Libertarian Group Sues To Block Biden Student Loan Forgiveness

A California libertarian group has sued the Biden administration over its plan to cancel student debt, calling it an illegal overreach which will end up taxing some Americans whose debt is forgiven.

"Congress did not authorize the executive branch to unilaterally cancel student debt," said attorney Caleb Kruckenberg of the Pacific Legal Foundation, which filed the lawsuit - believed to be the first targeting Biden's plan, AP reports. The Sacramento-based legal advocacy group filed the suit in Indiana, which is one of several states that plans to tax those whose debt is canceled by Biden's plan.

Kruckenberg says that it's illegal for the executive branch to create such policy "by press release, and without statutory authority."

(Meanwhile, Biden is yanking student loan forgiveness for more than 750,000 borrowers who took federal government loans that were issued and managed by private lenders)

The suit’s plaintiff is Frank Garrison, described as a public interest attorney who lives in Indiana and is employed by the libertarian group.

Garrison is on track to get his student debt erased through a separate federal program for public servants. Although most borrowers will need to apply for Biden’s plan, Garrison and many others in that program will automatically get the relief because the Education Department has their income information on file. -AP

Garrison, the plaintiff, says that Biden's plan would automatically cancel up to $20,000 of his debt, which would trigger an "immediate tax liability" owed to the state of Indiana.

"Mr. Garrison and millions of others similarly situated in the six relevant states will receive no additional benefit from the cancellation — just a one-time additional penalty," read the suit.

Other states which plan to debt forgiven debt under the Biden plan are; Arkansas, California, Minnesota, Mississippi, North Carolina and Wisconsin, unless lawmakers act to change their current laws.

When asked how people could opt out of the debt forgiveness, White House press secretary Karine Jean-Pierre, who said 'anyone can opt-out' had no answers, after previously saying that roughly 8 million Americans would automatically receive the debt relief.

"The bottom line is this — no one who does not want debt relief will have to get that debt relief," she said.

The White House has called the lawsuit "baseless," suggesting that it's nothing more than political opponents who "are trying anything they can to stop this program that will provide needed relief to working families."

Biden's plan will cancel $10,000 in federal student debt for those making $125,000 per year or less, and $250,000 per household. Pell Grant recipients are set to receive an additional $10,000 benefit. 

Conservative groups have called Biden's plan legally questionable, and point out that the debt forgiveness unfairly cancels student debt at the expense of Americans who didn't attend college - or paid off their loans.

The Biden administration has repeatedly argued that the plan is on solid legal ground.

In its legal justification for debt cancellation, the Biden administration invoked the HEROES Act of 2003, which aimed to provide help to members of the military. The law gives the administration “sweeping authority” to reduce or eliminate student debt during a national emergency, the Justice Department said in an August legal opinion.

Education Secretary Miguel Cardona has said he has the legal authority to cancel debt for people who faced hardship during the pandemic. Cardona says Biden’s plan will ensure borrowers aren’t worse off after the pandemic than they were before. -AP

"Nothing about loan cancellation is lawful or appropriate," reads the lawsuit. "In an end-run around Congress, the administration threatens to enact a profound and transformational policy that will have untold economic impacts."

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Libertarian Group Sues To Block Biden Student Loan Forgiveness

Stagflation Is "Just The Beginning" For America's Economic Crisis: Peter Navarro

Authored by Tom Ozimek and Joshua Philipp via The Epoch Times,

Economist Peter Navarro, erstwhile adviser to former President Donald Trump, told Epoch TV’s “Crossroads” program in a recent interview that the current stagflationary downturn stalking the U.S. economy is “just the beginning” of America’s economic woes, and that Trump is the one who’s best poised to pull the country out of a dire slump.

Navarro said in the interview that he believes the United States has fallen prey to the destructive force of stagflation—a toxic combination of high inflation and sluggish growth.

“That’s what we’ve got now because of the fecklessness of Joe Biden, the Congress, the Federal Reserve, and this administration,” he said.

There’s been fierce debate about what led to prices accelerating at their fastest pace in decades, eroding purchasing power, and squeezing American households.

Some, including many members of the Biden administration, have mostly blamed supply-side constraints and external shocks like the war in Ukraine. Others, including many Republicans, have pointed the finger at unprecedented levels of fiscal and monetary spending.

The inflationary wave that has swelled into a persistent cost-of-living crisis for many Americans was driven mostly by a stimulus-fueled demand surge, although supply-side bottlenecks made the problem worse, a team of economists concluded in a recent study.

Soaring inflation, which Fed officials have admitted is far more persistent than they initially believed, has come alongside deteriorating economic conditions. The U.S. economy contracted for two consecutive quarters this year, according to updated figures released by the government on Sept. 29, which meets the rule-of-thumb definition for a recession.

‘This Is Just the Beginning’

Navarro argued in the interview that the United States is already experiencing stagflation—and that it’s going to get worse.

“This is just beginning. This economic crisis is just beginning, and it’s going to be as bad or worse and as long as it was during the 1970s,” Navarro said.

The dreaded toxic brew of high unemployment and high inflation plagued the U.S. economy for over a decade in the 1970s. America’s unemployment rate doubled to 9 percent between 1973 and 1975, while inflation peaked at around 14 percent in annual terms.

Inflation didn’t fall substantially until the early 1980s, and only after the Federal Reserve jacked up interest rates to around 19 percent, leading to two back-to-back recessions in 1980 and 1981–82.

In the interview, Navarro offered a lookback on the Trump administration’s economic policies and credited them with low unemployment and low inflation.

“What we did was structural in nature, designed to increase the real wages of American workers, the productivity of American workers, the prosperity of the middle class,” Navarro said.

“And we did that beautifully through structural elements, not just the traditional Republican tax cuts and lower regulatory burdens, but by securing the southern border, which prevents a flood of uneducated, low-income workers coming in,” he said.

Navarro added that Trump’s policies on re-shoring manufacturing and bringing supply chains back to the United States helped boost wages for blue-collar Americans.

The economist further argued that bringing back Trump-era policies is key to pulling the country out of stagflation.

