THE SHOW NOTES: US Job’s Revised Down, Tammy Baldwin’s Corruption, & The Leftwing Axios

Welcome! Anti-Israel protesters heckled Nancy Pelosi on the Late Show last night.

BREAKING: Did Kamala Harris ditch the DNC out of respect for Biden’s beef with the Obamas? - Jacqui Heinrich

OUCH: Target CEO says Harris price gouging claims are absurd.

WORTH READING: Childless Cities - IFS

NEW: US judge strikes down Biden administration ban on worker ‘noncompete’ agreements - CNN

DNC: Here’s how much each speaker at last night’s convention is worth.

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Shady Baldwin

Wisconsin Senator Tammy Baldwin is facing major scrutiny for shady financial arrangements that are coming to light for the first time thanks to fresh reporting from The New York Post.

Baldwin co-owns a swanky $1.3 million DC penthouse with her partner, Wall Street private wealth management adviser Maria Brisbane. However, none of Baldwin and Brisbane’s jointly owned assets have appeared on Senator Baldwin’s financial disclosures because the couple is not married. Brisbane has refused to divulge her client lists or explain how they prevent a conflict of interest between Brisbane’s investment and Baldwin’s congressional oversight.

The potential for a conflict of interest centers around Brisbane’s focus on investing in small biotechnology companies. Senator Baldwin has lobbied publically and privately for expanded US investment in biotechnology and chairs the Senate Appropriations Subcommittee that manages appropriations for the National Institutes for Health. Additionally, Baldwin touted a $49 million investment by the US government in biotechnology for Wisconsin in July and was the subject of praise by multiple biotec companies over the past number of years for securing public funding for the industry.

Senator Baldwin is currently up for reelection and faces Republican businessman Eric Hovde.

BREAKING: US Job’s Revised Down

The number of jobs added to the US economy between March of 2023 and March of 2024 was revised downward by 818,000 positions. This is the largest downward revision since 2009 and the second largest in US history. Here’s Heather Long’s take from The Washington Post:

Hero: Scott Jennings

Another Scott Jennings masterpiece on CNN at the DNC. Read my morning piece on the matter if you missed it.

The Leftwing Axios

In an unvarnished attempt to defend Kamala Harris, the kids at Axios have an absurd story titled “Don’t call it price controls: How price gouging bans really work.”

Twitter’s community notes quickly highlighted the absurdity:

Moscow Under Attack?

The Russian military downed 45 Ukrainian drones in an overnight attack targeting the city of Moscow as Ukraine continues to advance in Russia’s western Kursk region. While the Russians have slowed the advancement of Ukraine, the incursion into Russian territory marks the first time since World War II that enemy ranks have controlled Russian territory.

Two in three Russian soldiers have been killed since Putin invaded Ukraine according to shocking data from Newsweek. 1,120 Russian soldiers were killed at the beginning of this week in Urkain’s advancement in Kursk bringing the total number of deaths to 600,470 in two years. As Russia has increased incentives for new military recruits, The Wall Street Journal reports that the Russian military is sweeping much of Eastern Europe to find deserters and force them back to the front lines.

Ukraine’s invasion of the Kursk region of Russia was made possible by a Russian military appointee who eliminated a council tasked with protecting the vulnerable border region. Ukraine’s military noticed the shifting number of troops and executed a lighting offensive that resulted in thousands of Russian fatalities and nearly 400 square miles of Ukrainian-controlled territory inside of Russia.

NYT: Biden Approved Secret Nuclear Strategy Refocusing on Chinese Threat

President Biden approved in March a highly classified nuclear strategic plan for the United States that, for the first time, reorients America’s deterrent strategy to focus on China’s rapid expansion in its nuclear arsenal.

The shift comes as the Pentagon believes China’s stockpiles will rival the size and diversity of the United States’ and Russia’s over the next decade.

The White House never announced that Mr. Biden had approved the revised strategy, called the “Nuclear Employment Guidance,” which also newly seeks to prepare the United States for possible coordinated nuclear challenges from China, Russia and North Korea. The document, updated every four years or so, is so highly classified that there are no electronic copies, only a small number of hard copies distributed to a few national security officials and Pentagon commanders.

Full story at The New York Times (paywall)

WSJ: Ford Cancels Plans for Electric SUV

Ford Motor is canceling plans for a large electric sport-utility vehicle and expects to take $1.9 billion in related special charges and write-downs, as automakers continue adjusting their EV plans because of softer-than-expected demand.

The Dearborn, Mich., automaker this spring said it would delay plans for an electric three-row SUV by two years to a 2027 release date. On Wednesday, the company said it is scrapping the model altogether, citing tough pricing pressure as automakers resort to aggressive discounts to move their EVs.

Ford instead will offer a hybrid gas-electric version of a future large, three-row SUV, a popular vehicle category that includes the brand’s Explorer and Expedition nameplates.

Full story at The Wall Street Journal (paywall)

Presented Without Comment

Theo Von Talks Cocaine With Donald Trump

Trending news:

• Walz’s gaffe factory: His words have been getting him in trouble for years - Axios

• Kamala Harris has a 63% chance of winning the election. - Marketwatch

• Schwab Survey Reveals That Americans Think It Takes $2.5 Million to Be Considered Wealthy in 2024 - Yahoo

• Police raid Andrew Tate’s home in Romania as new allegations emerge involving minors - AP

• Biden-Harris Department of Energy official calls for 'queering nuclear weapons' as part of radical DEI agenda - Fox News

• Kamala Harris Supports a 25% Wealth Tax on Unrealized Gains - Hot Air

• Portland man followed home, stabbed 15 times after winning lottery at bar - WGXA

• How the lobster became an unlikely status symbol — and a ‘cultural icon’ - CNN

• Fox’s Karl Rove Warns GOP He’s Never Seen Anything Like Dem Reaction to Kamala Harris: Falling ‘In Love’ And ‘In Line’ - Mediaite

• America's food aid gap, mapped - Axios

• The Death of 'Britain's Bill Gates' When His Superyacht Sank in a Freak Storm Keeps Getting Freakier - Barstool

• ‘Ketamine Queen’ kept running drug den after Matthew Perry death, prosecutors say - Daily news

• China’s $70 billion property rescue plan limps off starting line - Financial Times (paywall)

• Gaza Cease-Fire Talks Put Iran Attack on Hold - WSJ (paywall)

• How a General’s Blunder Left Russia’s Border Vulnerable - WSJ (paywall)

Market snapshot: