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[] Americans Reject Joe Biden's Radical AFFH Housing Rule in a New Poll Published:8/4/2020 8:53:56 PM
[] 'Reimagining L.A. County' proposal would redistribute $880 million from law enforcement and court system to social programs Published:8/4/2020 8:53:56 PM
[topics:places/usa] Isaias kills at least four people as Tropical Storm pounds United States Published:8/4/2020 8:53:55 PM
[Politics] McConnell Signals He's Open to Extending Jobless Benefit to Help Break Virus Aid Logjam As talks over the contours of the next coronavirus relief package grind on in Washington, House Majority Leader Mitch McConnell is signaling his openness to a to jobless aid extension that the GOP has long resisted.Negotiators on Capitol Hill reported little progress on... Published:8/4/2020 8:53:55 PM
[Volokh Conspiracy] [Eugene Volokh] Filing Motion to Unseal in Cincinnati Police Officer's Libel Case WKRC in Cincinnati (James Pilcher) reported several days ago: A veteran Cincinnati police officer sued several citizens in early July, accusing them of defamation in a closely watched case that could be the beginning of a trend of police officers going after critics in court. Several citizens accused the officer of possibly being associated with… Published:8/4/2020 8:53:55 PM
[Markets] Florida Man Arrested After Buying New Porsche, Rolexes, With Fake Checks Printed On His Home Computer Florida Man Arrested After Buying New Porsche, Rolexes, With Fake Checks Printed On His Home Computer Tyler Durden Tue, 08/04/2020 - 21:45

A Florida man has been arrested for grand theft after purchasing a brand new Porsche - and then several Rolex watches - using checks he printed on his home computer. 

Perhaps trying to take a page out of the Fed's book, 42 year old Casey William Kelley has found out the hard way that you can't print your way to prosperity. According to the Palm Beach Post, he used a nearly $140,000 bogus check at a local car dealership and was taken into custody one day later after trying to buy several Rolex watches with additional checks.  

He was arrested for grand theft of a motor vehicle and uttering a false bank note.

Photo: Walton County Sheriff's Office

After the dealership sold Casey the car, they tried to cash the check. When it bounced, they immediately reached out to police to report the vehicle as stolen. 

The jeweler kept the watches and the check until the money cleared - which it never did. The checks came back fake but, by then, Kelley had already been arrested by authorities.

After his arrest, he admitted he had printed the checks at home. 

We wonder if Neel Kashkari could learning something from this analogue: apparently you can't just create wealth from a printing press. Who would have guessed?

Published:8/4/2020 8:53:55 PM
[] Here's testimony from Sen. Ted Cruz's hearing on Antifa from Andy Ngo and Ken Cuccinelli Published:8/4/2020 8:24:25 PM
[] MSNBC reporter's blast: "We are a cancer and there is no cure" Published:8/4/2020 8:24:25 PM
[Entertainment] Who's the Boss Revival in the Works With Tony Danza and Alyssa Milano Who's the Boss, Tony Danza, Alyssa MilanoA fan-favorite television show is returning! A Who's The Boss sequel is in works at Sony Pictures Television, E! News has learned. Best of all? Alyssa Milano and Tony Danza are...
Published:8/4/2020 8:24:25 PM
[Politics] WATCH: Ted Cruz CRUSHES Democrats covering up RIOTING as ‘Peaceful’ protest, shows DEVASTATING video In his hearing today on “The Right of the People Peaceably to Assemble: Protecting Speech by Stopping Anarchist Violence”, TEXAS Senator Ted Cruz ended the Democrats in his opening remarks. It was . . . Published:8/4/2020 8:24:25 PM
[Politics] WATCH: Ted Cruz CRUSHES Democrats covering up RIOTING as ‘Peaceful’ protest, shows DEVASTATING video In his hearing today on “The Right of the People Peaceably to Assemble: Protecting Speech by Stopping Anarchist Violence”, TEXAS Senator Ted Cruz ended the Democrats in his opening remarks. It was . . . Published:8/4/2020 8:24:25 PM
[Politics] 'The Swamp' Director to Newsmax TV: Doc Highlights Systemic Corruption in US Politics Morgan Pehme, co-director of HBO's "The Swamp," says the documentary highlights the systemic corruption in politics, including how House members have to pay for their committee seats.... Published:8/4/2020 8:24:25 PM
[Markets] How The Race For A COVID-19 Vaccine Could Go Horribly Wrong For The Market How The Race For A COVID-19 Vaccine Could Go Horribly Wrong For The Market Tyler Durden Tue, 08/04/2020 - 21:05

The research departments at Wall Street investment banks have every incentive to provide clients with a stream of worrisome (but not too worrisome) reports about the future trajectory of the global coronavirus outbreak. After all, too much unpleasant fearmongering, and they might instead go somewhere else, where another broker can tell them exactly what they want to hear. A lot of people are like that

Which is why a research note published by Goldman's top economist Jan Hatzius, who made his bones with a set of bearish calls just before the financial crisis, is so interesting. With public officials in the US, UK, China, Russia and elsewhere promising that a workable vaccine is just around the corner - Dr. Fauci has reassured Congress on multiple occasions that an FDA-approved vaccine by the end of the year is a realistic timeline - the market appears to be pricing in the best-case scenario. Stocks greet every new headline - even headlines that are simple rehashes of previously released early clinical trial data - with a modest rally.

At the very beginning of Hatzius's note, he points out that his 'base case' calls for a COVID-19 vaccine to be widely available throughout the US and Europe by the end of Q22021, or the end of Q32021, at the very latest. There are more than a hundred vaccine candidates in the making, but all the major candidates are targeting the same protein. This means that once a vaccine succeeds, there should be at least a modest surplus - though, to be sure, governments are striking deals for future vaccine supplies left and right.

This base case, in turn, supports Goldman Sachs' 'house view' for "above-consensus" global growth in 2021 (after all, so much of economics is influenced by perception).

But since most of the vaccine candidates are focused on the same approaches and are working off the same assumptions - that is, everything we currently know, or think we know, about SARS-CoV-2 - there is, of course, a risk that some unforeseen obstacle could disrupt this timeline.

And if that happens, things could go south in a hurry.

Or as Hatzius puts it: "the risks around this vaccine baseline...are clearly skewed...toward the downside..."

First, Hatzius starts off the note with a helpful summary of where most of what are seen as the biggest and most credible vaccine projects are at.

Then, Hatzius explains Goldman's research on vaccine approvals. The firm found that the race to discover a vaccine for HIV was perhaps the best comparable example. Since in the beginning, many competitors were working on similar projects. Typically, the more parties are working on vaccine candidates, the more quickly a vaccine is approved by the FDA. But HIV was one interesting example where this wasn't the case. Note: this isn't the only time we've brought up HIV in our writings on COVID-19. 

Since all the big vaccine projects are focusing on one of only a handful of approaches - for example, AstraZeneca/Oxford and Moderna are both focusing on vaccines that rely on messenger RNA (known as mRNA). Others are focusing on antibodies culled from the blood of survivors. Because the number of approaches is so small, the outcomes for these trials are likely highly correlated...

As the left panel of Exhibit 3 shows, a large number of industry sponsored vaccine attempts typically goes hand in hand with many approvals. This historical relationship would suggest an eventual approval of 43 vaccines. Furthermore, six candidates are already in Phase III. The historic approval odds of a given Phase III vaccine targeting the median disease is 79%. However, the history of trials and the fact that all major vaccines currently target the same spike protein also suggest that vaccine approvals are likely correlated, with either many succeeding or all failing, as for HIV.

We tentatively expect FDA approval of at least one vaccine this fall. First, six developers running late-stage trials following solid Phase II results are planning to seek approval in 2020Q4. Second, regulators have ramped up the transparency, flexibility, and speed. The FDA, for instance, has released specific safety and effectiveness standards, works directly with developers, analyzes interim results, and can provide Emergency Use Authorization as soon as studies have demonstrated safety and effectiveness. However, conflicting expert views on the odds of 2020 approval highlight the risk to our baseline timeline (Exhibit 4).

Increasing the risk of an outcome like what we see in the chart below for HIV.

Once a vaccine is discovered, Goldman expects the US, Europe and China will all experience a pronounced economic boost (though Goldman expects the boost to the US to be bigger, since the virus is more widespread).

By that logic, if a vaccine isn't forthcoming in the next year or two, the US is likely also the furthest along the path to herd immunity, if such immunity is even possible for COVID-19. Some studies appear to show some decay in antibody levels, though it's impossible to draw any solid conclusions at this point. Virologists insist that infection definitely confers some level of immunity.

On the other hand, it's also possible that another treatment will lessen the need for vaccines by proving to be a reliable and effective treatment for the disease. Dr. Anthony Fauci is now touting a new class of drugs called manufactured antibodies, as Reuters explained on Tuesday.

These "manufactured" antibodies are grown in bioreactor vats, and essentially replace the antibodies that your body naturally manufactures to fend off infections.

As the world awaits a COVID-19 vaccine, the next big advance in battling the pandemic could come from a class of biotech therapies widely used against cancer and other disorders - antibodies designed specifically to attack this new virus.

Development of monoclonal antibodies to target the virus has been endorsed by leading scientists. Anthony Fauci, the top U.S. infectious diseases expert, called them "almost a sure bet" against COVID-19.

When a virus gets past the body's initial defenses, a more specific response kicks in, triggering production of cells that target the invader.

These include antibodies that recognize and lock onto a virus, preventing the infection from spreading.

Monoclonal antibodies - grown in bioreactor vats - are copies of these naturally-occurring proteins.

Scientists are still working out the exact role of neutralizing antibodies in recovery from COVID-19, but drugmakers are confident that the right antibodies or a combination can alter the course of the disease that has claimed more than 675,000 lives globally.

"Antibodies can block infectivity. That is a fact," Regeneron Pharmaceuticals executive Christos Kyratsous told Reuters.

A timely vaccine will help drive a recovery and limit "scarring effects" on the economy, Hatzius said.

Since the race to find a workable vaccine is so intense, many are worried that a rushed job could produce a vaccine that's ineffective, or worse, harmful. Even if at least one vaccine is approved before the end of the year as Goldman expects (though it admitted it's still relatively uncertain on this) it's possible that we could later find its effectiveness limited. Studies have shown COVID-19 antibodies start to decline after a few months. It's likely that one's antibody count doesn't have much bearing on the body's ability to fend off infection, since the body can always produce more. But it's also possible that this could be a sign of fading immunity to the disease.

"An early approval does not imply full effectiveness or long-run protection," Goldman writes.

And even once a vaccine is approved, there's precedent for the FDA withdrawing its approval - however unlikely that might seem right now.

An early approval does not imply full effectiveness or long-run protection. On effectiveness, the FDA only requires the vaccine to show a difference of 50% between events, such as infection, in the vaccine versus control arms of the study. The effectiveness for the elderly also remains uncertain, with weaker antibody responses to the CanSino vaccine and no elderly testing for most other vaccine trials so far.4 On the length of protection, little reinfection so far and the potential of T-cells to provide long-lasting immunity are encouraging while a recent Nature study found that antibody levels started to decline after 2-3 months.

However, as noted by a recent NY Times Op-Ed by leading Yale immunologists, a waning antibody count does not necessarily indicate waning immunity because memory B cells can produce additional antibodies and lead to long-term immunity. Finally, approval could be overturned subsequently as happened with the yellow fever and rotavirus vaccines that were pulled from the market after rare severe side effects.

Thanks to all the government deals with big pharma, if most of the leading vaccines succeed and achieve their production and purchase targets, the US and the UK will probably have a big surplus, while the EU and Japan - which are currently reportedly in talks with producers - also should have large supplies.

Despite China's promise to dole out vaccines to the developing world, the lack of their own pipeline makes the outlook for the EM universe less certain.

Now, for an equally important question: is the market under-pricing the risk of some delay in the process of finding a vaccine? As Hatzius explained, the 'diversity' of vaccine projects doesn't confer as much security as some might be inclined to expect.

Published:8/4/2020 8:24:25 PM
[6739f442-6b72-5a05-acd7-bbc132d0d6c9] Chris Tomlin on working with country stars Brett Young, Thomas Rhett and more: 'Never done anything like this' Chris Tomlin, Grammy-winning Christian musician, had some help from a bevvy of superstars on his latest project. Published:8/4/2020 8:24:25 PM
[World] Shot Through the Heart: Jon Bon Jovi Compares the Music Monopolies to Big Tech, Steps Up for Songwriters Published:8/4/2020 7:56:35 PM
[] On second thought: It's okay to vote by mail in Florida, says Trump Published:8/4/2020 7:56:35 PM
[Politics] UN Experts: North Korea Flouts Sanctions on Nukes, Missiles U.N. experts say North Korea is flouting U.N. sanctions by expanding its nuclear arsenal and ballistic missile program and by exporting coal and illegally importing refined petroleum products in excess of its annual quota. The experts said in key sections of a report... Published:8/4/2020 7:56:34 PM
[Uncategorized] Trump Launches Cancel Culture Ad: “I’m Afraid To Say This Out Loud” Seeking the "hidden vote" of centrists and conservatives who self-censor rather than be subjected to liberal retribution. Published:8/4/2020 7:56:34 PM
[Entertainment] Clare Crawley and The Bachelorette's Stellar History With First Impression Roses Clare Crawley, The BacheloretteThere are many lessons to be learned from the Bachelor franchise, but perhaps one of the biggest is that its female stars are pretty good at making quick decisions. In the past decade...
Published:8/4/2020 7:56:34 PM
[Markets] Your Phone Is Spying On You: Companies Are Generating Secret "Surveillance Scores" Based On That Data Your Phone Is Spying On You: Companies Are Generating Secret "Surveillance Scores" Based On That Data Tyler Durden Tue, 08/04/2020 - 20:45

Authored by Michael Snyder via The End of The American Dream blog,

Nothing that you do on your phone is private.  In this day and age, most of us have become extremely dependent on our phones, and most Americans never even realize that these extremely sophisticated little devices are gathering mountains of information on each one of us. 

Your phone knows what you look like, it knows the sound of your voice, it knows where you have been, it knows where you have shopped, it knows your Internet searches and it knows what you like to do in your free time.  In fact, your phone literally knows thousands of things about you, and all of that information is bought and sold every single day without you knowing. 

And as you will see below, there are lots of companies out there that use information collected from our phones to create secret “surveillance scores” that are used for a whole host of alarming purposes.

It is really important to understand that your phone is a surveillance device.  The reason why the advertisements on your phone seem so perfectly tailored for you is because of all the information that your phone has gathered on you previously.

