24-Year-Old Convicted Felon Charged With Murder Of Retired St. Louis Police Captain During Riots

24-Year-Old Convicted Felon Charged With Murder Of Retired St. Louis Police Captain During Riots

Tyler Durden

Mon, 06/08/2020 – 15:18

A 24-year-old convicted felon has been charged with the murder of retired police captain David Dorn during last week’s riots in St. Louis, Missouri.

On Sunday, the St. Louis PD announced that Stephan Cannon had been arrested and charged with first-degree murder, first-degree robbery, first-degree burglary, armed criminal action and the unlawful possession of a firearm, according to Breitbart.

Dorn, who retired from the St. Louis Metropolitan Police Department after 38 years on the force, was found at approximately 2:30 a.m. last Tuesday outside Lee’s Pawn and Jewelry where he was working as an occasional security guard.

According to police, surveillance footage shows Dorn approaching the pawn shop which had already been looted by Cannon and other men, when Cannon can be seen approaching the corner with a gun – shortly before Dorn was shot and left to die, bleeding on the sidewalk.

St. Louis PD found a TV in Cannon’s resdence that had been looted from the pawn shop that night. He is currently being held without bail.

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Treasurys Are Trading As If Yield Curve Control Is Already Here

Treasurys Are Trading As If Yield Curve Control Is Already Here

Tyler Durden

Mon, 06/08/2020 – 14:55

 Markets are reluctant to unwind speculation the Federal Reserve will embark on curve control to keep front-end yields in check. That has helped two-year bonds weather the storm in the long end of the Treasury yield curve.

According to a Sunday leak by the WSJ’s Fed watcher, while the Fed is debating whether to put a lit on rising long-term bond yields in the form of yield curve control caps, “Fed officials aren’t prepared to announce any decision on so-called yield caps when their two-day policy meeting concludes Wednesday.”

And yet, as Bloomberg’s macro commentator Ven Ram writes overnight, the bond market is already trading as if YCC is already in place, with two-year yields trading “almost immune to the ructions at the long end, and are trading much richer than implied by a modeled framework.” And while the Fed was careful to leak that YCC will not be announced on Wednsday, Ram notes that “the Fed has often followed the market’s lead, and may do so again on this issue.”

Below he explains why:

Two-year notes are trading at a premium to fair value, while 10- and 30-year bonds are near levels where they need to be, a multi-factor analysis shows. At around 0.22%, two-year yields are just a fraction of where they ought to be, with fair value at 0.76%. In contrast, 30-year Treasuries are trading at a minor discount to the predicted value of 1.64% (see table below)

Bond yields can be conceptually broken down into the expected real rate and estimated inflation together with real and inflation risk premiums. My modeling framework assumes that yields can be bootstrapped from market-embedded expectations on the evolution of interest rates, the trajectory of inflation and correlations with leading macroeconomic indicators

A backtest of the model shows how closely it would have tracked the actual yield (see chart below) before the pandemic

The divergence between the forecast and actual values hasn’t been this pronounced since at least the start of 2018. That reflects aggregate fears about the economic downturn, the prospect of the Fed embarking on a control of the yield curve and speculation on negative rates.

While the jobs data for May showed the economy holding up better than forecast, the premium on front-end Treasuries still reflects deep skepticism about growth.

The Fed is “thinking very hard” about targeting specific yields on Treasury securities to ensure borrowing costs stay low, New York Fed President John Williams said late last month.

If the central bank were to take a leaf from Australia, it would target just the front end of the curve. The RBA targets around 0.25% on the three-year rate.

Meanwhile, speculation regarding the prospect of negative rates refuses to die despite speaker after Fed speaker having reiterated that the global experience with sub-zero rates shows mixed success and is not something that makes sense in the U.S. context.

Even if the Fed gives negative rates a skip – as I think it should given the experience in Japan and the euro area – just taking control of the yield curve would ensure that the front end remains anchored at low levels

Treasury markets have pretty much usurped the Fed’s agenda this year. For instance, two-year yields collapsed by almost half from year-end 2019 through Feb. 29 to 0.91%, prompting the Fed to slash the lower bound of its policy rate to 1% in an out-of-cycle policy review. Yields then slumped further, prompting a cut to zero barely two weeks later.

Treasury two-year yields have gone nowhere in the past few weeks, and have essentially been trapped in a thin range that seems to be centered around 0.16%-0.18%. That, in effect, is yield-curve control as envisioned by the markets. That may mean the Fed will follow their cue yet again.

