September 13, 2020 |
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Warning signs that the U.S. economy could be barreling toward a recession quickly became alarm bells Wednesday after the Treasury bond yield curve—a key indicator that has preceded every major downturn over the past five decades—inverted for the first time since the Wall Street crash of 2007.
As the Washington Post reported, “the yields on short-term U.S. bonds eclipsed those of long-term bonds” on Wednesday, a phenomenon that “suggests investors’ faith in the economy is faltering.”
Chris Rupkey, chief financial economist at MUFG Union Bank, told the Post that “yield curves are all crying timber that a recession is almost a reality, and investors are tripping over themselves to get out of the way.”
CNBC described the inverted yield curve as the “strongest recession signal yet.”
Economists and other commentators were quick to place at least some of the blame for worsening market volatility on President Donald Trump’s trade war with China, the world’s second-largest economy behind the U.S.
Though Trump sparked a brief rally on Tuesday with his decision to delay his planned 10 percent tariffs on Chinese goods until Dec. 15, markets tanked again Wednesday in response to the inverted yield curve, wiping out the previous day’s gains and triggering fears that a major recession could be imminent.
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“Amazing how many people have spent time trying to project some rationality onto Trump trade policy,” tweeted economist and New York Times columnist Paul Krugman. “What looks like raw ignorance and prejudice is, in fact, raw ignorance and prejudice.”
Talking Points Memo editor Josh Marshall pointed out that while presidents are often incorrectly blamed or credited with the state of the economy, “it’ll be impossible not to point to a ruinous, needless trade war as a key cause” if a recession hits.
As markets slid on Wednesday, others noted the historic pattern of recessionary cycles that have corresponded with massive tax cuts for the wealthiest:
Further intensifying fears of a recession, said economists, is the fact that the Trump administration does not appear willing to take the steps necessary to combat a serious downturn, such as spending money on meaningful government initiatives like an infrastructure program.
“If Trump proposed a serious infrastructure plan, Dems would have a hard time saying no even though it would help him politically. But no such plan has been or will be offered, for a couple of reasons,” tweeted Krugman. “One is that [Senate Majority Leader] Mitch McConnell and his wing of the party oppose any kind of government program, no matter how much good it might do.”
“Another,” added Krugman, “is that Trump and co. just can’t bring themselves to advocate anything that doesn’t include scams on behalf of their cronies.”
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September 13, 2020 |
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Valtteri Bottas enjoyed a double dose of pleasure on Friday, setting the pace in both practice sessions for the Tuscan Grand Prix and loving the experience of driving around Mugello’s fast sweeps.
Bottas echoed his fellow drivers’ positive impressions about the challenging Italian track where F1 is racing for the very first time this weekend.
“It’s a lot of fun, really cool, especially after we go into Turn 1, the first section, the old section is fantastic and the second sector is also amazing, so I really enjoyed every single lap today,” said the Mercedes driver.
“It’s one of the most physical tracks, no doubt about it. I still think we’ll only see it in the race distance, once the fatigue starts to build up, but could even see that today.
“It’s going to be a tough Sunday for everyone, but I’m definitely ready for it, so I’m looking forward to it.”
Beyond the physical challenge, Bottas also underlined Mugello’s crucial impact on tyre wear.
“It is tough, it’s a really high-energy circuit for the tyres, but it was quite a bit better than what we expected, so, that’s good news,” he added.
“Always, in the high-speed corners, we are going to be overheating and Sunday is going to be pretty hot as well.”
Hamilton just ‘not that great’ yet around Mugello
The eight-time Grand Prix winner, who edged teammate Lewis Hamilton by 0.207s in FP2, is confident of holding his own at the head of the field on Saturday by unlocking the full potential of his Black Arrow.
“In the first session I struggled quite a bit with understeer, and still in some places in the second session, but it was definitely better,” said the Finn.
“There’s still quite a bit of lap time to unlock, as it always happens on a track where you and the cars haven’t been to.
“As a driver you tend to find pretty big gains from one day to the other, so I think that from the car, but even more so from the drivers, we will find performance.”
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September 12, 2020 |
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Democrat Mike Espy appears to be gunning for a rematch in his bid for Senate in Mississippi.