To this day, many people are still amazed when they see an ad pop up for something that they were just talking with a friend about, but that doesn’t happen by accident.  The following comes from Fox News

Perhaps you’ve been talking to a friend about an island vacation, when suddenly deals for the Maldives or Hawaii pop up on your Facebook feed. Or you are talking to your co-worker about yard renovations when advertisements for lawnmowers litter your Twitter, or maybe you were talking about why you stopped drinking and a random sponsored article about the growing trend of “elective sobriety” is suddenly in front of your eyes.

Industry experts insist that our phones are not actively “eavesdropping” on us, but they do admit that our phones are “actually spying on us” in other ways…

“It’s easy to feel like our phone is spying on us. It is actually spying on us, but it is not eavesdropping,” Alex Hamerstone, Government, Risk and Compliance practice lead at information technology security firm, TrustedSec, told Fox News via email. “The reason why we see ads pop up that seem to be correlated to the exact thing we were just talking about is because technology and marketing companies gather extensive amounts of personal and behavioral data on us, but it’s not from eavesdropping — it’s from surfing the web, shopping, posting on social media, and other things people do online.”

Most Americans have come to accept targeted ads as a part of life, but what most people don’t realize is that the information our phones gather is being used for far more intrusive purposes.

“Surveillance scores” are being created, and these “surveillance scores” seem quite similar to the “social credit scores” that China has been compiling since 2014.

In China, if you do good things like paying your taxes or taking a parent to the doctor, your social credit score will go up.

But there are also lots of things that will cause your social credit score to go down…

It aims to punish for transgressions that can include membership in or support for the Falun Gong or Tibetan Buddhism, failure to pay debts, excessive video gaming, criticizing the government, late payments, failing to sweep the sidewalk in front of your store or house, smoking or playing loud music on trains, jaywalking, and other actions deemed illegal or unacceptable by the Chinese government.

And if your social credit score gets too low, the consequences can be quite dramatic

Punishments can be harsh, including bans on leaving the country, using public transportation, checking into hotels, hiring for high-visibility jobs, or acceptance of children to private schools. It can also result in slower internet connections and social stigmatization in the form of registration on a public blacklist.

Here in the United States, private companies are doing something very similar.  Information collected from our phones is being used to create secret “surveillance scores”, and selling those scores has become very big business.  The following comes from the Houston Chronicle

Operating in the shadows of the online marketplace, specialized tech companies you’ve likely never heard of are tapping vast troves of our personal data to generate secret “surveillance scores” – digital mug shots of millions of Americans – that supposedly predict our future behavior. The firms sell their scoring services to major businesses across the U.S. economy.

And just like China’s system, high scores come with rewards and low scores come with punishments.

For example, your scores can determine whether or not someone will rent a property to you, whether or not you will be hired for a job, and even how long you will have to wait for customer service

CoreLogic and TransUnion say that scores they peddle to landlords can predict whether a potential tenant will pay the rent on time, be able to “absorb rent increases,” or break a lease. Large employers use HireVue, a firm that generates an “employability” score about candidates by analyzing “tens of thousands of factors,” including a person’s facial expressions and voice intonations. Other employers use Cornerstone’s score, which considers where a job prospect lives and which web browser they use to judge how successful they will be at a job.

Brand-name retailers purchase “risk scores” from Retail Equation to help make judgments about whether consumers commit fraud when they return goods for refunds. Players in the gig economy use outside firms such as Sift to score consumers’ “overall trustworthiness.” Wireless customers predicted to be less profitable are sometimes forced to endure longer customer service hold times.

To me, all of this is extremely creepy.

Eventually, it may get to a point where you are basically a societal outcast if you are not willing to conform to a particular set of politically-correct standards, values and behaviors.

You may not get thrown in jail the moment you do something “unacceptable”, but your phone will be watching you every step of the way.

Each mistake that you make will be recorded by your phone, and that information will be stored and used against you for the rest of your life.

I know that all of this sounds very strange, but without a doubt we are living in very strange times.

My advice would be to only use your phone when necessary, but of course the vast majority of the population will never listen to such advice.

Most of us have become highly addicted to these marvelous little devices, and in the process we are helping the elite construct a system of surveillance and control that is unlike anything ever seen before in all of human history.

Published:8/4/2020 7:56:34 PM
[] Just FYI... in Colorado, vandalizing an MLK statue is a hate crime Published:8/4/2020 7:24:13 PM
[Politics] Challenger Joe Collins to Newsmax TV: District 'Sick Of' Maxine Waters Republican congressional candidate Joe Collins, who is trying to defeat Rep. Maxine Waters for the California 43rd Congressional District seat she's held since 1991, told Newsmax TV Tuesday that people in the district are "just sick" of the outspoken Democrat and are ready... Published:8/4/2020 7:24:12 PM
[Entertainment] Why Clare Crawley's Bachelorette Shakeup Isn't Really That Surprising Clare Crawley Feature"I'm tired of wasting my breath on men who don't deserve it." Clare Crawley really wasn't kidding when she said that on The Bachelor Winter Games in 2018. After...
Published:8/4/2020 7:24:12 PM
[Aerospace] SpaceX successfully flies its Starship prototype to a height of around 500 feet SpaceX has been developing Starship, its next-generation spacecraft, at its site in Boca Chica, Texas. The company has built a number of different Starship prototypes to date, include one prior version called the Starhopper that was essentially just the bottom portion of the rocket. Today, the company flew its first full-scale prototype (minus the domed […] Published:8/4/2020 7:24:12 PM
[Markets] 3 Reasons Treasury Rates Can Still Hit 0%: Part I, Inflation Vs Deflation 3 Reasons Treasury Rates Can Still Hit 0%: Part I, Inflation Vs Deflation Tyler Durden Tue, 08/04/2020 - 20:05

Authored by Eric Basmajian via EPBMacroResearch.com,

  • Deflation remains the more credible risk, not inflation. The output gap suggests core inflation could sink below 0.5% in the coming years.

  • FX hedged Treasury yields remain higher than yields at home. This will increase foreign appetite for US rates.

  • From a longer-term secular standpoint, economic growth will fall into a new regime, sub 2% which will weigh on bond yields.

  • Further stimulus from the fiscal side will delay the full extent of the deflationary output gap but will not change the end result in the final analysis.

  • As part of your balanced portfolio, long-term Treasury bonds are still a valuable holding as the path to 0% remains a probable scenario.

The inflation vs. deflation debate remains one of the more hotly contested ideas in the marketplace today. The inflation hawks argue precious metals are a one-way street higher while cash is trash, and bonds are worthless. The deflationary crowd continues to play with the multi-decade trend arguing that interest rates are not done falling, and more gains are left with nominal Treasury bonds. 

In this three-part series, I am going to highlight the main reasons behind why I believe that the path to 0% interest rates is more probable than an inflationary rise to higher yields. Three main factors support the conclusion for lower long-term rates, including:

  1. a more credible risk of deflation compared to inflation,

  2. high and positive FX-hedged Treasury yields,

  3. and a continued decline in trend economic growth. 

Each part will cover one of these factors in detail. 

While I reside in the disinflationary camp, I am not one to argue that an inflationary outcome should be disregarded. A blanket denial of the potential for inflation is unwise, but an over-exaggeration of the risks with faulty analysis of historical macroeconomic trends is more dangerous. 

The best path forward for the long-term, prudent investor is to start with a portfolio that is relatively balanced to each risk, inflation, and deflation. Depending on which risk is more probable over the next 12-36 months, tilting the portfolio from a balanced stance to an overweight stance in favor of the more likely outcome allows an investor to capitalize on the developing opportunity while allowing the possibility of the opposing scenario. 

A comprehensive review of macroeconomic trends firmly suggests that deflation or disinflation, not inflation, is a more credible risk. Many of the common inflationary arguments we hear today are repeats of decade-old analysis that came about during the first round of Quantitative Easing “QE” or “money printing,” which proved incorrect in assessing the direction of inflation and bond yields. 

In part I, we’ll review many of the common inflationary theses while arguing that deflation or disinflation is still a more credible threat. 

Having a balanced portfolio with bonds, gold, stocks, and commodities always makes sense, but it is still premature to rid your strategy of disinflationary bets such as Treasury bonds altogether. 

Deflation, Not Inflation, Is The Bigger Risk

Inflation is a highly consensus view among analysts. Typically this takes the form of “deflation now, but inflation later,” acknowledging the severe demand shock caused by the COVID lockdowns across the global economy. The “inflation later” part of the puzzle usually makes reference to Federal Reserve policy actions, including “printing” money and what is now a ubiquitous chart of money supply growth. 

The Federal Reserve cannot “print” spendable dollars but rather purchase assets using reserves. 

The inflation crowd has made frequent use of the following chart of money supply growth, quick to point out the record level. 

Decades ago, with profoundly different circumstances which will be outlined below, significant increases in money supply growth gave reason to be worried about rising inflation. Today, there quite literally exists no correlation between money supply growth and inflation. 

M2 Money Stock, Year over Year:

Source: Federal Reserve, FRED

The Federal Reserve quadrupled the size of its balance sheet over the last ten years before the COVID crisis, and the result was below average inflation and a decline in market-derived inflation expectations. Despite what should be considered a well-established fact now, the same arguments for rising Federal Reserve assets and inflation have reemerged. 

It is incomplete to present an argument regarding money supply growth and inflation without presenting a long-term chart of the velocity of money. To argue that a rise in money supply growth in insolation will cause inflation assumes that the rate at which money changes hands in the economy is stable. 

Velocity, noted below, has collapsed and will decline further in Q2 2020, which negates the inflationary impact of rising money supply growth. 

Velocity will undoubtedly rise in Q3 and possibly Q4 of 2020 as a pent-up demand recovery takes hold, but multi-decade secular trends must be respected and understood. 

It is easy to suggest that the velocity of money will suddenly break the near 30-year trend and start rising, along with a continued increase in money supply growth, but why? Putting money in the hands of consumers to spend on basic necessities such as rent, food, and clothing are not high-velocity uses of capital and will not meaningfully change the long-run trajectory of the ratio.

Velocity Of M2 Money Stock:

Source: Federal Reserve, FRED

High velocity uses of capital stem from productive investment into plant & equipment, products or properties that generate a lasting income stream. 

In order for the growth in money supply to have an increased chance of generating lasting inflation, the velocity of money has to be at least stable. 

Another consideration in the new era of QE is that the relationship between money supply and reserves in the banking system has meaningfully changed. Looking at the growth rate in money supply and jumping to an inflationary conclusion disregards the fact that the reserve multiplier is far from stable, and completely altered.  

The chart below is the reserve multiplier or the ratio of broad money supply to total reserves in the banking system. 

Reserve Multiplier:

Source: Federal Reserve, FRED

Another ratio that is assumed to be stable in the traditional money supply arguments is the relationship between broad money supply and the monetary base controlled by the Federal Reserve. The ratio of M2 money supply to the monetary base or the “money multiplier” is also highly unstable and has steadily declined over the last few decades. 

The money multiplier rose through the 1960s, 1970s, and peaked in the 1980s, a stark contrast to the recent multi-decade decline. 

The money multiplier ratio shows the ability and desire of private sector banks to turn high powered base money into broad spendable dollars. 

Money Multiplier:

Source: Federal Reserve, FRED

Dr. Lacy Hunt, in his Q1 2020 Quarterly Review, wrote about both the money multiplier and the velocity of money.

Two critical equations define the U.S. monetary structure. First, M2 = MB x m where MB stands for the monetary base and m stands for the money multiplier (known as little m). Second, GDP equals M2 multiplied by the velocity of money, or GDP = M2 x V and V is GDP divided by M2. It is important to note that both m and V are complex variables and their operation in determining economic activity is opaque. Our understanding is that the essence of m is that the banks and their customers must reach an agreement that a new loan will be profitable to both. Prior to reducing reserve requirements to zero, swings in currency and time deposits could change m, but that is no longer the case. As long as the required reserve ratio remains zero, total reserves and excess reserves are identical. Swings in Treasury deposits still have a role, albeit minimal. It appears that the key to V is whether a new loan is productive in the sense that it generates an income stream to pay principal and interest. It becomes apparent therefore that the Fed has extremely limited capacity to alter m or V. 

As a result of the weakening economy and high levels of public and private debt, banks are likely to maintain their reluctance in extending high quantities of new loans. Similarly, the capacity for borrowers to demand new loans for productive investment will remain low. 

The relationship between the monetary base and the money supply is unstable and currently in a declining trend. The relationship between money supply growth and inflation measured by either the Consumer Price Index or the Personal Consumption Expenditure Index is highly unclear. 

The chart below shows the relationship between the year over year growth rate in money supply and the year over year change in Core CPI, adjusted for a 12 and 18-month lag. 

Money Supply Growth Vs. Core CPI Inflation Rate:

Source: Federal Reserve, BLS, EPB Macro Research

Economists Stephen G. Cecchetti and Kermit L. Schoenholtz of the Money, Banking, and Financial Markets blog complied a more comprehensive chart of money supply growth and the core PCE inflation rate. They concluded:  

During the early period, when inflation temporarily rose above 10 percent, there was a positive relationship: increases in money growth were associated with higher inflation two years later. For the most recent decade, the period when the Fed’s balance sheet exploded, the two are nearly uncorrelated (see the red dashed line). In other words, at low levels of inflation, inflation appears to be unrelated to money growth. (While we do not show it here, another implication of this chart is that the velocity of money—the ratio of nominal GDP to money—is unstable.)

Money Supply Growth Vs. Core PCE Inflation Rate:

Source: Money, Banking, and Financial Markets

Cecchetti and Schoenholtz went on to note the lack of relationship between the size of the Federal Reserve’s balance sheet and long-term market-derived inflation expectations in a chart I recreated below. 

Fed Balance Sheet Vs. Market Derived Inflation Expectations:

Source: Bloomberg

Using the rate of money supply growth as the base of an inflationary argument has demonstrated poor results over the last ten years due to a multi-decade decline in the velocity of money and an unstable (currently falling) relationship between reserves, broad money and the monetary base (reserve multiplier and the money multiplier.)

While money supply growth is an unreliable determinant of inflation, the economic output gap has demonstrated a sound relationship to core inflation, particularly over the past two decades, when economic volatility dropped to record lows. 

The output gap is a measure of the potential growth in an economy relative to actual growth. When an economy is growing below trend potential, the difference is called the “output gap.”

The output gap is measured by using “potential GDP” and actual or projected GDP.

Potential GDP is published by the Congressional Budget Office “CBO” through a calculation of potential labor force growth and potential productivity growth.

