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Can RFK Jr Become President As An Independent?

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Can RFK Jr Become President As An Independent?

Authored by Jeffrey Tucker via The Epoch Times,

As predicted two weeks ago, Robert F. Kennedy, Jr., appears ready to declare as an independent for president. Already polling at 20 percent nationwide, he will announce that he is severing ties with the Democratic National Committee (DNC). This is because the DNC has set up impossible roadblocks to victory within the party apparatus and the primary process. The Biden administration is denying him Secret Service protection despite apparent attempts on his life.

Of all figures in public life today, RFK has the strongest claim to the legacies of his father and uncle, ideologically and culturally. That would put him in the solid category of a real Democrat—half a century ago. Times have changed and dramatically so. He started off this campaign with the belief that he would help guide his family’s party back to a principled commitment to the common good. But he has discovered that this is not what the party is about anymore, at least not according to the masters at the top.

This is a man who believes that America is not lost, not foundationally corrupt, not a complete goner. He looks around at the people in this nation and sees goodness, love of country, a desire for freedom, and a strong devotion to make things right. Conventional American politics, however, seems designed to block real solutions. Because he still wants to make a difference—one senses that he believes it is his destiny—he will continue his run for president as an independent.

In normal times, there would be every reason to predict that he stands zero chance of winning. This is most likely due to Duveger’s law. In this model, voters don’t necessarily push the button for the person they want. Because only one candidate can win, they vote for the person most likely to beat the person they truly hate. That leaves us always with second-best choices, and third-party candidates, no matter how much they are loved, in the lurch.

It’s because of this principle, this habit, this basic logic of voting, that third parties have never performed well in winner-take-all elections. They pop up every four years and usually get 1–5 percent or so and then go away. At best, such candidates have been spoilers: they don’t win, they only block victories for others.

Who benefits from an RFK independent run? The conventional wisdom is that he pulls more from Trump than from Biden, in which case the Democrats benefit from his decision to go independent. But that’s just what the polls say. What happens at the voting booth is another matter. People who despise Trump might be reluctant to vote for RFK for fear that Trump could be made the winner, and people who despise Biden might feel exactly the same.

Both major candidates have major issues, and yet, so far, there doesn’t seem to be anything stopping their nominations.

Which is to say: it is very hard to predict in this environment.

These are not normal times. It is not entirely impossible that RFK’s movement could overcome Durverger’s law simply through passion and excitement. If the polls start showing him as a possible winner, and if his rallies elicit more attendance, intelligence, and commitment than his competitors, that could cause a huge rush away from the two parties over to a genuine alternative.

People might take the risk of “throwing away” their vote to push for the simply incredible, as a way of sending a much-needed message to the establishment of both parties.

If any election year in my lifetime holds out the possibility of such a radical upset—something that would have been inconceivable in the past—it is this one. Vast numbers of people are overwhelmed with distrust of the entire system. And yet the same numbers have not and will not let go of the basic American idea: the people are in charge of their government and should be the determinative force concerning the laws under which we live.

The hurdles are huge: essentially he is battling against the whole history of two-party dominance in the United States. In the 20th century, the history has shown us a number of fairly substantial runs:

  • 1912, Teddy Roosevelt, 28 percent

  • 1924, Robert LaFollette, 17 percent

  • 1948, Strom Thurmond, 3 percent

  • 1968, George Wallace, 14 percent

  • 1980, John Anderson, 7 percent

  • 1992, Ross Perot, 19 percent

None came close to winning. And yet we have to admit that the system has never been as broken as it is today. Few people really want to see a Biden/Trump rematch, and those who do are motivated by a burning passion to reverse or reinforce the 2020 election, the results of which are widely disputed thanks to Trump’s aggressive protests against irregularities.

Let’s just say that this constitutes about one-third of the electorate. What about everyone else who would like to see something like normalcy return to this country without the incredible corruption that has invaded our public lives? RFK makes a credible claim that he has the knowledge and ability to begin to clean up the system in Washington, precisely because he has been litigating against it for many years.

What else does he have going for him? There is an authenticity to his language and approach that no other candidate can match. He is obviously not a professional politician. He speaks and sounds more like the best professor you ever had, with an incredible and ever-present command of facts and information about a huge range of subjects. His recall seems at times to be photographic concerning names, dates, data, and anecdotes. His speeches often seem more like teaching seminars.

In a strange way, we need that now. Regardless of what you think about his views on this topic or that, everyone has to admit that he has an amazing command of all the issues, whether health policy, foreign policy, censorship, or environmental problems. In a startling way, when he doesn’t know something, he outright admits it and seeks out experts to help him.

What’s especially beautiful about RFK is his absolute refusal to censor himself. He believes that the CIA was involved in the killing of his uncle and says that, bringing the receipts. He believes that the FDA and CDC are deeply corrupt, sacrificing American liberty and health in the pay of the legally privileged pharmaceutical industry, and he says that too. He looks around the country and sees a government/corporate cartel crushing the interests of small business, farmers, and the middle class generally, and he says that too.

Most striking of all, none of these points are politically strategic, much less put together by consultants with focus groups. They come from his own mind and heart. He has ruminated on them for many years. Running for president is just his chance to reach a larger audience with a message that is his alone.

There is not a single voter who agrees with all of his positions, and that’s ok. No single voter agrees fully with anyone else because we are human beings. In choosing a president, we are looking for truth telling, courage, sincerity, moral and practical clarity, and a ferocious opposition to government policies that pillage the public for ruling class interests. RFK certainly has a bead on that problem, and, for that reason, we are blessed to have him.

He also benefits from niche interests that he has cultivated and only he represents: the vaccine-injured, the bitcoiners, the civil libertarians, the pro-peace contingent of both parties, the anti-corporatists, the partisans of old-fashioned environmentalism, the unjustly persecuted like Julian Assange and Edward Snowden, and the advocates of better health. Maybe together they make up only 25 percent but they are motivated and determined. They could bring others with them, in the interests of saving this country.

A point I like about the quixotic run as an independent is that it breaks the model. It refuses to see the historical record as a given template of the future. He believes that these emergency times require heroic and unconventional measures. It’s a good bet that a majority of Americans agree with him on this point. Getting people to vote their conscience is the real challenge.

Tyler Durden
Tue, 10/03/2023 – 20:25

NY Judge Issues Gag Order After Trump Targets Clerk

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NY Judge Issues Gag Order After Trump Targets Clerk

Authored by Catherine Yang via The Epoch Times,

Former President Donald Trump attended day two of the civil fraud case against him that’s gone to trial in New York. After flip-flopping several times on his opinion of the presiding judge, New York Supreme Court Justice Arthur Engoron, he made a disparaging post on social media mid-day about Justice Engoron’s staffer.

Justice Engoron is known to regularly confer with his clerk Allison Greenfield on cases. President Trump had made a post on Truth Social, linking to an Instagram account with a photo of Ms. Greenfield with Senate Majority Leader Chuck Schumer (D-N.Y.), attacking her and claiming she was “running” the case and making unsubstantiated claims about their relationship. The post was amplified by a campaign email blast on Tuesday, and millions had seen it.

When the court broke for a lunch break, two closed-door meetings were held. After a delay, the trial resumed at 3 p.m. and the judge explained that he had ordered the post be taken down.

The post was deleted by the time the trial resumed.

“Personal attacks on members of my court staff are unacceptable and inappropriate,” Justice Engoron said. He added that he had already warned both parties against such attacks on Monday.

“Consider this a gag order on all parties with respect to posting or publicly speaking about any member of my staff,” he said, adding that violations of this order would not be tolerated and would result in sanctions.

President Trump’s legal team has already been sanctioned by Justice Engoron multiple times, who ruled that the attorneys had made “frivolous” arguments repeatedly even after he had dismissed them.

First Testimony

Last September, New York Attorney General Letitia James sued the former president claiming he defrauded the state by inflating his net worth to obtain more favorable deals from insurers and banks between 2011 and 2021. She is seeking $250 million in damages and to bar President Trump and his two adult sons from doing business in the state.

The judge has already ruled President Trump liable for fraud and ordered the dissolution of the Trump Organization, and the trial will deal with several other claims Ms. James made in regard to falsifying financial statements, as well as the fate of President Trump’s businesses and properties.

After repeated attempts from President Trump’s side to delay the case from going to trial, the case kicked off Monday with an unprecedented appearance from the former president. He entered the courthouse last minute, gave multiple remarks to the press, and closely scrutinized the evidence presented in court from the front row.

President Trump, who is also polling as the frontrunner in the 2024 presidential elections, told reporters he would much rather be campaigning, but was attending the trial to “expose” the “fraud” and the “scam” that had been committed against him by what he described as a “rigged” prosecutor, case, and judge.

Donald Bender, former partner at tax investigation firm Mazars USA, was the first to take to the witness stand. He was questioned by Kevin Wallace, attorney for the prosecution, on Monday afternoon and Tuesday morning, and was to be cross-examined by the defense Tuesday afternoon.

Mr. Bender worked closely with the Trump Organization from 2011 to 2021, and prepared President Trump’s personal tax returns from 2009 to 2018. He said he spent about half his time working on the Trump Organization and frequently went to the Trump Tower offices.

Mr. Bender was shown document after document from 2011 to 2020, and asked repeatedly whether he would have submitted the financial statements if he knew that the Trump Organization had withheld information.

The prosecution sought to establish that it was the Trump Organization’s responsibility to provide accurate accounting, not Mazars.

Mr. Bender testified to a letter from the Trump Organization that contained language stating it was responsible for the accurate accounting, noting that documents contained a red “prepared by the client” notation and that figures were copied and pasted from what he was provided by the Trump Organizations in some documents. He also testified regarding a letter from the Trump Organization stating that it had not knowingly withheld any relevant financial data.

Tyler Durden
Tue, 10/03/2023 – 19:05

Fatal NYC Stabbing Of Social-Justice Activist Caught On CCTV

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Fatal NYC Stabbing Of Social-Justice Activist Caught On CCTV

For the second time in a week, a left-wing activist has been murdered in a major US city, where soft-on-crime Democrat policies have resulted in record crime.

On Monday, social justice advocate Ryan Carson was stabbed in the Crown Heights neighborhood of New York City.

According to police, Carson was walking with his girlfriend after a wedding when a suspect approached and asked “What are you looking at?” before stabbing Carson in the chest several times. The victim, 32, was pronounced dead at Kings County Hospital.

Footage of the incident was obtained by the NY Post.

According to CBS News, Carson was a campaign manager with the NY Public Interest Research Group.

Reactions to the stabbing were as expected:

This is the second incident of a social justice warrior murdered in a major Democrat-run city in the last week.

On Saturday, a left-wing Philadelphia journalist who mocked concern over rising crime in Democrat-run cities was shot to death in his home.

Josh Kruger was shot seven times after someone entered his home, shot him at the base of his stairs, and then fled. Kruger ran outside seeking help from his neighbors and collapsed, where police found them after responding to call just before 1:30 a.m. on the 2300 block of Watkins Street.

Kruger, 39, was rushed to the Penn Presbyterian Medical Center, where he died just before 2:15 a.m.

Tyler Durden
Tue, 10/03/2023 – 18:45

Bankman-Fried Shows Up For Jury Selection Leaner And With A Haircut

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Bankman-Fried Shows Up For Jury Selection Leaner And With A Haircut

As we noted yesterday, jury selection in the Sam Bankman-Fried trial started today, kicking off a trial that is expected to last about six weeks following the crypto firm’s historic $40 billion bankruptcy. 

And SBF’s appearance was notably different when he made his way into court, according to Bloomberg on Tuesday. The news outlet reported that he was “noticeably leaner” and that his hair was “tamed and trimmed”. 

He was wearing “a navy suit that seemed bigger on him than in previous appearances”, the report said. Bankman-Fried has been kept in custody for nearly two months after the judge hearing the case, US District Judge Lewis Kaplan, revoked his bail for potential witness tampering months ago. 

His defense team had previously argued for his release, making that case that due to his vegan diet, SBF was supposedly surviving on just bread and water. He sat calmly in court on Tuesday, typing away on a laptop and conferring with his lawyers. 

Photo: Bloomberg

At a certain point in the proceedings, the judge broached the idea that Bankman-Fried could take the stand to defend himself, emphasizing that the choice was his alone, irrespective of counsel’s recommendations. Bankman-Fried affirmed with a “yes” that he understood the judge’s comments.

