Tag: news

Kirsten Gillibrand Offers Justin Fairfax’s Accuser ‘Support’ Rather Than ‘Belief’

Sen. Kirsten Gillbrand (D­–N.Y.), one of several contenders for the 2020 Democratic presidential nomination, weighed in on the controversy surrounding Virginia Lt. Governor Justin Fairfax (D), who stands accused of sexually assaulting a woman named Vanessa Tyson in 2004. Gillibrand tweeted:

Note Gillibrand’s caution: She leaves room for the possibility of doubt, or for an investigation to reach a different conclusion. She offers Tyson “support.” Not belief.

This is a bit out of character. In other tweets about various sexual misconduct accusations, Gillibrand has offered not just support for the alleged victims but a kind of faith that they are telling the truth—and an insistence that everyone else do likewise. She has repeatedly stated that we must “believe women.” Here are just a few examples:

In fact, immediately following her tweet about Fairfax, Gillibrand lamented that we generally do not believe survivors:

Gillibrand is correct about the Fairfax situation: Offering support for purported victims of sexual misconduct is the right thing to do, and should be noncontroversial. Everyone should take their claims seriously, show them respect, and refrain from ignoring or dismissing them out of hand. Many survivors’ advocacy groups are not satisfied with mere support, of course. They proceed from the flawed notion that there are virtually no false accusations of sexual assault, and insist that victims should automatically be believed. This is a far less reasonable proposition, and one that has made the adjudication of sexual misconduct—particularly on college campuses—more prone to overreach.

What I’d like to know from Gillibrand: Does she stand by her insistence that we believe every accusation, or is her position now that we support accusers while their claims are investigated? Because those are two very different things.

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Starving Venezuelans’ Warnings To The US: “Socialism Is A Big Lie!”

Authored by Mac Slavo via SHTFplan.com,

Lured in by the lies socialists tell about how great it would be to have government control every aspect of everyone’s lives, Venezuelans are now disgusted with how much they have suffered.

Some are even warning the United States about their horrific daily lives in socialist Venezuela.

Venezuela is a perfect example of a democrats dream “democratic socialism.” However,people are starving and digging through trash cans in order to find the least rotten foodto eat.

 “You do not ever want anything close to socialism,” one Venezuelanprotestor told Campus Reform, a college news website. 

During a recent rally at Washington, several other Venezuelan victims of socialism also warned against the dangers of bringing the disastrous form of totalitarianism socialism onto American soil.

The Epoch Times reported that another Venezuelan said:

“People are eating from trash cans in the streets, so how has socialism helped?” another protestor said.

“Socialism is a big lie to people who are disadvantaged. It actually makes them worse off.”

But politicians bank on being able to convince people to give them more power under the guise of taking care of them, and historically, people continue to fall for the lie and become starving slaves to the government. 

Venezuela has been spiraling into deeper political chaos, which exacerbated by its ruined economy, massive inflation, starvation, and the inability of the citizens to fight back at all. 

 “No Venezuelan can like socialism, because we’ve seen it put in place very well,” a protestor said, according to Campus Reform.  

“It is not a game. It is not a game.It is not the route to go … don’t fall for it,” another protestor, who still has family in Venezuela, told the news website.

  “We always talk about the Nazis … but nobody ever talks about the socialists or communism. It has killed more people than Nazis did,” he continued.

Regardless of the warnings, or the actual historical facts, many Americans are still all too convinced that by becoming a slave to the government, their lives will be improved. The problem with socialists is not that they want to be enslaved and owned by the government, which they do.  The problem is that they want the rest of us to be enslaved right along with them.

via ZeroHedge News http://bit.ly/2Dlv4Eh Tyler Durden

Trump Furious As Schiff Hires Former NSC Staffers To Work On Investigation

In the latest annoyance for President Trump as Adam “showboat” Schiff ramps up his Intelligence Committee investigations into whether foreign governments (Russia) exerted improper influence on the president, as well any financial conflicts and, we imagine, every other thread the California Congressman can think to pursue, Bloomberg and CNN reported on Thursday that Schiff and his investigators on the House Intelligence Committee have been hiring former staff members at the National Security Council, enraging the president in the process.

