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Watch: MSNBC Talking Head Calls GOP “Front For A Terrorist Organisation”

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Watch: MSNBC Talking Head Calls GOP “Front For A Terrorist Organisation”

Authored by Steve Watson via Summit News,

MSNBC extremist contributor Jason Johnson declared Thursday that the Republican Party no longer exists and that it is now just a front for a terrorist organisation.

Johnson made the comments during a discussion centred on the release of previously unseen footage from the January 6th Capitol incident.

House Republican Speaker Kevin McCarthy’s provided the unreleased security camera footage to Fox News host Tucker Carlson, immediately triggering the far left.

Johnson commented on the move, stating “I’m not being incendiary when I say this, I’ve been saying this for a long time… There is no Republican Party. They’re a dime store front for a terrorist organization.”

“You took an investigation into a federal attack, an attack on our federal government, and gave it to a journalist who is a supporter of terrorism,” Johnson charged, adding “This is dangerous.”

Johnson whined that that Carlson “doesn’t have security clearance,” and declared “we don’t know if it ends with Tucker Carlson! He can hand it to anybody else. He can hand it to Jesse Waters, right? He can hand it to anybody. All sorts of incompetent people who are in favor of overthrowing this government in a violent fashion.”

Johnson went on, “there are terrorists in this world, [and] some in Congress right now, who want to overthrow our legitimately elected government. And they’ve just given this man information that he can distribute to anybody.” 

Watch:

Imagine for a second what the result would be if the videos had been provided to MSNBC, rather than Carlson.

The footage given to Carlson amounts to around 44,000 hours of video from the security cameras at the Capitol.

Leftists are freaking out about the move solely because Carlson has previously questioned the established narrative of what went down, and highlighted how it has been used as propaganda by Democrats.

“A Propaganda Lie”: Tucker Carlson Sums Up Democrats’ Blockbuster TV Show Trial

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Tyler Durden
Fri, 02/24/2023 – 18:20

The Dark Biden Rises: The Reinvention Of Hunter In A New And Menacing Image

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The Dark Biden Rises: The Reinvention Of Hunter In A New And Menacing Image

Authored by Jonathan Turley,

Below is an expanded version of my New York Post column this week on the latest moves by Hunter Biden and his team. It is the latest reinvention of Hunter but it is unlikely to succeed any more than the earlier incarnations. Yesterday, the deadline to turn over evidence passed for Hunter, his uncle, and one of his associates. They have decided to go full Bannon, even though this course took the former Trump adviser to a speedy conviction for contempt.

Here is the column:

It appears that the Biden franchise is about to follow a new vision for the male scion of President Joe Biden. Just as Christopher Nolan introduced a darker Batman, a new team of political advisers and lawyers have reinvented Hunter Biden in a new and more menacing image. Biden is threatening lawsuits and reportedly preparing a scorched Earth campaign against political and media critics. He is even in court trying to prevent his own daughter from using his name.

Welcome to the new Dark Biden.

Hunter Biden has long been a reclamation project for the media and the Biden team. Despite ample evidence that he and his family may have engaged in one of the largest influence peddling operations in history, the media has struggled to find a redeeming image for someone who has committed his life to a toxic mix of nepotism, narcissism, and narcotics.

First, there was the “Hunter: the wrongly accused international businessman.”

This blanket denial of wrongdoing was maintained by his father and dutifully repeated by the media. Hunter Biden did “nothing wrong” and reporters pressing questions of corruption were immediately attacked.

Then came “Hunter Biden: victim of Russian Disinformation.”

Before the 2020 election, the media repeated the false claim that the Hunter Biden laptop was likely “Russian Disinformation.” Despite the denial of American intelligence and self-verifying emails on the laptop, the media accepted without question the dubious claims of former intelligence figures organized by longtime Democratic operatives.

Then came “Hunter Biden: heroic recovering addict.”

As the media denials became more difficult to maintain on his dealings, Biden released a book that detailed his struggle with drugs and debauchery. The media again launched into the same fawning, unquestioning mode.   Hunter appeared on every network touting his book “Beautiful Things,” that Simon and Schuster reportedly gave him $2 million to write (despite less than 10,000 book sales in the first week). He was portrayed as the very image of courage in speaking openly of the details of his sex and drug addictions even though he repeatedly claimed no memory on issues related to his business dealings or the laptop.

Now we have the Dark Biden.

Hunter’s handlers are reinventing Hunter in a more combative image. He is an edgy and aggressive antagonist ready to fight fire with fire against Republicans. A team was assembled to reportedly attack potential witnesses and critics. With a possible criminal indictment and congressional investigations looming, Hunter the businessman or recovering addict or victim will not do.

