Sorry, I had no idea President Trump was delivering remarks today. President Donald J Trump is speaking from Las Vegas and delivering remarks On America First Policies. Ongoing livestream links below. However, they are having major technical issues:
Donald J Trump Rumble Livestream – RSBN Rumble Livestream Link
Elon Musk has notified Twitter and the SEC [SEE LETTER HERE] that he is exercising his “right to terminate the merger agreement and abandon the transaction contemplated” due to the social media company not providing transparent access to background data that would allow authentication of “monetized daily active users” (mDAUs).
It appears that Twitter Inc did not want to reveal how Jack’s Magic Coffee Shop was able to sustain operations, at an extremely high cost, without making money. That’s the essential source of the issue.
The social media company did not want anyone looking at the data stream inside the communication platform. Musk was not allowed to authenticate the number of real users and identify the number of ‘spam’ or ‘bot’ accounts within the platform.
From the SEC Letter: […] ” Specifically, in the Merger Agreement, Twitter represented that no documents that Twitter filed with the U.S. Securities and Exchange Commission since January 1, 2022, included any “untrue statement of a material fact” (Section 4.6(a)). Twitter has repeatedly made statements in such filings regarding the portion of its mDAUs that are false or spam, including statements that: “We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our mDAU during the quarter,” and “After we determine an account is spam, malicious automation, or fake, we stop counting it in our mDAU, or other related metrics.”
Mr. Musk relied on this representation in the Merger Agreement (and Twitter’s numerous public statements regarding false and spam accounts in its publicly filed SEC documents) when agreeing to enter into the Merger Agreement. Mr. Musk has the right to seek rescission of the Merger Agreement in the event these material representations are determined to be false.
Although Twitter has not yet provided complete information to Mr. Musk that would enable him to do a complete and comprehensive review of spam and fake accounts on Twitter’s platform, he has been able to partially and preliminarily analyze the accuracy of Twitter’s disclosure regarding its mDAU. While this analysis remains ongoing, all indications suggest that several of Twitter’s public disclosures regarding its mDAUs are either false or materially misleading.
University of Pennsylvania, Wharton School of Business, Finance Professor Jeremy Siegel, takes a closer look at the June jobs data from the Bureau of Labor Statistics. Professor Siegel notes a .01% drop in average hours worked is the labor equivalent of losing 450,000 jobs.
With factory demand dropping, and with inventories climbing, and with FTE’s (Full-Time Equivalents) dropping, the jobs report takes on additional context that aligns with the overall decline we feel in Main Street activity. Essentially, regardless of how many jobs are “created” within the economy, the overall economic activity -as measured by the value of products & services generated- is declining.
Additionally, as noted by Professor Siegal, the current best estimate as reviewed by the several data points, is a current drop in overall GDP in the -2% range. Seigal points this information out because the Federal Reserve is raising interest rates into an economy that has declining (demand side) consumer activity, which, correctly as he states, only makes the contraction more severe. WATCH:
The core supply side costs (all based on energy policy) continue to increase and drive consumer prices upward. Simultaneously, consumer demand is dropping because the goods and services impacted by the increased costs (most of which are unavoidable) are more expensive. This creates a downward spiral. Consumer prices are increasing on housing, energy, food and gasoline (supply side impacts), at the same time discretionary spending contracts.
In this scenario there is no way to avoid a steep recession. However, the real priority of Joe Biden surrounds whether Jill will allow his favorite pudding, and if the shoes on the pancake mix keeps making sparkly rabbit noises.
Earlier today Joe Biden held an official ceremony promoting the killing of unborn babies as a legacy initiative of his administration. Biden signed an executive order [View Here] stating that abortion “is essential to justice, equality, and our health, safety, and progress as a Nation.”
{Direct Rumble Link} – Executive Order Here – WATCH:
(Via Reuters) – […] Biden, [a member of the progressive death cult], has been under pressure from supporters, particularly progressives, to take action after the landmark decision, which upended roughly 50 years of protections for women’s reproductive rights.