“I think we’ll likely see a conviction,” Joshua Naftalis, partner at Pallas Partners, told Bloomberg TV on Tuesday. “My expectation is that he will testify.”

“The closest analog is Bernie Madoff, who got life in prison,” he continued. 

US prosecutors have labeled FTX “one of the biggest financial frauds in American history,” Financial Times noted in their trial preview. SBF stands accused not only to defrauding “dozens” of the world’s top investors, but also his millions of customers. The report also noted the trial will likely include “millions of pages of evidence” and testimony from SBF’s friends and romantic partners. 

Prosecution is going to be tasked with trying to get seven different charges, including conspiracy to commit money laundering and fraud against lenders, investors and customers, to stick, the report notes. They will try to show that Bankman-Fried collaborated covertly to channel billions from FTX customers to his cryptocurrency trading company, Alameda Research.

Funds were then spent on luxury property, political contributions and high-profile advertising.

As the report notes, four people who used to work under Bankman-Fried have already admitted guilt. Caroline Ellison, who was previously the CEO of Alameda and was once romantically involved with SBF, is anticipated to be a key witness in the case.

If the trial goes the distance and SBF doesn’t admit guilt, plea out or settle prior to trial, the defense is slated to cast blame on others, including Ellison. SBF has claimed to be uninformed about the financial mechanisms that were operating behind the curtain of his business empire, insisting that he had no intention of committing fraud. 

More on the SBF trial: 

Tyler Durden
Tue, 10/03/2023 – 18:25

Copper’s Price Curve Hasn’t Looked Like This In Decades

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Copper’s Price Curve Hasn’t Looked Like This In Decades

Authored by Tsvetana Paraskova via OilPrice.com,

  • The copper market’s extreme contango, not seen since 1994, indicates accumulating inventories and faltering demand, especially from a weakening Chinese property market.

  • Amidst global manufacturing slowdowns and concerns of recessions in developed economies, the copper market hints at an uncertain future, with risks leaning towards a decline in price.

  • Long-term projections, however, remain positive for copper due to the decarbonization drive, with industry experts predicting elevated prices and increased demand as the decade progresses.

The copper market is in a state of extreme contango – a state of the futures curve where futures contracts trade at a premium to the spot price and signal weak prompt demand.  

The cash to three-month contango on the London Metals Exchange (LME) jumped at the end of September to the highest since at least 1994 in data compiled by Bloomberg, as inventories pile up while demand seems to falter.   

Analysts say that increasing inventories signal weakening demand amid slowing global manufacturing and a weak Chinese property market, and are potentially anticipating recessions in developed economies.   

Due to the energy transition push, industry executives and analysts still expect high demand for copper in the medium and long term. But near-term demand and prices could continue to be weak amid an uncertain outlook for the global economy and copper market in China, the world’s top commodity consumer. 

The faltering Chinese economic rebound after the reopening and the continued weakness in China’s property sector have weighed on copper prices this year. 

Without a meaningful recovery and amid weaker economies elsewhere, copper prices could further slide in the coming months. 

Last month, copper inventories in LME-registered warehouses hit their highest level since May 2022, Ewa Manthey, commodities strategist at ING, wrote in a recent note. Copper stocks held on LME have more than doubled in just two months, which “shows clear signals of weakening demand,” Manthey said.  

In the first three weeks of September, copper inventories rose by more than 50%, following a similar rise in August. 

Futures spreads are loosening, indicating ample supply, ING’s Manthey said. 

“With rising LME inventories and loosening nearby spreads, more weakness may lie ahead for copper prices,” according to the strategist. 

Disappointing recovery and a still struggling property sector in China have combined with the Fed’s signal that interest rates will be higher for longer, further weighing on prices amid already weakening demand for copper, Manthey noted. 

“For copper, risks remain to the downside heading into the year’s end on China’s uncertain outlook for the property sector. We believe commodity-intensive stimulus is needed to support short to medium-term demand growth,” she added.  

Globally, manufacturing slowdown and an annual decline in global trade not seen since the pandemic could be weighing on copper demand in the near term, too. 