But these aren’t just any staffers. According to the reports, the people who have been hired to work on the Democrat-led investigation are all part of a group of Obama administration holdovers who are believed to have been part of a “deep state” cabal that sought to undermine Trump with a flurry of embarrassing leaks during the early days of his administration.

Trump

So far, the only confirmed hire is Abigail Grace, an Asia expert who served on the NSC during the tail end of the Obama Administration and only left last year. Another former NSC employee is considering joining the Committee, per BBG.

Schiff has hired one former career official at the National Security Council, Abigail Grace, who left the White House last year. She has a congressional email address and is listed in a directory as working for the Intelligence Committee’s Democratic majority.

A second career employee detailed to the Trump White House is also considering joining Schiff’s staff, according to people familiar with the matter. They didn’t identify the person.

Grace didn’t respond to an email requesting comment and her duties under Schiff aren’t known. But the California Democrat’s attempts to hire people with experience working under Trump have led to speculation among Trump’s aides and allies that Schiff is looking for insider knowledge of the White House as he probes whether the business dealings of the president and his family have made them vulnerable to espionage.

While none of the employees were hired directly from the NSC, that didn’t stop Trump from fuming about Schiff’s “raid” on White House staff during a flurry of tweets this morning.

By hiring these former employees, Schiff is helping to confirm what Trump and many close to him long feared: That the Obama holdovers have been deliberately trying to sabotage his administration.

Holdover White House staff from the Obama administration, particularly those working on the National Security Council, have long been a concern of some Trump aides and supporters. They’ve coined the term “Deep State” to describe what they suspect to be a large faction of government employees opposed to the president’s agenda.

Schiff’s office declined to comment on the new hires and interviewees, but the Congressman defended his actions by saying it’s standard practice for the intelligence committee to hire out of the intelligence community, and sought to portray the hires as just another example of Washington’s “revolving door”, according to CNN.

A House Intelligence Committee aide responded, telling CNN the panel has hired individuals with experience on the NSC staff and that it would not discriminate about hiring individuals from the current administration. An aide to Schiff clarified that no one has been hired directly from the White House.

“We have hired staff for a variety of positions, including the committee’s oversight work and its investigation,” the aide said. “Although none of our staff has come directly from the White House, we have hired people with prior experience on the National Security Council staff for oversight of the agencies, and will continue to do so at our discretion. We do not discriminate against potential hires on the basis of their prior work experience, including the administration.”

[…]

Schiff himself declined to confirm any new hires on Thursday, but said the intelligence committee had a “long tradition of hiring out of the intelligence community, out of the National Security Council.”

“If the President is worried about our hiring any former administration people, maybe he should work on being a better employer,” Schiff said.

The reason for concern is obvious: Trump is worried that these Washington hacks, angry with the president for booting them out of the West Wing, might try to exact their revenge on the president by revealing damaging information during the investigation – that is, if they have anything to share that hasn’t already been leaked.

And for any members of the Trump administration who sympathize with the anonymous saboteur who published that infamous op-ed in the NYT, they might finally have an opportunity to do more damage on the outside than from within.

via ZeroHedge News http://bit.ly/2RLn98f Tyler Durden

Sears Lives: Judges Approves Lampert’s $5.2BN Bid To Keep Retailer Alive

Having been taken to the brink of liquidation, bankrupt retailer Sears will live to fight another quarter or two, after Bankruptcy Judge Robert Drain on Thursday approved Chairman Eddie Lampert’s $5.2 billion bid to keep the once-iconic retailer alive.

The court decision, which had been challenged by Sears’ creditors, assures that Lampert’s quest to preserve about 425 stores and 45,000 jobs will continue for the foreseeable future. Drain said on Thursday he will enter the order on Friday, making it official.

For Sears, which filed for bankruptcy in October, Lampert’s bid was the only option that could have saved it. The deal though, has been protested by its unsecured creditors, which have lambasted the deal as a “scheme to rob Sears and its creditors of assets.” They accused Lampert of using his unique position as Sears’ longtime chairman, CEO and largest shareholder to orchestrate deals that unduly benefited him.

As CNBC notes, in a trial that spanned three days and two courtrooms within the White Plains, New York courthouse, Drain overheard a litany of concerns from Sears’ unsecured creditors, who pointed to flaws in ESL’s business plan and its previous failures running the retail giant. It attacked the bankruptcy sale that Sears ran as it looked for a buyer and argued that ESL’s bid was deficient.

