Now that we know the Department of Justice Inspector General is about to release a report on former FBI Director James Comey; and now that we know the OIG Principal Review Phase was already initiated; we can start to monitor the IG Website for the release.

NOTE: This is NOT the IG report on DOJ and FBI conduct about IG FISA abuses. This is a carve-out report, specific to James Comey and his leaked memos.

It appears the pending IG report will cover the conduct of James Comey and how he handled a series of memos he produced; contemporaneous accounts written by Comey covering events he documented outside of normal FBI protocol.

As part of the process, the inspector general report has been given to James Comey in advance.  According to John Solomon reporting, Comey lawyers Patrick Fitzgerald and Daniel Richman, along with spokesperson Keith Urbahn are all participating in his review of the report content.  This is called the “Principal Review Phase”.
In the example of the 2018 IG report on Andrew McCabe, the OIG gave McCabe’s team a week during the principal review phase, and then published the report two days after the responses were submitted. [McCabe Report Reviewed] We don’t know how long James Comey has had the report, but my hunch is several days.
If the IG sticks to the same general feedback timeline as the McCabe report, we could see a final IG report very soon; perhaps even as early as tomorrow (Friday August 2nd); which would line-up with the DOJ request for additional time in the Comey Memo/Archey Declaration FOIA case in the DC Circuit (Judge James Boasberg) also due Aug 2nd, and possibly delayed due to the background of the Comey IG report being released.
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An excellent discussion between White House Trade Advisor Peter Navarro and Fox Business host Maria Bartiromo about the current state of President Trump’s Main Street policy and economy.  The second half of the interview is the best part. Navarro outlines the background of the second quarter GDP result, and he hits the nail on the head. Hi Pete.
As CTH previously highlighted, the two primary drags on the Q2 release are also the most volatile: Export/Import contributions (-.65%), and Inventory contributions (-.86%) [table 2]. However, consumer spending was much stronger than anticipated (+4.3%) showing the internal strength of the U.S. labor market and the impact of wage growth which now exceeds 5.5 percent.  The rebound in Q3 is going to be very, very good.

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Note to Mr. Navarro: Enjoy the winning. Relax, you’re solid. Despite the financial punditry class consistently trying to downbeat the good news; you don’t have to carry the burden of adversarialism. You’re a good warrior; we know.  You don’t have to prove your salt. The American people can see the results, and the entire MAGAnomic team, including you, have our full support. Have some fun.
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To say there is broad-based confusion is an understatement.  The recent reporting by John Solomon of The Hill only makes the confusion worse.  Let’s stand back and reconcile two issues (with evidence to support) that are MASSIVELY conflated.

First, go read the full Solomon article.  Notice the entire construct of the article surrounds “The Comey Memos“.  As you will see, this specific topic is important.  Within the Solomon article you will find (emphasis mine):

[…] Inspector General (IG) Michael Horowitz’s team referred Comey for possible prosecution under the classified information protection laws, but Department of Justice (DOJ) prosecutors working for Attorney General William Barr reportedly have decided to decline prosecution — a decision that’s likely to upset Comey’s conservative critics.
Prosecutors found the IG’s findings compelling but decided not to bring charges because they did not believe they had enough evidence of Comey’s intent to violate the law, according to multiple sources.

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A recent FOIA release from Judicial Watch (full pdf below) reveals that two of Mueller’s initial FBI agents, based on dates and redactions – likely Peter Strzok and Joe Pientka, visited James Comey on June 7th, 2017, to retrieve a collection of his memos.
[However, a word of caution, one of the memos was titled “last night at 6:30pm” and is being widely misinterpreted to have been written the night before (June 6th, 2017) when that is not accurate.  It is likely that memo relates to the January dinner in the White House with President Trump that held the same sentence.]

(pdf here)

If we ignore the misinterpreted “last night” memo aspect (dinner with potus in January ’17), here’s what we can learn from this FOIA release:
♦First, the memos were picked up while FBI agent’s Peter Strzok and Joe Pientka were lead FBI agents that transferred into the Mueller team.  Therefore it’s likely they were the two who traveled to Comey’s house for this June 7th effort.
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Tonight CNN is the broadcast host for the second night of Democrat presidential primary debates in Detroit Michigan.  After a live lotto-draw, the line-up was announced for only the 20 presidential candidates who the DNC qualified the second set of debates.
[Former Senator Mike Gravel, Mayor Wayne Messam, former Representative Joe Sestak and billionaire Tom Steyer did not qualify for the second round of debates. Sad.]

