Some of the measures advanced by Virginia Gov. Terry McAuliffe (D) have had the unintended consequence of strengthening gun rights.
A. Barton Hinkle writes:
The National Rifle Association gave Terry McAuliffe an F when he ran for governor in 2013. McAuliffe said he didn’t care, and if anything he seemed proud of the grade. But lately he has been taking steps that might make supporters of gun rights think better of him.
The governor already took one last year, when he hammered out a deal with Republicans in the General Assembly. They were furious at Attorney General Mark Herring, who had canceled reciprocity agreements with other states that recognized their concealed-carry permits. The deal with the governor reinstated such recognition. In return, it required the State Police to be on hand at gun shows to offer background checks, and it required individuals subject to protective orders to surrender their weapons.
Progressives thought they got the short end of the stick. So despite the governor’s earlier decision to prohibit civilian bearing of arms in executive-branch offices, Everytown for Gun Safety, which has given millions to support Democrats in Virginia, took out a full-page ad to denounce McAuliffe and his deal.
We discuss the Carry Trade, ultimate demise of the European Union, answer viewer questions, touch on the oil market, and dog financial media for the rating`s whores that they truly are in this video. There is some buy the rumor, sell the news effect in the oil market today, but we are still pretty bearish on the fundamentals of the industry, and the current supply glut in the market as witnessed by the most recent inventory reports. We think higher oil prices ultimately bring down some of the demand consumption numbers over time, as some of the demand gains over the past couple of years, come back in or retrace due to higher gasoline and diesel prices at the pump.
Drug stocks, Boeing, Lockheed, and automakers under pressure but the whole market appears to be derisking as Donald Trump’s press conference appears to be concluding without any discussion of stimulus, something dollar – and risk – bulls had expected, and which did not take place.
The machines tried to ramp The Dow as Trump started but that rapidly faded…
Year-to-date, gold is now a major winner and bonds top stocks…
After six straight days higher and the best start to a year ever, Biotech/Pharma stocks were just crashed lower on the heels of comments from president-elect Trump promising more competitive drug pricing.
Trump says Pharma Industry is “getting away with murder”
Trump says “we need new bidding procedures” for drug industry;
The biggest plunge in Pharma/Biotech stocks since Brexit in June 2016.
In 2 minutes, the entire 2017 rally has been wiped out.
Life comes at you fast, particularly if you’re trying to follow the news this week. Late yesterday afternoon, CNN broke the serious news that four senior U.S. intelligence chiefs briefed both President Barack Obama and President-Elect Donald Trump about “allegations that Russian operatives claim to have compromising personal and financial information about Mr. Trump.” On the subway ride over to record The Fifth Column, the weekly podcast I co-host with Kmele Foster and Michael C. Moynihan, Buzzfeed made the more questionable decision to release an uncorroborated report from an anonymous self-described intelligence source that included, among other allegations, that Trump hired Russian prostitutes to urinate on a Moscow hotel bed one slept in by Obama. And at the moment we stopped recording, the outgoing president delivered his farewell address.
So obviously the podcast spent the first 15 minutes talking about Costa Rica beaches and British holiday barfing habits. But THEN we get into the nitty gritty, including sober policy talk about Obamacare, the government-aggrandizing senatorial hysteria during Attorney General-designate Jeff Sessions’ confirmation hearings, and, yes, the peeing story. The news cycle has since thundered on, but you can listen to the snapshot reaction here:
A source at the Department of Justice has told NBC News that President Barack Obama is actually considering commuting the 35-year prison sentence given to Chelsea Manning for leaking classified military intelligence documents related to the Iraq War while in the Army.
Supposedly an announcement may come as early as today. There’s been a big push to encourage Obama to commute Manning’s sentence, but it would be surprising if he were to actually do so. First of all, the Obama administration has taken a remarkably hard line against unauthorized leaks, invoking the Espionage Act to go after them in a manner unlike previous presidents. Second, Obama’s commutations, as numerous as they are, have been specifically focused on easing harsh sentences placed on people convicted under previous administrations, not his own, and they tend to be related to federal drug war convictions.