“I think the only one who fully understands how to get out of that is Donald Trump,” Navarro said. “I don’t see anybody else in the Republican Party who has that kind of sophistication.”

His take on the trajectory of the U.S. economy dovetails with remarks made by other economists, who see darkening clouds on the horizon.

‘Stagflationary Debt Crisis’

Economist Nouriel Roubini, for example, who’s been dubbed “Dr. Doom” for his pessimistic, yet accurate, prediction of a financial market meltdown in 2007–08, told Bloomberg in a recent interview that he expects “a real hard landing” for the U.S. economy.

Roubini also said he continues to believe that it’s “delusional” for analysts to expect a short and shallow recession, arguing instead that it will be long and severe.

In an op-ed for Project Syndicate, he also warned of a looming “stagflationary debt crisis” with “some of the worst elements of both the 1970s and the 2008 crash” as public debt levels have become unsustainable and most of the fiscal ammunition already used.

“Things will get much worse before they get better,” he predicted in the op-ed, adding that he believes the economic downturn will come alongside financial market turmoil.

Billionaire investor Stanley Druckenmiller said at a recent investor summit in New York City that he’s worried that the economic downturn affecting United States could be worse than an “average garden variety” recession.

At the same time, investor pessimism has hit levels not seen since the financial crisis of 2008–09.

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Stagflation Is "Just The Beginning" For America's Economic Crisis: Peter Navarro

Apple VP Of Procurement Fired After Joke About Fondling Breasts Goes Viral On TikTok

Apple's Vice President of Procurement, Tony Blevins, is out at the company after making a "crude comment about his profession" in a TikTok video that was published on September 5.

Blevins joked that he fondles “big-breasted women” for a living in the video, Bloomberg reported this week. He had been approached by TikTok and Instagram creator Daniel Mac to participate in a series where owners of expensive cars are asked about what they do for a living. 

He was stopped when parking his Mercedes-Benz SLR McLaren, a car worth "hundreds of thousands of dollars", the report says.

When asked about what he does for a living, he responded: “I have rich cars, play golf and fondle big-breasted women, but I take weekends and major holidays off.” He also joked that he had a "hell of a dental plan".

As Bloomberg noted, the line is an homage to the 1981 movie Arthur, where the main character describes his career by saying: “I race cars, play tennis and fondle women, but I have weekends off and I am my own boss.”

The video was taken at a car show in Pebble Beach and it garnered more than 40,000 likes on Instagram and 1.3 million views on TikTok. 

Blevins' actual job is striking deals between suppliers and partners for Apple. Recently, he helped navigate deals for the company with Globalstar, Qualcomm and Intel, the report notes. He is in charge of "driving down the costs" of the critical supplies Apple uses for its products. 

The company conducted an internal investigation into his remarks and removed his team - including about 6 people who reported directly to him and several hundred others under them - from his command. 

He had been at Apple for 22 years prior to being let go. He was part of a group of about 100 VPs at the company, and just one of about 30 executives, that report directly to either CEO Tim Cook or COO Jeff Williams. Williams ultimately made the call to let Blevins go, the report says, and he will oversee Blevins' team for the time being.

In a statement, Blevins said: “I would like to take this opportunity to sincerely apologize to anyone who was offended by my mistaken attempt at humor.”

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Apple VP Of Procurement Fired After Joke About Fondling Breasts Goes Viral On TikTok

Watch: Yet Another Democrat Witness Claims Biological Men Can Have Pregnancies

Authored by Steve Watson via Summit News,

For the umpteenth time, a witness called to testify by Democrats during hearings on abortion laws claimed that biological men are capable of getting pregnant and giving birth.

They’re the party of science!

During a House Oversight Committee hearing Thursday, Planned Parenthood’s Medical Director for Primary and Trans Care (yep that’s a thing) made the claim.

GOP rep Andrew Clyde asked Dr. Bhavik Kumar “So can biological men become pregnant and give birth?” to which Kumar replied “Men can have pregnancies, especially trans men.”

Clyde followed up, “So, are you saying that a biological female who identifies as a man and therefore becomes pregnant is, quote, a man? Is that what you’re saying?”

Kumar responded, “These questions about who can become pregnant are really missing the point, and I’m here to talk about what’s happening in Texas.”

“This is me asking a question and you answering,” Clyde interjected, adding “I’m asking the question, sir, not you.”

“Right, and I’m answering the question,” Kumar replied, further stating “Somebody with a uterus may have the capability of becoming pregnant whether they’re a woman or a man, that doesn’t make a difference.”

“Ok, we’re done,” an exasperated Clyde responded adding “This isn’t complicated. Let me tell you: if a person has a uterus and is born female, they are a woman. That is not a man, and the vast majority of the world considers that to be a woman, because there are biological differences between men and women.”

“I Can’t believe it’s necessary to say this, but men cannot get pregnant and cannot give birth regardless of how they identify themselves,” Clyde asserted, adding “Why in the world would Democrats bring in a person whose title is director of trans care for an abortion hearing when only biological women can become pregnant?”

Clyde then re-read Kumar’s opening statement, in which the Planned Parenthood Director described abortion restrictions as “inherently racist, inherently classist and fundamentally part of the white supremacy agenda.”

Clyde then noted that the organization Kumar works for was founded by Margaret Sanger.

“Margaret Sanger’s entire focus was to decimate communities of color through abortion to eliminate their future generations,” Clyde urged.

“How many abortions have you performed in your lifetime?” the rep then asked Kumar, to which the doctor replied “Likely thousands.”

Clyde shot back, “So as doctor yourself, do you believe you have terminated enough babies to justify Margaret Sanger’s beliefs and your continuance of her legacy? This is unconscionable, this is inexcusable, I’m thankful this is now criminal and I look forward to the day when life is again respected across our entire nation.”

Watch:

Elsewhere during the hearing, Kumar suggested that natural disasters warrant unimpeded abortions:

Kumar did admit, however, that Abortion bans “do not outlaw care for ectopic pregnancies”.

Kumar made the comments while being questioned by Democrat Alexandria Ocasio-Cortez, who scoffed at Republicans who don’t believe men can get pregnant.

