New York Beats California In List Of 50 Most Affluent U.S. Suburbs

New York Beats California In List Of 50 Most Affluent U.S. Suburbs

A new study from GoBankingRates.com revealed the most affluent suburbs in the United States for June 2024.

The key finding was that New York suburbs beat out California. The No. 1 and No. 2 wealthiest suburbs in America are both just outside New York City: Scarsdale, NY (average income of $569K) and Rye, NY (average income of $405K).

Additionally, the study found:

  • Outside of NYC, just one northeastern suburb cracks the top 10. Wellesley, MA ranked No. 10 overall with an average household income of approximately $368,000.
  • Texas ranks higher than Florida. Two Texas suburbs ranked among the 10 wealthiest in America (West University Place and University Park), while the highest ranking Florida suburb was Palm Beach, at No. 11.

The study’s methodology included GOBankingRates looking at all cities with 5,000 households or more. They then isolated the 50 cities with the highest average household income as sourced from the 2022 American Community Survey. ‘

Then, they were able to find which metro area they were a suburb of as well as the 2024 typical home value for the city as sourced from Zillow. All data was collected and is up to date as of June 18, 2024.

Moving to the southern regions, West University Place in Texas, a suburb of Houston, stands out with an average household income of $403,845 and home values around $1.6 million. This area exemplifies the economic growth and the appeal of Texan suburbs, blending high-income living with relatively more affordable housing compared to some northeastern counterparts.

Similarly, University Park in the Dallas-Fort Worth area shows the economic dynamism of Texas, with average incomes of $381,235 and home values of $2.3 million, highlighting the state’s burgeoning affluence.

On the West Coast, Los Altos, California, within the San Jose-Sunnyvale-Santa Clara region, showcases extreme wealth with average household incomes at $400,817 and home values reaching a staggering $4.5 million, the report says. The Silicon Valley effect is palpable here, as tech-driven prosperity pushes real estate prices to astronomical heights.

Another Californian suburb, Paradise Valley in Arizona, part of the Phoenix metropolitan area, combines high incomes averaging $385,643 with home values of $3.4 million, marking it as a premier destination for the wealthy seeking luxurious living with scenic desert landscapes.

The suburbs around the nation’s capital also feature prominently on this list. Great Falls and McLean in Virginia, part of the Washington-Arlington-Alexandria metro area, both boast average household incomes well above $360,000, with home values hovering around $1.5 million.

These suburbs are notable for their proximity to the political power center of Washington D.C., providing a residential haven for high-income professionals and government officials.

From the Midwest to the Southeast, affluent suburbs like Hinsdale, Illinois, and Palm Beach, Florida, also make the list. Hinsdale, part of the Chicago metro area, reflects the blend of historical charm and modern wealth, with average incomes of $380,479 and home values over $1 million.

Palm Beach, a renowned enclave within the Miami metropolitan area, tops the charts with home values averaging an astonishing $11.5 million, fueled by its status as a playground for the ultra-rich. This diversity in geographic locations among the wealthiest suburbs illustrates the widespread nature of wealth across different regions of the United States.

The full study and full list of top 50 suburbs from GoBankingRates can be found here.

Tyler Durden
Fri, 07/05/2024 – 18:00

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The Paradigm Shift Of The New Populism

The Paradigm Shift Of The New Populism

Authored by Jeffrey Tucker via The Epoch Times,

The Supreme Court last week reversed a decision from 1984 that was responsible for a dramatic turn in American life. The precedent was called Chevron deference. It said that judges should allow executive-department agencies to make rules that affect commercial and civil life, effectively giving them broad discretionary authority that displaced Congressional and judicial oversight.

The previous rule was designed to unclog the courts from endless litigation over legislative interpretations that was making life difficult for business. The unintended consequence of the shift in 1984 was to increase interventions but not from Congress or judges but from agencies, which blew up in size and authority over the course of 40 years. This was ripe for a hard challenge, and the Supreme Court certainly stepped up.

The new rule (from Loper Bright v. Secretary of Commerce) is that agencies cannot interpret laws as they wish but rather are restrained by the words of legislation from the people’s representatives.

The implications are profound.

Above all else, it means transferring responsibility back to the people and their representatives. It is part of a new form of populism that has come about in response to obvious calamities.