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China & Russia Bombard US With “You Reap What You Sow” Messages Amid Unrest & Instability

China & Russia Bombard US With “You Reap What You Sow” Messages Amid Unrest & Instability

Tyler Durden

Mon, 06/08/2020 – 14:35

Both China and Russia have continued to use the opportunity of the George Floyd protests and unrest on many American city streets to lash out at Washington at a deeply vulnerable moment for US leaders. 

“Who is more like Nazi Germany?” China’s state-run Global Times Editor-in-Chief Hu Xijin tweeted Sunday in response to Pompeo’s likening China’s crackdown on Hong Kong to Nazi Germany’s rapid and brutal WWII push across Europe. 

A follow-up Global Times editorial underscored that the US government response of deploying National Guard troops in some locations to quell protests “have blown the US’ national reputation, uprooting Washington’s moral foundation for blaming other places, including Hong Kong, on human rights.”

Pompeo had made the provocative comparison in a Saturday interview with the conservative Daily Caller.

“The promises that the Chinese Communist Party had made in their treaty with the United Kingdom that they broke when they made the decision to deny Hong Kong people the freedoms that they had been promised were similar to some of the promises that were broken back in the days when Germany advanced against the rest of Europe,” Pompeo said.

GT further attempted to to on the attack and dismantle the statement as follows:

When rioters set Hong Kong on fire, US politicians called that a “beautiful sight to behold,” but when similar incidents swept the US, the same group of politicians decried them as riots that should be quelled. Have Pompeo and his peers realized that their country is using up its resources and chances to play such double-standard tricks?

By smearing China as Nazi Germany, Pompeo clearly revealed Washington’s ideological hysteria. While China has spared no efforts to put COVID-19 under control and saved numerous people, and while the US has exposed flaws in its system that has led to the world’s No.1 infections and top coronavirus death toll, Pompeo’s remarks cannot deceive people from telling which country acts more like the Nazis

Thus the now months-long war of words is centered on not just the coronavirus blame game, but the George Floyd protests, Hong Kong’s status, and which government is more Nazi-like, apparently.

China’s Global Times file image

Meanwhile, the Kremlin hasn’t been absent from spotlighting the cracks in US domestic society, with the Russian Foreign Ministry issuing a “you reap what you sow” message to the US and Europe amid continuing mass protests.

“By sowing chaos [abroad], they’ve got chaos at home,” ministry spokesperson Maria Zakharova told Rossiya 1 TV channel

“Everything they’ve been embedding into the world’s consciousness – they’re reaping it now,” she added in reference to images of raging unrest on American streets, which has in the past days actually subsided compared to the intensity of a week ago. 

She pointed to Washington’s long history of ‘divide and conquer’ tactics used to destabilize rivals and enemies of the US, which has now come home to roost in a perfect storm of pandemic, economic, and racial instability.

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The Attorney General’s Overblown Fears About Scrapping Qualified Immunity

Yesterday Attorney General William Barr expressed his opposition to scaling back or eliminating qualified immunity for police officers. Reformers think scrapping the doctrine would discourage abuses like the life-endangering restraint technique that killed George Floyd. But Barr argues that increased liability for cops—whether accomplished by the Supreme Court’s reconsideration of the qualified immunity doctrine or by legislation like the bill that Rep. Justin Amash (L–Mich.) recently introduced—would have a chilling effect on good policing.

Defenders of qualified immunity often express that concern. But it seems to be overblown, for reasons that also put a damper on the hopes of the doctrine’s opponents.

“I don’t think you need to reduce immunity to go after the bad cops, because that would result certainly in police pulling back,” Barr said on Face the Nation. “Policing is the toughest job in the country….The vast, overwhelming majority of police are good people. They’re civic-minded people who believe in serving the public. They do so bravely. They do so righteously.”

That position is unsurprising coming from Barr, who has expressed dismay at what he perceives as insufficient respect for police officers and the work they do. “Being a police officer is more difficult today than it has ever been before,” he said in a speech at a police symposium in Miami last February. “One reason is the emergence of a deeply troubling attitude towards police in some parts of society. Far from respecting the men and women who put their lives on the line to protect us, it has become common in some quarters to scapegoat and disrespect police officers and disparage the vital role you play in society. This undoubtedly makes your already difficult job of protecting the public even harder.”

That “deeply troubling attitude” must be understood, of course, in the context of police corruption and abuse. If the “vast, overwhelming majority of police are good people,” curtailing those problems is in their interest as well as the interest of bad cops’ potential victims. Their reputation, their relationship with the communities they serve, and their effectiveness all suffer when the public believes that officers will not be held accountable for abusing their powers. And to the extent that “pulling back” means police will hesitate before doing things they should not do—say, kneeling on a prone, handcuffed arrestee’s neck for nearly nine minutes—that effect should be welcomed.