The chart below shows nominal GDP in black, potential GDP in blue, and projected GDP through 2030 in red.

US GDP Vs. Potential GDP (Billions):

Source: Bloomberg, CBO, BEA, EPB Macro Research

The difference between potential GDP and actual or projected GDP is the “output gap,” graphed below. A negative output gap is deflationary because the economy has unutilized capacity, driving down the price of goods and services. Too many workers will drive down wages.

Using the projected estimates from the CBO, the output gap will reach nearly $2.5 trillion and will last through 2030.

The output gap after the 2008 recession lasted for roughly 39 quarters.

Using the projected GDP estimates from the CBO, the deflationary output gap is not only expected to be the largest in modern history but last more than 44 quarters, through 2030.

The chart below shows the output gap as a percentage of GDP.  

US Output Gap (% Of GDP):

Source: Bloomberg, CBO, BEA, EPB Macro Research

Over the past ~20 years, the output gap has demonstrated a strong correlation with core inflation. Typically, it takes about a year for underutilized capacity to flow through to consumer inflation.

The correlation between the output gap and core inflation has increased in recent years as overall economic volatility has compressed due to the increased use of automatic stabilizers such as government transfer payments as well as a general shift away from the more cyclical manufacturing sector.

Economic Volatility:

Source: Bloomberg, BEA, EPB Macro Research

At the trough in growth, the US economy will have an output gap of roughly -11% and a four-quarter average of approximately -7.7%.

Using the output gap for a point estimate of core inflation can be extremely imprecise and highly dependent on the variables in the analysis. Still, directionally the relationship makes a strong case for record low core inflation over the coming years.  

US Output Gap (% Of GDP) (4-Quarter Lag) & Core CPI:

Source: Bloomberg, CBO, BEA, BLS, EPB Macro Research

Using the output gap to determine the inflation bias over the coming 12-36 months is likely to have more success than arguments centered around the growth rate in money supply with variables that are far different than the 1970s, a common inflationary reference point. 

In the 1970s, the output gap was mild and oscillating between positive and negative. Over the last 15 years, the economy has been in a persistently negative output gap and expected to remain there through 2030 based on estimates from the CBO. 

US Output Gap 1960-1980 | US Output Gap 2005 – 2030:

Source: Bloomberg

From 1960-1980, the velocity of money was extremely stable, while the last two decades have shown a downward trend in velocity that hasn’t been experienced since the 1920-1930 period. 

Velocity Of M2 Money Stock:

Source: Federal Reserve, FRED

As noted above and presented again below, the money multiplier was stable and rising from 1960-1980 compared to unstable and falling sharply today. 

Money Multiplier:

Source: Federal Reserve, FRED

Lastly, total non-financial debt in the economy (government, household, and business) as a percentage of GDP was extraordinarily stable and below 140% from 1960-1980 compared to rising and north of 260% today, breaching critical thresholds discussed here

Total Non-Financial Debt To GDP Ratio:

Source: Z.1 Financial Accounts, Bloomberg, EPB Macro Research

High levels of public and private debt hinder economic growth and exert disinflationary pressure on the economy. 

Summary & Part II

Money supply growth is an important variable, but it must be used in context to explain future impacts to price inflation. Over the last decade, using the money supply growth or Federal Reserve balance sheet expansion to forecast inflation has been a losing proposition due to the consistent decline in velocity and the changing relationships highlighted by the reserve multiplier and the money multiplier. 

Commodity prices and other measures can provide a shorter-term indication regarding the direction of inflation, but the outlook over the next 12-36 months is most consistently identified by the output gap and long-term secular forces.  

Most of the arguments for higher inflation fail to consider rapidly changing relationships in the economy that more often than not stem from an extreme condition of overindebtedness. 

As mentioned at the start of this note, disregarding the possibility for inflation is unwise, and holding a portfolio with inflation-sensitive assets is a prudent decision for the conservative investor, particularly while short-term inflation indicators such as commodity prices are trending higher. 

The bias in the economy is still for deflation/disinflation, and holding an overweight investment in Treasury bonds continues to generate strong risk-adjusted returns as well as dampen the volatility of a balanced portfolio by offering a negative correlation to equity prices on average. 

In part II, we’ll take a look at another force that will keep downward pressure on US interest rates; FX-hedged Treasury yields. 

Many investors seek to make simple comparisons between US bond yields and foreign bond yields without adjusting for the cost of hedging the currency risk. This is a critical variable and one that we will tackle in the next part of this series. 

*  *  *

To read more and learn how we translate this research into a low-volatility portfolio, click here for a two-week free trial of EPB Macro Research on Seeking Alpha.

Published:8/4/2020 7:24:12 PM
[5a7b1411-2c63-57d6-bc29-7cc6321d6db7] Deroy Murdock: Trump is right about vote fraud — here’s proof President Trump has focused national attention on the dangers of mass-mail-in ballots, despite Democrats’ mulish insistence that vote fraud is a bigger myth than Sasquatch. Published:8/4/2020 7:24:12 PM
[Crime] The “Abject Failure” Strikes Back (John Hinderaker) Minnesota’s Governor Tim Walz is utterly incompetent. For the details, read the just-released issue of Thinking Minnesota, which drives political debate in my state. During the days of rioting, looting and arson in Minneapolis that followed the death of George Floyd, it became obvious that the situation was a disaster. Walz tried to distance himself from the debacle by saying in a press conference that fellow Democrat Jacob Frey, the Published:8/4/2020 7:24:12 PM
[IJR] Trump Administration Swears in First African American Service Chief "You’re family is very proud of you. And I’m very proud." Published:8/4/2020 7:24:12 PM
[] Quarantine Cafe I've checked and double-checked to insure that there are absolutely no bats in tonight's edition.... Published:8/4/2020 7:24:12 PM
[] Ryan Reynolds and Blake Lively 'deeply and unreservedly sorry' for holding wedding at a former plantation Published:8/4/2020 7:02:14 PM
[Markets] White House, Democrats agree to try to reach coronavirus-aid deal by week’s end White House, Democrats agree to try to reach coronavirus-aid deal by week’s end Published:8/4/2020 7:02:14 PM
[Democrats] Minnesota in 30 seconds (Scott Johnson) Now that Minneapolis is the eye of the Democrats’ hurricane of destruction, the ad below deserves a national audience. Titled Democrat politicians ruined Minneapolis, the 30- second video gives a short course in Minnesota’s kakistocracy. Starting with Governor Tim Walz and our two United States Senators, it’s Democrats all the way down. A narrow Republican majority in the state senate has saved us from the full catastrophe. The video has Published:8/4/2020 7:02:14 PM
[Economy] Why the CREATE JOBS Act Should Be an Essential Part of the Recovery

Now is the time for Congress to start looking ahead to the economic recovery. Current aid efforts should remain targeted and temporary, but the opposite... Read More

The post Why the CREATE JOBS Act Should Be an Essential Part of the Recovery appeared first on The Daily Signal.

Published:8/4/2020 7:02:14 PM
[Entertainment] Vivica A. Fox Is Having a Blast Guest Hosting Nightly Pop: Is Her Own Talk Show Next? Vivica A. Fox Vivica A. Fox isn't letting quarantine slow her down--if anything, this past year has been one of her busiest yet! In addition to recently appearing on E!'s Celebrity Call Center,...
Published:8/4/2020 7:02:14 PM
[Markets] Trump suddenly supports mail-in voting — for the key swing state of Florida After weeks of bashing mail-in voting and even suggesting the 2020 election should be delayed. President Donald Trump has changed his tune — at least when it comes to the critical swing state of Florida. Now he’s for it.
Published:8/4/2020 7:02:14 PM
[Markets] Trump Calls Beirut Explosion "A Terrible Attack - A Bomb Of Some Kind" After Briefed By Generals Trump Calls Beirut Explosion "A Terrible Attack - A Bomb Of Some Kind" After Briefed By Generals Tyler Durden Tue, 08/04/2020 - 19:50

Lebanon's health ministry has raised the death toll to over 73 killed, including 3,700 wounded, after late afternoon a blast centered on Beirut's port unleashed a massive seismic shock and explosion that leveled an entire district of the city and was felt as far away as Cyprus in the Mediterranean. 

Later in the evening Lebanon's Prime Minister announced that the explosions were caused by an estimated 2,750 tons of ammonium nitrate left unsecured for 6 years in a warehouse. This came on the heels of a formal Israeli denial that it had anything to do with it, which also seemed be echoed by Hezbollah officials. 

With the official consensus growing that the massive explosion was horrible accident due to neglect, President Trump's words on the tragedy once again presented that it could be something more. He said early in the evening that after meeting with top military commanders: "They seem to think it was an attack. It was a bomb of some kind."

This after speculation and conspiracy theories were rampant throughout the day. After all it is Lebanon, which has witnessed decades of bombings, war, and covert intrigue, also as it borders Israel, war-torn Syria, as well as a corner of the Golan Heights. And the blast was so overwhelming in its force, destroying homes up to ten miles away, local residents thought they were under nuclear attack, especially given it briefly blocked out the sun and a mushroom cloud hovered over the city.

The president further said that it "looks like a terrible attack" — leaving people to again question whether there's intelligence he's seen that points to an attack or bombing. According to the AFP:

Trump says military experts tell him Beirut blast a 'bomb of some kind'.

His remarks were made during a Tuesday evening address to reporters:

Trump said he had been briefed by “our great generals” and that they “seem to feel” that the explosion was not an accident.

"According to them – they would know better than I would – but they seem to think it was an attack," Trump told reporters at the White House. "It was a bomb of some kind."

This has caused Israeli officials to be vehement in their denials that it could have been the result of Israeli attack, amid recent tensions with Hezbollah along Lebanon's southern border:

Did Trump just reveal classified information? Was he merely speculating like everyone else? 

Are his words based on legitimate intelligence information which contradicts the official story that it was an accident? It remains that he specifically invoked "our great generals" when citing the information. 

It will be interesting to see if the Pentagon issues a follow-up in the wake of the president's unexpected comments.

Meanwhile Beirut has been declared a 'disaster zone' by Lebanon's defense council, with countries around the world pledging emergency aid.

Secretary of State Mike Pompeo has also pledged aid after the "horrible tragedy".

The US Embassy in Lebanon was warned American citizens and residents in the surrounding area of the potential for toxic gases and chemicals in the air.

"There are reports of toxic gases released in the explosion so all in the area should stay indoors and wear masks if available," the embassy said on its website.

Published:8/4/2020 7:02:14 PM
[Politics] ‘I CAUGHT THEM’ – Trump tells Dobbs investigation has caught Obama, Biden SPYING, ‘breathtaking’ what was found, BEYOND what we thought President Trump spoke by phone with Fox Business host Lou Dobbs today, and that aired just before the briefing. During the call Trump said that the investigation in to the Obama administration . . . Published:8/4/2020 7:02:14 PM
[Politics] ‘I CAUGHT THEM’: Trump tells Dobbs they’ve caught Obama, Biden on SPYING, ‘breathtaking’ what was found, BEYOND what we thought President Trump spoke by phone with Fox Business host Lou Dobbs today, and that aired just before the briefing. During the call Trump said that the investigation in to the Obama administration . . . Published:8/4/2020 7:02:14 PM
[Automotive] Anthony Levandowski sentenced to 18 months in prison, as new $4B lawsuit against Uber is filed Anthony Levandowski, the former Google engineer and serial entrepreneur who was at the center of a lawsuit between Uber and Waymo, has been sentenced to 18 months on one count of stealing trade secrets.  <levandowski won’t be heading straight to prison, however. Judge William Alsup postponed his incarceration due to the COVID-19 pandemic. He will […] Published:8/4/2020 6:26:09 PM
[Markets] 300 ISIS Terrorists At Large: Mass Prison Break In Afghanistan After Hours-Long Firefight 300 ISIS Terrorists At Large: Mass Prison Break In Afghanistan After Hours-Long Firefight Tyler Durden Tue, 08/04/2020 - 19:05

What could be the largest ISIS jailbreak in the terror group's history didn't take place in Iraq or Syria, but just happened inside Afghanistan, where ISIS is attempting to make a come-back at a moment the US-Taliban truce deal is taking shaky effect.

It happened Monday after the Islamic State attacked a large prison complex in the eastern city of Jalalabad in which nearly 40 people were killed, among these 10 ISIS members, but some 300 escaped jihadists still remain a large.

Some international reports listed that as many as 400 terrorists may have escaped.

Afghan security personnel take position on the top of a building where insurgents were hiding, in the city of Jalalabad, east of Kabul, Afghanistan. Image source: AP

It reportedly began by a car bomb attack, after which ISIS gunmen surged into the prison area and ultimately overran the guards. ISIS held the prison throughout much of the day Monday as national defense forces laid siege, leading to a huge firefight. 

According to Reuters, hundreds escaped amid the chaos:

More than 300 prisoners were still at large, Attaullah Khugyani, spokesman for the governor of Nangarhar province, said, said. Of the 1,793 prisoners, more than 1,025 had tried to escape and been recaptured and 430 had remained inside.

“The rest are missing,” he said.

Jalalabad is an area known for heavy ISIS and other jihadist activity. The terror group got a foothold in central Asia years ago at the height of the Islamic State's short-lived territorial caliphate over western Iraq and eastern Syria.

Currently an Eid al-Adha ceasefire is said to be holding between the Taliban and the national government in Kabul, also amid broader talks aimed at securing a long term and final US troops exit.

Though there's been a number of ISIS prison break attempts in Syria of the past years, especially in Kurdish SDF-held territory, there's been nothing on this scale involving hundreds of escaped in a single day.

Afghan security forces are still reportedly hunting down the escapees, but at this point many of likely disappeared into the mountains.

