Democrats flee, lettuce wins, a flood of extra executives, and Musk gets out the hatchet. It’s the Friday LinkSwarm!
People leaving the Democratic Party describe it as cancer:
While Democrat voters have been leaving the party for years, their reasons have become more urgent.
“When people were feeling pushed away years ago, to the point where they were starting to walk away, there was more of a casual tone about it,” former liberal Democrat Brandon Straka, founder of #WalkAway told The Epoch Times.
“People were beginning to feel the effects of leftist, communism, Marxism infiltration into our society, our culture, and our politics.”
Straka founded #WalkAway in 2018 after making his personal decision to leave the party public while inviting others to join him. Since then, thousands of exiting Democrats made social media videos explaining why they were choosing to #WalkAway, giving Straka a window into the minds of these voters.
At that time, people were just noticing changes in the party, he said. They weren’t always identifying what it meant, but they knew they didn’t like how it felt, and quietly left.
“But now, it’s akin to cancer. Cancer doesn’t stop growing and spreading just because people don’t like it. And what’s happening with the left is no different,” Straka said. “Particularly with them getting rid of Trump, installing Biden, and the Democrats taking full control of the government. This is a cancer that’s rapidly growing and spreading now. And it’s becoming not just uncomfortable, but I think intolerable, for a lot of people.”
Drugs dealers openly selling on Broadway. Thinks to mayors Bill de Blasio and Eric Adams, and the feckless actions of Soros-backed DA Alvin Bragg, Democrats have undone not only all the hard-won law-and-order gains of Rudy Giuliani’s broken windows police, but they’ve actually brought NYC back to the nadir of the crime-ridden New York of the 1970s. (Hat tip: Sarah Hoyt at Instapundit.)
Robert Francis “Beto” O’Rourke is heading to his third high-profile defeat in five years. But he and Planned Parenthood have an ace of their sleeve: registering dead voters.
A Texas firearms dealer is suing the Biden administration for weaponizing the Bureau of Alcohol, Tobacco, Firearms, and Explosives to shut down law-abiding gun retailers over paperwork errors discovered during audits.
President Joe Biden ordered the Department of Justice in June of 2021 to enforce “zero tolerance for willful violations of the law by federally licensed firearms dealers that put public safety at risk,” but after a 500 percent increase in federal firearm license revocations for retailers over the last year, it’s clear the Biden administration isn’t just going after gun sellers who intentionally violate the law.
Punishing minor slip-ups, the lawsuit argues, draws on a drastically different interpretation of the law than the definition federal courts have held based on the Gun Control Act of 1968.
The lawsuit, to which the federal government has 60 days to respond, also argues that the Biden administration’s new policy sets an unreasonably high standard that is not applied to any other industry.
That’s why Michael Cargill, owner of Central Texas Gun Works in Austin, chose to bring this case.
Those energy-hostile Democratic Party policies just keep paying dividends: “New England facing natural gas shortages, rolling blackouts this winter.”
The reality is that the normal flow of natural gas into the region is limited and has been unable to keep up with increasing demand levels over the past decade. That means that utility operators have to rely on liquid natural gas (LNG) imports to make up the difference during peak demand periods. During such times, LNG accounts for as much as one-third of the total natural gas used for heating and electricity.
But why is that? You won’t need an ace detective to figure that out. Utility companies in New York, Connecticut, and other New England states projected supply shortfalls more than a decade ago. Fortunately, New York and Pennsylvania sit on some of the richest natural gas resources in the country, found in the Marcellus shale deposits. The companies requested new, higher-volume pipelines to carry natural gas to meet the spiraling demands of New York City, particularly at the furthest end of the gas lines in Long Island. They also urged the development of local gas production to feed those lines. Similar situations were noted all across New England.
Instead of doing that, New York refused to approve new gas lines and passed a moratorium on natural gas drilling in the state. This brings us to the current situation where the same amount of natural gas is being used, but increasing amounts of it come in the form of LNG that has to be imported either from other regions of the country or from overseas. The energy crunch in Europe is eating up a lot of the available LNG, so there may not be enough for New England this winter.
A star reporter for ABC News has been missing since an April 27 FBI raid at his Arlington, Virginia apartment.
Emmy award winner James Gordon Meek – a deep-dive journalist who was also a former senior counterterrorism adviser and investigator for the House Homeland Security Committee, abruptly quit his job of 9 years and “fell off the face of the earth,” after the raid, one of his colleagues told Rolling Stone.
A recent proliferation of phony executive profiles on LinkedIn is creating something of an identity crisis for the business networking site, and for companies that rely on it to hire and screen prospective employees. The fabricated LinkedIn identities — which pair AI-generated profile photos with text lifted from legitimate accounts — are creating major headaches for corporate HR departments and for those managing invite-only LinkedIn groups.
Last week, KrebsOnSecurity examined a flood of inauthentic LinkedIn profiles all claiming Chief Information Security Officer (CISO) roles at various Fortune 500 companies, including Biogen, Chevron, ExxonMobil, and Hewlett Packard.
Since then, the response from LinkedIn users and readers has made clear that these phony profiles are showing up en masse for virtually all executive roles — but particularly for jobs and industries that are adjacent to recent global events and news trends.
