“On Holy Thursday, an American Mayor Criminalized the Communal Celebration of Easter”

From today’s decision by Judge Justin R. Walker (W.D. Ky.):

On Holy Thursday, an American mayor criminalized the communal celebration of Easter.

That sentence is one that this Court never expected to see outside the pages of a dystopian novel, or perhaps the pages of The Onion. But two days ago, citing the need for social distancing during the current pandemic, Louisville’s Mayor Greg Fischer ordered Christians not to attend Sunday services, even if they remained in their cars to worship—and even though it’s Easter.

The Mayor’s decision is stunning.

And it is, “beyond all reason,” unconstitutional. {Cf. Jacobson v. Massachusetts, 197 U.S. 11, 31 (1905).} …

Four days ago, defendant Mayor of Louisville Greg Fischer said it was “with a heavy heart” that he was banning religious services, even if congregants remain in their cars during the service. He asserted, “It’s not really practical or safe to accommodate drive-up services taking place in our community.” Drive-through restaurants and liquor stores are still open.

Two days ago, on Holy Thursday, the Mayor threatened church members and pastors if they hold a drive-in Easter service: “We are not allowing churches to gather either in person or in any kind of drive- through capacity.” “Ok so, if you are a church or you are a churchgoing member and you do that, you’re in violation of the mandate from the governor, you’re in violation of the request from my office and city government to not do that.” “We’re saying no church worshiping, no drive-throughs.”

The same day, the Mayor’s spokesperson said he would use the police to deter and disburse drive-in religious gatherings: “Louisville Metro Police have been proactive about reaching out to those we’ve heard about, and discouraging organizers from proceeding.” …

There is no doubt that society has the strongest of interests in curbing the growth of a deadly disease, which is the interest Mayor Fischer and Metro Louisville (together, “Louisville”) has asserted when ordering churches and churchgoers to stay home on Easter. “When faced with a society-threatening epidemic, a state may implement emergency measures that curtail constitutional rights so long as the measures have at least some ‘real or substantial relation’ to the public health crisis and are not ‘beyond all question, a plain, palpable invasion of rights secured by the fundamental law.'” { In re Abbott, 2020 WL 1685929, at *7 (5th Cir. Apr. 7, 2020) (quoting Jacobson, 197 U.S. at 31).}

In this case, Louisville is violating the Free Exercise Clause “beyond all question.”

To begin, Louisville is substantially burdening On Fire’s sincerely held religious beliefs in a manner that is not “neutral” between religious and non-religious conduct, with orders and threats that are not “generally applicable” to both religious and non-religious conduct. “The principle that government, in pursuit of legitimate interests, cannot in a selective manner impose burdens only on conduct motivated by religious belief is essential to the protection of the rights guaranteed by the Free Exercise Clause.” In Lukumi Babalu, the City of Hialeah’s ban on animal sacrifice was not “neutral” or “generally applicable” because it banned the Church of Lukumi Babalu’s ritualistic animal sacrifices while at the same time it did not ban most other kinds of animal killing, including kosher slaughtering and killing animals for non-religious reasons.

Here, Louisville has targeted religious worship by prohibiting drive-in church services, while not prohibiting a multitude of other non-religious drive-ins and drive-throughs—including, for example, drive-through liquor stores. Moreover, Louisville has not prohibited parking in parking lots more broadly—including, again, the parking lots of liquor stores.

When Louisville prohibits religious activity while permitting non-religious activities, its choice “must undergo the most rigorous of scrutiny.” That scrutiny requires Louisville to prove its interest is “compelling” and its regulation is “narrowly tailored to advance that interest.” Louisville will be (highly) unlikely to make the second of those two showings…. As in Lukumi Babalu, the government’s “proffered objectives are not pursued with respect to analogous non-religious conduct, and those interests could be achieved by narrower ordinances that burdened religion to a far lesser degree.”

In other words, Louisville’s actions are “underinclusive” and “overbroad.” They’re underinclusive because they don’t prohibit a host of equally dangerous (or equally harmless) activities that Louisville has permitted on the basis that they are “essential.” Those “essential” activities include driving through a liquor store’s pick-up window, parking in a liquor store’s parking lot, or walking into a liquor store where other customers are shopping. The Court does not mean to impugn the perfectly legal business of selling alcohol, nor the legal and widely enjoyed activity of drinking it. But if beer is “essential,” so is Easter.

Louisville’s actions are also overbroad because, at least in this early stage of the litigation, it appears likely that Louisville’s interest in preventing churchgoers from spreading COVID-19 would be achieved by allowing churchgoers to congregate in their cars as On Fire proposes. On Fire has committed to practicing social distancing in accordance with CDC guidelines. “Cars will park six feet apart and all congregants will remain in their cars with windows no more than half open for the entirety of the service.” Its pastor and a videographer will be the only people outside cars, and they will be at a distance from the cars.

Louisville might suggest that On Fire members could participate in an online service and thus satisfy their longing for communal celebration. But some members may not have access to online resources. And even if they all did, the Free Exercise Clause protects their right to worship as their conscience commands them. It is not the role of a court to tell religious believers what is and isn’t important to their religion, so long as their belief in the religious importance is sincere. The Free Exercise clause protects sincerely held religious beliefs that are at times not “acceptable, logical, consistent, or comprehensible to others.” …

[F]or some believers Easter means gathering together, if not hand in hand or shoulder to shoulder, then at least car fender to car fender. Religion is not “some purely personal avocation that can be indulged entirely in secret, like pornography, in the privacy of one’s room. For most believers, it is not that, and has never been.” Instead, just as many religions reinforce their faith and their bonds with the faithful through religious assemblies, many Christians take comfort and draw strength from Christ’s promise that “where two or three are gathered together in My name, there am I in the midst of them.” Indeed, as On Fire points out, “the Greek word translated ‘church’ in our English versions of the Christian scriptures is the word ‘ekklesia,’ which literally means ‘assembly.'”

It is true that On Fire’s church members could believe in everything Easter teaches them from their homes on Sunday. Soo too could the Pilgrims before they left Europe. But the Pilgrims demanded more than that. And so too does the Free Exercise Clause. It “guarantees the free exercise of religion, not just the right to inward belief.” …

Finally, nothing in this legal analysis should be read to imply that the rules of the road in constitutional law remain rigidly fixed in the time of a national emergency. We know that from Jacobson v. Massachusetts. The COVID-19 pandemic has upended every aspect of our lives: how we work, how we live, how we celebrate, and how we mourn. We worry about our loved ones and our nation. We have made tremendous sacrifices. And the Constitution is not “a suicide pact.”

