Supreme Court Justice Anthony Kennedy Is Retiring

With many expecting a bombshell announcement today from either Supreme Court Justice Anthony Kennedy or Clarence Thomas, moments ago the news hit that indeed Justice Anthony Kennedy – a conservative who provided critical votes for immigration, same sex-marriage and abortion access, will retire from the SCOTUS, and that he will leave active status on July 31.

His retirement will allow president Trump to nominate a successor who could create the most conservative court in generations.

(The oldest Justice, 85-year-old Ruth Bader Ginsburg, has made it clear she won’t retire any time soon, particularly while Donald Trump is president.)

Kennedy, an 81-year-old Ronald Reagan appointee, has been the court’s pivotal vote for the last decade, and as Bloomberg reports, Kennedy’s centrist position meant he wrote some of the court’s most important opinions.

He disappointed conservatives in 1992, when he co-wrote an opinion reaffirming the constitutional right to abortion. Although he later backed some restrictions — voting to uphold a federal ban on some late-term abortions — he cast the decisive vote to strike down Texas regulations on clinics and doctors in 2016.
Gay Rights
Kennedy became a champion of gay rights and wrote the 2015 ruling thatlegalized same-sex marriage nationwide, using the type of sweeping language that characterized his opinions.
“No longer may this liberty be denied,” Kennedy wrote. “No union is more profound than marriage, for it embodies the highest ideals of love, fidelity, devotion, sacrifice and family.”
Kennedy also wrote the 2010 Citizens United ruling, which opened the way for a torrent of new campaign spending. He equated campaign-finance laws with censorship, writing that “the First Amendment confirms the freedom to think for ourselves.”
He was the quintessential swing vote on racial issues. He joined the conservative wing to strike down a core provision of the Voting Rights Act in 2013 but voted with the court’s liberals in 2016 to back university affirmative action programs.
Kennedy voted to overturn then-President Barack Obama’s health-care law. He was one of five justices in the majority of the 2000 Bush v. Gore ruling, which sealed George W. Bush’s election as president over Democrat Al Gore.

Finally, it is worth noting that this may bring the Republicans even more together ahead of the Midterms…

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Is America’s Liberal Left Enforcing The Fascist Ideals They Preach Staunchly Against?

Authored by Jon Hall via Free Market Shooter blog,

Last week, Press Secretary Sarah Sanders was booted out of a Red Hen restaurant in Virginia. Protesters swarmed around Homeland Security Secretary Kirstjen Nielsen’s home on Friday. Florida’s Attorney General was confronted and heckled at a showing of a Mr. Rogers documentary.

Just what is going on?

The liberal left is the side that espouses tolerance, acceptance, and love. That apparently only extends as far as keeping with their political alignment, however. In a news clip that reeked of practicing intolerant, extremist enforcement to “stand up” against “fascist” ideals, Rep. Maxine Waters advocated for those within the Trump administration to face harassment, all for doing their job:

Sarah Sanders, a paying customer to the Red Hen was forced out of the restaurant merely for her political affiliation. Sanders – or her party – did not cause a scene or ruckus to merit being booted out. Sanders was merely removed for the “offense” of working for the Trump administration.  Of the incident, co-owner of the Red Hen, Stephanie Wilkinson said:

This feels like the moment in our democracy when people have to make uncomfortable actions and decisions to uphold their morals.

Wilkinson also said she “would have done the same thing again”.

The Red Hen and Wilkinson conveniently hid behind the veil of morality to claim their “just” decision to enforce their own intolerance upon a member of the Trump administration. Sanders and her group, of course, took the high road, and left politely without causing any drama when asked to leave, the true definition of going high, when they go low – the (hypocritical) mantra of the Obama family.

Showing no shame, protesters targeted Kirstjen Nielsen, Homeland Security Secretary, at her home last week as well. A group of about two dozen protesters swarmed around Nielsen’s house, blasting audio of crying immigrant children and chanting “No justice, no sleep”.

As Nielsen left her home, the protesters hurled vitriolic insults at her: “History will remember you,” one shouted. “You belong in the Hague! You’re a modern-day Nazi!” another jeered.