The president’s powers are constrained, because U.S. states can make laws restricting abortion and access to medication, and the executive order is expected to have limited impact.
Biden will direct the Health and Human Services Department to take action to protect and expand access to “medication abortion” approved by the Food and Drug Administration, the White House said.
Experts have said a pill used to terminate early pregnancies is unlikely to become available without a prescription for years. States that already restrict the medication would not be affected by the presidential order.
The Bureau of Labor Statistics (BLS) has released the June jobs report [Data Here] showing 372,000 job gains on the establishment survey of businesses. However, the April and May reports were revised downward by 74,000 jobs, and there is an odd disconnect between the survey of businesses and the survey of households.
The survey of businesses (BLS establishment report) shows job gains of 372k for the month of June, but the survey of households (BLS household report) shows that fewer people are working. The labor-force participation rate slipped to 62.2% from a previous high of 62.4%, fewer people are working.
This odd disconnect has many people wondering what is going on?
Wage growth comes in at 5.1% on an annual basis, which is far below the current BLS calculated rate of inflation at 8.6%. Meaning wage growth is not keeping up with inflation despite workers entering the labor force at a higher entry level wage.
Economists overall are flummoxed as job gains would indicate a strong economy. However, the actual economic activity, the creation of goods and services, is not growing. Quite the opposite appears. Orders for factory goods have dropped, inventories of currently available goods are climbing, and sales figures across a broad spectrum of companies are negative. The economy as measured by the creation of goods and services is stalled, but the economy as a measure of employment is firm.
Japanese Prime Minister Fumio Kishida held a brief press conference [2:00am ET] after arriving back in his office and recalling all cabinet members following the assassination attempt upon the life of former Prime Minister Shinzo Abe.
According to Kishida, the condition of Shinzo Abe is still grave and serious, and all medical personnel are still working to save his life.
(NHK) – Japanese Prime Minister Kishida Fumio told reporters that former prime minister Abe Shinzo is in serious condition after he was attacked in Nara City.
Kishida said, “It is such a despicable act that took place during an election period, which is the foundation of democracy. It is totally unacceptable. I condemn the act in the strongest possible terms.” Kishida added that it is important for the government to prepare to take all necessary measures to deal with any possible situation. WATCH:
The assassin of Shinzo Abe has been identified as 41-year-old Yamagami Tetsuya, who used a homemade black powder shotgun. Tetsuya was a former member of the maritime defense forces where he served for three years. According to Japanese media:
…”The 41-year-old suspect lives in Nara city where the shooting took place. Defense sources say the suspect worked for the Maritime Self Defense Force for three years until around 2005. Police say the suspect told investigators that he was dissatisfied with the former prime minister and intended to kill him.”
“This is no small thing, to restore a republic after it has fallen into corruption. I have studied history for years and I cannot recall it ever happening. It may be that our task is impossible. Yet, if we do not try then how will we know it can’t be done? And if we do not try, it most certainly won’t be done. The Founders’ Republic, and the larger war for western civilization, will be lost.”
“But I tell you this: We will not go gently into that bloody collectivist good night. Indeed, we will make with our defiance such a sound as ALL history from that day forward will be forced to note, even if they despise us in the writing of it.”
Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.
For Thine is the kingdom and the power and the glory, forever and ever. Amen †
White House Press Secretary Karine Jean-Pierre is, at this point, transparently identified as the least qualified and capable person to hold that position in modern history. She genuinely is lacking the ability to articulate intelligent responses to any questions.
It is also obvious to those who have followed Biden personnel decisions, that KJP was selected because she would spout the information given to her by Chief-of-Staff Ron Klain without a moment’s hesitation. She is not intelligent enough to know the talking points are complete nonsense. She spouts the most ridiculous talking points in a manner that reflects she believes them. That said, her capacity to stumble through nonsense and pretend it is real is only surpassed by Kamala Harris and Pete Buttigieg.
Today from the White House podium, Ms. Karine Jean-Pierre actually made the claim that our current economy is the strongest in our nation’s history. WATCH:
It is one thing to politically ‘spin’ reality, it is another thing entirely to politically manufacture reality.