“The same folks who … told us that COVID’s just a flu, that climate change isn’t real, that January 6 was nothing but a tourist visit … are now trying to tell us that transgender people are not real,” AOC proclaimed.

“And I would say that their claim is probably just as legitimate as all their others, which is to say not very much at all,” she further stated.

Rep. @AOC (D-NY): “The same folks who tell us … that COVID’s just a flu, that climate change isn’t real, that January 6th was just nothing but a tourist visit, are now trying to tell us that transgender people aren’t real.” pic.twitter.com/NQbdK5ltGT

— The Recount (@therecount) September 29, 2022

Democrats keep presenting a rogues gallery of agitated and clearly mentally unstable people as ‘witnesses’ during these hearings, all of whom have claimed that men can give birth, a notion that almost one quarter of Democratic voters believe to be true, according to recent research.

*  *  *

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Watch: Yet Another Democrat Witness Claims Biological Men Can Have Pregnancies

'Just Kidding': Biden Yanks Student Loan Forgiveness From 770,000 Borrowers

In a jarring reversal, the U.S. Department of Education on Thursday quietly revised its online guidance on who qualifies for the $10,000 of student loan forgiveness that President Biden announced in August. In doing so, it pulled the rug out from under at least several hundred thousand people.  

At issue: Borrowers who have Perkins loans and Federal Family Education Loans (FFEL). Those earlier-generation loans were guaranteed by the federal government but were issued and are managed by private lenders. The FFEL program ran from 1965 to 2010; Perkins loans ended in 2017. 

People who have FFEL loans are older, have families, many obligations and are being crushed by this ongoing debt. Retirement? Gotta keep paying those student loans. New car? Appliances? Kids college? Nope. Nope.

— as the crow flies🐉🌻 (@anandasara) September 30, 2022

Previously, the Department of Education's online guidance said Perkins and FFEL loans could be consolidated into federal direct loans and then qualify for debt forgiveness.

On Thursday, however, the Department of Education -- without fanfare or a press conference -- changed the rules by adding this content to its website: "As of Sept. 29, 2022, borrowers with federal student loans not held by ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans."

This is no marginal change: An anonymous Biden administration official told Reuters it will affect 770,000 borrowers. That estimate relies on the fact that many of the 4 million total FFEL borrowers also have direct loans and can still qualify for consolidation.  

"This is a gut punch, to say the least," tweeted Betsy Mayotte, president of the Institute of Student Loan Advisors. "This is one of the most harmful decisions I've seen come out of the Ed in a long time."

The @FAFSA just updated their website to say that ffel borrowers who didn't consolidate before 9/29 aren't eligible for debt relief. As recently as yesterday the site said they were working on a solution for these borrowers. This is a gut punch to say the least...

— Betsy Mayotte (@betsy514) September 29, 2022

The Education department says it's "assessing whether there are alternative pathways to provide relief to borrowers with federal student loans not held by ED."  

The harsh withdrawal of the debt forgiveness from nearly a million or more Americans came on the same day that Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina asked a federal judge to impose an immediate temporary restraining order on entire the debt forgiveness scheme. 

The suit specifically attacks the forgiveness of FFEL loans, arguing that doing so deprives private lenders of assets and "the ongoing payments that those loans generate." 

In their lawsuit, the states also more broadly allege that Biden is overstepping his authority by using the 2003 HEROES Act to wipe away the debt. That legislation focused on aiding active duty military service members serving in the war on terror. 

"It is inconceivable, when it passed the HEROES Act, that Congress thought it was authorizing anything like the Administration’s across-the-board debt cancellation, which will result in around half a trillion dollars or more in losses to the federal treasury," the six state attorneys general wrote in their filing. 

The estimated cost of the debt forgiveness scheme has already soared in just the first month after it was announced. The Congressional Budget Office says it will cost at least $400 billion over three decades, far above earlier estimates of $300 billion. 

Biden's loan forgiveness proclamation was in keeping with a 2020 campaign pledge, and the announcement was clearly timed to maximize its impact on the midterm election. However, after Thursday's jolting move by the Biden administration, some 770,000 to 4 million borrowers may be feeling a little less confident in Democratic governance. 

Nigga said that student debt relief was a Labor Day Sale only https://t.co/8Zr7jQOMmq

— Roadkill Ricky (@tkm11218) September 29, 2022

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'Just Kidding': Biden Yanks Student Loan Forgiveness From 770,000 Borrowers

Elizabeth Warren Turns Attention From Crumbling Economy To Pending Vacuum Cleaner Company Acquisition

While the Federal Reserve is in the midst of nuking the U.S. economy and stock market and as inflation runs rampant, destroying quality of life for middle income and lower income households, Senator Elizabeth Warren has turned her focus away from berating Jerome Powell to...vacuum cleaners. 

Having apparently solved all of the nation's other financial woes already, Warren has now directed her attention to a relatively small pending acquisition by Amazon, of Roomba vacuum cleaner company, iRobot. 

Warren and a group of lawmakers has publicly asked the FTC this week to reject Amazon's plans to buy the vacuum maker for $1.7 billion, according to Reuters. The FTC was already in the midst of an antitrust review of the deal, as of earlier this month. 

The letter to the FTC reads: "Given Amazon’s record of infringing on consumers’ privacy, and their ongoing history of anticompetitive mergers to increase their monopoly power, the FTC should use its authority to oppose the Amazon – iRobot transaction."

"Rather than compete in a fair marketplace on its own merits, Amazon is following a familiar anticompetitive playbook: leveraging its massive market share and access to capital to buy or suppress popular products," it continues. 

The Senator later told Axios: "I have serious concerns about the Amazon-iRobot deal — dominant companies like Amazon shouldn’t be allowed to just buy their way out of competing. The FTC should oppose this proposed merger to protect competition, lower consumer prices, and rein in Amazon’s well-documented anticompetitive activities."

Yeah, because Amazon is primarily a vacuum cleaner company...

You can read Warren's full letter to the FTC here. 

