Dow Suffers Worst Streak Since 2016 Despite Best Dip-Buying In A Decade

Quite a week…

China was ugly overnight after defending any dip all week – have to make sure the stock market does not reflect weakness after the trade deal fell apart!!

 

But Europe soared this week as US delayed auto tariffs…

 

China remains the best performer YTD, barely…

 

The late-day headlines from CNBC that “trade talks have stalled” – merely repeating what was said overnight numerous times – triggered the algos to dump after early gains (thanks to op-ex gamma hedging and US-Canada tariff headlines)…Small Caps were the week’s biggest laggard…

The Dow is down four weeks in a row – something it has not done since May 2016!!

The midweek ramp was all one big short-squeeze and the machines ran out of ammo today…

 

Another failed IPO today…

 

Trade deal hope was dashed this week…

The ratio between Morgan Stanley’s China Trade Sensitive Basket and the S&P 500 has dropped to the lowest since U.S. President Trump and Chinese President Xi announced a truce at the G-20 meeting in Argentina in December.

Credit ended the week wider (despite ripping back midweek from Monday’s gap wider)…VIX was around unch…

 

Stocks and bonds decoupled this week (as stocks short-squeezed higher midweek)…

 

Treasury yields were bid on the week and accelerated lower in the last hour as repeated headlines of trade talks being stalled sparked more bond buying…

 

10Y Yields fell back close to YTD lows this week

 

Notably crude and inflation breakevens decoupled late in the week…

 

The yield curve closed the week just above inversion…

 

But before we leave bond-land, both US and Europe priced in more dovishness from their respective central banks this week (41bps of cuts in 2019 for the Fed and 35bps of cuts for the ECB)…

 

The Dollar Index rose on the week – its best week in over 2 months…

 

The last two weeks have seen offshore yuan collapse over 3.1% getting closer to 7.00 – the biggest 2-week plunge since Aug 2015’s devaluation

 

Cable was a disaster this week with GBPEUR down 10 days in a row – the longest losing streak in 19 years

 

The Loonie rallied on the day after US dropped steel tariffs…

Emerging-market stocks fell for a second day and a gauge of EM currencies erased 2019 gains as China signaled its reluctance to resume trade talks with the United States

 

Cryptos had a violent week but ended significantly higher, led by a 33% rise in ethereum…

 

With Bitcoin reaching almost $8500 before crashing Friday…

 

The dramatic outperformance of Ethereum in the last few days has erased all of Bitcoin’s outperformance over the last 6 weeks…

 

WTI rallied on the week (copper did not) despite a strong dollar and trade talks breakdown but silver was the biggest loser…

 

Finally, in case you thought something had change in recent days – despite the collapsing fun-durr-mentals and the death of trade talks – you were right. Bloomberg’s Luke Kawa notes that over the past 10 sessions (or since the trade war resurfaced) the S&P 500 has averaged a drop of 0.5% overnight and a gain of 0.3% during the day. That 0.8 percentage point average gap over the two-week stretch constitutes the biggest disparity between poor overnight retreats and intraday advances since July 2009.

In other words, as the US-China trade deal began to collapse confidence in the markets, ‘someone’ was panic-buying US equities during the day after ‘someone else’ was dumping them overnight at historically high levels.

With global money supply now collapsing, stock markets are gonna need more dip-buying to support this debacle…

via ZeroHedge News http://bit.ly/2ErH8Fp Tyler Durden

The Intercept—now running a close second to the FBI in sending leakers to jail!

With apologies for the lateness of this post, Episode 263 of The Cyberlaw Podcast tells the sad tale of yet another US government leaker who unwisely trusted The Intercept not to compromise its source. As Nick Weaver points out, The Intercept also took forever to actually report on some of the material it received.

In other news, Brian Egan and Nate Jones agree that Israel broke no new ground in bombing the headquarters of Hamas’s rudimentary hacking operation during active hostilities.

Nick and I dig into the significance of China’s use of intrusion tools pioneered by NSA. We also question the New York Times‘s grasp of the issue.

The first overt cyberattack on the US electric grid was a bust, I note, but that’s not much comfort.