Published:8/4/2020 6:26:09 PM
[Politics] ‘You’re just saying a bunch of crap!’ CNN’s Brianna Keilar comes UNGLUED during interview. AGAIN. CNN’s Brianna Kielar absolutely lost it on a guest AGAIN today. Aside from being condescending, snotty, and know-it-all, she was dismissive of genuine concerns of the American people, the integrity of the . . . Published:8/4/2020 6:26:09 PM
[Politics] ‘You’re just saying a bunch of crap!’ CNN’s Brianna Keilar comes UNGLUED during interview. AGAIN. CNN’s Brianna Kielar absolutely lost it on a guest AGAIN today. Aside from being condescending, snotty, and know-it-all, she was dismissive of genuine concerns of the American people, the integrity of the . . . Published:8/4/2020 6:26:09 PM
[Baseball] When Baseball Knew Better (John Hinderaker) My friend Clark Griffith was involved for many years in major league baseball. His family owned the Washington Senators, then the Minnesota Twins, for close to a century. Clark at one time more or less ran the Twins, and he played a major role in marketing Major League Baseball as well. Some say that the concept of standardizing team logos and making money by putting them on hats, shirts and Published:8/4/2020 6:26:09 PM
[1cab810b-d292-507c-a144-26313bbaf3b9] Kristin Cavallari reunites with ex Stephen Colletti for a picture Kristin Cavallari and Stephen Colletti reunited for a photo -- and fans cannot contain their excitement.  Published:8/4/2020 6:26:08 PM
[Markets] Capitol Report: White House, Democrats agree to try to reach coronavirus-aid deal by week’s end After more than a week of almost daily face-to-face meetings, Trump administration officials and congressional Democratic leaders have agreed to try to reach a deal by the week's end.
Published:8/4/2020 6:26:08 PM
[] Live results: The Kansas GOP Senate primary and bitter recriminations thread Published:8/4/2020 5:53:26 PM
[] Straight fire: Sen. Mazie Hirono walks out of Sen. Ted Cruz's hearing, refuses to denounce Antifa (video) Published:8/4/2020 5:53:26 PM
[Markets] Is Disney Stock A Buy, Following The Media Giant's Earnings Surprise? Disney stock is trying to rebound after coronavirus closures took a toll. Here's what fundamental and technical analysis says about buying Disney now. Published:8/4/2020 5:53:25 PM
[Politics] Trump Calls Beirut Explosion 'an Attack of Some Kind' U.S. officials believe the massive explosion at Lebanon's main port in Beirut was "an attack, a bomb of some kind," according to President Donald Trump. Published:8/4/2020 5:53:25 PM
[ce19ff77-ebfd-5694-aa44-b9fbafffe588] Neil Young sues Trump campaign over use of music at events Neil Young has filed a lawsuit against the Trump 2020 campaign for copyright infringement after the President has repeatedly used the rocker's music at official events. Published:8/4/2020 5:53:25 PM
[Markets] The Newest Demon In The Left's Sights: Woke White Women The Newest Demon In The Left's Sights: Woke White Women Tyler Durden Tue, 08/04/2020 - 18:45

Authored by J.Peder Zane via RealClearPolitics.com,

Torch-carrying neo-Nazis in Charlottesville were the face of white supremacy in 2017.

Today it’s “Nice White Parents.”

That’s the title of a new podcast distributed by the New York Times which argues that many black and brown children are not excelling in our public schools because of “what is arguably the most powerful force in our schools: White parents."

Specifically, liberal white parents who espouse enlightened views on race but then refuse to send their children to truly integrated schools - e.g. minority-majority without separate “gifted and talented” tracks - for fear they will be shortchanging their kids. Apart from the complex educational issues at play -- including the inflammatory suggestion that minorities need to be around whites to succeed – the podcast reflects the left’s broader effort to demonize an unlikely group as it seeks to reduce every issue in American life to questions of race: liberal white women.

Trump-supporting conservatives and “patriarchal white males” are still in their crosshairs, but these women, long considered key allies in the cause, have become chief targets.

One example is the prevalence of the “Karen meme,” a social media label applied to white women allegedly exercising their “white privilege.” In some cases – such as the New York City woman who called the police on an African American birdwatcher in Central Park – it describes people who actually engage in racist actions. More often it involves far more ambiguous conflicts and micro-aggressions. But the larger message is clear: Karen resides in the heart of all white women, who have a conscious or unconscious desire to dominate minorities.

New York Times columnist Charles M. Blow wrote in May that he was “enraged by white women weaponizing racial anxiety, using their white femininity to activate systems of white terror against black men.” Last month, Washington Post Global Opinions Editor Karen Attiah tweeted, “White women are lucky that we are just calling them ‘Karen’s.' And not calling for revenge.”

Ironically, it is their sensitivity to racial issues that makes white women easy targets. Many of them are powering the “Great Awokening” – the vast sea change in attitudes in which white liberals have moved farther to the left on a range of social and racial issues than even African Americans.

Some are paying $2,500 to host Race2Dinner meals at which their racial feelings are probed and their complicity in systemic injustice exposed by diversity experts.

Others have helped create a new genre of best-selling novels – what Naomi Schaefer Riley has described as “woke beach reads [that] infuse the best-selling template of white-bread chick lit with the consciousness of social justice warriors” in order “to educate whites about the deep racism that supports their privileged lives.”

Another best-selling book, “White Fragility” by Robin DiAngelo, explicitly singles out this group. As the white author told NPR, “My audience is the average, well-intended white person who sees themselves as open-minded, and yet cannot answer the question: ‘What does it mean to be white?’ I think white progressives can be the most challenging because we tend to be so certain that it isn’t us.”

Why are some women especially receptive and vulnerable to this guilt-tripping? At the risk of overgeneralizing, decades of research finds that women tend to experience guilt more frequently and deeply than men. These feelings may be intensified by social media, which appears to have contributed to growing rates of anxiety and depression, especially among younger women who are more likely to internalize criticism.

All women are not the same – just as all white people are not. But forces on the left have seen an opening they believe they can exploit.

If there is an endgame here besides the accrual of power and control, it is advancing the idea that being a nice person is no longer enough. Now that the vast majority of Americans are non-racists, the push is for everyone to become “anti-racist,” which is a whole different deal. Anti-racists are expected to actively strive each day to dismantle what they say is the systemic injustice that defines America. It means seeing every act as a political act that supports the existing tyranny if it doesn’t purposefully seek to dismantle it.

Racial reconciliation is yesterday’s goal; today’s is reparations, which doesn’t mean just a check from the government but personal sacrifice – of jobs, money and other tangible things. This apparently now includes sending one’s children to demonstrably lousy schools to serve the greater good.

Published:8/4/2020 5:53:25 PM
[Health Care] How Much Do You Know About COVID-19? Take This Quiz.

1. True or False: COVID-19 is now the leading cause of death in the U.S. False. It’s not even close. As of July 25, the... Read More

The post How Much Do You Know About COVID-19? Take This Quiz. appeared first on The Daily Signal.

Published:8/4/2020 5:53:25 PM
[News] SEC Investigates Kodak’s US Government Loan Disclosure: WSJ A representative for Kodak said it intends to fully cooperate with any potential inquiries. Published:8/4/2020 5:53:25 PM
[] Antifa Attempts Invasion of the Suburbs, But Is Repelled by Gun-Wielding Citizens They came to the suburbs to "protest" the house of Seattle police chief (and noted White Supremacist) Carmen Best. They accessed a private road to "protest." Armed residents with a legal right to be on that road said no fucking... Published:8/4/2020 5:53:25 PM
[] Billionaire media mogul Oprah Winfrey says 'whiteness' gives white people an advantage 'no matter' what Published:8/4/2020 5:29:37 PM
[] Federal Officers Blinded by Powerful Lasers Aimed by Violent Portland Rioters Are Regaining Sight Published:8/4/2020 5:29:37 PM
[World] The 'debate about the presidential debates' was created by Democrats

There’s a debate raging right now about the presidential debates: Will they happen this time around?

Without further ado: The debates will happen. They always have. They will this time, too.

But that’s never the point in the silly city that is Washington, D.C. What’s important is the kabuki theater ... Published:8/4/2020 5:29:37 PM

[International] Protectionism and the Pandemic Are Curtailing Global Trade. Policymakers Must Act Accordingly.

According to the latest semiannual trade monitoring report by the World Trade Organization, recent data indicate an 18% decline in trade over the past year.... Read More

The post Protectionism and the Pandemic Are Curtailing Global Trade. Policymakers Must Act Accordingly. appeared first on The Daily Signal.

Published:8/4/2020 5:29:37 PM
[Politics] Democrats Protest Move to Move Final Census Count Up a Month Congressional Democrats are protesting a call from Census Bureau Director Steven Dillingham to finish gathering in-person data by the end of September, a month earlier than had been scheduled, saying they feel the move will skew the final numbers by leaving several... Published:8/4/2020 5:29:37 PM
[Uncategorized] Report: Trump Campaign and RNC Registering More New Voters than Democrats in Battleground States "Republicans have lessened the margin by 133,000 registered voters in Pennsylvania and 87,000 voters in Florida." Published:8/4/2020 5:29:37 PM
[Markets] Capitol Report: End of Paycheck Protection Program looms, but concerns are muted on Capitol Hill The Paycheck Protection Program, the initiative that gave forgivable loans to businesses in return for not laying off workers during the pandemic, appears on track to expire at week's end.
Published:8/4/2020 5:29:36 PM
[Entertainment] Clare Crawley "Began Communicating" With Bachelorette Contestant She Fell for Prior to Filming Clare Crawley, The BacheloretteClare Crawley had only one rose to give. The Bachelorette star has reportedly found her special someone, which comes just two months since production officially started filming the 16th...
Published:8/4/2020 5:29:36 PM
[59da36bc-1fba-55f4-b1dc-17b4d5562525] Meghan Markle birthday plans revealed as royal family sends well-wishes from abroad: Source The Duchess of Sussex turned 39. Published:8/4/2020 5:29:36 PM
[News] Massive Blast Rips Through Beirut, Killing 50 and Injuring Thousands "What we are witnessing is a huge catastrophe." Published:8/4/2020 5:29:36 PM
[Markets] Daily Briefing - August 4, 2020 Daily Briefing - August 4, 2020
Tyler Durden Tue, 08/04/2020 - 18:25
Senior editor Ash Bennington is joined by Mike "Mish" Shedlock of TheStreet.com to discuss gold and the looming fiscal cliff. Shedlock analyzes the purported "short squeeze" on gold, shining a light on the various players in the future as well as physical markets for gold during its ascendant rally. Bennington and Shedlock then analyze the dysfunction in Washington and gyrating asset markets through the lens of expiring unemployment benefits. Mish's work can be found at https://www.thestreet.com/mishtalk/.
Published:8/4/2020 5:29:36 PM
[] 'He'll be there': Jill Biden assures Dana Perino that Joe will be there for three debates with President Trump Published:8/4/2020 4:51:51 PM
[Markets] Stock Market Today: Stocks, Stimulus Both Inch Forward A fresh round of COVID-related stimulus remains in limbo, but stocks managed to put up modest gains in Tuesday's session. Published:8/4/2020 4:51:51 PM
[Markets] Disney will release the long-delayed live-action 'Mulan' on Disney+ Disney will release the long-delayed live-action 'Mulan' on Disney+ Published:8/4/2020 4:51:50 PM
[Politics] Sen. Peters: Trump Administration Taking Steps to Slow Down Mail Sen. Gary Peters, R-Mich., who is fighting to keep his seat from being flipped after President Donald Trump won his state in 2016, believes the Trump administration is taking steps to slow mail service after Michigan approved "no-reason absentee" ballots. Published:8/4/2020 4:51:50 PM
[Media] NYT Quietly Scrubs Chinese Propaganda

The New York Times quietly deleted hundreds of advertorials that the Chinese Communist Party paid to publish on its website. A Times spokeswoman told the Washington Free Beacon that the move is a reflection of a decision to stop accepting ads from state-run media. "We made the decision at the beginning of this year to stop accepting branded content ...

The post NYT Quietly Scrubs Chinese Propaganda appeared first on Washington Free Beacon.

Published:8/4/2020 4:51:50 PM
[Entertainment] Many thought Trump’s Axios interview felt like ‘Veep.’ The showrunner says, ‘We’re being outdone regularly.’ "Honestly, it’s a perfectly written comedy," David Mandel tells The Post of President Trump's interview with Jonathan Swan of Axios. Published:8/4/2020 4:51:50 PM
[California] The Decline and Fall of San Francisco (Steven Hayward) Not long ago UC Hastings School of Law, as well-regarded law school in downtown San Francisco, sued the city because local neighborhood conditions had deteriorated to the point that the law school was losing prospective students who took one look at the place and said, “No, thanks!” Hastings is a very liberal law school—I don’t think they have a single conservative on their faculty—but as Robert Conquest reminded us, everyone Published:8/4/2020 4:51:50 PM
[World] The Tell: How one small group of traders ‘made more money than they could have dreamed of’ — and in a single day When crude prices plunged into negative territory for the first time ever back in April, one thing was clear: There were some serious losers — and winners — in the oil pits. Now, Bloomberg News has identified a remarkable example of the latter.
Published:8/4/2020 4:51:50 PM
[] At Least 60 Killed, 2,500 Injured by Massive Explosions in Beirut Powderkeg. Two massive explosions rocked Beirut on Tuesday, flattening much of the port, damaging buildings across the capital and sending a giant mushroom cloud into the sky. More than 60 people were killed and more than 3,000 injured, with bodies... Published:8/4/2020 4:51:50 PM
[] Carl Bernstein says we have 'a national emergency unlike anything in our history' — an unfit president Published:8/4/2020 4:22:25 PM
[Parody] ANALYSIS: Trump Humiliates ‘Fake News’ Axios Reporter in Physically Dominant Interview Performance

MINSK — Folks! I am currently en route to [redacted] to attend a happy hour honoring the birthdays of Muslim icons Yasser Arafat and Barack Obama but was compelled to weigh in on the so-called viral interview between President Donald J. Trump and Jonathan Swan, the chief "fake news" reporter for Axios, a remedial blog for people with short attention spans.

The post ANALYSIS: Trump Humiliates ‘Fake News’ Axios Reporter in Physically Dominant Interview Performance appeared first on Washington Free Beacon.

Published:8/4/2020 4:22:25 PM
[Entertainment] Chance the Rapper Is Teaching 4-Year-Old Daughter That "Black Power Is Her Superpower" Chance the Rapper, KensliChance the Rapper has some very important lessons for his little girl. As the star shared with Parents, he and wife Kirsten Corley have been using this time amid the Black Lives Matter...
Published:8/4/2020 4:22:25 PM
[Politics] Neil Young sues Trump's 'campaign of ignorance and hate' for using his songs again

Neil Young has sued Trump's campaign for playing "Rockin' in the Free World" and "Devil's Sidewalk" without permission at the president's Tulsa rally.