The former agriculture secretary and congressman filed paperwork with the Federal Election Commission on Friday declaring his intention to run for Senate in 2020.
The filing comes just three days after he was defeated by Sen. Cindy Hyde-Smith (R-Miss.) in a heated runoff election. A spokesperson for Espy’s campaign did not immediately respond to The Hill’s request for comment.
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Hyde-Smith, who was appointed earlier this year to replace former Sen. Thad CochranWilliam (Thad) Thad CochranEspy wins Mississippi Senate Democratic primary Bottom Line Mike Espy announces Mississippi Senate bid MORE (R-Miss.) in the chamber, beat Espy on Tuesday by roughly 8 points.
Hyde-Smith faced criticism in that contest after footage surfaced of the Republican saying that she would “be on the front row” if she were invited to a “public hanging,” a comment that sparked strong backlash in a state with a history of lynching African-Americans.
That remark prompted several corporate donors to Hyde-Smith’s campaign, including Walmart, to pull support for the senator and demand that she return their contributions.
Because Hyde-Smith was appointed this year and elected in a special election, she will face reelection again at the end of Cochran’s term in 2020 when she’s expected to seek her first full term in the Senate.
September 12, 2020 |
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Former Trump campaign aide George PapadopoulosGeorge Demetrios PapadopoulosNew FBI document confirms the Trump campaign was investigated without justification Republicans plow ahead with Russia origins probe AG Barr just signaled that things are about to get ugly for the Russia collusion team MORE, who was released from federal prison last week, announced in an interview on Friday that he wants to run for office in 2020.
Papadopoulos told The Daily Telegraph that part of his initial plan to join President TrumpDonald John TrumpSenate advances public lands bill in late-night vote Warren, Democrats urge Trump to back down from veto threat over changing Confederate-named bases Esper orders ‘After Action Review’ of National Guard’s role in protests MORE’s campaign and transition team in 2016 was to boost his own platform before running for congress.
“Things just took a different direction,” he said with a smile, “but my end game remains the same. I do want to run for Congress. I’m planning to run for Congress in 2020.”
Papadopoulos was released from prison in Wisconsin on Dec. 7 after serving 12 days for lying to investigators about his contacts with Russia-linked officials during the 2016 campaign.
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Papadopoulos pleaded guilty in October of last year as part of special counsel Robert MuellerRobert (Bob) MuellerCNN’s Toobin warns McCabe is in ‘perilous condition’ with emboldened Trump CNN anchor rips Trump over Stone while evoking Clinton-Lynch tarmac meeting The Hill’s 12:30 Report: New Hampshire fallout MORE’s investigation into Russian interference in the 2016 presidential election and potential collusion with the Trump campaign.
He will now have 12 months of supervised release and will have to serve more than 200 hours of community service as well as pay a $9,500 fine.
Papadopoulos and his wife, Simona Mangiante Papadopoulos, currently live in California.
“Now that Los Angeles is home, I just have to find a little Republican enclave somewhere in this part of the world — this part of the country, I should say — and run there,” he told The Telegraph.
The outlet noted that Orange County is the birthplace of former President Nixon.
Papadopoulos is already talking to potential donors before his run.
He is also slated to be the subject of a new documentary series about his relationship with his wife, in hopes to portray “a true image of ourselves to be presented for the first time since I was embroiled in the Russia investigation.”
The series, produced by Los Angeles–based FGW Productions, has already started filming last month.
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September 12, 2020 |
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Republican Corey Stewart, a former Senate and gubernatorial candidate in Virginia who was an outspoken defender of Confederate monuments, said he’s leaving politics “for the foreseeable future,” according to The Washington Post.
Stewart told the Post in an interview published Tuesday that he won’t run for reelection after serving as Prince William Board of County Supervisors for 15 years. He said he’ll now focus on his international trade law practice as well as helping with his wife’s business goals.
ADVERTISEMENTHe’ll make his official announcement that he won’t seek a fourth term Tuesday afternoon during his state-of-the-county address.
Stewart told the Post he doesn’t plan to reenter the political arena “until and unless the Commonwealth is ready for my views on things, and that’s not right now, clearly.”
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“Politics sucks,” Stewart said in his interview with the Post. “On a personal level, it’s been a disaster.”