But Barr is arguing that the net effect of eliminating this barrier to civil rights lawsuits will be negative because it will overdeter police, causing them to second-guess their decisions in ways that jeopardize public safety. The Supreme Court has repeatedly expressed similar concerns.

“A policeman’s lot is not so unhappy that he must choose between being charged with dereliction of duty if he does not arrest when he has probable cause, and being mulcted in damages if he does,” the majority said in Pierson v. Ray, the 1967 case in which the Court recognized a “good faith” exception to liability under 42 USC 1983, which allows people to sue government officials for violating their constitutional rights under color of law. In Harlow v. Fitzgerald, the 1982 case in which the Court said lawsuits under that statute are allowed only when they allege violations of rights that were “clearly established” at the time, the justices worried that allowing “insubstantial claims” against government officials to proceed would create “undue interference with their duties” and “potentially disabling threats of liability.”

In a 2020 Columbia Law Review article, UCLA law professor Joanna Schwartz, a prominent critic of qualified immunity, carefully considers such claims, drawing on her analysis of nearly 1,200 federal civil rights cases, her survey of about 100 lawyers practicing in this area, and her in-depth interviews with 35 of them. Her conclusions suggest that Barr is unduly worried that increased liability would paralyze the police. But they also suggest that opponents of qualified immunity should temper their expectations of the good that can be accomplished by eliminating it.

Schwartz found that the vast majority of unsuccessful civil rights lawsuits fail for reasons other than qualified immunity, which suggests that the impact of abolishing it would be less dramatic than many people on both sides of the debate imagine. She nevertheless predicts that without qualified immunity, more cases would be filed against police officers. But a surge in “insubstantial claims” is unlikely, she argues, mainly because attorneys working for contingency fees have a strong financial reason to eschew such cases. And even if a larger share of civil rights lawsuits survive motions for dismissal, Schwartz thinks their success rate probably would stay about the same, since “jurors’ sympathies for government defendants mean that plaintiffs would continue to regularly lose at trial.”

One important benefit of eliminating qualified immunity, Schwartz argues, would be to clarify the contours of constitutional rights. Since 2009, when the Supreme Court said courts can dismiss a lawsuit under 42 USC 1983 without even deciding whether the plaintiff’s rights were in fact violated, it has become increasingly difficult for victims of police abuse to locate the precedents they need to show that officers violated “clearly established” law. As 5th Circuit Judge Don Willett has observed, “important constitutional questions go unanswered precisely because those questions are yet unanswered.”

Without qualified immunity, Schwartz says, “it would be more difficult for district and appellate courts to avoid ruling on the merits of plaintiffs’ constitutional claims. Instead of limiting their analysis to whether the facts of a prior case were similar enough to ‘clearly establish’ the unconstitutionality of defendants’ conduct, courts would more regularly explore and explicate the boundaries of constitutional protections. Such rulings could provide guidance to governments as they create policies and trainings for government officials, and begin dialogue with other branches of government and the body politic about shared constitutional principles.”

Barr and other supporters of qualified immunity tend to assume that it decreases the burden of litigation on officers, police departments, and the governments that oversee them, which on the face of it makes sense. But based on her case analysis and the opinions of attorneys who handle such cases, Schwartz argues that qualified immunity actually “increases the cost, complexity, and time associated with civil rights litigation.” She therefore predicts that eliminating qualified immunity would tend to reduce those burdens for any given case, although it probably would increase the total number of cases.

What about the impact on officers’ behavior, which is the focus of Barr’s fears as well as the hopes of qualified immunity’s opponents? “Several studies of law enforcement officers have shown that ‘the possibility of being sued does not play a role in the day to day thinking of the average police officer,'” Schwartz writes. “The majority of surveyed officers in two different studies reported that legal liability was not among their top ten thoughts when doing their work. Contrary to the Supreme Court’s suggestion that police fret overmuch about the possibility of being sued while making split-second decisions, available evidence suggests that the threat of legal liability rarely enters most officers’ minds when they are doing their job.”

That state of affairs, Barr presumably would argue, shows that qualified immunity is working as intended. But Schwartz suggests several other important reasons why officers do not worry very much about being sued:

First, law enforcement officials infrequently pay for their defense counsel and virtually never contribute to settlements and judgments entered against them…Second, available evidence suggests that most law enforcement agencies do not gather and analyze information from lawsuits brought against their officers…Third, available evidence suggests that government officials have a number of other concerns on their minds beyond the threat of litigation. Recent reports attribute the challenges of recruiting and retaining law enforcement officers to “high-profile shootings, negative publicity about the police, strained relationships with communities of color, tight budgets, low unemployment rates, and the reduction of retirement benefits.” Officers unquestionably dislike being sued. But these three factors—widespread indemnification, government inattention to information in lawsuits, and myriad other concerns about accepting government employment—likely explain officers’ current disregard for the threat of being sued while on the job. And these three factors would presumably continue to exist in a world without qualified immunity.