Published:8/4/2020 4:22:25 PM
[Politics] Trump, NSA O'Brien Reverse 'Bolton Doctrine' on Libya In a strongly worded statement from White House National Security Adviser Robert O'Brien, the Trump administration on Tuesday afternoon called on foreign powers to end their military involvement in Libya and finalize a ceasefire in the oil rich North African country. Published:8/4/2020 4:22:25 PM
[Markets] Border Talks Stall: India Demands Total Withdraw Of PLA Troops As Beijing Urges End Of 'Boycott China' Campaign  Border Talks Stall: India Demands Total Withdraw Of PLA Troops As Beijing Urges End Of 'Boycott China' Campaign  Tyler Durden Tue, 08/04/2020 - 17:05

India-China military talks which have been ongoing (now at 5 rounds) since the deadly June 15 India-China border skirmish which had the highest casualties of any battle between the two along the Line of Actual Control (LAC) in fifty years have reportedly hit a road block this week.

The Indian Army has demanded that Chinese People's Liberation Army (PLA) forces conduct a full and rapid withdrawal from the Line of Actual Control (LAC) border in eastern Ladakh.

Weeks following the border clash which left at least 20 Indian soldiers dead and an unknown number of PLA casualties, the two sides agreed to establishing a one kilometre buffer zone. Subsequent photographs did suggest that PLA camps had been dismantled, but the situation remained stalemated amid negotiations, but also as India took significant steps to cut dependency on Chinese products, including a controversial ban on popular Chinese apps like TikTok, and turned toward imposing devastating economic consequences on Beijing.

The Hindustan Times quoted military sources Monday as citing a “lack of progress in the withdrawal of Chinese forces from several areas of Ladakh” which “required that a new round of negotiations be held with the participation of the 14th Indian Army Corps Commander General Harinder Singh and the commander of the South Xinjiang Military Region General Liu Ling.”

This despite the Chinese side claiming that the disengagement process was completed at most locations.

While the PLA has pushed for a mere return to the status quo, India has demanded Chinese troops depart some places they entered as recently as 2013, such as the Depsang area.

View of the Line of Actual Control (LAC) border and patrol point 14 in the eastern Ladakh sector of Galwan Valley: Source Maxar via Reuters

The statement said further: “Therefore, India insisted during the last meeting on the withdrawal of the Chinese army forces from the high mountain lake Panjung-Tsu as the Chinese military remained in their previous positions, despite the agreements on their withdrawal reached on July 15,” according to the Hindustan Times.

“After the withdrawal of the Chinese forces, India and China can begin to return matters to their previous position in this disputed area, and draw up a protocol on patrolling Indian and Chinese forces,” the military sources continued.

India's media is hailing Modi's "digital airstrike": 

Meanwhile after five rounds of formal talks which have led to an effective cooling, the potential for armed conflict remains, given that according to Indian media, "The Indian Air Force(IAF) has also moved air defense systems as well as a sizable number of its frontline combat jets and attack helicopters to several key air bases."

Both sides have continued flexing throughout the standoff, including China reportedly sending more jets and military hardware to its high-altitude bases along the border. 

China's foreign ministry has said India's move to boycott certain Chinese products has “artificially” damaged historically close economic ties, which does not serve India’s purpose.

Published:8/4/2020 4:22:24 PM
[Politics] WATCH LIVE: President Trump holds coronavirus news conference at 5:30PM President Trump is holding a news conference at 5:30 PM today and you can watch below:   WHITE HOUSE:   FOX NEWS:   PBS NEWSHOUR:   WHILE YOU WAIT… Wild shark immediately . . . Published:8/4/2020 4:22:24 PM
[Politics] WATCH LIVE: President Trump holds coronavirus news conference at 5:30PM President Trump is holding a news conference at 5:30 PM today and you can watch below:   WHITE HOUSE:   FOX NEWS:   PBS NEWSHOUR:   WHILE YOU WAIT… Wild shark immediately . . . Published:8/4/2020 4:22:24 PM
[Entertainment] ‘Mulan’ is coming to Disney+ on September 4, for an additional price of $29.99 Those wondering whether The Walt Disney Company would eventually give up on a traditional theatrical release for “Mulan” now have their answer. Until now, Disney had repeatedly delayed “Mulan”‘s release due to theatrical closures in the U.S. and around the world, with “Mulan and Christopher Nolan’s “Tenet” expected to be the first big movie releases […] Published:8/4/2020 4:22:24 PM
[] Ted Cruz: Antifa Rioters 'Are Profoundly Racist' Published:8/4/2020 4:02:20 PM
[] CNN political analyst "can't wait" to see armed forces eject Trump from White House Published:8/4/2020 4:02:20 PM
[] Here we go: Slate thinks it's time for a national conversation about 'the dangers of immunoprivilege' Published:8/4/2020 4:02:20 PM
[Politics] Pence Says Administration Will 'Lean Into' Issue of Tech Censorship Vice President Mike Pence said Tuesday the Trump administration is continuing to "lean into" the investigating the claim social media and other tech companies are censoring content and opinions contrary to liberal doctrine. Published:8/4/2020 4:02:20 PM
[Entertainment] When an Actor Meets an Angel: The Love Story of Dylan Sprouse and Barbara Palvin Barbara Palvin, Dylan SprouseAs most epic love stories do, it began with a thoughtfully penned letter. Okay, a slide into her DMs--that, of course, being how things are done in 2018. But Dylan Sprouse's hopeful...
Published:8/4/2020 4:02:20 PM
[Parody] EXCLUSIVE: Election Day War Game Yields Explosive Results

A shadowy group of former Obama officials called the Transition Integrity Project has been hosting Election Day war games to determine what might transpire if Joe Biden and his supporters refuse to concede defeat in November.

The post EXCLUSIVE: Election Day War Game Yields Explosive Results appeared first on Washington Free Beacon.

Published:8/4/2020 4:02:19 PM
[Markets] Beyond Meat stock falls 7% after plant-based food maker reports bigger loss Beyond Meat stock falls 7% after plant-based food maker reports bigger loss Published:8/4/2020 4:02:19 PM
[Entertainment] Disney+ grows to more than 60.5M subscribers Disney+ had more than 60.5 million paying subscribers as of yesterday, according to The Walt Disney Company’s CEO Bob Chapek. Chapek shared the number during a call to discuss the company’s latest earnings report, which covered the company’s most recent quarter ending on June 27. He was essentially offering an update on the 57.5 million […] Published:8/4/2020 4:02:19 PM
[Markets] UNT Faculty Targeted For Saying Music Theory Isn't White Supremacist UNT Faculty Targeted For Saying Music Theory Isn't White Supremacist Tyler Durden Tue, 08/04/2020 - 16:46

Authored by Maria Copeland via Campus reform,

The University of North Texas College of Music will investigate a faculty-run academic journal responsible for showcasing critical responses to a claim that music theory is white supremacist.

A group of graduate students in the Division of Music History, Theory, and Ethnomusicology at the UNT College of Music released a statement recently, condemning the Journal of Schenkerian Studies (JSS), a publication run by faculty in the MHTE department.

According to the school’s page on the JSS, the journal focuses on “facets of Schenkerian thought, including theory, analysis, pedagogy, and historical aspects” - essentially, a discrete branch of music theory centered on theories developed by Austrian musician Heinrich Schenker. 

UNT professors Timothy Jackson and Stephen Slottow oversee the JSS. Students are criticizing the journal’s Volume 12 issue of “platforming racist sentiments” because assorted members of UNT faculty published in it their responses to a presentation by music theorist Philip Ewell.

In 2019, Dr. Ewell spoke at the Plenary Session of the Society for Music Theory’s 2019 meeting, exploring what he called “music theory’s white racial frame.”

Following his presentation, several UNT professors wrote responses that took issue with Ewell’s claims regarding Schenker and Schenkerian thought. They brought several arguments against Ewell, including that music theorists should not neglect Schenkerian analysis because of the original theorist’s prejudices, and that Ewell had in fact misrepresented the role of racism in the development of Schenker’s theories. These were published in the 2019 issue of the JSS. 

The MHTE graduate students reacted to the publication with the accusation:

“We condemn the egregious statements written by UNT faculty members within this publication. We stand in solidarity with Dr. Philip Ewell and his goals to address systemic racism in and beyond the field of music theory.”

Their statement also sets forth a list of demands they ask of the College of Music, including requests to the school to dissolve the JSS and hold every person responsible for its publication accountable. Jackson, one of the faculty members who runs the JSS, has received particular condemnation for his role:

“The actions of Dr. Jackson—both past and present—are particularly racist and unacceptable,” the statement reads. 

A group of music theorists has initiated an open letter to the Society for Music Theory (SMT), asking that it support Ewell because he has been singled out for criticism by the UNT faculty. The writers suggest a number of advanced anti-racist actions; heading the list is a request that the president of the society issue a public statement affirming that American music theory is historically rooted in white supremacy, that such white supremacy has resulted in racist policies, and that nonwhite musicians have consequently suffered injustice. 

The letter additionally asks  SMT to demonstrate support for the UNT graduate students in their “call for accountability” and to censor the members of the JSS advisory board. So far, it has gathered numerous signatures from academics across the United States. 

Faculty members at UNT have also expressed approval of the graduate students’ actions.

The UNT College of Music announced Friday that the school has opened a formal investigation of the journal. 

“The University, the College of Music, and the Division of Music History, Theory, and Ethnomusicology reaffirm our dedication to combatting [sic] racism on campus and across all academic disciplines,” the Dean of the College of Music and the Chair of the MHTE division wrote.

“We likewise remain deeply committed to the highest standards of music scholarship, professional ethics, academic freedom, and academic responsibility.”

Published:8/4/2020 4:02:19 PM
[Volokh Conspiracy] [Eugene Volokh] "Fear of Authoritarian Regimes Is Pushing the Film Industry to Self-Censor" A very interesting article in Foreign Affairs by my UCLA School of Law colleague Kal Raustiala; here's an excerpt: hat sets the United States apart from the rest of the world is and has always been its soft power. The Soviets may have equaled the Americans in nuclear capability, but they could never rival the… Published:8/4/2020 4:02:19 PM
[IJR] US Prosecutors Do Not Charge Portland Protesters With Antifa Ties "Our cases focus purely on the criminal conduct alleged." Published:8/4/2020 4:02:19 PM
[World] NewsWatch: Disney loses nearly $5 billion in three months as pandemic wreaks havoc on business Walt Disney Co. reported a quarterly loss of nearly $5 billion Tuesday due to a pandemic that has all but paralyzed its theme parks, live productions and cruise line.
Published:8/4/2020 4:02:19 PM
[Politics] Pelosi names her price on the coronavirus relief bill and it HUUUUGGGGEEEE…. The despicable Speaker of the House has told CNN what her price is for the newest coronavirus relief bill: CNN – House Speaker Nancy Pelosi said Tuesday that she still wants a . . . Published:8/4/2020 4:02:19 PM
[Politics] Pelosi names her price on the coronavirus relief bill and it HUUUUGGGGEEEE…. The despicable Speaker of the House has told CNN what her price is for the newest coronavirus relief bill: CNN – House Speaker Nancy Pelosi said Tuesday that she still wants a . . . Published:8/4/2020 4:02:19 PM
[] David Azarad: Conservatism, Inc. Has Failed And Is Incapable of Self-Reform Great piece by David Azarad. His review of Conservatism, Inc. -- informed by having recently worked inside of it -- is brutal. What is conservatism in America today? It's hundreds of millions of dollars a year spent fiddling while Rome... Published:8/4/2020 4:02:19 PM
[World] U.S. and allies must confront China's quest for world domination

Here are things that have happened, so far, in 2020. The Earth recorded its hottest January ever. Australia burned. A pandemic killed more than half a million people and left their funerals unattended. Tens of millions of people, perhaps the largest social movement in U.S. history, took to the streets ... Published:8/4/2020 3:23:03 PM

[Democrats] Soros Boosts St. Louis Prosecutor After Prosecuting Gun-Toting Couple

Liberal billionaire George Soros is redoubling his efforts to reelect the St. Louis prosecutor who brought felony charges against a couple for defending themselves against a Black Lives Matter mob.

The post Soros Boosts St. Louis Prosecutor After Prosecuting Gun-Toting Couple appeared first on Washington Free Beacon.

Published:8/4/2020 3:23:02 PM
[Uncategorized] Media documents NYC mail-in voting fiasco, but won’t admit Trump is right NYC primaries over a month later still have not been called – because of major problems with mail-in ballots. Published:8/4/2020 3:23:02 PM
[Markets] Bonds & Bullion Bid To New Records As Stocks See-Saw On Stimulus Scares Bonds & Bullion Bid To New Records As Stocks See-Saw On Stimulus Scares Tyler Durden Tue, 08/04/2020 - 16:01

Spot Gold prices settled above $2,000 for the first time in history today...

Source: Bloomberg

After a series of confusing headlines about virus relief talks sparked anxiety (in some) stocks, and sparked a bid in bonds and bullion and selling of the dollar.

  • 1142ET Pelosi: "doesn't think there will be a deal this week."

  • 1415ET *SEN. PERDUE SAYS SENATE STIMULUS TALKS MAY TAKE ANOTHER 2 WEEKS

  • 1425ET *MCCONNEL: WILL NOT FIND TOTAL GOP CONSENSUS ON VIRUS RELIEF

  • 1450ET *SCHUMER SAYS NOT GOING TO STRIKE A DEAL JUST FOR THE SAKE OF IT

  • 1455ET *SCHUMER SAYS HE IS HOPEFUL, TALKS MOVING FORWARD BIT BY BIT

Algos were crazy on words like "hope" and "nope" pinging markets around like a f**king cannabis/blockchain penny-stock...

Nasdaq underperformed most of the day (but the machines managed to get it green late on) as Small Caps were just panic-bid at every excuse.

And in case you wondered why - which you really shouldn't by now - it was another major short-squeeze day...

Source: Bloomberg

FANG Stocks have been unable to extend after the huge gap higher on last Thursday night's earnings...

Source: Bloomberg

Treasury yields tumbled led by the long-end (30Y -5bps, 2Y -0.5bps)...

Source: Bloomberg

With 10Y Yields back to a 50bps handle - a record closing low...

Source: Bloomberg

In fact, record low closing yields for the entire curve aside from 30Y...

Source: Bloomberg

But stocks still don't care...

Source: Bloomberg

The Dollar mirrored Monday almost perfectly with a buying panic during the European day and selling in the US session...

Source: Bloomberg

Ripple and Ethereum are up on the week with Bitcoin and Litecoin just in the red from Friday...

Source: Bloomberg

Bitcoin continues to hold half its flash-crash loss...

Source: Bloomberg

Gold futures surged and closed above $2,000

Gold is notably overbought but the last few times it has been this overbought there has been consolidation and new high...

Source: Bloomberg

Silver futures hit $26...

Spot Silver is back at its highest since April 2013...