Global trade dropped in July by 3.2% year-on-year – the steepest annual decline in three years since August 2020, according to World Trade Monitor published by the Netherlands Bureau for Economic Policy Analysis, CPB. 

“Global goods trade fell at its fastest pace since the pandemic in July and the timelier trade and survey data point to further declines in August and September,” Ariane Curtis and Lily Millard of Capital Economics wrote in a note last week. 

“What’s more, given that we still expect several advanced economies to fall into mild recessions in the coming quarters, weak demand for certain goods will probably weigh on world trade for several months yet,” they said. 

The copper market reflects concerns about a global economic slowdown and still waits to see a sustained recovery in China.  

BHP, the world’s largest miner by market capitalization, said in August that volatile copper prices so far this year were the result of “two-way fluctuations based on expectations of China’s recovery, and mounting demand risks in the OECD, with indicators of manufacturing weakness widespread.”

Still, the long-term prospects for copper are promising as the decarbonization drive will boost demand, said BHP, adding, “We anticipate that the industry is likely to enter the final third of this decade with a low inventory buffer, and therefore elevated prices may endure throughout this period.” 

Robert Friedland, the billionaire mining investor and founder of Canadian mining company Ivanhoe Mines, is unconcerned with the current weakness in the copper market as medium and long-term demand for the metal is set to soar. 

A supply crisis in the copper market is looming, Friedland told Bloomberg TV back in May, adding that there would not be enough new production to meet future demand for one of the key metals for the energy transition.  

Tyler Durden
Tue, 10/03/2023 – 18:05

Netflix Might Be Forced To Raise Prices (Again) After Hollywood Strike 

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Netflix Might Be Forced To Raise Prices (Again) After Hollywood Strike 

Hollywood writers ended a five-month strike against studios in late September on a new labor deal. Although the contract is still in the finalization process, The Wall Street Journal has reported that the world’s biggest streaming platform plans to increase prices once more. 

WSJ cited people familiar with the matter that said Netflix “is discussing raising prices in several markets globally, but will likely begin with the US and Canada.” They said the price increase or when it will take effect is still unknown. 

News of further pay hikes comes after eastern and western branches of the Writers Guild of America accepted a new labor contract with the Alliance of Motion Picture and Television Producers last month. The contract includes higher pay, more benefits, and a pledge by the studios not to replace writers with artificial intelligence. Meanwhile, talks between actors union SAG-AFTRA and studios are still ongoing. 

Increasing labor costs for actors and writers is likely the main driver forcing Netflix to raise streaming prices again. WSJ shows that ‘streamflation’ has been a recent phenomenon across all streaming platforms.

Source: WSJ 

“The company plans to wait until the dual Hollywood writer and actor strikes end before increasing prices. The Writers Guild of America announced a tentative agreement with studios last week and the Screen Actors Guild, which went on strike in July, restarted negotiations with Hollywood studios this week,” WSJ noted. 

To offset the higher cost of doing business, Amazon Prime plans to place “limited advertisements” in TV shows and movies unless customers pay an extra monthly fee

Some consumers have had enough with ‘streamflation‘ and canceled Disney+ and Hulu services ahead of new price hikes slated for Oct. 12. 

Streaming platforms have produced an abundance of shows over the years, causing consumers to develop an addiction problem, commonly known as ‘binge-watching’. 

If consumers don’t like higher streaming costs because of the union’s – well, you’re out of luck. Wait until Detroit’s Big Three agree on a deal with the United Autoworkers Union — this will only force automakers to increase prices for new vehicles. 

Tyler Durden
Tue, 10/03/2023 – 17:45

Watch Live: House Has Enough Votes To Remove McCarthy Unless Democrats Stage Rescue

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Watch Live: House Has Enough Votes To Remove McCarthy Unless Democrats Stage Rescue

Update (1630ET): The House is now voting on the motion to remove McCarthy, and – unless Democrats intervene, Gaetz has enough votes to vacate him as Speaker after six Republicans voted ‘aye’ (Biggs, Buck, Burchett, Crane, Gaetz and Good).

Watch Live:

 

*  *  *

Update (1435ET): The House is now voting on whether to move forward with the ouster vote, or to ‘table’ it – which would save McCarthy.