Think back to four years ago when agency deference was riding high, imposing an astonishing number of instant laws about medical matters, social distancing, business closures, masking, and even mail-in voting. It was all pushed through by agency authority having nothing to do with Congressional mandate.

Americans suddenly found themselves ruled by a system of government they did not know they had. Consider the declaration that essential workers could work but nonessential workers would need to stay home. Was that a law? Not really. It was more like an edict. No one knew who would enforce it or what the penalties were for noncompliance.

We know now that the declaration came from the Cybersecurity and Information Security Agency, a division within the Department of Homeland Security created in 2018. Its declaration was even more powerful and decisive over national life than the Department of Labor, which was never even consulted.

Again, this was not law and not legislation. It was edict and no one really knew how it came to be that this agency, about which no one knew anything, possessed this kind of power. The offending legal basis was precisely this Chevron deference, which tempted every agency just to go rogue and test out its powers whenever it wanted to.

In those months and years, we came to be ruled by credentialed experts, not all and not even most but those experts who had close access to powerful agencies. They overrode scientific consensus, popular will, and even settled law. It all happened so suddenly. The goal of crushing the virus through force was never plausible and neither was the notion that we could vaccinate our way out of a fast-moving respiratory infection.

For those still suffering from those days, and that includes nearly everyone, the Supreme Court’s decision in Loper (reversing Chevron) should provide some sense of relief. It will take time for the court decision to have a practical impact but the reality is that if the new rule had been in force four years ago, the nation would have been spared the pain of lockdowns and closures, and probably even the forced vaccination campaign.

The new rule is also consistent with a new governing ethos that is sweeping the world today, against arbitrary rule by powerful elites and toward more democratic accountability. That one idea is now unsettling political systems in the United States, UK, and EU, and beyond. It provides no light to describe this movement as “far-right,” as the New York Times says daily. It is something different.

We might call the ethos the new populism. It is neither left nor right, but it borrows themes from both in the past. From the so-called “right,” it derives the confidence that people in their own lives and communities have a better capacity for wise decision-making than trusting the authorities at the top. From the old left, the new populism takes the demand for free speech, fundamental rights, and deep suspicion of corporate and government power.

The theme of being skeptical of empowered and entrenched elites is the salient point. This applies across the board. It is not only about politics. It hits media, medicine, courts, academia, and every other high-end sector. And this is in every country.

This really does amount to a paradigmatic shift. It seems not temporary but substantial and likely lasting. What happened over four years unleashed this mass wave of incredulity that had been building for decades before. The final straw was the coercive pandemic response in which governments in the world issued stay-at-home orders, closed small businesses, restricted travel, forced masks on the population, and then mandated shots of an experimental technology.

All of this was generally celebrated by most large media outlets, endorsed by academia, and cheered by all respectable opinion. But this was not actually “common-sense public health.” It was radical and far-reaching, and there never was a clear statement of the end goal. Many jurisdictions locked us down until vaccination became available, and then made an effort to innoculate most everyone in the population.

That’s a big plan and it all turned on one key assumption, namely that the shot would work to end the pandemic. It did not work particularly well. It stopped neither infection nor transmission. Nor did the experts anticipate the levels of injury that would result from repeated uses of the same shot, even though the existing literature warned against that exact strategy.

Here’s the problem with blaming all experts for this fiasco. Many people with high credentials were warning against this approach the entire time. They were shouted down and censored. Many others believed that this was the wrong approach but they were prevented for career reasons from telling the truth.

This is the reason why the new populism is strongly committed to free speech. Without the opportunity to discuss and consider the evidence, we miss important truths and find ourselves blindly following the opinions of the most powerful.

To be sure, the word populism has something of a sordid history in the 20th century, mostly due to the political upheavals in the interwar period that profoundly affected industrialized economies. FDR spoke like a populist but so did emergent leaders in fascist Europe. This form of populism was very different from that in our own time. It rallied around the ability of experts to plan the economy and manage the culture.