Source: Bloomberg

Silver's outperformance sent the Gold/Silver ratio back to its lowest close since June 2018...

Source: Bloomberg

Oil prices chopped around as algos followed the same stock algos on headlines and ended higher ahead of tonight's API inventory data (also helped by the dollar's demise during the US session)...

Finally, as nominal gold reaches a record high...

Source: Bloomberg

...on an inflation-adjusted basis, it has room to run...

Source: Bloomberg

And if the world's central banks keep doing what they're doing (and does anyone really believe there will ever be a normalization now), then negative-yielding global debt will force allocations increasingly to bullion and bitcoin...

Source: Bloomberg

Published:8/4/2020 3:23:02 PM
[46bbdd55-fc4b-55fb-99bf-d5b9230ce2f5] In Apple TV+ series, Oprah Winfrey says being White 'gives you an advantage no matter what' Oprah Winfrey discussed the advantages White Americans have over non-White communities in terms of reaching success on her new Apple TV+ series. Published:8/4/2020 3:23:02 PM
[Entertainment] Dylan and Cole Sprouse's Birthday Tributes Prove They're Still Living the Sweet Life Cole Sprouse, Dylan SprouseCheers to another year of the sweet life! As pop culture fans marked Dylan Sprouse and Cole Sprouse's 28th birthday today, the Hollywood actors delivered a gift to followers with...
Published:8/4/2020 3:23:02 PM
[Markets] The pandemic has been a boon for online dating, and Match Group earnings show it The pandemic has been a boon for online dating, and Match Group earnings show it Published:8/4/2020 3:23:02 PM
[IJR] Jill Biden Confirms Joe Biden Will Debate Trump Amid Calls for Him to Skip the Debates "I think it's three debates that they decided on." Published:8/4/2020 3:23:02 PM
[Markets] Nikola stock falls 7% after electric-vehicle maker’s wider Q2 loss Nikola Corp. shares fall in the extended session after a wider-than-expected loss in the second quarter.
Published:8/4/2020 3:23:02 PM
[World] Disney loses nearly $5 billion in three months as pandemic wreaks havoc on business Walt Disney Co. shares toppled 2% in after-hours trading Tuesday after the media empire reported a quarterly loss of nearly $5 billion during a pandemic that has all but paralyzed its theme parks, live productions and cruise line.
Published:8/4/2020 3:23:02 PM
[] 'I'll shoot you. I don't care who you are': Husband of Los Angeles County district attorney charged after pointing gun at Black Lives Matter protesters at their home Published:8/4/2020 2:58:41 PM
[Politics] The Democratic Party’s Platform is an Assault on American Workers and Small Businesses Published:8/4/2020 2:58:41 PM
[Entertainment] Vanderpump Rules Star Danica Dow Files Restraining Order Against Ex-Boyfriend Danica DowDanica Dow has found herself in some relationship drama off camera. E! News can confirm the Vanderpump Rules star and SUR assistant manager filed--and was granted--a temporary restraining...
Published:8/4/2020 2:58:41 PM
[IJR] Neil Young Files Lawsuit to Stop Trump From Playing His Songs at Campaign Events "This complaint is not intended to disrespect the rights and opinions of American citizens." Published:8/4/2020 2:58:41 PM
[Politics] Cocaine Mitch mocks Pelosi for claiming marijuana helps with COVID Mitch McConnell mocked Pelosi this morning for claiming to reporters that marijuana is related to the coronavirus relief bill because it’s a therapy or something: PELOSI on cannabis provisions in House coronavirus . . . Published:8/4/2020 2:58:41 PM
[Politics] Cocaine Mitch mocks Pelosi for claiming marijuana helps with COVID Mitch McConnell mocked Pelosi this morning for claiming to reporters that marijuana is related to the coronavirus relief bill because it’s a therapy or something: PELOSI on cannabis provisions in House coronavirus . . . Published:8/4/2020 2:58:41 PM
[Politics] Left-Leaning 'Squad' Member Tlaib Faces Test in Michigan Primary "Squad" member Rashida Tlaib is trying to fend off a serious challenge for her House seat in Michigan's primary on Tuesday, in a rematch with the woman she narrowly defeated two years ago. Tlaib, one of the first two Muslim women in Congress, was seeking reelection to the... Published:8/4/2020 2:58:41 PM
[Economy] Advancing Free Trade Helps Ensure Economic Empowerment of Women

The new U.S.-Mexico-Canada Agreement can benefit female business owners by reducing the cost of transporting goods and services across borders, participants underscored during a recent... Read More

The post Advancing Free Trade Helps Ensure Economic Empowerment of Women appeared first on The Daily Signal.

Published:8/4/2020 2:58:41 PM
[d00e8fcf-6e17-579c-ba33-3560c1bb3556] Tiffany Haddish reveals she’s dating Common, lost ‘20 lbs since I’ve been in this relationship’ Tiffany Haddish and Common are official.  Published:8/4/2020 2:58:41 PM
[Markets] Kodak shareholders were not the only beneficiaries of the sudden stock surge — holders of convertible bonds also saw tidy gains Eastman Kodak Co.’s share price rally after news of a $765 million government loan to help it make drug ingredients at its U.S. factories has offered shareholders and executives with stock options a tidy windfall. But they’re not alone.
Published:8/4/2020 2:58:41 PM
[Markets] Teens Trash Trump For Destroying TikTok "Safe Space" As 'Influencers' Migrate To Instagram Teens Trash Trump For Destroying TikTok "Safe Space" As 'Influencers' Migrate To Instagram Tyler Durden Tue, 08/04/2020 - 15:55

Across the US, millions of 'Generation Z' believe that evil ol' Donald Trump is about to take away their favorite new toy - TikTok - after a brave cadre of courageous young people took to their keyboards and sabotaged his big campaign comeback event.

For the past few days, gen x influencers purportedly worried about the blowback to the influencer economy from the collapse of TikTok have been whining to reporters at the New York Times and Bloomberg, and those reporters have been publishing the choicest bits with nary an eye to accuracy.

Bloomberg reports that there's been a "mass migration" to Instagram, where the veteran TikTokers have been sharing a funereal procession of their greatest hits from the app...as if a sale to Microsoft would somehow end the freewheeling atmosphere allowed by the Communist Party. One such user described TikTok as "fundamentally an escape for a generation right now in isolation, especially, that needs it."

Late last week, the president said he planned to shut down Facebook's most formidable challenger: Chinese-owned video-sharing app TikTok. That threat sparked a panic among users that their digital clubhouse would soon be taken away or sold to Microsoft Corp. - and sent many popular TikTokers racing to move their creative endeavors to Instagram, the rival mobile app owned by Facebook.  But shifting to Instagram is an unsatisfying solution, said Max Beaumont, who built a following on TikTok documenting his journey of self-improvement with videos about diet and skin care. TikTok has become "fundamentally an escape for a generation right now in isolation, especially, that needs it," he said. "Just because you can have a massive following on something like TikTok doesn't necessarily translate over to YouTube or to Instagram or to some of these others."

Another source, 25-year-old Brooklynnn Shrum, from Nashville, Tennessee, claims the app was a "safe and welcoming place for people in the LGBTQ community" (the implication is, Twitter, Facebook and other US-based social media platforms aren't).

"TikTok gave an entire generation a voice, a platform, and power and that terrifies a lot of people, including President Trump," said Brooklynn Shrum, 25, who downloaded TikTok earlier this year. "If you're banning it because of a cyber security risk is one thing, but if you don't let an American company buy it, that's pure politics."

Shrum lives outside of Nashville, Tennessee, and said TikTok provided a safe and welcoming place for people in the LGBTQ community like herself  "to be themselves, without judgement." It also gave young people a platform for activism, even though some of them can't vote.

Shrum, who goes by @brooklyn322 on TikTok, posted an online tribute to the app last month and directed her followers to Instragram. "Follow me there in case the app goes down," she said. "It's been real."

But the real gems were found in the NYT story, written by ace millennial reporter Taylor Lorenz, a social media star who has amassed a sizable social media following (which apparently qualified her to write about the topic for the NYT).

One of Lorenz's sources, a 21-year-old named "Hootie Hurley", complained that TikTok has helped "put food on the table"...and now mean old President Trump is going to cast them adrift in the middle of an election.

“If TikTok did shut down, it would be like losing a bunch of really close friends I made, losing all the progress and work I did to get a big following,” said Ashleigh Hunniford, 17, who has more than 400,000 followers on the app. “It’s a big part of who I’ve become as a teenager. Losing it would be like losing a little bit of me."

There are also those for whom TikTok is their livelihood. “It has put food on our table,” said Hootie Hurley, 21, who has more than 1.1 million followers on the app. He said that a TikTok ban would be particularly devastating right now.

Even more ridiculous, Lorenz helped peddle a narrative that TikTok was an important source of pro-BLM content, helping to mobilize an army of teenage "activists", and implying that this might be another reason Trump wants it shut down.

In addition to giving young people a place to meet and entertain each other, TikTok has also been a platform for political and social justice issues.

“I think this will drastically affect political commentary among teenagers,” Ms. Hunniford said. “TikTok is an outlet for a lot of protest and activism and people talking about their political beliefs. Banning that would not carry well among people my age."

Lorenz's reporting also suggested that hopping from one platform to another would be nearly impossible. While that's true for some, any TikToker making good money on their following is probably already well diversified across platforms. A whole generation of social media influencers has endured the death of Vine.

Influencers who watched the fall of Vine, another popular short-form video app, in 2016 learned the importance of diversifying one’s audience across platforms. But even for TikTok’s biggest stars, moving an audience from one platform to another is a huge undertaking.

“I have 7 million followers on TikTok, but it doesn’t translate to every platform,” said Nick Austin, 20. “I only have 3 million on Instagram and 500,000 on YouTube. No matter what it’s going to be hard to transfer all the people I have on TikTok.”

So why have both Bloomberg and the NYT so willingly parroted these adolescent narratives about TikTok, lending credibility to the notion that the Trump Administration is targeting the app in retaliation for the Trump's Tulsa rally. As we reported at the time, reports of teens actually using the app to interfere with the event were overblown by a mainstream press willing to boost these ridiculous narratives for the sake of traffic.

To be clear: the notion that the Trump administration is barring TikTok in retaliation for Tulsa is as much of a 'whimsical conspiracy' as anything readers might find on Zero Hedge, if not more.

Published:8/4/2020 2:58:41 PM
[] YouTuber: My Mask-Wearing Is "a simple yet effective way to display my righteousness" Funny gal. Worth the watch.... Published:8/4/2020 2:58:41 PM
[] We take no pleasure in reporting this Louise Mensch news [screenshot] Published:8/4/2020 2:31:49 PM
[] From From Butch to Beautiful: Ex-Feminists Show Off Their Transformations Published:8/4/2020 2:31:49 PM
[BAC] JPMorgan: The End Of An Era Published:8/4/2020 2:31:49 PM
[World] Why Libya deserves better from the U.S. and the world

Over the past nine years, the world has failed to deal effectively and humanely with any of Libya’s geopolitical challenges.

The primary contributing factor for this failure is that following the fall of Moammar Gadhafi, Libya has become a hotbed of many global intelligence agencies. These can be roughly divided ... Published:8/4/2020 2:31:49 PM

[National Security] Massive Explosion of Unclear Origin Wracks Beirut

A massive explosion wracked Lebanon's capital Tuesday morning, with its origin and damage yet to be fully assessed. According to one reporter, twin explosions occurred in a 15-minute succession—one near the Beirut port and another within the confines of the city. Several people are reportedly wounded.  Recent Stories in National Security Massive Explosion of Unclear ...

The post Massive Explosion of Unclear Origin Wracks Beirut appeared first on Washington Free Beacon.

Published:8/4/2020 2:31:49 PM
[d0a53444-e5d8-5901-b554-1826dddab4fb] Sean Hannity: Remember, Dems impeached Trump in attempt to hurt his reelection chances On December 18, 2019, Democrats did to Donald J. Trump what they’d promised from the moment he was elected: they impeached him. Published:8/4/2020 2:31:49 PM
[Coronavirus] Did Lockdowns Work? Evidence Says No (Steven Hayward) With talk of ordering more widespread shutdowns to fight the resurgence of COVID-19 cases, it is worth taking note of a paper released over the weekend on the Social Science Research Network (SSRN) by Prof. Christian Bjørnskov of Aarhus University in Denmark. The paper is “Did Lockdown Work? An Economist’s Cross-Country Comparison.” The abstract is both direct and concise (a rarity in academic writing): I explore the association between the Published:8/4/2020 2:31:49 PM
[Cloud] Software stocks set new records despite earnings, pandemic You might have missed it, but amidst the current political-M&A-pandemic-election-disinformation news cycle we find ourselves in this week, SaaS and cloud companies reached new public market records. Yesterday, the Bessemer-Nasdaq cloud index closed at 2,035.54, a new record finish for the basket of software companies. And, today, the index broached the 2,040 mark before ceding […] Published:8/4/2020 2:31:49 PM
[Entertainment] The Best Beauty Deals at Nordstrom Anniversary Sale 2020 E-comm: The Best Beauty Deals at Nordstrom Anniversary Sale 2020We love these products, and we hope you do too. E! has affiliate relationships, so we may get a small share of the revenue from your purchases. Items are sold by the retailer, not...
Published:8/4/2020 2:31:49 PM
[Culture & Civilization] The Exhaustion of the New Moralists
A life lived in one's own head.
View Post
Published:8/4/2020 2:31:49 PM
[Politics] GOP Senators Meet With Democrats to Discuss Ending Relief Package Stalemate In an attempt to break a stalemate on the next coronavirus relief package, several Republican senators are meeting with Democrats behind-the-scenes to figure out how to come to an agreement, The Hill reports. Published:8/4/2020 2:31:49 PM
[In The News] NYC Health Commissioner Resigns Over ‘Deep Disappointment’ With Mayor DeBlasio’s Handling Of The Pandemic

By Chris White -

New York City Health Commissioner Oxiris Barbot resigned after clashing with Mayor Bill de Blasio over how to confront the coronavirus pandemic, The New York Times reported Tuesday. “I leave my post today with deep disappointment that during the most critical public health crisis in our lifetime, that the Health ...

NYC Health Commissioner Resigns Over ‘Deep Disappointment’ With Mayor DeBlasio’s Handling Of The Pandemic 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:8/4/2020 2:31:49 PM
[Markets] Florida Man Shoots And Kills Burger King Employee After Order Takes Too Long Florida Man Shoots And Kills Burger King Employee After Order Takes Too Long Tyler Durden Tue, 08/04/2020 - 15:25

Today in "2020 couldn't even surprise us if it tried anymore" news...

