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Portland Residents Told Not To Call Police For Help

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Portland Residents Told Not To Call Police For Help

Authored by Michael Letts via American Thinker,

Portland officials were proud of themselves in 2020 when they defunded the Police Bureau by $15 million instead of increasing it by $3 million as planned. One commissioner was even upset that the council didn’t remove more from the budget.

“Please take a moment to celebrate this victory, and let it fuel your fire, because we’re not done,” Commissioner Chloe Eudaly said at the time.

Along with the $15 million, another $12 million was cut because of pandemic-caused economic shortfalls. “As a result, school resource officers, transit police and a gun violence reduction team — which was found to disproportionately target Black Portland residents during traffic stops, according to an audit in March 2018 — were disbanded,” PBS reported.

A year later, the council was trying to add funding and retain the city’s police officers. “The added police spending is occurring amid a year of a record number of homicides, the city’s greatest police staffing shortage in decades and reform recommendations made by the U.S. Department of Justice,” PBS reported.

It was too little, too late. The damage was done, and the city has yet to recover. In fact, the city government is telling residents not to call police unless their lives are at risk. Given how dangerous Portland has become, it might not affect the volume of calls to police because more residents’ lives are at risk from criminal activity than ever before.

Commissioner Rene Gonzalez told residents that the city’s 911 system is overwhelmed with people calling about addicts on the streets suffering fentanyl overdoses. This is not a Portland-only problem. The state of Oregon decriminalized drug use three years ago. Gonzalez urged people on X (formerly Twitter), “Our 911 system is getting hammered this morning with a multiple person incident — multiple overdoses in northwest park blocks. Please do not call 911 except in event of life/death emergency or crime in progress (or change of apprehending suspect).”

Over the past year, the city has experienced 104 homicides and 529 arrests were made for drug offenses, according to Portland Police. The city’s homeless population has also grown by 50 percent since 2019, topping more than 5,000 people.

Portland’s neighborhoods have been overrun with crime, homelessness, and drugs since the pandemic — and despite pouring funds into relief initiatives, little change is occurring on the streets of the city,” the Daily Mail reported.

The people of Portland are understandably upset that crime is out of control, leaving their property and lives at risk. I really want to feel sorry for those residents being forced to live under those conditions. However, this is what those people voted for.

They continue to elect the same types of progressive politicians who believe the same failed policies will somehow work if they try them enough. They are the same people who, even if they didn’t participate in the 2020 riots, supported them.

If they truly want things to change for the better for the city, they need to vote for change and change their way of thinking. Change will bring change.

Michael A. Letts is the CEO and Founder of In-VestUSA, a national grassroots non-profit organization helping hundreds of communities provide thousands of bulletproof vests for their police forces through educational, public relations, sponsorship, and fundraising programs. 

Tyler Durden
Fri, 10/06/2023 – 17:00

Bank Loan Volumes Tumble Despite Surge In Deposits, Money-Markets Funds Hit New Record High

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Bank Loan Volumes Tumble Despite Surge In Deposits, Money-Markets Funds Hit New Record High

After two weeks of relatively quiet flows, last week saw a massive $64BN inflow into money-market funds – the biggest inflows since the SVB crisis – to a new record high…

Source: Bloomberg

Both retail and institutional funds saw massive inflows last week…

Source: Bloomberg

The Fed’s balance sheet continued to contract, down $46BN last week to its lowest since June 2021…

Source: Bloomberg

But banks’ usage of The Fed’s emergency funding facility remains at its record high around $108BN…

Source: Bloomberg

So with banks balance sheets being plugged – and after last week’s crazy divergence between SA and NSA deposit flows – we wait with baited breath for what The Fed has in store for us this week…

On a seasonally-adjusted basis, total deposits jumped $40BN last week (following the prior week’s $48BN SA inflow), back to its highest since the SVB crisis…

Source: Bloomberg

For once, non-seasonally-adjusted deposits went in the same direction, with a $52BN inflow – after last week’s $85BN outflow…

Source: Bloomberg

And removing foreign bank flows, domestic banks saw inflows on both an SA and NSA basis…

Source: Bloomberg

The gap between SA and NSA deposit outflows since SVB remain high (around $116BN)…

Source: Bloomberg

On the other side of the ledger, despite the big deposit inflows, both large and small banks saw loan volumes decline…

Source: Bloomberg

The key warning sign continues to trend lower (Small Banks’ reserve constraint), supported above the critical level by The Fed’s emergency funds (for now)…

After an ugly week (for bonds), following an ugly month and even uglier quarter…

…we sure hope these banks are making plans to fill the $108BN hole in their balance sheets they are filling with expensive Fed loans.

Tyler Durden
Fri, 10/06/2023 – 16:40

Kunstler: It’ll Be Hard To Gaslight The Nation Anymore When This Happens

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Kunstler: It’ll Be Hard To Gaslight The Nation Anymore When This Happens

Authored by James Howard Kunstler via Kunstler.com,

Comes The Dancing Skeleton

“We’ve conflated politics and bad mental health until they are indistinguishable.”

– Scott Adams

By some hidden working of unseen forces, legions of ghouls and demons are bursting out of the ground in every other front yard of small-town America. Supposedly hard-up working-class people go all-out constructing Halloween shrines to the totem figures of decay and death, as in some depraved cargo cult competition aimed at hastening our country’s descent into chaos. The end can’t come soon enough, seems to be the message. Something in the zeitgeist is prompting us to do this.

