Supreme Court Rejects Musk’s Case Against Jack Smith Over Trump’s Twitter Records

Supreme Court Rejects Musk’s Case Against Jack Smith Over Trump’s Twitter Records

Authored by Jack Phillips via The Epoch Times,

The U.S. Supreme Court declined to take up a challenge filed by Elon Musk’s X platform to rulings that forced it to turn over data on former President Donald Trump’s X account to special counsel Jack Smith.

In 2023, Smith obtained a warrant for Trump’s Twitter account as part of federal prosecutors’ 2020 election case against the former president. Trump had frequently used the account during the 2016 presidential campaign and during his first administration.

The high court on Monday rendered its decision without any comment. There were no noted dissents.

The Musk-owned platform had initially refused to comply with a nondisclosure order and was fined $350,000 by a judge in August 2023, records show. At the time, the court had rejected X’s claim that it should not have been held in contempt or sanctioned.

Smith’s team repeatedly mentioned Trump’s posts on Twitter in the first indictment, which was unsealed last year. A revised indictment was brought against Trump by Smith in September after the Supreme Court separately ruled in July that presidents should be declared broadly immune from prosecution for their official acts and duties. Trump has pleaded not guilty to all the charges in the case.

Prosecutors obtained the search warrant on Jan. 17, 2023, directing Twitter to produce information on Trump’s account after a court “found probable cause to search the account for evidence of criminal offenses,” according to last year’s court ruling. The government also obtained a nondisclosure agreement that had prohibited Twitter from disclosing the search warrant, the filing says.

In its appeal to the Supreme Court in May, X argued that Smith’s team carried out an “unprecedented end-run around executive privilege” by obtaining a “nondisclosure order preventing Twitter from notifying former President Trump of a warrant for private communications that he sent and received during his presidency.”

“Although Twitter had provided these communications to the National Archives and Records Administration (NARA), the government informed Twitter and the district court that it ‘did not want to obtain data from NARA, as it would require notification [to the former President] pursuant to the Presidential Records Act,’” the petition said.

In trying to bolster its case before the Supreme Court, X had said its petition was designed to allow the court to uphold the First Amendment.

“The potential consequences are far-reaching,” the company said.

“Twitter alone annually receives thousands of nondisclosure orders attached to demands for user information. Indeed, the D.C. Circuit agreed that this issue is likely to recur for Twitter. Other platforms, too, receive thousands of requests for user information—many with nondisclosure orders.”

Lawyers for Smith’s team dismissed X’s arguments, telling the Supreme Court that the social media platform cannot assert any privilege over the records in question.

“The First Amendment did not justify petitioner’s refusal to comply” with the special counsel’s warrant “before litigating its separate challenge to the nondisclosure order,” the government wrote, adding that X is trying to assert a “right to immediate resolution of its First Amendment claim to interests.”

Arguing that the Fourth Amendment allows the government to get a warrant to “search property belonging to an innocent third party,” Smith’s office suggested that the warrant for X “is supported by probable cause that ‘evidence of a crime will be found.’”

Meanwhile, Smith last week filed a 165-page brief that included what prosecutors say is evidence that proves Trump committed crimes and tried to illegally overturn the 2020 election. Trump’s lawyers had argued that the Smith filing at this time would be tantamount to election interference due to its close proximity to the 2024 election, which a federal judge ultimately rejected.

Monday is the Supreme Court’s first day back from its summer break. The nine justices are now scheduled to hear major cases from now until around June 2025.

Tyler Durden
Mon, 10/07/2024 – 20:05

via ZeroHedge News https://ift.tt/TVCh95w Tyler Durden

Putin Halts Visits To His Sochi Residence, Fearing Drone Attacks: Report

Putin Halts Visits To His Sochi Residence, Fearing Drone Attacks: Report

The anti-Kremlin Russian-language investigative news website Proekt has issued a fresh report which found that President Vladimir Putin has stopped visiting his residence in Russia’s Black Sea resort of Sochi over fears for his safety, given the uptick in drone attacks from Ukraine which have targeted the region.

The Bocharov Ruchey state dacha is one of four main residences believed assigned to Putin. Constructed in 1934, and heavily remodeled in 1955, it was long a preferred vacation spot of Soviet leaders.

Alexander Lukashenko and Vladimir Putin during a meeting in Sochi, Russia, in 2023.

It was last renovated for the 2014 Sochi Olympics, and Putin has sometimes received foreign heads of state there, akin to how the US president uses Camp David. For example, President George W. Bush met with Putin at the Bocharov Ruchey in 2008.

Proekt’s investigators say that Putin’s use of the residence is at a record low for this year, after he “felt a threat to his physical safety” – especially in the wake of several drone attacks on Sochi from Ukraine in the fall of 2023.

