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My Retirement Accounts Fail In The World I Actually Live In

My Retirement Accounts Fail In The World I Actually Live In

Authored by Patrick Brenner via RealClearMarkets,

I remember the first time I logged into my retirement account as a young professional. It felt like a milestone: proof that I had entered the world of adulthood, of long-term thinking, of ownership. I work in the nonprofit sector, so technically it’s a 403(b), not a 401(k). The distinction is academic; the promise is the same: contribute consistently, invest wisely, and over time, build financial independence.

The longer I’ve contributed, the more I’ve realized something uncomfortable: my retirement plan isn’t built for the world I actually live in.

Like many in my generation, I came of age during a period of profound economic change. Companies stay private longer. Technology, infrastructure, and energy companies increasingly raise capital outside public markets. The most dynamic growth in the economy often happens before a company ever reaches a stock exchange. When I look at my retirement options, I’m locked out of that world.

Instead, we see a familiar menu consisting of a handful of mutual funds and some index options that quietly steer me toward a standardized allocation. These are not bad investments, but they represent only a fraction of real economic growth.

For my younger peers just entering the workforce, this gap is even more consequential. The directions are thus: start early, take advantage of compounding, and think long term. If we each had a dollar for every time we got the lecture about the “time value of money,” we’d all retire tomorrow. But we are also being funneled into portfolios that exclude entire categories of assets like private equity, private credit, real estate, and infrastructure that have historically delivered higher long-term returns and meaningful diversification.

Brett Arends at Market Watch incorrectly asserts that opening retirement plans to these assets would expose workers to high fees, illiquidity, and complexity. He misses a more important question: compared to what?

There’s real asymmetry. Institutional investors regularly allocate 20 to 30 percent of their portfolios to private markets. They do so because these assets offer diversification, illiquidity premiums, and exposure to parts of the economy unavailable in public markets. Ordinary workers are confined to a narrower universe because litigious zealots neutered the system, compelling fiduciaries to avoid risk at all costs.

This narrowing of investment options originates in the legal environment surrounding employer-sponsored retirement plans. Under the Employee Retirement Income Security Act of 1974 (ERISA), plan sponsors face an onslaught of litigation. The risk of lawsuits compels employers to increasingly default to the safest legal options rather than to the best outcomes for participants, thereby directly limiting potential returns.

Even if you set aside litigation, the deeper issue is structural. The retirement system hasn’t kept pace with the evolution of capital markets.

The proposed rule from the Department of Labor deserves serious attention. At its core, the rule introduces a safe-harbor framework for evaluating “designated investment alternatives” in defined-contribution plans. The definition encompasses everything from traditional mutual funds to more complex vehicles, including those that can incorporate private assets.

The framework is asset-neutral. It outlines how fiduciaries should choose. Plan sponsors are obligated to evaluate investments using a set of common-sense factors: fees, performance, liquidity, valuation, benchmarks, and complexity. If they do so objectively and analytically, they are presumed to meet their fiduciary obligations.

The White House’s Council of Economic Advisers suggests that younger participants could benefit from allocating up to 30 percent of their portfolios to private markets. Institutional investors have approached portfolio construction using private markets for decades.

Yet parts of the proposed rule undermine that very goal. A 15 percent cap on private assets, derived from SEC Rule 22e-4, would limit exposure, a particular problem for collective investment trusts, which are regulated differently and historically operated without such constraints.

Angela Antonelli offers helpful insights. Georgetown Univerisity’s research from the Center for Retirement Initiatives and other CRI analysis, even relatively modest exposure to private real assets, private credit, and private equity has the potential to boost outcomes by 7% to 8%, not just for the “average” DC participant but also across a range of more real financial savings patterns that DC participants too often find themselves in over the course of their working years.

Large institutions, from university endowments to public pension funds, routinely invest in private markets and reap the benefits of diversification and higher returns. We’ve created two classes of retirement savers: those with access to the full spectrum of capital markets, and those without.

That divide is the difference between participating in today’s economy and being stuck in a version of it that no longer exists. Retirement policy should be about equipping workers to build wealth in the modern world.

Right now, my 403(b) originated on a promise that has become so antiquated it might be unattainable. Instead of “taxing the rich,” can’t we just be allowed to invest like them?

Tyler Durden
Sun, 05/24/2026 – 18:40

Newsom Declares Emergency In Orange County; EPA Head Says Chemical Tank Will “Likely Fail”

Newsom Declares Emergency In Orange County; EPA Head Says Chemical Tank Will “Likely Fail”

The head of the Environmental Protection Administration (EPA) said Sunday that a chemical storage tank in Southern California that has forced officials to declare an emergency and prompted evacuation orders for tens of thousands residents is likely to fail.

Lee Zeldin, the administrator of the EPA, told CNN’s “State of the Union” program on Sunday that the “most likely scenario” is a “low-volume release” of the tank, where officials will be able to “monitor, neutralize, and contain the threat.”

“The Orange County Fire Authority is working to keep the temperature of the tank down. That is very important,” he said on CNN, referring to the fire department in the Southern California county.

He said keeping the temperature under 85 degrees F is key.

But, as Jack Phillips reports for The Epoch Times, Zeldin warned:

“We’re being told that the tank will fail, but there are different scenarios as to what that means, the most catastrophic scenario being an explosion that results in other tanks to explode. That’s the reason why you see such a big evacuation that’s been done in the surrounding areas.”

