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Mark Sanford drops GOP primary challenge to Trump

Mark Sanford, a Republican former South Carolina governor and congressman, is suspending his 2020 Republican presidential campaign.

Mulvaney backs out of legal battle over House subpoena, still won’t cooperate

An attorney for Mick Mulvaney says the acting White House chief of staff has changed his mind and will not join a lawsuit seeking a court order to settle the issue of whether he must comply with a congressional subpoena in the impeachment inquiry of Pr…

DACA heads to Supreme Court and all eyes are on Chief Justice John Roberts

The Supreme Court on Tuesday is set to take up the Trump administration’s plan to end protections that shield about 660,000 immigrants from deportation, and legal experts say all eyes will be on the likely tie-breaker Chief Justice John Roberts.

Widow of late Maryland Rep. Elijah Cummings announces campaign for husband’s seat

The widow of late Rep. Elijah Cummings, D-Md., said on Monday that she will launch a campaign to replace her husband’s seat as representative of Maryland’s 7th congressional district.

GOP memo outlines party’s plan to defend Trump ahead of public hearings

Top Republicans serving on panels involved in the Democratic-led impeachment inquiry into President Trump penned a memo to GOP members on those committees outlining “key points of evidence” from the closed-door inquiry ahead of public hearings slated t…

San Francisco’s new DA pledges not to prosecute public urination, other quality-of-life-crimes

San Francisco’s newly elected district attorney has promised to not prosecute public urination and other quality-of-life crimes that have plagued the highly-priced Bay Area amid a crippling homelessness crisis affecting urban communities across Califor…

Joe Biden says there’s ‘zero rationale’ for GOP to call on son Hunter to testify in impeachment hearings

Former Vice President Joe Biden declared Monday there was “zero rationale” for Republican lawmakers to have his son Hunter testify before Congress as part of the ongoing impeachment inquiry.

President Jimmy Carter hospitalized for procedure to reduce pressure on brain after recent fall

Former President Jimmy Carter has been hospitalized for a procedure to reduce pressure on his brain.

Deval Patrick considering entering 2020 Democratic presidential primary

Former Massachusetts Gov. Deval Patrick is the latest Democrat to consider joining the 2020 Democratic presidential primary fray, with sources close to the politician telling the Associated Press he is mulling a White House run.

Biden edges rivals, Buttigieg joins top-tier in new New Hampshire poll

A new poll in the state that holds the first primary in the White House race gives former Vice President Joe Biden indicates slight edge over his main rivals for the Democratic presidential nomination. And the survey – from Quinnipiac University – also…

Giuliani associate told Ukrainians to investigate Bidens, lawyer says

An associate of Rudy Giuliani traveled to Kiev shortly before the inauguration of Ukrainian President Volodymyr Zelensky to demand the new administration publically announce an investigation into 2020 Democratic presidential candidate Joe Biden and his…

Read: Laura Cooper testimony transcript

Laura Cooper testimony transcript

Trump campaign calls Biden’s bid for Southern victories a ‘fantasy,’ as Dems cheer 2019 election results

The Trump campaign hit back at Joe Biden’s campaign’s argument that victories in Virginia and Kentucky last week reveal evidence of Democratic success in 2020.

Buttigieg backs female as VA secy as Dems release vet plans

Democratic presidential candidate Pete Buttigieg says if elected he’d like to name a woman to lead the Department of Veterans Affairs for the first time as 2020 hopefuls take aim at President Donald Trump’s record on stemming military suicide and helpi…

Judge dismisses Trump lawsuit over New York tax returns

A federal judge dismissed President Trump’s lawsuit that attempted to block a newly-passed law that would allow Congress to obtain his New York state tax returns, but allowed for Trump to try again in the future.

Trump honors veterans at New York ceremony: ‘The glory of your deeds will only grow greater with time’

President Trump honored U.S. veterans and declared it is now the country’s duty to “serve and protect them,” as he kicked off a ceremony before the 100th New York City Veterans Day Parade on Monday.

Gabbard campaign accuses Clinton of defamation over ‘fabricated’ Russian asset claim, demands retraction

Democratic presidential candidate Rep. Tulsi Gabbard of Hawaii is accusing former Secretary of State Hillary Clinton of defamation over a recent statement that implied Gabbard was a Russian asset and is demanding that Clinton issue a retraction.

DACA lands before Supreme Court: Showdown over Trump bid to end ‘Dreamer’ program

The long-running battle over the Trump administration’s bid to end the Obama-era program for young undocumented immigrants known as “Dreamers” will land before the Supreme Court on Tuesday.