Some Democrats even went so far as to praise the protesters.

U.S. Representative, David Bowen of Wisconsin tweeted, “Walking in @SecNielsen DC area neighborhood to remind her & neighbors snatching kids from families is wrong!” Former president of the American Immigration Lawyers Association, David Leopold posted, “Good morning @SecNielsen. Kids don’t sleep in peace. You don’t sleep in piece [sic]”.

The group of protesters that surrounded Nielsen’s home even included an employee of the U.S. Department of Justice, as reported by Fox News.

Nielsen also encountered trouble attempting to grab a bite to eat, being heckled and booed out of a Mexican restaurant – being faced with chants of “shame” and “end family separation” as she dined before the insults became too much and she was forced to leave. That’s two members of the Trump administration forced out of public for no reason other than their political beliefs.

NPR defended the incident, calling Nielsen a “hypocrite” for eating at a Mexican restaurant.

That’s correct, NPR insinuated that people should pick their dining choices based on their political affiliationsFor NPR, though – an outlet that receives federal funding – it’s the norm now.

Pam Bondi, the Republican Attorney General of Florida, was heckled over the weekend as she left a showing of a Mr. Rogers documentary. Demonstrators shouted her down as she left the theater, with one of them asking Bondi “what would Mr. Rogers think about you and your legacy in Florida”. Another shouted, “you’re a horrible person” as Bondi was escorted out by police.

The irony of the venue these protesters chose for demonstrating must be entirely lost on them. As Bondi points out:

We were in a movie about anti-bullying and practicing peace and love and tolerance and accepting of people for their differences…

Yet the shameless left still hurled vitriol and toxicity toward her, trying to preach for tolerance and acceptance but because Bondi was part of the party they disagreed with, that justifies the total lack of decency and standards.

On the topic of lack of human decency, Michael Hayden, the former director of the NSA – who likened the separation of families at the border to the Holocaust – defended his comparison, tweeting:

Notice near the end of his tweet – “After we punish a marginalized population“. It is laughable that a former director of one of the biggest intelligence agencies in the U.S. is calling for a “marginalized population” to be disciplined (editor’s note – think of the level of access of information that Hayden had on Americans when he was director of the NSA – if you support Trump and this doesn’t scare you, I’m not sure what would)Violence against not only members of the Trump administration but also Trump supporters is being normalized at a scary pace. The “tolerance and acceptance” is truly astounding.

All of this isn’t even mentioning the worst offender of the week – actor Peter Fonda.

Fonda took to Twitter – in a series of now deleted tweets – to blast President Trump for “his” policy that separated families at the border. In the most extreme tweet, Fonda espoused:

We should rip Barron Trump from his mother’s arms and put him in a cage with pedophiles and see if mother will stand up against the giant asshole she is married to.

In his other tweets, Fonda called Sarah Sanders and Kristjen Nielsen a “lying gash” and prompted that Nielsen “should be put in a cage and poked at by passerby. The gash should be pilloried in Lafayette Square naked and whipped by passerby while being filmed for posterity”.

Bear in mind, the latest narrative about separating illegal families at the U.S. border was hinged on a plea from the liberal left to think of the children. However, here we have a liberal Hollywood megastar yearning for a child to be put in a cage and raped.

To be so deranged as to wish a child be raped for simply being the son of Donald Trump makes their argument against mistreating children fall apart completely.

If the left cares so much about children, where were they at when an 18-year-old Trump supporter was kidnapped and tortured by four black individuals in Chicago? In regards to the incident, the silence of the mainstream media was deafening – a total media blackout.

It’s no surprise that hypocrisy and double-standards plague the liberal left. However, the slippery slope has long been traversed in regards to the edifying normalization of hate and vitriol against those of different political belief – as showcased with these toxic incidents that all transpired in just a week.

Furthermore, consider the massive liberal outrage funneled and orchestrated by the mainstream media if any member of Obama’s administration had been treated in the way Sarah Sanders or Kristjen Nielsen has been. Consider the furor and demand for action if a major Hollywood star called for Obama’s daughters to be locked in a cage with pedophiles. That hypothetical star’s career would have been ended and condemned – and rightfully so.