Those observations, while perhaps reassuring to supporters of qualified immunity like Barr, are hardly encouraging for critics of the doctrine. But even if the positive deterrent effect of eliminating qualified immunity is modest, there are several important reasons to do it.

First, as Amash points out, the Supreme Court has read into 42 USC 1983 exceptions that are not actually part of the statute. If Congress wanted to bar lawsuits in cases where officials acted in “good faith” or where their conduct, even when clearly outrageous, did not closely match the details of earlier cases, Congress could have done so. In that light, Amash argues, the justices have usurped the legislative role of the people’s elected representatives.

Second, Schwartz suggests that more cases and more trials could “influence officer behavior” through “the disclosure of information about government behavior.” She argues that “complaints, discovery, motion practice, and trial can bring to the surface valuable information about government behavior previously unknown to the public—and sometimes unknown to the government entities whose employees are implicated in the suit.”

Third, as Schwartz also argues, qualified immunity encourages courts to avoid resolving important constitutional issues. Did Idaho police violate the Fourth Amendment when they wrecked a woman’s home by bombarding it with tear gas grenades after she agreed to let them inside to arrest her former boyfriend? What about the Georgia sheriff’s deputy who shot a 10-year-old boy while trying to kill his dog, simply because police had chased a suspect into their yard? Or the Nebraska sheriff’s deputy who, while responding to an erroneous “domestic assault” report, lifted the purported victim in a bear hug and threw her to the ground, knocking her unconscious and breaking her collarbone? Or the Tennessee officer who allegedly sicced a police dog on a burglary suspect who had already surrendered and was sitting on the ground with his hands up? Or the California cops who allegedly stole cash and property worth more than $225,000 while executing a search warrant?

In these and other cases, we do not know the answers, because appeals courts dismissed them without addressing the constitutional questions they posed. Cases like these send the message that Americans have no remedy when police violate their rights in appalling ways, unless they can locate precedents with closely similar facts. As Willett notes, “qualified immunity smacks of unqualified impunity, letting public officials duck consequences for bad behavior—no matter how palpably unreasonable—as long as they were the first to behave badly.” Or as Justice Sonia Sotomayor puts it, qualified immunity “tells officers that they can shoot first and think later.”

Schwartz agrees that such decisions “deny what is often the best available relief to plaintiffs who have been grievously wronged by government actors, suggest to government officials that they can violate the law with impunity, and send the troubling message to victims of misconduct that they are not deserving of constitutional protection.” At the same time, she cautions against excessive optimism about the benefits of scrapping qualified immunity.

“Doing away with qualified immunity will not be the silver bullet that critics of qualified immunity hope,” Schwartz writes. “In qualified immunity’s absence, there would remain multiple other substantive and procedural barriers to relief, judges and juries predisposed against civil rights plaintiffs, and local government practices—including widespread officer indemnification, budgetary arrangements that shield agencies from the financial consequences of suits, and inattention to lawsuit data—that dampen the deterrent effect of civil rights suits. Eliminating qualified immunity will not address these barriers to relief and reform. Yet eliminating qualified immunity will also prompt several significant shifts in civil rights litigation: It will clarify the law, reduce the cost and complexity of civil rights litigation, increase the number of attorneys willing to consider taking civil rights cases, and put an end to decisions protecting officers who have clearly exceeded their constitutional authority. Eliminating qualified immunity should, therefore, be understood as a preliminary—but important—step toward greater accountability and deterrence.”

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Did the Lockdowns Save Thousands of Lives? A Soho Forum Debate

The lockdown has saved hundreds of thousands, if not millions, of lives and spared American hospitals the horrors of rationing care.

That was the resolution of a public debate hosted via Zoom by the Soho Forum on Monday, June 1, 2020. It featured Marty Makary, a surgical oncologist at Johns Hopkins, and Knut Wittkowski, former head of the Department of Biostatistics, Epidemiology, and Research Design at The Rockefeller University.

The Soho Forum typically hosts Oxford-style debates, in which a live audience votes before and after the event, and the debater who swayed the most people wins the contest. Because this debate took place over Zoom, we did things a little differently. The online audience was asked to vote before the debate. If you voted before the debate, please go to sohovote.com after you listen to the podcast and cast your final vote. But if you didn’t register your initial vote before the debate started on Monday evening, your final vote won’t be counted.