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Elizabeth Warren Turns Attention From Crumbling Economy To Pending Vacuum Cleaner Company Acquisition

Mackenzie Scott Files For Divorce From Former Science Teacher

MacKenzie Scott - formerly known as MacKenzie Bezos - and her husband, Dan Jewett, have called their marriage quits less than two years after the couple announced intentions to give away "their" fortune together.

Scott filed for the divorce from Jewett, who is a former science teacher, in the King County Superior Court in Washington state earlier this week, according to The New York Times / Yahoo Finance. 

As the report notes, in just four years' time, Scott divorced her former husband, Jeff Bezos, gave away $12 billion to various non-profits and then married Jewett, who was an instructor at the school where her kids attended. 

Jewett has not contested the divorce, Yahoo reported. The couple's division of property - of which Scott likely is responsible for 99.9% of - has been laid out in a separate contract, which had been agreed to by the couple and is not public. 

The couple's high profile relationship in the media was helped along by their collective promise to donate Scott's enormous fortune to good causes. However, in recent times, non-profits who generally received gifts from the couple were thanking Scott alone, the report says. 

“I am married to one of the most generous and kind people I know — and joining her in a commitment to pass on an enormous financial wealth to serve others,” Jewett had written publicly two years ago. 

One acquaintance of Jewett said of him after he married Scott: “He’s earnest, not very edgy. He’s the perfect person to end up with this money to give away — no sense of greed at all.”

The report notes that Scott has apparently been trying to scrub her connection to Jewett off the internet, as well:

In the past week his name vanished from her philanthropic endeavors. On the site for the Giving Pledge, where billionaires promise to give away half of their wealth before they die, his letter no longer appeared with hers. Without fanfare, his name was recently edited out of a Medium post Scott had written last year about their gifts.

Scott, a novelist, also deleted Jewett from her author bio on Amazon, the online retailer that is the source of her vast wealth.

Scott's fortune was once estimated to be as much as $62 billion, but due to the decline in the market, it is now estimated at about $27.8 billion. Scott has made very few public statements about her giving and often declines interview requests. 

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Mackenzie Scott Files For Divorce From Former Science Teacher

Trump Wins Ruling In Rape Accuser Carroll’s Defamation Lawsuit

Authored by Rita Li via The Epoch Times (emphasis ours),

A federal appeals court in Manhattan handed former President Donald Trump a procedural victory Tuesday in a defamation lawsuit, after famed columnist E. Jean Carroll claimed that Trump had raped her in the 1990s.

Former President Donald Trump speaks at a Save America Rally to support Republican candidates running for state and federal offices in the state at the Covelli Centre, in Youngstown, Ohio, on Sept. 17, 2022. (Jeff Swensen/Getty Images)

In a two-to-one decision on Sept. 27, the panel on the 2nd Circuit Court of Appeals ruled that a lower court erred when it ruled that Carroll could sue Trump for defamatory statements during his presidency, given that a federal law, known as the Westfall Act, shields government employees from liability in work-related incidents.

Carroll, 78, sued Trump in 2019, claiming the Republican sexually assaulted her in the mid-1990s in a dressing room at a Bergdorf Goodman department store in Manhattan. Because the alleged attack happened decades ago, Carroll was originally barred from suing over sexual battery, pushing her to sue for defamation over allegedly disparaging comments Trump made about the rape allegation.

Trump denied her allegation at the time and accused her of using false claims as a way to promote her book. “I’ll say it with great respect: Number one, she’s not my type. Number two, it never happened,” the-then president told The Hill in an interview at the White House in June 2019.

The D.C. Court of Appeals is now asked to weigh in on whether Trump was acting within the scope of his presidential duties when he denied raping Carroll and dismissed her during the interview. If Trump was, he would be entitled to immunity from the lawsuit, according to the ruling by the 2nd Circuit judges. And while the U.S. government can be sued over some wrongdoing by its employees, it is immune from defamation lawsuits, which would mean Carroll’s suit would fail.

In a majority opinion written by Circuit Judge Guido Calabresi on Tuesday, two members of the 2nd Circuit’s three-judge panel declined to further address the defamation action while the matter was “of extreme public importance.”

“We do not pass judgment or express any view as to whether Trump’s public statements were indeed defamatory or whether the sexual assault allegations had, in fact, occurred,” the judges said.

E. Jean Carroll talks to reporters outside a courthouse in New York on March 4, 2020. (Seth Wenig, File/AP Photo)

Trump’s lawyer Alina Habba, meanwhile, welcomed the decision, saying it “will protect the ability of all future presidents to effectively govern without hindrance.”

“We are confident that the D.C. Court of Appeals will find that our client was acting within the scope of his employment when properly repudiating Ms. Carroll’s allegations,” she said in a statement.

Former Attorney General William Barr and current Attorney General Merrick Garland defended the Department of Justice’s decision to back Trump as a defendant in the ongoing defamation case.

Dissent

In an opinion written by Judge Denny Chin, the third judge who dissented, he said that the law protecting federal employees from liability does not apply to Trump. He said it was only to protect low-level, rank-and-file government employees rather than the president.

And he said at least some of the former president’s statements were not part of his official duties.

“Trump was not acting in the scope of his employment when he made comments about Carroll and her accusations because he was not serving any purpose of the federal government,” wrote the judge, who was appointed by former President Barack Obama.

“In the context of an accusation of rape, the comment ‘she’s not my type’ surely is not something one would expect the President of the United States to say in the course of his duties. Carroll’s allegations plausibly paint a picture of a man pursuing a personal vendetta against an accuser, not the United States’ ‘chief constitutional officer’ engaging in ‘supervisory and policy responsibilities of utmost discretion and sensitivity,’” Chin added.

Read more here...

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Trump Wins Ruling In Rape Accuser Carroll’s Defamation Lawsuit

Despite Horrific Guidance And Recession Warnings, Micron Rises Thanks To Aggressive Capex Cuts

Three months after Micron plunged following poor Q3 earnings and a dismal forecast, the company has done it again, and after the close the memory chipmaker reported revenue that missed (despite a small beat on EPS and margins), but it was the forecast that again was a total disaster.