Update: The ‘motion to table’ has failed, and the House will now move forward with debate ahead of a vote on Gaetz’s effort to remove McCarthy.

*  *  *

Update (1323ET): It appears that House Speaker Kevin McCarthy may actually be out of a job, just eight months after he bent over backwards (and forward?) to land it.

In a ‘Dear Colleage’ letter, House Minority Leader Hakeem Jeffries tells his ‘troops’ that “House Democratic leadership will vote yes on the pending Republican motion to vacate the chair.

House Dems are falling in line.

*  *  *

Days after narrowly averting a government shutdown by striking a secret side-deal with Democrats over Ukraine funding, Rep. Kevin McCarthy (R-CA) faces the biggest challenge to his Speakership by the same group of House conservatives who delayed his rise to power eight months ago.

On Monday night, Rep. Matt Gaetz (R-FL) filed a motion to formally remove McCarthy from his role as speaker – a vote for which McCarthy says he’ll get out of the way first thing today, while CNBC says the vote should begin at 2pm ET.

In short, only Democrats may be able to save McCarthy – who says he hasn’t made any deals with the Democrats who he says “haven’t asked for anything,” following a Monday night call with House Minority leader Hakeem Jeffries (D-NY) – who will ultimately decide McCarthy’s fate.

While the minority party in the House typically doesn’t support the majority’s choice for speaker, motions to vacate are rare – and this situation hasn’t been seen in more than a century.

According to the Guardian, Gaetz and his allies have the votes to remove McCarthy.

In a notice to lawmakers, Democratic whip Katherine Clark’s office said votes on the motion to vacate Kevin McCarthy from his position as speaker of the House could take place “at any time after the House convenes at 12:00 p.m. today.”

Before voting on the motion itself, McCarthy’s allies may move to table the proposal, which, if successful, would block the motion to vacate, and save McCarthy’s speakership. That would need a simply majority to pass, and, the way the numbers are looking now, can’t be achieved without Democratic help.

“Members should keep their schedules flexible and be prepared to vote at the appropriate time,” reads the notice.

Gaetz and his Freedom Caucus allies were livid on Sunday after it emerged that McCarthy had made a secret side-deal with Democrats for more Ukraine funding, in exchange for passage of a continuing resolution that will keep the government running through mid-November.

Developing…

Tyler Durden
Tue, 10/03/2023 – 16:24

Please Stop Telling Us Everything Is Fine With The Economy; It Is Not

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Please Stop Telling Us Everything Is Fine With The Economy; It Is Not

Authored by Salena Zito via The Epoch Times,

Two weeks ago, Nobel Prize-winning economist Paul Krugman told CNN anchor Christiane Amanpour there is a peculiar disconnect between how the economy is doing and how the public is feeling about it.

Amanpour pressed him on why people weren’t understanding that they are living in a “sunny economy.”

He had asserted that “the economy’s rebound has been surreally good,” yet people keep saying it is terrible.

Krugman pointed to surveys and even some people’s behavior, noting robust discretionary spending on travel with hotels and restaurants, and was perplexed as to why people, as if all people were traveling, thought there was a problem.

“We don’t really understand why this is happening … (but) there is a real profound disconnect going on,” Krugman said.

A few days earlier, “The View” co-host Joy Behar was strident in her assertion that everything was fine for all in our economy:

“The economy is booming, inflation is down, the stock market is doing well, people are having an easier time putting bread on the table, etc. (Biden) doesn’t seem to be getting the credit for that.”

She then asked if people think because Biden is old that the economy is bad.

Huh?

People think the economy is bad because they are paying, at least here in western Pennsylvania, $3.99 a gallon for gas, and in places such as Arizona, where the state now ranks seventh among the nation’s highest-paying markets at $4.69; last week alone it climbed 14 cents a gallon. In Nevada, it jumped a whopping 33 cents a gallon, with California coming in at a 29-cents-a-gallon jump.

When gas prices rise, food prices rise.

Has Krugman or Behar bought milk lately?

A staple in almost every family’s home is now well over a dollar more a gallon than it was in 2021, with the average price at $4.31 per gallon for conventional whole milk, $4.26 per gallon for conventional reduced-fat 2 percent milk, $4.86 per half-gallon organic whole milk, and $4.86 per half-gallon organic reduced-fat 2 percent milk.