Does the Federal Reserve swapping some $6 billion worth of dollars for Swiss Francs with the Swiss National Bank mean a global financial crisis is coming? Boiling down his argument: A.) The Swiss National bank has a weekly dollar auction every Wednesday. 99%+ of the time, no one shows up for them. B.) Last Wednesday, 15 parties (meaning banks) showed up for them to the tune of some $6 billion. C.) The only reason they would do that is if they don’t trust their current repo counterparties, and D.) This is what happened when Flu Manchu hit and before the Subprime Meltdown in 2008. If it’s any consolation, they first started showing up for the latter in December of 2007, so you might have nine months to buy gold, ammunition and canned goods…
“According to the latest campaign finance reports, Republican Alexandra del Moral Mealer has raised a record-setting $4.9 million dollars in support of her campaign for Harris County Judge, outraising Democratic incumbent Lina Hidalgo 4 to 1.”
Related: “Hidalgo Booed Exiting Meeting Where GOP Commissioners Continue Boycott of Tax Increase.”
Woke reporter: Are you just super excited to coach against another black coach? Tampa Bay Buccaneers coach Todd Bowles: “We don’t see color…the minute you guys stop making a big deal about it, everyone else will as well.”
Round Rock used to be a refugee from the leftwing madness controlling Austin. But as Austin grew, Austin leftism expanded out into the suburbs, and Williamson County got a lot more purple.
While parents weren’t looking, social justice and critical race theory snuck into Round Rock ISD.
A discussion of so-called “antiracism” is causing a stir in one of Texas’ most hotly contested school board races.
In 2020, incumbent Round Rock ISD school board vice president Tiffany Harrison moderated a taxpayer-financed book discussion. “How to Be an Antiracist” by Henry Rogers (who writes under the nom de plume Ibram Kendi) was the work under consideration.
The discussion focused on “collective guilt” where “no one is exempt” from the work of “antiracism.” From the speaker’s perspective, this is the natural conclusion when “everything in our world is racialized.”
The ultimate, destructive end to this ideology comes when you “push at all the nodes [of society] and pull them apart.”
Two current board members, Danielle Weston and Mary Bone, are conservative reformers. The other five (Tiffanie Harrison, Amber Feller, Amy Weir, Kevin R. Johnson, Sr., and Cory Vessa) are leftwing social justice advocates.
A conservative slate of candidates has stood up to run against the social justice warrior board members of RRISD. Calling themselves One Family Round Rock, they are:
John Keagy for Place 1. He’s running against left incumbent Kevin Johnson Sr., hard lefty candidate Estevan Jesus “Chuy” Zarate (who has a lot of signs out next to The Usual Suspects that actually mentions “Equity,” the codeword for hard left Social Justice), and Apple software engineer Yuriy Semchyshyn, running as a critic of the board. (Note: Because this is a special election, it appears below the other races on the ballot.)
Jill Farris for Place 4. She’s running against incumbent lefty Cory Vessa, hard lefty Alicia Markum (whose website mentions “equity”) and board critic Linda Avila.
Christie Slape for Place 5. She’s running against incumbent lefty Amy Weir, RRISD Assistant Principal Stefan Bryant (for whom I cannot find a campaign website) and Joshua Billingsley (who says he’s dropped out and is supporting Weir).
Don Zimmerman for Place 6. He’s running against incumbent social justice warrior queen bee Tiffanie Harrison.
Note that there’s no runoff for RRISD elections, so whoever manages to earn a plurality in a 3- or 4-candidate race wins.
All campaign on a variety of issues, including parental rights, opposing lockdowns, an emphasis on academic fundamentals, conducting a “forensic audit,” and opposition to the deeply suspicious hiring of superintendent Hafedh Azaiez despite several red flags. But all are also united in opposing wokeness, critical race theory, and transexual madness in Round Rock classrooms.
I had a chance to talk with most of the slate at a campaign event a few weeks ago. All agreed that Tiffanie Harrison was the biggest source of woke militancy on the board. Zimmerman, her opponent and the highest profile politician of all those running, calls Harrison “the tip of the spear” for wokeness in RRISD.
He and several others indicated that woke principals were the ones sneaking CRT, Black Lives Matter, and gay agenda materials into the classroom. “No one seems to be responsible for it. It just shows up.”
We know from San Francisco and elsewhere that woke social justice and transgenderism is deeply unpopular, and when parents speak up against it, they frequently win.
Early voting for the Texas general election starts Monday, October 24. Williamson County early voting locations can be found here, while Travis County early voting locations can be found here.
Higher inflation, widespread corruption in the federal government, the Bank of England makes Liz Truss blink, and Muslims take exception to Dearborn Public School’s gay agenda. It’s the Friday LinkSwarm!
The Journal reviewed more than 31,000 financial disclosure forms and analyzed more than 850,000 financial assets and 315,000 trades to shed light on any conflicts of interest among more than 12,000 senior career bureaucrats and political appointees. Its investigation found that “thousands of officials across the U.S. government’s executive branch disclosed owning or trading stocks that stood to rise or fall with decisions their agencies made.”
“Across 50 federal agencies ranging from the Commerce Department to the Treasury Department, more than 2,600 officials reported stock investments in companies while those companies were lobbying their agencies for favorable policies, during both Republican and Democratic administrations,” the Journal reports. “When the financial holdings caused a conflict, the agencies sometimes simply waived the rules.”