But even under Jacobson, constitutional rights still exist. Among them is the freedom to worship as we choose. The brief history at the outset of this opinion does not even scratch the surface of religious liberty’s importance to our nation’s story, identity, and Constitution. But mindful of that importance, the Court believes there is a strong likelihood On Fire will prevail on the merits of its claim that Louisville may not ban its citizens from worshiping—or, in the relative safety of their cars, from worshiping together….

The court also held that the closure violated the Kentucky Religious Freedom Restoration Act, which generally requires religious exemptions from laws even when those laws are neutral and general applicable. The Kentucky RFRA also calls for strict scrutiny of denials of exemptions; the court applies the same strict scrutiny analysis it applied under the Free Exercise Clause, and concludes that an exemption must be granted:

[A]as above, banning drive-in church services isn’t the least restrictive means to advance Louisville’s interest in preventing the spread of coronavirus. Moreover, if sitting in cars did pose a significant danger of spreading the virus, Louisville would close all drive-throughs and parking lots that are not related to maintaining public health, which they haven’t done. {In the interest of moving on from the Court’s example of liquor stores that are open, the Court takes judicial notice that ice cream shops (and their parking lots) are still open ….}

Thanks to Josh Blackman for the pointer.

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Huge Legislature-Governor Conflict in Kansas, Over Emergency Powers (Stemming from Religious Freedom Dispute)

Tuesday, Kansas’s Governor issued a revised gathering ban order that forbade gatherings of more than 10 people (regardless of any social distancing measures they might take), including in church.  But the ban excluded

  • schools,
  • shopping malls “where large numbers of people are present but are generally not within arm’s length of one another for more than 10 minutes,”
  • libraries,
  • manufacturing and production facilities, and
  • restaurants and bars when there are 6 feet between tables, booths, and bar stools.

This leads to plausible though not open-and-shut arguments that the order violates religious freedom rights, because it treats church gatherings worse than comparable gatherings (I hope to blog in more detail on this soon). And Wednesday, the Legislative Coordinating Council rescinded the Governor’s order as to worship services.

This has now turned into a lawsuit, just argued this morning (Saturday) before the Kansas Supreme Court, about what one might call Kansas’s “emergency constitution”—the scheme for allocating government power during this emergency. And it all seems to stem from what Justice Carol Beier described during the argument as a “drafting snafu.”

https://www.youtube.com/watch?v=OhnQYvyZXgY

[1.] The statute: Under the Kansas Emergency Management Act, the governor is entitled to declare a state of emergency (§ 48-924) and then “issue orders and proclamations which shall have the force and effect of law during the period of a state of disaster emergency” (§ 48-925). But the Legislature provided for checks on the governor’s power:

  • The Legislature must approve, by concurrent resolution, any state of emergency of over 15 days (§ 48-924(b)(3)),
  • except that one 30-day extension may be authorized by the state finance council, which consists of the Governor and eight legislative leaders ((b)(3)).
  • When the legislature isn’t in session, the state finance council can authorize further 30-day extensions (at first by majority vote, but repeated extensions require unanimity) ((b)(4)),
  • and throughout, the legislature can revoke any gubernatorial orders by concurrent resolution (§ 48-925(b)).

The legislature has thus given the governor extraordinary powers during an emergency. But it has also imposed extraordinary checks, beyond the normal legislative power to pass laws, which would then be subject to gubernatorial veto (which can be overridden by a 2/3 vote in each house).

Now it’s not at all clear to me that these checks, and especially the last provision about revoking specific orders through concurrent resolutions, are constitutional—the Kansas Supreme Court expressly rejected a similar “legislative veto” scheme (State ex rel. Stephan v. Kan. House of Representatives):

Where our legislature attempts to reject, modify or revoke administrative rules and regulations by concurrent resolution it is enacting legislation which must comply with the provisions of art. 2, § 14 [which requires a gubernatorial signature or a legislative override]. A bill does not become a law until it has the final consideration of the house, senate and governor as required by art. 2, § 14.

Query whether the legislative veto provision here is any different on the theory that it interferes not with the governor’s usual executive power, but with his unusually delegated legislative power. (Stephan expressly noted that the administrative actions being vetoed were “essentially executive or administrative in nature, not legislative.”) But as best I can tell, no-one is raising this argument here, because both the Governor and the Legislature like this scheme.

[2.] The concurrent resolution: The governor issued his initial emergency declaration on Mar. 12, and Mar. 19 the legislature ratified it by concurrent resolution, as the Kansas Emergency Management Act contemplated. But in the process, the Legislature added certain conditions:

[T]he State of Disaster Emergency declaration issued on March 12, 2020 … is hereby ratified and continued in force and effect on and after March 12, 2020, through May 1, 2020, subject to additional extensions by concurrent resolution of the Legislature or as further provided in this concurrent resolution. If the Legislature is not in session:

[1] As described in [§] 48-924(b)(3), upon specific application by the Governor to the State Finance Council, the State Finance Council may authorize once an extension of such state of disaster emergency by affirmative vote of a majority of the legislative members thereof for a specified period not to exceed 30 days [so far this does track the text of the Act -EV]; and

[2] following such State Finance Council action, the Legislative Coordinating Council, representing the Legislature when the Legislature is not in session …:

[A] Is authorized to ratify a declaration, terminate a state of disaster emergency, revoke an order or proclamation or assume any other power granted to the legislature pursuant to [the Act];

[B] may authorize additional extensions of such state of disaster emergency by a majority vote of five members thereof for specified periods not to exceed 30 days each;

[C] shall meet not less than every 30 days to: [i] Review the state of disaster emergency; [and] [ii] consider any orders or proclamations issued since the last Legislative Coordinating Council meeting; … and

[D] shall have the authority to review and revoke all orders and proclamations issued by the governor pursuant to [his emergency powers].

A few days later, the legislature then adjourned (precisely because of the epidemic), though it appears to be still technically in session (not sure what that means here, but it’s briefly discussed at about 7:50 and 42:45 in the video).

But wait! The Legislative Coordinating Council, which contains seven members drawn from both chambers of the Legislature, is nowhere mentioned in the Emergency Management Act.

Does this mean that this delegation to the Coordinating Council by the concurrent resolution is invalid? Or does the power to ratify the Governor’s emergency declaration by concurrent resolution include the power to set up special ad hoc mechanisms for handling emergency-related responsibilities? Or might the delegation be authorized by the separate (non-emergency-related) statute that creates the Coordinating Council, which says that “The legislative coordinating council shall represent the legislature when the legislature is not in session” (or would that authorization only extend to representing for matters such as hiring lawyers when the Legislature is a party to litigation)?

