Mark Sanford Still Cares About Spending

Former South Carolina Rep. Mark Sanford, who announced his Republican presidential campaign at the beginning of September, is cutting through the heated political climate to remind his party of an old but looming issue.

During a Monday night appearance on The Daily Show, Sanford said, “Whether I’m successful or not, I think we need to have a conversation about where we’re going as Republicans and where we’re going as a country.” When asked by host Trevor Noah the areas in which Republicans have lost their way, Sanford spoke of the issues that were once “hallmarks” in his party’s national conversation.

Sanford began with spending and the national debt, saying that both have “spun indeed out of control” under President Donald Trump. Sanford also added that regardless of personal feelings over the methods Republicans used to address both issues in the past, there was a time when “Republicans were recognized for trying on that front.”

Sanford also compared Trump’s praise of the economy under his presidency to a family carrying out a facade of prosperity while secretly dealing with insurmountable credit card debt.

Will Republican voters be swayed by Sanford’s fiscal message or has Trumpian nationalism fully taken hold in the party?

“It’s either all the conversations I’ve had over the past 25 years of politics in the [House of Representatives] and two terms as governor, either they didn’t matter and they weren’t real or they were,” he replied.

Sanford’s in a tough spot. Despite years of calling for a more fiscally responsible government, he became one of the first casualties of the Trumpism that has overtaken the Republican Party. Though he advocated for more limited government, Sanford was an early critic of Trump’s demeanor. Not only did he lose his reelection bid in 2018, but his loss appeared to be indicative of the power of the new Republican Party.

As Reason reported last year, the Associated Press also found that rather than campaign on successful tax cut legislation, ads for Republican midterm challengers focused heavily on support for Trump and the border wall, even in states that do not touch the southern border.

“We wish [economic policy] got the pitchforks out,” GOP ad maker Will Ritter told the AP. “It doesn’t.”

Sanford acknowledged this reality in his Monday interview. He mentioned that he believed his campaign would uncover whether or not fiscal values remain important to Republican voters.

Even if Sanford attracts supporters, he’ll still need to overcome party politics. A handful of state Republican officials have canceled their primaries in support of Trump.

The full interview can be watched here (interview starts at 18:56).

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Mark Sanford Still Cares About Spending

Former South Carolina Rep. Mark Sanford, who announced his Republican presidential campaign at the beginning of September, is cutting through the heated political climate to remind his party of an old but looming issue.

During a Monday night appearance on The Daily Show, Sanford said, “Whether I’m successful or not, I think we need to have a conversation about where we’re going as Republicans and where we’re going as a country.” When asked by host Trevor Noah the areas in which Republicans have lost their way, Sanford spoke of the issues that were once “hallmarks” in his party’s national conversation.

Sanford began with spending and the national debt, saying that both have “spun indeed out of control” under President Donald Trump. Sanford also added that regardless of personal feelings over the methods Republicans used to address both issues in the past, there was a time when “Republicans were recognized for trying on that front.”

Sanford also compared Trump’s praise of the economy under his presidency to a family carrying out a facade of prosperity while secretly dealing with insurmountable credit card debt.

Will Republican voters be swayed by Sanford’s fiscal message or has Trumpian nationalism fully taken hold in the party?

“It’s either all the conversations I’ve had over the past 25 years of politics in the [House of Representatives] and two terms as governor, either they didn’t matter and they weren’t real or they were,” he replied.

Sanford’s in a tough spot. Despite years of calling for a more fiscally responsible government, he became one of the first casualties of the Trumpism that has overtaken the Republican Party. Though he advocated for more limited government, Sanford was an early critic of Trump’s demeanor. Not only did he lose his reelection bid in 2018, but his loss appeared to be indicative of the power of the new Republican Party.

As Reason reported last year, the Associated Press also found that rather than campaign on successful tax cut legislation, ads for Republican midterm challengers focused heavily on support for Trump and the border wall, even in states that do not touch the southern border.