The federal employees weren’t even subtle about it. Per the Journal, “More than five dozen officials at five agencies reported trading stocks of companies shortly before their departments announced enforcement actions against those companies, such as charges or settlements.”
That’s sus.
To get an understanding of how shady this behavior is, consider examples from a few specific agencies. At the Environmental Protection Agency (EPA), for example, the Journal found that “more than 200 senior officials… or nearly one in three, reported that they or their family members held investments in companies that were lobbying the agency.”
Similar corruption plagues the Department of Defense, where, per the investigation, “officials in the office of the secretary or their family members collectively owned between $1.2 million and $3.4 million of stock in aerospace and defense companies, on average, during years the Journal examined. Some owned stock in Chinese companies while the U.S. considered blacklisting the companies.”
Sometimes there’s a major story out there you don’t have time to really pay attention to, and such is the case with the UK “mini-budget”/Bank of England story. Basically, new UK PM Liz Truss and her Chancellor of the Treasury Kwasi Kwarteng went “We’re going to cut taxes despite soaring inflation” and the Bank of England (which evidently said that UK pension funds were hours from collapse last week) went “No you’re not.” Well, Truss just blinked, Kwarteng is out, and now the UK government is going to raise taxes.
Here’s a video explainer of the complexities of the Bank of England intervention in the bond market.
I’ll still trying to wrap my mind around the phrases “pension fund margin call” and “unlimited quantity” of short term repo liquidity reserves.
The Biden administration’s new technology restrictions are already causing disruptions in China as US semiconductor equipment suppliers are telling staff based in the country’s top memory chip maker to leave, according to WSJ, citing sources familiar with the matter.
State-owned Yangtze Memory Technologies Co. has seen US chip semiconductor equipment companies, including KLA Corp. and Lam Research Corp., halt business activities at the facility. This includes installing new equipment to make advanced chips and overseeing highly technical chip production.
The US suppliers have paused support of already installed equipment at YMTC in recent days and temporarily halted installation of new tools, the people said. The suppliers are also temporarily pulling out their staff based at YMTC, the people said. –WSJ
It’s hard to overemphasize how badly screwed China’s chip industry is with this latest move. Semiconductor equipment not only needs regular maintenance, but extremely specialized expertise when something goes wrong and your yields crash, wizards who can look at a wafer defect chart and determine by experience what’s gone wrong with which tool. Without support and spare parts from the western semiconductor equipment giants, expect yields to start crashing in a matter of months, if not weeks, especially if Applied Materials and Tokyo Electron join the pullout.
The IRGC may be mobilizing retired servicemembers and other affiliated officers to suppress protests in Tehran on October 15.
Protesters have killed more Iranian security personnel in the current protest wave than in any previous wave in the regime’s history according to regime statistics.
Anti-regime protests occurred in at least 11 cities in seven provinces.
Social media accounts that are representing themselves as youth groups organizing and coordinating protests called for countrywide unrest on October 15.
Snip.
Social media accounts that are representing themselves as youth groups organizing and coordinating protests called for countrywide unrest on October 15. Dozens of social media accounts are presenting themselves as provincial components of a broader youth movement aimed at overthrowing the regime. The movement does not appear to have a central headquarters or hierarchy—at least on social media—and some of these groups’ rhetoric is notably disjointed from the others. These accounts claim to have a presence in multiple Iranian cities, including Tehran, Karaj, Neyshabour, Hamedan, Shiraz, and Ahvaz. Some of these accounts called for protests in Khuzestan on October 14, which did materialize in three different cities across the province on that date. Another account claimed that it had activated “sabotage groups” to destabilize the regime on October 14. The Tehran Neighborhood Youth group currently has the most followers and has posted for the longest period of time, possibly suggesting that it inspired copycat accounts based in other cities.
Some of these groups are presenting themselves as having moved from protest organization to coordinating phase one insurgency attacks.
In private, Democratic party officeholders are super racist.
But they’ll arrest parents and take their children if you fail to bow to their transexual madness. “Virginia Democrat Bill Would Criminally Prosecute Parents Who Don’t Affirm Their Kids As Transgender. Previous attempt at the bill was co-sponsored by a senator who served jail time for having sex with a teenager.”
A Virginia Democrat lawmaker says she will introduce legislation to have parents criminally prosecuted if they do not “affirm” their child as transgender. Teachers and social workers would report parents to Child Protective Services under the bill envisioned by state Delegate Elizabeth Guzman (D-Fauquier).
Guzman told WJLA that “It could be a felony, it could be a misdemeanor, but we know that CPS charge could harm your employment, could harm their education, because nowadays many people do a CPS database search before offering employment.”
Guzman, a social worker, went public with her plans to introduce the bill a week after The Daily Wire reported that a National Association Of School Psychologists official named Amy Cannava boasted that she was working with an unnamed state delegate matching Guzman’s description to craft such legislation. “I want to see a kid in a home with food and shelter and insurance and support, but I also don’t want to lose kids to death,” Cannava said, adding that “I will not deny the fact that I have put parents in their place in my office or at school.”
Cannava is also affiliated with a group called the Pride Liberation Project that said it would pick up trans and gay teens who didn’t like their parents, and “work with other supportive adult organizations in the region to find you someone who can provide you a kind and affirming home.”