Stewart lost Virginia’s 2018 Senate race to Sen. Tim KaineTimothy (Tim) Michael KaineWarren, Democrats urge Trump to back down from veto threat over changing Confederate-named bases Senate panel passes amendment to bar using troops against protesters Defense bill turns into proxy battle over Floyd protests MORE (D-Va.) by double digits last November.
Stewart also ran for the GOP nomination in Virginia’s 2017 gubernatorial race, coming unexpectedly close to defeating establishment favorite Ed Gillespie.
Gillespie, a former chair of the Republican National Committee, went on to lose to now-Gov. Ralph Northam (D) in the 2017 general election — an election cycle where Democrats won the governor’s mansion and swept more than a dozen state legislative seats.
Stewart has been a close ally of President TrumpDonald John TrumpSenate advances public lands bill in late-night vote Warren, Democrats urge Trump to back down from veto threat over changing Confederate-named bases Esper orders ‘After Action Review’ of National Guard’s role in protests MORE and served as the co-chairman of Trump’s Virginia campaign in 2016. He’s also been a long-time opponent and frequently rails against illegal immigration.
The Virginia Republican said he’s started to discuss with the Trump administration a potential job in the White House in the arena of international trade, but “the problem with these jobs is they don’t pay very much.”
And during his Senate race in 2018, Stewart earned scrutiny over accusations of his ties to white nationalists. He reportedly fired a top aide who helped bring far-right ideas to his campaign. But he denies holding those kinds of views.
“If you look at my record, find something that I said that was racist, or bigoted or anti-Semitic. You’re not going to find it,” Stewart said.
September 12, 2020 |
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Explaining that “firing at the lower half of the body above the knee led to the deaths of many people,” a senior officer in the Israeli military has said snipers operating along the border of the occupied Gaza Strip are now being trained to shoot at the ankles of protesting Palestinians as opposed to above-the-knee targeting that led to thousands of people being gunned down—hundreds killed and others maimed—over recent years.
“[New policy] in no way suggests that the military attaches great value to human life. On the contrary, it shows that the military consciously chose not to regard those standing on the other side of the fence as humans.” —B’Tselem
While killing Palestinians “was not our objective,” said the unnamed military commander, identified by the Jerusalem Post as a senior officer at the Israel Defense Force’s Lotar counter-terrorism training school, the previous rules of engagement did not restrict the area of the body that could be targeted. Now, the officer explained, IDF snipers are being instructed to shoot at the ankles and shins of protesters.
According to the Post:
On Twitter, Kevin Jon Heller, an associate professor of international law at the University of Amsterdam, noted the incongruity of an order that attempts to present itself as more humane or “moral” but which, in fact, sanctions snipers to shoot unarmed people protesting against their oppression by an occupying military force:
Earlier this year, as Common Dreams reported, the United Nations release a “damning report” of Israel’s use of snipers against unarmed and non-threatening Palestinian protesters near the Gaza border in 2018.
“The Israeli security forces killed and maimed Palestinian demonstrators who did not pose an imminent threat of death or serious injury to others when they were shot, nor were they directly participating in hostilities,” the U.N. officials wrote in the report (pdf), which relied on interviews, thousands of documents, and video footage showing Israeli soldiers using live ammunition against Palestinians—including children, journalists, and medical workers.
According to the UN report— the result of a months-long investigation—Israeli snipers killed over 180 unarmed Palestinians and injured more than 6,100 others with live ammunition between March 30 and December 31 of 2018.
Over a longer time period, those numbers are even larger.
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September 12, 2020 |
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Thousands of Puerto Rican protesters filled the streets of the capital San Juan on Monday night for a third day of protests calling for the immediate resignation of Governor Ricardo Rosselló after obscene messages between him and his staff were revealed.
Chanting “Ricky Renuncia,” or “Ricky Resign,” demonstrators clashed with police in front of La Fortaleza, the 16th century-built governor’s mansion in the neighborhood of Old San Juan.
“It was time for Puerto Rico to wake up and rise up against the oppressors, and we want to force the resignation of Governor Ricardo Rosselló,” said Puerto Rico resident Rafaela Estevez. “He does not deserve the job he has, and the people have spoken.”
