Greetings, and welcome to a LinkSwarm so large I had to start working on it Wednesday! Unemployment rises too much to rig it away, home sales crash to Carter levels, Europe’s voters rise up to throw out the left, Hunter is guilty guilty guilty, another blow to the Biden Administration’s tranny Title IX rewrite, Israel rescues some hostages and smokes a Hezbolli terror master, and California continues to do California things.
Every so-called “strong” jobs report has been a disaster if one puts in even a little work to dig below the pristine, if fake, surface. And while we expected this charade to continue indefinitely, and certainly at least until the November election, at which point suddenly all the truth about the ugly labor market would be revealed to usher in the new president amid an economic crisis, we were shocked when none other than the Fed chair admitted today that the Biden admin was rigging jobs data.
In response to a question from a Bloomberg journalist during the post-FOMC presser, asking the Fed chair to comment on the state of the labor market, the Fed Chair said that two years ago the labor market was “overheated” and has since gotten back to “normal”, largely thanks to “supply from to immigration” – translation: illegal aliens have been the main reasons for the increase in employment and the drop in wages and thus, overall inflation, which as we discussed recently, is the narrative that is being pushed out to mitigate demands by most Americans to halt illegal immigration.
Where things got very interesting, however, is when Powell was discussing the demand-side of the labor market: here, he addressed the dropping quits level, the decline in job openings and wages, but more importantly, the rising unemployment rate – from 3.4% to 4.0% which clearly goes against the narrative of red hot payrolls – all of which the Fed chair summarized as strong job creation, yet caveated by saying that “there is an argument that [payrolls] may be a bit overstated.”
Note: he didn’t say “understated” because the “-stating” always goes in just one direction: the one that makes the resident of the White House look good.
In other words, the jobs – like so many things about this Potemkin economy – are a lie, and while Powell immediately realized what he had said, and tried to couch it by adding that payrolls are “still strong”, suddenly the entire narrative of a strong labor market imploded in front of our eyes, because if the Biden admin will lie about a “bit” of the jobs report, it will lie about any part of it.
And, as we have shown above and every month this year, lie is precisely what the Biden administration has been doing, month after month, year after year.
And the biggest stunner, as Edward Snowden put it so eloquently, is that he’s “not sure I’ve ever seen the chairman of the Federal Reserve publicly accuse the White House of cooking the books on employment numbers, but here we are.”
The recession in the U.S. existing home sales market has been so deep that we’re back to late ‘70s levels—despite us now living in a much bigger country:
April 1978: 4.09 million U.S. existing home sales print
April 2024: 4.14 million U.S. existing home sales print*
1978: 223 million U.S. population
2024: 341 million U.S. population
The reason, of course, is that housing affordability has deteriorated so much that many buyers and sellers alike have pulled back from the market. Many homeowners who would otherwise like to sell and buy something else are staying put rather than trading in their 3% mortgage rate for a 7% mortgage rate.
The bad news?
According to a forecast published this week by Goldman Sachs, the recovery for existing home sales could be a slog.
1978: Jimmy Carter was still President, the Bee Gees dominated the music charts thanks to Saturday Night Fever, and a brand new comic strip about a lasagna-loving cat named Garfield debuted. And the average price of a home was somewhere around $56,000. (Yet, somehow, home sales were still stronger during the 1981-82 interest rate hikes than under Carter in 1978…)
A jury of Hunter Biden’s peers found him guilty on all three felony charges on Tuesday after a six-day trial that demonstrated that the first son lied on a federal gun-purchase background-check form when he claimed not to be a drug addict.
The verdict was reached after the jury deliberated for three hours, beginning Monday afternoon with the conclusion of closing arguments. Hunter was surrounded by family members, including wife Melissa Cohen Biden and his uncle James Biden, as the verdict was read. First lady Jill Biden missed the verdict announcement and rushed to greet Hunter afterward.