A similar bill was quietly introduced in 2020 by Guzman and four other Democrats immediately after they took control of the legislature in the 2019 elections. It redefined the term “abused or neglected child” to include one whose parent “inflicts, threatens to create or inflict, or allows to be created or inflicted upon such child a physical or mental injury on the basis of the child’s gender identity or sexual orientation.”
The sole Senate sponsor of the 2020 bill was Joe Morrissey, who served prison time for contributing to the delinquency of a minor after sleeping with his teenage secretary. He accepted a plea deal after initially being indicted on possession of child pornography and other charges.
You know who else hates rolling out the gay agenda to public schools? Muslims.
The only religious people the left is truly scared to offend are Muslims. Criticizing Muslims is completely off the table according to the left’s rules of engagement, so if Muslims are upset about something, the amount of twisting, back-bending, and acrobatics the left will perform in order not to offend them will be something to see.
So when hundreds of Muslim parents, upset at gay porn in the school libraries, showed up to a school board meeting in Dearborn, Mich., and it devolved into shouting and chaos with board members running away and gay protesters being chased to their cars, the fallout was absolutely hilarious. The headline in the Detroit Free Press after the event went haywire was “LGBTQ and Faith Communities Struggle for Unity.” BAHAHAHAHAHAHA. Can you imagine what the headline would have been if it were a Baptist church chasing gay protesters to their cars? “Fascist White Supremacist Book Burners Bash Gay Man in Parking Lot,” or “Rabid Religious Zealots Terrorize Gay Man Defending Right to Read,” or something equally terrible. I don’t know about you, but I’m enjoying this disaster.
Enjoy this thread and all the videos in it. I know I did.
Shouting between various factions as groups take over Dearborn public schools board meeting. Board members have left. Unclear if they are coming back or if meeting will restart. Heavy police presence. pic.twitter.com/XIMEqIRR1X
Problem: Too many Germans are voting for a rightwing party the left disapproves of. Solution: Ban it. Thank God banning other political parties in Germany has never had any negative consequences…
Speaking of things that could never possibly have any negative consequences, Balarus dictator and Putin toady Alexander Lukashenko decrees that all price increases are forbidden. Enjoys those coming goods shortages, Belarussians. (Hat tip: Stephen Green at Instapundit.)
Florida Surgeon General releases study showing heightened cardiac death rates for men ages 18-39 after taking the Flu Manchu mRNA vaccine. So Twitter banned him. Thou Shalt Have No Other Gods Before The Narrative. (They later reinstated him.)
Ukrainian troops shoot down a cruise missile with a MANPADS.
Alex Jones ordered to pay $965 million to Sandy Hook families. As I noted last week, Alex Jones is an unreliable loon, but that judgment seems excessive and punitive merely for running his mouth.
More Democrats convicted for committing voting fraud, Russian forces are driven out of Lyman, and the Eurocrats freak out of Italy’s voters daring to disobey their wishes. Plus advice on what not to invest in.
In February, 2021, the Biden administration-run Centers for Disease Control (CDC) awarded a Soros-backed pro-migrant nonprofit $7.5 million under the guise of pandemic-related support for “LATINX ESSENTIAL WORKERS AS HEALTH PROMOTERS,” and aimed “to reduce the spread of COVID-19 and mitigate impacts among Latinx and Latin American immigrants,” according to an analysis by the Daily Caller.
The group, Alianza Americas, is currently suing Florida Gov. Ron DeSantis (R) and other Florida officials over migrant flights to Martha’s Vineyard earlier this month.
The group has also received nearly $1.4 million from George Soros’ Open Society Network.
Alianza Americas is “focused on improving the quality of life of all people in the U.S.-Mexico-Central America migration corridor.” The membership-based group, which Soros’ Open Society Foundations network (OSF) sent almost $1.4 million to between 2016 and 2020, was awarded a $7.5 million CDC grant in February 2021, according to a grant listing reviewed by the Daily Caller News Foundation. -Daily Caller
The CDC funds were distributed under a program called “Protecting and Improving Health Globally: Building and Strengthening Public Health Impact, Systems, Capacity and Security.”
Add this to the many, many things Republicans should investigate if they gain a congressional majority.
Former U.S. Rep. Michael “Ozzie” Myers, a Pennsylvania Democrat, pleaded guilty to conspiracy to deprive voters of civil rights, bribery, obstruction of justice, falsification of voting records, conspiring to illegally vote in a federal election, and orchestrating schemes to fraudulently stuff ballot boxes for specific Democrat candidates in Pennsylvania elections held from 2014 to 2018. Myers was sentenced Tuesday by U.S. District Judge Paul S. Diamond to 30 months in prison, three years supervised release, and ordered to pay $100,000 in fines, with $10,000 of that due immediately, according to a statement from U.S. Attorney Jacqueline C. Romero.
“A right-wing alliance led by Giorgia Meloni’s Brothers of Italy party” won Italy’s election and will form a new majority government.
Naturally, the Eurocratic elite are far from thrilled that Italians exercised unapproved voting preferences. “EU Commission President Threatens Italy On Eve Of Election, Says Brussels Has ‘Tools’ If Wrong Parties Win.”
Funny how they mention that some fascists were involved in founding Meloni’s party, but never mention how the Partito Democratico, the leftist and second largest party in Italy, were formerly commies.
“This Ohio School District Is Promoting an ‘LGBTQ+ Resource Guide’ With Instructions on Sex Work, Abortions. Hilliard City School District guide also encourages students to transition gender without parental consent.” All this encouraged by the National Education Association, which evidently thinks it is perfectly fine to literally instruct your children on how to be whores. (Hat tip: Sarah Hoyt at Instapundit.)
A double-dose of Glenn Greenwald:
I can't stress this enough: at its core, Democratic politics is about criminalizing opposition to their party and ideology.
Dissenting ideas are "disinformation" and must be censored by Big Tech. Trump voters are inherently criminal ("insurrectionists") and should be imprisoned.
This is the face of authoritarianism – even though it looks different than you were taught to expect. And it's the mindset of tyrants everywhere:
This is someone so inebriated by her sense of righteousness and superiority that she views dissent as an evil too dangerous to allow: https://t.co/kmG4zTgPwh
Important investing tip: A single deli in rural New Jersey is not, in fact, worth $100 million. Which explains the fraud charges.
Speaking of bad investments, remember how growing hemp was going to make farmers rich? Yeah, not so much.
Since I post a lot of Peter Zeihan videos, I thought it only fair that I post this critique of Zeihan by Yaron Brook. He opines that, while Zeihan has important things to say about geography and demographics, he ignores the central role of ideas in shaping the world.
California is (still) broke, Stacey Abrams is (still) not very bright, Joe Biden tried to deal gas to the commies, and the FBI can’t be bothered to investigate such trivia as “sex crimes involving children.” It’s the Friday LinkSwarm!
Remember how the State of Texas came in with record revenues and a $27 billion surplus? Well, the flip side is California, which just saw 11% personal income tax revenue drop. Funny how chasing away productive taxpayers through punitive taxation and insane over-regulation isn’t a recipe for success…
Republicans on the House Oversight and Reform Committee have obtained bombshell documents proving that Joe Biden was deeply involved in the family business of selling American natural gas to the Chinese–while he was planning to run for President. According to multiple whistleblowers, the Biden family made promises to those who worked with them in 2017 and onward that they would “reap the rewards in a future Biden administration.” These explosive revelations “pose national security concerns,” Oversight Republicans proclaimed Tuesday night.
The Biden clan enriched itself by selling the natural resources to a Chinese firm closely affiliated with the Chinese Communist Party (CCP)—just a few years before the cost of gas in the United States hit record highs, the Oversight Republicans stated.
In a letter to United States Treasury Secretary Janet Yellen, Rep. James Comer (R-Ky.), the ranking Republican on the Oversight Committee, alleged that according to whistleblowers, Joe Biden was heavily involved in this treachery.
“This comes to light at a time when the cost of natural gas is at a 14-year high and Americans struggle to pay their energy bills,” Comer wrote in the letter to Yellen. “The President has not only misled the American public about his past foreign business transactions, but he also failed to disclose that he played a critical role in arranging a business deal to sell American natural resources to the Chinese while planning to run for President.”
Comer sent a letter to Yellen in July complaining that the Treasury Department was restricting access to over 150 Suspicious Activity reports (SARs) on Hunter Biden, amid explosive revelations that came out from Biden’s “laptop from Hell,” and iPhone.
On Sept. 2, 2022, the Treasury Department stated in a letter to Committee Republicans, that the SARs may be provided “upon a written request stating the particular information desired, the criminal, tax or regulatory purpose for which the information is sought, and the official need for the information.”
In response, Comer said that “based on the documents provided in this letter, we request all SARs from Biden family transactions, including those involving President Biden, related to transactions with Chinese entities. We are concerned that the President may have compromised national security in his dealings with the country most adverse to U.S. interests—China. These SARs will inform our analysis of this matter.”
Comer said Oversight Republicans have obtained a “presentation” emailed to Hunter Biden’s firm Hudson West III LLC (Hudson West) on December 13, 2017. The document, translated from Mandarin Chinese, is titled, “Overview of the U.S. Natural Gas Industry Chain, and is concerned with selling American natural resources to China.”
“Jiaqi Bao, who created the presentation, was previously an employee of the CCP, and worked for Hunter Biden’s corporate entity Hudson West,” the letter states.
Comer provided Yellen with two maps that were part of a presentation emailed to Hunter Biden. The maps include sophisticated analysis written in Chinese, and show the United States carved up based on natural gas reserves “with particular emphasis on Pennsylvania, Louisiana, Texas, Oklahoma, and Wyoming.”
“The emails that accompany the transmitted maps reveal a plan to sell natural gas reserves to China via the same corporate entity branded on the presentation-Hudson West III LLC (Hudson West)–set up by Hunter Biden with officials from the Chinese company CEFC, at the time, one of the largest oil companies in China,” the letter stated.
I have only skimmed this dog's breakfast of a complaint, but what popped out at me for the parts I looked are were the lack of damages allegations, much less ones against NY, the plaintiff. You cannot sue if you did not suffer a loss. None are pleaded in the parts I looked at. 3/
So, the initial motion to dismiss will not be heard before the midterm – the real mission was accomplished by filing suit in time to influence the election, but not so early that this garbage case could be tossed out before the election.