Year to year, these morbid displays of slavering werewolves, hooded skeletons, grinning mummies, pirate corpses, horned devils, giant spiders, flapping crows, and glowing skulls far surpass in scale the once-exuberant displays of Christmas time — as if to say the celebration of horror and terror has way more meaning in America these days than the message of peace-on-earth, angels-on-high, the boundless generosity of Santa Claus, and the humble birth of a loving god. Kind of reminds you of what Mr. Dylan said more than a half-century ago: “…he not busy being born is busy dying.

This Halloween month, America looks super-busy preparing for the death of something, maybe itself. Surely many now live in terror of the malevolent blob that the US government has become, led by a very paragon of ghouls, “Joe Biden.” This week, the blob declared in a “leak” to Newsweek magazine, that supporters of Donald Trump, the Golden Golem of Greatness, are now officially deemed to be enemies of the state. So, the blob that has lately subsumed the state, explicitly targets Trumpists (the MAGA crowd) for wholesale persecution, cancellation, de-personing, and incarceration. That is, opponents of the blob regime organizing for the coming election will be systematically neutralized and / or liquidated, taken off the game-board one way or another, by any means necessary.

The blobistas would do well to take heed of those Halloween lawn displays. A stupendous, howling rage is building across this land in revolt against the blob’s monumental insults to a once proud and productive people. Soon, that plastic totem army of stock mythological monsters cavorting in the front yards will be superseded by real flesh-and-blood Americans aiming to shred the blob and scatter its quivering tatters to the four winds — as John F. Kennedy once remarked of the CIA in 1962, before it killed him in retaliation.

Coincidentally, a scion of the JFK generation now running for president on an as-yet-to-be-specified independent party seeks to do exactly what his uncle promised to do. As you gaze on this developing battlefield, you will now see two sizable armies marshaling against the unholy hosts of blobbery — Mr. Trump’s MAGAs and Bobby Kennedy’s emerging division representing the old stoic virtues betrayed by vicious blob tyrants. The plausible outcomes on this battlefield are in flux thirteen months before the election. But it looks a little like the blob is outflanked; hence, its growing desperation.

The psychodrama in the House of Representatives this week looked like a possible inflection point in the blob’s war against the American people. Mr. Gaetz evicted the quisling Speaker Kevin McCarthy in a rather brave gambit, opening up the possibility of unifying his party against the programmatic wickedness of the post-Covid-19 era — the suicidal spending, the insane and unnecessary Ukraine proxy war, traitorous refusal to control the southern border, the official DOJ lawfare waged against half the citizenry, the disgusting official censorship campaign, and the ongoing criminal conspiracy between the pharma companies, the US public health officialdom, and shadowy globalist forces embedded in the World Health Organization, the World Economic Forum, and scores of sinister multinational organizations ranging from George Soros’s Atlantic Council to the Sinaloa Cartel.

In the background of all that — a true-life horror — lies the crumbling bond market, the foundation of the money-and-banking system that is supposed to support the on-the-ground economy that produces things of value like food and roofing shingles.

The bond market is wobbling badly. As rates rise, banks’ collateral melts away and they go bust, liquidation moves to stock markets, derivatives implode, and the vast reservoirs of capital vanish. There’s your stealth true Halloween psychodrama sneaking up on the scene. Gradually, then all at once, the quarreling nation finds itself stone broke, and even the blob shrinks from the scene in horror.

It will be hard to gaslight the country anymore when that happens. That will be the sobering moment when all the preposterous, mendacious, criminally insane propositions of recent years stand nakedly exposed. That’s when “Joe Biden” begins to be seen as a dancing skeleton.

*  *  *

Support his blog by visiting Jim’s Patreon Page

Tyler Durden
Fri, 10/06/2023 – 16:20

Big Squeeze Saves Stocks From Bond Bloodbath

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Big Squeeze Saves Stocks From Bond Bloodbath

‘Hard’ data collapsed further this week with ‘soft’ data staying near cycle highs as today’s jobs data offered something for everyone with stalling wage growth (yay, we beat inflation), a jump in job gains (yay, growth and a soft landing), but a scratch or two below the surface of the 6-signa headline beat and things are not so pretty after all…

Source: Bloomberg

Financial Conditions continued to tighten aggressively this week, having turned after the July FOMC and now near the tightest it has been during this cycle…

Source: Bloomberg

Today saw a hawkish shift in rate-change expectations but on the week, 2023’s curve moved higher (slightly higher chances of more hikes) and 2024’s curve was flat to slightly lower (modest chance of more cuts)…

Source: Bloomberg

US stocks were bolstered in morning trading by the largest buy imbalance since mid-July and short cover. Momentum can beget more upside momentum in stocks.

Around 1140ET a massive buy program hit and smashed stocks higher…

Source: Bloomberg

At the same time, the ‘most shorted’ stocks basket also went vertical…

Source: Bloomberg

By the end of the week, thanks to today’s meltup, Nasdaq ended significantly higher on the week (along with the S&P). The Dow ended the week marginally lower while Small Caps lagged 2% in the red…

Tech and Healthcare were the only sectors green on the week with Energy the ugliest horse in the glue factory…

Healthcare was helped by the GLP-1 Analogs going bid…

Source: Bloomberg

VIX didn’t even make it to 20 this morning as payrolls hit and stocks and bonds dumped. And then it just collapsed down to bear 17 the figure….