“We wish [economic policy] got the pitchforks out,” GOP ad maker Will Ritter told the AP. “It doesn’t.”

Sanford acknowledged this reality in his Monday interview. He mentioned that he believed his campaign would uncover whether or not fiscal values remain important to Republican voters.

Even if Sanford attracts supporters, he’ll still need to overcome party politics. A handful of state Republican officials have canceled their primaries in support of Trump.

The full interview can be watched here (interview starts at 18:56).

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Why the 70th Anniversary of the Establishment of the People’s Republic of China Should be a Day of Mourning

Today is the 70th anniversary of the establishment of the People’s Republic of China, which marks the occasion when the Communist Party seized power in the world’s most populous nation. The regime established then remains in power today, and is holding a massive celebration. But today is more properly an occasion for mourning. It is an appropriate time to remember the horrific injustices of the government that committed the biggest mass murder in the history of the world, and numerous other injustices and atrocities.

Though it gets nowhere near the level of attention it deserves, Mao Zedong’s Great Leap Forward was in fact the biggest mass murder in all of human history. I discussed its enormous scale here:

Who was the biggest mass murderer in the history of the world? Most people probably assume that the answer is Adolf Hitler, architect of the Holocaust. Others might guess Soviet dictator Joseph Stalin, who may indeed have managed to kill even more innocent people than Hitler did, many of them as part of a terror famine that likely took more lives than the Holocaust. But both Hitler and Stalin were outdone by Mao Zedong. From 1958 to 1962, his Great Leap Forward policy led to the deaths of up to 45 million people – easily making it the biggest episode of mass murder ever recorded.

Historian Frank Dikötter, author of the important book Mao’s Great Famine recently published an article in History Today, summarizing what happened:

“Mao thought that he could catapult his country past its competitors by herding villagers across the country into giant people’s communes. In pursuit of a utopian paradise, everything was collectivised. People had their work, homes, land, belongings and livelihoods taken from them. In collective canteens, food, distributed by the spoonful according to merit, became a weapon used to force people to follow the party’s every dictate. As incentives to work were removed, coercion and violence were used instead to compel famished farmers to perform labour on poorly planned irrigation projects while fields were neglected.”

A catastrophe of gargantuan proportions ensued. Extrapolating from published population statistics, historians have speculated that tens of millions of people died of starvation….”

The basic facts of the Great Leap Forward have long been known to scholars. Dikötter’s work is noteworthy for demonstrating that the number of victims may have been even greater than previously thought, and that the mass murder was more clearly intentional on Mao’s part, and included large numbers of victims who were executed or tortured, as opposed to “merely” starved to death. Even the previously standard estimates of 30 million or more, would still make this the greatest mass murder in history.

 

What happened in the Great Leap Forward was similar to what occurred in the Soviet Union and other communist regimes when agriculture was collectivized. But the death toll in China was much higher than anywhere else.

While the Great Leap Forward was the biggest atrocity committed by the PRC, it was far from the only one. The Cultural Revolution of 1966-76 also took millions of lives. And there was no shortage of other instances of official repression and mass murder during the Mao era, ranging from the brutal conquest and occupation of Tibet (which persists to this day) to numerous purges.

After Mao died in 1976, the regime liberalized much of the economy and eased up on repression. The resulting economic growth was impressive and helped lift millions out of poverty. But it is important to recognize that most of this progress was the result of the government’s ending some of its own previous oppressive policies. For example, much of the economic growth occurred because rural Chinese were freed from being forcibly confined to collective farms, and allowed to move (relatively) freely to other parts of the country, where there were better opportunities.

Post-1976 China is far less awful than it was under Mao’s rule, and the regime no longer adheres to many of the tenets of communist ideology, which has largely been supplanted by nationalism. But severe oppression nonetheless persists. The Tiananmen Square massacre of 1989 is only the most famous example. The regime has also forcibly displaced tens of millions of people for various “development” projects, including over 1 million forced out of their homes just to build the facilities for the 2008 Olympics in Beijing. The cruel “one child” policy for a long time imposed  state control over one of the most intimate aspects of private family life.  in addition to its inherent injustice, the that policy have created serious social and economic problems that the regime will find it hard to overcome, including a serious gender imbalance in the population, and a rapidly aging work force.