FBI investigations of child sex abuse claims are no longer a priority with all these conservatives and Trump supporters they need to prosecute for WrongThink…
This may fall into the “old news is so exciting” category for many of you. I knew that Tesla was building it’s Gigafactory east of Austin, and that it was large, but since I almost never travel to that part of town, until this video popped up in my YouTube feed, I had no idea how large.
Wikipedia, the source of all vaguely accurate knowledge, lists the footprint as 10 million square feet, making it the second largest building in the world, next to only Boeing’s aircraft assembly plant.
Also astonishing is just how quickly it was put up. Musk threatened to move Tesla to Texas back on May 9, 2020, officially announced it July of 2020, and the construction crew raised the first pillar in December of 2020. If they had tried to do this in California, I bet they’d still be wrangling over environmental impact statements and paperwork.
Earlier this year they held a “Cyber Rodeo” to celebrate starting manufacturing in the building, even though parts of it are still under construction. (Much like the Detroit Arsenal Tank Factory started production during World War II before the building was finished.) And Tesla plans to hire 20,000 people for the site.
In California, even an industry as near and dear to the hearts of environmentalists as electric cars finds the tax and regulatory too hostile to expand their business.
Low taxes and low regulation are the way to keep your state prosperous. But that path doesn’t offer Democrats enough rent-seeking and graft…
Ukraine is carving out big gains in Kharkiv, Texas is in the money, Biden taps Clinton’s bagman to divy up the graft manage climate change funds, more groomers unmasked, and some big changes in the UK. Plus a bit about tanks. It’s the Friday LinkSwarm!
Ukrainian successes on the Kharkiv City-Izyum line are creating fissures within the Russian information space and eroding confidence in Russian command to a degree not seen since a failed Russian river crossing in mid-May.
Ukrainian forces in the Kharkiv Oblast counteroffensives advanced to within 20 kilometers of Russia’s key logistical node in Kupyansk on September 8.
Ukrainian forces will likely capture Kupyansk in the next 72 hours, severely degrading but not completely severing Russian ground lines of communication (GLOCs) to Izyum.
Ukrainian forces are continuing to target Russian GLOCs, command-and-control points, and ammunition depots in Kherson Oblast.
On Thursday, the state comptroller reported that the Lone Star State’s tax revenue rocketed by 25.6% to a total of $75.21 billion.
It’s only the fifth time since 1988 that revenue grew by a double-digit percentage — and it’s double the next largest increase over that 34-year span.
“Revenues continue to outpace even our most recent forecast as All Funds tax collections closed the fiscal year $841 million above the projection in our Certification Revenue Estimate,” said state Comptroller Glenn Hegar in an official release.
That’s a stark contrast to California, which saw July revenue come in 12% below forecast.
Texas has been a major beneficiary of migration from California: Over the last census cycle, 34% of new Texans arrived from California alone. Meanwhile, New York saw personal income tax collection fall 3.2% from April 1 through July.
Joe Biden has hired John Podesta to be the new Clean Energy Czar, citing his experience in progressive causes….
Bottom line, John Podesta is being now being hired to divvy up the $316 billion in Green New Deal money recently authorized by congress. That is what Podesta specializes in, the distribution of taxpayer money to DNC allied groups and networks in advance of the 2022 midterms. Podesta, Hillary’s fixer, is a bagman, nothing more.
Worse, one of the many bag clients he’s adept at channeling money into Democratic pockets for is China.
President Joe Biden on Friday tapped John Podesta to oversee $370 billion in climate spending, a move that has China hawks on Capitol Hill concerned over Podesta’s encouragement of Chinese investment in American infrastructure and praise for the top U.S. adversary on climate change.
Podesta has called for Chinese investment in American infrastructure, arguing in 2013 that there are “great opportunities for Chinese firms to directly invest in this nation, to build American infrastructure, to create American jobs, and generate steady and handsome returns.” He added, “There’s also the ability for Chinese firms to invest here and learn best practices, and take those home to the tremendous and growing middle class market in China.”
Instead, in the intervening decade, the Chinese government has committed widespread economic espionage—one 2017 estimate found that China steals up to $600 billion in trade secrets a year. Engineers in China, meanwhile, use popular social media platform TikTok to access nonpublic data from U.S. users.
Podesta has also praised China’s efforts to combat climate change, arguing in 2015 that the Chinese “are beginning to do a fair amount.” China, which is the world’s top carbon emitter, went on to dramatically accelerate its coal consumption, which reached a record high in 2020.
That record has China hawks on the Hill concerned that America’s top adversary has a new—and powerful—ally in the White House. Podesta’s role will see the liberal consultant implement $370 billion in spending toward alternative energy, a sector that China dominates when it comes to raw materials. As such, alternative energy companies receiving the Podesta-steered funding could turn to China to secure supplies. The new Biden aide will likely take no issue with that dynamic, given that he has argued the United States and China should “align” on a green economy. Sens. Marsha Blackburn (R., Tenn.) and Ted Cruz (R., Texas) argued that the move reflects the White House’s soft-on-China stance.
Democratic County Administrator Robert Telles charged in the death of journalist Jeff German, “an investigative reporter with the Las Vegas Review-Journal who had spent the last few months exposing misdeeds and turmoil in the official’s office.” For all Sundown Joe’s dark mutterings about “UltraMAGA,” it seems like Democrats are the ones doing all the killing…
A now-former elementary school teacher previously charged with sexual abuse of a 7-year-old student was arrested again and charged with sexually assaulting a second victim.