“You have all levels of government, local, state, federal, working together. EPA has personnel on the ground, air monitors deployed in the local community,” Zeldin also said.

“We have been involved in the modeling of different scenarios.”

Drones were monitoring temperatures at 10-minute intervals to watch for any spikes and planning was underway to ensure a possible leak could quickly be prevented from spreading into waterways or the ocean, Covey said in a video released online.

“Sitting back and allowing these tanks to fail is unacceptable,” Covey said, adding there was no guarantee tanks will not breach and leak.

“Our goal is to protect your homes—no damage to them—and protect the environment.”

As of Sunday morning, Zeldin said: “This is an emergency response. This isn’t yet an environmental response, and the scale of that environmental response will be determined based off of what happens when that tank fails.”

As a result of these warnings, Phillips reports that California Gov. Gavin Newsom declared a state of emergency in Orange County.

“The safety of Orange County residents is the top priority. We are mobilizing every state resource available to support local responders and make sure the community has what they need to stay safe,” Newsom said.

The malfunctioning tank holds approximately 5,000 to 7,000 gallons of methyl methacrylate, a flammable and volatile chemical used in plastics manufacturing for aerospace applications.

The tank, located at a manufacturing facility in Garden Grove, first started displaying signs of instability on Thursday.

On Friday, there were increased fears of an explosion, according to Orange County Fire Authority interim Chief TJ McGovern.

Approximately 50,000 residents were evacuated in Garden Grove, which is home to around 172,000 people and located 30 miles south of Los Angeles.

The governor’s proclamation directs all state agencies and the California Governor’s Office of Emergency Services to support Orange County and impacted areas, and unlocks additional emergency response resources and authorities.

Tyler Durden
Sun, 05/24/2026 – 18:05

Bubble-Wrapped World: How Safety Culture Has Destroyed Our Sense Of Adventure

Bubble-Wrapped World: How Safety Culture Has Destroyed Our Sense Of Adventure

Authored by Murray Lytle via The Epoch Times,

Are Canadians less adventurous than they once were? It’s hard to argue otherwise.

Alexander Mackenzie was only 24 when the North West Company named him chief fur trader at Fort Chipewyan, in what is now Alberta. A few years later, in 1789 he travelled north along what is now known as the Mackenzie River to become the first European to reach the Arctic Ocean overland. Four years later he crossed the Rocky Mountains and was the first European to reach the Pacific Ocean, beating Americans Merriweather Lewis and William Clark by a full dozen years.

In 1898, Martha Purdy arrived in Dawson City to escape a failed marriage and make her fortune in the Klondike Gold Rush. It was while climbing the notorious Chilkoot Pass that she discovered she was pregnant with her third son. She later remarried and, as Martha Black, was the second woman to be elected to Canada’s Parliament. She was also a successful entrepreneur and a world-renowned expert on wild flowers.

Canadian history is filled with tales such as these. Explorers, soldiers, settlers, and other restless souls who endured great hardships and did great things.

There is a natural sense of awe that arises when retelling such lives filled with adventure. To our modern selves, they appear as fascinating aberrations, gifted men and women with unusual appetites for risky or dangerous undertakings. Their willingness to set out into the unknown strikes us today as thrilling, unnerving, and more than a bit foolhardy. But while their accomplishments may be striking, they lived in more adventurous times.

Today, society shrinks from adventure and the unknown.

Through a combination of practical circumstances, changing social standards, and dramatic shifts in individual risk tolerance and government behaviour, opportunities for adventure have been drastically curtailed.

How can Canadians get that sense of adventurousness back?

“An adventure is only an inconvenience rightly considered”, G.K. Chesterton once wrote. “An inconvenience is only an adventure wrongly considered.” There is a case to be made that adventures are simply harder to come by these days.

There are no more blank spaces left on maps, and hence no places for modern-day Mackenzies to discover.

The omnipresence of the internet and GPS similarly makes it almost impossible to get truly lost anymore. And if you do, help is usually close at hand.

Beyond these practical limitations, however, it seems incontestable that society today is less interested in promoting, facilitating, or participating in adventurous life experiences.

No one talks of running away with the circus or joining the French Foreign Legion anymore, even in jest. According to Statistics Canada, twice as many millennials are still living at home as was the case with previous generations. And if any of these young adults do go away, it’s more than likely to be an adventureless “gap year” holiday between graduate degrees recorded in minute detail on Snapchat and Instagram.

The perpetual childhood of today’s younger generations contrasts sharply with the youthful accomplishments of past eras. William Wilberforce, for example, was elected to the British Parliament at age 21 and then proved instrumental in ending the trans-Atlantic slave trade. His friend William Pitt became Prime Minister at 24, and spent his career fighting the French emperor Napoleon Bonaparte, who became a general at 24. Quite a lot can be accomplished when one starts early.

Other factors that limit the availability of adventure in our post-modern era include the suffocating impact of the welfare state. When Mackenzie left his family home at 15 to become an apprentice in the fur industry, it was because he had little choice. He needed to make his way in the world as a teenager. The same urgency applied to Black when she decided to escape a failed marriage by travelling to the Yukon. With no government to hold your hand, adventure follows. Popular culture in earlier eras also did its bit as well by celebrating explorers and adventurers as celebrities in the same manner that we laud singers and athletes today.