First, a look at the just concluded fourth fiscal quarter:

• Adjusted revenue $6.64 billion, -20% y/y, missing the estimate of $6.8 billion
• Adjusted EPS $1.45 vs. $2.42 y/y, beating the estimate of $1.37
• Adjusted gross margin 40.3% vs. 47.9% y/y, beating the estimate 39.7%
• Cash flow from operations $3.78 billion, -2.8% y/y, beating the estimate $3.67 billion

But while the historical numbers may have been passable, the guidance was an absolute disaster, disappointing on the top line, the bottom line and margin.  The company now sees (press release):

• Adjusted revenue $4 billion to $4.5 billion, far below the estimate $6.02 billion
• Adjusted loss per share 6c to EPS 14c, far below the estimate EPS 87c
• Adjusted gross margin 24% to 28%, far below the estimate 33.6%

It gets worse: echoing some of the biggest corporate recession warnings so far, Micron said "results were impacted by rapidly weakening consumer demand and significant customer inventory adjustments across all end markets." It added that due to the sharp decline in near-term demand, it expects "supply growth to be above demand growth in calendar 2022."

Which, of course, is the reverse bullwhip effect - which we discussed back in May - in its full glory.

Which brings us to the punchline: in response to the sharp economic slowdown and the weak environment, Micron is decreasing supply growth through significant cuts to FY23 CapEx.

Specifically, the company said that "we are taking decisive steps to reduce our supply growth including a nearly 50% wafer fab equipment capex cut versus last year, and we expect to emerge from this downcycle well positioned to capitalize on the long-term demand for memory and storage.”

Additionally, Micron said that it:

• Remains on track to start the ramp of 1-beta DRAM node in manufacturing by the end of calendar 2022.
• Expects FY23 CapEx to be around USD 8Bnn.
• Expects strong rev growth in H2 FY23 as bit demand rebounds, following substantial improvement in customer inventories.

So even though it is going from bad to worse for the economy, and the company is slashing guidance as if it is headed into a recession, if not depression, the stock managed a solid rebound after markets learned about the company's aggressive cost-cutting strategy as Micron hunkers down and hopes to hibernate the coming economic winter with as little damage as possible.

 

 

 

 

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Despite Horrific Guidance And Recession Warnings, Micron Rises Thanks To Aggressive Capex Cuts

"We're Horrified": Major Brands Pull Twitter Ad Campaigns Over Child Porn

When it comes to policing mean tweets - or any opinion to the right of Mao, Twitter's army of pink-haired social justice censors is on it.

But when it comes to pedophiles, the social media giant's censorship is so lax that major advertisers - including Dyson, Mazda, Forbes and PBS Kids - have suspended their marketing campaigns or removed ads from 'parts of Twitter' because their promotions were featured next to tweets soliciting child pornography, Reuters reports.

DIRECTV and Thoughtworks also told Reuters late on Wednesday they have paused their advertising on Twitter.

Brands ranging from Walt Disney Co, NBCUniversal and Coca-Cola Co to a children's hospital were among more than 30 advertisers that appeared on the profile pages of Twitter accounts peddling links to the exploitative material, according to a Reuters review of accounts identified in new research about child sex abuse online from cybersecurity group Ghost Data. -Reuters

Easily filtered keywords including "rape" and "teens" were featured alongside promoted tweets from corporate advertisers, a Reuters review found.

In one case, a Cole Haan ad appeared next to a tweet in which a user solicited "trading teen/child" content.

"We're horrified," said Cole Haan brand president, David Maddocks. "Either Twitter is going to fix this, or we'll fix it by any means we can, which includes not buying Twitter ads."

In another example, a user tweeted searching for content of "Yung girls ONLY, NO Boys," which was immediately followed by a promoted tweet for Texas-based Scottish Rite Children's Hospital. Scottish Rite did not return multiple requests for comment. -Reuters

Twitter offered a boilerplate response, telling Reuters that the company "has zero tolerance for child sexual exploitation," and is investing more resources dedicated to child safety, adding that the company is working closely with advertisers and partners to investigate and avoid embarrassing corporate clients in the future.

Twitter's child porn issues were noted by The Verge in late August, causing pushback from advertisers that are critical to the company's revenue stream.

After Reuters presented Twitter with a sample of 20 accounts promoting child porn last Thursday, the company removed around 300 additional accounts from the network, but over 100 remained on the platform the following day, according to Ghost Data and Reuters.

Then on Monday, Reuters shared a full list of more than 500 accounts furnished by Ghost Data, which Twitter reviewed before permanently suspending them.

Twitter scrambled to do damage control Wednesday morning ahead of the Reuters story, telling advertisers in an email that it had "discovered that ads were running within Profiles that were involved with publicly selling or soliciting child sexual abuse material."

"Twitter needs to fix this problem ASAP, and until they do, we are going to cease any further paid activity on Twitter," said a Forbes spokesperson.

Mazda, meanwhile, said "There is no place for this type of content online," adding that the company is now prohibiting ads from appearing on Twitter profile pages.

A Disney spokesperson called the content "reprehensible" and said they are "doubling-down on our efforts to ensure that the digital platforms on which we advertise, and the media buyers we use, strengthen their efforts to prevent such errors from recurring."

A spokesperson for Coca-Cola, which had a promoted tweet appear on an account tracked by the researchers, said it did not condone the material being associated with its brand and said "any breach of these standards is unacceptable and taken very seriously."

NBCUniversal said it has asked Twitter to remove the ads associated with the inappropriate content. -Reuters

When will Elon Musk enter the Reuters story into evidence?

Tyler Durden Thu, 09/29/2022 - 15:45
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"We're Horrified": Major Brands Pull Twitter Ad Campaigns Over Child Porn

The SEC's Reckless Crusade To Crush The Cryptocurrency Market

Authored by Gerard Scimeca via RealClearMarkets.com,

The laws of physics dictate that nature abhors a vacuum, an interesting phenomena considering how many federal regulatory agencies simply love one. Harkening back to the New Deal, it has become accepted that wherever a gap may exist in the regulation of human activity, a federal agency will soon appear, mobilizing its vast and frequently questionable powers to fill the space.