Note that, at least according to one of the Justices during oral argument (starting around 34:20), the Coordinating Council has been meeting during the last couple of weeks without much controversy. It was the church order that produced the clash between the Coordinating Council and the Governor, and that then led to the challenge to the Coordinating Council’s general authority. (For whatever it’s worth, each house of the Kansas Legislature is more than 2/3 Republican, but the Governor is a Democrat.)

[3.] The conflict between the statute and the resolution: So already we see that (A) the whole Emergency Management Act concurrent resolution provisions might be unconstitutional, and (B) the concurrent resolution might in any event not comply with the Act.

But it also looks like the Legislative Coordinating Council, even if properly empowered by the resolution, may not yet be in a position to act. After all, subsection 2 in the quoted language in the concurrent resolution says, “following such State Finance Council action [to extend the original ratification], the Legislative Coordinating Council, representing the Legislature when the Legislature is not in session …” But the State Finance Council hasn’t acted, so where does the Legislative Coordinating Council get its authority?

[4.] The inconsistency within the resolution: And yet we’re not done. ­­Recall that the legislative resolution ratified the Governor’s Mar. 12 declaration of emergency through “May 1,” and then empowered the State Finance Council to authorize an extension “[a]s described in [§] 48-924(b)(3).” But subsection (b)(3) only authorized the Finance Council to extend the state of emergency “once for a specified period not to exceed 30 days beyond such 15-day period” after the declaration. (The Emergency Management Act does give the Finance Council power to authorize more extensions, but that’s in (b)(4).)

That (b)(3) power in the Act thus allowed the Finance Council to extend things only to Mar. 12 + 15 days + 30 days = Apr. 26—and yet the resolution had already ratified the emergency until May 1. So the resolution’s grant of authority to the Finance Council seems self-contradictory. And it’s that grant of authority that triggers, under the resolution, the future role of the Coordinating Council.

A rush job, under stress, yielded something of a botch. Unsurprising, but now the Kansas Supreme Court has to straighten it out.

[5.] Should the whole resolution be invalidated? But say that the concurrent resolution’s delegation to the Legislative Coordinating Council is indeed inconsistent with the statute (or is even an unconstitutional delegation of legislative authority). Does that invalidate just that part, or the entire concurrent resolution? (That is what lawyers often call the “severability” question.) After all, it’s possible that the Legislature wouldn’t have ratified the Governor’s emergency proclamation, and certainly not through May 1, without having such a check on the Governor’s power; or, if it weren’t for the Coordinating Council’s role, the Legislature might have created a different check by statute.

So it might be that invalidating the grant of authority to the Council would mean throwing out the whole resolution that ratified the state of emergency, and thus presumably terminating the state of emergency. The Legislature could still issue a new resolution, and enact whatever checks it thought necessary—but then it would need to reconvene in the middle of an epidemic. (Query whether the court could, as part of its remedial powers, delay the invalidation of the whole resolution by a few days to give the Legislature time to act.)

[6.] But what about my goats? The Roman poet Martial had a great epigram about lawyers (translation by Roger Dickinson-Brown):

There is no poison here, no rape or force—
a simple case: my neighbor stole my goats.
But my expensive lawyer will discourse
on the whole history of law. He quotes
book, precedent and chapter ’til he’s hoarse.
Fine, noble words! But what about my goats?

In this case, the problem isn’t some lawyers’ tendency to bloviate about high-level abstractions, but the law’s tendency to dwell extensively on procedure—perhaps a well-justified tendency, when it comes to allocation of governmental responsibility, but still often frustrating to people who just want to know the substantive rules. What about religious freedom? What about church closures? What about Easter?

The one thing that seems pretty clear is that the Kansas Supreme Court won’t expressly reach those religious freedom questions in whatever decision it reaches in the next several days (and the Chief Justice said the court will “work expeditiously” and announce a decision “as quickly as we can,” perhaps even today).

If the court rules that the delegation to the Coordinating Council was effective, then presumably the Coordinating Council’s decision invalidating the governor’s church closures will stand. But if the court rules that the delegation was ineffective (whether because it’s unauthorized by the constitution, unauthorized by statute, or just not active until any decision by the Finance Council), then the governor’s church closure order will stand—and there would need to be a separate challenge brought to that gubernatorial order.

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“Can’t We Have A Pandemic Without Everyone Getting Offended?” – Maher Slams Libs Triggered By “Chinese Virus” Label

“Can’t We Have A Pandemic Without Everyone Getting Offended?” – Maher Slams Libs Triggered By “Chinese Virus” Label

HBO host Bill Maher slammed liberals who are triggered by the phrase “Chinse Virus” in his monologue during Friday night’s “Real Time.”

“‘What if people hear Chinese virus and blame China?'”The answer is we should blame China. We can’t afford the luxury anymore of non-judginess towards a country with habits that kill millions of people,” Maher said, adding that there were bigger “tainted fish to fry,” and joking that if the sun exploded, many of the left would whine about the first person who called it a dwarf star.

“Scientists, who are generally pretty liberal, have been naming diseases after the places they came from for a very long time,” Maher added. “Zika is from the Zika Forest, Ebola from the Ebola River, hantavirus the Hantan River … There’s the West Nile virus and Guinea worm and Rocky Mountain spotted fever and, of course, the Spanish flu.”

Jesus f–king Christ can’t we even have a pandemic without getting offended. When they name Lyme Disease after a town in Connecticut the locals didn’t get all ticked off,” Maher continued.

Maher also responded to a tweet by Rep. Ted Lieu (D-CA), who slammed Rep. Paul Gosar (R-AZ) for calling COVID-19 “the Wuhan Virus.”

“No, that would be way stupider because it didn’t come from Milan,” said Maher.

Let’s not forget that the MSM frequently called the new coronavirus the “Chinese Virus” and “Wuhan Virus” until President Trump began using it.

 


Tyler Durden

Sat, 04/11/2020 – 16:05

via ZeroHedge News https://ift.tt/2wBfx3M Tyler Durden

Huge Legislature-Governor Conflict in Kansas, Over Emergency Powers (Stemming from Religious Freedom Dispute)

Tuesday, Kansas’s Governor issued a revised gathering ban order that forbade gatherings of more than 10 people (regardless of any social distancing measures they might take), including in church.  But the ban excluded

  • schools,
  • shopping malls “where large numbers of people are present but are generally not within arm’s length of one another for more than 10 minutes,”
  • libraries,
  • manufacturing and production facilities, and
  • restaurants and bars when there are 6 feet between tables, booths, and bar stools.

