THE SHOW NOTES: The Guilty Verdict, Hunter Biden's Trial, & Hamas vs Pride Month
Welcome! I am back from vacation and go live on radio now. You can listen live here.
BREAKING: Dozens of stocks have been halted from trading as the New York Stock Exchange deals with technical issues.
HEADLINE: Biden admin offers ‘mass amnesty’ to migrants as it quietly terminates 350,000 asylum cases - NY Post
NEW: Ticketmaster confirms the data of its 500 million customers was hacked.
OUTRAGE: The judge in Trump’s hush-money trial donated to the Biden campaign.
PROBLEM: A shady financial tool from the housing bubble era is making a comeback - CNN
ELECTION: Mexico has elected its first female president.
Hunter Biden
Hunter Biden’s gun trial in Deleware begins today with jury selection happening now.
Details: The President’s son faces three charges of purchasing and possessing a firearm while actively abusing various drugs and lying about it on a gun application form. If convicted, Hunter Biden faces up to 25 years in prison.
Why this matters: By his own admission in text messages and his personal memoir, Hunter Biden was in a "full-blown addiction" to cocaine in the fall of 2018 when the weapons were purchased. The defense is planning to bring Hunter’s ex-wife, the wife of his deceased brother whom he briefly dated, and the stripper he fathered a child with as witnesses.
Ceasefire
President Biden proposed a brokered ceasefire arrangement on Friday that was aimed at returning Israeli hostages while delivering aid to the southern portion of Gaza.
Not so fast: Now, Israeli Prime Minister Benjamine Netanyahu claims that Biden’s description of the ceasefire proposal was inaccurate. Biden claimed that Israel offered to withdraw its troops from Rafah in exchange for 125 hostages. According to Israeli officials, this was never on the table. Here’s the quote:
“Israel has not changed its conditions to reach a permanent cease-fire. That will only happen after our objectives are met including destroying Hamas’ military and governing capabilities.”
Glitch
Berkshire Hathaway is down 99%. Ok, not really, but that’s what CNBC is showing at the moment thanks to the glitch on the New York Stock Exchange.
Hamas vs Pride Month
The Philadelphia Pride Parade was shut down by pro-Hamas protestors.
Key Engines of US Consumer Spending Are Losing Steam All at Once
The main drivers behind the remarkably resilient American consumer are losing steam at the same time, suggesting a recent pullback in household demand may be more than just a one-off.
Real disposable incomes have risen only modestly over the past year. The saving rate now stands at a 16-month low as households have mostly exhausted the extra pile of cash they squirreled away during the pandemic. In turn, many Americans are increasingly relying on credit cards and other sources of financing to support their spending.
These factors help explain why real spending — which excludes the impact from inflation — fell in April, with consumers shelling out less on cars, restaurants and recreational activities. With the job market also cooling, companies like Best Buy Co. have noticed a change in recent months as shoppers switch to cheaper brands.
Full story at Bloomberg (paywall).
Trending news:
Rep. Sheila Jackson Lee announces pancreatic cancer diagnosis - CNN
Conservative parents call to boycott 'Ms. Rachel' over latest Pride Month video: 'Kids look up to' her - Fox News
OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - MSN
Today's UFC Press Conference In Dublin For Conor McGregor vs Michael Chandler Has Been Postponed Until Further Notice - Barstool
Shark attack victim punched it in the face before he was rescued, friend says - NBC
Half of Americans think Trump's guilty verdict was correct, should end campaign: POLL - ABC
Russia is trying to scare people away from the Paris Olympics - NBC
Behind the Curtain: Speaker Johnson's secret muse - Axios
Maldives will ban Israelis from entering the country over the war in Gaza - AP
The Insurance Market Is Flirting With Natural Disasters - WSJ (free)
The Internet’s Final Frontier: Remote Amazon Tribes - NYT (paywall)
Market snapshot:
Never been a fan of Sheila Jackson Lee, but I wouldn't wish that diagnosis on anyone - even her.
Gay Pride parade stopped by pro-Hamas protestors? To quote Alanis Morissette, "Isn't it ironic?" And still, you'll have 'Queers for Palestine' protesting on behalf of Hamas. (As long as they stay off rooftops, they should be fine.)
Giving amnesty to 350,00 immigrants is just another piece of evidence that the Biden Admin is intent on destroying this country. I hope that decision can be revered by a future Republican administration.
This is primarily why I support Trump, and it is also why the establishment Regime is intent on taking him out.
In 2016 at a steel mill in Pennsylvania, Trump said:
"Globalization has made the financial elite who donate to politicians very wealthy. But it has left millions of our workers with nothing but poverty and heartache. America became the world’s dominant economy by becoming the world’s dominant producer … creating the biggest middle class the world has ever known. But then America changed its policy. … We allowed foreign countries to subsidize their goods, devalue their currencies, violate their agreements, and cheat in every way imaginable.”