Whistleblower attorneys insist they do not want to ‘shut out’ GOP reps

Lawyers for the anonymous whistleblower whose complaint sparked the impeachment inquiry of President Trump have reached out to House Intelligence Committee Ranking Member Rep. Devin Nunes, R-Calif., insisting that their client is still ready, willing a…

Sen. Hawley blames Big Tech lobbyists for lack of progress on privacy laws: ‘They’ve gamed the system’

Big tech companies like Google and Facebook have continually abused user privacy, hoarded personal data, and lobbied against federal legislation to rein them in – but all of that could be changing, said Sen. Josh Hawley, R-Mo.

US Stock Markets Up 200%, Yet Illinois Pension Hole Deepens 75%

12 November 2019

US Stock Markets Up 200%, Yet Illinois Pension Hole Deepens 75%

Authored by Ted Dabrowski and John Klingner via Wirepoints.org,

Not even the nation’s longest-ever bull market run has been able to save Illinois’ crumbling pension funds.

Despite a tripling in the value of the S&P 500 index since July 2009, Illinois’ pension shortfall has worsened by 75 percent during the same period.

In 2009, the shortfall in Illinois’ five state-run funds stood at “just” $78 billion. Today, the funding hole is at a record $137 billion, a $59 billion increase. That’s according to preliminary actuarial reports recently released by the state pension funds.

The warning this trend provides is stark: if pension debts in Illinois continue to grow during a period of remarkable stock market returns, imagine how those funds will fare when the next recession inevitably hits.

The state’s overwhelming pension costs are leaving no Illinoisans unscathed. The state’s total combined state and local taxes, adjusted for cost of living, are now the third-highest in the country, according to Wallethub. Home values, adjusted for inflation, are negative and bucking the upward trend in the rest of the nation. And core services are being cut to make room for contributions to the pension funds. Pension costs already consume more than 25 percent of the state’s general fund budget. No other state in the country spends that much on pensions.

At just 38 percent funded, only Kentucky (34 percent) and New Jersey (36 percent) have worse-funded pensions than Illinois, according to the Pew Charitable Trusts’ most recent state-by-state comparison.

Chicago’s pensions suffering even more

Chicago has suffered the same downhill trend as the state, but it’s problems are far more acute.

The city’s pension hole – what it owes to police, firefighters, laborers, municipal workers and teachers – deepened by 150 percent over the decade even as markets gained ground.

In 2009, Chicagoans were on the hook for about $17 billion in official pension shortfalls. Today, they’re on the hook for over $40 billion.

Several funds in Chicago are already in danger of running out of money entirely. The firefighter’s pension fund, for example, is just 18 percent funded. Its assets only cover a little over three years of benefit payouts.

The city’s police and municipal funds aren’t much better off, at just 25 percent funded. Without fresh contributions, both only have enough assets to cover about four years of benefits.

Current retirees will suffer from any collapse – their monthly pension checks could fail to arrive.

It’s important to note that the official numbers provided by state and Chicago officials above significantly understate the true pension shortfalls in Illinois.

Moody’s Investor Service recently released their 2018 calculations of state debt. Under the agency’s more realistic assumptions, Illinois owes over $241 billion in state pension debt – the most in the nation.

And Chicagoans – when you add up all of Moody’s calculated city, state and other local debts – are on the hook for $150 billion in overlapping retirement shortfalls.

A fool’s game

Politicians are trying to hang onto the status quo, hoping that massive tax hikes, whether its a progressive tax at the state level or higher property taxes in Chicago, will keep the plans afloat. It’s a fool’s game.

Illinois has shrunk four years in a row as record numbers of Illinoisans flee the state. Illinois has lost more people to out-migration since 2000 than any other state in the nation save New York.

Illinoisans are now on the hook for more government-worker pension debts than any other state in the country, and more than they can ever repay. But watch out. Without reforms that significantly reduce those debts, expect things to get worse. The burden will grow as more and more Illinoisans flee.

Tyler Durden Tue, 11/12/2019 - 12:50 Tags Social Issues Labor Business Finance

Israel "Preparing For War" As 150 Rockets Fired From Gaza

12 November 2019

Israel "Preparing For War" As 150 Rockets Fired From Gaza

Israel and Gaza are on edge after an Israeli airstrike took out a senior Islamic Jihad commander in the Strip early Tuesday. Palestinian Islamic Jihad militants have since fired some 150 rockets into southern and central Israel, resulting in the closure of schools and public buildings, even in Tel Aviv.