Hunter was found guilty on two charges for lying about his crack-cocaine addiction on federal gun paperwork when he bought a Colt Cobra revolver at a sporting-goods store in Wilmington in October 2018. He was also found guilty on a third charge for possessing the firearm while he was using crack cocaine.
The first son faces up to 25 years in prison, though he’ll likely receive a lighter sentence as a first-time, nonviolent offender. Judge Noreika, who presided over the trial, said that a sentencing hearing will be held in September.
Though Hunter Biden still has a pending tax trial, don’t hold your breath about him going to trial for his role as the Biden crime family’s bagman…
I’ve pointed out time and again (including yesterday) that Biden Justice Department AG Merrick Garland’s “special counsel” appointment of Biden Justice Department Delaware U.S. Attorney David Weiss in the Hunter Biden case is a fraud on the public.
In a pretrial ruling denying the younger Biden’s motion to dismiss the case, Judge Maryellen Noreika has confirmed that Garland’s appointment of Weiss did not comply with federal regulations for appointing special counsels. That, however, was not a basis to dismiss the case — particularly with Garland and Weiss quietly citing the last special-counsel regulation, §600.10 (of Title 28, Code of Federal Regulations), which provides that no one may hold the Justice Department accountable for flouting its own regulations.
To be clear, I have never contended that Garland lacked the authority to assign Weiss, or whoever he wanted to assign, to investigate the Biden case. As Judge Noreika correctly explained, federal statutory law — in particular, §§509, 510, 515, and 533 — vest attorneys general with sweeping power to run the Justice Department as they see fit, including power to designate any DOJ lawyers they choose to run investigations anywhere in the country.
Weiss, for example, is now prosecuting Hunter Biden in Los Angeles, on the tax case scheduled to begin trial on September 5, in addition to the gun case in Weiss’s own Delaware district. That’s because Garland doubled-down in assigning the investigation of the president’s son to the same prosecutor — Weiss — who had just schemed with defense lawyers on a failed sweetheart plea deal that was designed to make all conceivable cases against said son disappear (and only after Weiss had consciously dithered as the statute of limitations steadily eviscerated serious criminal offenses).
Garland is the attorney general, and he has that power. It is power he wields with no fear that Congress will slash the DOJ’s budget, censure him, impeach him, or do anything else but caterwaul over how he abuses it. My point is that Garland has been engaged in a nearly four-year fraud — trying to con the country into believing the Justice Department is neither protecting its boss nor trying, to the extent politically feasible, to protect the president’s son.
The AG refused to appoint a special counsel for the Biden investigation, despite the president’s (and other Biden family members’) being implicated in Hunter’s malfeasance, particularly crimes arising out of his peddling of his father’s political influence for huge pay days from agents of corrupt and anti-American regimes.
Early projections of the EU-election results show that the continent’s right-wing parties have made significant advances as voters signal their dissatisfaction with illegal immigration and inflation. Formerly powerful left-wing parties seem to have been routed, while centrists stayed the course.
This antiestablishment sentiment was expressed most strongly in Germany and France, two of the European bloc’s most powerful countries.
The French results prompted President Emmanuel Macron to dissolve the French parliament in preparation for snap elections on June 30 and July 7, as his party lost badly to Marine Le Pen’s National Rally, which is part of the Identity and Democracy coalition in the European Parliament.
Before crowds in Paris, Le Pen responded to Macron’s announcement: “This historic vote shows that when people vote, people win. . . . We are ready to exercise power, to end mass migration, to prioritize purchasing power, ready to make France live again.”
In Germany, Chancellor Olaf Scholz and his Social Democrats were trounced by a combination of support for the right-wing CDU/CSU and Alternative for Germany (AfD). The left-wing Social Democratic Party (14.6 percent) and the Greens (12 percent) underperformed. Katarina Barley, speaking for the Social Democrats, called it “a bitter evening.” “I am very disappointed.” The AfD, having won 14 percent as of this reporting, is intent on carrying its EU wins to the national elections in October 2025.