Protesters set fire to trash cans and overturned cars Monday while police fired tear gas into the crowd and made arrests.
The leaked messages show a dismissive attitude on the part of Rosselló, a Democrat, and other government officials to the Puerto Rican people and their concerns as the U.S. territory struggles to recover from 2017’s Hurricane Maria. In the messages, which were sent using the app Telegram, officials joked about victims of the hurricane and referred to political adversaries in vulgar terms.
“The chat was the final straw,” protester Norma Jean Colberg told The New York Times.
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In one exchange, Rosselló and his chief fiscal officer Christian Sobrino discussed San Juan Mayor Carmen Yulín Cruz, who intends to run against Rosselló for governor in 2020. Sobrino told Rosselló Sobrino would like to shoot the mayor, to which Rosselló replied, “You’d be doing me a grand favor.”
Cruz, who progressives see as the antidote to the corporate-friendly Rosselló, said over the weekend that the scandal has only made the people of Puerto Rico—furious at the treatment and lack of aid they have received from the President Donald Trump administration—more distrustful of the current leadership on the island.
In response to the leaked chats, Rosselló expressed remorse and asked for forgiveness, but said he would stay on in office.
“We do not give up on the work under way,” the governor said in a statement, “and today, more than ever, many people are counting on my commitment to that work.”
But it may not be up to the governor. Demonstrators were calling for Rosselló’s impeachment and, on Monday, Denis Márquez, a representative in the territory’s legislature, introduced a formal complaint against the governor, the first step toward Rosselló’s potential removal from office.
Resident Estevez said that she hoped the message would get across to lawmakers that the people were fed up and that change is needed on the island.
“Even if the Legislature does not care one dime about the people, they are there because of us,” said Estevez. “And we are showing them, giving them a lesson that they have to remember we pay their wages.”
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September 12, 2020 |
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President Donald Trump is reportedly planning to request $4.3 billion in cuts to United Nations humanitarian programs and other foreign aid initiatives, a move advocacy groups warned would have “devastating” consequences for millions of people around the world.
Roll Call reported that the White House Office of Management and Budget (OMB) sent the proposal to the State Department for review on Thursday.
According to Politico, which cited an anonymous administration official, the cuts Trump is preparing to send to Congress for approval include:
- $787 million from U.N. global peacekeeping initiatives;
- $522 million from core U.N. funding; and
- $364 million from U.N. humanitarian programs.
Jordie Hannum, executive director of the Better World Campaign, an advocacy group that works to foster a stronger relationship between the U.S. and U.N., said the Trump administration’s potential cuts to peacekeeping missions would make the world less safe and harm millions of people.
“They’d be sabotaging these missions,” Hannum said, “and ensuring untold suffering for millions of innocent civilians who rely on the missions for protection.”
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Rep. Nita Lowey (D-N.Y.), chair of the House Appropriations Committee, urged the White House budget office to cease its effort to slash foreign aid funds that were appropriated by Congress in 2017.
“The funds were appropriated by overwhelming bipartisan majorities and the lengthy negotiations between the House, the Senate, the White House,” Lowey told Politico. “And they were signed into law by the president. So cuts to foreign aid have repeatedly been rejected on a bipartisan basis.”
The Trump administration’s proposal comes days after the budget office ordered a freeze on the funds, angering aid groups and Democratic lawmakers.
Rep. Eliot Engel (D-N.Y.), chairman of the House Foreign Relations Committee, called the freeze “dangerous” and accused the Trump administration of sidestepping congressional authority.
“This administration’s contempt for Congress is astounding,” said Engel. “When Congress decides how much we spend on foreign assistance, it isn’t a suggestion. It’s the law, backed up by the Constitution.”
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September 12, 2020 |
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Sen. Susan Collins fled Tuesday when asked directly by a college student whether she would take concrete action to push for gun control legislation that could prevent the deaths of more children in mass shootings.
Bowdoin College student Livia Kunins-Berkowitz approached Collins and her staffers Tuesday afternoon in Portland, Maine to ask if the Republican senator would join her colleagues on both sides of the aisle to demand that Senate Majority Leader Mitch McConnell (R-Ky.) reconvene the Senate for a vote on the universal background checks legislation passed by the House earlier this year.
