquisition News that Salesforce is interested in buying Slack, the popular workplace chat company, sent shares of the smaller firm sharply higher today. Slack shares are up just under 25% at the moment, according to Yahoo Finance data. Slack is worth $36.95 per share as of the time of writing, valuing it at around $20.8 billion. […] Published:11/25/2020 11:11:26 AM
[] Alyssa Milano would 'like to extend an olive branch to Trump supporters,' calls on her fellow libs to help her 'heal the nation' Published:11/25/2020 10:40:12 AM
[TC] Instead of Yule log, watch this interactive dumpster fire because 2020 The holiday seasons is upon us and with that comes stress, anxiety, and the airing of grievances. And this year is worse. Instead of watching a yule log smolder in a warm hearth, we’re all stuck in our homes watching the world burn. Try this interactive dumpster fire instead of yelling into the void. The […] Published:11/25/2020 10:40:12 AM
[Free Speech] [Eugene Volokh] Court Strikes Down California Limits on Personalized License Plates "Offensive to Good Taste and Decency" With talk of QUEER, 69, AF, OG, "guns, weaponry, shooting, or an instrument normally used to inflict harm," and more. Published:11/25/2020 10:40:12 AM
[Markets] Israeli Military Prepares For Possible Trump Preemptive Attack On Iran: Axios Israeli Military Prepares For Possible Trump Preemptive Attack On Iran: Axios Tyler Durden Wed, 11/25/2020 - 11:30

With just weeks to go to President-Elect Joe Biden's being inaugurated on January 20, Axios reports that Israel is preparing for the possibility that Trump will launch a preemptive attack on Iran.

Axios' Barak Ravid reports from Tel Aviv that "The Israel Defense Forces have in recent weeks been instructed to prepare for the possibility that the U.S. will conduct a military strike against Iran before President Trump leaves office, senior Israeli officials tell me."

Via Asia Times

While not citing specific intelligence, Ravid says Israeli military and intelligence leaders are anticipating "a very sensitive period" just ahead of the inauguration and Trump's exiting the White House.

According to the report:

The IDF's preparedness measures relate to possible Iranian retaliation against Israel directly or through Iranian proxies in Syria, Gaza and Lebanon, the Israeli officials said.

Meanwhile, are we already witnessing the first 'provocation' which is to be blamed on Iran as pretext?

Earlier this month The New York Times reported that President Trump had to be talked out of preemptive strikes on Iran by his own top advisers, who warned it could easily spiral into a major war in only the last weeks of his presidency.

That report included the following mention that not all "options" may have been placed off the table at that time:

After Mr. Pompeo and General Milley described the potential risks of military escalation, officials left the meeting believing a missile attack inside Iran was off the table, according to administration officials with knowledge of the meeting.

Mr. Trump might still be looking at ways to strike Iranian assets and allies, including militias in Iraq, officials said. A smaller group of national security aides had met late Wednesday to discuss Iran, the day before the meeting with the president.

Published:11/25/2020 10:40:12 AM
[Politics] How Odd That 44 States Voted Without Allegations Of Skullduggery The rising chorus of those demanding the finalization of Joe Biden's election victory or merely deluging the president with sanctimonious claptrap about "affirming the system" and being a gentleman and practitioner of fair play and good sportsmanship, ignores both the law and the underlying significance of the arguments. It can scarcely be coincidental that in 44 states the election went off smoothly and in most of them almost all of the votes were counted effortlessly within about six hours of... Published:11/25/2020 10:40:12 AM
[] David Axelrod has a lovely talk with cancer-causing sexist Mitt Romney about 'the need to reduce the venom in our politics' Published:11/25/2020 10:17:46 AM
[Politics] Carol Moseley Braun Wants to Be Interior Secretary Former Sen. Carol Moseley Braun, D-Ill., would like to serve as Joe Biden's interior secretary. "It's just a natural fit for me," said Moseley Braun, the first Black woman to serve in the Senate... Published:11/25/2020 10:17:46 AM
[Entertainment] Why Kristen Stewart Says She Feels "Protective" of Princess Diana Kristen Stewart, Princess DianaFor some actresses, taking on the role of Princess Diana could come with a lot of pressure. After all, she was dubbed the People's Princess. But for Kristen Stewart, portraying the late...
Published:11/25/2020 10:17:46 AM
[World] Insanity Wrap #95: Delirious Robert De Niro Keeps Mistaking Himself for One of His Tough-Guy Roles Published:11/25/2020 10:17:46 AM
[Markets] Coronavirus Update: Hospital workers called exhausted as U.S. records highest number of COVID deaths since May The U.S. recorded the highest number of deaths from the coronavirus illness COVID-19 since May on Tuesday, and continues to average close to 200,000 new cases a day, with hospitals across the nation reporting exhausted health care workers and steadily filling intensive care units.
Published:11/25/2020 10:17:46 AM
[Quick Takes] Professor Offers Advice to Students on ‘Decolonizing Your Thanksgiving’

“unlearning some of the myths that we’ve learned about Thanksgiving”

The post Professor Offers Advice to Students on ‘Decolonizing Your Thanksgiving’ first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 10:17:46 AM
[IJR] Obama Discusses Photo of Him Sitting Next To Trump at the WH After the 2016 Election "It was a concern." Published:11/25/2020 10:17:46 AM
[Markets] Peter Schiff: The Real Villain Is The Fed Peter Schiff: The Real Villain Is The Fed Tyler Durden Wed, 11/25/2020 - 11:15

Via SchiffGold.com,

We’re approaching all-out market mania with optimism about a COVID vaccine and the ensuing economic renaissance that many seem convinced is right around the corner. On Tuesday (Nov. 24) the Dow Jones closed about 30,000 for the first time.

On his podcast, Peter Schiff talked about the big stock market rally. He said it’s not really about the presidential election, or the COVID vaccine, or excitement about Joe Biden. The rally is all about the Federal Reserve. And it always has been.

Pres. Donald Trump took the opportunity to call a press conference to tout the Dow record. “The stock market’s just broken 30,000 — never been broken, that number. That’s a sacred number, 30,000, and nobody thought they’d ever see it,” Trump said.