Whether it is the Department of Energy deciding to pull the plug on a popular type of light bulb, or the Environmental Protection Agency dictating the allowable volume of water in toilets, our vast administrative state lurks behind every corner, poised to assert itself within every nook, crevice, and cranny that presents an opportunity for regulatory interference. Last year federal agencies created over 74,000 pages of new rules and regulations to fill the perceived vacuums in our lives, and we are currently on track this year to surpass that tree-crushing total.

As frustrating -- and costly – as never-ending meddling from Washington bureaucrats can be, light bulbs and plumbing are small potatoes compared to the mayhem that erupts when an agency jumps the median to rewrite the entire rulebook for an industry to which it is, at best, a casual acquaintance. Just over a year ago our organization sounded the sirens on a lawsuit by the “stone-age” bureaucracy of the U.S. Securities and Exchange Commission (SEC) against an American crypto company, Ripple Labs. In that time an overwhelming consensus has emerged among crypto industry leaders, analysts, and legal scholars that the SEC’s lawsuit is not only absurd, but extremely dangerous.

Imagine the reaction to a referee throwing a penalty flag on the field for a play that happened 30 minutes ago. There would certainly be a healthy mix of incredulity and outrage, and the strong view the official is irrationally and arbitrarily ruining the game. The SEC lawsuit against Ripple is just as irrational and arbitrary, but the stakes involve billions of dollars held by innocent users of the digital currency XRP as well as the larger issue of federal agency overreach, and their power to capriciously extend their tentacles into places where they do not belong. The outcome of the case will further have a substantial impact on America's position within the exponentially growing digital currency markets.

In December 2020, the SEC retroactively declared XRP to be an unregistered security and all its trades for the previous seven years to have been illegal, even on the secondary markets. The regulator accused Ripple, which built its business on the use case of XRP as a bridge currency, of selling securities despite the fact that billions of XRP tokens have circulated among hundreds of thousands of other users since 2013 with no connection to the company. Gensler has now upped the ante, saying the SEC, not the Commodity Futures Trading Commission (CFTC), should call the shots on all digital assets. With even greater hubris, Gensler insists to the court that the SEC is under no obligation to set clear, defining, and transparent rules to provide guidance for traders and holders of digital assets, essentially claiming decisions can be made by the agency at their whim on a case-by-case basis, an absolutely ludicrous position.

The recklessness of the SEC’s case against Ripple is simply astounding, not to mention unjust and void of due process. Prior to its lawsuit the SEC gave nearly a decade of confusing and contradictory public signals on XRP to consumers and investors while billions of tokens traded on secondary markets. The SEC gave even more unclear guidance to Ripple in private, according to the evidence filed in the case.

The Ripple case has exposed our nation’s complete lack of legal and statutory clarity in the regulation of not just XRP, but all crypto. This is precisely where Congress must step in and assert its authority to create a clear regulatory framework for digital assets. This month Gensler was grilled by the Senate Banking Committee for his lax and inconsistent treatment of crypto, with Sen. Pat Toomey (R-PA) accusing Gensler of “not sharing with us” the criteria the SEC is using to regulate crypto. Gensler gives vague answers on why Bitcoin is a commodity while the SEC considers XRP a security, even though both are overwhelmingly used in commercial transactions, not held as investments. In a new lawsuit against a market influencer, Gensler hints at total jurisdiction over all Ethereum network transactions anywhere in the world.

In October of last year, the judge in the case granted amici status to what is now more than 73,000 XRP token holders who were immediately harmed by the SEC’s allegation that all XRP tokens are investment contracts in Ripple. Their lawyer, John Deaton, says the vast majority of them had no knowledge or connection to Ripple when the SEC’s action wiped out the value of their holdings. Deaton calls the SEC’s legal theory in the case “dangerous” and a threat to every digital asset holder and consumer. The SEC is so out of control, and going so far past its authority, that consumers have turned on the regulator who is supposed to be protecting them.

The outcome of the SEC case against Ripple is critical in not just establishing a fair and just baseline for the protection of crypto investors, but as a test case in setting boundaries to stop overreach by federal agencies seeking to advance their power at the expense of efficiency. Crypto is popular and growing precisely because of its efficiency, flexibility, and vast utility in financial markets, benefits that can easily be quashed through intrusive and heavy-handed regulation. The ultimate arbiter of these issues is Congress, who must act, and soon, to help establish a clear framework to regulate crypto, and to limit the SEC’s power to occupy spaces where it simply does not belong.

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The SEC's Reckless Crusade To Crush The Cryptocurrency Market

Meta Disrupts Chinese Social Media Campaign To Stoke Division Ahead Of U.S. Mid-Term Elections

Meta has said it disrupted a Chinese operation to try and influence the coming U.S. midterm elections.

The company said it dismantled the campaign, which "targeted users in the United States with political content in an apparent effort to polarize voters", according to reporting by The Epoch Times. 

The report says that China maintained fake accounts across both Facebook and Instagram - and also Twitter. The influence campaign began in November 2021 but didn't gain any engagement, the report says. 

The discovery "suggests a shift toward more direct interference in U.S. domestic politics from China", the report reads. 

Meta global threat intelligence lead Ben Nimmo commented: “The Chinese operations we’ve taken down before talked primarily about America to the world, primarily in South Asia, not to Americans about themselves. Essentially the message was ‘America bad, China good.” 

The operation targeted both the left and the right in the U.S., and ultimately sought to sow division on hotbutton issues like abortion and the war in Ukraine. 

One cluster of accounts posted memes that accused President Biden of corruption, while others posted critiques of the Republican Party for its stance on similar issues. 

Politicians like Marco Rubio, Rick Scott and Ted Cruz were targeted personally, as was Florida governor Ron DeSantis. 

All told, the operation wasn't extremely sophisticated, the report says. In addition to failing to garner much engagement, some accounts posted in Chinese, while others used photographs of men on accounts with womens' names. 

Meta has said it doesn't have enough evidence to say who, exactly in China, was behind the campaign. 

You can read Meta's full report, called "Taking down coordinated inauthentic behavior from Russia and China", here. 