Hunter appears to have acquired lawyers by the gross, including former Clinton counsel Abbe Lowell. Lowell recently sent out a letter that caused a stir by not only seemingly confirming the authenticity of the laptop but threatening a host of critics. Biden called for groups to be stripped of tax exemptions, suggested a host of possible defamation actions, and even demanded criminal investigations against critics.

The problem is that, unlike Dark Batman, Dark Biden is missing one critical element: a credible threat.

Undeterred, Lowell recently defied a demand for evidence from the House Oversight Committee. In a letter to House Oversight Committee Chair James Comer (R-KY), Lowell declared “Peddling your own inaccurate and baseless conclusions under the guise of a real investigation, turns the Committee into ‘Wonderland’ and you into the Queen of Hearts shouting, ‘sentence first, verdict afterwords.’”

Lowell categorically refused to turn over a single document to House Oversight Committee Chair James Comer (R-Ky.), saying there was no “legitimate legislative purpose” for the investigation into Hunter. He left open the possibility the House might convince Hunter to cooperate. Perhaps the House could try to “say it nicer,” as Hunter once instructed ABC News reporter Amy Robach.

The message is “fear us” but it could not be less convincing than if Lowell put black tights and an eared mask on his client. It just does not fit.

Congress clearly has a legitimate interest in investigating whether millions of dollars from foreign interests, including some connected to foreign intelligence, were funneled to the Biden family to influence President Biden.

Emails repeated references not only Joe Biden and suggest knowledge of the dealings despite his repeated denials of any knowledge or involvement. There is also a clear effort to hide Joe Biden’s involvement.  In one email, Biden associate James Gilliar instructed Tony Bobulinski, then Hunter’s business partner: “Don’t mention Joe being involved, it’s only when u [sic] are face to face, I know u [sic] know that but they are paranoid.” Bobulinski has given sworn statements that he personally met with Joe Biden to discuss these dealings.

Emails used code names for Joe Biden such as “Celtic” or “the big guy.” In one, “the big guy” is mentioned as possibly receiving a 10% cut on a deal with a Chinese energy firm. There are also references to Hunter paying off his father’s bills from shared accounts.

Code names, cuts for “the big guy” and millions in mysterious foreign transactions are ample reasons for congressional inquiry.

The new buff Biden is a bluff and the Committee just called it. He has until Wednesday 11:59 p.m ET to hand over documents to the House Oversight Committee related to his foreign business dealings or else face a potential subpoena from Republicans.

He would then become less Batman and more Bannon. Unless Lowell backs down, he will follow the same strategy of Steve Bannon who was ultimately charged with contempt and convicted. At the time, I said that Bannon was asking for a contempt charge.

Despite the considerable risk, Hunter Biden is holding to character. He has not shared information on his art sales despite concerns over influence peddling and money laundering. Now his art dealer, Georges Bergès, has also reportedly refused to provide the House Oversight Committee with the identities of the buyers of Biden’s high-priced art work.

It won’t work. It is a course that could lead to a criminal charge entirely separate from the underlying allegations. It just shows, as Joker stated in the Dark Knight, “Madness…is a lot like gravity. All it takes is a little push.”

Tyler Durden
Fri, 02/24/2023 – 17:40

Marjorie Taylor Greene Introduces Bill To Audit Billions Flowing To Ukraine

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Marjorie Taylor Greene Introduces Bill To Audit Billions Flowing To Ukraine

Rep. Marjorie Taylor Greene (R-Ga.) is planning to introduce a bill which forces an audit of the tens of billions of dollars in aid the United States has handed over to Ukraine. The announcement came just on the eve of the Ukraine invasion hitting the one-year mark.

“It’s going to force Congress to give the American people an audit,” Greene told Tucker Carlson in an interview Thursday night. “And that is exactly what the American people need, an audit of Ukraine, because we have no idea where all this money’s going.”

Getty Images

She’s introducing a resolution of inquiry in the House on Friday, which is a method to formally request information from the executive branch, according to The Hill.

“I’m introducing this resolution, and I’m looking forward to seeing my Republican colleagues support it,” Greene said. The move is motivated in large part, she described, due to growing concerns that the White House and US military’s ever-deepening involvement in Ukraine will spark a world war.

She called Biden “so disconnected with what the American people want that they are literally going to lead us into World War III.”

“There’s not bipartisan support among the American people for fighting a war in Ukraine that does nothing for Americans except force them to pay for it,” Greene added. Indeed many die-hard supporters of Ukraine have complained about “Ukraine fatigue” now gripping much of the American public.

According to a number of recent opinion polls, Republicans are more likely than Democrats to say there should be a limit to US support given to Kiev, or else it should be halted altogether.