And, of course, the government continues to be a one-party dictatorship, with severe limitations on freedom of expression. I got a first-hand view of some of this when I was a visiting professor at a Chinese university in 2014.

Sadly, under the rule of President Xi Jinping, the government has become much more repressive over the last few years. It has established massive detention camps in which hundreds of thousands of members of the Muslim Uighur minority have been confined for purposes of “reeducation.” The regime’s increasingly intolerant nationalism is bad news for other minorities, as well. Even the tiny community of Kaifeng Jews has been targeted for harassment and persecution.

There has also been a crackdown on real and imagined dissent even among Han Chinese, the majority ethnic group. The closure of the Unirule Institute—a  widely respected think tank critical of regime policy—is just one of many examples. I gave a talk at Unirule’s offices in Beijing back in 2014—something that sadly would no longer be possible today. China is also trying to repress the liberal democratic protest movement in Hong Kong, in a dramatic confrontation that has captured the attention of the world.

The horrific history of the PRC is notable for exemplifying the evils of both of the ideologies that have caused enormous harm around the world over the last century: communism and nationalism. The regime’s gradual transition from the former to the latter, while still being a brutal dictatorship, is a textbook example of how the two have many common flaws.

The unspeakable death toll created by the PRC doesn’t necessarily prove it has been the very worst government in history. The numbers are so high in part because the Communist Party ruled over such a large population, and stayed in power for many years. If the likes of Stalin, Hitler, or Pol Pot had ruled over a comparably large population over a similar length of time, it is entirely possible they would would equaled or even surpassed Mao Zedong’s dubious record. It is also possible to argue that genocide—mass murder inflicted based on race, religion, or ethnicity—is qualitatively worse than mass murder whose victims are chosen because they are “class enemies” or political dissidents, or just obstacles to the implementation of the regime’s ideology. I don’t buy this theory myself, but I can understand the sentiment behind it.

But even if the PRC is “merely” one of a handful of contenders for the title of worst regime in human history, rather than the clear winner of that dubious title, its awful record is still worthy of mourning. And such remembrance should be combined with a determination to learn its lessons, and use them to prevent the repetition of similar horrors.

 

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“No Force Can Shake Us”: Xi Says As Hypersonic Nuclear Missiles Unveiled At China’s Largest Ever Military Parade

“No Force Can Shake Us”: Xi Says As Hypersonic Nuclear Missiles Unveiled At China’s Largest Ever Military Parade

“Patriotic passion” and “tears of joy” filled Beijing streets, writes Reuters, as China’s National Day military parade extravaganza wound up on Tuesday.

Though state media pundits have sought to assure the West it’s not at all about “flexing muscles, but showing military transparency,” it remains that citizens were handpicked by the government to merely stand on the sides of streets to watch phalanxes of tanks, armored vehicles, and the country’s newest high-tech aircraft roll by.

The Gongji-11 (GJ-11) stealth attack drone, via Global Times.

Perhaps there was some “patriotic passion” on proud display, and as state media dubiously touted as a day of “flags, songs, and sports” — but it remains, awkwardly, that as Reuters also points out 

“Organizers last month said 30,000 Beijing residents were selected to view the parade itself.”

People’s Liberation Army soldiers during the 70th anniversary of the People’s Republic of China parade, via Reuters.

To mark the 70th anniversary of the founding of the People’s Republic of China (PRC) a total of 15,000 troops marched, and over 160 aircraft and close to 600 pieces of military equipment were on display — and as Global Times noted, all military hardware featured was domestically made, with close to half of it reportedly never-before-seen. 