The Amsterdam-based Moscow Times has written based on the Russian report, “Putin has been spending at least 30 days per year at the Bocharov Ruchey residence since it was renovated for the 2014 Sochi Olympics and likely stayed there throughout the height of the Covid-19 pandemic.”

But there’s also the possibility that he’s been avoiding the Sochi location due to new major construction at the complext: “Proekt’s investigation also revealed that the main building of the Bocharov Ruchey residence was completely demolished at the beginning of the year, giving way to a new construction project,” Moscow Times continues.

Throughout the Ukraine war, Kiev forces have become capable of sending drones deeper and deeper into Russian territory, sometimes many hundreds of kilometers away. The Kremlin believes this is being done with satellite and targeting help from the US and NATO.

A report issued this summer in Ukrainian media, and based on open source data, said that a Pantsir missile system has been positioned not far from Putin’s Sochi residence, offering special anti-air protection for the Russian leader and his guests.

The self-propelled surface-to-air missile and anti-aircraft artillery system has frequently been used to protect sensitive infrastructure from airborne threats, also in and around Moscow.

The battery which protects Bocharov Ruchey is estimated to be about 15km from the compound itself. Currently, there’s a likelihood that Putin primarily stays and works from a location which is completely unknown to the outside world. This also after Ukrainian drones have targeted the Kremlin complex in Moscow.

Tyler Durden
Mon, 10/07/2024 – 19:40

via ZeroHedge News https://ift.tt/DLbZSFc Tyler Durden

Watch: Hezbollah Unleashes Massive Missile Strikes On Israel’s Haifa

Watch: Hezbollah Unleashes Massive Missile Strikes On Israel’s Haifa

The last 24 hours have seen Hezbollah launch massive missile strikes on Israel’s major northern port city of Haifa. The rockets have rained down on Haifa since Sunday, and launches have continued into Monday.

Widely circulating social media videos have confirmed a series of direct ground strikes. BBC has said in a Monday update that at least five rockets have been recently launched, inuring eight people and causing damage in Haifa. Dozens more have been sent.

Haifa attacks, via X

Israel’s military has admitted that its much-touted air defenses have been failing in the north, and says it is investigating as a result. 

Hezbollah has since said it is targeting military bases near Haifa, but local reports say a restaurant was among the places to be directly struck, resulting in significant damage.

Jerusalem Post writes that “a restaurant in Haifa had reportedly suffered a direct hit as approximately 20 rockets were identified crossing from Lebanese territory.”

“Among those evacuated for medical treatment, a 13-year-old was reportedly lightly wounded, while two others were moderately wounded from broken glass,” the report details. “Three people sustained light injuries from broken glass, two were lightly injured while heading to a protected area, and one person was treated for anxiety.”

And separately another local media report cites damage in the middle of the city: “Footage captured in Haifa, however, appeared to show heavy damage at a traffic circle struck by a rocket, while other videos showed smoke rising above apartments during the barrage.”

Watch: most significant strikes on Haifa since war’s start…

On Sunday alone a total of some 120 rockets were fired by Hezbollah into northern Israel. By all accounts these projectiles have been reaching further and further into Israel, since the start of the IDF bombing campaign over southern Beirut.

Injuries have also been reported from the town of Tiberias. It has become clear that thus far Israel’s ground offensive in south Lebanon and bombing of Beirut has not stopped Hezbollah rockets from reaching deep into the north.

Among Israel’s chief goals for the Lebanon offensive is to push Hezbollah back dozens of kilometers, to create a buffer zone which will allow Israeli residents of the north to return to their homes.

Al Arabiya confirmed footage which captured the Hezbollah hit on a Haifa restaurant…

Israel’s aerial bombardment of Beirut has remained steady, with jets on Sunday night targeting buildings said to belong to Hezbollah’s intelligence division in Beirut, or places deemed command centers, according to Israeli statements.

Apparent weapons depot in the middle of the Lebanese capital blown up:

Images showed an a strike on an apparent Hezbollah weapons depot, releasing huge and sustained fireballs and secondary explosions. The IDF on Monday warned that the Israeli Navy will soon begin to operate against Hezbollah from the sea.

Tyler Durden
Mon, 10/07/2024 – 18:00

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VDH: We Are In Need Of Renaissance People

VDH: We Are In Need Of Renaissance People

Authored by Victor Davis Hanson via American Greatness,

The songwriter, actor, country/western singer, musician, U.S. Army veteran, helicopter pilot, accomplished rugby player and boxer, Rhodes scholar, Pomona College and University of Oxford degreed, and summa cum laude literature graduate, Kris Kristofferson, recently died at 88.

Americans may have known him best for writing smash hits like “Me and Bobby McGee” and “For the Good Times,” his wide-ranging, star-acting roles in A Star is Born and Pat Garrett and Billy the Kid, his numerous solo albums, especially with then-spouse and singer Rita Coolidge, and the country group super-quartet he formed with Johnny Cash, Waylon Jennings, and Willie Nelson.