Dozens of rockets have been reported hitting towns and cities throughout Israel after the rare targeted assassination of Islamic Jihad's Baha Abu al-Ata. The Israeli army is now signalling preparations for war: “We are prepared for several days of battle with an aerial defense shield, including in the center of the country,” IDF spokesperson Hidai Zilberman said.

Rockets fired from Gaza on Tuesday, via AFP.

"Approximately 150 rockets and mortar shells were fired from the Gaza Strip at central and southern Israel on Tuesday as of 1 p.m., according to unofficial tallies," The Times of Israel reports. "Soldiers operating the Iron Dome missile defense system shot down some 60 of those incoming projectiles."

Israel's security cabinet held an emergency meeting on Tuesday to mull a response as things escalate quickly. This after Israel expanded its anti-Palestinian militant operations into neighboring Syria, where Israeli strikes additionally targeted another senior Islamic Jihad official, Akram Ajuri.

Large rocket fired from the southern part of Gaza City just now pic.twitter.com/koC1BFStTs

— Trey Yingst (@TreyYingst) November 12, 2019 https://platform.twitter.com/widgets.js

Reports note that this is the first time in a few years that such a string of high level assassinations have been carried out by the IDF. Drones are still said to be active over Gaza, and Palestinian health authorities have cited multiple civilian deaths and injuries.

Militants in Gaza also said they are "going to war" against Israel: "Palestinian Islamic Jihad declared Tuesday that it was preparing for war with Israel after the IDF carried out a dawn assassination of one of the terror group’s senior leaders in the northern Gaza Strip," according to local reports.

Slain Palestinian Islamic Jihad leader Baha Abu al-Ata, via the AFP.

A follow-up IDF statement said further: “We are ready for various scenarios, both offensive and defensive. We are not interested in escalating the situation.” Israeli officials, in an apparent attempt to excuse the mounting civilian casualties, also accused the Islamic Jihad commander who was targeted as surrounding himself with women and children.

Israel's Foreign Ministry has said "millions" are now seeking the safety of bomb shelters as rockets from Gaza rain down.

https://platform.twitter.com/widgets.js

“We tried to send a message to Abu al-Ata and the Palestinian Islamic Jihad that we are aware of his actions and to persuade him to stop these attacks. Obviously, these warnings were not successful,” said the IDF.

“Over the last week, we have been waiting for the opportune moment to conduct the surgical strike,” the IDF spokesman added.

Via Times of Israel: Israelis take cover from rocket fire on Route 4 near Rishon Lezion on Tuesday.

Chaos has gripped Israeli cities and towns especially in the south, where missile warning sirens are blaring and hospitals are on high alert.

According to the Jerusalem Post, southern Israel is currently under a mandatory emergency advisory:

All non-essential work has been cancelled. Those working in life-saving jobs, such as healthcare workers, are not under the advisory. The Health Ministry opened an emergency situation room and is working with emergency services, including the Home Front Command, the IDF and Magen David Adom. Additionally, the ministry announced that all health institutions are prepared for a potential influx of patients.

The Israeli Prime Minister’s office of the successful operation against the Islamic Jihad leader that he was "responsible for many terrorist attacks and the firing of rockets at Israel in recent months and had intended to carry out imminent attacks."

Tyler Durden Tue, 11/12/2019 - 12:30 Tags War Conflict Politics

Ignoring Women Costs Financial Industry $700 Billion a Year? Mish Calls "Bull$hit"

12 November 2019

Ignoring Women Costs Financial Industry $700 Billion a Year? Mish Calls "Bull$hit"

Authored by Mike Shedlock via MishTalk,

A study says Ignoring women costs $700 billion dollars a year in lost profits. I say bullshit...

Obvious Bullshit

Please consider an article by Emily Cadman, on Bloomberg, Ignoring Women Costs the Financial Industry $700 Billion a Year.

The male-dominated finance industry is missing out on more than $700 billion a year in revenue by failing to listen to or tailor products for women, according to management consultancy Oliver Wyman.

“Women are arguably the single largest under-served group of customers in financial services,” Jessica Clempner, the report’s lead author, said in a statement Tuesday. “Firms are leaving money on the table by not listening to and understanding their women customers.”

No Link to Study

The article did not post a link to the study. Bloomberg seldom does. This makes it hard to see what the report really said or how.

Only Two Costs Cited

There are the only two cost examples mentioned in the article.

If insurers sold life policies to women at the same rate as to men, they could generate $500 million in new premiums, Oliver Wyman estimated.

Women also tend to hold more of their assets in cash rather than stocks and bonds, costing wealth and asset managers a potential $25 billion in fees.