How many years of being told “I’m washing my hair that night” does it take before you realize you’re not getting anywhere? The FCC probably thought China Mobile should have gotten the hint after eight years of no action on the company’s application to provide US phone  service, but just in case the message didn’t get through, the Commission finally pulled the plug last week.

Delegating to Big Social the policing of terrorist content has a surprising downside, as Nate points out. Sometimes the government or civil society need that data to make a court case.

We touch briefly on Facebook’s FTC woes and whether Sen. Hawley (R-MO) should be using the privacy stick to beat a company he’s mad at for other reasons. I reprise my longstanding view that privacy law is almost entirely about beating companies that you’re mad at for other reasons.

Download the 263rd Episode (mp3).

You can subscribe to The Cyberlaw Podcast using iTunes, Google Play, Spotify, Pocket Casts, or our RSS feed!

As always, The Cyberlaw Podcast is open to feedback. Be sure to engage with @stewartbaker on Twitter. Send your questions, comments, and suggestions for topics or interviewees to CyberlawPodcast@steptoe.com. Remember: If your suggested guest appears on the show, we will send you a highly coveted Cyberlaw Podcast mug!

The views expressed in this podcast are those of the speakers and do not reflect the opinions of the firm.

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Today’s Anti-Immigration Script Was Written 100 Years Ago by America’s Elite

When Donald Trump claimed in 2015 that Mexican immigrants will ravage our women, destroy our neighborhoods, and taint our ethnic and cultural purity, he entered into a long-standing, well-cultivated American tradition of xenophobia and fear-mongering.  

In the late 19th century, poet Emma Lazarus celebrated the “huddled masses yearning to breathe free” and “the wretched refuse” who came to America for a better life. But Prescott F. Hall, the co-founder of the powerful Immigration Restriction League, offered a rebuttal verse:

Enough! Enough! We want no more

Of ye immigrant from a foreign shore

Already is our land o’er run

With toiler, beggar, thief and scum.

After over a century of mostly open borders, in which tens of millions of European immigrants became Americans, members of the WASP establishment decided in the 1920s that the United States could no longer accept what they denounced as “beaten men from beaten races.” In terms that will sound familiar today, they claimed Jews, Italians, and others were incapable of assimilating into a country based on private property, limited government, and hard work.

In 1924, the restrictionists won a massive and long-lasting legislative battle with passage of The Johnson-Reed Act, which completely prohibited immigration from Asia and sharply limited immigration from Europe based on the country of origin. Under the new law, for instance, just 4,000 Italians were allowed to enter the country each year, down from an average well over 200,000 in each year of the preceding decade. National origins would remain the basis of U.S. immigration law until 1965.

The Guarded Gate: Bigotry, Eugenics, and the Law That Kept Two Generations of Jews, Italians, and Other European Immigrants Out of America, a new book by Daniel Okrent, looks at the ways in which xenophobia and pseudo-science combined to fundamentally alter immigration policy at the start of what became known as “the American Century.” Okrent was the first public editor of The New York Times and is the author of Last Call, a history of Prohibition. He sat down with Reason to talk about how old debates over immigration and America’s national character are newly relevant to contemporary politics.

Edited by Ian Keyser. Intro by Todd Krainin. Cameras by Jim Epstein and Kevin Alexander.

‘Modum’ by Kai Engel is licensed under CC By 4.0

Subscribe to our YouTube channel.

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The Intercept—now running a close second to the FBI in sending leakers to jail!

With apologies for the lateness of this post, Episode 263 of The Cyberlaw Podcast tells the sad tale of yet another US government leaker who unwisely trusted The Intercept not to compromise its source. As Nick Weaver points out, The Intercept also took forever to actually report on some of the material it received.

In other news, Brian Egan and Nate Jones agree that Israel broke no new ground in bombing the headquarters of Hamas’s rudimentary hacking operation during active hostilities.

Nick and I dig into the significance of China’s use of intrusion tools pioneered by NSA. We also question the New York Times‘s grasp of the issue.

The first overt cyberattack on the US electric grid was a bust, I note, but that’s not much comfort.

How many years of being told “I’m washing my hair that night” does it take before you realize you’re not getting anywhere? The FCC probably thought China Mobile should have gotten the hint after eight years of no action on the company’s application to provide US phone  service, but just in case the message didn’t get through, the Commission finally pulled the plug last week.