For example, FDR’s first inaugural address struck populist notes by denouncing “the rulers of the exchange of mankind’s goods” and “the unscrupulous money changers” who “stand indicted in the court of public opinion, rejected by the hearts and minds of men.” In practice, he drew on credentialed expertise and agency power to remake many features of the U.S. economy, imposing price controls, industrial subsidies, tight rules on all commercial transactions, all with the goal of lifting prices under the mistaken belief that low prices were causing the depression.

The grand theory that drove the response to the Great Depression was rooted in the emergent thoughts of John Maynard Keynes, who flipped many features of classical economics on their head. In essence, his theory was that government itself should be empowered to manage the whole through careful manipulation of aggregate supply and demand, a dream that was never realizable or desirable.

In many ways, the New Deal ended up not as a populist effort but one that empowered an elite class of social and economic managers. The pattern grew worse and worse through the decades. The Chevron decision of 1984 codified it into law. But we saw the same patterns in the UK and in European countries. The movements were called populist but they all drew on scientistic schemes for improved economic and social management by imposition from the top.

We’ve been told to “trust the science” for the better part of a century. The push back against that paradigm had to wait until the apotheosis of central planning with the pandemic lockdowns, which were followed very quickly by efforts to use government power to control the climate. Together with that, and all over the world, the mass migration crisis unfolded as governments shifted from their core duties to aspirations of virus and climate control.

Now we find ourselves in the midst of a dramatic paradigm shift, a new populism that rejects the idea that a powerful elite knows what is better for societies than the people themselves. In this view, the new populism is not a return to the interwar variety but something much earlier.

What comes to mind in the American context is the movement by President Andrew Jackson in the 1830s. He stood against the National Bank, fought for the rights of the states against the federal government (except on the tariff), and generally sided with the people over elites. In other words, he embraced the original idea of democracy. If you want to understand what’s happening in the world today in light of American history, that’s a great place to begin.

Tyler Durden
Fri, 07/05/2024 – 17:40

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Netanyahu, Biden ‘Likely’ To Meet As Progressives Plan Boycott Of Congressional Speech

Netanyahu, Biden ‘Likely’ To Meet As Progressives Plan Boycott Of Congressional Speech

The White House has announced that President Joe Biden will ‘likely’ meet with Prime Minister Benjamin Netanyahu later this month, when he’ll be in Washington to address a joint session of Congress on July 24.

His invitation to address Congress by Republicans has already proven divisive, given a number of Democrats have declared they intend to boycott it. Likely dozens will not be in attendance, similar to what happened when the Israeli premier addressed Congress nearly a decade ago.

Flash90/Reuters

On Wednesday a White House official told The Times of Israel that “The president has known Prime Minister Netanyahu for three decades. They will likely see each other when the prime minister is here over the course of that week, but we have nothing to announce at this time.”

But tensions have been soaring, given just last month the White House canceled a meeting with an Israeli national security delegation after Netanyahu issued a video chastising the US for withholding some weapons shipments. The White House was left furious.

At the time, Biden press secretary Karine Jean-Pierre called into question the Israeli leader’s narrative. “We genuinely do not know what he’s talking about. We just don’t, she told reporters.

She had noted that “there was one particular shipment of munitions that was paused, and you’ve heard us talk about that many times.” Jean-Pierre then emphasized, “There are no other pauses — none — no other pauses or holds in place.”

Biden has over the last months on various occasions gone negative against the ‘far right’ Netanyahu government, despite Israel having long been a very close US ally, over human rights abuses and mass killings in Gaza.

The US administration has on the one hand continued to approve of major weapons and aid packages to Israel, but on the other has highlighted the soaring civilian death toll due to the IDF offensive. Progressive Democrats have made their anger known, with many vowing to not vote for Biden in November.

Newsweek has recently highlighted Congressional Democrat discontent with Biden’s Gaza policy in the following

The AP reported that interviews with more than a dozen Democrats revealed the discontent over Netanyahu’s upcoming speech, and how some feel it is a Republican ploy to divide Democrats.

Some Democrats have said they will attend Netanyahu’s speech to show support for Israel, but others are clear that they won’t be attending.

Rep. Lloyd Doggett, a deputy whip for the Congressional Progressive Caucus, has stated that Netanyahu “needs to be staying in Israel and working for the peace that he has been unwilling to support in the past.”