One big options trader potentially had a bad day. Chatter was a large VIX Call buyer stepped in early this morning ahead of the payrolls print, betting on a blowout number…

They got the blowout number, and for a split second things looked good, then everything reversed lower

And the aggressive positioning and reversal can be seen in SpotGamma’s HIRO indicator as the trader was forced to unwind his calls at a loss…

Still, at least he wasn’t long bonds this week!

Bonds were clubbed like a baby seal this week, most notably the long-end, but today’s chaotic reversal put a little lipstick on the bond pig…

Source: Bloomberg

It all had a very technical feel with yields spiking on the payrolls print and running stops from earlier in the week before collapsing back lower…

Source: Bloomberg

The yield curve (2s30s) bear steepened most of the week, surging back up to a key level… next stop ‘un-inverted’

Source: Bloomberg

The dollar ended higher on the week, even with today’s pump-and-dump…

Source: Bloomberg

Bitcoin was its usual chaotic self this week, but ended higher (Friday to Friday), back above 28k…

Source: Bloomberg

Gold (spot) ended lower on the week, despite today’s bounce…

Source: Bloomberg

Ugly week for the energy complex with WTI puking down to a $81 handle intraday – 6-week lows…

Source: Bloomberg

Finally, Goldman notes that The 60bp increase in 10-year Treasury yields this year is starting to have an impact on stock valuations as the S&P 500 is now down about 7% from the 2023 high it hit back in late July. But higher rates don’t just impact how much you pay for a company. Higher rates can also weigh on the amount of money a company earns…

…and as the chart above shows , this year, S&P 500 companies are staring down the biggest increase in borrowing costs since 2006.

Making 5%-plus lending money to the US government certainly raises the bar for the level of corporate performance needed to attract investors…

Source: Bloomberg

…TINA’s not back yet.

Tyler Durden
Fri, 10/06/2023 – 16:00

Costco Is Selling Out Of Gold Bars. The Economic Crisis Can No Longer Be Hidden…

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Costco Is Selling Out Of Gold Bars. The Economic Crisis Can No Longer Be Hidden…

Authored by Daisy Luther via The Organic Prepper blog,

These days, at Costco, it seems like you can get whatever you need for the Zombie Apocalypse. A savvy shopper can purchase anything from a massive bulk pack of toilet paper they can barely fit into the trunk of their car to solid gold bars.

I’ve long written about the importance of putting some of your savings into precious metals, and for ages, it seems to have been a secret kept close to the vest in prepping circles and for the extremely wealthy. But now, even Costco has caught the gold bug, and shoppers are responding fast, leaving the bars sold out within hours of being listed.

In a quarterly earnings call last week, Costco chief financial officer Richard Galanti told investors that the bars have been flying off the shelves, reported CNBC, saying, “I’ve gotten a couple of calls that people have seen online that we’ve been selling 1 ounce gold bars. Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member.”

And it certainly makes sense to buy gold (or silver) because the banking system is so volatile it really cannot be trusted. I don’t believe for a second that our system as it is right now will last much longer. Sure, there’ll be a new system to replace it, but you can darn well bet that WE will not be the ones who benefit from it. In fact, I strongly suspect that the new system will be CBDCs (Central Bank Digital Currencies) and all the surveillance and control those entail.

Why are so many people buying gold?

According to the experts, it’s all about a feeling of uncertainty. And given the abnormal circumstances the United States finds itself in, that’s the most normal response in the world.

Jonathan Rose, CEO of precious metal broker Genesis Gold Group, says that recent bank failuresinflation and individuals’ concerns about the U.S. dollar, for example, can cause some to start looking for alternative places to park their money.

“If someone’s going out to buy gold, that means they think that there’s some type of instability at the structural level of the market and/or the government itself,” added David Wagner III, head of markets and equities at Aptus Capital Advisors.

Not all advisors love the idea of investing in metals. First of all, the value is something that can change rapidly. When you buy gold or silver, you should go into it knowing this fact.

But this can actually be to your benefit. According to USA Today:

The value of precious metals has been on the up and up for the past five years, with gold rising from roughly $1,200 an ounce in 2019 to $1,825 as of Tuesday, according to CNBC market exchange data. It spiked at $2,026 an ounce in April of this year.

So if you bought gold five years ago, you made a heck of an investment.

Of course, the value can also go down and that’s why you should never invest more in gold and silver than you can afford to hold onto. The price will eventually go back up.

Buy now before the price goes up again.

Of course, that does depend on making your purchases before gold reaches a peak price. You want to get your metals before the price skyrockets.

And luckily, you don’t have to wait for it to be back in stock at Costco. You can hit up my friends at ITM Trading and schedule a free strategy session to see if this is a layer of financial preparedness you wish to add to your current plan. Then you’re able to ask questions of professionals who have your best interests at heart. Education is a huge part of what they do, so I definitely advise taking advantage of a free, no-obligation call.

What causes the price of gold and silver to go up? Basically, everything happening in the world right now. A huge part of the value of gold is psychological expectations and fears about the economy. But more practically, Money.com lists the following as reasons you can see this safe haven explode in value:

  • The current value of the US Dollar

  • A demand for gold

  • A demand for gold exchange-traded funds (ETFs)

  • Demand for industrial applications

  • Interest rates

  • Geopolitical factors

  • The cost of gold production

Gold is also more highly sought during times of inflation as people look for a way to maintain the value of their savings. According to the same article, gold is considered to be the epitome of a safe-haven investment because when everything else goes down, gold goes up.