Peter reminds us that Trump said a Biden win would tank the market.

How can Donald Trump claim credit for those gains? Because the markets are forward-looking and the markets are looking forward to President Biden. Yet they’re rallying anyway. So, how can the rally be attributable to Trump?”

After Trump beat Hillary Clinton, he took credit for the rise in the stock market right after the election, saying the markets we’re optimistic about a Trump presidency. By that reasoning, wouldn’t this stock market rise in the wake of a Biden win mean the markets are optimistic about a Biden presidency? As Peter put it, Trump wants to have his cake and eat it too.

He wants to claim credit for the gains after he won and he also wants to claim credit for the gains that happened after he lost.”

But the reality is Trump is not the reason the market went up.

The real reason the market went up is the Fed. The market went up because of the Fed when Obama was president, and the market continued to go up on Trump’s watch because of the Fed.”

Peter said one of the reasons he thinks the markets are rallying this week is the announcement that former Fed chair Janet Yellen will be the next Treasury secretary.

It doesn’t matter whether it’s Trump or Biden. It’s that we have the continuation of this reckless monetary policy.”

Yellen heading up the Treasury Department strips away all pretense of Federal Reserve independence and will ensure that the Treasury will have close ties with the Fed and the two institutions can work closely together.

So, this is exactly what the market wants to hear. Janet Yellen is a super dove.”

Peter said that Yellen is perfect for the position which should really be called the “Secretary of the Debt.”

The Treasury is bare. We’ve got nothing in there buy IOUs. So, her real job is to manage the debt and to help America go deeper into debt by helping us sell our bonds to lenders around the world. But that’s going to be a very difficult thing to do right now because people are smartening up. They don’t want to buy our bonds. So, the buyer is going to be the Fed. And that’s why this cozy relationship is that much more dangerous because the Treasury is going to be selling its debt directly to the Federal Reserve because the Federal Reserve is the only one dumb enough to buy it.

So, this is what the markets are celebrating. It’s not that Biden won or Trump lost.

They don’t care that Biden’s president. They care about the Fed as long as that money machine keeps going. And in fact, anything that Biden does to weaken the economy just guarantees more monetary stimulus to supposedly deal with the weakness in the economy, and what’s supposedly bad for Main Street is great news for Wall Street, and that’s what’s being celebrated.”

In simplest terms – the real villain is the Federal Reserve.

And it needs to be held accountable for the fallout from the explosion of the bubbles they inflate.”

Peter also spent some time in this podcast comparing the 1920s with the 2020s. He argues that the 2020s are not going to be like the boom of the 1920s. It’s going to be more like a combination of the 1930s with low economic growth and the 1970s with high inflation.

Published:11/25/2020 10:17:46 AM
[] The Morning Rant GRATITUDE We live in tumultuous times. I feel that I'm living in a machine that is in the process of shaking itself to pieces. Search YouTube for videos of what happens to a clothes dryer when you throw in a... Published:11/25/2020 10:17:46 AM
[] Axios: Trump plans to pardon Flynn before leaving office Published:11/25/2020 9:40:31 AM
[Politics] Biden: I Won't 'Use the Justice Department' the Way Trump Does Joe Biden, in an interview on "NBC Nightly News With Lester Holt" that aired Tuesday night, said that he won't "use the Justice Department" in the same way that President Donald Trump does. When asked whether he plans to push for an investigation into Trump, Biden said: "I... Published:11/25/2020 9:40:31 AM
[World] Penguin Random House Staff Cry, Throw Tantrums Against Publishing Jordan Peterson's New Book Published:11/25/2020 9:40:31 AM
[IJR] GA Secretary of State Says His Family Voted for Trump, but Are ‘Now Being Thrown Under the Bus by Him’ "In times of uncertainty, when the integrity of our political system is most at risk, the integrity of our politicians is paramount." Published:11/25/2020 9:40:31 AM
[Fundings & Exits] Join us for a live Q&A with Sapphire’s Jai Das on Tuesday at 2 pm ET/11 am PT Sure, we’re heading into a holiday weekend here in America, but that doesn’t mean that the good ship TechCrunch is going to slow down. We’re diving right back in next week with another installment in season two of Extra Crunch Live, our regular interview series with startup founders, venture capitalists, and other leaders from the […] Published:11/25/2020 9:40:31 AM
[2019 News] New study Lockdowns do not lower COVID death rates

New study: Lockdowns do not lower COVID death rates. Isn’t that just dandy news? after all the financial devastation and ruination of people’s lives by power-mad Democrat governors?

The post New study Lockdowns do not lower COVID death rates appeared first on IHTM.

Published:11/25/2020 9:40:31 AM
[Politics] WATCH LIVE: Pennsylvania Senate holds public hearing on 2020 election at 12:30PM The Pennsylvania Senate will hold a public hearing on the 2020 election today at 12:30PM and you can watch below: According to the Trump campaign statement yesterday: The first hearing, held by . . . Published:11/25/2020 9:40:31 AM
[Politics] WATCH LIVE: Pennsylvania Senate holds public hearing on 2020 election at 12:30PM The Pennsylvania Senate will hold a public hearing on the 2020 election today at 12:30PM and you can watch below: According to the Trump campaign statement yesterday: The first hearing, held by . . . Published:11/25/2020 9:40:31 AM
[Podcasts] Whom Can We Trust? We Can Trust You.
Podcast: Barack Obama, COVID, and Thanksgiving.
View Post
Published:11/25/2020 9:40:31 AM
[Markets] U.S. consumer-spending growth slows in October U.S. consumer-spending growth slows in October Published:11/25/2020 9:40:31 AM
[Markets] WTI Dips After Worrisome Surge In Gasoline Stocks, Demand At 5-Month Lows WTI Dips After Worrisome Surge In Gasoline Stocks, Demand At 5-Month Lows Tyler Durden Wed, 11/25/2020 - 10:37

WTI extended gains overnight, after dipping on a surprise crude build reported by API, pushing to 8-month highs above $45 on mounting optimism that recent breakthroughs on a Covid-19 vaccine will lead to a swift recovery in global energy demand next year.