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Meta Disrupts Chinese Social Media Campaign To Stoke Division Ahead Of U.S. Mid-Term Elections

Charting A Course To Self-Reliance

Authored by Charles Hugh Smith via OfTwoMinds blog,

Self-reliance in the 21st century is uniquely challenging because we've become overly dependent on globalization and financialization.

As things unravel, the one surefire strategy is to chart a course for greater self-reliance. Improving self-reliance has no downside, only upside, and everyone can increase their self-reliance incrementally in small ways.

Self-reliance isn't the same as self-sufficiency. Even Thoreau on Walden Pond used manufactured tools and supplies sourced from afar. The basic idea of self-reliance is to reduce our dependency on long, fragile supply chains and the hamster-wheel landfill Economy of planned obsolescence and waste is growth consumption, and increase what we can do for ourselves and those we care about.

Self-reliance isn't going it alone, it's assembling trusted personal networks as a producer as well as a consumer, as a means of reducing the number of links in your personal supply chain and increasing local sources of life's essentials.

Self-reliance increases as we acquire skills and capital in all its forms. Self-reliance isn't the same as money; what's truly valuable can't be bought: trust, reciprocity, integrity. Those are the foundations of self-reliance.

Self-reliance in the 21st century is uniquely challenging because we've become overly dependent on globalization and financialization--not just on traditional supply chains and finance, but a near-total dependence on hyper-globalized supply chains and hyper-financialized credit-asset bubbles that are inherently unstable and unsustainable.

There's no downside to becoming more self-reliant and enormous upside. If the Landfill Economy continues chewing through the planet's dwindling resources, it doesn't diminish the value of being able to do more for ourselves and those we care about.

But if long, fragile supply chains break and hyper-financialization blows a gasket and sinks, the self-reliant will have a much easier time than those with minimal self-reliance. We're only powerless if we cede all power over our lives to others. Self-reliance is all about taking control of our own lives rather than relying on unsustainable global supply chains and centralized authorities to provide us with essentials.

I address all this in my new book Self-Reliance in the 21st Century (96 pages). I'm offering it to my readers at a 20% discount for the Kindle edition ($7.95) and 15% discount for the print edition ($17).

You can read the first chapter for free (PDF). In later chapters, I cover the mindset of self-reliance and the nuts and bolts of self-reliance.

I wrote this book not as someone on the peak looking down but as someone on the trail looking up. Self-reliance is a work in progress, not a destination. I'm constantly improving my self-reliance, too, and have a long way to go. I wrote this book to offer a few pointers on charting your own course to greater self-reliance.

*  *  *

My new book is now available at a 20% discount ($7.95 ebook) 15% discount ($17 print) this week: Self-Reliance in the 21st Century.

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Charting A Course To Self-Reliance

Government Disclosed Jan. 6 Activities Of Five Confidential FBI Sources: Defense Lawyer

Authored by Zachary Stieber and Joseph M. Hanneman via The Epoch Times (emphasis ours),

The U.S. government has acknowledged for the first time that five FBI confidential informants were involved with the Oath Keepers, but prosecutors failed to disclose that none of the sources provided evidence of guilt, a defense lawyer said on Sept. 26.

Members of the Oath Keepers walk from President Donald Trump's speech to the U.S. Capitol on Jan. 6, 2021. (Luke Coffee/Screenshot via The Epoch Times)

FBI officials have repeatedly declined in congressional hearings to say whether there were agents or confidential human sources (CHSes) in the crowd when the U.S. Capitol was breached on Jan. 6, 2021. But in pre-trial communications in the Oath Keepers seditious conspiracy case, prosecutors disclosed there were five sources informing on the Oath Keepers, David Fischer, representing defendant Thomas Caldwell, said in the new filing.

“What the Government knew—but only recently disclosed to the Defendants—was that none of the CHSes provided evidence of guilt on the part of the Oath Keepers as an organization, or the individual Defendants in this case,” Fischer said.

He said the fact was confirmed by the government telling defense lawyers that only one of the informants will take the stand during the Sept. 27 trial of former Oath Keepers leader Elmer Stewart Rhodes III and four others, including Caldwell.

Top FBI officials have famously declined to answer questions on how many, if any, informants were at the Capitol around the time of the breach. “I can’t answer that,” Jill Sanborn, the FBI assistant director for national security, told Sen. Ted Cruz (R-Texas) during one hearing.

But prosecutors in a recent motion disclosed that multiple sources have been involved in the investigation into the Oath Keepers, a group comprised of former and current members of the military, law enforcement, and first responders.

“At trial, the government or defense may call to testify certain CHSes who were either involved in the investigation that led to prosecution of the defendants, or who became CHSes subsequent to the initiation of the instant investigation,” prosecutors said in the motion, which asked U.S. District Judge Amit Mehta, an Obama appointee overseeing the case, to impose a protective order.

Prosecutors want defense lawyers barred from asking any questions seeking personal identifying information from any informant witnesses, including their date of birth; any questions about the witnesses’ participation in investigations outside of the probe in question; and any questions about training in the FBI CHS program.

“The protections requested herein, while minimally restrictive, would ensure the integrity of any ongoing investigations and would reduce the security threat posed to any testifying CHSes,” prosecutors said in the filing, which has not yet drawn a ruling from Mehta.

Stewart Rhodes, founder the Oath Keepers, speaks during a rally in Washington on June 25, 2017. (Susan Walsh/AP Photo)

‘Rhodes Plan’

Prosecutors contend that Rhodes and his co-defendants engaged in a seditious conspiracy to attack the Capitol on Jan. 6 and prevent the counting of Electoral College votes from the 2020 presidential election.

The federal indictment charges the Oath Keepers with stockpiling firearms in a Virginia hotel for use by quick-reaction forces to attack the Capitol. Rhodes has said the weapons were legal and for use only if President Donald Trump invoked the Insurrection Act and raised a militia to guard against Antifa.

None of the informants, however, reported the existence of a “Rhodes Plan” and all of the sources have denied knowing any information about it when questioned by FBI handlers after Jan. 6, 2021, Fischer said, citing disclosures by the government to defense lawyers.