The “indiscriminate bombing that he has encouraged… has led to loss of lives that should never have happened. He has not prioritized the hostages; he ought to be doing that instead of coming here,” he told The Hill days ago.

Tyler Durden
Fri, 07/05/2024 – 17:20

via ZeroHedge News https://ift.tt/ykYq8nT Tyler Durden

Nashville Trans Shooter Left Over 100 GB Of Evidence, All To Be Kept Secret

Nashville Trans Shooter Left Over 100 GB Of Evidence, All To Be Kept Secret

Authored by Ken Silva via Headline USA,

Nashville Judge I’Ashea Myles has decided that none of Nashville school shooter Audrey Hale’s writings should be made public, accepting the dubious argument that Hale’s victims have copyrights to the material—even though the victims haven’t registered with the federal copyright office.

The materials created by Hale are exempted from disclosure based on the federal Copyright Act,Myles said.

“Whether or not an original work of authorship has been registered with the federal copyright office is germane to the amount of recoverable damages in a copyright infringement action, but it has no bearing on whether or not this state law is preempted by federal copyright law,” she said.

The judge also ruled that disclosing Hale’s writings could inspire copycat killers, disregarding the testimony of an expert psychologist who said that there’s no evidence to support that copycat theory.

Myles is the same judge to trample on the First Amendment by threatening a newspaper that’s already published some of Hale’s writings. According to Myles’s Thursday ruling, the evidence held by law enforcement includes more than 100 gigabytes of data.

Police have said the writings that they collected as part of their investigation into the March 27, 2023, shooting at the Covenant School that killed three 9-year-old children and three adult staff members are public records. However, they have said they cannot be released until their investigation is concluded.

Despite law enforcement’s attempts to keep the manifesto secret, the first three pages the purported manifesto were leaked to conservative broadcaster Steven Crowder last November. The Nashville Police Department reportedly suspended seven detectives over the leak.

The portion of the manifesto that was leaked purportedly revealed Hale, who identified a transgender, had been planning the school shooting for years, and that she deliberately targeted “white privileged” “cr*****s” and “f****ts.”

Can’t believe I’m doing this but I’m ready… I hope my victims aren’t,” Hale wrote. “My only fear is if anything goes wrong. I’ll do my best to prevent any of the sort. God let my wrath take over my anxiety. It might be 10 minutes tops. It might be 3-7. It’s gonna go quick. I hope I have a high death count. Ready to die.”

The more recent excerpts published by The Star reveal Hale’s transgender ideation.

“2007 was the birth of puberty blockers and a newfound discovery for treatment of non-conforming transgender children,” Hale reportedly wrote. “I’d kill to have those resources.”

It appears that the vast majority of Hale’s writings have yet to be released.

Ken Silva is a staff writer at Headline USA. Follow him at twitter.com/jd_cashless.

Tyler Durden
Fri, 07/05/2024 – 17:00

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US Bank Deposits Fell Ahead Of Stress Tests; Fed Bailout Facility Stuck At Massive $107BN

US Bank Deposits Fell Ahead Of Stress Tests; Fed Bailout Facility Stuck At Massive $107BN

Heading into the bank stress tests, money-market fund total assets rose by a de minimus $5BN while seasonally-adjusted bank deposits fell $18BN to $17.594 TN…

Source: Bloomberg

And, on a non-seasonally-adjusted basis, deposits also fell (for the second straight week) by $14.8BN

Source: Bloomberg

Excluding foreign deposits, total domestic deposits fell on both an SA and NSA basis (-$15BN and -$5BN respectively)…

Source: Bloomberg

Small banks and Large banks both saw $7.5BN outflows (SA) each, while on an NSA basis, Small banks saw $5.9BN outflows as Large banks saw around $1BN of deposits inflows.

Usage of The Fed’s bank bailout facility shrank a tiny amount – but still remains at an extremely high $107BN that the banks do not want to repay any time soon…

Source: Bloomberg

On the other side of the ledger, loan volumes shrank overall with a $630MN increase at large banks offset by a $3.7BN loan volume shrink at small banks…

Source: Bloomberg

Finally, US equity market capitalization remains drastically decoupled from its historically tight relationship with bank reserves at The Fed…

Source: Bloomberg

But globally, central bank balance sheet shrinkage continues as stocks soar…

Source: Bloomberg

Now that would be quite recoupling…

Tyler Durden
Fri, 07/05/2024 – 16:40

via ZeroHedge News https://ift.tt/zPD6CWx Tyler Durden

Who Turned Off The Gaslight?

Who Turned Off The Gaslight?

Authored by James Howard Kunstler via Kunstler.com,

“Things were bad, and they knew things were bad, and they knew others must also know things were bad, and yet they would need to pretend, outwardly, that things were fine. The president was fine. The election would be fine.”

– Olivia Nuzzi, NY Magazine

There’s a reason that the fable of The Emperor’s New Clothes is so potent: it describes a mentally ill society that retreats into abject unreality, to avoid contending with truth.

Alas, this archetypal human quandary shoves such a society towards nemesis: downfall and punishment.

And that is exactly the consequence of our news media’s craven, dishonorable, degenerate behavior the past decade.

They have disordered our nation’s consensus about reality with peremptory lying about everything, in service to a political party that lies to its citizens about everything. The big question is: who or what recruited them into serving the Party of Chaos, and why did they go along?

You can explain the media’s initial repugnance to Donald Trump going back to his 2015 debut in politics. Much about him had a low-class odor, despite all the gold-plating — his origins in tawdry Queens, his career as a builder in Manhattan where the trades are mob-controlled, the Atlantic City casino debacle, bankruptcy, ditching Ivana and his mid-life playboy reputation, the tacky TV show, the increasingly mystifying hair-doo, his rough, jumbly manner of speech. Everything about him repelled the Ivy Leaguers who increasingly filled the ranks of national-level journalism.

Despite all that, Mr. Trump raised five kids successfully. The grown ones had careers and they all visibly loved him. With that and his overt masculinity, he assumed the lineaments of the archetypal Daddy, which enflamed the enormous cohort of feminists who had taken over the Democratic Party behind their avatar Hillary Clinton. And when he squeaked out an electoral victory over her in 2016, they were sure it was a cheat. The menace of Daddy in da (White) house pushed them over the edge psychologically.

Daddy was all about setting boundaries, which was the antithesis to the “progressive” (and transgressive) agenda of the Dems, and was probably the reason that his talk of “building the wall” along the Mexican border drove them nuts. It signaled patriarchal control of a whole lot of other things, too. Boundaries galore!

Now, it happened that the Democratic Party was also the favored party of the DC permanent bureaucracy, which had been growing and growing for decades and had become overtly politicized during the eight years of Barack Obama. Mr. Trump threatened to downsize this leviathan government, meaning many patronage jobs might be lost. (Boundaries would be imposed!) The warrior branch of this Deep State was the Intel community. The FBI, the DOJ, the CIA, the State Dept, and elements of the military were commissioned by the Democratic Party to destroy Mr. Trump.

They used the machinery of the law to lay one trip after another on the president and effectively hog-tied him — RussiaGate, the Ukraine phone call impeachment, the George Floyd anarchy — and when those operations failed to oust him, they ran the Covid-19 caper (with enormous collateral damage to the people and their economy), which enabled rigging the 2020 election with mail-in ballots. Once Mr. Trump was squeezed out-of-office, the FBI turned the J-6 protest at the Capitol into a riot, which Nancy Pelosi then converted into an “insurrection” using the House J-6 committee. The J-6 incident, they dearly hoped, would rid them of Mr. Trump once and for all.

The news media went along with every bit of that, year after year, converting each mendacious act of the party and the bureaucracy into consumable narrative, and lying either overtly about all the ops, or just omitting to report on the dark truth behind it all. Any reality-based thread that happened to leak into public view from independent alt-news reporters was branded by CNN, The New York Times, the WashPo, and many others as “misinformation” — a newish concept produced by a cadre of language Stasi skilled at inverting the meaning of anything to bamboozle the public. It appears that the news media became so invested psychologically in its own dishonest product that it began to believe its own bullshit.

Or, at least, they wanted to pretend to believe it. One of the big problems was that absolutely everything they labeled “misinformation” or “conspiracy theory” turned out to be truthful, and that was becoming an inescapable embarrassment. And then the biggest blunder they made was going along with the Deep State’s selection of “Joe Biden” in the very sketchy Super Tuesday primary of 2020. The old grifter had next-to-zero support in all the preceding preliminaries and somehow (abracadabra !) he swept the field.

By then, the Democratic Party, and its public relations arm in the mainstream media, had descended into florid mental illness. Everything they stood for post-World War Two flipped to its opposite. Suddenly, they were against free speech. They weren’t coy about it. They just made-up some new bullshit about free speech being “hate speech.” Similarly, they were against a free press. They went along with all the misinfo / disinfo bullshit the government cooked up and supported its role in suppressing the news. They were no longer anti-war, the party-of-peace. They were now pro-segregation and pro-discrimination (white people need not apply) according to Critical Race Theory (a childishly sketchy doctrine). Most of all, they were no longer skeptical of anything that the leviathan establishment wanted to do, including abridging the liberties of American citizens.

Then there was the campaign to use the most powerful human instinct, sexuality, as a weapon to disorder the minds of American children, leading even to the mutilation of their bodies — a program that unmistakably tipped toward genuine evil, suggesting that actual psychosis lay behind the Cluster-B crypto-Marxism used to justify it.

“Joe Biden” was fine with all of that, and the news media was fine with “Joe Biden” and whoever was using him as a front. Of course, it was evident during the 2020 campaign that “Joe Biden” was not up to a job as demanding as Chief Executive of the US government — and that was even apart from the dense criminal web of influence peddling discovered around him and his family, which the news media ignominiously ignored. But now the years have gone by and there’s no hiding “Joe Biden’s” rather gravely diminished mental abilities.

Last week’s debate gave away the game. It had the effect of finally turning off the gaslight that the news media has been shining over the republic lo these many years.

They can no longer pretend that this president is anything close to okay in body and mind. They can’t annul the gaslighted public’s delayed realization that they’ve been subject to a concerted program of deliberate lying for a long long time.

So now, inveterate pretenders and liars, such as Jake Tapper of CNN and Maggie Haberman of The New York Times — and many others — have to pretend that they were innocently duped into supporting all the turpitudes of the Democratic Party / Deep State axis-of-evil. It is really hard to imagine that they can successfully rehabilitate their reputations. They have done immense harm to our country. It’s hard to see how the Democratic Party might survive, too, no matter who they finally put up for election this year. Of course, there’s still plenty of time left for them to destroy the country altogether. Just keep giving American missiles to Ukraine to fire into Russia and see what happens.

*  *  *

Support his blog by visiting Jim’s Patreon Page or Substack

Tyler Durden
Fri, 07/05/2024 – 16:20

via ZeroHedge News https://ift.tt/aYXGfnp Tyler Durden

Bullion & Big-Tech Soar, Treasury Yields Tumble Amid US Macro-Meltdown

Bullion & Big-Tech Soar, Treasury Yields Tumble Amid US Macro-Meltdown

A wild (holiday-shortened and illiquid) week of dismal macro data and dramatic market divergences.

It was 100% – a bad news week…’hard landing’ much?

Source: Bloomberg

…with ‘hard’ data hammered and ‘soft’ data’s rebound ended…

Source: Bloomberg

…which means ‘good news’ for rate-cut expectations (which dovishly soared)

Source: Bloomberg

…and that sent stocks (some of them), bonds (all of them) and commodities (most of them) soaring while ‘currencies’ tumbled.

Nasdaq ripped to its best week since late April and second best week since the first week of November. Small Caps ended the week red as short-squeeze ammo ran dry…

Mag7 stocks drove the Nasdaq (and S&P) outperformance, ripping over 6% from Monday’s opening lows…

Source: Bloomberg

Which led Consumer Discretionary and Tech higher while Energy stocks were sold…

Source: Bloomberg

And its very concentrated still with the equal weight S&P going nowhere at all…

Source: Bloomberg

As a reminder, the first 10 days of July are historically the strongest period of the year for stocks…

It’s all Mag7, all the time…

Source: Bloomberg

This is Nasdaq’s best start to a year since the GFC…

Source: Bloomberg

Treasury yields tumbled this week, led by the short-end of the curve…

Source: Bloomberg

The dollar was dumped this week…

Source: Bloomberg

Cryptos were clubbed like a baby seal this week with Ethereum underperforming Bitcoin (despite all the Mt.Gox FUD over BTC and BCH)…

Source: Bloomberg

Bitcoin broke below its 200DMA overnight and then spent the rest of the day session in the US trying to get back to it….

Source: Bloomberg

Oil ended the week higher, despite two good smackdowns around $84 (WTI) during the week…

Source: Bloomberg

Spot Gold prices soared on the week, back above the 50DMA and near record highs once again…

Source: Bloomberg

Finally, this is an odd chart for you to keep an eye on. While the much-watched UMich inflation expectations index (median) has been stabilizing over the past year or so (fitting the narrative of disinflation and Fed victory); the mean longer-term inflation expectation has blown back out in recent months to its highest since February 1993…

Source: Bloomberg

The huge spread between mean and median implies that the distribution of inflation expectations has a very, very high right-tail (i.e. a relatively large number of respondents are expecting significantly higher inflation over the next 5-10 years). That is definitely not a narrative-confirming chart.

Tyler Durden
Fri, 07/05/2024 – 16:00

via ZeroHedge News https://ift.tt/UTn2N4A Tyler Durden

Phoenix Police Pull-Over Driverless Waymo For ‘Freaking Out’ & Driving Into Oncoming Traffic

Phoenix Police Pull-Over Driverless Waymo For ‘Freaking Out’ & Driving Into Oncoming Traffic

Phoenix Police bodycam footage, published online by AZCentral, captures the moment when an officer pulls over a Waymo autonomous Jaguar I-Pace SUV that had recklessly veered into oncoming traffic on a busy Phoenix street.

AZCentral said the incident occurred on June 19. Phoenix police pulled over the driverless taxi with no occupants inside for driving in an oncoming traffic lane near Seventh Avenue and Osborn Road. 

Just after 11 am on June 19, a Phoenix police officer initiated a traffic stop on the Waymo, according to police dispatch records. The vehicle drove into oncoming traffic, ran a red light and “FREAKED OUT,” said the dispatch records, which are typed in all capital letters. -AZCentral

Waymo blamed the incident on “inconsistent construction signage” that forced the SUV into an oncoming lane of traffic. It added that the vehicle was “blocked from navigating back into the correct lane” for around 30 seconds.

“In an effort to clear the intersection, the Waymo vehicle proceeded forward a short distance and pulled into the next available parking lot,” Waymo said, noting the traffic incident lasted less than a minute. 

Two weeks ago, a Redditor posted an image of the traffic stop, questioning: “Saw a Waymo getting pulled over by cops this morning. How does it work?” 

Officers in the bodycam footage can be heard talking about the incident with Waymo staff in real time. 

While this incident might be seen as relatively minor, General Motors’ autonomous car unit, Cruise, has faced negative press over collisions in the past year.

Meanwhile, next month (August 8), Elon Musk is set to unveil the much-anticipated “Tesla Robotaxi.”

Is the world ready for robotaxis?

Tyler Durden
Fri, 07/05/2024 – 15:40

via ZeroHedge News https://ift.tt/jtyhaRl Tyler Durden

Was Tesla’s Cybertruck The Best-Selling US EV Pickup In Q2? 

Was Tesla’s Cybertruck The Best-Selling US EV Pickup In Q2? 

Tesla surprised investors last week with better-than-expected deliveries for the second quarter despite a global electric vehicle market downturn. New estimates from Fed Lambert, the editor-in-chief and main writer at Electrek, speculates that after parsing through the delivery report, “Tesla Cybertruck might have become the best-selling electric pickup truck in the US.” 

Lambert breaks down the math of his 2Q Cybertruck delivery estimate, given what he said is the company’s “lack of transparency” and that it is “frustrating as it makes it harder to track the health of its vehicle programs.” 

Here’s the math: 

For Q2, the automaker confirmed deliveries of 21,551 “other models”, which include Model S, Model X, Cybertruck, and Tesla Semi sales.

However, we have a better idea of Tesla’s Cybertruck deliveries in Q2 because of a couple of recalls.

With a few recalls last month, Tesla confirmed that it had produced 11,688 Cybertrucks as of June 6.

A previous recall confirmed that Tesla had produced 3,878 Cybertruck as of mid-April.

This is a difference of about 7,800 Cybertrucks. If you subtract a few for the last few weeks of April and then add a thousand or two for the rest of June, it is safe to assume that Tesla delivered between 8,000 and 9,000 Cybertrucks during the second quarter.

Lambert then crossed the Cybertruck delivery estimate in the quarter with Ford, which reported 7,902 F-150 Lightning in Q2, explaining, “Tesla Cybertruck might have become the best-selling electric pickup truck in the US,” adding, “If it wasn’t last quarter, it looks like it will be this quarter.” 

He noted that Rivian’s R1T EV pickup truck deliveries in the quarter were “certainly below 7,000 units and most likely closer to 4,000 units.” 

Lambert’s extended take on Cybertruck is that it will likely become (if not already) the best-selling EV truck in the world’s largest economy: 

I predicted that despite the Cybertruck coming a long time after the F150 Lightning and Rivian R1T, it would likely achieve higher volume than those quickly after its launch for the simple fact that Tesla is second to none when it comes to ramping up EV programs.

We can’t confirm it because of the lack of transparency in Tesla’s sale disclosure, but I think it’s likely true that Cybertruck has become the best-selling electric pickup in the US right now.

Regarding demand, a ZH reader contacted us last week. They said their Cybertruck delivery date was moved up from the estimated second half of 2025 to August.

For some context, the reader paid $100 for the Cybertruck reservation in late 2022. Recall that reservations first opened in November 2019. 

Curious about the new delivery time, they called Tesla who explained to them that tough financing conditions and reservation holders not pleased with the Foundation Series costing $20,000 more, were some of the reasons of moving ahead on the delivery list.

It appears that Tesla could be quickly burning through its reservation lists for a multitude of reasons —this has yet to be confirmed—but the example we provided is certainly an eye-opener. 

Tyler Durden
Fri, 07/05/2024 – 15:25

via ZeroHedge News https://ift.tt/zY3f2KW Tyler Durden

McDonald’s Sues Homeless Man For Alleged Customer Attack In Los Angeles

McDonald’s Sues Homeless Man For Alleged Customer Attack In Los Angeles

Via City News Service,

McDonald’s Corp. has filed a cross-complaint against an unidentified homeless man who allegedly attacked a customer at one of its stores near Los Angeles General Medical Center in 2023, asking that the assailant and other possible defendants compensate the fast-food chain for any damages it may be ordered to pay.

McDonald’s filed the legal action for indemnity and contribution in Los Angeles Superior Court on June 28, identifying the defendants only as “Roes.”

The court papers state that McDonald’s denies any liability or negligence toward the plaintiff, Donald Wilson, but that the company should be indemnified by the defendants for any monetary damages assessed against McDonald’s.

Mr. Wilson filed his underlying case on May 31, alleging negligence and premises liability, asserting that McDonald’s failed to ensure safety for customers, including Mr. Wilson. According to the complaint, Mr. Wilson and his son went to the McDonald’s on Marengo Street on Feb. 4, 2023, to await his spouse’s completion of a night shift as a shift supervisor at the Los Angeles General Medical Center.

While waiting in line to order coffee, Mr. Wilson heard loud screaming coming from within the restaurant that came from an “agitated, threatening and disruptive” homeless man wearing a sweatshirt and only a thin bed sheet below his waist, the suit states.

“Without any warning for plaintiff to respond, the disruptive homeless individual suddenly got up from the booth, rapidly approached plaintiff and punched him forcefully in the left jaw,” the suit states.

The blow’s force caused Mr. Wilson to “crash backward onto his back and lose consciousness,” according to the suit, which further states that Mr. Wilson’s son was himself injured after he intervened and removed the assailant from the restaurant.

“Throughout this ordeal, not a single staff member from the McDonald’s premises offered any assistance to plaintiff,” including any immediate aid, the suit states.

Mr. Wilson was later taken to Los Angeles General Medical Center for treatment of a traumatic brain injury that still affects him, according to the complaint, which further states that the plaintiff has suffered financially and also experienced mental distress.

Tyler Durden
Fri, 07/05/2024 – 15:20

via ZeroHedge News https://ift.tt/HtK6Q4a Tyler Durden