However, because the bigoted chastisements and savage remarks are directed at the other side of the aisle, the always-left mainstream media won’t form a crusade against any of the ire and demand action. In fact, they will report on these incidents as if they are acceptable and further normalize their hateful rhetoric, plunging our nation and discourse into the freakish state of vulgarity and indecency we currently find ourselves in.

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ATF Flips on Bump Stock Ban, Some Gun Rights Groups Are Mad: New at Reason

For nearly a decade, on precisely 10 different occasions, the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) concluded that so-called bump-fire stocks on AR-15s and similar rifles are legal under federal law. Bump-fire stocks use the gun’s recoil to increase the rate of fire.

But then came the October 2017 mass shooting of concert attendees in Las Vegas, where police said the shooter possessed bump fire stocks, writes Declan McCullagh.

View this article.

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3 Statistics That Will Make You Smarter and Happier

Microsoft founder and billionaire philanthropist Bill Gates has asked one of my favorite data-slingers Max Roser share three facts about global trends that everyone should know. Roser is the proprietor of the fantastic data aggregation website OurWorldInData. If you have been reading Reason, you already know these facts about the positive global trends for humanity. The amazing thing is how bleak many people believe the future for humanity is. This is largely because, as Roser notes, “One key reason why we struggle to see progress in the world today is that we do not know how very bad the past was.”

Here are the three facts about global trennds did Roser choose to highlight for Gates:

Fact #1: Since 1960, child deaths have plummeted from 20 million a year to 6 million a year.

Roser adds that just because the world is in a much better place now does not mean that we can sit back and relax. While the number of child deaths is falling; there were 3.5-times as many child deaths 50 years ago. But child deaths are still extremely common; 11 children are dying every minute.

Fact #2: Since 1960, the fertility rate has fallen by half.

Roser notes, that “improvements in conditions for women and the health of children have driven a rapid reduction in fertility rates across the world. In fact, the global fertility rate has halved in the last 50 years, from more than 5 children per woman to fewer than 2.5 children. The world population growth rate has also halved in the last 50 years and is just above 1 percent. That trend suggests that rapid population growth is coming to an end in this century.

Fact #3: 137,000 people escaped extreme poverty every day between 1990 and 2015.

Roser points out that “in 1990, 1.86 billion people were living on less than 1.90 international-dollar per day—more than every third person in the world. Twenty-five years later, the number of people living in extreme poverty has more than halved to 706 million, every tenth person.

Of course, readers of Reason know that the rates of child mortality, total fertility, and absolute poverty have all been falling for decades.

NorbergImprovement

For more fact-filled information on global trends, you should also check out the superb site Human Progress.

Finally, I will also immodestly mention that all of that data on global trends and much more is available in my book The End of Doom: Environmental Renewal in the Twenty-First Century.

Check out my 11-minute talk on “The Amazing and Abundant Future” at the Voice & Exit conference.

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Startling Drone Footage Of Tesla’s Model 3 “Tent” Reveals “The Stone Age Of Auto Manufacturing”

New photographs and drone footage of Tesla’s “state of the art” Fremont production tent, which it is using to “temporarily” boost Model 3 production, show that Tesla is using what has been dubbed “stone age” processes that fly in the face of the “alien dreadnaught” concept that Elon Musk had touted for the company’s production.

The following video taken on June 26 was uploaded on Twitter by a user who was able to capture footage of what the new temporary facility in Fremont California, which Elon Musk has gone to extreme measures to cover up such as putting trucks along the periphery fence to hinder onlookers, looked like.

The footage provides the closest look into the secretive tent facility ever made public, even as Tesla recently placed two large semi trailers in front of the facility to obstruct the view of the general public.

The video, and the still shots captured from the video, uncover a hand-built assembly line and conveyor where frames are forklifted onto the line, according to the notes by the author on Twitter.

As noted, the “assembly line is still being configured” and additional still images show that it may only be used for test vehicles or to make a “token” number of vehicles.