Greene’s resolution also comes after Pentagon officials have themselves admitted that accounting for where US weapons end up once they enter Ukraine is very difficult. The Pentagon currently has a task force in place, consisting of limited numbers of officers and troops, which are on the ground attempting to track serial numbers and provided limited oversight of shipments.

Rep. Matt Gaetz, and close political ally of Greene, has also submitted a “Ukraine fatigue” bill which has divided Republicans’ response…

Recently Greene charged that when it comes to Democrats and their policies, “The only border they care about is Ukraine, not America’s southern border.” She pledged of the new GOP-led House that “Under Republicans, not another penny will go to Ukraine. Our country comes first. They don’t care about our border or our people.”

However, Republican leadership is still composed primarily of hawks who have been generally supportive of Biden’s steady trickle of aid packages and weapons for Ukraine, including tanks, yet have only voiced concerns over not wanting a ‘blank check’. 

Tyler Durden
Fri, 02/24/2023 – 17:20

One-Size-Fits-All Education Doesn’t Work Well, But Diversity Advocates Are Hitting The Accelerator

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One-Size-Fits-All Education Doesn’t Work Well, But Diversity Advocates Are Hitting The Accelerator

Authored by Vince Bielski via RealClear Wire,

There’s a world of difference in the abilities of elementary school students in the Trotwood-Madison City School District, outside Dayton, Ohio. Some low-performing fifth graders are only capable of reading first-grade picture books with basic words like dog and cat, says Angie Fugate, a district specialist focusing on gifted education. In the same classrooms, the aces read at a sixth-grade level, devouring thick novels that adults also enjoy, including the Harry Potter series.   

It’s like we have gone back to the days of the one-room schoolhouse,” Fugate says. “The gap is really huge and yet we are supposed to teach them all the same curriculum. It’s a very difficult thing to do. For some teachers, it’s just overwhelming.” 

This remarkable learning gap of about five grade levels exists today in many if not most K-8 classrooms in the U.S., according to researchers. They say it makes teaching everyone in a classroom extremely difficult and may help explain the poor performance of many public schools.  

The gap partly reflects reformers’ decades-long push against grouping students by ability that’s only intensifying now in a renewed clamor for diversity in classrooms. Although much attention has focused on dropping selective admissions at academically competitive public schools, the diversity movement has also rolled back gifted programs and honors classes at more schools, from New York to Seattle.  

Even educational experts who support diversity warn that the dismantling of accelerated instruction will likely add to the learning gap problem as advanced students are increasingly tossed into general education classrooms. 

The learning gap already exists in big cities, suburbs, and small towns. A 2021 study found that in about 70% of fourth-grade classrooms, student performance varied widely, with pupils placing in four or more different math benchmarks from low to advanced – or from about the second- to sixth-grade levels.  

The pandemic lockdowns widened the spread even more. It was particularly harmful to low-income students of color who spent more time in remote instruction and dropped even further behind their white peers, according to a 2022 study.  

Diverse, but at What Cost in Learning?

To learn, students need challenging instruction calibrated just beyond what they already know. But the wider the learning gap in a classroom, the more likely that a teacher won’t provide everyone with appropriate levels of instruction, says Scott Peters, a senior research scientist at school assessment group NWEA who focuses on the achievement gap. 

What schools are doing today is so inefficient and ineffective,” Peters says. “Equity should be about giving every kid what they need to grow. But we are teaching every kid the same thing, despite the big achievement gaps among them, and that’s the definition of inequity.” 

For diversity advocates, the priority is integrating classrooms of high-achieving whites and Asians with more blacks and Latinos despite the disparity in skill levels that often exists among these students. They argue that mixed classrooms are essential in a country with a population that’s become much more diverse over the past two decades.  

Halley Potter at the Century Foundation, a progressive think tank, says that while ability grouping almost always produces classrooms skewed by race and class, mixed classrooms create “learning environments that build empathy, reduce racial bias, and prepare students to thrive in a diverse world.” 

But what about academic performance? Years of research to find out if mixing students from different economic backgrounds improves the performance of low achievers is “inconclusive,” according to a review of the studies by Sarah Cordes at Temple University.  

Several studies suggest that struggling students do see gains in more prosperous schools ‒ but a few studies suggest they don’t. The bigger issue, Cordes points out, is that it’s unclear what’s causing the improved performance: Is it the exposure to high-achieving peers or the family background of the struggling students?  

If mixed-ability classrooms work, it’s not reflected in the nation’s report card. The national testing scores of fourth and eighth graders in math and reading showed almost no progress from 2009 to 2019. More telling, the divergence between the high and low performers widened significantly. Scores for the weakest students fell in both subjects and in both grades. 

But researchers who say lumping students together isn’t working and it’s time to consider new approaches sometimes face a hostile reception in today’s racially charged fight over public education.  