And that is just one food staple. The USDA said this week that on top of the already escalated costs, all food prices are predicted soon to increase another 5.8 percent, with a prediction interval of 5.4 percent to 6.2 percent.

And food-away-from-home prices are predicted to increase 7.1 percent, with a prediction interval of 6.9 percent to 7.4 percent.

Ardell Martin, a retiree who lives on a fixed income, said her trips to the grocery store, a thing she used to enjoy, now fill her with dread.

“Everything has gone up, and gone up a lot,” she said.

“What irks me is that people keep telling us that everything is fine. Well, everything is not fine. When your income doesn’t change but the costs of basics keep going, your ability to find what you need shrinks because you cannot afford it.”

Interviews with a number of voters across the political and economic spectrum find them frustrated by the Biden administration not understanding that by the administration’s measure, the economy is doing well, but for them, it is not.

They are even more incensed when an economist or a Hollywood figure scolds them for not feeling good about something that has not trickled down to them. This week’s Reuters/Ipsos poll showed the economy remained the public’s top concern, with 23 percent of respondents selecting it as “the most important problem facing the U.S. today.”

U.S. inflation rates have been historically high during Biden’s term, prompting central bankers to raise interest rates in a bid to tame prices.

Biden’s pitch saying “Bidenomics is about the future” and “Bidenomics is just another way of saying ‘restore the American Dream’ because it worked before” still isn’t resonating with voters, even ones who voted for him.

Martin said she is frustrated by Biden and everyone else telling her everything is OK: “He needs to walk in our shoes before telling us something is working.”

Tyler Durden
Tue, 10/03/2023 – 16:20

Juicy Jobs Data Slams Stocks, Sparks Bond Bloodbath & VIXplosion

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Juicy Jobs Data Slams Stocks, Sparks Bond Bloodbath & VIXplosion

A slightly-more-dovish-than-normal Atlanta Fed president did nothing to stop the ‘good’ jobs data sparking a pukefest across bonds and stocks. Crypto was lower, gold and the dollar were only marginally changed (as it looked like Japan’s MoF stepped in to save the yen). VIX topped 20, and Treasury yields all soared to multi-decade highs.

The survey-driven JOLTS data sent ‘soft’ data to a new cycle high while ‘hard’ data is at its lowest since April…

Source: Bloomberg

But, Financial Conditions are tightening aggressively…

Source: Bloomberg

Goldman warns that the ‘good news’ faces a few headwinds may impact growth soon, including the end of the student loan moratorium, a potential slowdown in consumer spending after a very strong summer, and higher oil prices among others – all of which could weigh on at least the willingness if not just the ability of the consumer to spend.

How bad could it get? Goldman estimates that real GDP growth will slow from 3.5% in Q3 to 0.7% in Q4

Futures were drifting lower into the cash open, saw the ubiquitous opening pump, but soon after came the JOLTS data which sent everything lower with Nasdaq leading the plunge…

The S&P is falling close to its 200DMA…

After its collapse yesterday, Utilities were the only sector green today. Energy almost got back to even on the day but Consumer Discretionary was the ugliest horse in the glue factory…

Source: Bloomberg

Banks continue to be a shitshow (should not be surprising given the $108BN hole in their balance sheets… that is getting worse with every tick higher in yields)…

Further to fall…

Selling was focused on unprofitable tech…

Source: Bloomberg

And “most shorted” stocks are now in the red for the year after today’s puke…

Source: Bloomberg

…oh and don’t forget the recent IPOs – CART’d out!

0-DTE traders bought the f**king dip early on (heavy call-buying) but it didn’t work to spark any real positive momentum and the unwind dragged stocks to the lows of the day…

Source: SpotGamma

Treasuries were clubbed like a baby seal… again… with the long-end absolutely hammered (30Y +16bps, 2Y +4bps)…

Source: Bloomberg

30Y neared 4.95% (2007 highs) as the yield curve (2s30s) bear-steepened dramatically…

Source: Bloomberg

The dollar ended higher – but not much so – thanks in large part to JPY’s move…

Source: Bloomberg

What looked like an intervention by Japan’s MoF saved the day’s volatility in the FX market. JPY’s break above 150/USD seemed to trigger a massive wave of yen-buying…

Source: Bloomberg

Gold ended the day only marginally lower

Source: Bloomberg

Crude managed gains on the day, with WTI bouncing back above $90 briefly intraday…

Finally, we just tumbled into ‘Extreme Fear’ levels…

Source: CNN

And the other fear index – VIX – soared back above 20 – its first time since May…

..which perfectly fits with the seasonals…

Source: Bloomberg

…but are we done now?