Just as adventure was once regarded as a social virtue to be admired, society today aggressively enforces the opposite expectation—that it is our duty to avoid risk at all costs. In their 2021 book “The Coddling of the American Mind,” social psychologist Jonathan Haidt and lawyer Greg Lukianoff take a close look at the impact of a creeping safety culture on the behaviour of younger generations.

Children, the authors observed, are now deliberately shielded from any sense of risk or uncertainty. How can anyone—young boys most of all—learn about the world around them when school principals announce at the onset of every snowfall that “all snow must stay on the ground.” The ideal of adventure and resilience has been replaced by a debilitating sense of fragility and risk-avoidance.

So is the dream of looking over an untravelled horizon that animated people like Alexander Mackenzie or Martha Black completely dead in the 21st century? Not exactly.

Adventure should properly be considered a spirit, not a place.

It is driven by a powerful mixture of curiosity, necessity, and an openness to experiencing new things. And it can be found wherever uncertainty reigns. Today, that might entail travelling to strange lands, meeting new people, or even engaging in uncomfortable discussions about whether Alberta should remain part of Canada forever.

Wherever the unknown lies, adventure can be found.

Tyler Durden
Sun, 05/24/2026 – 17:30

Two Billboards In New York Capture The Conflict Of Our Time

Two Billboards In New York Capture The Conflict Of Our Time

Authored by Kay Rubacek via The Epoch Times,

Two billboards went up in New York City recently. This is a city of advertising, where images appear when someone wants the whole world to see them. One billboard is selling artificial intelligence, and the other is warning about it. The juxtaposition between these two advertisers, who most likely wouldn’t have seen the other’s message in advance, captures the conflict of our times and cements the uncertainty about the future within an artificial intelligence world.

The selling billboard is dark, purple, and almost cinematic.

An AI-generated face with artificial perfection stares out. Three words above her say: “Stop Hiring Humans.” The Era of AI Employees Is Here. The company is Artisan. The company says it “is a provocation. It works because it’s uncomfortable.” It is real. It wants your payroll budget, and it is not embarrassed to say so.

The warning billboard is light, purple, and funny in the way that grief sometimes is. A sad stick figure holds a small sign: Will Create 4 Food. Mock chat bubbles float across it like a corporate memo from a future that has already arrived: “Thank you artists for donating your life’s work to our AI. Your generosity hasn’t gone unnoticed. Just uncompensated.”

The organization’s name is Replacement.AI. It is also real, but it is not selling anything. It is run by anonymous artists who spent their own money to tell you the truth. Their website calls itself “the only honest AI company.” Its homepage reads: Humans no longer necessary. Stupid. Smelly. Squishy. It’s time for a machine solution.

The quotes on the site are genuine, such as one from OpenAI’s CEO, Sam Altman: “AI will probably most likely lead to the end of the world, but in the meantime, there’ll be great companies.” And another from OpenAI’s charter, “To build ‘highly autonomous systems that outperform humans at most economically valuable work.’”

On the page dedicated to artists, the site reads: “If you’re one of the millions of artists, musicians, writers, journalists, scholars, or other creatives whose work we’ve stolen to train our AI, we want to thank you. We couldn’t have achieved a $100 billion valuation without all of your hard work, just sitting on the internet for us and our other AI company friends to scrape. Unfortunately for you, financial compensation is out of the question. Just because we’re making money from your copyrighted material doesn’t mean you’re legally entitled to any of it.”

It is satire. It is also accurate. In a submission to the House of Lords, OpenAI admitted, “It would be impossible to train today’s leading AI models without using copyrighted materials.”

The courts are beginning to agree too that something was taken. Well over thirty copyright infringement lawsuits have been filed by creators against AI developers. Visual artists sued Stability AI and Midjourney. Getty Images sued, arguing that over twelve million photographs were scraped without license. The New York Times sued OpenAI. Universal Music filed a $3.1 billion lawsuit against Anthropic in January 2026, alleging its AI was built on a foundation of piracy. None of these cases have reached final verdicts. The legal system is moving at human speed through a problem that was created at machine speed.

What passed through a million years of accumulated human experience—the knowledge handed from mind to mind, generation to generation, the grief and wonder pressed into stories and paintings and films and arguments on the internet at three in the morning—was consumed by hungry algorithms. There was no purchase or licensing. The great ingestion happened in server rooms, while the rest of us were clicking I Agree to ever-lengthening terms and conditions that no one ever bothers to read. And that phase is now over.

Yet predictions for our future keep rolling in, each one confident, and each one contradicting the last. Goldman Sachs estimates AI could replace the equivalent of 300 million full-time jobs. The World Economic Forum projects 92 million jobs displaced by 2030, offset by 170 million new ones created, which is a net gain, on paper at least. Anthropic CEO, Dario Amodei, warns AI could replace half of all entry-level office jobs within five years. Jensen Huang says greater productivity creates more hiring, not less. In 2025 alone, Amazon eliminated 14,000 corporate roles, Microsoft cut 15,000, and Salesforce reduced its customer support workforce by 4,000. Like the billboards in Time Square, both are right, yet neither agree. What the experts ultimately share is uncertainty.

And the AI models are hungry again. This time, media organizations are making sure they require payment from AI giants for their content. New York Times is partnering with Amazon’s AI, Meta with News Corp, and Google with Reddit. But human-made internet content is finite and cannot keep up with the voracious appetite of AI models that do not need time to sleep or metabolise. So the machines have no choice but to prompt themselves, and generate new content upon previous content, with less and less human origin, leading us down a spiral of infinite iteration with less human touch, less human spirit, and less human soul. The only thing the “experts” seem to agree on is that the business potentials are both exhilarating and terrifying.

Meanwhile, Artisan’s billboard promises relief from the burden of human employees. Lower payroll. No sick days. No long hot showers a person needs to feel like a person again. The face on that billboard doesn’t need to ground herself. She doesn’t need anything. What is being sold is not intelligence, but the absence of need. It is a cold world to advertise, and the advertisers seem not to fear the cold.

Two billboards in New York City, and the same ones are popping up in other major cities across the nation. Between them is the argument that is yet to be resolved: whether what is being built is a tool or a replacement, a future or an ending. The experts cannot agree. The lawyers are still filing. The models are still hungry. And somewhere in Times Square, a sad stick figure is still holding his sign, hoping someone walking past will stop long enough to read it.

Tyler Durden
Sun, 05/24/2026 – 16:20

“Vindictive”: Obama-Appointed Judge Dismisses Tennessee Smuggling Charges Against Kilmar Abrego Garcia

“Vindictive”: Obama-Appointed Judge Dismisses Tennessee Smuggling Charges Against Kilmar Abrego Garcia

Authored by Kim Jarrett via The Center Square,

A federal judge dismissed Tennessee charges against a man who, at one time, was at the center of the immigration debate.

Abrego Garcia, who illegally entered the U.S. from El Salvador in 2011, faced federal charges of human smuggling and conspiracy to commit human smuggling.

The charges stemmed from a traffic stop by Tennessee Highway Patrol in December 2022, where Abrego Garcia was found transporting eight passengers across the country.

One of the police officers believed that he was smuggling them, remarking that he was “hauling these people for money,” according to a video obtained by The Center Square through an open records request.

He allegedly did not have a valid driver’s license and was suspected of trafficking the passengers, though he was let go at the FBI’s request.

The car belonged to an illegal immigrant named Jose Ramon Hernandez-Reyes, who was sent to prison in 2020 for human smuggling.

Obama-appointed U.S. District Judge Waverly D. Crenshaw called the charges “vindictive” because Abrego Garcia challenged his deportation to El Salvador. 

“The objective evidence here shows that, absent Abrego’s successful lawsuit challenging his removal to El Salvador, the Government would not have brought this prosecution,” Crenshaw wrote in his order.

“The Executive Branch closed its investigation on the November 2022 traffic stop. Only after Abrego succeeded in vindicating his rights did the Executive Branch reopen that investigation.”

The Trump administration deported Abrego Garcia to El Salvador in March 2025, according to previous reporting from The Center Square.

Prior to that, Abrego Garcia was living in Maryland and had been arrested on suspicion of involvement in MS-13 in 2019, after immigrating illegally to the United States as a teenager with his parents around 2011.

Officials prepared to deport Abrego Garcia then, but an immigration judge granted him “withholding of removal,” believing his life would be in danger if he were returned to El Salvador. 

The Department of Justice did not immediately return a message from The Center Square about the case. 

Tyler Durden
Sun, 05/24/2026 – 15:10

Feds Subpoena Hasan Piker, CodePink Cofounder Over “Humanitarian” Trip To Communist Cuba

Feds Subpoena Hasan Piker, CodePink Cofounder Over “Humanitarian” Trip To Communist Cuba

Federal officials have issued “Requests for Information” via Treasury Department subpoenas to Turkish-American millionaire and far-left Twitch streamer Hasan Piker and pro-China CodePink cofounder Susan Medea Benjamin as part of a broader probe into whether the activists violated sanctions laws during a “humanitarian” trip to communist-run Cuba, according to a new Fox News report.

Fox’s Asra Q. Nomani, who leads an investigation into dark-money funded NGOs, said the Treasury Department’s Office of Foreign Assets Control is examining whether the activists financed, coordinated, or delivered goods to Cuba in ways that crossed legal boundaries under U.S. sanctions.

Investigators are also examining whether the two met with Cuban government-linked personnel or entities.

Expanding on Nomani’s report, a likely line of inquiry is whether Piker, Benjamin, or members of the broader delegation met with Cuban officials or personnel linked to the Dirección General de Inteligencia, Cuba’s intelligence service, or the Cuban Institute for Friendship with the Peoples, a regime-aligned organization long used to develop foreign activist networks for overseas statecraft operations.

Nomani’s sources said the trip was part of the “Nuestra América Convoy,” or “Our America Convoy,” involving a global network of communist sympathizers, activists, and influencers who brought supplies to the island.

 

Nomani noted, “The investigation is part of a broader effort by officials at Treasury, State and Justice departments to curb malign foreign influence operations inside the United States, particularly activities tied to support for political violence, extremist movements or acts the U.S. government classifies as terrorism.”

“The scrutiny reflects growing concern among federal authorities and lawmakers over whether foreign actors and aligned organizations are attempting to shape American political discourse, mobilize activists, sow discord and normalize rhetoric that could encourage violence or undermine U.S. national security interests,” she continued.

U.S. law imposes broad restrictions on financial transactions involving Cuba, primarily through the Cuban Assets Control Regulations, which are administered by the Treasury Department’s OFAC.

The rules generally prohibit unlicensed travel-related transactions and the export of goods or services to Cuba, with limited exceptions for journalism, humanitarian projects, educational programs, and activities intended to support the Cuban people.

One question is whether the March delegation operated within those carveouts, or whether its financing, logistics, coordination, or delivery of supplies crossed into prohibited support for Cuban government-linked entities.

Why Piker, Benjamin, and far-left members of the delegation felt compelled to champion the failed communist country is addressed in a note we penned in late 2025 titled:

If you really want to understand why the radical left appears to hate America and seeks to implode the nation from within, it is not difficult to see that these ideas are rarely developed organically. More often, they are shaped and reinforced by outside influences. This chart helps explain why the radical left has become so extreme.

As per The Washington Times, “Cuba’s intelligence apparatus is training foreign nationals to wage war against the West.”

Why?

The Trump team appears to be shifting from an observation mode to an action phase in its campaign against radical-left nonprofit networks, some of which are supported by foreign adversaries and left-wing billionaires.

The target is increasingly clear: NGOs, activist groups, and influencer networks that push anti-American propaganda, inflammatory political rhetoric, revolutionary agitation, and Marxist ideology while masquerading as anti-war advocates or civil-rights organizers.

If Treasury OFAC subpoenas are any leading indicator, the Trump team may be entering the action phase. That should put the nonprofit world on notice.

Tyler Durden
Sun, 05/24/2026 – 14:35

Resident Floats Surefire Way Of Getting Potholes And Trash Cleaned Up In Shithole LA…

Resident Floats Surefire Way Of Getting Potholes And Trash Cleaned Up In Shithole LA…

Authored by Steve Watson via Modernity.news,

Los Angeles residents have had enough of living in a crumbling, graffiti-covered wasteland where basic services have collapsed under years of Democrat mismanagement.

In a display of pure ingenuity, citizens are fighting back by tagging over blighted areas with “Vote Pratt,” betting that Mayor Karen Bass will rush to erase any sign of support for her political rival far faster than she addresses the endless decay.

This clever workaround shines a harsh light on the priorities in a city drowning in filth, where open drug markets and rat-infested encampments flourish while taxpayers foot the bill for billions in ineffective “solutions.”

The idea took off after one resident pointed out the obvious: if neighborhoods are blanketed in graffiti that the city ignores, simply spray “Vote Pratt” over it and watch the cleanup crews mobilize within minutes.

One post noted, “This could possibly do the trick,” while others highlighted how quickly political messaging gets scrubbed compared to everyday blight.

Videos and images circulating on X show the extent of the problem and the creative response, with AI-generated visuals encouraging more residents to test the theory.

The same tactic could target potholes, now mockingly dubbed “Bass-holes” due to the mayor’s reluctance to release funds for basic road repairs.

The citizen hack represents more than a workaround – it exposes the deep dysfunction where political optics trump governance. In a city blessed with resources and climate, decades of open-border-friendly policies, soft-on-crime approaches, and unchecked spending have produced predictable decay.

This grassroots push to elect Pratt comes as no surprise to anyone following LA’s descent. Just days ago, reports painted a grim picture of massive homeless encampments overrun by rats, open-air drug markets operating brazenly near police stations, and public spaces rendered unusable by tents, trash, and crime.

Helicopter footage has captured post offices swallowed by encampments, blocking mail access and parking. Residents describe navigating urine-soaked doorways blocked by belongings just to enter their own apartments, with police unwilling or unable to intervene under current policies.

Despite California dumping an estimated $24 billion into homelessness programs between 2018 and 2023 – with LA spending hundreds of millions annually – the results are nonexistent. The county reports around 72,000 homeless individuals, many unsheltered, with over half originating from out of state, according to critics of the system.

One man who moved to California openly admitted the appeal: easy access to food stamps, cash assistance, and a lifestyle where “they pay you to be homeless.” These incentives have created what detractors call a Homeless Industrial Complex – a self-perpetuating system of nonprofits and bureaucrats motivated to manage the crisis rather than solve it.

Mayor Karen Bass has come under fire for broken promises to end street homelessness. When confronted on CNN about missed targets, she cited unanticipated “bureaucratic barriers.” In another exchange, she advised residents not to trust their own eyes but official statistics instead, despite visible evidence to the contrary.

Enter Spencer Pratt, the mayoral candidate whose name is now central to this cleanup hack. Pratt has called for a no-nonsense approach: a short grace period after taking office followed by mass enforcement against crime, open drug use, and disorder. He has emphasized clearing streets and involving homeless individuals directly in cleanup efforts rather than feeding another layer of bureaucracy.

Real change requires rejecting the failed ideologies that enabled this mess: endless tolerance for lawlessness, incentives that import problems, and a bureaucracy that thrives on failure.

Tyler Durden
Sun, 05/24/2026 – 14:00

Trump Bats Down Critics As Iran Deal Gets Close: ‘Exact Opposite’ Of ‘Amateur’ Obama JCPOA

Trump Bats Down Critics As Iran Deal Gets Close: ‘Exact Opposite’ Of ‘Amateur’ Obama JCPOA

Update(1345ET): Both sides are continuing to be mostly tight-lipped in terms of offering confirmation of what precisely is in the deal, with President Trump having earlier said he’s in no hurry. But this weekend contains some of the most positive momentum towards an actual peace deal and extended ceasefire to date. Per some of the latest from NYT:

Iran’s leaders or official state media have not publicly commented on what is in any potential agreement or what is being discussed. Over the last 24 hours, Iranian and U.S. officials have offered some conflicting depictions of what a deal might contain. On Sunday, the U.S. official said a deal had not yet been signed and was still subject to final approval from President Trump and Iran’s supreme leader, which could take days.

The senior U.S. official said the mechanism by which Iran would dispose of its highly enriched uranium was still being negotiated. Mr. Trump has insisted that the United States seize the material as part of his vow to curb Iran’s nuclear program.

Mr. Trump said in a social media post earlier on Sunday that he had ordered his negotiators “not to rush into a deal,” after saying a day earlier that a preliminary agreement between the two countries was “largely negotiated.”

But Trump is catching some political heat both at home and in Israel, for potentially agreeing to a deal which cedes too much ground to Tehran – or at least that’s the growing criticism of the hawks. He issued the below Truth Social on Sunday, seeking to bat down this criticism, and once again asserting his deal will the the EXACT OPPOSITE of Obama’s JCPOA. But time will soon tell…

Trump also shared this statement from Fox’s correspondent. Tehran has remained insistent that it will never transport its enriched uranium outside it borders:

Not quite yet at the goal line, per Reuters:

*  *  *

Top U.S. and Iranian officials signaled they are inching closer to an initial peace deal to wind down the U.S.-Iran conflict and reopen the Strait of Hormuz, though major details remain murky, especially around the future of Iran’s nuclear program.

President Trump said the peace deal has been “largely negotiated” and will be announced “shortly,” with the reopening of the Hormuz chokepoint among its key components.

Secretary of State Marco Rubio said earlier that “significant progress” has been made, but no final deal has been reached.

Rubio added that the world could learn “over the next few hours” about progress on resolving the shipping disruption at the Hormuz chokepoint.

The proposed deal aims to reopen Hormuz, end or pause fighting across multiple fronts, and restart tanker flows through the strait, as the world is dangerously close to an energy cliff. If disrupted for another month, this could spark even more severe economic trouble for the global economy.

Iranian officials said the deal would also lift the U.S. naval blockade, halt fighting involving Israel and Hezbollah, reopen Hormuz without tolls, and release $25 billion in frozen Iranian assets.

The biggest unresolved issue is Iran’s nuclear program. U.S. officials said the framework includes a commitment by Tehran to give up enriched uranium, though the mechanism for that commitment would be negotiated later.

However, Iran’s semi-official Fars news agency dismissed Trump’s claim of an imminent deal as “far from reality.”

Fars reported that, under the latest text exchanged, management of Hormuz would “remain exclusively under the authority and discretion of the Islamic Republic of Iran” if a deal is reached.

Earlier, Fars reported that Iran’s nuclear program, blocked funds, and the status of Hormuz remained “serious points of disagreement” in talks with the U.S.

Iran had indicated that a final draft of the deal was under review.

Iranian state television cited Foreign Ministry spokesman Esmail Baghaei as saying, “Over the past week, the process has been moving toward a convergence of views.”

Latest Headline Round-Up

Peace Deal Progress

  • Trump said Saturday that a peace deal with Iran has been ‘largely negotiated’ and he plans to announce an agreement shortly that would reopen the Strait of Hormuz.

  • Secretary of State Marco Rubio said Sunday there may be ‘some good news’ regarding the blocked Strait of Hormuz in the coming hours

  • Pakistan’s military cited ‘encouraging progress towards a final understanding’ after intensive negotiations over the last 24 hours

  • Iran and the US are still at odds over ‘one or two provisions’ of a potential peace agreement, according to Tasnim news agency

Peace Deal Terms

  • The agreement involves a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, and Iran would be able to freely sell oil, according to a U.S. official

  • A draft agreement stipulates that the US and its allies commit not to attack Iran or its allies under any circumstances, with Iran making a similar commitment, according to Fars news agency

  • Iran’s nuclear program, blocked funds and the status of the Strait of Hormuz are ‘serious points of disagreement’ in talks, according to Fars News

Regional Involvement

  • Several Arab nations joined Pakistan in trying to push for a resolution to the Iran war as they urged Trump to allow more time for negotiations

  • Pakistan’s Prime Minister congratulated Trump on his ‘extraordinary efforts to pursue peace’ after a phone call involving leaders of Saudi Arabia, Qatar, Turkey, Egypt, the UAE, Jordan and Pakistan

  • President Trump’s Iran deal will ensure the US military stays in the region for at least the next 30 days, per Fox News.

Macro Impact

  • US forces have redirected 100 commercial vessels during its six-week-long blockade of Iran’s ports, according to Central Command

  • A liquefied natural gas tanker carrying a shipment for India has exited the Strait of Hormuz for the first time since the Iran war began months ago

  • The European Central Bank is heading for an interest-rate increase next month unless a sustainable peace deal between the US and Iran can be found, according to the ECB’s Martin Kocher

Polymarket

Odds of Hormuz traffic returning to normal by the end of June stand at 61%.

Strait of Hormuz traffic returns to normal by end of June?
Yes 62% · No 39%
View full market & trade on Polymarket

The US-Iran permanent peace deal, as of May 26, stands at 35%.

US x Iran permanent peace deal by May 26, 2026?
Yes 35% · No 65%
View full market & trade on Polymarket

WTI and Brent crude oil prices crashed on Hyperliquid (via Augur Infinity):

S&P500 soars on Hyperliquid (via Augur Infinity):

Bitcoin’s chart continues to trend higher, with price action on an “up and to the right” trajectory.

Must Reads:

Why the US needed an urgent peace deal, as explained by UBS:

Friday’s US-Iran Wrap

Saturday’s US-Iran Wrap

Professional subscribers can review the latest institutional reads on Iran, the Hormuz Strait, energy markets, and more on our new Marketdesk.ai portal.

Tyler Durden
Sun, 05/24/2026 – 13:45

UAE State Oil Company Head Says Hormuz Bypass Pipeline Nearly 50 Percent Complete

UAE State Oil Company Head Says Hormuz Bypass Pipeline Nearly 50 Percent Complete

Authored by Evgenia Filimianova via The Epoch Times (emphasis ours),

The head of the UAE’s state oil company said on May 20 that a major new oil pipeline designed to bypass the Strait of Hormuz is nearly 50 percent complete, as regional tensions and competing maritime controls reshape global energy routes.

UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber, who’s also the managing director and group CEO of the Abu Dhabi National Oil Company, speaks via video during a presentation at the 44th annual CERAWeek by S&P Global conference at the Americas Hilton-Houston in Texas on March 23, 2026. CERAWeek by S&P Global

Sultan Ahmed Al Jaber, chief executive of the Abu Dhabi National Oil Company, said during an interview at the Atlantic Council that the project is being accelerated toward a planned 2027 completion date.

“Right now, too much of the world’s energy still moves through too few choke points,” Al Jaber said. “That is exactly why the UAE made the decision more than a decade ago to invest in infrastructure that bypasses the Strait of Hormuz.”

Al Jaber said the UAE’s second west-east pipeline is already “almost 50 percent complete.”

The project comes as the Strait of Hormuz remains disrupted following months of conflict involving Iran, Israel, and the United States.

The UAE said last week that it would accelerate construction of the pipeline to expand export capacity through Fujairah, a port city on the Gulf of Oman outside the Strait of Hormuz.

The country’s existing Abu Dhabi Crude Oil Pipeline, also known as the Habshan-Fujairah pipeline, already allows the UAE to bypass Hormuz for a portion of its exports.

The new project is expected to significantly expand that capacity.

Al Jaber warned that global energy systems remain vulnerable because too much oil and gas infrastructure depends on narrow maritime chokepoints.

“Energy security is no longer just about your ability to continue to produce,” he said. “It is about routes, access, storage, and redundancy.”

He said global spare oil production capacity remains dangerously low while energy storage levels continue falling.

“In just two months, the world drew down around 250 million barrels from storage,” Al Jaber said. “We have 30 to 35 days of effective cover. We need to at least double that.”

The comments followed warnings from the International Energy Agency (IEA) that oil markets could enter a “red zone” this summer if disruptions in the Strait of Hormuz continue.

IEA Executive Director Fatih Birol said on May 21 that more than 14 million barrels of oil per day had been removed from global markets because of infrastructure damage and restrictions linked to the conflict.

UAE Moves Beyond OPEC

The pipeline expansion also comes weeks after the UAE formally exited OPEC and the broader OPEC+ alliance.

The UAE announced on April 28 that it would leave the organization effective May 1, describing the move as a “sovereign responsibility in a new energy age.”

Al Jaber said the decision would give the UAE greater flexibility to expand production and invest globally.

“Ultimately, real strength is not measured by the abundance of resources, but by how they are harnessed to serve the nation,” he said.

The UAE said ongoing instability in the Persian Gulf and the Strait of Hormuz influenced the decision.

“Outside OPEC, the UAE will remain what it has always been, a disciplined, responsible, credible, reliable, and a stabilizing force in the global energy markets,” said Al Jaber.

He also described relations between the UAE and the United States as increasingly integrated across energy, infrastructure, defense, and technology sectors.

Iran Expands Strait Oversight

The pipeline expansion coincides with Iran’s efforts to formalize oversight of maritime traffic through the Strait of Hormuz.

Iran announced in May the creation of the Persian Gulf Strait Authority, or PGSA, a new body tasked with supervising transit through the waterway and coordinating shipping permissions inside Iranian-designated control zones.

The PGSA said on May 20 that Iran had defined a maritime supervision area stretching from Kuh Mobarak in southeastern Iran to the southern coast of Fujairah in the UAE on the eastern side of the strait, and from Qeshm Island to Umm al-Quwain in the UAE on the western side.

The authority also said vessels operating within that area must coordinate transit frequencies and obtain permits from Iranian authorities before crossing the waterway.

Iranian Ambassador to France Mohammad Amin Nejad told Bloomberg on May 21 that Tehran and Oman are discussing a permanent tolling system for the strait.

Zones Of Control

The Iranian supervision zone appears to overlap at least partially with areas where U.S. naval forces are operating under Washington’s blockade targeting Iranian ports.

U.S. Central Command said in an April 12 statement that American forces would blockade vessels entering or leaving Iranian ports beginning April 13.

It said the blockade applies to ships traveling to or from Iranian ports in both the Arabian Gulf and Gulf of Oman, while stating that U.S. forces would “not impede freedom of navigation” for vessels transiting the Strait of Hormuz to non-Iranian destinations.

Iran’s newly declared PGSA supervision zone covers much of the same shipping corridor through which U.S. naval forces monitor and intercept commercial traffic linked to Iranian ports.

U.S. Secretary of State Marco Rubio said on May 21 that an Iranian tolling system would be unacceptable and warned it could derail negotiations between Washington and Tehran.

It would make a diplomatic deal unfeasible,” Rubio told reporters before departing for NATO meetings in Sweden.