“The recent news around Covid-19 vaccines has boosted crude prices as markets start to look to a return to some sort of normality in 2021,” said HSBC Bank analyst Gordon Gray. “We expect OPEC+ to err on the side of caution as it evaluates how the market evolves.”

Notably, prices have also been supported by renewed geopolitical tensions, with recent attacks on a fuel depot in the Saudi city of Jeddah and on an oil tanker in the Red Sea.

API

  • Crude +3.8mm (-300k exp)

  • Cushing -1.4mm

  • Gasoline +1.3mm

  • Distillates -1.8mm

DOE

  • Crude -754k (-300k exp, +475k whisper)

  • Cushing -1.721mm

  • Gasoline +2.18mm

  • Distillates -1.441mm

Official inventory data flipped the script from API with a 754k draw (vs 3.8mm build). Gasoline stocks rose more than expected (for the second week in a row), which is worrisome...

Source: Bloomberg

Crude production rebounded from storm shut-ins...

Source: Bloomberg

WTI was hovering around $45.30 ahead of the official inventory data, and limped modestly lower after the print...

Bloomberg Intelligence Energy Analyst Fernando Valle notes that gasoline-demand headwinds loom large ahead of the Thanksgiving holiday due to restrictions on travel, with the potential for an extended build in inventories and more pain.

Source: Bloomberg

Gasoline demand remains well below fall 2019 levels at its lowest since June...

Published:11/25/2020 9:40:31 AM
[Markets] Cannabis Watch: Aurora leads cannabis sector rally fueled by hopes for reform under President-elect Joe Biden Aurora Cannabis Inc. led a rally in the weed sector Tuesday that was fueled by hopes President-elect Joe Biden, finally cleared to move ahead with his administration’s transition, will push for reforms that will let companies access banks and capital markets.
Published:11/25/2020 9:40:30 AM
[Politics] Biden Yet to Name Pentagon Pick Joe Biden identified who he wants to serve on his national security team if he becomes president earlier this week. But, he is yet to name his pick for defense secretary. The Washington Post reports that longtime defense expert Michèle Flournoy is likely the frontrunner for... Published:11/25/2020 9:10:20 AM
[Politics] Nevada judge agrees to hear illegal voting evidence from Trump campaign and more According to Matt Schlapp, a Nevada state judge has agreed to hear evidence illegal voting from the Trump campaign and will allow them to depose witnesses in Clark County who know what . . . Published:11/25/2020 9:10:20 AM
[Politics] Nevada judge agrees to hear illegal voting evidence from Trump campaign and more According to Matt Schlapp, a Nevada state judge has agreed to hear evidence illegal voting from the Trump campaign and will allow them to depose witnesses in Clark County who know what . . . Published:11/25/2020 9:10:20 AM
[Uncategorized] Remembering CIA Officer Johnny “Mike” Spann, Killed In Afghanistan on November 25, 2001

The first American killed inside Afghanistan after 9/11, part of a small team sent to organize opposition to the Taliban. There is something about this story that has struck an emotional chord with me.

The post Remembering CIA Officer Johnny "Mike" Spann, Killed In Afghanistan on November 25, 2001 first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 9:10:20 AM
[Markets] Outside the Box: Beware of ‘zombie’ companies running rampant in the stock market A total of 19%, or 571 companies, in the Russell 3000 Index are considered unviable, writes William Barritt.
Published:11/25/2020 9:10:20 AM
[Markets] Dow slides below 30,000 mark early Wednesday even with Nasdaq at record heights Dow slides below 30,000 mark early Wednesday even with Nasdaq at record heights Published:11/25/2020 9:10:20 AM
[Cloud] Cast.ai nabs $7.7M seed to remove barriers between public clouds When you launch an application in the public cloud, you usually put everything on one provider, but what if you could choose the components based on cost and technology and have your database one place and your storage another? That’s what Cast.ai says that it can provide, and today it announced a healthy $7.7 million […] Published:11/25/2020 9:10:20 AM
[Entertainment] Amy Adams Reveals Her 10-Year-Old Daughter's Hilarious Reaction to Failed Billie Eilish Cover Amy Adams, 2019 OscarsKids say the darndest things, just ask Amy Adams. During a Nov. 24 interview with Late Night with Seth Meyers, the Arrival star admitted that she tried a couple of instruments during...
Published:11/25/2020 9:10:20 AM
[Markets] Dow Slides a Day After Rising Above 30,000 Stocks are mostly lower Wednesday, a day after the Dow Jones Industrial Average and S&P; 500 close at record highs. Published:11/25/2020 9:10:20 AM
[Markets] UMich Consumer Confidence Slides, Republican Hope Hammered UMich Consumer Confidence Slides, Republican Hope Hammered Tyler Durden Wed, 11/25/2020 - 10:07

After yesterday's disappointing drop in consumer confidence from The Conference Board, this morning's final UMich sentiment survey was expected to fall from October's 81.8 level (in line with the 77.0 flash print). The number were mixed, echoing the same picture as The Conference Board with current conditions slightly higher and future expectations dropping.

The final consumer sentiment index for Nov. fell to 76.9. It was 77.0 in the preliminary reading. The index was 81.8 last month.

  • Expectations index fell to 70.5 vs. 79.2 last month.

  • Current economic conditions index rose to 87.0 vs. 85.9 last month.

Source: Bloomberg

UMich notes, “November data were less optimistic than last month due to the resurgence in covid infections and deaths as well as partisan shifts due the outcome of the presidential election”

The drop in confidence was dominated by a plunge in Republican hope...

Source: Bloomberg

Which is odd because UMich notes that “the steep rise in covid infections had a greater impact on Democrats as 59% of Democrats reported that the coronavirus had changed their lives to a great extent compared with just 36% among Republicans.”