Victor Moreno, 28, was charged in July with continuous sexual abuse of a child, a first-degree felony, and an improper relationship between a student and educator, a second-degree felony.
The accused pedophile’s victim was a second-grade girl in Irving Independent School District, where Moreno was a teacher at the time of the alleged assaults during the 2020-2021 school year.
Snip.
Meanwhile, a teacher’s aide in Mesquite Independent School District was arrested Tuesday after being accused of engaging in inappropriate relationships with students.
Bryan Garcia, 22, was charged with two counts of sexual assault of a child and one count of indecency with a child.
“Higher Ed’s New Woke Loyalty Oaths: A ballooning number of hiring and tenure decisions require candidates to express written fealty to political doctrines.” And you can bet those doctrines have nothing to do with constitutionally limited government based on universal rights…
Indeed, they’re talking about restarting old production lines to start manufacturing older BMP-2s. “The costs and challenges of bringing more modern designs into production are now surely aggravated by Western sanctions cutting access to many basic electrical components, requiring pricey and time-consuming workarounds.”
This is like a scene from a porn movie, only a lot creepier. “Las Vegas landlord requires tenant to sign sex contract in order to lease home.”
“Kim Kardashian Is Starting Her Own Private Equity Company.” Why not? But I’m betting being a genius at self-promotion doesn’t equate to being a genius at investing, especially since she’s starting in the middle of a fierce, widespread downturn…
Easiest way to win Dad of the Year? Pick your son up from school in a tank. Looks like a Scorpion light tank, most likely the FV107 Scimitar reconnaissance variant.
“FBI Drops Investigation After Discovering Trump’s Top Secret Nuclear Documents Were Just Print-Outs Of Hillary Clinton Emails.”
If you can remember all the way back to pre-Flu Manchu 2020, housing prices were soaring and there were a raft of articles decrying how commercial investors were snapping up housing as fast as they possibly could, pricing ordinary Americans out of the market.
Now, some two years later, it’s evident that a lot of those commercial investors kept buying right up through the peak of the market, and are now proceeding to lose their shirts on those deals thanks to the Biden Recession.
Take, for example, OpenDoor, the company that sends out those endless “We want to buy your home” letters. They promised investors they were going to use the Internet to revolutionize home-buying by flipping homes at scale and cut out the middle man. How well did they succeed?
Now that they’ve had a while to run their system, the answer is: Not so well.
Takeaways:
One thing I was unaware of: Commercial investors in residential real estate fund their purchases through variable interest rate debt.
OpenDoor’s outstanding debt balance “has ballooned from $271 million to $6.1 billion.”
Every point rise in interest rates costs OpenDoor $40 million more in interest rate payments.
“OpenDoor is truly a modern day house of cards. The company’s revenue grew from $1.8 billion in 2018 to over $8 billion in 2021. To grow they scaled, going from 18 markets to 44 markets in the U.S. In those four years, the company went from flipping 7,000 homes a year back in 2018 to now flipping 21, 000 homes most recently in 2021.”
“Despite OpenDoor’s top-line growth, the company has incurred loss after loss after loss, each bigger than the last, even in a strong rebound year in 2021. Where the company sold a record number of homes, OpenDoor incurred a record loss of over $600 million.”
Some math snipped. “OpenDoor would need to sell roughly sixty thousand homes a year just to break even with how much it costs the company to exist in its current burn rate. Every time the interest rate goes up a single point, OpenDoor needs to sell an additional 2,000 homes in order to offset that additional $40 million.”
The end of the video touches on how Zillow lost $881 million by trusting an algorithm that had them paying above-marker prices. We covered that briefly here some nine months ago. Here’s a video with more details:
But it’s not just OpenDoor and Zillow. Here’s a video that explains why all the large-scale commercial buyers of residential real estate (including those buying to rent it out rather than flip) are screwed by rising interest rates:
Takeaways:
The Fed “is now committing to not only continue increasing interest rates, they’re committing to keeping interest rates elevated for the foreseeable future.”
“These real estate investors are going to be losing money in the housing market on their investments, and that they are going to have to fire sale their portfolio as a result.”
“Over the last year, the investor profit or the cap rate in America is about 4.5%, which was pretty good in 2021, when interest rates were zero, but now that interest rates are projected to go to 3.8%, we can see that investors who buy real estate in America are basically getting very little premium over buying a short-term government bond.”
“As this investor demand continues to go down, home prices are also going to continue to go down in America, because in many markets investors were quarter of the demand, a third of the demand for homes over the last of couple years, and in some neighborhoods investors were 50—60% of the demand.”
“A lot of people think [commercial buyers pay] cash, but folks, it’s never cash, it’s always a bank in the background giving these hedge funds and private equity funds money to buy single-family homes.”
“They’ll give these hedge funds maybe 70—75% percent of the money to go do it, like a normal loan. The thing is, the loans that these Wall Street investors use to buy homes are often adjustable rate loans, where every time the fed hikes interest rates, the Wall Street investor has to pay more in debt service and interest on their existing portfolio.”
“We’re gonna get to a point soon over the next six months where these Wall Street investors are having to pay more to their bank and their warehouse lender than they’re going to receive in income and rent from their tenant. Like, literally, these Wall Street investors not only are going to see the value of their property going to go down, they’re going to begin losing money in terms of cash flow.”