“If you want to be called a racist, go out and say that you’re for ability grouping,” says Jonathan Plucker, a professor of education at Johns Hopkins University who studies and consults with schools on this issue. “And people will say it to your face. But I’ve spent my career trying to help every kid grow academically, and I think the research says that ability grouping is a better way to do it.” 

The learning gap takes shape even before kids enter kindergarten. A 2022 study looked at math and science skills among kindergartners of different races. Researchers found that about 16% of white students and only 4% of blacks and Latinos showed advanced abilities, a spread that they attributed mostly to differences in family income and early educational opportunities for children. 

As students move through elementary school, so does the learning gap. In a study of sixth graders, researchers examined math and reading test data from two large and racially diverse urban school districts with more than 22,000 students in the 2014-2015 school year. They found that 59% of math classrooms and 82% of English classrooms had a gap of five or more grade levels.  

Tracking and the Reformers’ Track Record

School reformers have arguably helped to maintain if not widen the gap by dismantling ability grouping practices like tracking, according to Tom Loveless, a former senior fellow at Brookings Institution who wrote a book on tracking. This system that typically places students in low-, average- and high-performance classrooms for most of their schooling was the dominant way to organize students in the late 1980s, when it first came under attack by liberal-minded educators and academics. They were inspired by the work of Jeannie Oakes, an educational theorist at UCLA whose research focused on school inequalities and social justice.  

While research showed that top students benefited from the high tracks, those in the lower tracks, composed of many black and Latino students,  were being neglected. Oakes found that the low tracks were filled with less-experienced teachers, ineffective rote instruction, and unruly behavior that undermined students’ ability to learn. 

Reformers succeeded in sharply reducing tracking in English, history, and social science courses across the county, but not in advanced math, according to Loveless. They also rolled back remedial education, in which struggling kids were pulled out of class and placed in groups for special interventions in subjects such as reading. 
 
Since then, the opposition to tracking has expanded into a broader movement that has toppled other forms of ability grouping in several cities. 

San Francisco was among the early cities to target advanced programs, ending accelerated math in middle school and early high school in 2014. Seattle abolished honors programs in 2020 in middle schools, stirring protests from parents who want advanced classes for their kids.  

In October, New York City went much further. It eliminated grade- and test-based admissions in most middle schools after years of pressure from advocacy groups. In one prominent Manhattan district, a majority of parents had urged the superintendent at several community meetings to retain selective admissions to ensure their children would be in challenged in class. The superintendent rejected those pleas from parents, some of whom are now considering leaving public schools. 

The Learning Gap Loss  

To see how the learning gap can hamper education, consider a typical third-grade math class. The focus is simple multiplication and division. 

Peters says struggling third graders are probably working at a first-grade level and still learning single-digit addition. Multiplying 7 x 5 will be a leap too far for them. The best students mastered multiplication tables a year or two ago and are ready for fifth grade work, with fractions and decimals. But they are stuck in third-grade math. 

Making matters worse, teachers nationwide are given a one-size-fits-all curriculum for general education students in the same grade, no matter their skill level.  

The upshot: It’s often next to impossible for teachers to hit the educational sweet spot where instruction is most effective for each student. This target is based on a theory by Russian psychologist Lev Vygotsky, who wrote that instruction needs to be just slightly beyond the grasp of what students can learn on their own if they are to progress.  
 
But teachers are missing the mark by a wide margin today. Students who are several years behind are exposed to lessons and assessments that are too advanced in the push to bring them to grade level. So they don’t learn the skills they need and struggle year after year until they become too discouraged to push on and they give up, according to researchers. 

Advanced students, on the other hand, are bored in class because they are not being pushed enough. While teachers are often less concerned about top students since they are already beyond grade level, the boredom they experience can have serious consequences, including a loss of interest in learning and even behavior problems in class, according to Richard Cash, a former teacher and administrator and now a consultant for public schools.  

A 2021 study led by Karen Rambo-Hernandez shows the harm to high achievers. The study found that above-average third graders, who might be three years ahead of their peers, didn’t progress as much as average students in reading during the school year. Average students charged ahead apparently because they were properly challenged while advanced students slowed down because the material was too easy.  

“We are losing our brightest students who rarely develop their full potential because we’re not giving them intellectually stimulating experiences,” Cash says. “And the long-term effect is the loss of intellectual capital for the country.” 

Four Classes in One 

In the Trotwood-Madison City district and around the country, teachers use what seems like emergency triage to get closer to that sweet spot.  

At the start of the school year, teachers assess their students’ grade-level proficiency and then break them into as many as four smaller ad hoc groups within a classroom, according to the district’s Fugate. It’s a kind of informal ability grouping on the low-down, without enough teacher training and curriculum development to make it work. 