Delegating to Big Social the policing of terrorist content has a surprising downside, as Nate points out. Sometimes the government or civil society need that data to make a court case.

We touch briefly on Facebook’s FTC woes and whether Sen. Hawley (R-MO) should be using the privacy stick to beat a company he’s mad at for other reasons. I reprise my longstanding view that privacy law is almost entirely about beating companies that you’re mad at for other reasons.

Download the 263rd Episode (mp3).

You can subscribe to The Cyberlaw Podcast using iTunes, Google Play, Spotify, Pocket Casts, or our RSS feed!

As always, The Cyberlaw Podcast is open to feedback. Be sure to engage with @stewartbaker on Twitter. Send your questions, comments, and suggestions for topics or interviewees to CyberlawPodcast@steptoe.com. Remember: If your suggested guest appears on the show, we will send you a highly coveted Cyberlaw Podcast mug!

The views expressed in this podcast are those of the speakers and do not reflect the opinions of the firm.

from Latest – Reason.com http://bit.ly/2VtJARm
via IFTTT

Today’s Anti-Immigration Script Was Written 100 Years Ago by America’s Elite

When Donald Trump claimed in 2015 that Mexican immigrants will ravage our women, destroy our neighborhoods, and taint our ethnic and cultural purity, he entered into a long-standing, well-cultivated American tradition of xenophobia and fear-mongering.  

In the late 19th century, poet Emma Lazarus celebrated the “huddled masses yearning to breathe free” and “the wretched refuse” who came to America for a better life. But Prescott F. Hall, the co-founder of the powerful Immigration Restriction League, offered a rebuttal verse:

Enough! Enough! We want no more

Of ye immigrant from a foreign shore

Already is our land o’er run

With toiler, beggar, thief and scum.

After over a century of mostly open borders, in which tens of millions of European immigrants became Americans, members of the WASP establishment decided in the 1920s that the United States could no longer accept what they denounced as “beaten men from beaten races.” In terms that will sound familiar today, they claimed Jews, Italians, and others were incapable of assimilating into a country based on private property, limited government, and hard work.

In 1924, the restrictionists won a massive and long-lasting legislative battle with passage of The Johnson-Reed Act, which completely prohibited immigration from Asia and sharply limited immigration from Europe based on the country of origin. Under the new law, for instance, just 4,000 Italians were allowed to enter the country each year, down from an average well over 200,000 in each year of the preceding decade. National origins would remain the basis of U.S. immigration law until 1965.

The Guarded Gate: Bigotry, Eugenics, and the Law That Kept Two Generations of Jews, Italians, and Other European Immigrants Out of America, a new book by Daniel Okrent, looks at the ways in which xenophobia and pseudo-science combined to fundamentally alter immigration policy at the start of what became known as “the American Century.” Okrent was the first public editor of The New York Times and is the author of Last Call, a history of Prohibition. He sat down with Reason to talk about how old debates over immigration and America’s national character are newly relevant to contemporary politics.

Edited by Ian Keyser. Intro by Todd Krainin. Cameras by Jim Epstein and Kevin Alexander.

‘Modum’ by Kai Engel is licensed under CC By 4.0

Subscribe to our YouTube channel.

Like us on Facebook.

Follow us on Twitter.

Subscribe to our podcast at iTunes.

 

 

 

 

 

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Trump To Dump Thousands Of Migrants In Broward, Palm Beach Counties

The Trump administration is about to release hundreds of migrants caught along the southern border into Florida’s Broward and Palm Beach counties, according to local officials. 

According to Broward Mayor Mark Bogen and Palm Beach County Sheriff Ric Bradshaw, there will be two weekly planeloads of immigrants, starting in about two weeks, according to what they were told to expect. The 270 weekly passengers, or just over 1,000 per month, will be split equally between the two counties, according to the Sun-Sentinel

That said, Florida Governor Ron DeSantis (R) along with local members of Congress and Florida’s two Republican senators haven’t heard a thing about the plan

“The governor’s office was not informed of this decision,” said DeSantis’ spokeswoman in an email to the Sentinel, adding “Florida counties do not have the resources to accommodate an influx of illegal immigrants.” 