Unsecured creditors also hammered home the uncertainty over Sears’ future and applied skepticism to the rigor with which it put together its business plan. Sears has yet to hire a number of key executives for the new company, including its CEO – a role Lampert held until he stepped down when Sears’ filed for bankruptcy. ESL has an optimistic and profitable view of Sears’ future, despite it not having turned a profit since 2010.

“I do recall us missing our plan for every year were I was the board,” conceded Kunal Kamlani, president of ESL, who has served on the board since March 2016. Still, Kamlani outlined the vision the company has for its resurgence: it plans to build out smaller stores focused on selling its most popular products like appliances and mattresses. It also expects to operate more profitably by only running 425 of its profitable stores, rather than its roughly 700 stores it was running when it filed for bankruptcy in October.

When Drain inquired whether a smaller footprint also meant for decreased operating clout with suppliers, Sears’ Chief Financial Officer Rob Riecker said he believed a smaller scale will help the company “optimize” its inventory, rather than “starving” its unprofitable stores.

In approving Lampert’s bid, Drain rejected the creditors’ arguments that the sales process was unfair. Lampert countered that his hedge fund has been a constant source of financing for Sears, which kept the retailer alive long after many said the company was due to file (which it did eventually), and that all of his transactions were proper.

via ZeroHedge News http://bit.ly/2WXix2O Tyler Durden

Judge Says a College Club Has the Right To Demand Its Leaders Abide by Christian Values

|||Monkey Business Images/Dreamstime.comA federal court has ruled in favor of a Christian student group’s right to set certain parameters for leadership roles after the University of Iowa stripped the group of its credentials in response to accusations of discrimination.

The Business Leaders in Christ club seeks to provide aspiring business professionals in the Tippie College of Business with guidance on how to lead professional lives that are in keeping with their faith. Should a student decide that they wish to hold a leadership role in the group, they must agree to adhere to certain Christian principles, which include abstaining from sexual activity outside of a marriage between one man and one woman.

In 2016, a former member filed a complaint alleging that they were ineligible to become vice president because they were openly gay. The University of Iowa then revoked the club’s status as an official on-campus club pending a change to the language of their charter. Business Leaders in Christ responded by filing a lawsuit against the university, claiming violations of their constitutional rights as well as the Higher Education Act and Iowa Human Rights Act.

On Wednesday, Judge Stephanie M. Rose of the U.S. District Court for the Southern District of Iowa filed an injunction against the university barring it from revoking the club’s credentials.

Becket, which is a religious liberty law firm, said the university had placed 32 groups on probation for requiring certain beliefs of students in leadership roles. All of the groups placed on probation were religious. Additionally, Becket argued that other kinds of student groups were allowed to be selective. Rose’s decision also mentioned that some of the non-religious groups on campus were allowed to create selective leadership and membership requirements based on religious views, race, and gender.

Because of the unequal enforcement, Rose concluded that the university’s actions violated the First Amendment.

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Stocks, Bond Yields Tumble On Global Growth, China Talks Anxiety

European economies are collapsing along with global sovereign bond yields… but stocks seem to have found something to love (hint rhymes with Schmentral Schmank Schmiquidty)… how long are they willing to let this decoupling from reality last?

Total desperation to ensure the world thinks…

When in fact its circling the drain.

China remains closed for the lunar new year celebrations but Yuan tumbled on the Kudlow comments…

 

Worst day of the year for German and Italian stocks as the parade of terrible economic data finally breaks the bad news is good news meme…

 

Larry Kudlow spoiled the party early on after stocks rebounded magically at the cash open…

 

But we did see dip-buying after Europe closed – Nasdaq was worst, Trannies best…

 

S&P failed to break its 200DMA for the second day and broke down below its 100DMA…

 

Nasdaq and S&P ended the day giving up all their February gains…

 

US equities also started to play catch down to crude’s recent demise…

 

Equity and Credit protection costs spiked… IG spreads spiked the most since mid-December…

 

And stocks started top catch down to bond yields’ reality…

 

Treasury Yields tumbled across the curve…

 

30Y broke back below 3.00%…

 

And the market is repricing the uber-dovish Fed (expecting rates to drop 10bps in 2019!)…

 

The dollar is up for the 6th day in a row – the longest win streak since Dec 2017…but note that it rolled over at what looks like key resistance…

We wonder what happens when the Chinese come back from their lunar new year celebrations.