On their own, teachers tweak the curriculum with materials from the Internet to create somewhat distinct assignments for each group – a contortion called “differentiation.” For a lesson about finding evidence in a story to support a theme, each group will be given very different readings and worksheets appropriate to students’ abilities. It’s the near equivalent of an instructor trying to teach four different classes at once.  
 
To make the job more manageable, something must be cast aside. That would be the advanced students.  
 
Teachers say the best students are typically given independent study projects and must fend for themselves with little instruction on the assumption that they already understand the lesson or can figure it out on their own. This allows teachers to spend most of their time with the lower achievers who are failing to reach grade-level proficiency.  

Although teachers are often judged on how many students reach grade-level ‒ a goal enshrined by the No Child Left Behind Act of the early 2000s ‒ it’s an ill-suited approach for addressing the learning gap. It incentivizes teachers to focus on students with the best chance of hitting that mark, at the expense of those who have already surpassed it and those who don’t stand a chance of reaching it.  
 
Lisa McNally, a former New York City ninth-grade teacher, estimates that she spent at least 75% of her time with weaker students to help them pass a state-mandated exam that was a priority of the Department of Education. “I focused especially on the students that were on the borderline of passing the exam,” McNally says. “And yes, the advanced students were essentially being cheated. But teacher performance was tied to the exam pass rate.” 

In a sign of the desperation in today’s mixed-ability classrooms, teachers sometimes ask their top pupils to help instruct the kids who don’t understand the assignments ‒ a questionable practice. “Just because a student understands a lesson doesn’t mean they know how to teach it or want to teach it,” Fugate says.  
 
In the Trotwood-Madison district, the triage isn’t producing strong results. The overall test scores for elementary grades began to drop before the pandemic and continued their decline after students returned to classrooms, Fugate says.  

“What we are doing in this district and country is not working, and the data keeps proving it,” she says. “But the system doesn’t allow schools and educators to make changes and try new approaches.” 

Halley Potter at the Century Foundation understands the difficulties of mixed-ability classrooms, but says that schools shouldn’t give up on them. In Potter’s calculation, the benefit to students of learning from peers of different racial and economic backgrounds is worth the struggle.  

“If differentiation sounds challenging, it is,” she says. “But it’s at the heart of what great teachers do.”  

A Third Way 

Researchers say a newer approach to grouping students by abilities overcomes the problems with tracking, which could lock students into lower levels, while allowing teachers to more easily find the right level for each pupil.  

It goes by the jargony name of “schoolwide cluster grouping.” A small number of schools are trying the method, which divides students into about five ability groups and gives them the opportunity to move up a notch every year, providing motivation for strivers.  
 
Each classroom has both above- and below-average groups, providing the benefit of role models for weaker students and avoiding the stigma that came with tracking them together in separate classes. 

Here’s the most important piece: Each classroom has either a narrower learning gap of only perhaps three grade levels, or fewer grade levels represented. Teachers then can better engage all students in their classroom, with the support and resources of their administration.   
 
Researchers shows that schoolwide cluster grouping can pay off in the classroom, particularly by motivating lower achieving students to advance to higher levels. The approach is also backed by an important paper that synthesized the results of 13 meta-analyses on ability grouping.  

Co-author Matt Makel of Johns Hopkins University said the evidence is clear that the practice, including cluster grouping, improves the performance of students at all levels. “The conversation needs to evolve beyond whether such interventions can ever work,” the authors conclude. “There is not an absence of evidence.” 
 
The challenge, Peters says, is breaking through the resistance of schools to approaches such as cluster grouping. Over the past five years, Peters has been to dozens of meetings in about 10 states to talk with administrators and teachers about the learning gap in their schools. Although staffers are well aware of the problems it presents in educating students, so far none of the schools have made any changes to how they group students. 
 
“There is such a big concern in schools today that instructors must teach all students the same thing and can’t deviate from grade-level standards and pacing, despite the fact that some students are three years behind and others are three years ahead,” Peters says. “It’s illogical and it’s a substantial barrier to making any changes.” 

Tyler Durden
Fri, 02/24/2023 – 17:00

Watch: White House Brags About Most Staff Being Black, Female, Or LGBTQ+

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Watch: White House Brags About Most Staff Being Black, Female, Or LGBTQ+

Authored by Steve Watson via Summit News,

Press Secretary Karine Jean-Pierre appeared to argue Thursday that the performance of White House staff and the Biden Administration should be judged on race, gender and sexual preference.

“The Cabinet is majority people of color for the first time in history,” Jean-Pierre stated, adding “The Cabinet is majority female for the first time in history. A majority of White House senior staff identify as female.