In an afternoon news conference organized after the news broke, Sheriff Bradshaw said the Miami border patrol operations chief “came up” to talk to him about it earlier this week. –Sun-Sentinel

Broward Sheriff Gregory Tony also said that he was advised of the plan – however not by Border Patrol, but “by my trusted colleague” Sheriff Bradshaw. 

The immigrants are families who crossed the border illegally into El Paso, Texas, and who indicated they were Florida-bound, Bradshaw said. They will be processed at U.S. Customs and Border Protection Offices in Dania Beach and in Riviera Beach, and released into the community, expected to return for hearings, he said.

The federal government isn’t offering to help, he said.

“No accommodations for transportation leaving there. No accommodations for shelter or a place to live. Just no real plan what is going to happen to these people,” Bradshaw said. –Sun-Sentinel

ICE to hire contractor to transport 225,000 migrants

Meanwhile, ICE (the federal Immigration and Customs Enforcement agency) will be transporting approximately 225,000 migrant children and families to shelters across the country over the next five years as they await the processing of their asylum claims, according to Fox News. The agency is seeking the services of a “highly responsible” contractor that “fully embraces the philosophy” of humanely treating all unaccompanied minors (UACs) and family units (FAMUs) with “dignity and respect,” according to a May 13 federal procurement document

Hopefully it doesn’t turn into some giant child exploitation ring. 

Whoever is chosen for the contract will transport around 60,000 people annually, and will work to arrange commercial flights and ground transportation for migrant children under the age of 18, along with adults with children. Food, clothing and hygene products will be provided. 

“Sometimes the contractor will have to plan commercial or charter flights in a period of less than 24 hours,” reads the procurement document, which highlights an increased (and perhaps poorly worded) need for “on demand escort-services” due to the ongoing border crisis. 

President Trump announced a plan to “transform” America’s immigration system on Thursday, introducing a system to favor admissions based on job skills rather than family ties. The proposal would judge immigrants with a points-based system that would favor high-skilled workers — accounting for age, English proficiency, education and whether the applicant has a well-paying job offer.

Over the course of a five-year contract, the migrants will be relocated from their points of entry or staging locations to Office of Refugee Resettlement shelters or family residential centers across the nation. –Fox News

ICE has zero tolerance for any forms of sexual abuse and assault,” reads the document. 

via ZeroHedge News http://bit.ly/2Hq33OZ Tyler Durden

Short Circuit: A Roundup of Recent Federal Court Decisions

Please enjoy the latest edition of Short Circuit, a weekly feature from the Institute for Justice.

Take now, pay later. Over at Forbes.com, IJ’s Andrew Wimer explains that courts all over the country are allowing pipeline companies to seize land without paying property owners—sometimes for years. Which violates federal law and the Constitution. Click here for our cert petition asking the U.S. Supreme Court to intervene.