This leads to plausible though not open-and-shut arguments that the order violates religious freedom rights, because it treats church gatherings worse than comparable gatherings (I hope to blog in more detail on this soon). And Wednesday, the Legislative Coordinating Council rescinded the Governor’s order as to worship services.

This has now turned into a lawsuit, just argued this morning (Saturday) before the Kansas Supreme Court, about what one might call Kansas’s “emergency constitution”—the scheme for allocating government power during this emergency. And it all seems to stem from what Justice Carol Beier described during the argument as a “drafting snafu.”

https://www.youtube.com/watch?v=OhnQYvyZXgY

[1.] The statute: Under the Kansas Emergency Management Act, the governor is entitled to declare a state of emergency (§ 48-924) and then “issue orders and proclamations which shall have the force and effect of law during the period of a state of disaster emergency” (§ 48-925). But the Legislature provided for checks on the governor’s power:

  • The Legislature must approve, by concurrent resolution, any state of emergency of over 15 days (§ 48-924(b)(3)),
  • except that one 30-day extension may be authorized by the state finance council, which consists of the Governor and eight legislative leaders ((b)(3)).
  • When the legislature isn’t in session, the state finance council can authorize further 30-day extensions (at first by majority vote, but repeated extensions require unanimity) ((b)(4)),
  • and throughout, the legislature can revoke any gubernatorial orders by concurrent resolution (§ 48-925(b)).

The legislature has thus given the governor extraordinary powers during an emergency. But it has also imposed extraordinary checks, beyond the normal legislative power to pass laws, which would then be subject to gubernatorial veto (which can be overridden by a 2/3 vote in each house).

Now it’s not at all clear to me that these checks, and especially the last provision about revoking specific orders through concurrent resolutions, are constitutional—the Kansas Supreme Court expressly rejected a similar “legislative veto” scheme (State ex rel. Stephan v. Kan. House of Representatives):

Where our legislature attempts to reject, modify or revoke administrative rules and regulations by concurrent resolution it is enacting legislation which must comply with the provisions of art. 2, § 14 [which requires a gubernatorial signature or a legislative override]. A bill does not become a law until it has the final consideration of the house, senate and governor as required by art. 2, § 14.

Query whether the legislative veto provision here is any different on the theory that it interferes not with the governor’s usual executive power, but with his unusually delegated legislative power. (Stephan expressly noted that the administrative actions being vetoed were “essentially executive or administrative in nature, not legislative.”) But as best I can tell, no-one is raising this argument here, because both the Governor and the Legislature like this scheme.

[2.] The concurrent resolution: The governor issued his initial emergency declaration on Mar. 12, and Mar. 19 the legislature ratified it by concurrent resolution, as the Kansas Emergency Management Act contemplated. But in the process, the Legislature added certain conditions:

[T]he State of Disaster Emergency declaration issued on March 12, 2020 … is hereby ratified and continued in force and effect on and after March 12, 2020, through May 1, 2020, subject to additional extensions by concurrent resolution of the Legislature or as further provided in this concurrent resolution. If the Legislature is not in session:

[1] As described in [§] 48-924(b)(3), upon specific application by the Governor to the State Finance Council, the State Finance Council may authorize once an extension of such state of disaster emergency by affirmative vote of a majority of the legislative members thereof for a specified period not to exceed 30 days [so far this does track the text of the Act -EV]; and

[2] following such State Finance Council action, the Legislative Coordinating Council, representing the Legislature when the Legislature is not in session …:

[A] Is authorized to ratify a declaration, terminate a state of disaster emergency, revoke an order or proclamation or assume any other power granted to the legislature pursuant to [the Act];

[B] may authorize additional extensions of such state of disaster emergency by a majority vote of five members thereof for specified periods not to exceed 30 days each;

[C] shall meet not less than every 30 days to: [i] Review the state of disaster emergency; [and] [ii] consider any orders or proclamations issued since the last Legislative Coordinating Council meeting; … and

[D] shall have the authority to review and revoke all orders and proclamations issued by the governor pursuant to [his emergency powers].

A few days later, the legislature then adjourned (precisely because of the epidemic), though it appears to be still technically in session (not sure what that means here, but it’s briefly discussed at about 7:50 and 42:45 in the video).

But wait! The Legislative Coordinating Council, which contains seven members drawn from both chambers of the Legislature, is nowhere mentioned in the Emergency Management Act.

Does this mean that this delegation to the Coordinating Council by the concurrent resolution is invalid? Or does the power to ratify the Governor’s emergency declaration by concurrent resolution include the power to set up special ad hoc mechanisms for handling emergency-related responsibilities? Or might the delegation be authorized by the separate (non-emergency-related) statute that creates the Coordinating Council, which says that “The legislative coordinating council shall represent the legislature when the legislature is not in session” (or would that authorization only extend to representing for matters such as hiring lawyers when the Legislature is a party to litigation)?

Note that, at least according to one of the Justices during oral argument (starting around 34:20), the Coordinating Council has been meeting during the last couple of weeks without much controversy. It was the church order that produced the clash between the Coordinating Council and the Governor, and that then led to the challenge to the Coordinating Council’s general authority. (For whatever it’s worth, each house of the Kansas Legislature is more than 2/3 Republican, but the Governor is a Democrat.)

[3.] The conflict between the statute and the resolution: So already we see that (A) the whole Emergency Management Act concurrent resolution provisions might be unconstitutional, and (B) the concurrent resolution might in any event not comply with the Act.

But it also looks like the Legislative Coordinating Council, even if properly empowered by the resolution, may not yet be in a position to act. After all, subsection 2 in the quoted language in the concurrent resolution says, “following such State Finance Council action [to extend the original ratification], the Legislative Coordinating Council, representing the Legislature when the Legislature is not in session …” But the State Finance Council hasn’t acted, so where does the Legislative Coordinating Council get its authority?

[4.] The inconsistency within the resolution: And yet we’re not done. ­­Recall that the legislative resolution ratified the Governor’s Mar. 12 declaration of emergency through “May 1,” and then empowered the State Finance Council to authorize an extension “[a]s described in [§] 48-924(b)(3).” But subsection (b)(3) only authorized the Finance Council to extend the state of emergency “once for a specified period not to exceed 30 days beyond such 15-day period” after the declaration. (The Emergency Management Act does give the Finance Council power to authorize more extensions, but that’s in (b)(4).)