Published:11/25/2020 9:10:20 AM
[] Wisconsin reaches the poop emoji stage of the election Published:11/25/2020 8:43:09 AM
[NKLA] Wall Street Breakfast: Investors Get Thanksgiving Gift At Dow 30,000 Published:11/25/2020 8:43:09 AM
[Politics] Trump Expected to Attend Gettysburg GOP Hearing on Voter Fraud President Donald Trump is expected to attend on Wednesday, along with his lawyer Rudy Giuliani, a hearing being held by Pennsylvania Republicans in Gettysburg on allegations of fraud in the elections... Published:11/25/2020 8:43:09 AM
[Markets] ViacomCBS selling Simon & Schuster for $2.18 billion to Penguin Random House ViacomCBS selling Simon & Schuster for $2.18 billion to Penguin Random House Published:11/25/2020 8:43:08 AM
[IJR] Joe Biden Declares ‘This Is Not a Third Obama Term’ "President Trump has changed the landscape. It’s become America First." Published:11/25/2020 8:43:08 AM
[Markets] Oil Tanker Attacked By Mine Explosion At Terminal In Saudi Red Sea Oil Tanker Attacked By Mine Explosion At Terminal In Saudi Red Sea Tyler Durden Wed, 11/25/2020 - 09:40

An oil tanker in the Red Sea has been subject of a mysterious attack while it was anchored at the Saudi port city of Shuqaiq on the Red Sea, reportedly after a mine exploded.

The vessel has been identified in Bloomberg as the Maltese-flagged, Greek-managed Aframax tanker Agrari which early unconfirmed reports are saying was "attacked while at a berth" according to a statement on behalf of its owner TMS Tankers.

The Agrari, file image

The statement further said that attack was from "an unknown source" just as as the tanker was undergoing preparation to depart, and it's further said to be stable with no cargo on board, however the ship was breached by the blast.

Early reports are suggesting a mine may have been placed on the ship's hull.

Maritime news analyst Will Collins describes of the incident

The Aframax tanker Agrari was "attacked by an unknown source" early this morning, while at berth in the Red Sea port of Shuqaiq, Saudi Arabia, and suffered a breach, ship management company TMS Tankers said.

TMS Tankers, which manages the 107,000 deadweight tonne (dwt) tanker, said it was struck one metre above the waterline and breached, having discharged at the port and while preparing to depart. The tanker transported a fuel oil cargo from Ventspils, Latvia to Shuqaiq, arriving on 23 November, according to oil analytics firm Vortexa.

The Red Sea, which remains among the world's busiest shipping channels, has in recent years witnessed military tensions and incidents between Saudi Arabia and Yemen's Houthi rebels amidst the civil war that has been raging for at least five years there.

The latter is said to be backed and supplied by Iran, which raises the question of whether this attack is connected to rising tensions also centered on speculation that Trump may be planning some kind of preemptive military strike on the Islamic Republic. 

Published:11/25/2020 8:43:08 AM
[] Mid-Morning Art Thread A Young Girl Reading Jean-Honore Fragonard... Published:11/25/2020 8:43:08 AM
[Politics] Sen. Cotton: Biden Team Will Return Obama's 'Disastrous' Policies Joe Biden's foreign policy team "sounds a lot" like it will return the Obama administration's foreign policy that had "disastrous consequences" for the United States, Sen. Tom Cotton said Wednesday. "(In) Barack Obama's... Published:11/25/2020 8:11:28 AM
[Markets] Weekly U.S. initial jobless claims rise by 30,000 to 778,000 Weekly U.S. initial jobless claims rise by 30,000 to 778,000 Published:11/25/2020 8:11:28 AM
[IJR] Biden Weighs in on Calls for the DOJ Under His Admin To Investigate Trump "Do you support that?" Published:11/25/2020 8:11:28 AM
[Big Tech] Amazon versus Alex Berenson (& me) (Scott Johnson) Alex Berenson brings an independent mind and a formidable set of skills to his heterodox coverage of the COVID-19 epidemic. He is a former New York Times investigative reporter and a writer of spy thrillers. He has just released his third pamphlet in the series Unreported Truths About COVID-19 and Lockdowns. When the first pamphlet in his series was published this past June Berenson had a close encounter with Amazon Published:11/25/2020 8:11:28 AM
[Markets] British Economy Shrinks By Most In 300 Years Thanks To COVID, Chancellor Warns British Economy Shrinks By Most In 300 Years Thanks To COVID, Chancellor Warns Tyler Durden Wed, 11/25/2020 - 08:59

Just days after UK Prime MInister Boris Johnson confirmed that the 2nd English COVID-19 lockdown would soon come to an end (as England is expected to revert back to the tiered system of restrictions that preceded it), Chancellor Rishi Sunak on Wednesday shared some grim numbers about the state of the British economy with Parliament.

With global stocks on track to clinch their strongest monthly performance in modern history, Sunak warned that the British economy is set to contract by by more than 11% in 2020, the biggest annual contraction in 300 years - a period that has included at least one other global pandemic, and many, many wars.

It's no secret that the UK has been one of the hardest-hit developed nations. With one of the highest COVID-19 death tolls in the world, British leaders have imposed some of the harshest restrictions on movement and businesses in all of Europe.

With the UK budget deficit ballooning toward a new post-war high, the chancellor is focusing on providing support for jobs and the unemployed, plowing tens of billions of pounds into infrastructure spending, and ensuring the British health-care system is ready for another onslaught of patients.

Bloomberg noted that the double-digit economic contraction appears to be the worst since 1709, when the Great Frost of 1709 (the coldest winter European has seen in at least the last 500 years) caused thousands of Britons to die of frostbite and its economy to contract by 13.4%.

Sunak also unveiled plans for a budget swollen by record borrowing. Although the Conservative Chancellor announced widely expected limits on public-sector pay and cuts to foreign aid programs - a measure that has the support of 60% of the British public, according to public opinion polls =  he also authorized spending including £4.3 billion to help the unemployed back into work, and £3.7 billion for schools and further education colleges, along with the same amount for hospitals. The most noteworthy announcement has been the biggest uptick in defense spending in three decades: a four-year, £24 billion investment in the country’s armed forces.

Source: Bloomberg

Sunak's budget will ultimately represent the conservatives fiscal legacy during the age of the coronavirus. As Bloomberg pointed out, the spending review isn’t a tax event, and British Treasury-watchers are curious to hear how Sunak plans to guide the country's finances.

Of course, while forecasts see a strong rebound next year, the OBR - the British equivalent to Washington's OMB - pointed out that if Brexit deal talks conclude without a deal, Britain could see two whole percentage points of growth lopped off the top next year, while unemployment in the country could also spike if the country's trading relationship with the EU reverts to WTO rules - what Prime Minister Boris Johnson has  couched as reverting to an "Australia-style" deal.

Published:11/25/2020 8:11:28 AM
[Entertainment] Saved By the Bell's Original Cast: Where Are They Now? Everything we know about Saved By the Bell - Mario Lopez, Elizabeth BerkleySchool is back in session! Peacock's reimagined version of Saved By the Bell premiers today and there is already a lot of buzz about the show, especially considering most of the...
Published:11/25/2020 8:11:28 AM
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The post California Inmates, Including Scott Peterson, Collected Millions in COVID-19 Unemployment Scam first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 8:11:28 AM
[Markets] NerdWallet: The best Black Friday deals at Walmart this year Look for deals on bikes, big screen TVs, headphones, game consoles, controllers and a lot of the other fun stuff—mostly online.
Published:11/25/2020 8:11:28 AM
[Artificial Intelligence] Europe sets out the rules of the road for its data reuse plan European Union lawmakers have laid out a major legislative proposal today to encourage the reuse of industrial data across the Single Market by creating a standardized framework of trusted tools and techniques to ensure what they dub “secure and privacy-compliant conditions” for sharing data. Enabling a network of trusted and neutral data intermediaries, and an […] Published:11/25/2020 8:11:28 AM
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[Politics] Sen. Booker Introduces Bill to Transfer Land to Black Farmers Three Democrat senators have introduced a bill that would reform the U.S. Department of Agriculture and create a system of land grants to transfer millions of acres to Black farmers at no charge. Sen. Cory Booker... Published:11/25/2020 7:42:37 AM
[eCommerce] Amazon expands IP Accelerator to Europe after US SMBs register 6,000 trademarks As we head into the biggest shopping period of the year — which this year may well have an even stronger online component than usual because of Covid-19 — Amazon has launched its latest effort to combat the sale of counterfeit goods on its site. The e-commerce giant today announced that its free IP Accelerator […] Published:11/25/2020 7:42:37 AM
[Markets] Durables Goods Orders Jump In October, Remain Down Year-Over-Year Durables Goods Orders Jump In October, Remain Down Year-Over-Year Tyler Durden Wed, 11/25/2020 - 08:40

US durable goods orders were expected to slow their growth in preliminary October data, but instead rose more than expected, up 1.3% MoM (vs +0.8% exp). However, despite the beat, durable goods orders remain down 1.1% YoY...

Source: Bloomberg

After March and April's collapse, durable goods orders have risen for 6 straight months.

Published:11/25/2020 7:42:37 AM
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[Apps] Tiger Global invests in India’s Unacademy at $2 billion valuation Unacademy, an online learning platform in India, has added two more marquee investors to its cap table. The Bangalore-based startup, which focuses on K-12 online education, said on Wednesday it has raised new funds from Tiger Global Management and Dragoneer Investment Group. The funding round, which is between $75 million to $100 million in size […] Published:11/25/2020 7:12:23 AM
[Markets] Dow futures point to a pullback from the 30,000 level first achieved a day ago Dow futures point to a pullback from the 30,000 level first achieved a day ago Published:11/25/2020 7:12:23 AM
[Markets] Dow Drops Below 30,000, Global Rally Fizzles Ahead Of Data Deluge Dow Drops Below 30,000, Global Rally Fizzles Ahead Of Data Deluge Tyler Durden Wed, 11/25/2020 - 07:57

US index futures dropped alongside shares in Europe with Dow Jones futures sliding back under 30,000...

... as a furious three-day rally paused ahead of a slew of pre-holiday economic indicators. Data, from jobless claims to consumer confidence and personal income, are due before markets close and traders head off for Thanksgiving.Ppositive vaccine news and the formal start of President-elect Joe Biden’s transition to power - including the selection of Janet Yellen as Treasury secretary - have fueled optimism about the outlook helping global shares hit record highs earlier on Wednesday, and were on course for their best month ever. S&P 500 futures, which roll from the December to the March contract, rose as much as 0.6% before reversing gains.

"All eyes on U.S. data,” David Madden, an analyst at CMC Markets UK, wrote in a note. He cited durable goods, an advanced reading of the third quarter gross domestic product and jobless claims among some of the indicators traders will be looking at on Wednesday.

Joe Biden on Tuesday introduced his foreign policy and national security team which was basically extracted from the Obama administration, after President Donald Trump cleared the way to prepare for the start of his administration. Reports that Biden planned to nominate former Federal Reserve Chair Janet Yellen as Treasury Secretary, potentially easing the passage of a fiscal-stimulus package to counter COVID-19 damage, also cheered markets. As a result of the newly found optimism, the MSCI all world index rose to a record high of 622.12. It was last trading flat, on course for a record monthly gain, before the rally reversed overnight, although that will likely prove temporary: a Reuters poll found that the rally for global stocks is set to continue for at least six months.

"The world is going to look a lot better this time next year than it does now, and that’s what equity markets are reflecting," said Mike Bell, global market strategist at J.P. Morgan Asset Management. “The fact is the outlook has dramatically changed in the last month."

The Stoxx Europe 600 Index edged lower, as cyclicals such as mining and energy firms fell, offsetting advances in defensives including utility shares. ABN Amro Bank NV and Commerzbank AG dropped more than 4% and led euro-area lenders lower after the European Central Bank said the industry will probably have to set aside more money to soak up losses when government pandemic support ends. European banking stocks retreated reversing gains following good news on dividend prospects from an FT report, according to which bank dividends would be allowed in 2021. However, less promising headlines from the ECB’s financial stability review poured cold water on that . While the central bank hasn’t made its stance clear, consensus seems to be that banks with bigger buffers and strong capital generation will be allowed to pay out some of the excess cash. However, dividend futures are barely moving, which implies that markets remain cautious on the outlook for payouts and are probably awaiting more clarity on the path of the economy.

Still, optimism around vaccine developments and expectations of a recovery in corporate confidence and profitability should also push European stocks to near record highs next year, a separate Reuters survey found.

Earlier in the session, MSCI’s index of Asia-Pacific shares outside Japan fell 0.4% erasing a gain of 1.1%, with Chinese shares capped by worries about rising debt defaults. Japan’s Nikkei rose to a 29-year high, though analysts and fund managers polled by Reuters foresaw a correction in the near term. Markets in Taiwan and South Korea also retreated.

As noted above, there is a literal tsunami of pre-holiday data on deck which includes everything from initial claims, to GDP, to capex, to new home sales, to the FOMC minutes:

  • 8:30am: Initial Jobless Claims, est. 730,000, prior 742,000; Continuing Claims, est. 6m, prior 6.37m
  • 8:30am: Advance Goods Trade Balance, est. $80.4b deficit, prior $79.4b deficit
  • 8:30am: Wholesale Inventories MoM, est. 0.4%, prior 0.4%; Retail Inventories MoM, est. 0.6%, prior 1.6%
  • 8:30am: GDP Annualized QoQ, est. 33.1%, prior 33.1%; Personal Consumption, est. 40.85%, prior 40.7%
  • 8:30am: Core PCE QoQ, est. 3.5%, prior 3.5%
  • 8:30am: Durable Goods Orders, est. 0.85%, prior 1.9%; Durables Ex Transportation, est. 0.5%, prior 0.9%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.5%, prior 1.0%; Cap Goods Ship Nondef Ex Air, est. 0.4%, prior 0.5%
  • 10am: Personal Income, est. -0.1%, prior 0.9%; Personal Spending, est. 0.4%, prior 1.4%
  • 10am: PCE Deflator MoM, est. 0.0%, prior 0.2%; PCE Deflator YoY, est. 1.2%, prior 1.4%
  • 10am: U. of Mich. Sentiment, est. 77, prior 77; Current Conditions, prior 85.8; Expectations, prior 71.3
  • 10am: New Home Sales, est. 975,000, prior 959,000; New Home Sales MoM, est. 1.67%, prior -3.5%
  • 2pm: FOMC Meeting Minutes

“Now, there’s big event risk up ahead: FOMC minutes,” said Ilya Spivak, head Asia-Pacific strategist at DailyFX. “The worry is that the Fed will continue to signal that they’re keeping to a hands-off posture. No tightening, but no new easing either."

Despite the overnight market wobble, investors remain optimistic that upcoming virus vaccines would help the industries hit hardest by the pandemic, from tourism to energy. Global energy shares have risen almost 34% so far this month, on track for their best month on record as crude prices rally. Oil prices held near their highest levels since March on the improved global economic outlook. Brent futures were up 1.2% to $48.42 per barrel, touching a high last seen in March.

In FX, riskier currencies gained against safe havens, though the under-pressure dollar showed resilience as the morning went on. The Australian dollar moved to its highest since early September, already helped by investors unwinding bets on additional monetary easing. The Bloomberg Dollar Spot Index erased losses after dipping in early European hours and the dollar traded mixed versus G-10 peers, though most currencies were confined to narrow ranges ahead of the U.S. Thanksgiving holiday on Thursday. The dollar is expected to fall further as progress on a vaccine and the expected choice of Yellen as the next U.S. Treasury secretary relieved two big uncertainties for investors. The euro fell against the dollar, and was last down 0.1% at $1.18835, giving up an earlier gain to trade near the $1.19 handle while Norway’s krone led G-10 gains as oil prices continued to rally. The pound swung between gains and losses, as investors awaited more news on Brexit and U.K. Chancellor of the Exchequer Rishi Sunak’s spending review. The New Zealand dollar held up following the central bank governor’s clarification on negative interest rates and a round of quantitative easing purchases.

Risk-on moves played out in bond markets, too. Yields on benchmark euro zone debt rose from record lows, with German Bund yields edged to near their highest levels in almost a week before reversing.  In the US, Treasuries were slightly richer across the curve in early U.S. trading as S&P 500 futures retreated from near-record highs. Yields were lower by ~1bp at long end of the curve, flattening 2s10s and 5s30s spreads by less than 1bp; the 2- , 5- and 7-year notes sold at auction Monday and Tuesday trade at profits, and potential exists for large month-end buying flows. No coupon supply events are slated ahead of Thursday’s U.S. holiday, however a pending economic data dump includes 3Q GDP revision, October durable goods orders and Nov. 5 FOMC minutes.

Bitcoin edged up 0.8% to $19,1420, staying within sight of its record peak of $19,666 after notching gains of nearly 40% in November alone.

Looking at today's calendar, it's a shitshow, with data on everything from initial jobless claims, the second estimate of Q3 GDP, durable goods orders, personal income, personal spending and new home sales, along with the final University of Michigan sentiment reading for November. From central banks, the Fed will be releasing the minutes of their November meeting, the ECB will publish their Financial Stability Review, and the ECB’s Holzmann will be speaking. Finally, the aforementioned spending review in the UK will be taking place.

Market Snapshot

  • S&P 500 futures little changed at 3,632.50
  • STOXX Europe 600 down 0.2% to 391.65
  • MXAP down 0.06% to 191.33
  • MXAPJ down 0.4% to 630.98
  • Nikkei up 0.5% to 26,296.86
  • Topix up 0.3% to 1,767.67
  • Hang Seng Index up 0.3% to 26,669.75
  • Shanghai Composite down 1.2% to 3,362.33
  • Sensex down 1.6% to 43,813.45
  • Australia S&P/ASX 200 up 0.6% to 6,683.33
  • Kospi down 0.6% to 2,601.54
  • Brent futures up 1% to $48.34/bbl
  • Gold spot up 0.3% to $1,812.63
  • U.S. Dollar Index down 0.1% to 92.12
  • German 10Y yield fell 1.1 bps to -0.574%
  • Euro up 0.03% to $1.1896
  • Italian 10Y yield fell 1.2 bps to 0.501%
  • Spanish 10Y yield fell 1.0 bps to 0.064%

Top Overnight News from Bloomberg

  • Euro-area banks will probably have to set aside more money to soak up losses when government pandemic support ends and the economy grapples with massively increased debt, the European Central Bank said
  • European Commission President Ursula von der Leyen said the coming days will be “decisive” for trade negotiations with the U.K. and crucial differences between the two sides remain
  • As Treasury secretary, Janet Yellen is almost certain to pursue tighter coordination with the U.S. Federal Reserve next year -- repairing recent frictions -- though observers say she will be careful to avoid any specific move that could trigger a wave of Republican protests
  • German Chancellor Angela Merkel is proposing a further tightening of the country’s coronavirus restrictions, setting the stage for another tense round of discussions with the country’s state premiers who favor more lenient measures
  • The deadlock over the European Union’s $2 trillion spending package may not be resolved soon, potentially depriving Hungary of much of its funding from the bloc next year, Finance Minister Mihaly Varga told the Vilaggazdasag business daily
  • A ECB-backed committee is exploring options for a transition should Euribor, one of the cornerstones of the European Union’s financial system, cease to exist
  • A significant number of asset managers risk being locked out of the interest-rate swaps market early next year unless they sign on to a new protocol designed to smooth the transition away from Libor, warned the chairman of the U.S. Commodity Futures Trading Commission
  • Coronavirus restrictions in the U.K. will be eased over Christmas to allow as many as three households to meet indoors
  • BOE policy maker Michael Saunders warned that the turn of the year will be rocky under the twin impacts of the coronavirus and Brexit -- though the latter will ultimately be the bigger challenge

 

 

 

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 730,000, prior 742,000; Continuing Claims, est. 6m, prior 6.37m
  • 8:30am: Advance Goods Trade Balance, est. $80.4b deficit, prior $79.4b deficit
  • 8:30am: Wholesale Inventories MoM, est. 0.4%, prior 0.4%; Retail Inventories MoM, est. 0.6%, prior 1.6%
  • 8:30am: GDP Annualized QoQ, est. 33.1%, prior 33.1%; Personal Consumption, est. 40.85%, prior 40.7%
  • 8:30am: Core PCE QoQ, est. 3.5%, prior 3.5%
  • 8:30am: Durable Goods Orders, est. 0.85%, prior 1.9%; Durables Ex Transportation, est. 0.5%, prior 0.9%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.5%, prior 1.0%; Cap Goods Ship Nondef Ex Air, est. 0.4%, prior 0.5%
  • 10am: Personal Income, est. -0.1%, prior 0.9%; Personal Spending, est. 0.4%, prior 1.4%
  • 10am: PCE Deflator MoM, est. 0.0%, prior 0.2%; PCE Deflator YoY, est. 1.2%, prior 1.4%
  • 10am: U. of Mich. Sentiment, est. 77, prior 77; Current Conditions, prior 85.8; Expectations, prior 71.3
  • 10am: New Home Sales, est. 975,000, prior 959,000; New Home Sales MoM, est. 1.67%, prior -3.5%
  • 2pm: FOMC Meeting Minutes

DB's Jim Reid concludes the overnight wrap

Well I heard “Fairytale of New York” for the first time in 2020 yesterday and my wife put on a Michael Buble Xmas album over dinner last night, but as regular readers know I don’t get into the Xmas spirit until I hear “Last Christmas” by Wham! Today marks a month until Xmas and only 22 trading days until the big day including today. If you assume that Thanksgiving tomorrow and Friday are near write offs then that leaves you with two less. So we are certainly getting to the end of a forgettable but ultimately unforgettable year.

The Santa Claus rally has already been underway since the election with the extra cyclical Santa treat coming in the form of the recent vaccine news. Indeed global equity markets rallied once again yesterday with the notional highlight being the Dow Jones breaking through the 30,000 barrier for the first time as investors were relieved by the prospect of a smooth presidential transition following the General Services Administration’s move to commence the process. Though President Trump said in a tweet yesterday that “the GSA does not determine who the next President of the United States will be”, the move has allayed market fears that the US will face extended political uncertainty in the coming weeks, and comes as increasing numbers of states have moved to certify their election results, with Pennsylvania the latest to announce yesterday. As well as this, another catalyst from after the previous day’s European close was the choice of former Fed Chair Yellen to be Biden’s Treasury Secretary, since she’s seen as someone who’ll coordinate well with the Federal Reserve and be market friendly.

As mentioned, the Dow Jones (+1.54%) moved to an all-time high, aided by a +4.56% move from Boeing. The S&P 500 was also up +1.62% to its own all-time high, though the NASDAQ lagged a little with a +1.31% rise as tech stocks underperformed the broader equity market. Our new favourite measure, namely the equal weight S&P 500, was +2.18% showing the bias to the non-mega caps. On this, in yesterday’s CoTD we showed how the top ten largest companies in the world were at that highest share relative to the next 90 largest since we have data and probably a lot further back than that. We think a vaccine will be the turning point towards normalising that relationship. See the graph here .

With the mega-cap tech stocks underperforming the story remains on the normalisation theme. US small caps stocks rose +1.94%, having gained in seven of the last eight sessions. The ratio of the Russell 2000 over the NASDAQ is just shy of its highest level of the pandemic so far with the small cap index on track for its best month ever. On the single stock level, the strong performances by Carnival (+11.28%), United Airlines (+9.85%), MGM Resorts (+8.80%) and Royal Caribbean Cruises (+7.72%) showed how the travel industry continues to respond positively to the vaccine headlines. In other back-to-normal moves, bank stocks continued improving on both sides of the Atlantic with S&P 500 Banks rising +5.53% and their European counterparts rising +4.66% yesterday as core yields continued to rise.