“The potential testimony of these CHSes, along with the corroborating testimony of their FBI handlers, will establish either 1) that the ‘Rhodes Plan’ was so secret that even members of Oath Keeper leadership who interacted regularly with Defendant Rhodes and others alleged to have been involved were kept in the dark both before and after January 6, or 2) that there never was any such ‘Rhodes Plan,'” the defense lawyer said.

“The defendants are entitled to examine the totality of the government’s investigation and prosecution for the purposes of undermining the jury’s confidence in the work done and the conclusions reached by the agents and prosecutors over the course of the past 20 months,” he added.

Read more here...

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Government Disclosed Jan. 6 Activities Of Five Confidential FBI Sources: Defense Lawyer

CBDCs Rising: Russia To Use Digital Ruble In Settlements With China

It has become a regular occurrence within the mainstream media these days to suggest that ties between Russia and China have been “strained” over the conflict in Ukraine and that Russia may lose the support of its ally soon.  In most cases these reports are highly exaggerated and based on official comments that are taken completely out of context.  

After the recent meeting between Xi and Putin in Uzbekistan, very little was said by China in regard to Ukraine, other than some short and prefabricated appeals for peace and diplomacy.  Such comments are generally made for the sake of international appearances and have no bearing on China's actual agreements with Russia.  There is no break in the alliance – The CCP doesn't care about Ukraine, it cares about its own interests, and those interests include vast supplies of energy resources and other commodities purchased from Russia at a discount.

By extension, Russia/China trade relations have expanded greatly in the past several months alone with bilateral deals that completely remove the US dollar as the world reserve.  However, the frenzy of new trade arrangements and financial exchanges may be obscuring a much more important and far reaching event, which is the digitization of national currencies.

According to Russian lawmaker Anatoly Aksakov. Russia is currently pursuing such programs.

"The topic of digital financial assets, the digital rouble and cryptocurrencies is currently intensifying in society, as Western countries are imposing sanctions and creating problems for bank transfers, including in international settlements," Aksakov said in an interview with Russia's parliamentary newspaper.

"If we launch this, then other countries will begin to actively use it going forward, and America's control over the global financial system will effectively end..."  

If we treat the Atlantic Council CBDC (Central Bank Digital Currency) tracker as a reliable reference, at least 100 countries around the world are now developing government backed digital currencies, with 11 countries already using them.  Often, CBDC programs are associated more with western central banks and it is assumed that digital currency mechanisms are purely a goal for western elites.  This is simply not the case. 

Russia and China are both intimately tied to the International Monetary Fund (with China a large part of the SDR global currency program), and Russia's central bank appears to be operating directly in line with other banks in its development of CBDCs.  While their digital efforts could be chalked up to necessity after the nation's removal from the SWIFT network, there are many central banks that are arguing in favor of digital mechanism as a solution to economic crisis.  This is how such vast changes to society are implemented without public input:  It's all done to save us from "disaster."

The fast progression of so many governments towards a cashless society is disconcerting because it could remove the last vestiges of free trade and anonymity from common markets.  Paper money might be fiat, but at least its private.  This is not the case with digital products of any kind.  

For now, CBDC developments are mostly limited to international trade transactions and have not trickled down to the general population yet.  Russia's use of a digital Ruble sets the stage for a method of bypassing SWIFT based networks and exchanging large sums of wealth in an instant.  On the other hand, the notion that central banks in the US and Europe would be opposed to digital developments that cut out the dollar is a fantasy.  

Almost all central banks appear to be onboard for a massive global shift in the way money functions and how our economies operate, and this includes the Federal Reserve, and they know that this change would effectively end the dollar's reserve status.  The question is, what will replace the dollar?  The IMF has some ideas about that as they also pursue a digital SDR mechanism.  From the IMF's own website:

"A virtual SDR could facilitate the SDR’s use in private transactions, creating a global cryptocurrency that could circulate along with national or regional cryptocurrencies backed by central banks."

With geopolitical tensions rising to a fever pitch, the chaos may be the perfect smokescreen for such a financial reset.         

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CBDCs Rising: Russia To Use Digital Ruble In Settlements With China

Climate Activist's Rank Hypocrisy Exposed In Hilarious Radio Interview

Authored by Paul Joseph Watson via Summit News,

A Greta Thunberg-style climate activist asserted that people shouldn’t be allowed to fly to places like Fiji due to the harm it does to the planet, before admitting that she had just flown to Fiji.

Yes, really.

16-year-old School Strike 4 Climate activist Izzy Cook made the remarks during an interview with NewstalkZB host Heather du Plessis-Allan.

“So we would have to apply to have like, approved events to be able to fly for?” du Plessis-Allan asked.

“Well that’s one thing that you could look at doing,” Cook said.

“Am I allowed to go to Fiji? Is that necessary?” du Plessis-Allan asked.

Cook replied, “In the current climate crisis I don’t think that that’s necessary.”

The host then quizzed Cook on the details of her previous plane trip.

Climate change activist Izzy Cook tells everyone not to travel to places like Fiji by plane to save the planet and then is asked where she flew last… she flew to Fiji.

Interviewer can’t stop laughing at her 🤣🤣 pic.twitter.com/cTZqvVgkFI

— ☢️🇺🇸 KC 3.0 🇺🇸☢️ (@KCPayTreeIt) September 27, 2022

“Mm, I’m not sure – maybe a few months ago to be honest,”she said.

“Where’d you go?” the host asked.

“Fiji,” Cook conceded.

The host couldn’t help but burst out laughing.

Of course, now that the activist and her hypocrisy has been exposed, the media is rushing to amplifying claims that she is being “bullied.”

By using children as human shields for their agenda (they did it with Greta for years), climate change groups can protect themselves against criticism by claiming anyone who questions their propaganda is attacking minors.

This “do as I say, not as I do” attitude is also common to virtually all ‘climate activists’, the vast majority of whom come from privileged backgrounds and enjoy lives of luxury while telling everyone else to make sacrifices.

Prince Charles, now King Charles, constantly wags wagging his finger at people over their carbon footprint.

Last year, it was revealed he had flown 120,213 miles miles on private jets & helicopters over the last 5 years alone.

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

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Climate Activist's Rank Hypocrisy Exposed In Hilarious Radio Interview