Arguing for the affirmative was Marty Makary, a surgical oncologist at Johns Hopkins and the author of the 2019 book The Price We Pay: What Broke American Health Care—and How to Fix It.

Knut Wittkowski argued for the negative. Wittkowski is the CEO of ASDERA LLC, a company discovering novel treatments for complex diseases from data of genome-wide association studies. Wittkowski also served for 20 years as head of the Department of Biostatistics, Epidemiology, and Research Design at The Rockefeller University in New York City.

The Soho Forum, sponsored by the Reason Foundation, is a monthly debate series at the SubCulture Theater in Manhattan’s East Village.

Voting on this debate is open until Monday, June 8, 2020, at noon EST.

Produced by John Osterhoudt.
Photo: NYPD, Maria Khrenova/ZUMA Press/Newscom; Marty Makary, Keith Weller/Creative Commons Attribution 3.0 files; Rockefeller University, Ajay Suresh from New York, NY, USA / CC BY (https://creativecommons.org/licenses/by/2.0); Oak Grove, Sean Meyers/ZUMA Press/Newscom; 6 Feet Sign, Mehmet Demirci/ZUMA Press/Newscom; Lockdown protest, Daniel Mears/TNS/Newscom; Delivery, Ron Adar/M10s/MEGA/Newscom; Circles, Narayan Maharjan/ZUMA Press/Newscom; Santa Monica store, Jason Ryan/ZUMA Press/Newscom; Times Square, Alcir N. da Silva/Polaris/Newscom; Empty Subway, William Volcov/ZUMA Press/Newscom; Empty Shelves, Joe Burbank/TNS/Newscom; Boarded Up Business, Karen Focht/ZUMA Press/Newscom

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The Case for Defunding Police Shouldn’t Depend on How Much Privilege You Have

Just a tip here: If you’re trying to sell a concept that sounds as radical as defunding or abolishing police, you shouldn’t use extremely loaded attack words like “privilege” in response to people’s fears that they won’t get assistance when they’re victims of crimes.

Circulating through the internet today is a clip of an interview between CNN’s Alisyn Camerota and Minneapolis City Council President Lisa Bender. Over the weekend, Minneapolis City Council members announced that they had enough votes to dismantle the city’s police department and restructure it with an alternative system that Bender said would “actually keep us safe.”

It’s still not entirely clear what this alternative system will be. Given an opportunity to explain a bit further on CNN, Bender stumbled a bit. Camerota bluntly asked Bender who people are going to call when their home is broken into. Bender should have been very prepared for this question. Here’s how she responded:

Yes, I mean I hear that loud and clear from a lot of my neighbors, and myself, too, and I know that that comes from a place of privilege. Because for those of us for whom the system is working, I think we need to step back and imagine what it would feel like to already live in that reality where calling the police may mean more harm is done.

The first sentence of her response has been snipped out and circulated on Twitter as evidence that the #DefundPolice movement is yet another “social justice” trend that is intended to attack white people rather than to fix social problems.

The full context of the whole quote is better, and the earlier parts of the interview (you can watch it here) express the basic idea more capably. The message that Bender is trying to get across is that for many Americans, the police actually aren’t terribly effective at either stopping or solving crimes. Plenty of data back that up.

But here’s the thing: The police actually aren’t terribly effective at solving crime in general, regardless of the victim’s race, ethnicity, or income. Making this about “privilege” actually undercuts the strength of her own argument.

For example, Minneapolis has a terrible clearance rate for rape: Just 22 percent of its rape cases were cleared in 2018. A little over half the murder cases were solved in 2019. Both of those statistics are lower than the national average, but not by much. The FBI’s data for 2018 have 33.4 percent of rape cases solved across the country. For murder and manslaughter, the figure is 62.3 percent. Less than a third of robbery cases are resolved. Only 19 percent of larceny or theft cases. Only 14 percent of burglary and auto theft cases.

So why fracture people’s reactions politically? Most people do not, in fact, have the “privilege” of having the police solve crimes that have harmed them.

The past week’s protests bolster Bender’s argument better than any invocation of “privilege.” Several cities saw police corralling, tear gassing, or otherwise escalating conflicts with protesters—while looters broke into stores just blocks away, without cops there to stop them. And when police did show, they didn’t necessarily make things better. One incident, captured by the Fox affiliate in Los Angeles, showed police officers handcuffing a couple of black people who had been defending a store from looters, ignoring the reporter’s attempt to explain to them that these were the people trying to help.