Big moves higher were also seen from energy stocks (+5.16% in US and +4.65% in Europe) as both Brent Crude and WTI oil prices rose to a post-pandemic high of $47.86/bbl and $44.91/bbl respectively. Europe missed out on the last legs of the US rally last night but the STOXX 600 rose +0.91% to reach a post-pandemic high, while the DAX rose +1.26% to move back into positive territory on a YTD basis.

Overnight, Xinhua has reported that Sinopharm has submitted an application in China to bring its Covid-19 vaccine to the market. The application is believed to include data on the company’s Phase III trials conducted in the Middle East and South America. This application will likely make Sinopharm the first developer outside of Russia to see its shots made available for general public use. Sinopharm’s vaccine already had emergency use authorisation in China and according to reports they have been given to hundreds of thousands of people so far. They have not released any public data on the efficacy of its shots though. A Chinese vaccine would be helpful for the ASEAN countries as most of them have pre-dose agreements with China. Elsewhere, we saw new information from AstraZeneca that showed that the more successful half dose/full dose measure was only given to those under 55 years old.

Asian markets are trading a little more mixed this morning after paring early larger gains. The Nikkei (+0.76%) and Hang Seng (+0.44%) are still up while the Shanghai Comp (-0.33%) and Kospi (-0.94%) have turned red. Meanwhile, futures on the S&P 500 are up a modest +0.08% and the US dollar index is down -0.14%.

In other overnight news, Bloomberg has reported that Treasury Secretary Steven Mnuchin will put $455bn in unspent Cares Act funding into the agency’s General Fund which will then require Treasury Secretary elect Yellen to seek congressional approval for using the monies. Most of this money had gone to support the Fed’s emergency-lending facilities. Elsewhere, the FT has reported that the ECB is signaling that it could lift the ban on bank dividends next year.

The flip side of the positive news yesterday was that safe havens struggled once again, and gold prices fell another -1.65% to a fresh 4-month low of $1,808/oz. In FX as well, the traditional safe-haven Japanese yen was the worst-performing G10 currency for the second day running. As referenced above, it was a similar story for core sovereign bonds, with yields on 10yr Treasuries (+2.6bps), bunds (+1.8bps) and gilts (+1.2bps) all rising, though there was a tightening of peripheral spreads in line with the broader rally in risk assets. Notably, yields on Italian 10yr BTPs fell to an all-time low yesterday of 0.61%, and their spread over 10yr bund yields fell to a 2-year low of 1.17%.

One asset that didn’t struggle yesterday was Bitcoin, which surged another +2.84%, closing at $18,945 which was just shy of the all-time closing high of $19,042. It didn’t quite breach its all-time intraday high in December 2017 of $19,511, but the cryptocurrency broke the $19,400 mark intraday. The move still leaves Bitcoin up +164.66% up on a YTD basis. Meanwhile Tesla rose +6.43% to a fresh record high that saw the company’s market cap surpass $500bn for the first time, with the share price having surged +564% since the start of the year.

Here in the UK, attention today will focus on the government’s Spending Review, as well as the Office for Budget Responsibility’s latest forecasts for the economy and the public finances. This is just a one-year review for 2021-22, but it will be interesting to see what the long-term fiscal picture looks like as well as the extent of tightening pencilled in for the year ahead. Fortunately for the government there have been signs that the latest lockdown is having an effect on the Covid numbers, with the number of daily confirmed cases falling to 11,299 yesterday, the lowest since October 2, while the latest 7-day average of 18,295 was also the lowest in just over a month.

Elsewhere on Covid, French ICU occupants which currently sits at just shy of 4500 is expected to fall below 3000 by the end of the month, and to under 1500 by the middle of December according to the Istitut Pasteur. The research centre added that they estimate that 11% of the overall French population has already been infected by the virus. This came as President Macron announced that the lockdown measures will be lifted gradually from this Saturday onward when small stores can reopen. Notably, restaurants will remain closed until January 20, but much of the lockdown is set to be lifted by December 15. However ski resorts will stay shut until the new year which means I now won’t be skiing at Xmas.

In an effort to contain the virus’s spread around the Thanksgiving holiday in the US, New York City will have checkpoints at specific bridges and crossings to enforce the travel quarantine and set up testing appointments. These will not be used for those travelling to contiguous states but the city’s measures will be enforced for those using the city’s airports and train stations.

On the data side, the Ifo’s business climate indicator from Germany fell to 90.7 in November (vs. 90.2 expected). That’s the second consecutive monthly decline and comes on the back of rising restrictions in Europe in response to the second wave of the pandemic. Over in the US, the Conference Board’s consumer confidence indicator also fell in November to 96.1 (vs. 98.0 expected), and the expectations indicator fell for a second month running to 89.5.

To the day ahead now, and there’s an array of US data releases ahead of tomorrow’s Thanksgiving holiday, including the weekly initial jobless claims, the second estimate of Q3 GDP, the preliminary reading of October’s durable goods orders, October’s personal income, personal spending and new home sales, along with the final University of Michigan sentiment reading for November. From central banks, the Fed will be releasing the minutes of their November meeting, the ECB will publish their Financial Stability Review, and the ECB’s Holzmann will be speaking. Finally, the aforementioned spending review in the UK will be taking place.

Published:11/25/2020 7:12:23 AM
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[Quick Takes] Student Government Officials at Cornell Reportedly Threatened for Voting Against Disarming Police

"I will beat your a—, please put your address in the chat"

The post Student Government Officials at Cornell Reportedly Threatened for Voting Against Disarming Police first appeared on Le·gal In·sur·rec·tion.

Published:11/25/2020 7:12:23 AM
[] FRAUD: California prisoners and death-row inmates stole up to $1 billion with fraudulent unemployment claims Published:11/25/2020 6:38:49 AM
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[Politics] Column: Trump does his worst to make Biden's job even tougher

Let's count all the things Trump is doing that will make life difficult for his successor. It's not pretty.

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