Despite all the clearly outstanding complications, Elon Musk made the following statement just hours after this video was captured, calling the tent assembly line “higher quality” than the more traditional general assembly line.

Earlier this week we published a detailed note earlier this week talking about Bloomberg’s first look into this tent facility at Fremont.

Photo Credits: Bloomberg

The tent was erected in just a matter of weeks, and came online in early June, to help the company produce more vehicles at a time when they are under the microscope. Until recently, we didn’t know the details as to when it was erected, what the timing looked like and what it is expected to produce. However, a Bloomberg article  helped shed some light on the details of what is arguably the most important – if archaic – structure that Tesla has built yet.

Not surprisingly, opinions extend the whole gamut, with some manufacturing experts claiming the tent is “basically nuts”.

Elon Musk has six days to make good on his pledge that Tesla Inc. will be pumping out 5,000 Model 3 sedans a week by the end of the month. If he succeeds, it may be thanks to the curious structure outside the company’s factory. It’s a tent the size of two football fields that Musk calls “pretty sweet” and that manufacturing experts deride as, basically, nuts.

Inside the tent in Fremont, California, is an assembly line Musk hastily pulled together for the Model 3. That’s the electric car that is supposed to vault Tesla from niche player for the wealthy to high-volume automaker, bringing a more affordable electric vehicle to the masses.

Analysts at Bernstein are equally unimpressed. Here is a quote from Max Warburton who benchmarked auto assembly plants before his job as a financial analyst:  “Words fail me. It’s insanity.”

Analyst Dave Sullivan, who previously used to supervise Ford factories and now works at AutoPacific, chimed in: “To say that it’s more efficient to build this with scrap pieces laying around means that either somebody made really bad decisions with the parts in the plant inside, or there are a lot of other problems yet to be discovered with Tesla’s efficiency.”

* * *

In conclusion, we revert back to the anonymous user who recorded the drone video, who asks a pointedly rhetorical question: “when will Elon Musk stop lying to the public about what his company can achieve? Or, when will the public, regulatory bodies, and elected officials begin to hold him accountable?”

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Fed’s Rosengren: Now Is The Time To Prepare For The Next Recession

Thanks to the Trump fiscal stimulus, the economy may be decoupling from the rest of the world (at the cost of what the CBO described as a “catastrophic” debt load in the not too distant future) and growing at a torrid pace, at least until the fiscal stimulus fades, but according to at least one Fed president, now is the time to start preparing for the next recession.

Speaking at the Peterson Institute for International Economics in Washington, Boston Fed president Eric Rosengren said that fiscal, regulatory and monetary policy makers should take a variety of actions to make periods of high unemployment less likely. In his prepared remarks, he said that high unemployment periods disproportionately affect minorities, people with lower education levels and children.

Specifically addressing the next economic downturn, Rosengren said that In the U.S., state and local government financing “should be designed to buffer the economy during recessions.” Quoted by Bloomberg, Rosengren said that such steps could include reducing the reliance on pro-cyclical revenue sources, shoring up pension liabilities and increasing “rainy-day funds” during economic upturns.

He also said that the Fed should increase the counter-cyclical capital buffer required for large banks to “address the incentive that banks will have to pull back on lending to shrink assets in a future economic downturn” and that the Fed should also consider “more flexibility with the inflation target” in order to give the central bank more room to lower interest rates during the next recession.

This goes back to the age old argument whether the Fed will overheat the economy, and hike too high just so it can cut enough to stem the next recession. Rosengren’s view: “I think the policy path that will increase the probability of a longer recession-free period is the path where the economy does not run above capacity and thus, fall far below the sustainable unemployment rate.”