There is a strong case to be made that the police in much of America are not prioritizing crimes for which there are identifiable victims, getting entrenched instead in doomed campaigns to fight vices and enforce petty regulations that exist to bring revenue into the government.

There is a privilege at work here: People in poorer communities, often minorities, are much more likely to be targeted for this unnecessary enforcement, depriving the community of economic activity (and fostering more crime). While that’s an important reason for the ongoing anger at the police, it’s important to talk about reducing the reasons police are used.

The better answer to Camerota’s question would have been to explain how dismantling the city’s current police apparatus could be a step toward an environment where victims of a crime could call 911 and know that that’s what the people on the other side of the call would focus on. The police wouldn’t be arresting prostitutes and homeless people, or trying to find excuses to issue petty fines or seize drug suspects’ assets. Minneapolis citizens wouldn’t be calling out the police to deal with street vendors or petty feuds with neighbors.

I realize this comes off as tone-policing the tone police. But one thing I’ve learned from years of advocating reforms is to find values and language that you share with those you’re trying to convince. So much success in reforming civil asset forfeiture, for example, has come from making sure people understand that citizens are having their money and property taken away without ever having been convicted a crime. Some readers are more shocked to see the government targeting poor minorities and immigrants who lack the resources to fight back and thus are left even poorer; others are more upset by the violations of our due process and property rights. Both groups’ support is welcome.

We should never suggest that it’s “privilege” for a crime victim to call for help and expect a response. That should be treated as the expectation. And if you want that expectation fulfilled, you should also want to dismantle every part of the police department that isn’t about protecting people’s lives, property, and civil liberties.

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The Case for Defunding Police Shouldn’t Depend on How Much Privilege You Have

Just a tip here: If you’re trying to sell a concept that sounds as radical as defunding or abolishing police, you shouldn’t use extremely loaded attack words like “privilege” in response to people’s fears that they won’t get assistance when they’re victims of crimes.

Circulating through the internet today is a clip of an interview between CNN’s Alisyn Camerota and Minneapolis City Council President Lisa Bender. Over the weekend, Minneapolis City Council members announced that they had enough votes to dismantle the city’s police department and restructure it with an alternative system that Bender said would “actually keep us safe.”

It’s still not entirely clear what this alternative system will be. Given an opportunity to explain a bit further on CNN, Bender stumbled a bit. Camerota bluntly asked Bender who people are going to call when their home is broken into. Bender should have been very prepared for this question. Here’s how she responded:

Yes, I mean I hear that loud and clear from a lot of my neighbors, and myself, too, and I know that that comes from a place of privilege. Because for those of us for whom the system is working, I think we need to step back and imagine what it would feel like to already live in that reality where calling the police may mean more harm is done.

The first sentence of her response has been snipped out and circulated on Twitter as evidence that the #DefundPolice movement is yet another “social justice” trend that is intended to attack white people rather than to fix social problems.

The full context of the whole quote is better, and the earlier parts of the interview (you can watch it here) express the basic idea more capably. The message that Bender is trying to get across is that for many Americans, the police actually aren’t terribly effective at either stopping or solving crimes. Plenty of data back that up.

But here’s the thing: The police actually aren’t terribly effective at solving crime in general, regardless of the victim’s race, ethnicity, or income. Making this about “privilege” actually undercuts the strength of her own argument.

For example, Minneapolis has a terrible clearance rate for rape: Just 22 percent of its rape cases were cleared in 2018. A little over half the murder cases were solved in 2019. Both of those statistics are lower than the national average, but not by much. The FBI’s data for 2018 have 33.4 percent of rape cases solved across the country. For murder and manslaughter, the figure is 62.3 percent. Less than a third of robbery cases are resolved. Only 19 percent of larceny or theft cases. Only 14 percent of burglary and auto theft cases.

So why fracture people’s reactions politically? Most people do not, in fact, have the “privilege” of having the police solve crimes that have harmed them.

The past week’s protests bolster Bender’s argument better than any invocation of “privilege.” Several cities saw police corralling, tear gassing, or otherwise escalating conflicts with protesters—while looters broke into stores just blocks away, without cops there to stop them. And when police did show, they didn’t necessarily make things better. One incident, captured by the Fox affiliate in Los Angeles, showed police officers handcuffing a couple of black people who had been defending a store from looters, ignoring the reporter’s attempt to explain to them that these were the people trying to help.

There is a strong case to be made that the police in much of America are not prioritizing crimes for which there are identifiable victims, getting entrenched instead in doomed campaigns to fight vices and enforce petty regulations that exist to bring revenue into the government.