In other words, Kristofferson was a rare Renaissance man who could do it all in an age of increasingly narrow specialization and expertise.

At certain times throughout history at particular locales, we have seen such singular people from all walks of life.

Classical Athens produced polymaths like Aristotle—tutor to Alexander the Great, logician, student of music, art, and literature, educator, think-tank founder, biologist, philosopher, and scientist. Later Greeks like Archimedes and Ptolemy, as men of action, mastered six or seven disciplines and applied their abstract knowledge in ways that made life easier for those around them.

The late Roman Republic was another cauldron of multitalented geniuses. It produced the brilliant stylist, historian, politician, and consummate general Julius Caesar, as well as his republican archrival Cicero—politician, philosopher, orator, master stylist, lawyer, and provincial governor.

Turn-of-the-century Victorian Great Britain produced giants like Winston Churchill—prime minister, statesman, essayist, historian, orator, strategist, and wartime veteran. As Britain’s war leader, between May 10, 1940, and June 22, 1941, he, almost alone, resisted the Axis powers and prevented Adolf Hitler from winning the war.

But we associate the idea of a “Renaissance man” mostly with Florence, Italy, between the 15th and 16th centuries. In that brief 100 years, the Florentine Republic hosted multi-talented geniuses like Leonardo De Vinci—master painter, sculptor, architect, scientist, engineer, and inventor—best known for the Mona Lisa and Last Supper.

The multifaceted talents of his younger contemporary Michelangelo were as astounding, whether defined by his iconic sculptures David and Pietà, his stunning painting on the ceiling of the Sistine Chapel, or as the master architect of the Vatican’s St. Peter’s Basilica.

The American Revolution was a similar embryo of Renaissance men.

Thomas Jefferson was perhaps the most famous example of unchecked abstract and pragmatic genius displayed in almost every facet of late 18th– and early 19th-century life—main author of the Declaration of Independence, third U.S. President, founder of the University of Virginia, inventor, agronomist, architect, and diplomat.

But Benjamin Franklin may best approximate the model of the Florentine Renaissance holistic brilliance—journalist, publisher, printer, author, politician, diplomat, inventor, scientist, and philosopher.

Franklin’s life was one of perpetual motion and achievement. In one lifetime, he helped to draft the Constitution, invented everything from the lightning rod to bifocals, founded the American postal service, and successfully won over European countries to the nascent American cause. Theodore Roosevelt—president, historian, essayist, conservationist, naturalist combat veteran, battle leader, explorer, and cowboy—exemplified the idea of an American president as the master at almost everything else.

The history of our own contemporary Renaissance people often suggests that they are not fully appreciated until after their deaths—especially in the post-World War II era.

Why?

We have created a sophisticated modern society that is so compartmentalized by “professionals” and the credentialed that those who excel simultaneously in several disciplines are often castigated for “amateurism,” “spreading themselves too thinly,” “not staying in their lanes,” or not being degreed with the proper prerequisite letters—BA, BS, MA, PhD, MD, JD, or MBA—in the various fields that they master.

But specialization is the enemy of genius, as is the tyranny of credentialism.

Because the Renaissance figure is not perfect in every discipline he masters, we damn him for too much breadth and not enough depth—a dabbler rather than an expert—failing to realize that his successes in most genres he masters and redefines is precisely because he brings a vast corpus of unique insights and experience to his work that narrower specialists lack. The Greek poet Archilochus first delineated the contrast between the fox who “knows many things” and the hedgehog who “knows one—one big thing.” We have become a nation of elite hedgehogs, whose narrow expertise is not enriched by awareness of or interest in the wider human experience.

Renaissance people often live controversial lives and receive 360-degree incoming criticism, not surprising given the many fields in which they upstage specialists and question experts—and the sometimes overweening nature of their personalities that feel no reason to place boundaries and lanes on their geniuses and behavior or to temper their exuberances.

The best American example of the current age is the controversial Elon Musk, a truly Renaissance figure who has revolutionized at least half a dozen entire fields.

No one prior had broken the Big Three auto monopoly of GM, Ford, and Chrysler.

Musk did just that. He exploded all three companies’ dominance with his successful creation of the first viable electric vehicle, Tesla, whose comfort, drivability, reliability, safety, and power rivaled or exceeded the models of all his competitors.

His spin-off battery storage and solar panel companies allowed thousands of families to go off the grid and stay self-sufficient in power usage.

Musk’s revolutionary Starlink internet system—a mere five years old—provides global online service to over 100 countries. Through its some 7,000 satellites, Starlink brings internet service to remote residents far more effectively and cheaply than do their own governments. When natural disasters overwhelm utilities or war disrupts the normality of peace, all look to Musk to restore online reconnections to the outside world.