She continued, “Forty percent of White House senior staff identify as part of the racially diverse communities. And a record seven assistants to the president are openly LGBTQ+.

“So again, this is something that the president prides himself on,” she concluded.

What? Why does this matter? Is anyone actually doing a good job?

The point apparently being made is that you shouldn’t criticise them because they are women, or alphabet people, or black.

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Tyler Durden
Fri, 02/24/2023 – 14:40

“Shocked” Goldman Trader: “This Was The Largest 0DTE Block Trade I Have Ever Seen”

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“Shocked” Goldman Trader: “This Was The Largest 0DTE Block Trade I Have Ever Seen”

There was a lot of headscratching across Wall Street yesterday when exactly at 10:40am ET S&P futures swooned, with no fundamental news to catalyze the move. And then, 80 minutes later, the selling suddenly stopped and reversed as stocks staged a remarkable recovery with the S&P closing almost unchanged from its opening price.

A bizarre U-turn which left many asking what happened? We now have the answer, and yes – as many speculated, 0DTE was involved, only this time in (record) size.

As Goldman flows guru Scott Rubner writes this morning, there was a major development in 0DTEs, that he needed to flag ahead of his regular weekly commentary:

“Yesterdays was a pretty “boring Thursday” after all of the macro events / data releases, and then…”

  • 26,000 2/23/23 4000 strike Put options (Bloomberg code IMDWG3P4 4000 Index) on S&P 500 e-mini futures traded yesterday morning (10:40am) in block form. This was well after all of the data releases and macro events for the rest of the day, and when spoos were trading comfortably above 4,000.

  • The strike notional was $5.2 Billion, and the premium paid $5.5M. There was $2B worth of delta selling as a result of the hedge, 40% delta.

Knowing well the impact this trade would have on the otherwise illiquid market, this option quickly picked up delta for the rest of the morning – just as buyer intended – and increased dealer selling, in the process sending the price of the put 5x from $5 to $25 in two hours as spoos (shown in blue/inverted below) tumbled from 4030 to session lows just below 3980 by 12pm ET.

And another way to visualize the impact of the trade: linking volume spikes in eminis to the 0DTE put:

Now the interesting part. Equities reversed just after noon and this option quickly lost delta on the fast rally higher, resulting in covering the initial short hedge as we rallied back into the close. As Rubner calculates, “top book liquidity on ES1 futures is $10M. So around lunchtime, dealers sold $2B to later cover $2B by the end of the day.

To this we will add that it appears that the put buyer didn’t unwind/cover it when it 5x in price, but rather let it bleed out, with sizable trades hitting only after 2pm. This leads us to believe that the purpose of the trade was not to make a quick buck in the 0DTE but the manipulate the entire market first lower, and then higher, allowing the unknown trader to spend $5.5 Million on the most highly levered, liquid, and volatile short-dated option in order to manipulate trillions in market cap.

Going back to Rubner, the Goldman trader notes that “this trade has an institutional footprint, and was too large for “retail traders”. The was likely an institutional investor buying a same day put option, which expired in ~5 hours. This was a size trade.”

As explained in the paragraph we agree, although the reason behind the trade remains unclear.

What is clear is that, as Rubner summarizes, “this is the largest 0DTE block trade that I have ever seen. I need to run the data, but this may be the largest block 0DTE ever (or at least top 5). I track this every single day, and I have to admit that I was shocked watching the short gamma hedging impact on the market.”

Translation: spend $5.5 million in premium, move trillions in risk assets in a direction of your choosing.

As Rubner concludes, the top incoming investor questions following this trade:

  • “Do you think institutional investors will begin using 0DTE’s in size to hedge specific daily macro events”? My reply is yes.

  • “Can the market handle institutional (not retail) flow in 0DTE’s market impact if this becomes, a thing”? My reply is no.

If Rubner is right, and we believe he is, we are about to see a lot of market chaos and Powell may finally see his wish of a market crash come true…

More in the full note available to pro subscribers.

Tyler Durden
Fri, 02/24/2023 – 14:20

Russia Sends Ship To Space Station To Rescue “Stranded Crew”  

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Russia Sends Ship To Space Station To Rescue “Stranded Crew”  

Russia launched an uncrewed Soyuz spacecraft on Friday for a NASA astronaut and two cosmonauts after their original ride back to Earth was damaged by a micrometeoroid impact while parked at the International Space Station in December.

The rescue plan was announced last month. The empty rescue capsule, Soyuz MS-23, blasted off from Baikonur Cosmodrome in Kazakhstan early Friday morning and is set to dock at the orbiting lab on Sunday.