That (b)(3) power in the Act thus allowed the Finance Council to extend things only to Mar. 12 + 15 days + 30 days = Apr. 26—and yet the resolution had already ratified the emergency until May 1. So the resolution’s grant of authority to the Finance Council seems self-contradictory. And it’s that grant of authority that triggers, under the resolution, the future role of the Coordinating Council.

A rush job, under stress, yielded something of a botch. Unsurprising, but now the Kansas Supreme Court has to straighten it out.

[5.] Should the whole resolution be invalidated? But say that the concurrent resolution’s delegation to the Legislative Coordinating Council is indeed inconsistent with the statute (or is even an unconstitutional delegation of legislative authority). Does that invalidate just that part, or the entire concurrent resolution? (That is what lawyers often call the “severability” question.) After all, it’s possible that the Legislature wouldn’t have ratified the Governor’s emergency proclamation, and certainly not through May 1, without having such a check on the Governor’s power; or, if it weren’t for the Coordinating Council’s role, the Legislature might have created a different check by statute.

So it might be that invalidating the grant of authority to the Council would mean throwing out the whole resolution that ratified the state of emergency, and thus presumably terminating the state of emergency. The Legislature could still issue a new resolution, and enact whatever checks it thought necessary—but then it would need to reconvene in the middle of an epidemic. (Query whether the court could, as part of its remedial powers, delay the invalidation of the whole resolution by a few days to give the Legislature time to act.)

[6.] But what about my goats? The Roman poet Martial had a great epigram about lawyers (translation by Roger Dickinson-Brown):

There is no poison here, no rape or force—
a simple case: my neighbor stole my goats.
But my expensive lawyer will discourse
on the whole history of law. He quotes
book, precedent and chapter ’til he’s hoarse.
Fine, noble words! But what about my goats?

In this case, the problem isn’t some lawyers’ tendency to bloviate about high-level abstractions, but the law’s tendency to dwell extensively on procedure—perhaps a well-justified tendency, when it comes to allocation of governmental responsibility, but still often frustrating to people who just want to know the substantive rules. What about religious freedom? What about church closures? What about Easter?

The one thing that seems pretty clear is that the Kansas Supreme Court won’t expressly reach those religious freedom questions in whatever decision it reaches in the next several days (and the Chief Justice said the court will “work expeditiously” and announce a decision “as quickly as we can,” perhaps even today).

If the court rules that the delegation to the Coordinating Council was effective, then presumably the Coordinating Council’s decision invalidating the governor’s church closures will stand. But if the court rules that the delegation was ineffective (whether because it’s unauthorized by the constitution, unauthorized by statute, or just not active until any decision by the Finance Council), then the governor’s church closure order will stand—and there would need to be a separate challenge brought to that gubernatorial order.

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Insiders “Bought The Dip” In Record Numbers

Insiders “Bought The Dip” In Record Numbers

What a difference 6 months makes.

Back in September, shortly after the Fed unleashed the “Not QE” meltup in markets (which despite the Fed’s most valiant effort to pretend was not QE ended up being steamrolled by the unlimited QE which has since bought $2 trillion in Tsys and MBS in the past 2 months), we wrote that when it comes to the “fair value” of stocks, nobody knows it better than insiders, who tend to aggressively offload shares any time they see the price of their equity holdings as generously high. Which, as we pointed out, was a problem for the bulls as “executives across the US are shedding stock in their own companies at the fastest pace in two decades, amid concerns that the long bull market in equities is reaching its final stages.”

To wit: at the end of Q3 2019, corporate insiders – CEOs, CFOs, and board members, but also venture capital and other early state investors – sold a combined $19BN of stock in their companies YTD. Annualized, this had put them on track to hit $26BN for the year, which would mark the most active year since 2000, when executives sold $37bn of stock amid the giddy highs of the dotcom bubble. That 2019 total would also set a post-crisis high, eclipsing the $25bn of stock sold in 2017.

In retrospect, insiders knew perfectly well what they were doing, and thanks to record corporate buybacks around that time, insiders had a perfectly willing buyer: their own companies.

Ironically, it is those same insiders who are now begging the government to get bailed out, because to fund this this buyback flood execs issued so much debt – as we have repeatedly documented – that these companies are now unviable without bailouts. Ironically, while there has been lots of discussion of forgiving corporate buyback stupidity, nobody has mentioned anything about C-suite clawbacks from management that sold record numbers of shares to their own companies. We hope that changes soon.

In any case, six months after they dumped their own stock to never before seen levels, insiders are back and this time they are buying their own stock in record amount, taking advantage of the sharp plunge in stock prices or perhaps just correctly anticipating that the Fed would inject, both directly and indirectly, over $4 trillion in liquidity.

According to Smart Insider, whom we quoted back in September to highlight the record insider selling, in March insider buying from CEOs, CFOs and board directors at big US public companies hit $1.1bn, the most since 2013…

…  with purchases coming from at least 994 executives, an all time high in the data running back to 1990.

And since insider buying is closely tracked by investors to gauge the levels of confidence in boardrooms, according to the FT it helps explain a 25% gain in US stocks since March 23 that has partially reversed the rapid decline that began in February. Curiously, the FT did not have a similar analysis that when it pointed out back in September the record insider selling levels, but anyway…

One of the most active buyers of stock was Charlie Scharf, the new CEO of Wells Fargo; he bought $5 MM of the bank’s stock last month, which has already given him a paper gain of about $275,000, helped by a big rise in the stock this week after its main US regulator lifted restrictions that were imposed after a series of scandals after the bank said it can’t help main street unless the Fed raises the limits on growth it had imposed on the criminal bank.

If the recovery continues, the chief executive’s purchase could mirror Jamie Dimon’s 2016 deal to buy $26m of JPMorgan Chase shares, which coincided with a bottom in bank stocks (more specifically, it coincided with the Shanghai Accord, which was an unspoken agreement between financial officials to backstop the global economy; these days such accords are much more in your face and take place on a daily if not hourly basis).

Another big spends was Richard Kinder, chairman of energy group Kinder Morgan, who buying $14MM of his stock last month, the biggest insider purchase in March. The company’s shares have lost almost 30% this year and touched the lowest level in March since listing in 2011. The company faces the twin challenges of a weaker oil price and big hits to economic activity from coronavirus.