Interestingly, NBC news spoke to some unnamed Army officers who believe that Manning’s disclosures were less “dangerous” than those revealed by surveillance whistleblower Edward Snowden and say Manning’s 35-year sentence seems excessive. She has served seven years so far.
Manning, who is transgender, has attempted suicide twice now in military prison. Chase Strangio, Manning’s attorney with the American Civil Liberties Union, put out a statement of support:
“The Obama administration has done many commendable things to protect the rights of LGBTQ people, but in the case of Chelsea Manning they have systematically mistreated her and denied her access to medically recommended gender-related health care. Chelsea won’t survive another 5 years in prison, much less another 30. President Obama has 9 days to do the right thing and commute her sentence. The world is watching, and we hope that he stands on the side of justice, and that his legacy will be one of standing up for trans people’s rights, not having extinguished one of our community’s brightest lights.”
Manning’s heavy sentence is undoubtedly an attempt to deter other potential military intelligence leakers. She is obviously not a threat to society if she were released.
I remain deeply skeptical that this administration would extend such a mercy, given its overall attitude to leaks. But the harsh sentence was handed down by a military judge and as NBC noted, it was much harsher than those handed to other leakers. And as a defense attorney also noted, it was harsher than sentences he had seen for murderers and rapists.
Snowden, who tweeted his support today for Manning’s release, is also looking for a pardon. ReasonTV covered that drive below:
Before Rex Tillerson’s Senate confirmation hearing even got started this morning, America’s disaffected, Hillary-supporting snowflakes took to the streets of Washington D.C. in protest of his inevitable appointment as Secretary of State. If only they could work so hard at finding a job it would be easy to “Make America Great Again.”
Outside the hearing, these clever millennials dressed up in T-Rex outfits and shouted “Reject Rexx” at the top of their lungs.
Rex Tillerson starts his hearings today. For decades, Exxon put profits over the health of our planet & people. Tell the Senate: #rejectREXhttp://pic.twitter.com/JckmJq7OTS
In what is sure to be a fiery event, Trump is set to host his first press conference since being elected President at 11AM EST this morning. Will today’s press conference be another political “rick-roll,” as CNN’s furious Jake Tapper described his last event at Trump International Hotel in Washington D.C., or will the anxious mainstream media finally get their shot at peppering Trump with questions about Russia, conflicts of interest and/or whatever the other “fake news” de jour is? Given that Trump outsmarted the media at pretty much every turn during the 2016 campaign cycle, we have our guess as to who will emerge victorious after today’s event.
Assuming the press actually gets to ask some questions, here are a couple of topics they are sure to focus on:
1. Russia, Russia, Russia – As The Hill points out, with CNN blowing up the “Russian Hacking” narrative yet again last night, with what is looking increasingly like just another dose of “fake news,” the press is sure to make Russia a focal point in today’s press conference.
While he met last week with the intelligence chiefs about Russia, Trump has also urged the country to “move on” from the purported hack.
But it’s unlikely that the press will be ready to “move on” at tomorrow’s press conference, especially after CNN reported Tuesday that intelligence officials briefed Trump on an outside report saying that the Russian government has “compromising personal and financial information” about him.
It’s unclear how reliable the outside intelligence report on Trump, which also alleges contacts between his associates and the Russian government during the campaign, is. CNN reports that U.S. intelligence officials relayed the report to Trump in part so he would know the rumors that are circulating among him in foreign intelligence communities.
According to CNN, a former British intelligence official who was employed by Trump’s political opponents produced the report. The CNN adds still more attention to the allegations that Russian hackers meant to sway the election for Trump.
2. Conflicts of Interest – This press conference was originally planned to give Trump the opportunity to address how his businesses would be managed during his Presidency to avoid conflicts of interest. With Trump since backing away from calls for a blind trust, this topic is sure to draw some questions.
According to Trump, his two adult sons, Eric and Donald Jr., will manage the company with the help of other executives, and they won’t make any “new deals” during their father’s term in office. At Wednesday’s press conference, Trump could be asked how his many businesses could avoid any “new deals” for four—and potentially eight—years.
But with critics blasting Trump for apparently refusing a blind trust, since he’ll still have a vested interest in the company if his children run it, Trump will likely be pushed on those potential conflicts and many more. That includes Trump’s Washington hotel, which has raised eyebrows from ethics groups concerned about Trump’s lease from the federal government and the potential for foreign governments to influence Trump by spending money there.
He’ll also likely face questions about his decision to appoint son-in-law Jared Kushner as a senior adviser despite federal anti-nepotism laws.
3. Obamacare – With Republicans going back and forth in the media in recent weeks over the timing of repealing and/or replacing Obamacare, the mainstream media will undoubtedly be concerned on when/how Obama’s signature piece of legislation will be dismantled.
On Friday, he called Sen. Rand Paul (R-Ky.), who has been publicly calling for a simultaneous repeal and replace of the controversial health care law. On Monday, he met with Senate Majority Leader Mitch McConnell (R-Ky.), who is helping to shepherd through the repeal.
When asked by The New York Times about his stance in the debate, he called for Congress to pass a replacement plan “very quickly or simultaneously” after Congress dismantles ObamaCare.
“Long to me would be weeks…it won’t be repeal and then two years later go in with another plan,” he added.
The problem is—Republicans in Congress haven’t yet coalesced around one plan, let alone one that could win the necessary bipartisan support. That makes sticking to Trump’s timeline difficult.
4. Border Wall – Last week the media seized on reports that Trump had asked Republicans in Congress to consider approving funding for the construction of a wall along the southern border, an expense Trump repeatedly said during the campaign would be covered by Mexico. With Mexico still refusing to pay for the “fucken wall,” as Vicente Fox has repeatedly said, this is sure to be a hot topic.
Congress is currently discussing appropriating funds to pay for the construction initially, ostensibly with Mexico on the hook to reimburse the United States later.
Trump has long promised that Mexico would pay the many billions of dollars required to fund the wall, in the last few months clarifying that he would compel Mexico to pay America back. After reports that the U.S. government would fund the wall, Trump accused the media of dishonesty.
But Mexico has held firm, with Foreign Minister Luis Videgaray saying Tuesday that “there is no way” his country will pay for the wall, framing the issue as a “matter of dignity and national sovereignty,” according to Mexican television reports.
Will Trump be asked to respond to those comments and reassure any supporters concerned about whether he’ll deliver on the campaign promise?
5. Twitter – Finally, with the media obviously perturbed by Trump’s efforts to cut them out of his communication strategy, the mainsteamers are sure to seek some clarity on his intention to utilize “traditional communication channels,” like press conferences, once he moves into the White House.
After last week's massive product builds (and crude draw), API suggested additional builds ahead of DOE data which confirmed even bigger than expected builds in Crude, Gasoline, and Distillates. WTI gapped lower on the print then accelerated lower as US crude production rose by the most since May 2015. Then the algos decided it was time to rip oil prices higher…
API
Crude +1.53mm (+1.5mm exp)
Cushing -187k
Gasoline +1.69mm
Distillates +5.48mm
DOE
Crude +4.097mm (+1.5mm exp)
Cushing -579k (+100k exp)
Gasoline +5.023mm (+2.75mm exp)
Distillates +8.356mm
Biggest crude build since November and another week of massive builds in gasoline and distillates…The 13.4 million barrel increase in total U.S. crude and refined products stocks last week is the biggest weekly gain since April 2015.
Notably:
U.S. CRUDE WEEKLY CRUDE IMPORTS RISE TO HIGHEST SINCE 2012: EIA U.S.
DISTILLATE STOCKS REACH HIGHEST WEEKLY LEVELS SINCE OCTOBER 2010: EIA
Crude prices have slipped this week on, among other things, concerns of rising US crude production which exploded higher in the last week…The biggest surge since May 2015
The overall reaction was a huge gap lower in crude…
But then the machines took over…
Saudi output curbs create “situation where good news fails to halt profit-taking,” says Ole Hansen, head of commodity strategy at Saxo Bank. “In the short-term I maintain the view that the downside risk is the greatest due to the threat of long liquidation”