Among them, the DF-17 ballistic missiles, which is touted as capable of circumventing US defense systems, also believed capable of striking the continental US within 30 minutes.

The DF-41 intercontinental ballistic missile on display, via the AP.

The DF-41 intercontinental ballistic missile is believed to have the longest range in the world and is Beijing’s newest hypersonic nuclear-capable missile.

China’s military has shown off a new hypersonic ballistic nuclear missile believed capable of breaching all existing anti-missile shields deployed by the United States and its allies.

Via Global Times

In his ceremonial remarks, President Xi Jinping confidently called for “complete unification” of the country and that nothing can stop the march of “socialist China’s” progress.

“Today, a socialist China is standing in the east of the world and there is no force that can shake the foundation of this great nation,” Xi told a crowd of as international reports noted carefully vetted guests. “No force can stop the Chinese people and the Chinese nation from forging ahead.”

Via Global Times

Another new weapon featured included the submarine launchable JL-2 missile, which can provide “sea-based nuclear deterrence,” and a new generation anti-ship missile called YJ-18, according to state television CGTN.

Military flyover, via the AP.

Additionally, there were new HQ-9B surface-to-air missiles “capable of intercepting multiple air strike weapons in a complex electro-magnetic environment” on display.

It was also an opportunity for the PRC to celebrate its gender equality and “diversity” within the military ranks, apparently:

Regional media called it the biggest military parade in the nation’s history. 

“The People’s Liberation Army [PLA] will serve its purpose in safeguarding the sovereignty, security and development interests of the country, and world peace,” he said, at a time when Beijing has expanded its military footprint globally, including with its first overseas military base in Djibouti.

Xi called on the Communist Party and the country to unite and continue to fight for the realization of what he called the “Chinese dream” – the nation’s rejuvenation— SCMP

Xi further addressed the now months-long unrest and soaring tensions in Hong Kong, vowing that the central government uphold “one country, two systems”.

Hong Kong leader Carrie Lam was among the guests in Beijing on Tuesday, via the AP.

Beijing would ensure the long-term stability of the semi-autonomous city, and additionally underscored the goal of “peaceful reunification” with self-ruling Taiwan, China’s president reassured. 

* * *

Meanwhile, on the streets of Hong Kong…

State media pundits took swipes at the nearby unrest and its “beautiful sight of democracy,” which included for the first time a baton wielding protester being shot at point-blank range by a police officer.

At least one mainland state media editor, perhaps overly giddy from the day’s celebrations, used the occasion to unleash a barrage of sarcasm and veiled threats on the world. 

State media was also lockstep on China’s National Day in signalling HK citizens: “We need more than ever the solidarity of all Hong Kong people to work towards the same goal, seek common ground and accommodate differences,” one source quoted a Beijing official as saying.


Tyler Durden

Tue, 10/01/2019 – 10:25

via ZeroHedge News https://ift.tt/2oVHf6V Tyler Durden

Stocks, Bond Yields Plunge After Dismal Manufacturing Data

Stocks, Bond Yields Plunge After Dismal Manufacturing Data

A 2nd consecutive contraction in US Manufacturing, according to ISM, has sparked selling in stocks and a bid for safe-havens like bonds and gold.

ISM respondents

“General market is slowing even more than a normal fourth-quarter slowdown.” (Fabricated Metal Products)

“Business has been flat for us. Year-over-year growth has slowed dramatically.” (Miscellaneous Manufacturing)

“We have seen a reduction in sales orders and, therefore, a lower demand for products we order. We have also reduced our workforce by 10 percent.” (Plastics & Rubber Products)

Stocks tanked…

Bonds were bid…

Source: Bloomberg

And gold bounced…

As the dollar slid off multi-year highs…

Source: Bloomberg

Source: Bloomberg

Get back to work Mr.Powell!