Italian prime minister Giorgia Meloni was the only leader of a European power to see success, with the right-wing politician’s allied faction, European Conservatives and Reformists, placing first in Italy.
In Spain, the conservative People’s Party took 34.2 percent of the vote, a rejection of socialist prime minister Pedro Sánchez and his Socialist Workers’ Party, which received 30.2 percent. Two other right-wing parties, Vox and Se Acabó La Fiesta (The Party’s Over), received another 14.2 percent between them.
The Greens ceded more ground than any other party in the EU, losing more than a quarter of their seats.
For decades, the ruling Euroelite have insisted that there is no alternative to their high tax, high spending, high debt, high regulation, high immigration, environmental leftist EU superstate. Voters seem to have finally grown tired enough of it that they’re willing to embrace Marine Le Pen if that’s what it takes to make their voices heard.
In his opinion, Thomas wrote that, though a bump stock does increase a rifle’s rate of fire, it does not turn it into an automatic weapon.
“A bump stock does not convert a semiautomatic rifle into a machinegun any more than a shooter with a lightning-fast trigger finger does,” Thomas wrote. “Even with a bump stock, a semiautomatic rifle will only fire one shot for every ‘function of the trigger.’”
Justice Samuel Alito wrote in his concurrence that, while the ATF’s interpretation of the Firearm Owners’ Protection Act was an incorrect reading of the statute, there are legislative remedies for the issue of bump stocks.
“The horrible shooting spree in Las Vegas in 2017 did not change the statutory text or its meaning,” Alito wrote. “That event demonstrated that a semiautomatic rifle with a bump stock can have the same lethal effect as a machinegun, and it thus strengthened the case for amending §5845(b). But an event that highlights the need to amend a law does not itself change the law’s meaning.”
The US has broadened its sanctions on Russia, including a fresh crackdown on banks dealing with sanctioned entities.
It expands a December programme to target foreign banks deemed to be aiding Russia’s war effort in Ukraine.
The US also placed sanctions on the Moscow stock exchange, leading to it halting trading in dollars and euros.
It also moved to try to restrict Russia’s use of technology, including chips and software.
US President Joe Biden signed an executive order in December that imposed sanctions on banks dealing with about 1,200 individuals and companies deemed to be helping Russia’s war machine.
Those measures, which expose banks to the risk of being cut off from the US financial system, have now been expanded to about 4,500 entities.
The US will also target gold-laundering.
Peter Harrell, a former White House senior director for international economics, told the Reuters news agency that the US “is shifting towards something that begins to look like an effort to set up a global financial embargo on Russia”.
As part of this effort, the US Treasury announced that it would impose sanctions on parts of Russia’s financial system, including the Moscow Exchange, which is one of Russia’s main stock exchanges.
The stock exchange, which is Russia’s largest foreign exchange market, said the sanctions had forced it to stop trading in dollars and euros.
The US also focused on technology. Chips and other technology made in the US have been found in downed Russian equipment on Ukraine battlefields, including drones, radios, missiles and armoured vehicles.
The sanctions aim to make it more difficult for companies to supply that tech.
The US will target shell firms in Hong Kong selling chips to Russia.
There are YouTubers saying “Russian economy is crippled” etc., but I remain skeptical. The chips going into Russian drones aren’t anything special, they’re COTS stuff and EPROMs you can get almost anywhere.
Western District of Louisiana Chief Judge Terry Doughty in an order Thursday declared that Title IX, a federal education law that bars sex-based discrimination, “was written and intended to protect biological women from discrimination.”
“Such purpose makes it difficult to sincerely argue that, at the time of enactment, ‘discrimination on the basis of sex’ included gender identity, sex stereotypes, sexual orientation, or sex characteristics,” Doughty, a Trump appointee, wrote. “Enacting the changes in the Final Rule would subvert the original purpose of Title IX.”
(Previously.)