Notably, EM FX has been tumbling as the USD surged and EM sovereign debt was hit today…

 

Cryptos were quiet again after yesterday’s chaos…

 

Despite dollar gains, PMs managed to rally (safe haven), copper was flat, and crude tumbled…

 

Gold dipped and ripped back to unchanged…

 

WTI tested $51 handle intraday…

 

Finally, we note that, while it’s surely just a coincidence but, US equity markets suffered their biggest drop since the start of the year on the day when AOC unveiled her full-socialist-utopia “Green New Deal”…

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

Gucci Halts Sale Of “Blackface” Jumper After Social Media Backlash

Italian luxury giant Gucci removed a polo neck jumper from its stores and e-commerce website following a social media backlash to its resemblance to blackface. The “balaclava” knit was selling for about $900 and was part of the fashion brand’s fall/winter 2018 collection, covers half of the face and has a cutout mouth with giant red lips.

On Wednesday, Twitter users posted countless pictures of the jumper, pointing out that it was currently Black History Month.

One user tweeted: “Balaclava knit top by Gucci. Happy Black History Month Y’all.”

Following the twitter firestorm, Gucci removed the controversial jumper from all its stores and its website Wednesday evening and released a statement that said it would transform the incident “into a powerful learning moment for the Gucci team”, adding it was “fully committed to increasing diversity.”

The statement went on to say: “We consider diversity to be a fundamental value to be fully upheld, respected, and at the forefront of every decision we make. We are fully committed to increasing diversity throughout our organization.”

Social media users said the “balaclava” knit was insensitive and racist, comes at a time when American politicians are dealing with decades-old photos with their faces blackened.

Virginia Gov. Ralph Northam is facing the brunt of the criticism with calls to resign because of a photograph on his page in his medical school’s yearbook showing one person in blackface and another in a Ku Klux Klan outfit. Northam apologized for the photo, indicating that he was indeed in it, without providing specifics of which person he was. As a typical politician, he later denied he was in the yearbook photo, but admitted he had once worn blackface during a concert pretending to be Michael Jackson.

This is not the first time high-end fashion brands had been accused of selling racist products.

Back in December, Prada removed several fashion items over worries they too depicted blackface. The brand pulled keychains from its Pradamalia line that depicted black monkeys with big red lips. In November, Dolce & Gabbana delayed a fashion show in China after accusations of racism. The brand released a commercial featuring a Chinese model eating Italian food with chopsticks. The video did not sit well with many Chinese as major retailers pulled the brand’s products.

Although the “balaclava” knit was removed from all sites, the product description archived online reads: “Inspired by vintage ski masks, multicolored [sic] knitted balaclavas walked the runway, adding a mysterious feel to this collection.”

Despite Gucci being named the hottest brand in the world this week by Lyst, it seems the company’s fashion designers will soon be getting a lesson in race relations.

via ZeroHedge News http://bit.ly/2Sh15HJ Tyler Durden

Should Paul McCartney and Other Billionaires Be ‘Abolished’?

As left-wing populists and progressives ascend in the Democratic Party, they are laying down new dogma, none more heartfelt than the idea that billionaires are evil, rotten, and not to be tolerated. For the Bernie Sanders, Elizabeth Warrens, and Alexandria Ocasio-Cortezes of the world, billionaires are what witches were to Salem congregationalists and kulaks were to Lenin: a threat to they system that must be eliminated.

Ocasio-Cortez’s economic policy adviser Dan Riffle has changed his Twitter name to “Every Billionaire Is a Policy Failure.” Lefty blogger Tom Scocca declares “Billionaires are bad. We should presumptively get rid of billionaires” (he graciously adds, “they may go on living…[but] they must not be allowed to possess a billion dollars”). A research director at the proggy Roosevelt Institute says simply, “We do not need billionaires.”

Then there’s former Clinton administration Labor Secretary Robert Reich, who believes that with great wealth comes great culpability.