Tyler Durden

Tue, 10/01/2019 – 10:10

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

US Manufacturing Weakest Since 2009: “Business Sentiment Stuck At Gloomy Levels”

US Manufacturing Weakest Since 2009: “Business Sentiment Stuck At Gloomy Levels”

It’s been an ugly night for global economic surveys. September manufacturing PMIs from South Korea, Indonesia, South
Africa, Italy, and the UK all printed below 50.0, confirming ongoing global weakness, and Sweden was a disaster.

Only Canada and Brazil managed upside surprises as all eyes are firmly focused on US manufacturing surveys – hoping they will track the massive surge in US economic surprise data.

  • Markit Manufacturing PMI 51.1 (51.0 exp), up from 50.3 in August

  • ISM Manufacturing 47.8 (50.0 exp), down from 49.1 in August

Source: Bloomberg

This is the weakest ISM since June 2009, with New Orders weakest since March 2009.

Chris Williamson, Chief Business Economist at IHS Markit said:

“News of the PMI hitting a five-month high brings a sigh of relief, but manufacturing is not out of the woods yet. The September improvement fails to prevent US goods producers from having endured their worst quarter for a decade. Given these PMI numbers, the manufacturing recession appears to have extended into its third quarter.

“The current situation contrasts markedly with earlier in the year, when companies were struggling to keep up with demand. Now, spare capacity appears to be developing, which is causing firms to curb their hiring compared to earlier in 2019 and become more cautious about costs and spending.“

As good as it gets?

However, as we detailed here, this is the reason for the rebound in US Macro – and why its all over now. Given the rapid surge in borrowing recently, 2019’s seasonality is even more dramatic on the spending side (and thus the unprecedented spike in economic surprises)

Source: Bloomberg

All of which begs the question: is the only reason why the economy tends to pick up momentum dramatically as the summer ends just a function of a surge in government spending permeating the broader economy as agencies scramble to spend all the money they have before the end of the September 30 Fiscal Year End (just so they get allocated the same or greater budget in the coming fiscal year), which subsequently plunges or is outright halted as the case may be right now?

As Williamson notes:

“It’s also far from clear that the trend will improve in the fourth quarter. Inflows of new work remain worryingly subdued, to the extent that current production growth is having to be supported by firms increasingly eating into order book backlogs. Business sentiment about the year ahead is also stuck at gloomy levels.

Hardly sounding an optimistic tone about this bounce going anywhere.


Tyler Durden

Tue, 10/01/2019 – 10:03

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

Why the 70th Anniversary of the Establishment of the People’s Republic of China Should be a Day of Mourning

Today is the 70th anniversary of the establishment of the People’s Republic of China, which marks the occasion when the Communist Party seized power in the world’s most populous nation. The regime established then remains in power today, and is holding a massive celebration. But today is more properly an occasion for mourning. It is an appropriate time to remember the horrific injustices of the government that committed the biggest mass murder in the history of the world, and numerous other injustices and atrocities.

Though it gets nowhere near the level of attention it deserves, Mao Zedong’s Great Leap Forward was in fact the biggest mass murder in all of human history. I discussed its enormous scale here:

Who was the biggest mass murderer in the history of the world? Most people probably assume that the answer is Adolf Hitler, architect of the Holocaust. Others might guess Soviet dictator Joseph Stalin, who may indeed have managed to kill even more innocent people than Hitler did, many of them as part of a terror famine that likely took more lives than the Holocaust. But both Hitler and Stalin were outdone by Mao Zedong. From 1958 to 1962, his Great Leap Forward policy led to the deaths of up to 45 million people – easily making it the biggest episode of mass murder ever recorded.

Historian Frank Dikötter, author of the important book Mao’s Great Famine recently published an article in History Today, summarizing what happened:

“Mao thought that he could catapult his country past its competitors by herding villagers across the country into giant people’s communes. In pursuit of a utopian paradise, everything was collectivised. People had their work, homes, land, belongings and livelihoods taken from them. In collective canteens, food, distributed by the spoonful according to merit, became a weapon used to force people to follow the party’s every dictate. As incentives to work were removed, coercion and violence were used instead to compel famished farmers to perform labour on poorly planned irrigation projects while fields were neglected.”