A safe-haven investment is an investment that has no correlation or a negative correlation with other markets. For example, gold is often seen as a safe haven because it tends to move in opposition to stocks and bonds, thereby serving as a hedge against losses in those asset classes.

So if you are expecting bad economic times ahead, the sooner you invest in gold, the lower the current price will be, and the better off you will be in the long run.

When should you NOT buy gold?

If you aren’t prepped with physical items, gold may not be the right investment for you. Precious metals aren’t really something to use during the SHTF. They’re something to hold onto throughout it so that when eventually, society reemerges, you have something of value for starting over, paying for repairs or taxes, and not being totally without assets.

As I’ve written before, you should layer your financial preparedness with:

  • A financial foundation: This is simply the act of good financial common sense: paying off debt, having an emergency fund, and controlling your budget.

  • Tangible essentials: This is where prepping comes into play – the next layer is having essential supplies like food and other preps, learning skills, buying tools, taking care of medical and dental problems

  • Financial assets: Only after you have the first two layers in place should you tackle the bigger picture. If you’re in good shape, this may be the time to purchase things like precious metals. This is not money to spend – it’s a unit of storage for the wealth you have accumulated, whatever that may be.

If you don’t have the first two layers in place, it’s fine to make some small precious metals purchases, but you save the large investments for later, once you have these things under control.

The debt bubble is bursting.

People are barely holding on financially. In the first half of this year, consumer bankruptcies were up 17% over the year before. Total household debt has reached a dizzying $17.06 trillion, and credit card debt is a trillion of that. Delinquencies and defaults are also climbing. Why?

“The increase in delinquencies and defaults is symptomatic of the tough decisions that these households are having to make right now — whether to pay their credit card bills, their rent or buy groceries,” said Mark Zandi, chief economist at Moody’s Analytics.

If it’s a choice between a credit card payment and your child going hungry, what would you do? I would buy the groceries, too.  And also, I believe part of the reason that debt is so sky high is that people have been using credit cards to pay for essentials like gas and groceries because as rents, inflation, and interest rates keep moving into the stratosphere, there’s just no money left.

I hate to sound depressing, but our economic future does not look good.

Whatever your plan is to protect yourself financially, you need to stop waiting and enact it. Every day you wait, you’ll get less future bang for your current-day buck.

*  *  *

Daisy Luther is a coffee-swigging, adventure-seeking, globe-trotting blogger, and best-selling author of 5 traditionally published books, 12 self-published books, and runs a small digital publishing company with PDF guides, printables, and courses at SelfRelianceand Survival.com You can find her on FacebookPinterestGabMeWeParlerInstagram, and Twitter.

Tyler Durden
Fri, 10/06/2023 – 15:45

McCarthy Fallout: GOP Fundraising Jitters

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McCarthy Fallout: GOP Fundraising Jitters

Authored by Susan Crabtree via RealClear Wire,

House Speaker Kevin McCarthy and his predecessor Nancy Pelosi shared an essential strength in modern-day politics that gave them an edge when it came to clawing their way to the top of their parties.

Both Californians are powerhouse fundraisers who spent years helping build out their majorities by showering their colleagues in tight reelections, as well as the party itself, with tens of millions of dollars in cash.

As the dust settles on McCarthy’s swift demise, there’s a nervous edge surrounding the frenetic race to anoint a successor.

Will the chaotic GOP infighting discourage conservative donors from ponying up this cycle? And are the candidates for speaker, Reps. Steve Scalise and Jim Jordan, the declared contenders in the race, and Rep. Kevin Hern, who is still gauging interest, willing and able to do what it takes to remain just as financially competitive with Democrats as when McCarthy was at the helm?

“The biggest question mark is fundraising,” one GOP operative told RealClearPolitics. “The issue set and political environment are very positive for Republicans, and we have a clear playbook to run on – economy, prices, crime, border.

In recent years the speakership has been a blessing and a curse for Republicans as a hardline conservative minority in the House has used the GOP’s thin majorities to hold their leaders’ feet to the fire on promises to cut spending and other priorities.

Republican political operatives want to ensure that the next speaker will devote the time and energy crisscrossing the country, hat in hand, to match or even rival McCarthy’s fundraising juggernaut. They’re also looking for a commitment that the new speaker will spend as much time as team McCarthy did recruiting the right candidates for each district, even if those members are more centrist than the hardline rabble rousers would like.

Also, is the timing right for Scalise, who is undergoing treatment for cancer and already survived a bullet shot to his left hip during a congressional baseball game practice, fracturing bones and injuring internal organs?

And will Jim Jordan, who chairs the House Judiciary Committee and has rattled his colleagues with his hardline public spats, take sides in primaries, or will he back the candidates with the best chance at winning and expanding the Republican majority?

Republican National Committee Chair Ronna McDaniel, who overcame a challenge to her hold on the party’s leadership earlier this year, alluded Tuesday to the myriad fears rippling through the party.

“I’ve worked with Kevin McCarthy the past four years. You don’t get the House without Kevin McCarthy, with the recruitment that he did, with the record number of women and minority members serving in Congress,” she told Fox News. “It takes a lot of flying and a lot of fundraising and a lot of grit to do what he did to get us the House back, and I’m very sad on a personal level for my friend, Kevin McCarthy.”