Rubio described the proposed toll system as a “threat to the world” and “completely illegal.”

Rubio said after meeting with NATO Secretary-General Mark Rutte in Helsingborg, Sweden, on May 22 that Western allies hope to reach an agreement with Iran that would reopen the Strait of Hormuz and curb Tehran’s nuclear ambitions.

He warned, however, that governments also need contingency plans if Iran refuses to restore maritime access.

Rubio said that if Iran continues restricting passage or threatens vessels that refuse to comply with Iranian demands, “something has to be done about it.”

Several countries represented at the NATO meeting, he said, would be even more affected by prolonged disruption in the Strait of Hormuz than the United States because of their dependence on Middle Eastern energy supplies.

Rubio added that NATO members must begin preparing for scenarios in which “Iran decides, ‘We don’t care, we’re going to keep the Straits closed.'”

Motorists drive past an ADNOC Gas subsidiary of the Abu Dhabi National Oil Company facility in Abu Dhabi, United Arab Emirates, on March 3, 2026. Ryan Lim/AFP via Getty Images

Tyler Durden
Sun, 05/24/2026 – 12:50

Zombie Home Foreclosure Numbers Increase In 38 US States

Zombie Home Foreclosure Numbers Increase In 38 US States

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

The number of residential zombie foreclosures in the second quarter of 2026 marginally increased from the previous quarter, with such foreclosures rising in the District of Columbia and 38 out of the 50 U.S. states, real estate analytics company ATTOM said in a May 21 statement.

Homes in Huntington Beach, Calif., on July 12, 2024. John Fredricks/The Epoch Times

“Out of the country’s 104.9 million residential properties, 245,376 were in the foreclosure process in the second quarter. Of those, 8,312 properties, or 3.4 percent, were ‘zombies,’ meaning the owners had abandoned the properties before the end of their foreclosure proceedings,” ATTOM said. “The second quarter zombie rate was slightly higher than the 3.3 percent rate posted in the first quarter.”

Among states with at least 100 zombie residences, Georgia recorded the largest quarter-over-quarter increase, with the number of such properties rising by 98 percent. Zombie foreclosures rose by 67.2 percent in North Carolina, 42 percent in Indiana, 35.5 percent in Iowa, and 15.4 percent in South Carolina.

In states with at least 50 zombie homes, only two saw a dip in such properties in the second quarter – Washington and New York, which declined by 13.1 percent and 2.2 percent, respectively.

A zombie foreclosure typically happens when a homeowner receives a pending foreclosure notice and decides to leave the home before the legally required exit date, leaving the home vacant.

As long as the foreclosure is not completed, the owner continues to be the title holder of the property. The owner can usually pay a lump sum to the lender and pull the property out of foreclosure.

However, if the lump sum is not paid, the property will end up with the lender. Following this stage, the homeowner has to leave the place when the lender requires them to.

ATTOM’s analysis of 138 metropolitan statistical areas with at least 100,000 residential properties and at least 100 properties in the foreclosure process showed that Cedar Rapids, Iowa, had the highest share of properties in zombie status at 13.2 percent.

This was followed by Wichita, Kansas, at 12.9 percent; Youngstown, Ohio, with 11.4 percent; and Cleveland and Akron, both in Ohio, at more than 10 percent each.

ATTOM’s data also showed that almost 1.4 million homes in the United States were vacant in the second quarter, which represents 1.3 percent of America’s residential properties.

The increase in zombie foreclosures across most states may reflect a foreclosure market that is slowly returning to more normalized levels,” Rob Barber, CEO of ATTOM, said.

“At the same time, overall vacancy rates remain relatively steady nationwide, while zombie foreclosures still represent only a small share of homes in the foreclosure process.”

According to a Jan. 18 post by Rocket Mortgage, the owner of a zombie property under foreclosure will still be responsible for bills.

For instance, the owners must pay property taxes, failing which they could face a tax lien. Homeowners’ association fees must be paid; failing which, the association could file a lawsuit. Similarly, bills for trash removal, maintenance, and other services should be paid as well.

The owner’s credit score could get negatively hit, potentially impacting their ability to secure loans in the future.

“The best way to steer clear of a zombie foreclosure is to stay current on mortgage payments. During the mandated waiting period after you receive a foreclosure notice, you can put a halt to foreclosure by paying a large lump sum,” the post said.

“Also, a deed-in-lieu agreement can sometimes prevent foreclosure even after the process has started. This is when you turn ownership of your home over to the lender to avoid foreclosure.”

Meanwhile, mortgage delinquency is rising in several states, according to a May 21 statement by financial services company WalletHub.

The findings are based on mortgage data from the fourth quarter of 2025 to the first quarter of 2026. During this period, the average number of delinquent mortgages rose by 12.32 percent in Vermont. This was followed by Delaware, with a 6.92 percent jump, and Louisiana, with a 4.4 percent rise.

If you are delinquent on mortgage debt, you typically have until the debt is 30 days past-due, meaning you have missed two payments, in order to get current. After that, the lender will report the delinquency to the credit bureaus, which will damage your credit score,” Chip Lupo, analyst at WalletHub, said.

“Therefore, it’s important to try to get current on your debt as quickly as possible. If you are experiencing financial difficulty that prevents you from paying, ask your lender if they will allow temporary forbearance until you get back on your feet, which may prevent you from being reported as delinquent.”

Tyler Durden
Sun, 05/24/2026 – 11:40