Musk, almost singlehandedly, transformed the U.S. space program from a NASA 60-year-old government monopoly to an arena of fervent private-public competition. His Space Exploration Technologies Corporation (SpaceX) created a rocket and spacecraft program that has kept the U.S. preeminent in space exploration and reliable satellite launches. When NASA and old aerospace companies falter, the government looks to Musk to bail them out.

Musk, at great personal cost, radically transformed the old Twitter—poorly managed, censorious of ideas and expressions not deemed progressive, and mired in scandal for partnering with the FBI to silence news deemed possibly injurious to Democratic candidates and left-wing campaigns.

His new X replacement is an unfettered platform for free expression. And the more the left abhors their loss of the monopolistic old Twitter’s ideological clearing house, and vows to flee X and start their own new left-wing, censorious Twitters, the more they stay on X.

Musk’s newest companies have now entered the convoluted, little-understood, radically competitive, and dangerous field of artificial intelligence (OpenAI) and the emerging discipline of bonding the natural brain to the electronic online world (Neuralink). To the degree Musk is successful, America will lead these areas of intense international rivalry that involve the gravest issues of national security and survival.

Overspecialization has helped make vulnerable and sometimes doomed complex top-down societies from the Mycenaeans to the Aztecs to the Soviets.

A tiny credentialed and often incestuous elite manages the lives of a vast underclass whose daily lives are scripted by top-down master planners—as an autonomous and skeptical middle class disappears.

America is increasingly becoming a bifurcated, two-tiered society of a specialized government-corporate-media-political-credentialed class of degreed overseers and managers who attempt to micromanage an increasingly less well-educated, dependent underclass.

The overclass cult lacks sufficient common sense and pragmatic expertise outside their narrow areas of specialization to direct society, and the masses are often without the education, money, and power to challenge them or the esoteric complexity of their modern society. And the result is often disastrous, as we see everywhere, from the trivial to the existential—from our currently paralyzed state space station program and inability to build a floating pier in Gaza, to ineffectual and insensitive state responses to natural disasters like Hurricane Helene and an increasingly dangerously incompetent Secret Service.

Renaissance people provide a link to the proverbial people, as they master almost anything they attempt while keeping themselves attuned to the practical effect of their achievement among the people.

The Renaissance physicist Richard Feynman once explained to the entire nation why the Space Shuttle 1986 Challenger catastrophically imploded shortly after launch. A polymath Albert Einstein explained to America why it had to begin the Manhattan Project and beat Nazi Germany to the acquisition of an atomic bomb. Theodore Roosevelt used his expertise as a politician, conservationist, outdoorsman, explorer, and writer to help establish and preserve 230 million acres of public lands.

So, we should occasionally pause and reflect on the Kristoffersons and Musks in our midst. They play a vital role in enriching culture and civilization for the many without becoming part of the narrow few. And we owe these people, who belong to a rare and hallowed caste of the ages, for making our lives richer, more enjoyable, easier, and safer.

Tyler Durden
Mon, 10/07/2024 – 17:40

via ZeroHedge News https://ift.tt/zGTeUSD Tyler Durden

Cybersecurity Incident Hits America’s Largest Regulated Water & Wastewater Utility Firm

Cybersecurity Incident Hits America’s Largest Regulated Water & Wastewater Utility Firm

The largest regulated water and wastewater utility company in the United States revealed in a filing published on the SEC’s website that it has discovered a cybersecurity breach on its computer networks and systems. 

New Jersey-based American Water Works wrote in the filing that last Thursday, it “learned of unauthorized activity within its computer networks and systems, which the Company determined to be the result of a cybersecurity incident.” 

“Upon learning of this activity, the Company immediately activated its incident response protocols and third-party cybersecurity experts to assist with containment and mitigation activities and to investigate the nature and scope of the incident,” American Water said.

It noted, “The Company has taken and will continue to take steps to protect its systems and data, including disconnecting or deactivating certain of its systems.” 

So far, the company “currently believes that none of its water or wastewater facilities or operations have been negatively impacted by this incident.” However, it pointed out, “The company is currently unable to predict the full impact of this incident” but “does not expect the incident will have a material effect on the Company, or its financial condition or results of operations.”

American Water stated on its website that it provides drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations.

This year, there has been an increase in foreign hackers targeting critical US infrastructure, from transportation to food supply to health care to communications. 

On Sunday, NBC News quoted the director of the National Security Agency, who said an investigation had been underway following a recent cyber incident involving Chinese hackers who gained access to at least three telecommunication companies: AT&T, Verizon, and Lumen Technologies. 

America’s critical infrastructure is owned by much of the private sector and remains ripe for ransomware attacks. The risks of a cyber event bringing down part of the grid remain an elevated concern.