The morning after losing the gavel, McCarthy suggested that what his fellow Republicans should be sad about is that they’ve done this to themselves.

While trying to shore up his support this week, McCarthy said Democrats told him they couldn’t back his effort to hold onto the speakership because of his success as a fundraiser. Already this cycle, McCarthy has channeled millions of dollars to his party’s campaign committees, other candidates, and committees.

“I think the quote was, ‘Why would we help the person that becomes our executioner?’” McCarthy recalled.

He then mocked Rep. Matt Gaetz, who led his ouster, sarcastically remarking, “I’m sure Matt Gaetz will give the NRCC a lot of money.”

While arguing for his removal, Gaetz and Rep. Tim Burchett of Tennessee said McCarthy’s over-emphasis on fundraising from special interests was part of his undoing and a big motivating factor in their thinking.

McCarthy allies pushed back, with the most direct attack coming from conservative Rep. Garret Graves, who groused that Gaetz and his allies were illegally fundraising off the push to oust McCarthy.

All of a sudden, my phone keeps sending text messages – text messages saying, ‘Hey, give me money’,” Graves said during a speech on the House floor. “Oh, look at that. Oh look, ‘Give me money. I filed the motion to vacate.’ Using official actions to raise money. It’s disgusting. It’s what’s disgusting about Washington.”

Shouts of “Shame!” filled the chamber from the Republican side.

“Boo all you want,” Gaetz retorted. “I’ll be happy to fund my political operation through the work of hard-working Americans – 10, and 20 and 30 dollars at a time – and you keep showing up at the lobbyist fundraisers and see how that goes for you.”

The next morning, Gaetz doubled down, sending out another email to would-be supporters, asking for more donations to help him fight the “RINOS” – a common taunt from the right meaning Republicans in Name Only – who attacked and booed him for asking individuals “to weigh in and contribute to this fight.”

Gaetz himself sailed to victory in his own heavily gerrymandered district, despite lingering allegations that he engaged in sex trafficking of a minor. An ongoing House ethics investigation into some of the same accusations may be more threatening. As Gaetz led the revolt against McCarthy over the last few days, some fellow Republicans have called for his expulsion from the House if the ethics committee finds him guilty of breaking House rules.

Despite all the sniping about fundraising and special interests, competing in heavily contested elections in swing districts doesn’t come cheap. It’s also the only way to grow and keep a majority. Even though the red wave that McCarthy and other many other GOP leaders anticipated in 2022 never materialized, Republicans won a net gain of three seats in New York, helping give the GOP its razor-thin majority. In the 2020 cycle, under McCarthy’s leadership, they also gained a total of three seats in the liberal stronghold of California while Donald Trump lost nationwide.

Over the last 24 hours, McCarthy cited these gains as proof of his solid record in his leadership role. All members of the GOP leadership team and top committee members rake in big money – but not at the same level as McCarthy. Last cycle, McCarthy’s personal campaign committee and the Majority Committee, his leadership PAC, amassed a combined $34.5 million, compared to the $21.6 million Scalise collected in his campaign committee and Eye of the Tiger PAC, according to opensecrets.org, the Center for Responsive Politics’ fundraising database.

In the 2022 cycle, Jordan raised nearly $14 million for his personal campaign committee, $126,000 for his Buckeye Liberty PAC, and also played a big role in directing $2.9 million in checks to the House Freedom Fund, the fundraising arm for the conservative House Freedom Caucus.

For several election cycles in a row, McCarthy also has headlined events for multiple joint fundraising committees and assists several outside groups, including the Congressional Leadership Fund and the American Action Network, an affiliated nonprofit. Just this week, CLF and AAN announced a fundraising total of $80 million so far this election cycle, $20 million higher than their previous record of $60 million in the first nine months of 2021.

Under the leadership of Speaker McCarthy, House Republicans are better positioned than ever before to hold and grow the House majority next fall,” CLF President Dan Conston declared in a statement on Monday, before Gaetz moved to oust McCarthy from his job.

Later that day, Conston expressed deep concern about the rebellion against McCarthy, his friend and ally. 

“[McCarthy] is the single most popular congressional leader,” Conston said on X, formerly Twitter. “He’s popular with Republicans nationwide. He is far from a liability in swing states.”

So far this cycle, McCarthy has collected $9 million in his personal campaign committee and nearly $4 million in his leadership PAC, according to the latest federal campaign disclosures. After all he’s been through McCarthy could simply choose to hold onto the cash, effectively withholding it from the GOP 2024 reelection efforts and keeping it on ice for his next political move. When former Republican speakers such as Newt Gingrich and John Boehner gave up their gavels, they left Congress altogether, but McCarthy hasn’t disclosed his plans.

The 16-year veteran of the House has plenty of choices when it comes to the funds he raised. He could retain the sums for a future political run, give them to GOP party committees, dole them out to Republican candidates or donate them to charities.

In a hastily assembled news conference Monday night, McCarthy announced his decision not to run for speaker again and cited upbeat quotes from Abraham Lincoln, Teddy Roosevelt, and Lou Gehrig about his time running the House, insisting he wouldn’t have done anything differently. He pledged to continue to use his fundraising and political clout to help Republicans expand their House majority.