A catastrophe of gargantuan proportions ensued. Extrapolating from published population statistics, historians have speculated that tens of millions of people died of starvation….”

The basic facts of the Great Leap Forward have long been known to scholars. Dikötter’s work is noteworthy for demonstrating that the number of victims may have been even greater than previously thought, and that the mass murder was more clearly intentional on Mao’s part, and included large numbers of victims who were executed or tortured, as opposed to “merely” starved to death. Even the previously standard estimates of 30 million or more, would still make this the greatest mass murder in history.

 

What happened in the Great Leap Forward was similar to what occurred in the Soviet Union and other communist regimes when agriculture was collectivized. But the death toll in China was much higher than anywhere else.

While the Great Leap Forward was the biggest atrocity committed by the PRC, it was far from the only one. The Cultural Revolution of 1966-76 also took millions of lives. And there was no shortage of other instances of official repression and mass murder during the Mao era, ranging from the brutal conquest and occupation of Tibet (which persists to this day) to numerous purges.

After Mao died in 1976, the regime liberalized much of the economy and eased up on repression. The resulting economic growth was impressive and helped lift millions out of poverty. But it is important to recognize that most of this progress was the result of the government’s ending some of its own previous oppressive policies. For example, much of the economic growth occurred because rural Chinese were freed from being forcibly confined to collective farms, and allowed to move (relatively) freely to other parts of the country, where there were better opportunities.

Post-1976 China is far less awful than it was under Mao’s rule, and the regime no longer adheres to many of the tenets of communist ideology, which has largely been supplanted by nationalism. But severe oppression nonetheless persists. The Tiananmen Square massacre of 1989 is only the most famous example. The regime has also forcibly displaced tens of millions of people for various “development” projects, including over 1 million forced out of their homes just to build the facilities for the 2008 Olympics in Beijing. The cruel “one child” policy for a long time imposed  state control over one of the most intimate aspects of private family life.  in addition to its inherent injustice, the that policy have created serious social and economic problems that the regime will find it hard to overcome, including a serious gender imbalance in the population, and a rapidly aging work force.

And, of course, the government continues to be a one-party dictatorship, with severe limitations on freedom of expression. I got a first-hand view of some of this when I was a visiting professor at a Chinese university in 2014.

Sadly, under the rule of President Xi Jinping, the government has become much more repressive over the last few years. It has established massive detention camps in which hundreds of thousands of members of the Muslim Uighur minority have been confined for purposes of “reeducation.” The regime’s increasingly intolerant nationalism is bad news for other minorities, as well. Even the tiny community of Kaifeng Jews has been targeted for harassment and persecution.

There has also been a crackdown on real and imagined dissent even among Han Chinese, the majority ethnic group. The closure of the Unirule Institute—a  widely respected think tank critical of regime policy—is just one of many examples. I gave a talk at Unirule’s offices in Beijing back in 2014—something that sadly would no longer be possible today. China is also trying to repress the liberal democratic protest movement in Hong Kong, in a dramatic confrontation that has captured the attention of the world.

The horrific history of the PRC is notable for exemplifying the evils of both of the ideologies that have caused enormous harm around the world over the last century: communism and nationalism. The regime’s gradual transition from the former to the latter, while still being a brutal dictatorship, is a textbook example of how the two have many common flaws.

The unspeakable death toll created by the PRC doesn’t necessarily prove it has been the very worst government in history. The numbers are so high in part because the Communist Party ruled over such a large population, and stayed in power for many years. If the likes of Stalin, Hitler, or Pol Pot had ruled over a comparably large population over a similar length of time, it is entirely possible they would would equaled or even surpassed Mao Zedong’s dubious record. It is also possible to argue that genocide—mass murder inflicted based on race, religion, or ethnicity—is qualitatively worse than mass murder whose victims are chosen because they are “class enemies” or political dissidents, or just obstacles to the implementation of the regime’s ideology. I don’t buy this theory myself, but I can understand the sentiment behind it.