Reich links to a column by The New York Times‘ Farhad Manjoo with the eliminationist title “Abolish Billionaires: A radical idea is gaining adherents on the left. It’s the perfect way to blunt tech-driven inequality.” The column makes two large points that undergird the anti-billionaire movement. First is the idea that nobody deserves or needs a billion dollars. “Why should anyone have a billion dollars,” asks Manjoo, “why should anyone be proud to brandish their billions, when there is so much suffering in the world?” Second is the notion that “inequality is the defining economic condition of the tech age.”

Did, say, Paul McCartney (net worth: $1.2 billion) make his pile through theft, as Robert Reich would contend? Would there be less suffering in the world if his money is expropriated and transferred to the wretched of the earth via higher taxes rather than through his own charitable donations and investments? Probably not, especially when you think about how much suffering, especially in the developing world, is the direct result of government action. More important, the creation of billionaires is a lower-order effect of a relatively free-market economy. Recall Joseph Schumpeter on this:

The capitalist engine is first and last an engine of mass production which unavoidably also means production for the masses. . . . It is the cheap cloth, the cheap cotton and rayon fabric, boots, motorcars and so on that are the typical achievements of capitalist production, and not as a rule improvements that would mean much to the rich man. Queen Elizabeth owned silk stockings. The capitalist achievement does not typically consist in providing more silk stockings for queens but in bringing them within reach of factory girls.

Schumpeter’s basic description helps to explain the ubiquity of all sorts of technology, from cell phones to pharmaceuticals, all around the world. Because of massive increases in global trade, more people have more stuff and are living longer than ever before. If one indirect consequence of this is that there are more billionaires than there used to be, so be it. It’s become fashionable to assert that inequality is back at Gilded Age levels and that the concentration of power and wealth and everything good and decent is in smaller and smaller hands. This is simply not a good description of the world. For the first time in history, report researchers at the Brookings Institution:

The majority of humankind is no longer poor or vulnerable to falling into poverty. By our calculations, as of this month, just over 50 percent of the world’s population, or some 3.8 billion people, live in households with enough discretionary expenditure to be considered “middle class” or “rich.”

About the same number of people are living in households that are poor or vulnerable to poverty. So September 2018 marks a global tipping point. After this, for the first time ever, the poor and vulnerable will no longer be a majority in the world. Barring some unfortunate global economic setback, this marks the start of a new era of a middle-class majority.

Income inequality among countries has been declining as well. The GINI coefficient, a measure of income inequality, of 146 countries that account for 95 percent of global production, declined from 67 percent in 1988 to 57 percent in 2015. Over the same time frame in the United States, it rose from 35 percent to 38 percent, an increase, to be sure, but a relatively modest one. China and India saw bigger increases, but the growth in inequality within those countries is more than overwhelmed by the absolute increases in wealth, especially among the poorest inhabitants. Click through image below for a fully functioning graph.

Within the United States, both the right and the left like to tell a story about wage stagnation, the end of upward mobility, and the death of the American Dream. Conservatives will tell you it’s all liberals’ fault and you need to roll with Trump or the Republicans if you want to make America great again. Liberals make the opposite case and push wealth taxes, Medicare for All, Free College for All, Guaranteed Jobs for All, and more. Both sides are describing a false version of reality.

As Russ Roberts has shown, mobility is alive and well in the United States. The most stunning indicator comes from a study that looks at income changes for individuals between 1980 and 2014. If you simply measure statistical averages, writes Roberts,

the average income of the top 1%…went from $189,000 to $843,000, which seems to confirm the view that most of the gains from economic growth go to the richest of the rich while people in the middle or the bottom make no progress at all. But the people in the top 1% in 2014 are not the same people in 1980. What happens when you follow the same people?… The richest people in 1980 actually ended up poorer, on average, in 2014. Like the top 20%, the top 1% in 1980 were also poorer on average 34 years later in 2014. The gloomiest picture of the American economy is not accurate. The rich don’t get all the gains. The poor and middle class are not stagnating.

As libertarian economist Steve Horwitz writes, over the past 45 years, the consumption patterns of the poor and rich have become more similar. That’s a point that gets lost if you’re fixated on people in the top 0.001 percent:

Looking at consumption rather than income enables us to see both the absolute gains of poor US households and the narrowing of the gap with the wealthy. Poor US households are more likely to have basic appliances than the average household of the 1970s, and those appliances are of much higher quality. Together these three points offer a much more optimistic view of the degree of inequality and the ability of the poor to become rich. The picture is not all rosy and a final section discusses the relevance of housing, health care, and education costs to this argument.