NASA astronaut Frank Rubio and Russian cosmonauts Sergey Prokopyev and Dmitri Petelin were supposed to return to Earth in March, but when Prokopyev and Petelin were preparing for a spacewalk in mid-December, they noticed liquid coolant particles spraying from the docked Soyuz capsule. The spacewalk was canceled, and NASA and Roscosmos later determined the damaged capsule was too dangerous to return the trio.

The damaged Soyuz will return to Earth for further inspection at the end of March. There will be no crew on board.

The three men arrived at the ISS in September on what was expected to be a six-month mission, but that will be extended for another six months.

NASA is sending another crew of four to the ISS Monday via a SpaceX rocket from Florida’s Kennedy Space Center.

Tyler Durden
Fri, 02/24/2023 – 14:00

Court Blocks West Virginia’s “Save Women’s Sports” Law

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Court Blocks West Virginia’s “Save Women’s Sports” Law

Authored by Mimi Nguyen Ly via The Epoch Times,

A West Virginia law that bars transgender people from competing on sports teams different from their biological sex has been blocked.

This means that transgender athletes in West Virginia can, for now, compete in teams of the gender with which they identify.

The 2-1 decision (pdf) was made by an appeals court on Feb. 22. It reinstates a preliminary injunction, which was first issued in July 2021, against West Virginia’s “Save Women’s Sports” legislation.

That July 2021 injunction was issued by U.S. District Court Judge Joseph R. Goodwin, a Clinton appointee. But he reversed his decision in January this year, determining the law “constitutionally permissible.”

The appeals court’s Feb. 22 decision halts Goodwin’s January order to dissolve the injunction.

The law, House Bill 3293, was signed by West Virginia Gov. Jim Justice, a Republican, in 2021.

It states that there are “inherent differences between biological males and biological females” and that “biological males would displace females to a substantial extent if permitted to compete on teams designated for biological females, as recognized in Clark v. Ariz. Interscholastic Ass’n (9th Cir. 1982).”

The legislation states that a biologically male person cannot participate in female sports, and vice versa, in public middle schools, high schools, and universities.

Law Challenged By Biological Male

The law was challenged soon after it was signed in 2021 by a biological male child, Becky Pepper-Jackson, who was 11 at the time. Pepper-Jackson identifies as female and wanted to participate in female sports teams at a middle school. But administrators cited the new state law in blocking Pepper-Jackson from doing so.

The lawsuit was filed in federal court in West Virginia against the state board of education, the board of education in Harrison County, as well as both superintendents. The case was brought by the American Civil Liberties Union, ACLU-WV, Lambda Legal, and the Cooley law firm.

The initial complaint claimed that biological male children who identify as female are being discriminated against “on the basis of sex and transgender status” in violation of the U.S. Constitution and Title IX, including the Equal Protection Clause of the Fourteenth Amendment, which says that no state may deny a person within its jurisdiction “equal protection of the laws.”

Goodwin in January wrote in his ruling that “acting to prevent transgender girls, along with all other biological males, from playing on girls’ teams is not unconstitutional if the classification is substantially related to an important government interest.”

Following Goodwin’s decision in January, attorneys for Pepper-Jackson emphasized in their appeal (pdf) that it is “categorical transgender exclusion—not sex separation in sports—that B.P.J. challenges.”

“And it is that exclusion—not the differential treatment of cisgender girls compared to cisgender boys—that must pass muster under Title IX and equal protection scrutiny,” they wrote.

The ACLU said in a statement that the stay on Goodwin’s January decision will allow Pepper-Jackson “to try out for her school’s spring track and field team on Feb. 27.”

“We are thrilled that Becky will get to continue to participate in school sports with her classmates, at least for now,” said Aubrey Sparks, the managing attorney of ACLU-WV.

“Becky has said all along she just wants to do the thing she loves with her friends and that she’s taking this stand for other young people like her.”

“This ruling tells Becky that she, like all transgender people, deserves respect and the opportunity to play sports, have fun with her friends, and just be a kid,” said Sruti Swaminathan, the attorney for youth of Lambda Legal Staff.

Tyler Durden
Fri, 02/24/2023 – 13:46

Jamie Dimon Accused of Concealing Evidence In Epstein-JPMorgan Sex-Trafficking Lawsuits

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Jamie Dimon Accused of Concealing Evidence In Epstein-JPMorgan Sex-Trafficking Lawsuits

Plaintiffs in two separate lawsuits accusing JPMoprgan of facilitating Jeffrey Epstein’s sex-trafficking operation want the judge in both (consolidated) cases, Jed Rakoff, to compel CEO Jamie Dimon to turn over additional documents they say are being withheld.

In separate Thursday filings in Manhattan federal court, both the US Virgin Islands and an Epstein victim accused the bank of refusing to turn over Dimon documents from 2014 – August 2019, the month Epstein was found dead in his jail cell while awaiting trial on sex-trafficking charges, Bloomberg reports.