Tyler Durden
Mon, 10/07/2024 – 17:20

via ZeroHedge News https://ift.tt/KZeTAxo Tyler Durden

Adapt Or Die, Or…?

Adapt Or Die, Or…?

Authored by Charles Hugh Smith via OfTwoMinds blog,

Those few who grasp the crisis in its entirety have been marginalized, and those who are left are drifting downstream, unable to move the mass of self-interested inertia even if they wanted to.

In eras of stability when little changes, the capacity to adapt takes a back seat. As noted in Why Political “Solutions” Don’t Fix Crises, They Make Them Worse, absent any pressure from tumultuous change, nature is hard-wired to keep the genetic instructions unchanged, as there is little selective benefit in modifying what’s working well and potential risks in messing with it.

In other words, nature is conservative in eras of stability and low volatility. Since its genetic instructions are working pretty well, the shark genome is relatively stable over millions of years, with a few tweaks here and there to adapt to changes in its environment.

But adaptative churn takes the driver’s seat when the ecosystem changes rapidly and the existing instructions are failing. This is the adapt or die moment, when species must experiment by churning out modifications (semi-random mutations in the instructions) and test them in trial-and-error: the ones that add selective advantages live, the ones that don’t die.

If this period of intense adaptive experimentation is ultimately successful, the species’ rate of change spikes and then drifts down to the baseline of low activity. This is known as punctuated equilibrium: the instructions drift along when nothing much is changing, suddenly spike when selective pressures shoot up, threatening extinction, and then diminish as the new adaptations relieve the selective pressure.

All this is automatic and beyond the individual’s and the species’ conscious control. We can’t order our genome to speed up mutations and get cracking on the adaptive modifications.

Human civilization operates on the same principles of adapt or die: when circumstance change, selective pressures mount and the society must adapt or perish.

What’s different is humans can stifle or encourage adaptive churn. As social beings hard-wired to organize ourselves in hierarchies, those at the top of the power pyramid will naturally deploy all their power to conserve the status quo, as any modifications might threaten their outsized share of all the good things such as wealth and status.

The view from the top of the pyramid is rather grand. Those at the top see the vastness of the imperial reach, the army’s strength, the peasantry toiling away and the obsequious Mandarin bureaucrats bowing and scraping, and the idea that all this immense structure could decay and blow away is incomprehensible.

There is little sense in the top circle that the extinction of the entire social order is a threat. The threat is more personal: is my private fiefdom at risk of being diminished? Are rivals gaining influence? Are the reforms being proposed positive for my fortunes or could they pose a threat?

This narrow view of the overlapping crises (a.k.a. polycrisis) favors short-term expediency over more radical long-term modifications, as the Powers That Be have a grip on expedient “stave off the immediate crisis” measures such as imposing curfews, lowering interest rates and increasing the pay of soldiers, but these measures are slapdash rather than part of a recognition that radical changes in the structure of the society must be organized now, not later, for later will be too late.

In other words, there is no urgency for the kind of reforms needed to avoid extinction, there is only urgency for expedient “kick the can down the road” measures because these measures 1) are within easy reach and 2) they don’t threaten the pyramid of power the “deciders” dominate.

Put another way, faced with skyrocketing risks of a heart attack, the leadership concludes that cutting out the HoHos but keeping the DingDongs and Twinkies will be enough to maintain the status quo. That the crises demand a complete overhaul of diet and fitness, now, not later, is both 1) too painful to contemplate, and 2) beyond the reach or the leadership’s atrophied adaptive skillset: the leadership only has experience with managing stability, not tumultuous crises.

There is an irony in this atrophy of competence: the longer the good times roll, the less experience anyone has of polycrisis. In the competitive churn at the top of the pyramid, the skills that are most valuable in periods of stability are those of bureaucratic in-fighting and maintaining the status quo. Since there is no selective pressure demanding radical changes to survive, the skills needed to manage such a radical transition are nor longer present.

Those with the necessary character and skills to manage radical transformations have all been sent to Siberia for threatening the status quo with all their crazy proposals. Those in power have been selected to believe the organization they rule is perfectly capable of adjusting as needed, without actually changing anything.

This is the exact opposite of what’s needed to survive the challenges ahead. And so expedient can-kicking continues (cough, the Fed), grand pronouncements yield nothing but hot air, and everyone reckons cutting out the HoHos and reducing the DingDongs will be enough to ride out the rough patch.

This is of course hubristic delusion. But since events are accelerating and interacting in ways far beyond the grasp of the under-competent leaders, the focus is not on managing a desperately needed radical transformation but on managing the narrative so it looks as if the crises are under control, and the status quo is functioning as intended: we have top people on it, top people. Indeed.

Adapt or die or… decay. Complex systems that have survived for a long time seek to restore equilibrium. These are the expediency feedback loops, where interest rates and taxes are trimmed, money is thrown around, narratives that question the competence of the status quo are suppressed, insiders who reveal the self-serving predation of the leadership are hustled off to Siberia, and all is well, as the decay can be covered up for quite some time.