Neither Horwitz nor Roberts are panglossian; each details areas (particularly housing, education, and health care) in which outcomes could be vastly improved, typically by moving in a more free-market direction. As Schumpeter might put it, capitalism might make more billionaires, but it’s achievement is creating many more things that virtually everyone can afford.

“Abolish Billionaires” is a smart slogan, but that’s all it is. Figuratively lopping the heads off of the richest of the rich will not make life easier for the poor and dispossessed, and it won’t increase economic growth and living standards. It might sate the bloodlust of left-wing populists for a while, but certainly that outcome can be purchased for lower cost.

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Ad Industry Suffers Historic Rout As US Consumer Brand Spending Tumbles

While search and social network companies, most of the funded by advertising, have left the bruising selloff of December far in the rearview mirror, as investors rush to bid up the high beta, high growth sector once again, the broader advertising market is suffering from a sharp repricing which today manifested itself in the world’s biggest advertising companies losing more than $5 billion in market value in under 24 hours.

The rout, as Bloomberg notes, began Wednesday around midday in New York and spread around the globe after Paris-based ad giant Publicis Groupe said Q4 sales fell “unexpectedly” because of a decline in business with consumer goods brands in the U.S. Publicis shares plunged as much as 15%, their biggest intraday drop since the Sept. 11 terrorist attacks in the U.S.

News of the unexpected industry slowdown promptly sent shares of Publicis’ biggest rivals tumbling as much as 9% once the implications for the wider industry sank in: after all, if consumer goods makers had less need for Publicis’ services, the same applies to WPP, Omnicom Group, Dentsu and Interpublic. Worse, Publicis has been seen as an early mover in shifting to the new digitally-driven advertising that’s supposed to keep corporate marketing departments loyal to the old ad firms. The fact that it had gotten no traction was clearly dismal news for the entire sector.

In emailed comments to Bloomberg, Mirabaud analyst Neil Campling said consumer goods companies can have as many as 25 ad agencies working for them and that looks inefficient. The alternative: just use Amazon and “connect directly to consumers”

“The key area hit is North America,” Campling said. “The combination of consumer packaged goods and North America for us points to the rise of Amazon more than anything else, offering a brand new channel for brands to connect directly to consumers.”

Meanwhile, in addition to an relentless shift to pure-play digital names such as Google and Facebook, Amazon has also been profiting from the shift away from legacy businesses; as a result its advertising revenue has been growing almost as fast as AWS as the company starts to give more prominent placement to sponsored products in search results, rather than those offering the lowest prices, while charging generously for said placement. Investors see the area as even more profitable than its main e-commerce business.

via ZeroHedge News http://bit.ly/2HX9T0L Tyler Durden

Consumer Credit Hits $4 Trillion As Student, Auto Loans Hit All Time High

After a few months of wild swings, in December US consumer credit normalized rising by $16.6 billion, just below the $17 billion expected, after November’s whopping $22.5 billion. The surge in borrowing in November brought the total to just above $4 trillion for the first time ever on the back of a America’s ongoing love affair with auto and student loans.

Revolving credit increased by $1.7 billion to $1.045 trillion, a modest slowdown since November’s $4.8 billion.

Perhaps more notably, the lowest increase in December credit card usage since 2012.

There was barely a change in the monthly increase in non-revolving credit, i.e. student and auto loans, which jumped by $14.8 billion, bringing the nonrevolving total to a new all time high of $2.965 trillion.

And while slowdown in December credit card use may prompt fresh questions about the strength of the US consumer during the all-important holiday spending season, the recent dramatic upward revision to personal savings notwithstanding, one place where there were no surprises, was in the total amount of student and auto loans: here as expected, both numbers hit fresh all time highs, with a record $1.593 trillion in student loans outstanding, an impressive increase of $10.3 billion in the quarter, while auto debt also hit a new all time high of $1.155 trillion, an increase of $9.5 billion in the quarter.

In short, whether they want to or not, Americans continue to drown even deeper in debt, and enjoying every minute of it.

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