Both suits accuse Dimon of knowingly keeping Epstein as a client after his sex abuse became publicly known.

Epstein was a JPMorgan client between 1998 and 2013, however the US Virgin Islands says the bank’s allegedly unlawful conduct occurred beyond that date – the details of which were redacted in Thursday’s filing.

Jane Doe 1, meanwhile, says JPMorgan has refused to turn over Dimon documents from prior to 2006 – with the bank arguing that complying with the request would present an undue burden.

“JPMC cannot seriously contend that only documents after 2006 are relevant to Doe’s claims when the genesis of its relationship with Epstein began at least eight years prior,” said Doe’s attorneys in the Thursday filing. “Indeed, as the complaint makes clear, between (at least) 2000 and 2005, Epstein provided clients to JP Morgan and, in exchange, JP Morgan allowed Epstein to do as he pleased with his JP Morgan accounts.”

Both suits focus on the relationship between Epstein and former JPMorgan private banking head Jes Staley, alleging the latter was aware of his client’s illegal activities. The bank has contended that allegations that Staley “personally observed” sexual abuse or exchanged emails with Epstein don’t show that he had knowledge of crimes that can be imputed to JPMorgan.

Epstein victims who sued JPMorgan claim the bank chose to profit from Epstein’s sex-trafficking venture rather than follow the law, collecting millions of dollars from handling his accounts. -Bloomberg

On Wednesday, JPMorgan responded to accusations that emails between Staley and Epstein referencing Disney princesses don’t prove anything.

Tyler Durden
Fri, 02/24/2023 – 13:20

Major Association Of US Doctors Makes Official Statement On Transgender Procedures For Minors

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Major Association Of US Doctors Makes Official Statement On Transgender Procedures For Minors

Authored by Mimi Nguyen Ly via The Epoch Times (emphasis ours),

The Association of American Physicians and Surgeons (AAPS) on Feb. 20 made an official statement outlining its stance on “gender-affirming care” for minor children.

Medical workers and police watch as demonstrators in support of trans-children and gender affirmation treatments rally outside of Boston Childrens Hospital in Boston, Massachusetts, on September 18, 2022.(Joseph Prezioso/AFP via Getty Images)

In its statement, the nonprofit association warned of “unknown and unknowable long-term risks” it says are inherent to “gender-affirming care” in minors, adding that the consequences of gender transition surgery are irreversible.

“Gender affirming” procedures include so-called puberty blockers, sex hormones, and surgery, such as castration, penectomy, and mastectomy, the group noted.

Founded in 1943, the non-partisan professional association represents doctors in all specialties nationwide and seeks to preserve the practice of private medicine. Over the years, the group has been a strong proponent of patient autonomy and freedom of discourse in medicine.

The AAPS warns that gender transition procedures are “generally irreversible and have a high probability of causing sterilization.”

The procedures also “commit a patient to a lifelong need for medical, surgical, and psychological care.”

Such procedures in minors are also medically and ethically contraindicated due to a lack of informed consent, the AAPS stated.

“Physicians and medical professionals should refuse to be mandated or coerced to participate in procedures to which they have ethical or scientific objections or which they believe would harm a patient.”

Biological Sex Can’t Be Changed: AAPS

The nonprofit association maintains that while medical, surgical, and other methods can be used to change the physical appearance of a person’s body, they cannot change a person’s biological sex.

Biological sex is determined at conception by genotype, and with the exception of rare circumstances that could result in ambiguous genitalia, biological sex is “indeed obvious” and is correctly identified at birth, the AAPS states.

Biological sex, or genotype, then determines the role of a person in reproduction. The group states: “Reproduction requires a male gamete (sperm), which can only be produced by a person of XY genotype, and a female gamete (egg), which can only be produced by a person of XX genotype. Primordial germ cells are present at birth.”

In recent months, some laws in the United States have attempted to curtail or outlaw gender-related procedures for minors, while other proposals would ensure access to gender-altering hormones and surgeries.

The governor of Mississippi said on Feb. 21 he will sign a ban on “gender-affirming care” passed in the state, joining governors in Utah and South Dakota. Meanwhile, judges have temporarily blocked similar laws in Arkansas and Alabama.

Gender Fluidity Is ‘Controversial’: AAPS

The group states: “The construct of gender fluidity in the current cultural discourse is controversial.”

“There has been an explosive increase in persons who identify with the construct of gender different from sex, at an age where identity is easily malleable and brain development is not fully concluded,” part of the official AAPS statement reads.

“Conflicting motivations have led to a growing industry dedicated to providing ‘gender-affirming’ procedures,” the statement reads.

Read more here…

Tyler Durden
Fri, 02/24/2023 – 12:20