  • “It stands our criminal justice system on its head to hold that even a single extra day of imprisonment can be imposed for a crime that the jury says the defendant did not commit.” So says D.C. Circuit Judge Millett, objecting to the practice of increasing defendants’ criminal sentences on the basis of charges that a jury acquitted on.
  • South Carolina prisoner, handcuffed and surrounded by multiple guards, refuses to let them take his picture. After seven-ish minutes, one guard has had enough, and she tases the prisoner three times. (The guards get their picture.) Cruel and unusual punishment? Fourth Circuit: No if the guard was trying to secure compliance in good faith, but yes if she was acting maliciously. And this looks malicious enough to get past summary judgment.
  • Court emails notice of final judgment to attorney. But it goes to his spam folder, and he misses the deadline to appeal. Fifth Circuit, in two-page opinion: So no appealing.
  • Marquette, Mich. railway trackman sues his employer, alleging an on-the-job injury. Employer schedules an independent medical exam to assess his injuries. Trackman refuses to fill out medical questionnaire and refuses to answer examiner’s questions. Also, his lawyer tags along to the exam, which is . . . uncommon. And the lawyer secretly records the exam on his cell phone. District court: Given the “flagrant and repeated misconduct exhibited by Plaintiff and his attorney,” the entire case is dismissed. Sixth Circuit: Affirmed. Although we’re generally reluctant to dismiss a plaintiff’s suit merely to sanction the plaintiff’s lawyer, both the trackman and his lawyer behaved badly here. Judge Sutton, concurring: Also, we shouldn’t be at all reluctant to hold parties accountable for their lawyers’ misdeeds, even if the parties themselves are not at fault.
  • It takes an awful lot to vacate a conviction under the plain-error standard of review. So why did the Sixth Circuit give two admitted drug dealers a new trial? Let’s go to the transcript: “Defendant: I’m just a Catholic believer. Prosecutor: Catholic believer? Do you understand that there is a Commandment that says thou shall not have any god before me? Def: Yes, I understand. Pros: But yet you prayed to the idol for drug traffickers [Malverde] for protection?” Later, in closing: “Pros: I wonder how many prayers he has said to Malverde before he walked into the courtroom yesterday. I wonder if what’s going through his mind this morning was, I’m going to say another prayer for protection from the jurors of Central Kentucky.”
  • Robber flees a Fort Wayne, Ind. store. In the split second he opens the door, he’s shot by a policeman. The officer says he thought the robber was armed. The robber says he was trying to surrender (or at least needed a chance to). The officer: I should have won at summary judgment; don’t make me go to trial. Seventh Circuit: The district court said the facts are disputed, so we can’t hear your appeal yet.
  • Brace yourself for a habeas head-scratcher. In 2008, Kenosha County, Wisc. husband is convicted in state court of murdering his wife. But at trial, the court admitted a “voice from the grave” letter in which wife wrote that she feared her husband would kill her. Seventh Circuit (2015): Which was a very wrong application of the Sixth Amendment’s Confrontation Clause. District court (2015): So within 90 days, the state must either “initiate[] proceedings to retry” the husband or set him free. State court: Proceedings initiated. But wait! Intervening Supreme Court decisions have clarified that wife’s letter is admissible after all. So since there’s no point in holding a new trial, conviction reinstated. Seventh Circuit (2019): Technically, the state “initiate[d] proceedings to retry” the husband, which is all the federal district court required of it. So as far as appeals go, it’s back to square one for the husband.
  • Milwaukee police patrolling high-crime neighborhood espy man with suspicious bulge in his pocket. He walks briskly away from them, appears to place an object between the screen door and front door of nearby home—his home. Officers follow him up onto the porch, check between the doors, find a gun. Suppress the evidence? No need, says two-thirds of a Seventh Circuit panel.
  • Mexican citizen (with U.S. citizen wife and kids) seeks to develop San Diego waterfront, contributes to local elected officials. Which is illegal. Does it violate foreign nationals’ First Amendment rights to bar them from contributing to political campaigns? Ninth Circuit: No. Nor does it violate the Second Amendment to bar them from possessing firearms. (More on that from Eugene Volokh.)
  • In 2010, Fremont, Calif. landlord conducts background check of potential tenant, which reveals several criminal charges (but only one conviction). The would-be tenant’s application is rejected. He sues the company that did the background check. Did the company violate federal and state law by including a 2000 charge (that was dismissed in 2004) in its report to the landlord? The suit should not have been dismissed, says a partially divided Ninth Circuit panel.
  • And in en banc news, the Sixth Circuit will not reconsider its decision permitting a substantive due process claim to proceed against officials responsible for the Flint, Mich. municipal water crisis. Judge Sutton, concurring in denial of rehearing en banc: If officials intentionally poisoned the water this case should proceed. But if officials were merely grossly negligent, the district court should put an end to this litigation. Judge Kethledge, dissenting: All decent people are sympathetic to plaintiffs, but the law is against them. Officials weren’t on notice that there is a right to bodily integrity that can be violated by supplying bad water.

This month, Florida legislators passed a criminal justice omnibus bill that will, among other things, remove unnecessary restrictions on people with criminal records getting occupational licenses. Hear, hear! “When you take away someone’s ability to earn a lawful living, the risk of recidivism increases. Clearing the way for people to earn an honest living is one of the best ways to prevent recently released individuals from re-offending,” says Justin Pearson, managing attorney of the IJ Florida Office, who testified during the committee process. “But strict occupational licensing requirements make it harder for ex-offenders to find work.” The bill now awaits the Governor’s signature. Click here for more.

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Short Circuit: A Roundup of Recent Federal Court Decisions

Please enjoy the latest edition of Short Circuit, a weekly feature from the Institute for Justice.