According to the FT, Brett Icahn, son of the billionaire Carl Icahn, was the second heaviest spender. He purchased $11MM of stock in consumer goods maker Newell Brands, whose shares are down almost 30% this year. Brett joined the board at Newell last year after his father’s company, where he also works, took a large equity stake. Carl Icahn, who is not considered an insider, also purchased $35MM of Newell stock in March through investment funds he controls, according to filings with the US securities regulator.

Unlike Scharf, Kinder and Icahn have lost money so far on their March purchases based on last week’s stock prices.

While the insider buying alone does not explain the recent market rally, but “adds to the sense that market participants are feeling that the worst is behind us”, said Alicia Levine, chief market strategist for BNY Mellon Investment Management, who also was strangely quiet when investors were selling in droves, because apparently it is only when insiders are buying that it is a forward looking indicator. “People think they can see the other side of the curve” she added forgetting that just 6 months ago insiders seeing the crash yet we fail to find any comments from her warning her clients to sell.


Tyler Durden

Sat, 04/11/2020 – 15:40

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

Welcome To Your New Freedoms: GPS Trackers, Mandatory Selfies, & ‘Obey Or Die’

Welcome To Your New Freedoms: GPS Trackers, Mandatory Selfies, & ‘Obey Or Die’

Authored by Simon Black via SovereignMan.com,

In the words of Rahm Emanuel, former Chief of Staff to Barack Obama, “never let a good crisis go to waste.”

Emanuel first said this during the 2008/2009 financial crisis… meaning that politicians can use a crisis as an opportunity to push through radical ideas that would otherwise never be accepted.

Late last month, Emanuel uttered the same words on ABC News This Week, admonishing politicians to not let this crisis go to waste either… and use it as a springboard to pass sweeping policy changes while people are too terrified to care.

And at this point in the pandemic it’s pretty clear that plenty of governments are absolutely not letting this crisis go to waste.

Here’s a roundup of what’s happening around the world:

Philippines: “Shoot them dead”

In 2016 the President of the Philippines, Rodrigo Duterte, was elected on a “tough on crime” platform.

He wanted to bring back hangings for criminals convicted of murder and rape.

After being elected, Duterte said that drug traffickers, drug dealers, and even drug users should be shot dead in the street.

Other government officials insisted Duterte was exaggerating, just using theatrics to get his point across.

But sure enough, thousands of alleged drug dealers and users have been killed since 2016. Some were killed by police, and others by vigilantes.

Now the Philippines, like most of the world, is on lockdown to try to prevent the spread of CoronaVirus.

And in Duterte’s own words, “if there is any trouble” enforcing the lockdown, or people who ignore the rules, police should “shoot them dead.”

Hong Kong: GPS trackers

Hong Kong’s government (which at this point is basically an extension of mainland China) is forcing some people to wear bulky GPS trackers on their wrists.

This is happening at a time when Hong Kong is experiencing its second wave of Covid outbreaks. So the government started requiring new arrivals to strap on a wristband in order to ‘geofence’ people into their quarantine areas.

Once you arrive to your destination (your hotel, apartment, etc.) you have one minute to walk around so that the GPS tracker can map out the perimeter. And if you leave the area, the authorities are immediately alerted.

Violators face up to six months in prison and fines up to USD $3,200.

This is probably going to become the standard in the West, and I’ve been told by a source in Hong Kong that the World Health Organization is trialing these bracelets for release in western countries.

Poland: Mandatory selfie photos

Poland’s government developed a special app where users are forced to upload selfie photos to prove that they are inside and not violating the lockdown.

It’s called the “Home Quarantine” app, and it’s required for people returning to Poland from abroad who must self-quarantine for 14 days.

When the app requests a photo, users have twenty minutes to upload a selfie from inside their home, or the police come knocking.

Russia: 100,000 cameras with facial recognition across Moscow

After Russia’s Duma (parliament) voted in early March to allow Vladimir Putin to defy constitutional term limits and continue to seek re-election as President, the government has now deployed a network of 100,000 cameras with facial recognition in the streets of Moscow to track individuals who are supposed to be in quarantine.

Violations in Russia can carry severe penalties, up to seven years in prison.

Furthermore, even spreading what the government deems as ‘fake news’ about Covid-19 could result in up to five years in prison.

India: Flights and trains suspended, supply chain breaks down

India’s government ordered its population to quarantine last month… and then shut down the country’s primary transportation systems.

The government suspended both domestic flights and train travel, apparently not realizing that millions of people would be stranded and unable to return home to self-quarantine.

Unsurprisingly, the Wall Street Journal reported earlier this week that supply chains in India have also started to break down, causing shortages of certain foods.

Singapore: tracking everyone else you meet

Singapore’s government is using bluetooth and GPS data from its citizens mobile phones to map who everyone comes into contact with. They at least have announced that they will publish the source code of the tracking app.

Land of the Free: Ankle bracelets on, medical privacy off

The Commonwealth of Kentucky has begun ordering house-arrest ankle bracelets for some citizens who they deem susceptible to violate curfew.

Massachusetts, Alabama, and Florida have abandoned medical privacy laws, and officials are now informing the police and paramedics which homes have a resident who tested positive for Coronavirus.

South Africa: Bride and Groom arrested at their own wedding

A wedding that took place despite a nationwide ban on public gatherings in the South African state of KwaZulu Natal was broken up by police last weekend.

All 50 guests, plus the minister performing the service, and the bride and groom, were arrested and hauled off to jail.

Understandably, I imagine many readers might think, “Well that was stupid and a little bit selfish to hold a public gathering at a time like this.”

I agree. But it’s hard to ignore the fact that basic freedoms: freedom of assembly, freedom of worship, freedom of speech, privacy, etc. have gone out the window, all over the world.

*  *  *

Laws and constitutions everywhere are being violated. And while most of the discussion about this pandemic is ‘when will the public health emergency subside,’ and ‘when will the economy go back to normal,’ there’s hardly any discussion about “When will our freedoms be restored?”

It’s hard to imagine they’re going to stop the GPS tracking, the facial recognition, the criminal ‘fake news’ penalties, and the countless other ‘emergency measures’ anytime soon.

Think about it– 9/11 was nearly two decades ago and we’re still dealing with the freedom-eroding consequences of that event.

So we have to be honest with ourselves about this pandemic– the longer these freedoms are restricted, the more unlikely they’ll ever be restored.

And to continue learning how to ensure you thrive no matter what happens next in the world, I encourage you to download our free Perfect Plan B Guide.