“I’m proud of the fact that as Republican leader, we elected more women, we elected more minorities, we expanded the base,” he told reporters. “We won in places no one thought we would win. The same way you would underestimate me. You always thought we’d lose each time around. We kept gaining.”

Asked if he there was anything he could have done differently with the eight GOP members who voted to remove him, McCarthy was quick to respond:

“Yeah,” he said. “A lot of them, I helped get elected. So, I probably should have picked someone else.”

Susan Crabtree is RealClearPolitics’ White House/national political correspondent.

Tyler Durden
Fri, 10/06/2023 – 15:25

Slack Will Halt Normal Business Hours Next Week For Worker Boot Camp Amid ‘Slacking’ Concerns 

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Slack Will Halt Normal Business Hours Next Week For Worker Boot Camp Amid ‘Slacking’ Concerns 

Salesforce-owned work chat platform Slack will pause regular business operations next week. Thousands of workers are advised to complete an educational boot camp about the Fourth Industrial Revolution and learn more about Amazon AWS for upskilling purposes amid internal chatter by management that some employees are ‘slacking.’

Fortune spoke with a company insider who said a majority of the 3,000 employees had fallen behind on internal training and will spend next week in the company’s Trailhead online learning platform to learn 40 hours of topics like “Learn about the Fourth Industrial Revolution” and “Healthy Eating.

The boot camp for slackers is a move by the company to “upskill” employees. Fortune speculates that lazy employees are terrible optics for the company. 

In a memo from mid-September, Slack’s CEO Lidiane Jones informed employees about the one-week boot camp called “Ranger Week.” 

Jones wrote in her message that the product development engineering (PDE), customer experience (CE), Biz Ops, and communication departments are expected to participate in Ranger Week. “It’s important that we all reach Ranger status this year, and I want to ensure that everyone has focus time to upskill on Trailhead,” Jones wrote in the message to staff. “I know this will disrupt and slow V2MOM progress for many of us – we are making this a priority now so we can quickly get back to work on our roadmaps,” she said, referring to the company’s annual forward-looking strategy planning document which stands for vision, values, methods, obstacles, and measures.

“Salesforce is committed to the ongoing learning and development of its employees and the broader talent ecosystem, especially with the rapid acceleration of generative AI,” a Slack spokesperson wrote in an email to Fortune. “This year, the entire company is working to reach Ranger status on Trailhead, Salesforce’s free online learning program, that empowers anyone to upskill in areas relevant to their roles and career goals. Slack regularly experiments with ways to give its employees time to focus on company and team priorities, like reaching Ranger status.” -Fortune

 Besides learning about the Fourth Industrial Revolution, employees will be provided with other topics, including Amazon AWS management. 

Slack’s chief of staff to the CTO told employees this week:

“We really are canceling all meetings next week to facilitate this heads-down time, even 1:1s.

“We don’t know yet what will happen to people who haven’t hit Ranger by Jan. 31. At a minimum, it will make Slack look bad compared to the other clouds. Please do use the time next week to make as much progress as you can!”

We all know the likely outcome if employees don’t complete the boot camp: layoffs. 

Tyler Durden
Fri, 10/06/2023 – 15:05

McCarthy Mutiny Reveals Cracks In Constellation Of Pro-Trump Universe

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McCarthy Mutiny Reveals Cracks In Constellation Of Pro-Trump Universe

Authored by Philip Wegmann via RealClear Wire,

While lining up support for his bid for speaker of the House, Kevin McCarthy made a pilgrimage to Mar-a-Lago, all but endorsed Donald Trump, and sat with congressional allies of the former president.

The California Republican spoke admirably of Trump, who offered his blessing at the 11th hour earlier this year and who had even bestowed on him a not entirely negative nickname. But when the McCarthy mutiny began in earnest, Trump didn’t ride to the rescue of “My Kevin.”

The larger pro-Trump constellation was split as the right flank ran McCarthy out of office: Some groups condemned the mutiny, at least one worked behind the scenes to pull it off, but most said nothing as the latest populist vacuum enveloped the Grand Old Party.

For his part, the former president only offered tepid support, writing in a social media post: “Why is it that Republicans are always fighting among themselves, why aren’t they fighting the Radical Left Democrats who are destroying our country?”

The statement did nothing to quell passions, and it didn’t give Republicans on Capitol Hill any indication of what Trump preferred. Some insisted he was more candid in private.

His conversations, Florida Rep. Matt Gaetz told Laura Ingraham on Fox News, “I’m going to keep to us, but I think I’m in pretty good stead with the former president.” Added the architect of the McCarthy mutiny, “You will see me on the campaign trail with him soon.”

Just hours earlier, Gaetz filed a motion to vacate. With the unanimous support of Democrats and eight Republicans, it passed 216 to 210. McCarthy became the first speaker removed from office. He lasted nine months. Even Stephen Miller had warned Republicans not to do this.

Miller worked in the Trump White House as a senior advisor, and the founder of America First Legal remains close to the former president. His message to those mulling the mutiny: “I understand all the emotions that are playing out right now.” But Miller added during the interview with Fox News’ Maria Bartiromo, “For the love of God, we are losing this country, and we are losing it fast.”

Miller and others stressed the most basic political reality: Republicans only control the House. With a slim majority, hardliners would “have to agree to spending levels you might not like, but to get the policy that you want.”