But even if the PRC is “merely” one of a handful of contenders for the title of worst regime in human history, rather than the clear winner of that dubious title, its awful record is still worthy of mourning. And such remembrance should be combined with a determination to learn its lessons, and use them to prevent the repetition of similar horrors.

 

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Sword-Wielding Student Kills 1, Wounds 10 During Attack At Finnish Vocational College

Sword-Wielding Student Kills 1, Wounds 10 During Attack At Finnish Vocational College

In an exceedingly rare example of mass violence at a school outside the US, a crazed student stormed a Finnish college inside a shopping mall in Kuopio, Finland, RT reports.

At least one person was killed and ten others wounded during the attack, which was carried out with what has been alternatively described as a ‘sword’ and a ‘large knife’, according to early witness reports collected by the Sun.

Among the wounded, two are said to be in serious condition.

The attack started early on Tuesday when the assailant – recognized as a fellow student who had shown up to class late – burst into Savo Vocational College and reportedly started indiscriminately stabbing his classmates.

Eye-witnesses said the student entered class late, then pulled what looked like a sword from his bag and plunged it into a female student’s neck and stomach, before moving on to attack other students.

The attacker set off firebombs during the bloody rampage. 

Police confirmed that an individual had been taken into custody after being shot by an officer. Police said they would release more information later in the day.

A mechanic who works nearby told local news reporters that he had rushed to some of the injured students’ aid after the attack.

“By the time I went to help the classmate, there were other calls for help. Along the corridor, students fled to the store,” Roosa Kokkonen said.

The mechanics’ intervention was critical: after the attack, the assailant decided to wander through the mall, sparking chaos that delayed the arrival of paramedics to the scene.

A 16-year-old student who was in a nearby classroom during the attack said she heard a loud shout that sounded like it was coming from a man. But she couldn’t understand what the person was trying to say. The young woman’s teacher directed the class to shelter in place until they were given the OK to leave.

Once the OK came, the young girl said she and her classmates hurriedly left. But on the way, “I saw blood on the floor and two injured women,” the girl said, according to RT.

All classes on Wednesday have been cancelled.


Tyler Durden

Tue, 10/01/2019 – 09:50

Tags

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

Unable To Let 2016 Go, Trump Asks World Leaders To Stay Obsessed, Too

More meddling from foreign countries was reportedly sought by the Trump administration. Revelations about “quid pro quo” requests President Donald Trump made to Ukraine’s president appear to have opened the floodgates on stories about Trump trying to make self-interested political deals with foreign leaders.

This includes asking the Australian prime minister for help poking holes in the Mueller report, The New York Times reported yesterday, and it includes having his attorney general ask leaders in Australia, Italy, and elsewhere to investigate the CIA and FBI’s handling of Trump-Russia collusion fears.

Like Trump’s chat with Ukrainian President Volodymyr Zelenskiy, the conversation with Australian Prime Minister Scott Morrison “shows the president using high-level diplomacy to advance his personal political interests,” the Times said, continuing:

The discussion with Mr. Morrison shows the extent to which Mr. Trump views the attorney general as a crucial partner: The president is using federal law enforcement powers to aid his political prospects, settle scores with his perceived “deep state” enemies and show that the Mueller investigation had corrupt, partisan origins.

Meanwhile, Barr himself was reportedly talking to British intelligence authorities, Italian officials, and folks in the Australian government about the FBI and CIA’s actions leading up to the 2016 U.S. election and motivations for Trump-related inquiries, according to The Washington Post and “people familiar with the matter.”

“The attorney general’s active role also underscores the degree to which a nearly three-year-old election still consumes significant resources and attention inside the federal government,” notes the Post.