A woman in Orange County, Florida was so upset about the time it took for her to get her order at a Burger King, she commissioned a man to return to the restaurant and shoot one of its employees.

Deputies said that when they arrived, they found 22 year old employee Desmond Armond Joshua suffering from a gunshot wound in the parking lot. He was then taken to the area hospital where he was pronounced dead. 

Video recovered from the scene showed Joshua in a physical altercation with a "male who had him in a headlock," according to Click Orlando. One witness said the restaurant was busy the night of the incident and the drive-thru was backed up, causing customers to have to wait longer than usual. 

One woman was so mad about waiting, she got out of her car and threatened to have "her man" return to the restaurant. The Burger King refunded her $40 and asked her to leave. She waited in the parking lot in her black sedan for a few minutes before driving away. Later, she returned in a white truck with 37 year old Kelvis Rodriguez-Tormes, who demanded that Joshua fight him.

A witness intervened in the fight when Rodriguez-Tormes put Joshua in a headlock and started to choke him. 

Deputies then said Rodriguez-Tormes then went to his truck and got his gun, telling Joshua: "You got two seconds before I shoot you."

Shortly thereafter, he shot Joshua and fled in the white truck. In an interview with police after the shooting, Rodriguez-Tormes said he dismantled the gun and placed it "in a location which cannot be located".

Rodriguez-Tormes is now being charged with first-degree murder with a firearm, destruction of evidence and possession of firearm by a convicted felon. The woman has not been arrested.

Authorities said Joshua had just started working at the Burger King, days earlier. 

Burger King commented: “We are deeply saddened to hear of the tragic incident that took place at the Burger King on 7643 E. Colonial Drive and passing of team member Desmond Joshua. At Burger King, the safety of team members and guests is our top priority. The franchisee who owns and operates the restaurant is fully cooperating with authorities on this matter. Any questions should be directed to local authorities.”

Published:8/4/2020 2:31:49 PM
[IJR] Trump’s National Security Adviser Returns to Work After Recovering From the Coronavirus "His return to duties at the White House is consistent with CDC guidelines and White House Medical Unit advice." Published:8/4/2020 2:31:49 PM
[] 'What an obvious sham': Bill Kristol attempts to troll President Trump on canceling the debates Published:8/4/2020 1:53:02 PM
[] Oh my: NYC health commissioner resigns -- and takes aim at de Blasio Published:8/4/2020 1:53:02 PM
[National Security] Democrats Gutted Anti-Hezbollah Legislation Days Before Attack on Israel

Just days before the Iranian-funded terror group Hezbollah waged a terrorist attack on Israel’s northern border, congressional Democrats gutted legislation that would have halted U.S. funding to the Lebanese military, which is almost entirely controlled by the terror group.

The post Democrats Gutted Anti-Hezbollah Legislation Days Before Attack on Israel appeared first on Washington Free Beacon.

Published:8/4/2020 1:53:01 PM
[Entertainment] Hoda Kotb Is Totally Down for a Wild Mykonos Bachelorette Party! Hoda Kotb, Jenna Bush HagerThe Tokyo Olympics may be delayed until 2021, but TODAY show anchors Hoda Kotb and Jenna Bush Hager weren't going to let summer pass without getting into the athletic spirit. The duo...
Published:8/4/2020 1:53:01 PM
[Featured News] Watch: White House Press Briefing with Kayleigh McEnany – 8/4/20

By R. Mitchell -

White House Press Secretary Kayleigh McEnany holds a briefing Tuesday to update the nation on recent developments. The briefing is scheduled to begin at 12:00 p.m. EDT. Content created by Conservative Daily News and some content syndicated through CDN is available for re-publication without charge under the Creative Commons license. Visit ...

Watch: White House Press Briefing with Kayleigh McEnany – 8/4/20 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:8/4/2020 1:53:01 PM
[Markets] Gold ends above $2,000 an ounce for the first time in history Gold ends above $2,000 an ounce for the first time in history Published:8/4/2020 1:53:01 PM
[Education] Chicago Lawmaker Wants to Cancel History Classes ‘Until a Suitable Alternative Can Be Found’

Chicago-area leaders urged the Illinois State Board of Education on Sunday to halt history classes that “unfairly” communicate history until an “alternative” can be found.... Read More

The post Chicago Lawmaker Wants to Cancel History Classes ‘Until a Suitable Alternative Can Be Found’ appeared first on The Daily Signal.

Published:8/4/2020 1:53:01 PM
[IJR] Warren Calls on Congress to ‘Shore up’ USPS Amid Pandemic and Election Concerns Warren also criticized Trump for allegedly undermining USPS. Published:8/4/2020 1:53:01 PM
[Politics] Trump Encourages Mail-In Voting in Florida President Donald Trump, saying Florida’s election system is “safe and secure,” is encouraging people in the state to vote by mail. Published:8/4/2020 1:53:01 PM
[Apps] Parental control app Boomerang repeatedly blocked from Play Store, losing business Apple isn’t the only one accused of kicking out competitive solutions from its App Store. Google did the same — for over a month at least — or so alleges parental control app maker Boomerang. The company’s product competes with Google’s own Family Link solution for controlling screen time and children’s use of mobile devices. […] Published:8/4/2020 1:53:01 PM
[Markets] "V For Vendetta" - Was V's 2005 "Sermon" Warning Us Of COVID-19(84) Tyranny? "V For Vendetta" - Was V's 2005 "Sermon" Warning Us Of COVID-19(84) Tyranny? Tyler Durden Tue, 08/04/2020 - 14:40

Authored by John Manley via GlobalResearch.ca,

The movie V for Vendetta  is set in an alternative reality where neo-fascist totalitarian regime has subjugated the United Kingdom under the guise of protecting the people from war, terror and disease. Yes, disease. Indeed, the following clip from this 15-year-old dystopian film looks awfully like the world we now live in today, does it not?

At the film’s catalyst, a freedom fighter (codenamed “V”) hijacks the feed for a major TV network in London and broadcasts a “sermon” to the nation wearing a Guy Fawkes mask. See how his words apply to the governments’ reaction to COVID-19:

“And the truth is, there is something terribly wrong with this country, isn’t there? Cruelty and injustice, intolerance and oppression,” says V as his masked face appears across television sets around the nation.

“And where once you had the freedom to object, to think and speak as you saw fit, you now have censors and systems of surveillance coercing your conformity and soliciting your submission.

“How did this happen? Who’s to blame? Well, certainly, there are those who are more responsible than others, and they will be held accountable. But again, truth be told, if you’re looking for the guilty, you need only look into a mirror.”

“I know why you did it. I know you were afraid. Who wouldn’t be? War, terror, disease.”

Starting around 1:00:

Are we not seeing this today? Where several billion people have been scared into voluntarily handing over their freedoms so that they can be kept safe from a virus.

There were a myriad of problems which conspired to corrupt your reason and rob you of your common sense. Fear got the best of you, and in your panic you turned to the now high chancellor, Adam Sutler. He promised you order, he promised you peace, and all he demanded in return was your silent, obedient consent. “

I pray this not be a sermon we will deserve to hear in the years to come.

Please listen to Hugo Weaving’s incredible recital of this speech and heed its words while it’s still relatively easy to do so.

Already they have “conspired to corrupt your reason and rob you of your common sense.”

Let us remember that being “silent” is the same as giving our “obedient consent” to such totalitarian trickery.

As V says:

“Because while the truncheon may be used in lieu of conversation, words will always retain their power. Words offer the means to meaning, and for those who will listen, the enunciation of truth.”

Published:8/4/2020 1:53:01 PM
[Markets] Dow Jones Rises as Disney Earnings Loom, Home Depot Expands Distribution Network Disney's numbers are going to be rough this afternoon, and Home Depot is building three new distribution centers to handle increased demand. Published:8/4/2020 1:53:01 PM
[] Confronted by Charges That Woke Leftist SJWs Would Imitate Big Brother In Insisting That 2+2 =5, Woke Leftist SJWs Actually Do Start Arguing That 2+2 does Equal 5, If That's How You Feel About It When "2+2=5" starts being used as a meme on Twitter, and leftwing NPCs are charged with believing this formulation from 1984, you might think that leftists would say, "We don't believe in any such nonsense, and shame on you for... Published:8/4/2020 1:53:01 PM
[] Blue-check Christian offers up new series on ‘White Fragility,’ which if you disagree with you're only proving you're super white and fragile Published:8/4/2020 1:22:42 PM
[World] Americans will bear the full cost of the nearly ready COVID-19 vaccine

As readers of this column have noted, I am a reluctant advocate of masks to deal with the pandemic. Dr. Robert Redfield, the director of the Centers for Disease Control and Prevention, has now spoken out favorably and cogently about wearing masks. Thus I, having considered all the alternatives, have ... Published:8/4/2020 1:22:41 PM

[National Security] Israel Launches Counteroffensive Against Hezbollah, Hamas

Israel waged counterstrikes on Tuesday in southern Syria and the Gaza Strip following aggression from Hamas, Hezbollah, and Syrian military forces, the Wall Street Journal reported. Israel Defense Forces deployed a contingent of helicopters, fighter jets, and drones against Syrian military installations purposed for observation, intelligence gathering, and communication. This attack came a day following a ...

The post Israel Launches Counteroffensive Against Hezbollah, Hamas appeared first on Washington Free Beacon.

Published:8/4/2020 1:22:41 PM
[Entertainment] Fixer Upper Is Coming Back on Chip and Joanna Gaines' Magnolia Network Chip Gaines, Joanna Gaines, Fixer UpperMore shiplap is coming. Chip and Joanna Gaines are bringing Fixer Upper back into our lives, despite ending the show two years ago. The series follows the couple as they help families...
Published:8/4/2020 1:22:41 PM
[Race] J.P. Sears on Wokeology (Steven Hayward) You know who doesn’t suffer from “white fragility”? J.P. Sears, that’s who. Here in this 5-minute video, J.P. offers his short course in attaining a Ph.D in “White Wokeology,” which you get through Twitter University (though he doesn’t actually say where the program is accredited). I can’t believe J.P. hasn’t been rounded up and sent to a sensitivity training relocation camp in Cambridge or somewhere. Published:8/4/2020 1:22:41 PM
[Uncategorized] Massive explosion rocks Beirut port — ‘Fireworks’ or Hezbollah weapons depot? Conflicting reports as to what exploded, and how. Published:8/4/2020 1:22:41 PM
[Politics] WATCH LIVE: Ted Cruz holds Senate hearing on Antifa terror attacks at 2:30PM Senator Ted Cruz is holding a Senate Judiciary subcommittee hearing on Antifa terror attacks called “The Right of the People Peaceably to Assemble: Protecting Speech by Stopping Anarchist Violence” at 2:30PM ET. . . . Published:8/4/2020 1:22:41 PM
[Politics] WATCH LIVE: Ted Cruz holds Senate hearing on Antifa terror attacks at 2:30PM Senator Ted Cruz is holding a Senate Judiciary subcommittee hearing on Antifa terror attacks called “The Right of the People Peaceably to Assemble: Protecting Speech by Stopping Anarchist Violence” at 2:30PM ET. . . . Published:8/4/2020 1:22:41 PM
[ea0a2cb0-abde-596d-b693-4f695b9f9682] Courtney Stodden posts underwear pic, talks 'living in hell' to achieve perfection online Courtney Stodden reflected on feeling the pressures of social media and shared an underwear photo. Published:8/4/2020 1:22:41 PM
[5cb55475-3e05-5891-9b61-4fe733e79539] Tom Del Beccaro: If Biden wins 2020 election, his policies would damage US in 3 major ways This November, the difference between the policies offered by President Trump and Joe Biden will be as wide as any in the last 50 years. Published:8/4/2020 1:22:41 PM
[TC] Apple’s veteran marketing chief Phil Schiller moves to smaller role inside company After more than three decades climbing Apple’s ranks, marketing chief Phil Schiller is taking a step back at the company, being replaced by a long-time product marketing leader inside Apple. Schiller is taking on a new role as an Apple Fellow where he will continue to lead the App Store and the company’s events, a […] Published:8/4/2020 1:22:41 PM
[Markets] The Tell: Why this investment could be ‘one of the dominant assets’ of the decade Will Rogers once said “Don’t wait to buy real estate. Buy real estate and wait.” If you follow that Hollywood legend’s advice in the current climate, you could be in store for a nice windfall over the next 10 years, according to Ben Carlson.
Published:8/4/2020 1:22:41 PM
[Markets] Democrats Up Stimulus Demand To $3.4 Trillion In Odd Negotiating Tactic Democrats Up Stimulus Demand To $3.4 Trillion In Odd Negotiating Tactic Tyler Durden Tue, 08/04/2020 - 14:15

House Speaker Nancy Pelosi just revealed that Congressional Democrats not only won't budge on their $3 trillion stimulus package passed by the House in May - she's upped the demand to $3.4 trillion in order to 'settle' on a deal.

Asked by CNN's Manu Raju if she still wants a stimulus deal this week, and if she has a price tag she'd be willing to settle on, Pelosi replied "Yeah, $3.4 trillion."

White House Press Secretary Kayleigh McEnany described Pelosi's new demand as 'a mockery' of the process.

Meanwhile, Senate Majority Leader Mitch McConnell (R-KY) - who has called the $3 trillion Democratic proposal "another big laundry list" - has flat out rejected the left's package, and has instead defended the Senate GOP's $1 trillion stimulus bill.

The top Democratic and White House negotiators have held hours of talks this week in hopes of reaching a deal on another round of stimulus spending as key deadlines on extending a federal eviction moratorium and federal unemployment benefits have come and gone.

Pelosi, when asked if it's really feasible to get a deal this week given how far apart the two sides are, said, "At some point you just have to freeze the design." -CNN

The Speaker said she hopes lawmakers can reach a bipartisan agreement this week in order to hold a vote in the House by next week - which will require a Rules Committee meeting to determine the parameters for debate over the bill on the House floor.

"We are just right now identifying the justification for what we're saying it costs -- how the money would be spent," said Pelosi. "And we're asking the same for some of the things they are talking about, so that we have a clear understanding. So it's productive in that regard. And now we just have to negotiate what comes next."