Tyler Durden
Tue, 10/03/2023 – 16:00

Politico Pens ‘Not All Nazis Are Bad’ Op-Ed After Canada Lionizes Waffen SS: Taibbi

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Politico Pens ‘Not All Nazis Are Bad’ Op-Ed After Canada Lionizes Waffen SS: Taibbi

Authored by Matt Taibbi via Racket News,

Start with the title: “Fighting against the USSR didn’t necessarily make you a Nazi.” The Politico Europe editor approving it was either high on glue, or finally decided yesterday to come to work in his secret Schutzstaffel uniform. No other explanation fits.

Writer Keir Giles argued there’s “disinformation” and a “lie” in the outrage over Canada’s parliament cheering former Waffen SS soldier Yaroslav Hunka:

This history is complicated because fighting against the USSR at the time didn’t necessarily make you a Nazi, just someone who had an excruciating choice over which of these two terror regimes to resist. However, the idea that foreign volunteers and conscripts were being allocated to the Waffen-SS rather than the Wehrmacht on administrative rather than ideological grounds is a hard sell for audiences conditioned to believe the SS’s primary task was genocide. And simple narratives like “everybody in the SS was guilty of war crimes” are more pervasive because they’re much simpler to grasp.

On “fighting against the USSR at the time didn’t necessarily make you a Nazi”: didn’t it if you were Yaroslav Hunka, who was actually a Nazi? Giles protests Hunka’s Waffen-SS service is just a “hard sell” to current audiences because they’ve been “conditioned to believe the SS’s primary task was genocide,” due to “simple narratives like ‘everybody in the SS was guilty of war crimes.’” Hunka’s 14th Waffen Grenadier unit, aka the Galicia Division, was in 2003 found by the Polish government to have murdered about 1000 inhabitants of Huta Pieniacka, now in the Lviv Oblast of Ukraine. The report singled out the “14th sub-unit” of the Galizien, which may be why Poland’s education Minister just said he’s “taken steps toward the possible extradition of this man.”

It doesn’t matter, because this story was never about the moral choices of Yaroslav Hunka, but the decision by Prime Minister Justin Trudeau, Canadian House of Commons Speaker Anthony Rota, and Deputy Prime Minister Chrystia Freeland to applaud as a “Canadian hero” a former member of the SS. Hunka also happened also to have fought on the other side in a war that killed 42,000 Canadians. But who’s counting? As Giles writes, it’s “complicated.”

GOERING AT NUREMBERG: IT’S COMPLICATED would have fit National Lampoon’s famed “Hitler’s Tropical Escape” issue, or its later “Spring Fascism Preview.” A New York Times spoof would write itself: “For Augusto Pinochet, Good Governance, Complex Choices.” But Giles one-ups them all with this piece arguing, with no laugh track, the “nuanced truth” of SS service. It’s the literary equivalent of trying to scale the El Capitan Wall without a harness, an incredible thing to try, much less publish.

Left and center, comedy. Right, reality

Politico ran a photo of Hunka in his Galizien uniform, but the article still made repeated references to things like “shouting about ‘Nazis,’ real or imaginary” (you just established this one isn’t imaginary!) or the “chorus of evidence-free condemnation” (you just printed the evidence!).

The stunner passage is near the end:

The Friends of Simon Wiesenthal Center registered its outrage, noting that Hunka’s unit’s “crimes against humanity during the Holocaust are well-documented” — a statement that doesn’t seem to have any more substance than the accusation by Russia.

If you had “Simon Wiesenthal Center accused of echoing Russian propaganda” on your historical bingo card, congratulations.

Subscribers to Racket News can read the rest here…

Tyler Durden
Tue, 10/03/2023 – 15:20