Combined with the actions undertaken by Trump’s lawyer, Rudy Giuliani, in Ukraine, we see “a kind of two-front war” happening, write Times reporters Mark Mazzetti and


FREE MINDS

“Twenty-five years after the infamous 1994 crime bill, too many criminal justice groups are simply reimagining mass incarceration.” A powerful op-ed from Derecka Purnell, a human rights lawyer, and Marbre Stahly-Butts, executive director of Law for Black Lives, calls out the timidity of current criminal justice reform efforts, which often still center on interventions by police.

“The reality is this: The police fill prisons,” they write. “We can’t repair the harm that the 1994 crime bill has done by promoting mass incarceration without reducing the size and scope of the police.” And yet, “politicians promise jail closings even as they increase police budgets—and, as a result, arrests.” People see the fault in old drivers of mass incarceration and yet, faced with any new or persistent social problem, still turn to cops, arrest, and imprisonment as first solutions.


FREE MARKETS

Why trade with China when its government perpetuates horrible human rights abuses? Simple, writes Scott Sumner: “Politics is the answer, trade is the solution.”

Free markets and international trade promote peace and liberalization, while isolationism and poverty make authoritarianism worse.

“Hundreds of years of human history strongly suggest that trade makes people better, both at the individual level and the national level,” writes Sumner. “History shows that if you want to bring peace and freedom to the world, trade is one of the best ways of doing so.”

Whole thing here.


QUICK HITS

  • Another case of the U.S. Justice Department bravely catching traitors created by the U.S. Justice Department.
  • A proposal in Nye County, Nevada, would confine women working in the area’s legal brothels to the brothels, stipulating that they only leave the premises “for six (6) hours per ten (10) day” period.
  • “The power of the Ukraine revelations lies in their simplicity,” writes Politico columnist Renato Mariotti, warning Democrats against getting “greedy” with the impeachment inquiry.
  • Gen Z and millennial Americans say they want a European-style democratic socialist state. And yet “Europe’s young are less progressive—or ‘woke’—than their American contemporaries,” suggests The Atlantic. “A third of Millennial and Gen Z voters in Europe consider themselves centrists…and they are emphatically not socialists.” In fact, “they are also less in favor than older generations of fiscal redistribution to reduce inequality.”
  • If you haven’t watched this Saturday Night Live parody of the Democratic presidential debates yet, you should:

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Home-Flipper Lending Hits 13-Year High: What Can Possibly Go Wrong?

Home-Flipper Lending Hits 13-Year High: What Can Possibly Go Wrong?

Authored by Mike Shedlock via MishTalk,

Home flipping is up and so is flip financing. Flippers sing the praises of increased leverage.

The flippers are back and the competition fierce as there are fewer and fewer foreclosed properties to bid on. Haven’t we been down this road before?

As the competition heats up, Lending to House Flippers Hits a 13-Year High.

  • It is getting much harder to profit on house flipping today. Home prices are high, there are very few distressed or foreclosed properties available to buy cheaply, and the competition among investors is fierce.

  • The good news is, mortgage rates are historically low for bank lending, and private lenders are eager to invest their cash somewhere other than the volatile stock and bond markets.

  • The dollar volume of financed flip purchases in the second quarter of this year jumped 31% annually, from $6.4 billion to $8.4 billion, according to ATTOM Data Solutions.That is the highest level since the third quarter of 2006.

Smart to Use Leverage!?

Vipin Motwani an investor with Iron Gate Development in the Washington, D.C. area expects to flip about 15 homes this year.

It’s always smarter to use a mortgage because you get leverage, you can do many more deals, right? said Motwani.

Also the banks have become a little bit more easy in lending on this flip business. It used to be a lot tougher.”

Housing Bubble Reblown

The Fed has re-blown the housing bubble.

The Last Chance for a Good Price Was 7 Years Ago

Yet, it’s “always smarter to use leverage to get more deals.”

“Right?”

What can possibly go wrong?


Tyler Durden

Tue, 10/01/2019 – 09:35

via ZeroHedge News https://ift.tt/2niqQt5 Tyler Durden