So quality decays first, then quantity decays, too. Each crisis reveals another layer of under-competence and dry-rotted foundations, and each one is dutifully papered over.

Those few who grasp the crisis in its entirety have been marginalized, and those who are left are drifting downstream, unable to move the mass of self-interested inertia even if they wanted to–and they don’t really want to because why should we risk upsetting such a splendid arrangement that’s capable of handling anything that arises with ease?

Decay is a perfectly adequate strategy if there’s sufficient resources to keep everything glued together as it slowly unravels. Magical thinking (AI!) helps smooth the decline, and soon everyone habituates to decay.

Polycrisis has a way of disrupting decay. If conditions remain stable, decay can be managed. But if volatility soars and multiple crises arise and reinforce each other, decay accelerates into collapse.

The ability to discern an existential challenge before it’s too late is rare and unrewarded. “When you’re thirsty, it’s too late to dig a well.”

*  *  *

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Tyler Durden
Mon, 10/07/2024 – 17:00

via ZeroHedge News https://ift.tt/N6ShJxw Tyler Durden

After Mass Resignations, Chicago Mayor Appoints New School Board

After Mass Resignations, Chicago Mayor Appoints New School Board

After all seven members of the Chicago public school board resigned last week, Mayor Brandon Johnson announced a complete overhaul of the board amid rising tensions due to budget shortfalls.

Anthony Vazquez/Sun-Times

Speaking at a press conference in a South Side church, Johnson, a first-term mayor and former Chicago Teachers Union organizer, declared, “I was elected to fight and fight I am.” His decision to replace all seven board members has sparked concerns across various sectors of the city, from the city council to business leaders and educational watchdogs, Bloomberg reports.

The mayor’s plan to replace all seven board members sparked concern on the part of most of the city council, members of the Chicago business community and watchdogs. The district serves more than 320,000 students, making it one of the nation’s largest.

Johnson announced only six nominees to the board on Monday until a new 21-member hybrid board is installed in January, of which 10 will be elected.

The tension at the heart of this upheaval is rooted in longstanding disputes between the teachers’ union and the district, compounded by dwindling enrollments and the looming threat of school closures. Johnson’s election in early 2023 had already raised eyebrows given his background with the teachers’ union, and his swift move to overhaul the board signals a significant shift in how the city’s schools might be governed moving forward.

This sweeping change comes as the teachers’ union and the district haggle over terms for a new five-year contract, with negotiations hitting a dead end after the previous contract expired in June. Adding to the controversy, reports have emerged that Chicago Public Schools CEO Pedro Martinez, a holdover from former Mayor Lori Lightfoot’s administration, has openly rejected Johnson’s proposal for a short-term loan to cover escalating salary and pension costs.

Martinez, who penned an opinion piece in the Chicago Tribune defending his stance, has also resisted calls from Johnson for his resignation. According to Joe Ferguson, president of watchdog group The Civic Federation, this resistance underscores a deepening rift he says “raises fundamental questions of governance.

Johnson’s remarkable power struggle with Martinez and his own appointed school board erupted after contentious budget talks this summer, ultimately leading to all board members opting to resign rather than side with him. The disagreement stemmed from Martinez and the board’s refusal to take out a high-interest loan to cover a pension payment and part of the upcoming contract for the Chicago Teachers Union, a close political ally of the mayor’s.

Martinez said in September the mayor asked him to step down, which he refused. The schools’ chief can only be forced out by the board. Now that the first iteration of Johnson’s Board of Education has been purged, the path to fire Martinez — and take out the $300 million loan — looks clearer than ever. –Chicago Tribune

Over the weekend, more than 40 city aldermen agreed with Martinez – posting an open letter which blasted Johnson’s handling of the situation and warned against taking on a loan. They also demanded that Johnson convene a hearing before the end of the month, and before any new appointments to the CPS board are made.

This inserts a level of uncertainty and instability into our schools that is extremely concerning,” state Rep. Ann Williams (D) wrote on Sunday. “The level of state oversight necessary for the district will be informed by the decisions made by this Mayor and his administration in the coming weeks and months.”

Tyler Durden
Mon, 10/07/2024 – 16:40

via ZeroHedge News https://ift.tt/PfZySqY Tyler Durden

“They’re Plum Out Of Tricks… And They Know It…”

“They’re Plum Out Of Tricks… And They Know It…”

Authored by James Howard Kunstler via Kunstler.com,

Like A Prayer

“Whether it’s Facebook or Twitter or X or Instagram or TikTok, whatever they are, if they don’t moderate and monitor the content we lose total control…”

Hillary Clinton

“We lose total control. . .” she said.

Perhaps when you heard that you thought, “What do you mean ‘we,’ Kemosabe?”