Tyler Durden

Sat, 04/11/2020 – 15:15

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

Amazon Video Bans Mike Cernovich’s Documentary “Hoaxed”, Which Focuses On Media Misinformation

Amazon Video Bans Mike Cernovich’s Documentary “Hoaxed”, Which Focuses On Media Misinformation

Documentary filmmaker Mike Cernovich looks like he is the latest victim to big tech censorship. 

Amazon appears to have banned Cernovich’s movie Hoaxed, a film that details the fake news phenomenon and the consequences of media misinformation, from its Prime Video service.

As of Thursday, people who search for the video couldn’t find it and others who had already downloaded it had reported that it was missing from their libraries. The video had been available on the Amazon service since March and was steadily climbing the ranks, making it into Amazon’s Top 50 documentaries, according to Cernovich on Twitter.

The Amazon page for the documentary says the title is unavailable for purchase or rental. “Our agreements with the content provider don’t allow purchases of this title at this time,” the message informs users.

Cernovich had his own theories about what happened on Twitter Friday:

“In fact, what got it “flagged” by Amazon was that it sold so well that Amazon’s algorithm began recommending it to everyone.”

Cernovich also said on Friday:

Amazon told our distributor, “It’s not a technical issue. We don’t have to tell you why we removed Hoaxed.”

No doubt the ban, and the ensuing press that Cernovich has gotten, has likely turned more eyes onto the film, which is now the #1 documentary on iTunes. You can watch a trailer for the movie here:


Tyler Durden

Sat, 04/11/2020 – 14:50

via ZeroHedge News https://ift.tt/3b4qpWL Tyler Durden

Some Sheriffs Are Standing Bravely Against Impositions Of Soft Martial Law

Some Sheriffs Are Standing Bravely Against Impositions Of Soft Martial Law

Authored by Adam Dick via The Ron Paul Institute for Peace & Prosperity,

Reading Ludwig von Mises Institute President Jeff Deist’s Monday article “All Crises are Local,” I was struck by a mention that “some sheriffs too have stood bravely against impositions of soft martial law” in the name of countering coronavirus.

The link in that passage from Deist’s article is to a Megan Fox article at PJ Media concerning Franklin County Sheriff Scott Nichols announcing his decision to exercise restraint regarding enforcement of Maine Governor Janet T. Mills’ order, purportedly to fight coronavirus, imposing limitations on the exercise of individual rights.

Coronavirus monitoring checkpoint in Israel, via Times of Israel/Flash90.

The announcement at the sheriff department’s Facebook page is in regard to Mills’ March 31 stay-at-home order.

In the announcement, Nichols makes clear that he does think there is danger from coronavirus. He recommends that people follow “strict [Centers for Disease Control and Prevention] guidelines and recommendations” and “use masks if needed, wash your hands frequently, disinfect, wear gloves and use common sense in all situations.”

However, Nichols also makes it clear that his office will employ discretion to protect people in the county from being subjected to some of the more restrictive implications of the governor’s coronavirus order.

Nichols’ announcement begins as follows:

A message from the Sheriff regarding the latest Executive Order

We will not be setting up a Police State. PERIOD.

The Sheriff’s Office will not purposefully go out and stop vehicles because they are on the road or stop and ask why people are out and about. To do so puts our officers at risk. This is not Nazi Germany or Soviet Russia where you are asked for your papers!

What we will take action on, if needed – are those rare situations where there are a lot of people overtly hanging out in public – obviously in defiance of the Governor’s order. Even in that case – we will first educate and try to disperse the group. We will avoid arrests unless absolutely necessary.

Continue reading Nichols’ statement here.

It is refreshing to see a sheriff exercising some independence in the interest of liberty during this coronavirus crackdown.

Yet, arresting, even as a last resort, people who insist on exercising their right to assemble is a police state action.

Meanwhile, in the UK…

As discussed by hosts Ron Paul and Daniel McAdams in the Tuesday episode of the Ron Paul Liberty Report, there are growing signs across the country of resistance to authoritarian measures imposed by governments in the name of countering coronavirus. More power to the resisters.


Tyler Durden

Sat, 04/11/2020 – 14:25

via ZeroHedge News https://ift.tt/2xeth4S Tyler Durden

Trump Doubles Down On Threat To “Hold” $500 Million From WHO After Tedros Gets Testy

Trump Doubles Down On Threat To “Hold” $500 Million From WHO After Tedros Gets Testy

President Trump suggested on Friday that he may place a hold on US funding for the World Health Organization, which has consistently carried water for Beijing during the coronavirus outbreak – insisting that the communist regime had the disease under control, while peddling Chinese propaganda about the transmissibility of the virus.

WHO Director-General Tedros Ahanom Ghebreyesus also opposed Trump’s late-January travel ban, saying “We reiterate our call to all countries not to impose restrictions that unnecessarily interfere with international travel and trade. Such restrictions can have the effect of increasing fear and stigma, with little public health benefit.”

We’re going to have an announcement on the World Health Organization some time next week,” said Trump during a Friday press conference. “As you know we give them approximately $500 million a year and we’re going to be talking about that subject next week. We’ll have a lot to say about it. We’ll hold it,” according to Bloomberg.

Trump added that he didn’t want to make an announcement on Good Friday or before Easter.

I also didn’t want to do it before we have all the facts,” Trump added. “But over the years, many years, we’ve been paying them from $300 to $500 – and even more – million dollars a year.”

As Trump endures scrutiny of his government’s response to the U.S. outbreak, some of his political allies have alleged the WHO was too trusting of Chinese assertions about the disease after it first appeared last year. Senator Lindsey Graham, a South Carolina Republican, has said he would block further U.S. funding for the international health group until it changes its leadership, calling the agency “deceptive” and “Chinese apologists” in a Fox News interview on Tuesday.

Trump echoed some of that criticism Friday, saying the organization has been “very China-centric” and that he did not believe it was “fair to the American people.” –Bloomberg

Perhaps sensing a disturbing lack of funds, the WHO announced on Thursday that it’s ready to launch an appeal for over US$1 billion in funds from global governments in order to fund operations against COVID-19, according to Reuters.

WHO Director-General Tedros Adhanom Ghebreyesus, in a speech to diplomats on Thursday issued by the WHO, said it would release its latest plan “in the coming days”.

 

It will be well over $1 billion, maybe several billion,” a Western envoy said. Another diplomat following the discussions said that the appeal would be at least $1 billion.

 

A WHO spokesman, asked about this figure, had no immediate comment.