Take now, pay later. Over at Forbes.com, IJ’s Andrew Wimer explains that courts all over the country are allowing pipeline companies to seize land without paying property owners—sometimes for years. Which violates federal law and the Constitution. Click here for our cert petition asking the U.S. Supreme Court to intervene.

  • “It stands our criminal justice system on its head to hold that even a single extra day of imprisonment can be imposed for a crime that the jury says the defendant did not commit.” So says D.C. Circuit Judge Millett, objecting to the practice of increasing defendants’ criminal sentences on the basis of charges that a jury acquitted on.
  • South Carolina prisoner, handcuffed and surrounded by multiple guards, refuses to let them take his picture. After seven-ish minutes, one guard has had enough, and she tases the prisoner three times. (The guards get their picture.) Cruel and unusual punishment? Fourth Circuit: No if the guard was trying to secure compliance in good faith, but yes if she was acting maliciously. And this looks malicious enough to get past summary judgment.
  • Court emails notice of final judgment to attorney. But it goes to his spam folder, and he misses the deadline to appeal. Fifth Circuit, in two-page opinion: So no appealing.
  • Marquette, Mich. railway trackman sues his employer, alleging an on-the-job injury. Employer schedules an independent medical exam to assess his injuries. Trackman refuses to fill out medical questionnaire and refuses to answer examiner’s questions. Also, his lawyer tags along to the exam, which is . . . uncommon. And the lawyer secretly records the exam on his cell phone. District court: Given the “flagrant and repeated misconduct exhibited by Plaintiff and his attorney,” the entire case is dismissed. Sixth Circuit: Affirmed. Although we’re generally reluctant to dismiss a plaintiff’s suit merely to sanction the plaintiff’s lawyer, both the trackman and his lawyer behaved badly here. Judge Sutton, concurring: Also, we shouldn’t be at all reluctant to hold parties accountable for their lawyers’ misdeeds, even if the parties themselves are not at fault.
  • It takes an awful lot to vacate a conviction under the plain-error standard of review. So why did the Sixth Circuit give two admitted drug dealers a new trial? Let’s go to the transcript: “Defendant: I’m just a Catholic believer. Prosecutor: Catholic believer? Do you understand that there is a Commandment that says thou shall not have any god before me? Def: Yes, I understand. Pros: But yet you prayed to the idol for drug traffickers [Malverde] for protection?” Later, in closing: “Pros: I wonder how many prayers he has said to Malverde before he walked into the courtroom yesterday. I wonder if what’s going through his mind this morning was, I’m going to say another prayer for protection from the jurors of Central Kentucky.”
  • Robber flees a Fort Wayne, Ind. store. In the split second he opens the door, he’s shot by a policeman. The officer says he thought the robber was armed. The robber says he was trying to surrender (or at least needed a chance to). The officer: I should have won at summary judgment; don’t make me go to trial. Seventh Circuit: The district court said the facts are disputed, so we can’t hear your appeal yet.
  • Brace yourself for a habeas head-scratcher. In 2008, Kenosha County, Wisc. husband is convicted in state court of murdering his wife. But at trial, the court admitted a “voice from the grave” letter in which wife wrote that she feared her husband would kill her. Seventh Circuit (2015): Which was a very wrong application of the Sixth Amendment’s Confrontation Clause. District court (2015): So within 90 days, the state must either “initiate[] proceedings to retry” the husband or set him free. State court: Proceedings initiated. But wait! Intervening Supreme Court decisions have clarified that wife’s letter is admissible after all. So since there’s no point in holding a new trial, conviction reinstated. Seventh Circuit (2019): Technically, the state “initiate[d] proceedings to retry” the husband, which is all the federal district court required of it. So as far as appeals go, it’s back to square one for the husband.
  • Milwaukee police patrolling high-crime neighborhood espy man with suspicious bulge in his pocket. He walks briskly away from them, appears to place an object between the screen door and front door of nearby home—his home. Officers follow him up onto the porch, check between the doors, find a gun. Suppress the evidence? No need, says two-thirds of a Seventh Circuit panel.
  • Mexican citizen (with U.S. citizen wife and kids) seeks to develop San Diego waterfront, contributes to local elected officials. Which is illegal. Does it violate foreign nationals’ First Amendment rights to bar them from contributing to political campaigns? Ninth Circuit: No. Nor does it violate the Second Amendment to bar them from possessing firearms. (More on that from Eugene Volokh.)
  • In 2010, Fremont, Calif. landlord conducts background check of potential tenant, which reveals several criminal charges (but only one conviction). The would-be tenant’s application is rejected. He sues the company that did the background check. Did the company violate federal and state law by including a 2000 charge (that was dismissed in 2004) in its report to the landlord? The suit should not have been dismissed, says a partially divided Ninth Circuit panel.
  • And in en banc news, the Sixth Circuit will not reconsider its decision permitting a substantive due process claim to proceed against officials responsible for the Flint, Mich. municipal water crisis. Judge Sutton, concurring in denial of rehearing en banc: If officials intentionally poisoned the water this case should proceed. But if officials were merely grossly negligent, the district court should put an end to this litigation. Judge Kethledge, dissenting: All decent people are sympathetic to plaintiffs, but the law is against them. Officials weren’t on notice that there is a right to bodily integrity that can be violated by supplying bad water.