You have also known for some time now, that Hillary is exactly the something wicked that has been coming this way for many years, to the siren song of the cable news harpies shrieking Trump Trump Trump. . . Putin Putin Putin at all hours, day and night, month after dreary month, and all the other avatars of ruin pretending to run the life of our nation. But this utterance begs enough questions to keep Chat GDP vexed and perplexed for the rest of its unnatural life: We lose total control. . . ?

Yes, as matter of fact, you do. This might be a book tour too far for Mrs. Clinton and her claque, now that her basket of deplorables shivers in the cold and dark out in Appalachia amid the stink of their kinfolks’ uncollected corpses. The Party of Chaos has managed to piss-off the most ferocious demographic in the land, the wild and cross-grained Scotch-Irish who populate those devastated hills and hollows of Western Carolina and East Tennessee, the people who, for generations, were first to volunteer to fight in America’s wars, the Sargent Yorks, the moonshiners and the stock car heroes, the Johnson Boys, Boones and Crocketts, Hatfields and McCoys, the very warp and woof of our folklore, half horse and half alligator, born fighting. And now you and your gang of wine-club harpies, Beltway mezzofinukes, Hollywood Satan-conjurors, Hamptons charity-hags, globe-trotting errand boys, color revolution maestros, race hustlers, drag queens, lawfare shysters, spooks, cut-outs, beach friends, and grifters has gone and pissed these folks off royally.

My guess would be that you have not begun to see the repercussions of the Hurricane Helene fiasco, which will resound far from the gates of Dollywood for years to come. I hope Alejandro Mayorkas enjoys the waffle-weave sweater he picked up in a Georgetown boutique on Saturday while the dazed people of Buncombe County, NC, stumbled dazed through a shattered landscape of creek-bed and forest scraped down to little more than what their ancestors first came upon in the 1760s. It may have to last him through the term he serves in federal prison when this is all over. And by this, I mean mainly the reign of this wicked regime he’s a major player in, with its claws slipping off the levers of power. Do you really suppose that America will elect the empty pant-suit Kamala Harris to front for this depraved cabal?

Remember what the Romanians did to Madame Ceaușescu on Christmas day in 1989, when she and her husband Nicolae, erstwhile president of that sore-beset country, just liberated from decades of communist captivity, were summarily tried by a provisional court after attempting to flee. I’ll tell you: they trussed the two of them up like a couple of Carpathian wild hogs (Sus scrofa), and hauled them before a firing squad. Which is not exactly to say that the United States is like Romania, but that such things happen surprisingly in formerly quiescent places. The people hated her as much, perhaps even more, than her despot husband. Just sayin’.

Why exactly Hillary Clinton would be dumb enough to come out on every news channel and Internet site on Gawd’s green earth to declare the end of free speech throughout Western Civ might remain one of those abiding mysteries of history. Bad timing doesn’t begin to explain it. What does explain it is the psychotic desperation of her party now that the days to election dwindle down and the pathetic figure they “nominated” stumbles from one campaign blunder to the next, and the whole sick crew behind her entertains dark visions of courtrooms and prison cells — including, by the way, her cohort in nation-wrecking Barack Obama, who could be liable to charges such as conspiracy to commit sedition, or even a higher crime, if the election goes the wrong way for him. You might suppose they are fighting for their very lives without being accused of exaggeration.

In the event of Hurricane Helena and other churning contingencies of the season, Mr. Trump is not only looking more presidential, he is apparently being regarded as something close to an actual acting president in the eerie absence of “Joe Biden,” who looks more and more like one of those three-hundred-dollar Home Depot animatronic ghouls Americans are planting in the front yard this season of the walking dead, along with the giant inflated jack-o-lanterns , beckoning skeletons, and plastic tombstones. In other words, it looks like the people are going to vote Mr. Trump back into office, since he is the only thing the least bit presidential on offer in 2024. Even the Covid-addled, the many new demoralized Woke drop-outs, and the beaten-down male youth of America are leaning his way now and it scares the Democrats down to their livers and lights.

Accordingly, I received notice late Sunday from an informant in commercial aviation, with connections to military aviation, that a massive deployment of aircraft is preparing logistics for a major operation set to go down in about a week, probably in the Middle East. I can’t guarantee you that it is for real, but it was a real warning message, at least, from a serious person, and you know that something could be up. . . some humdinger of an October Surprise, like a big fat world war. What else have they got now? Jack Smith’s lame-ass attempt to beef-up an “insurrection” charge against Mr. Trump in Judge Chutkan’s abject facsimile of a federal court? Everything else has been fail, fail, fail all year long . . . the head-cases with rifles. . . all the other court cases contrived by Merrick Garland, Andrew Weissmann, Norm Eisen, and Mary McCord. . . the ineffectual bleatings of The New York Times’s editorial board? They’re plum out of tricks and they know it. So, yes, Hillary. You lose total control. Totally. For now and forever, amen.