“Sen. Collins, are you going to call for an emergency vote on gun control now?” Kunins-Berkowitz asked as Collins exited a building and walked to her car with two aides. “We need the Senate to meet right now to talk about gun control. Yes or no, Senator?”
Watch:
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The senator briefly rolled down her window after entering the car to tell Kunins-Berkowitz that she believes gun control is “important” but didn’t answer her question even after the student said unequivocally that “more kids are going to die” if universal background checks legislation and other reforms are not passed now.
“I’m scared to go to school, I’m scared to go to my synagogue,” Kunins-Berkowitz said. “We need a session right now or more kids are going to die.”
The confrontation came just days after 31 people were killed in two mass shootings in El Paso, Texas and Dayton, Ohio over the weekend. Shortly after the massacres, Sens. Bernie Sanders (I-Vt.) and Sherrod Brown (D-Ohio) were among the lawmakers who demanded that McConnell call the Senate back from its August recess to vote on universal background checks legislation.
“She kept saying, ‘It’s an important issue,’ but didn’t answer yes or no on an emergency Senate meeting,” Kunins-Berkowitz said after the encounter. “She kind of avoided the question even when I said kids are dying in our schools.”
“We all know it’s an important issue,” she added. “The question is, will they take action right now before more kids die in their schools, before more people die at the mall, before more people die in their places of worship?”
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September 12, 2020 |
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The Trump administration has reportedly moved to shift millions of dollars away from disaster relief to increase funding for migrant detention centers, a move that comes as Tropical Storm Dorian is set to hit Puerto Rico and the U.S. Virgin Islands on Wednesday.
The White House plans to pull $155 million out of the Federal Emergency Management Agency’s Disaster Relief Fund “to pay for immigration detention space and temporary hearing locations for asylum-seekers who have been forced to wait in Mexico,” according to NBC News.
“At the start of hurricane season, DHS is robbing hundreds of millions of dollars from disaster relief to fund a disaster of its own making.”
—Charanya Krishnaswami, Amnesty International USA
The boost in funding for detention, NBC reported, would give Immigration and Customs Enforcement (ICE) the capacity to hold 50,000 migrants at one time.
“The allocations were sent to Congress as a notification rather than a request,” said NBC, “because the administration believes it has the authority to repurpose these funds after Congress did not pass more funding for ICE detention beds as part of an emergency funding bill for the southwest border in June.”
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Rights groups reacted with alarm to the Trump administration’s decision to shift the disaster aid funds as Puerto Rico and the U.S. mainland brace for the historically high point of hurricane season. The Washington Post reported Wednesday that Tropical Storm Dorian could slam the Southeast U.S. coast as a Category 3 hurricane.
“Puerto Rico could soon be facing a climate disaster as the Tropical Storm Dorian is expected to turn into a hurricane,” tweeted immigrant rights group United We Dream. “The money that could be used to help Puerto Rico will instead be used to detain more children and parents in concentration camps.”
Amnesty International condemned the Trump administration’s move as “an outrageous misuse of resources.”
“At the start of hurricane season, DHS is robbing hundreds of millions of dollars from disaster relief to fund a disaster of its own making,” said Charanya Krishnaswami, advocacy director for the Americas at Amnesty International USA. “It is using vital funds to further some of its cruelest policies—putting asylum-seekers in harm’s way and detaining families and children in search of safety.”
The decision to shift funds away from disaster relief was reported hours after President Donald Trump on Wednesday falsely inflated the amount of federal aid Puerto Rico has received since Hurricane Maria devastated the island in 2017.
“Wow! Yet another big storm heading to Puerto Rico. Will it ever end?” Trump tweeted. “Congress approved 92 Billion Dollars for Puerto Rico last year, an all time record of its kind for ‘anywhere.'”
San Juan Mayor Carmen Yulín Cruz, a 2020 Puerto Rico gubernatorial candidate, said it is “reprehensible that yet again Donald Trump chooses to lie.”
“Will it ever end?” Cruz tweeted, mocking Trump. “Congress has approved $40 billion and $14 billion [has] been disbursed. Would it be too much to ask for you to act presidential and do your job without a lie or an insult?”
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