 

It follows an earlier three-month appeal for $675 million through April, mostly for agencies operating on the ground rather than the WHO itself. –Reuters

Last Tuesday, President Trump began threatening WHO funding for being “very biased towards China.”

We’re going to put a very powerful hold on it, and we’re going to see. It’s a great thing if it works, but when they call every shot wrong, that’s not good,” said Trump.

Backing Trump was Sen. Lindsey Graham (R-SC), who said “I’m not going to support funding the WHO under its current leadership,” adding “They’ve been deceptive, they’ve been slow, and they’ve been Chinese apologists. I don’t think they’re a good investment under the current leadership for the United States, and until they change their behavior and get new leadership, I think it’s in America’s best interest to withhold funding because they have failed miserably when it comes to the coronavirus.”

In response, Ghebreyesus warned world leaders not to politicize the COVID-19 response, lest it result in “many more body bags.”

The US has contributed approximately $893 million to the WHO’s operations druing the last two years, according to the organization, while China has contributed around $86 million.

“We’re looking at it very, very closely,” Trump said on Friday. “We want to make sure money is properly spent.”

Meanwhile, former US Ambassador to the UN, Nikki Haley, had some harsh words for China last week – demanding they be investigated and held accountable for the coronavirus pandemic.


Tyler Durden

Sat, 04/11/2020 – 14:00

via ZeroHedge News https://ift.tt/2xlFW5X Tyler Durden

Buy The Tumor, Sell The News

Buy The Tumor, Sell The News

Authored by Charles Hugh Smith via OfTwoMinds blog,

The fictitious valuation of the stock market will eventually re-connect with reality in a violent decline.

No, buy the tumor, sell the news ™ is not a typo: the stock market is a lethal tumor in our economy and society. Buy the rumor, sell the news encapsulates the old traders’ wisdom that markets rise on the sizzle of hope, promises, projections, Federal Reserve pimping (see below), tax cuts, etc. etc. etc., not on the actual steak of sales and profits.

Buy the tumor, sell the news ™ encapsulates the fatal sickness of the past 20 years of “buy the dip because the Fed has our back”, the toxic certainty that the Fed will never let the stock market decline to fair value because that would reduce the wealth of the Fed’s cronies: the banks, the parasitic corporate cartels, the wealthiest families that own much of the stock market, and all those profiteering from various rackets, skims and scams.

The system’s total dependence on asset bubbles in stocks and housing to generate the “wealth effect” that drives consumption defines Fed policy, along with the need to keep stock-dependent pension funds and liquidity-dependent zombie corporations solvent.

That the Fed’s pimping of asset bubbles and liquidity has created the greatest wealth inequality in a century is ignored by the self-serving, tone-deaf political/financial “leadership” because the wealth asymmetry has greatly enriched the “leaders,” their cronies and the army of technocrat flunkies who do all the real work to keep the rackets functioning.

All this wealth wasn’t earned via the creation of value; it was skimmed / embezzled from the bottom 95% via high costs, junk fees, penalties, interest rates and taxes, all set by monopolies and cartels unburdened by competition, accountability or transparency.

As analyst Simons Chase explains, a dependence on Fed/government bailouts / stimulus does not generate a healthy economy. (Longtime readers are familiar with Chase as the analyst who elucidated the critical concept of negative network effectsCorporate America Is an Anti-Social Black Plague: Negative Network Effects Run Amok November 14, 2019)

“It appears many investors have come to believe a truckload of cash will replace lost revenue until things return to ‘normal.’ I don’t think investors have a clear understanding about the difference between private revenue and public revenue.

It’s like the difference between junk food and real food. One is high in calories and the other high in nutrition. Once your economic metabolism gets adjusted to junk food, there is a loss of dynamism and vitality akin to those poor souls who are are greater risk to COVID-19 due to real metabolic disorders. There is the issue that government wastes and squanders most of the funds it touches.

For example, the dulled senses and immersive delusions perpetuated by a set of perfectly-coiffed GM executives who trafficked in the lamest pop-corporate dead-end cliches like ‘strategic planning’ and ‘R&D’ for decades while the company’s market share fell from 52% in the 1960s to 22% in 2008, the year it filed for bankruptcy. In fact, the company had lost $100 billion in the five years leading up to its bankruptcy. The same executives then axle-greased their way into a politically engineered $50 billion government bailout hidden behind the moral smokescreen of ‘jobs’ and ‘Made in America’ and (most comical of all) ‘electric vehicles.’

In the five years following its bankruptcy GM made $22.6 billion for shareholders. One fact that makes the irony so explicit: taxpayers still lost $11.2 billion on the bailout that saved the company.

My point is that there is a cost to all this ‘free money.’ Societies cannot thrive when 60% of the economy is derived from the government. Survive yes, not not thrive.”

So management can run the company into the ground with stock buybacks funded by junk bonds, and the Fed and Uncle Sam will bail them out, no questions asked. This is moral hazard writ large: fraud, embezzlement, profiteering and cartel rackets have no consequences, so what’s the message?

Go ahead and game the system to maximize your private gain, the Fed and Treasury will bail you out by transferring the losses to taxpayers and the bottomless pit of the Fed balance sheet.

Meanwhile, Fed-pimped stocks have completely disconnected from the real world of goods, services, revenues and real profits, as the three charts below illustrate.

The first is Apple’s stock, which doubled on flat operating earnings due to Fed pimping.

The second chart is of Tesla’s stock, with my commentary on the quasi-religious belief of the financial punditry in the omnipotence of the Fed.

The third chart depicts the extreme overvaluation of stocks and the lethal dependence of the entire financial system and economy on bubble valuations.

The fictitious valuation of the stock market will eventually re-connect with reality in a violent decline. The fiction that the Fed is all-powerful is the Emperor’s new clothes; no one dares mention the emperor is buck-naked and the Fed cannot keep stocks separated from reality forever.

The day of reckoning approaches, and the true costs of moral hazard, Fed pimping and a systemic dependence on the lethal tumor of a stock “market” that is no longer a market will be exacted from the financial system and the economy.

Oh the wonder of Fed omnipotencebuy the tumor, sell the news ™.

*  *  *

My recent books:

Audiobook edition now available:
Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World ($13)
(Kindle $6.95, print $11.95) Read the first section for free (PDF).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($6.95 (Kindle), $12 (print), $13.08 ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 (Kindle), $8.95 (print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 (Kindle), $15 (print) Read the first section for free (PDF).

*  *  *

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.


Tyler Durden

Sat, 04/11/2020 – 13:35

via ZeroHedge News https://ift.tt/39XyafX Tyler Durden