Tonight puts all of the peoples’ of color candidates together.  In a luck-o’-the draw, ‘spank me’ Harris is in position to finish off ‘creepy’ Joe Biden.  Consequently, most of the pressure is upon Creepy to have a good debate and stop the downward spiral of support losses to Spank Me and How.
However, that possible conflict opens the door for fellow New Yorkers Gillibrand and Booker to play the creed-card, mounting racist attacks with opening statements in Spanglish while comrade De Blasio attempts to gain traction.
CNN holds exclusive broadcast rights to the debate. Consider this an open discussion thread for anyone watching…
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We previously outlined Mr. Zhongtian Liu [HERE] as part of the early 2018 explanation for how China was exploiting the NAFTA loophole as an end-run around tariffs.  Today the Central District of California U.S. Attorney announces his indictment.

LOS ANGELES– A federal grand jury indictment unsealed late Tuesday alleges a complex financial fraud scheme in which a Chinese company exported to the United States huge amounts of aluminum – disguised as “pallets” to avoid customs duties of up to 400 percent – and “sold” the purported pallets to related entities to fraudulently inflate the company’s revenues and deceive investors around the world.
The 53-page indictment alleges that China Zhongwang Holdings Limited, Asia’s largest aluminum extrusion company; Zhongtian Liu, the company’s former president and chairman; and several individual and corporate co-defendants lied to U.S. Customs and Border Protection to avoid paying the United States $1.8 billion in anti-dumping and countervailing duties (AD/CVD) that were imposed in 2011 on certain types of extruded aluminum imported into the United States from China.

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In 2015 CTH outlined how candidate Donald Trump’s proposals were in-line with those who had long argued for a return of “economic nationalism”.  We also outlined when those proposals (now policy) are implemented, Fed action would be essentially irrelevant.

The Federal Reserve is pegged to the Wall Street Economy.  President Trump’s policies are pegged to the Main Street Economy.  There is a disconnect; a new dimension in U.S. economics; and very few people understand what happens in this space between them.
Thirty-five years ago Fed monetary policy impacted the U.S. economy directly because almost all activity (durable good manufacturing) was within our borders.  The natural dynamic of inflation could be influenced by the Fed.  Rate changes could offset inflation and also enhance domestic investment etc.
However, as time progressed that manufacturing activity -the basic underpinning of middle-class jobs, wages etc- shifted overseas.  When monetary policy became controlled by multinationals (Wall Street influencers purchasing politicians), capital investment moved to generate purely higher profits.  Businesses, specifically manufacturing, went abroad.  As a consequence the determination of prices, ie ‘inflation’, was no longer influenced by the Fed because the actual economic activity was/is outside the U.S. borders.
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The Bureau of Economic Analysis (BEA) released significant wage and salary data yesterday which held stunning upward revisions for 2018 and 2019.   Wage growth of 5.5% combined with low inflation remaining at 1.4 percent; the disposable income of U.S. workers jumped to a stunning 4.1%.  [Data Tables]

Within the revised BEA data, we find employee compensation rose 4.5% in 2017 and 5% in 2018.  Importantly the growth trend continued into 2019, with compensation increasing 3.4 percent in the first six months alone.  Year-over-year wages and salaries were revised upward to 5.3% for May, and 5.5% in June.  These are stunning increases in worker pay.
There are various economic indicators we have shared through the years, but wage growth is one of the more critical.  First, wage growth lags behind business activity – workers don’t get pay raises until after business volume demands/provides it.  Second, wage growth is generally uni-directional – once businesses hike pay, the increases cement.
As the Wall Street Journal put it:
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It was only a matter of time before someone explained how the Chinese advisors to Chairman Xi Jinping are using President Trump’s inability to hold the coup plotters accountable as evidence they can wait out the President.
This is the crossover, where a lack of accountability for “Spygate” now begins to negatively influence the geopolitical, economic and strategic position of President Trump.  However, there’s an upside to this dynamic….
In several interviews the president has noted his preference to keep the DOJ and FBI issues at a distance and deferred action to others. The economic reset is President Trump’s #1 priority.  If Trump identifies the lack of DOJ and FBI accountability as an impediment to the economic program, he may become much more engaged.

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SHANGHAI—Plodding progress in trade negotiations between the U.S. and China this week is partly the result of a new tactic from Beijing, which increasingly thinks waiting may produce a more-favorable agreement.

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Last night President Trump gave a lengthy 26 minute interview to C-Span and journalist Steve Scully. [Full Video Here] Here’s some video excerpts from the interview:

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