This kind of compromise was untenable for Russ Vought, a former White House colleague and ideological ally of Miller. It was Vought’s ultra-conservative Center for Renewing America that served as a nerve center for the foot soldiers of the first McCarthy mutiny.

It was Vought who handed rank-and-file conservatives a strategy used to force McCarthy into making key concessions to become speaker. Less than 24 hours after the midterms failed to produce a wide majority for Republicans, he said that the hardline House Freedom Caucus “was made for this moment.” In the weeks that followed, CRA offered both parliamentary advice and public cover for the revolt.

A run-and-gun playbook was published online two days later. “House conservatives will not need a majority to prevail. They merely need to block & veto until they get an acceptable candidate,” Vought said at the time, arguing that McCarthy was “a peace-time leader” unfit for the current moment when the right was “in a cold civil war” and what was needed was to seize conflict “by the throat.”

A senior congressional staffer involved in the struggle called Vought’s group “the earliest and most public advocate of a determined negotiating position against McCarthy” and credited them for making “an early investment that paid off in a transformative set of rules.”

And it worked. A source familiar with the work of Vought’s group and Congress marveled at the concessions that McCarthy had made with his right flank. “We haven’t seen a power-sharing agreement like this since Sam Rayburn,” they told RCP. One of the concessions: maintaining the ability of a single member to force a vote on dismissing the speaker.

In the early days of the new Congress, the conservatives who blocked McCarthy’s path were fond of referring to the new Republican majority as “a coalition-style government,” the idea being that the minority would still exercise some control. With the help of a unified Democratic caucus, that small minority broke the majority.

“If Kevin McCarthy were to violate the power sharing agreement, the motion to vacate would be available to topple the coalition government in exchange for a new one. He did that twice on the most vital leverage points that provided opportunities to check the Biden Administration,” Vought wrote after McCarthy had been ousted.

Much of the populist universe stayed silent as McCarthy met his fate, just as Trump did. The America First Policy Institute, often referred to as Trump’s “White House in waiting,” didn’t weigh in. A spokesman told RCP that their focus remains on policy, not the parliamentary procedure to get it into law. Likewise, the Heritage Foundation, the conservative behemoth that occasionally bedeviled previous Republican speakers, kept their powder dry.

There is a vacuum of leadership,” said Kevin Roberts, the president of both the Heritage Foundation and its political arm, Heritage Action, in an interview with RCP. As the dust settles, he has encouraged Republicans to unite their conference around “a different framing” than the one that tied together McCarthy’s fleeting majority: “Make Chuck Schumer’s Senate the enemy. That’s the common enemy.”

Roberts also drew a redline for anyone interested in running for speaker: making aid to Ukraine conditional on increased funding for U.S. border security. “Anyone unwilling to do that,” he said, “should not throw his or her name into the ring.”

Rep. Patrick McHenry of Virginia now serves as speaker pro tem. Elections are expected next week when the House reconvenes. Judiciary Committee Chairman Jim Jordan of Ohio was the first candidate to announce a run for speaker. Majority Leader Steve Scalise of Louisiana followed suit. Both are to the right of McCarthy, and both previously served as chair of the conservative Republican Study Committee.

Roberts told RCP that Heritage may endorse a candidate in that race, something the foundation has not done previously. The Republican Party, meanwhile, enters a sort of wilderness without a clear leader in Congress and only the thinnest margins of error. But more generally, Roberts told RCP that the populist right is about where it was during the previous administration.

The leader of the party is still President Trump,” Roberts said, adding that this was “good and fitting and appropriate on the one hand, and it’s challenging on the other.” He praised the former president’s position on policy. He qualified, though, that Trump was “no spring chicken.”

Looking specifically at Congress and the future, he continued, the battle over who would lead the Republican conference “has not indicated to the everyday conservative outside of D.C.” that some stand “ready to pick up the baton from President Trump.”

Tyler Durden
Fri, 10/06/2023 – 12:05

Inside Today’s Jobs Report: 885,000 Full-Time Jobs Lost, 1.127 Million Part-Time Jobs Added, Record Multiple Jobholders

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Inside Today’s Jobs Report: 885,000 Full-Time Jobs Lost, 1.127 Million Part-Time Jobs Added, Record Multiple Jobholders

After last month’s stunning payrolls report, when in our post-mortem we revealed not only a year full of monthly downward data revisions, but also collapse in tull-time jobs and surge in part-time jobs, as well asalso the worst unadjusted August payrolls since the great recession, we thought that nothing could shock us any more. And then we got the September jobs report.

We won’t spend too much time dissecting the report since regular readers are all too aware of the same old “upward goalseeking” tactics used by the BLS, so here are the highlights.

First, the 336K jump in headline payrolls – the biggest since January – was stunning when considering that it was not only above the highest Wall Street estimate but was a 6-sigma beat to expectations.

How is it possible to get such an outlier print to not only trends but expectations? Let’s try to answer that question.

If, as the BLS claims, in September the jobs market suddenly reversed a year of declines, surely there will be some qualitative validations to this quantitative outlier, right? Unfortunately, looking through the supporting evidence we don’t find any justification to the BLS exuberance.

Let’s start with the Household survey: here instead of a number anywhere close to the 336K jobs gained (as the far less accurate Establishment survey reports), the number of newly employed workers was just 86K, the lowest since May, and the second lowest of 2023!

And since the number of unemployed workers also rose to 6.360 million, the highest number since January 2022, the unemployment rate was sticky at 3.8%, and refused to drop to 3.7% as consensus had expected.

How about the Establishment survey? Well, here too, things stink. Yes, the headline surge was great, but the question here is how much of that was purely seasonals.

Consider what  Vanda Research FX trader Viraj Patel noted earlier: the official adjusted data showed this Leisure and Hospitality added a whopping +96k jobs. But unadjusted data showed that the sector lost 466k jobs in Sep. This means that the unadjusted private sector payrolls was -399!

Wait, if unadjusted total payrolls rose by 585K and yet private payrolls dropped by 399K, that means that… you got it: in September, all of the unadjusted jobs came from – drumroll – the government, which added a whopping 984K jobs (mostly teachers).

Translation: for yet another month all the strength in the Establishment was thanks to seasonals and various plugs that made the total number much stronger.

And now, let’s turn again to the much more detailed and accurate Household Survey, where we find the BLS back to its old tricks again.

First, as we pointed out earlier, despite the alleged quantitative surge, the quality of the jobs was anything but good. In fact, looking at the infamous table A-9 of the employment report, reveals that in September, a seasonally adjusted breakdown of jobs shows that part-time workers accounted for the entire increase, rising by 151K; as for full-time workers? Well, for yet another month, this number dropped, sliding by 22K in September.

Indeed, as shown in the chart below, while part-time workers rose for the third consecutive month to 27.336 million,and the highest since January, full-time workers have decline for three straight months, and at 134.167 million, this was the lowest number going back to February!

But hold on, you say, why use Seasonally Adjusted number when we already noted above that there continue to be chronic issues with the BLS’ seasonal adjustments in the post-covid era. True, so let’s use unadjusted numbers instead. What do we get?

Well, we get the following whopper: in September, the number of unadjusted full-time workers collapsed by 885K. This was the biggest monthly drop since – drumroll- April 2020 when the economy was shut down!

And if full-time workers plunged, that must mean that part-timers exploded, right? Why yes, they did: by 1.127 million in one month to be precise, and at 27.109 million the number of part-time workers was the highest since April.

Finally, let’s not forget the number of multiple jobholders: those unlucky souls which have to work not one but two (or more) jobs to make ends meet under Bidenomics. Also, multiple jobholders (which are measured by the Household Survey) are double, and triple- counted when it comes to the Establishment Survey. So how did thy do in September? Well, on a seasonally adjusted basis, the number increased by 123K to 8.151 million, the highest since January 2020. As for the much more accurate, unadjusted number, well that soared from 7.778 million to 8.146 million, an increase of 368K, or more than all the 336K payrolls reported by the establishment survey.

In other words, all of the job gains in September were either from part-time workers or multiple jobholders forced to get another job in addition to their current one, and thus be counted by the BLS as two distinct jobs (or more). One final observation on the multiple jobholders: in September, the subset of multiple jobholders who held both a primary and secondary full-time job just hit an all time high.

Visually, this is what September’s “stunning” jobs report really looked like.

Source for everything: BLS, but one needs to do some actual work to get a sense of what is really going on.

Tyler Durden
Fri, 10/06/2023 – 11:45

Strike Threats Reemerge At Australian Chevron LNG Plants As Talks Falter 

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Strike Threats Reemerge At Australian Chevron LNG Plants As Talks Falter 

Workers at two natural gas plants owned by Chevron in Australia could announce plans to restart strikes as early as next week after the energy company “reneged” on pay and conditions demands in a new labor contract. The potential plan to resume strikes comes weeks after the unions ended a multi-week labor action after Australia’s labor market regulator mediated a settlement between both parties

On Thursday, Offshore Alliance, a partnership between two local unions, alleged Chevron walked back an agreement recommended by Australia’s labor market regulator that ended the strikes at the Gorgon and Wheatstone LNG projects in late September. 

“Chevron have reneged on the commitment they gave to the Fair Work Commission to incorporate the FWC’s Recommendations into the Chevron EBA’s for the Wheatstone and Gorgon facilities,” the union wrote in a statement on Facebook. 

Bloomberg spoke with one union official, who requested anonymity because the talks were private and said workers met Thursday to approve plans to restart the strikes. They said the union might notify Chevron of a strike as early as Monday. 

Meanwhile, Chevron told Bloomberg it has “consistently and meaningfully engaged in an effort” to formalize a labor contract with the unions. 

In September, strikes at Gorgon and Wheatstone plants – which accounted for 7% of global LNG supply last year (rivals Qatar as the world’s largest exporter of LNG) – did not dent exports but sparked volatility in NatGas markets over a potentially prolonged labor action that could have resulted in dwindling supply across Europe and Asia. 

Source: Bloomberg 

When strike risks first flourished in August, the benchmark front-month EU Natgas futures jumped by as much as 40%. Traders are closely watching the developments in Australia, though futures remained muted on Friday. Any confirmation of strikes resuming next week will send EU NatGas prices higher. 

Europe is on the cusp of the heating season, as winter in the Northern Hemisphere is only a few short months away. The good news, so far, is weather reports forecasting mild weather while NatGas storage facilities on the continent are 96% full – well above average for this time of year. 

Europe has become increasingly susceptible to supply disruptions after it slashed imports of cheap Russian pipeline NatGas for overseas supplies. And this only means it now has to compete with China, which is now making LNG purchases ahead of winter. 

Tyler Durden
Fri, 10/06/2023 – 11:30