There is a privilege at work here: People in poorer communities, often minorities, are much more likely to be targeted for this unnecessary enforcement, depriving the community of economic activity (and fostering more crime). While that’s an important reason for the ongoing anger at the police, it’s important to talk about reducing the reasons police are used.

The better answer to Camerota’s question would have been to explain how dismantling the city’s current police apparatus could be a step toward an environment where victims of a crime could call 911 and know that that’s what the people on the other side of the call would focus on. The police wouldn’t be arresting prostitutes and homeless people, or trying to find excuses to issue petty fines or seize drug suspects’ assets. Minneapolis citizens wouldn’t be calling out the police to deal with street vendors or petty feuds with neighbors.

I realize this comes off as tone-policing the tone police. But one thing I’ve learned from years of advocating reforms is to find values and language that you share with those you’re trying to convince. So much success in reforming civil asset forfeiture, for example, has come from making sure people understand that citizens are having their money and property taken away without ever having been convicted a crime. Some readers are more shocked to see the government targeting poor minorities and immigrants who lack the resources to fight back and thus are left even poorer; others are more upset by the violations of our due process and property rights. Both groups’ support is welcome.

We should never suggest that it’s “privilege” for a crime victim to call for help and expect a response. That should be treated as the expectation. And if you want that expectation fulfilled, you should also want to dismantle every part of the police department that isn’t about protecting people’s lives, property, and civil liberties.

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Market Cap Of Bankrupt Hertz Approaches $1 Billion Amid Unstoppable Flood Of Retail Buyers

Market Cap Of Bankrupt Hertz Approaches $1 Billion Amid Unstoppable Flood Of Retail Buyers

Tyler Durden

Mon, 06/08/2020 – 14:28

Nothing all that new here for those who have read our prior posts on the topic such as “Bankrupt Hertz Stock Soars 100% On Relentess Flood Of Retail Daytraders” and “Retail Investors Continue To Pile Into Bankrupt Hertz“, except to note that the move in stock of bankrupt Hertz where the herd of retail daytraders, has gone absolutely parabolic, with the stock rising as high as $6.25, nearly triple its Friday close of $2.57, and translating into a market cap of just under $900 million.

As a reminder, the stock was trading at 80 cents just last Thursday, returning approximately 800% in the past three trading days.

Why is the market cap of a bankrupt company where the vast majority of its bonds will be impaired and the pre-petition equity will receive nothing, trading at such a price? The answer can be found, as in so many other cases these days, with Robin Hood where almost 80,000 new buyers have emerged since the company filed for bankruptcy, sending the company stock soaring even though it is patently worthless.

The last time we saw euphoric retail mania such was in late 2017 when everyone had a coinbase account and pushed cryptocurrencies to levels that left fundamental investors stunned and fuming. Well, the same fundamental investors who still bother with such things as, well, fundamentals, instead of realizing that only the Fed matters, are once again stunned and fuming.

As for Hertz, we hope the company’s sells a few hundred million worth of stock – after all there is apparently endless demand for its shares – just so we can test the so-called “price discovery” of Powell’s latest and greatest FOMO bubble.

Joking aside, we hope that at some point the regulators (remember them) will step in and put an end to this insanity before too many gamblers lose their life savings. However, we won’t hold our breath as such an act would expose just how farcical this hot potato “market” has become.

via ZeroHedge News https://ift.tt/2UjOZMY Tyler Durden

Is The Treasury About To Flood The US With $700 Billion Over The Next Three Weeks

Is The Treasury About To Flood The US With $700 Billion Over The Next Three Weeks

Tyler Durden

Mon, 06/08/2020 – 14:15

As a direct result of a flood of Bill issuance in the past two months, the Treasury’s cash balance which it will use to fund various stimulus programs and other fiscal initiatives, has exploded since the onset of the coronavirus crisis, hitting a record $1.5 trillion on Friday.

This is notable because in the Treasury’s latest quarterly borrowing needs forecast which projected a funding need of $3 trillion for the current quarter, the Treasury also projected that the cash balance at the end of the quarter would be $800 billion.

This also means that if indeed the Treasury’s forecast is accurate, then over the next three weeks, the Treasury’s cash balance has to drop by a record $700 billion to hit the $800 billion target!

Commenting on this surprising eventuality, Nordea writes that “it seems as if administrations around the globe have “overestimated” the issuance need by now as e.g. the USTs cash account at Fed stands at a stunning $1500bn, which is a staggering $700bn above the quarter-end target” and asks if Treasury issuance will be taken (substantially) down into H2-2020 since the Dollars reserved for aid-packages struggle to leave the Treasury account?”