This month, Florida legislators passed a criminal justice omnibus bill that will, among other things, remove unnecessary restrictions on people with criminal records getting occupational licenses. Hear, hear! “When you take away someone’s ability to earn a lawful living, the risk of recidivism increases. Clearing the way for people to earn an honest living is one of the best ways to prevent recently released individuals from re-offending,” says Justin Pearson, managing attorney of the IJ Florida Office, who testified during the committee process. “But strict occupational licensing requirements make it harder for ex-offenders to find work.” The bill now awaits the Governor’s signature. Click here for more.

from Latest – Reason.com http://bit.ly/30qMFoV
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Stock Tumble After CNBC Reports “Trade Talks Have Stalled”, Scheduling “In Flux”

Confirming that algos have a several millisecond memory at best, moments ago stocks slumped after CNBC reported…. what China’s press already reported some 18 hours ago.

As a reminder, and as we noted first thing this morning, the reason why futures slumped overnight is because Chinese officials turned up the trade war rhetoric, warning that there are no plans for another round of talks. Additionally, front page commentary in the Communist Party’s People’s Daily evoked the patriotic spirit of past wars, saying the trade war would never bring China down, while commentary on the blog Taoran Notes, which was carried by state-run Xinhua, accused the U.S. of “playing tricks to disrupt the atmosphere.”

The message was clear: no talks are scheduled, and more importantly, China has no urge to schedule talks in the immediate future or to engage the “barbarian” Trump.

However, for some bizarre reason, the market levitated for much of the day even though the China deal mood had soured substantially overnight, prompted by positive sentiment over the jump in fake consumer confidence, and Trump’s decision to end steel tariffs with Mexico and Canada (which he only did so he can focus on trade war with China).

And so, with exactly one hour in trading left, CNBC doubled down, reporting what traders already knew thanks to the latest round of belligerent Chinese rhetoric, namely that “negotiations between the US and China appear to have stalled as both sides dig in after disagreement earlier this month.” Additionally, CNBC also echoed what Chinese officials had already said, and citing two sources briefed on the status of the talks, said that scheduling for the next round of negotiations is “in flux” because it is unclear what the two sides would negotiate.

Finally, pointing out the obvious, CNBC notes that “China has not signaled it is willing to revisit past promises on which it reneged earlier this month, despite showing up for talks in Washington last week.”

The market reaction was instantaneous and negative, sending the S&P sharply lower… and yet prompting questions: why is the market sharply lower on “news” which everyone already knew? Perhaps the biggest question is just what idiot is the marginal price setter in a market in which nearly day-old news can hammer stocks not once but twice, and linked to that,  just how dumb are the algos.

Here is the reaction in the S&P, which soared earlier just because Gartman turned short, and which has tumbled once more repeating the slow drift observed overnight in futures.

While the reaction was far less notable, even the Yuan responded, and dropped back to session lows, even though there was nothing new reported by CNBC.

But the most dramatic observation from the day’s violent reversal is that Gartman may actually be right

via ZeroHedge News http://bit.ly/2WPI6lT Tyler Durden