So not only will investors have to sell, but frequently they won’t have any choice.
Because their lender, their bank, is going to do something called a margin call. At a certain point, they’re gonna say “Hey Wall Street buyer who I’m giving money to, the value of the homes has gone down and now you can barely afford to pay interest. You’re gonna have to now just pay us off, or pay us down,” and when the bank does that margin call, these investors are then going to be forced to sell off their portfolio, because they’re going to need the cash, causing a massive, widespread dump of inventory onto the U.S. housing market.
He doesn’t mention Austin by name in this video, but he does in another pegging it as the #5 market most likely to see price drops. “This is a market in absolute freefall.” “In the span of just five months, the number of homes for sale in Austin has increased from 1460 and February to nearly 8 000 in July.” He thinks home prices could down by 40%. Naturally, as an Austin-area home-owner, I think that’s way too much, but I do expect significant retreats from the highs reached early this year.
He also thinks inflation is going to get worse (which is probably a good bet).
(In another video covering some of the same ground, he mentions BlackRock, one of the biggest boogeymen in public perceptions of buying residential real estate. Guess what? “BlackRock is not a big player in terms of owning, managing and buying real estate in the U.S.”)
Like the fear of Japan buying everything in the late 1980s, fear that institutional investors will make owning a home impossible for ordinary Americans turned out to suffer from the same recency bias, assuming that what is going on right this minute will continue for the foreseeable future.
Like assuming that the giant ants are unstoppable, or that Hispanics will always vote for Democrats, assuming that housing prices will always go up and that credit will always be cheap are categorical mistakes that the market will eventually punish you for making, and the companies that made it are now bleeding red ink.
People who sold during the bubble made out like bandits, and people who bought during it got screwed, but what can’t go up forever won’t. Bubbles pop. Absent government distortions of the market*, supply and demand have a way of adjusting.
Anyway, if you need to buy a house, nine months from now is probably going to be a great buyer’s market…
*And yes, lots of cities and states try their damnedest to prevent new housing from being built. I’m looking at you, California.
It looks like the Democrats running Harris County are finally going to face some consequences for defunding law enforcement.
Texas Comptroller Glen Hegar has ruled that Harris County reduced funding for some law enforcement agencies and will be subject to sanctions under a new state law enacted last year.
According to a letter addressed to Gov. Greg Abbott, Lt. Gov. Dan Patrick, House Speaker Dade Phelan (R-Beaumont), and Harris County Judge Lina Hidalgo, Hegar said that his ruling is in response to complaints filed by Constables Mark Herman (Pct. 4) and Ted Heap (Pct. 5) regarding funding changes last year and in a proposed budget for next year.
One of the key allegations Hegar is investigating is the county’s move to take away more than $3 million in so-called “rollover funds” from constables’ offices. Last year, commissioners voted 3 to 2 along party lines to remove these funds from the eight elected constables as well as the district attorney’s office, based on a recommendation from County Administrator David Berry.
Hegar notes that the proposed budget for Fiscal Year (FY) 2023 will reduce funding to the constables’ offices by over $12 million as compared to Short Fiscal Year 2022, which covers March through September of this year. Although the county appears to be revising the proposal, they are still poised to reduce overall funds for constables by $3 million.
“The budgeting practices of Harris County may not provide the Constables Office with full authority to expend their allocated budget to meet public safety needs,” wrote Hegar.
Signed by Abbott last year, the state’s “Back the Blue” legislation punishes cities or counties with populations of greater than 250,000 people if they reduce allocations for police, by either freezing property taxes or forcing cities to revisit any annexation done in the last 30 years.
Thus, Hegar writes, if Harris County proceeds with the constable’s budget as proposed “without obtaining voter approval, the county may not adopt an ad valorem tax rate that exceeds the county’s no-new-revenue tax rate.”
Snip.
Last week, Hidalgo and County Commissioner Adrian Garcia (D-Pct. 2) held a press conference to tout increases in “public safety spending” that included non-traditional expenditures such as $1.5 million for public Wi-Fi, $8.4 million for new trails, and $50 million to address blight and add sidewalks and street lights.
With the possible exception of streetlights, none of that makes anyone safer, but does provide nice conduits of graft to shovel to left-wing cronies via rigged bidding contracts (a Hidalgo specialty). We know from an in-depth dive into the Austin defund effort’s Reimagining Public Safety document that letting leftwing activists steal money from police funding to line their own pockets is one of the primary goals of the “defund the police” movement.
The interesting thing about this ruling is that, compared to Austin’s defunding push, Harris County’s defunding efforts were relatively modest at-the-margins stuff. No showy reductions in headcount or refusals to let new cadet classes move forward, just a quick raid to hoover up some loose cash from the constables while no one was looking. That this was enough for Hegar to drop the hammer indicates that defunding the police is a dead letter in Texas.
Does this mean the state government can nail Austin for their much more egregious defunding efforts? Probably not. The worst of that happened in 2020, while the law wasn’t passed until 2021. So unless the Austin City Council stupidly tries to stick their hand in the APD cookie jar again, I doubt they can be held to account for that under this law, unless they try the same trick again. On the other hand, time has proven again and again that there are few limits to Austin City Council stupidity…