Alternatively, “if the $700bn actually leave the account at Fed and flow into the real economy before quarter-end, then it is likely a massive boost for risk assets.”

It is not immediately clear just how the Treasury could ram this cash into the real economy: as a reminder, roughly $140BN of the latest iteration of the Paycheck Protection Program remains unused as business demand for what is effectively free money in the form of grants, appears to have peaked. Will the Treasury then proceed with literally paradopping tens of billions in cash on Americans? To be sure, that would be one way to make the daily protests across America a far more festive event.

via ZeroHedge News https://ift.tt/2MCpceG Tyler Durden

“Gasoline Is Awfully Cheap”: Police Action Against ‘Ace Burns’ Raises Free-Speech Concerns

“Gasoline Is Awfully Cheap”: Police Action Against ‘Ace Burns’ Raises Free-Speech Concerns

Tyler Durden

Mon, 06/08/2020 – 14:00

Authored by Jonathan Turley,

We have often discussed how advocating for free speech often places us in troubling company.  Those who are targeted for arrest are often the loudest and most obnoxious among us.  Ace Burns is one of those people.  Burns, 34, whose real name is Israel Burns,, is the self-proclaimed leader of the “FTP movement (which he defined in various ways including “Fire To Property”).

Burns was taken into the police station after eluding to the possibility that the Diamond District in New York would be burned to the ground.  It is a prototypical violent speech case and, as many on this blog will not be surprised to read, I believe it raises a serious concern for free speech.

Ironically, we previously discussed the issue of violent speech in a column where I argued against charging Michael Brown’s stepfather during the Ferguson rioting.

Burns told a reporter with Fox News

“You know I’m a leader of this ‘FTP’ movement. It means a lot of things. It can mean free the people, it can mean for the people, it can also mean ‘fire to property.’ You know that’s very possible …

Today, I’m giving a demonstration from Barclay’s Center at 6 p.m. to City Hall, and that’s the first stop — and we’re hoping [Mayor] De Blasio and [Gov.] Cuomo come out and talk to us and give the youth some direction. But if they don’t, then [the] next stop is the Diamond District,” he said, referring to a block on Manhattan’s 47th Street known for jewelry shops. “And gasoline, thanks to Trump, is awfully cheap. So, we’re giving them a chance right now to do the right thing.”

The police responded by saying that they searched for the man in the interview and “took him in.”

It was then reported Burns, 34, whose real name is Israel Burns, has been charged with one count each of making terroristic threats, aggravated harassment, and false reporting.

The case raises the issue of violent speech, a controversial area of prosecution.  I do not believe that these comments would satisfy the standard established by the Supreme Court in 1969 in Brandenburg v. Ohio as advocating imminent violence. Violent speech is protected under the Constitution absent such a threat of imminent violence. I have previously written about the dangerous line of criminalizing speech. I currently have a case in the federal court on this issue in United States v. Al-Timimi.

The Burns case is reminiscent of Watts v. United States, where the defendant spoke at a rally against the military draft and said, “If they ever make me carry a rifle, the first man I want to get in my sights is L.B.J.”  He was prosecuted under a federal statute that prohibited “any threat to take the life of or to inflict bodily harm upon the President of the United States.” The Supreme Court overturned the conviction and held that the words were not a “true ‘threat” but “political hyperbole.”

Likewise, in NAACP v. Claiborne Hardware Co., white merchants in Claiborne County, Mississippi, involved a civil action based on a statement made by NAACP Field Secretary Charles Evers that

“black people that any ‘uncle toms’ who broke the boycott would ‘have their necks broken’ by their own people.” The Supreme Court found that Evers’ “emotionally charged rhetoric . . . did not transcend the bounds of protected speech set forth in Brandenburg. . . . An advocate must be free to stimulate his audience with spontaneous and emotional appeals for unity and action in a common cause. When such appeals do not incite lawless action, they must be regarded as protected speech.”

This Burns case is certainly not abstract or purely hyperbolic given the arson that has occurred in these protests.  However, it still demonstrates the concern among many in the free speech community over this exception to the protections under the First Amendment.  Burns was making inflammatory statements about these protests.  If he was planning an attack, he would have been charged with conspiracy or actual terrorism.  He was threatening what he viewed as the status quo and a privilege class. Most of us are appalled by the statements. However, the government can construe any statement as an imminent threat under such an approach.

Clearly, the other charges would indicate that there is more to this story.  However, if the terroristic threat charge is based on the interview, it raises troubling questions for free speech.

via ZeroHedge News https://ift.tt/3hh8uzM Tyler Durden