Then, during the Q&A he made the following comments:

  • *ROSENGREN: THERE ARE SOME REAL BENEFITS TO MOVING GRADUALLY
  • *ROSENGREN: MUST WATCH IF INFLATION PICKING UP MORE THAN THOUGHT
  • *ROSENGREN: HAVE NOT SEE WAGES GO UP VERY RAPIDLY YET
  • *ROSENGREN: CAN TAKE BIT MORE RISK IF EXPECTATIONS WELL ANCHORED

This may well be the warning shot that the Fed’s 2018 (and 2019) dots are about to come crashing down, as the recent forecast of 2 more rates hikes in 2018 is slowly but surely shifted to 1 or even 0. Keep in mind, the market is now only expecting a grand total of 2-3 more rate hikes before the Fed calls it a day, and starts to truly prepare for the next recession.

Now if only stocks were to get the memo…

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Stocks Give Up Day’s Gains, Curve Flattens, Oil Spike Continues

Small Caps are leading the day’s losses but since Kudlow admitted the “no retreat, no surrender” policy on China, markets have gone south, the yield curve has flattened… and the dollar AND oil have exploded higher??

VIX tagged 18.00…

And the yield curve is collapsing to fresh decade lows…

 

The Dollar is spiking…

 

Meanwhile, WTI topped $73…(up from $63.42 a week ago)

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5-Year Auction Tails As Yield Drops To Lowest Since March

After yesterday’s mediocre 2Y auction, moments ago the US Treasury sold $36 billion in 5Y paper, at a 2.719% yield, tailing the When Issued 2.715% if below last month’s 2.864% as the short-end of the curve has tightened in recent weeks. This was both the lowest yield on the 5Y auction and the first decline in the monthly auction yield since March.

Internals were somewhat stronger, with the Bid to Cover rising from 2.52 to 2.55, and above the 6 auction average of 2.47. Indirect bidders stepped up, and took down 62% of the auction, the highest since March, and higher than the 6 auction average of 60.2%; Directs took down 9.5% leaving Dealers with 28.5% of the final allocation, just below the 29.4% average.

Overall, a pretty unremarkable auction, as the market’s attention now turns to tomorrow’s “belly-buster” when the Treasury will sell $30BN in 7 Year notes.

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High Taxes and Tight Restrictions Fuel Demand for Illegal Booze: New at Reason

One enduring image of Prohibition is that of people sipping bathtub gin—illegal booze of dubious quality and safety, cooked up to satisfy the thirst of drinkers in an America that tried to ban alcoholic beverages. Bathtub gin was the result of regulators trying to eliminate access to a popular product, inevitably inviting supply to meet demand in the black market.

But you don’t need an outright ban on alcohol to fuel the production of bathtub gin and its equivalents, notes J.D. Tuccille. A new report shows that the same result has been achieved in many countries through the imposition of excessively high taxes and overly restrictive regulations.

If you don’t want a black market in booze to develop, keep the tax man on a leash and regulators in check, argues Tuccille. And then, maybe, you can avoid repeated iterations of Prohibition and the bathtub gin it made so famous.

View this article.

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Democrats Are The Only Group Left That Believes The Mainstream Media

In what looks like a validation of the growing public expressions of anger directed at members of the media, a new Axios poll found that nearly all (a staggering 92%) of Republicans and Republican-leaning independents believe that mainstream media organizations knowingly report false or misleading stories, at least occasionally. And while Democrats proved to be the most credulous group, a majority still doubt that US media organizations are 100% credible.

Dems

All told, 72% of respondents said they believe mainstream media organizations to be knowingly misleading. Other studies from Gallup and Pew Research Center have drawn similar conclusions, with Democrats, unsurprisingly, revealed as the only group that still has any substantial level of trust in the media. Back in the 1970s, trust in media rose as high as 74% during the aftermath of Watergate.

The poll also found that 43% of Democrats say they utilize “Fact-Checking” resources like Snopes and FactCheck.org, while only 30% of Republicans and Independents do the same.

President Trump regularly lashes out at the “Fake News” media during his rallies and tweets. But most recently, it was Treasury Secretary Steven Mnuchin who took the media to task for sloppy reporting, rebutting a Wall Street Journal  and Bloomberg scoop about the administration’s plans to block investment by Chinese firms. According to Mnuchin, the story got important details about the administration’s strategy wrong, including its focus on China. Mnuchin shared finalized details about the policy earlier this morning.

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