Published:8/4/2020 1:22:41 PM
[IJR] Trump Changes Course, Says Florida’s Mail-in Ballots are ‘Safe and Secure’ Trump says some voting-by-mail is fine. Published:8/4/2020 1:22:41 PM
[topics:places/middle-east] Beirut explosions: Many feared dead in 'national disaster akin to Hiroshima' - latest news and video Published:8/4/2020 1:22:41 PM
[World] The Ratings Game: AMD eyes $100 billion market cap as more analysts see market share grab from Intel Advanced Micro Devices Inc.’s stock soars to fresh records Tuesday after another analyst hikes his price target on the chip company, driving it to a market cap in excess of $100 billion.
Published:8/4/2020 1:22:41 PM
[] 'Hittin' the Franzia pretty hard?' Thread taking S.E. Cupp's 'president wish list' apart is so BRUTALLY GOOD we had to share it Published:8/4/2020 12:51:18 PM
[Law] Trump Administration Slates $35M to Help Survivors of Human Trafficking

The Trump administration will issue more than $35 million in grants to provide safe housing to survivors of human trafficking. The Justice Department was set... Read More

The post Trump Administration Slates $35M to Help Survivors of Human Trafficking appeared first on The Daily Signal.

Published:8/4/2020 12:51:18 PM
[Entertainment] Ratched Might Just Fill the Void While You Wait For More American Horror Story RatchedWe may have to wait for more American Horror Story since it hasn't been able to film yet, but that hole in your heart may just be filled by Ratched. Sarah Paulson stars in and...
Published:8/4/2020 12:51:17 PM
[2020 Presidential Election] Poll: Strong majority opposes forced diversification of neighborhoods (Paul Mirengoff) Claims by left-wing journalists that President Trump’s revocation of AFFH won’t help him win suburban voters strike me as confirmation that this line of attack might very well have that happy effect. It seems to me that the Democratic left doth protest too much. A new Rasmussen poll shows that Trump’s attack on Joe Biden for making “war on the suburbs” is, indeed, potentially powerful: A poll released Tuesday by Published:8/4/2020 12:51:17 PM
[Politics] Sens. Young, Bennet Push for Bipartisan Small Business Loan Program Sens. Todd Young, R-Ind., and Michael Bennet, D-Colo., are calling on congressional leaders to include a separate small business loan plan in the coronavirus relief bill package in a bipartisan... Published:8/4/2020 12:51:17 PM
[IJR] Susan Rice Responds to Call to Defund Police: ‘I’m for Re-Imagining the Role of the Police’ "We have a long history of inequality, of oppression, that endures in this country and we need the police to be a part of the solution." Published:8/4/2020 12:51:17 PM
[structure:news/world-news] Sri Lankan minorities fear landslide victory for Rajapaksa brothers in parliamentary elections Published:8/4/2020 12:51:17 PM
[Markets] Raytheon Announces Deal To Make Israel's Iron Dome Defense System In US Raytheon Announces Deal To Make Israel's Iron Dome Defense System In US Tyler Durden Tue, 08/04/2020 - 13:45

Authored by Jason Ditz via AntiWar.com,

Major US armsmaker Raytheon Technologies has announced a joint venture with Israel’s Rafael to make Israel’s Iron Dome missile defense system inside the United States, with an eye toward sending it to “allies across the globe.”

Raytheon emphasized how successful Israel says Iron Dome is, citing a 90% success rate. That’s used to intercept the makeshift Palestinian rockets, and it is broadly untested with respect to proper missiles or other weapons.

“This will be the first Iron Dome all-up-round facility outside of Israel, and it will help the U.S. Department of Defense and allies across the globe obtain the system for defense of their service members and critical infrastructure,” vice president of Raytheon Missiles & Defense’s land warfare and air defense Sam Deneke said.

Iron Dome system file image, via DefPost

According to Defense News:

The U.S. Army has chosen Iron Dome as an interim capability to counter cruise missiles while it continues to develop a future Indirect Fires Protection Capability, or IFPC, to counter those threats as well as enemy drones, rockets, artillery and mortars. Congress mandated the service buy two batteries to cover urgent cruise missile defense gaps, and another set of two if the Army didn’t come up with a way forward for its enduring IFPC.

MIT has done studies on Iron Dome as an interceptor missile, concluding that the success rate is a “deception” and that it is a system which “hardly works,” and almost certainly would have a success rate less than 10 percent.

Collection of archived clips of Iron Dome in action over Israel:

Historically this was important because US aid is used to pay for the Israeli system. If the system doesn’t work, however, it’s likely something other potential customers may want to be aware of.

Published:8/4/2020 12:51:17 PM
[Markets] Key Words: Four ex-FDA commissioners urge U.S. to step up efforts to collect blood plasma for clinical trials as COVID-19 treatment A group of four former U.S. Food and Drug Administration commissioners is arguing for the U.S. to step up efforts to collect blood plasma from patients who have recovered from the coronavirus illness COVID-19 and to push ahead with clinical trials.
Published:8/4/2020 12:51:17 PM
[] LOL: Twitter Could Face $250 Million Fine For Using Users' Private Phone Numbers to Better Target Ads Oh, so that's why they started demanding you give them your phone number. Not for security, as they lied. No, so they'd know which ads to hit you with. witter disclosed in a regulatory filing that it could face a... Published:8/4/2020 12:51:17 PM
[] HOT SCOOP: NBA reporter and amateur weapons expert Chris Palmer says 'there is no question that' Beirut explosion 'was an atomic bomb' Published:8/4/2020 12:24:43 PM
[2020 Election] Obama Keeps ‘Squad’ Off List of Endorsements

Former president Barack Obama announced on Monday his first list of endorsements for the November election, but excluded the four members of the far-left group of House Democrats known as “the Squad.” 

The post Obama Keeps ‘Squad’ Off List of Endorsements appeared first on Washington Free Beacon.

Published:8/4/2020 12:24:42 PM
[News] Stacey Abrams Warns Not to Expect a US Presidential Winner on Election Night "And so my admonition is that we have to approach Nov. 3 with patience." Published:8/4/2020 12:24:42 PM
[Politics] L.A. Rep. Karen Bass surged up Biden's VP list. Is she ready for the national stage?

Bass catapulted to Biden's short list thanks to her pragmatism and unassuming style, which have impressed progressives, moderates, even Republicans.

Published:8/4/2020 12:24:42 PM
[Entertainment] See Botched Star Paul Nassif & Wife Brittany's Stunning Pregnancy Photo Shoot! Paul Nassif, Brittany Nassif, Exclusive Maternity PicsA breathtaking beach photo shoot in honor of the baby-to-be! Botched star Dr. Paul Nassif and pregnant wife Brittany Nassif are sharing some stunning maternity pics exclusively with E!...
Published:8/4/2020 12:24:42 PM
[Quick Takes] Republicans in Congress Demand Universities Produce Records of All Foreign Donations "after a Department of Education investigation this year found American universities had accepted $6.4 billion of hidden foreign donations" Published:8/4/2020 12:24:42 PM
[World] Trump in WHO-ville: America Should Stay to Counter Chinese Manipulation

The WHO is complicit in China's coronavirus lies. But that doesn't mean we should abandon it.

The post Trump in WHO-ville: America Should Stay to Counter Chinese Manipulation appeared first on The American Conservative.

Published:8/4/2020 12:24:42 PM
[Politics] Susan Rice: I Have the Experience to Handle Coronavirus Response Former national security adviser Susan Rice says she has the experience necessary to respond to the coronavirus pandemic. During a Tuesday appearance on CBS News' "CBS This Morning," the possible Joe Biden vice president pick said she has dealt with handling global diseases... Published:8/4/2020 12:24:42 PM
[Column] More thoughts on growing podcasts Plus: how to monitor and fix Facebook/Instagram ad fatigue, and using mobile app ads to drive landing page conversions. Published:8/4/2020 12:24:42 PM
[Markets] Antitrust questions bruise but don’t break Big Tech CEOs in historic hearing It was a bruising day tech’s biggest names on Capitol Hill.
Published:8/4/2020 12:24:42 PM
[Politics] Beirut in the Dark As Lebanon Lurches Toward New War The Pyongyang-Seoul gap is often depicted in night-time pictures: the darkened, Communistic North versus the well-lit, free South. Something similar can now be said of the light gap, illustrated above, between Tel Aviv (above) and Beirut (below). Beyond endless electric outages, Lebanon is suffering a perfect storm of bad news. The last thing on the minds of its rulers, therefore, should be a war with powerful (and well-lit) Israel. Except, as seen in a series of recent incidents, it isn't... Published:8/4/2020 12:24:42 PM
[HT] 2 REITs That Could Triple In The Recovery Published:8/4/2020 11:52:54 AM
[] Does it make a difference if Hillary Clinton calls out Donald Trump for his remarks on dead Americans? Published:8/4/2020 11:52:54 AM
[National Security] BEASTMODE: Elliott Abrams Informs Rand Paul That Venezuela’s Maduro Is a Murderous Dictator

Sen. Rand Paul (R., Ky.) argued there is no difference between Venezuelan dictator Nicolas Maduro and pro-democracy opposition leader Juan Guaido, who is recognized by the United States as the legitimate head of the country, but Trump Special Representative for Venezuela Elliott Abrams was there to set the record straight.

The post BEASTMODE: Elliott Abrams Informs Rand Paul That Venezuela’s Maduro Is a Murderous Dictator appeared first on Washington Free Beacon.

Published:8/4/2020 11:52:54 AM
[In The News] Portland Teenager Faces Assault Charges After Allegedly Setting Off Explosive Device

By Mary Rose Corkery -

An 18-year-old man was arrested after allegedly setting off an explosive device that injured a U.S. Marshal, the Department of Justice announced Monday. U.S. Attorney Billy J. Williams said Monday that Isaiah Jason Maza Jr. was charged for the alleged assault and government property damage, according to the press release. ...

Portland Teenager Faces Assault Charges After Allegedly Setting Off Explosive Device 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:8/4/2020 11:52:54 AM
[Entertainment] Rob Kardashian Enjoys Dinner Date With Instagram Model Aileen Gisselle Rob Kardashian, Aileen GisselleBack in the dating game? That just might be the case for Rob Kardashian! On Monday evening, the 33-year-old was spotted on what appeared to be a dinner date with Instagram model Aileen...
Published:8/4/2020 11:52:54 AM
[Politics] Poll: McConnell Leads McGrath by 17 Points in Kentucky Fifty-three percent of likely voters in Kentucky favor Senate Majority Leader Mitch McConnell, while 36% support Democrat Amy McGrath in the state’s Senate race, according to a new Morning Consult poll. Published:8/4/2020 11:52:54 AM
[structure:news] Tuesday evening news briefing: Is a second wave sweeping Europe? Published:8/4/2020 11:52:54 AM
[Politics] MASSIVE explosion rocks port in Lebanon [VIDEO] A massive explosion has just rocked a port in Beirut, Lebanon: A massive explosion shook Lebanon’s capital Beirut on Tuesday wounding a number of people and causing widespread damage. The cause of . . . Published:8/4/2020 11:52:54 AM
[Politics] MASSIVE explosion rocks port in Lebanon [VIDEO] A massive explosion has just rocked a port in Beirut, Lebanon: A massive explosion shook Lebanon’s capital Beirut on Tuesday wounding a number of people and causing widespread damage. The cause of . . . Published:8/4/2020 11:52:54 AM
[Markets] Apple denies report it's set to bid against Microsoft on TikTok takeover Apple denies report it's set to bid against Microsoft on TikTok takeover Published:8/4/2020 11:52:54 AM
[Entertainment] I am a theater critic in New York. Not a hair salon in Dublin. Let me explain. How a comedy of errors on Irish Twitter led to an honorary doctorate in hairdressing. Published:8/4/2020 11:52:54 AM
[59f7ba53-ab79-5119-b71f-6a429ae04201] Ryan Reynolds apologizes for plantation wedding with Blake Lively: 'Giant f--king mistake' Ryan Reynolds apologized for his 2012 wedding with Blake Lively at Boone Hall, a former slave plantation, in South Carolina. Published:8/4/2020 11:52:54 AM
[Markets] China Steps Up Massive 'Combat Readiness' Aerial Drills Over South China Sea China Steps Up Massive 'Combat Readiness' Aerial Drills Over South China Sea Tyler Durden Tue, 08/04/2020 - 12:49

China has conducted massive aerial drills over the South China Sea at a moment of all-time high tensions with the United States. 

Described as air combat readiness exercises, regional media details that three of China's five main military regions are active as part of the drills. It comes on the heels of even larger exercises off the Leizhou Peninsula in southern China which wrapped up days ago.

“Our aim is not to push the limit or break a record. All our exercises are aimed at [preparing for] actual combat,” a state media video said of the drills, which lasted over ten hours.

Illustrative file image, via Chinese Ministry of National Defense

The aircraft made use of some of its man-made islands which have been at center of controversy with regional allies of the US, given the artificial land masses have been used to expand China's maritime claims over the whole area.

South China Sea detailed of the new drills that "the Southern Theatre Command sent various aircraft, including an Su-30 fighter and an aerial refuelling tanker, to Subi Reef, a South China Sea atoll that China expanded into an artificial island."

During the exercise, one foreign aircraft was said to be chased away from the area, but it's unclear whether it was military or what nation it belonged to.

Subi Reef is in the Spratly Islands — lately an area where tensions run high, also given the significant uptick in US overhead military overflights of the past months, and especially the fact that Vietnam is locked in a territorial dispute with Beijing over the island chain.

Meanwhile, the Pentagon has plans for its own future drills in the contested South China Sea; however, some allies like the Philippines have said of late that they don't plan to participate for fear of sparking inadvertent military conflict. 

Published:8/4/2020 11:52:54 AM
[TC] Microsoft, Amazon back a SoCal company making microchips specifically for voice-based apps Microsoft’s venture capital fund, M12 Ventures has led a slew of strategic corporate investors backing a new chip developer out of Southern California called Syntiant, which makes semiconductors for voice recognition and speech-based applications. “We started out to build a new type of processor for machine learning, and voice is our first application,” says Syntiant […] Published:8/4/2020 11:52:54 AM
[Markets] Deep Dive: These fast-growing companies that track key consumer trends have produced a nearly 50% gain for one fund in 2020 The Sparrow Growth Fund is designed to shift quickly to wherever the most growth is taking place.
Published:8/4/2020 11:52:54 AM
[Black Lives Matter] White BLM mob comes calling on home of Seattle’s black police chief (Paul Mirengoff) Carmen Best, a black woman, is the chief of police in Seattle. She’s a longtime member of the police force and, as you would expect, a liberal who supports police reform and peaceful protests calling for such reform. Best has criticized vandalism, arson, and rioting — a stance that, surely, is no more than table stakes for a police chief even in this woke age. However, her force has done Published:8/4/2020 11:52:54 AM
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