Tyler Durden
Mon, 10/07/2024 – 16:20

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Crypto & Crude Jump; Bonds & Stocks Dump Amid Weather, War, & App Store Worries

Crypto & Crude Jump; Bonds & Stocks Dump Amid Weather, War, & App Store Worries

A quiet macro day was dominated by domestic weather horrors, foreign war escalations, and tech monopoly tumult.

As the anniversary of the Oct 7 attacks hit, more missiles flying in the MidEast sent crude prices higher with WTI above $77 for the first time since mid-August (from three year lows) and fears about Gulf refinery impacts from Milton also spurred prices higher)…

Source: Bloomberg

On a domestic bigger picture, the ‘rates-growth tango’ – as Goldman’s Chris Hussey calls it – appears to be back as the payrolls beat has sent yields dramatically higher… and that is weighing on stocks (less rate-cuts, higher costs of funding, lower struck Fed put).

Source: Bloomberg

Rate-cut expectations are tumbling (less than 2x 25bps cuts now priced in by year-end and less than 4 more cuts next year now)…

Source: Bloomberg

All the US majors were ugly today, with futures dumped at the European open and accelerating lower as the GOOGL judgment hit…

Mag7 stocks were weighed down by anxiety ahead of Tesla’s Robotaxi day and also by GOOGL getting hit with an app store injunction (ordering the tech giant to open its app store to competition).

Source: Bloomberg

‘Most Shorted’ stocks were hammered today, erasing all of Friday’s squeeze gains…

Source: Bloomberg

Friday’s bond bloodbath continued today with the short-end once again underperforming (2Y +8bps, 30-Y +5bps)…

Source: Bloomberg

The yield curve (2s10s) briefly inverted once again this morning…

Source: Bloomberg

With 2Y and 10Y yields both topping 4% once again…

Source: Bloomberg

The dollar went nowhere today, oscillating in a very tight range after Friday’s spike…

Source: Bloomberg

Gold also traded in a narrow range, falling slightly on the day…

Source: Bloomberg

Bitcoin saw two major buying legs in today’s price action, lifting it up to $64,5000 before tech was hit by GOOGL headlines (and that weighed on crypto)…

Source: Bloomberg

Finally, forgive us for keep pointing this out but USA sovereign risk won’t stop rising…

Source: Bloomberg

Of course, only a racist would tie together that surge in the world’s perception of Washington’s weakness and the “polls” telling everyone that Kamunism is killing it…

Tyler Durden
Mon, 10/07/2024 – 16:00

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Consumers Crack: Credit Card Debt Suddenly Plunges Most Since Covid As APRs Hit Record High

Consumers Crack: Credit Card Debt Suddenly Plunges Most Since Covid As APRs Hit Record High

Last month, we – and many others – were stunned when after several months of progressively declining revolving credit growth, in July credit card debt unexpectedly soared by the most since January, sending total consumer credit growth surging by just under $27 billion, the single biggest monthly increase since 2022. We called it a “Last Hurrah” moment (literally “In “Last Hurrah”, Credit Card Debt Unexpectedly Soars Despite Record High APRs As Savings Rate Hits Record Low“) and said that “with consumers ever more strapped for actual cash and equity, as the personal savings rate in the US collapses from over 5% to 2.9% – the lowest since the Lehman bankruptcy – in just one year, as all the excess savings from covid are long gone there is only so much more credit card maxing out that can take place before reality finally sets in.

One month later, reality has set in with a bang, because just a month after a bizarre surge in revolving credit, the Fed reported that in August, total consumer credit growth plunged by more than half to just $8.9 billion, below the $12 billion estimate…

… but while non-revolving credit which is far less volatile and much more stable, grew $10.3 billion, a big drop from the previous month’s $16 billion, if still the 2nd highest monthly increase of 2024 …

… the punchline is that the much more consumer-outlook sensitive revolving credit reversed all of its July surge and then some, as August saw the biggest revolving credit drop since the covid crash!

And what is especially notable is that just days before the Fed’s first rate cut since the covid crash, where Powell telegraphed an econ panic with his “jumbo” rate cut, the average rate on all credit cards in the US just hit a new high of 21.76%, up from 21.51%.

It will be very interesting to see if APRs drop next month when we get the update for September, after the Fed’s rate cut, because one month ago we made a prediction that while deposits and savings rates immediately dropped, interest rates on debt – such as credit card APRs – will barely budge (if not keep rising).

Finally, in light of the collapse in credit card funded spending, we can stop pretending that the government’s recent fabrication of savings data, which was upwardly “revised” from a record low 2.9% to a nice and balmy 4.8%, is even remotely credble.

Tyler Durden
Mon, 10/07/2024 – 15:49

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