The Math

Assuming those numbers are accurate, they total $25.5 billion a year.

Where the hell is the other $674.5 billion?

Please don't tell me that the $500 million was supposed to be $500 billion because I will not believe that either. Besides, if women are more cautious perhaps they a a bit smarter. Other than term-life, most insurance schemes are pure garbage.

And as for the $25 billion, with trading fees down to zero, I am more than a bit suspicious of that number as well.

OK. Let's lure women into new women-designed ETFs.

Q: Did the author propose one?

A. No

Q: Did Jessica Clempner, the report’s lead author?

A. Who the hell knows because there is no link to the report.

But seriously, are ETF's and services designed for women going to bring in the other $674.5 billion?

Nonetheless, this story is likely to go viral because of the preposterous claims. Few will realize what happened. The parrots at Yahoo! Finance already picked it up, without comment or additional links, but did leave out the link to the Oliver Wyman advertisement.

Click-Bait Infomercial

There is no study, wild numbers, and a missing $674.5 billion out of an amazing $700 billion claim.

Instead there is a link to an Oliver Wyman advertisement.

What is this all about?

Cadman's article smacks of a paid-for infomercial, not so cleverly disguised with hype clickbait.

Tyler Durden Tue, 11/12/2019 - 12:10 Tags Entertainment Culture Business Finance

Watch Live: Trump Talks Trade At Economic Club Of New York

12 November 2019

Watch Live: Trump Talks Trade At Economic Club Of New York

Update: President Trump's scheduled speech started a few minutes late, some of his prepared remarks have already hit the tape.

TRUMP TO SAY AMERICAN MARKET IS MOST COVETED ON THE GLOBE TRUMP: THOSE WHO WANT ACCESS TO AMERICAN MARKET MUST OBEY RULES TRUMP SAYS FED FAR TOO SLOW IN CUTTING RATES TRUMP SAYS FED PUTS U.S. AT DISADVANTAGE VS OTHER COUNTRIES TRUMP SCOLDS FED, MAKES PLEA FOR NEGATIVE RATES TRUMP SAYS THINKS U.S. CAN BRING DOWN TAX RATES FURTHER TRUMP SAYS EU HAS HIGH TRADE BARRIERS

TRUMP SAYS CHINA TRADE DEAL COULD HAPPEN SOON

And a quote...

"The American Market is the most valuable and coveted market on the globe - those who want access must play by the rules, respect our laws, and treat our workers and businesses FAIRLY,” Trump said in excerpts released by the White House.

Trump started his remarks by referencing his last appearance before the club, which took place three years ago, when he was just a candidate for president. He characterized the economy back then as tepid and weak, and insisted that, since his election, the economy has come "thundering back at record speed."

* * *

President Trump isn't the most popular individual right now over at the Chamber of Commerce. That's why a planned talk at the Economic Club of New York Tuesday afternoon could be really interesting.

The planned topic of Tuesday's talk is US trade policy, and it's a guarantee that markets will be hanging on every word.

With Trump's trade war one of the biggest issues for markets, the audience at Tuesday's speech certainly wouldn't respond well to talk of more tariffs.

If he wants to bring the house down, Trump could announce some progress with China (though at this point everybody knows to take the administration's trade-deal rhetoric with a grain of salt), or delay a decision on whether to slap tariffs on EU-made cars and auto parts.

One White House spokesman told Reuters that Trump will focus on how his policies, like tax cuts and deregulation, helped bolster one of the longest economic recoveries.

"You can expect the president to highlight how his policies of lower taxes, deregulation, and fair and reciprocal trade have supported the longest economic recovery in U.S history with record low unemployment, rising wages, and soaring consumer confidence," White House spokesman Judd Deere said. He declined to give further details.

Even if Trump doesn't say much about the partial "Phase 1" trade deal that the US and China are reportedly on the brink of signing, markets will be on the lookout for anything positive Trump has to say about the trade talks, even if he doesn't offer much detail.

Watch his speech live below. He's slated to begin around noon.

[youtube https://www.youtube.com/watch?v=2pqXy2MUtpw]

Tyler Durden Tue, 11/12/2019 - 11:55 Tags Business Finance

The $22 Trillion Market Keeping Coal Afloat

12 November 2019

The $22 Trillion Market Keeping Coal Afloat

Authored by Vanand Meliksetian via OilPrice.com,

The global economy has been going through a remarkable period of growth especially due to China’s open-door policy since the late seventies. Also, other major Asian economies have contributed to what some analysts believe will become the ‘Asian Century’. The region is about to sign the Regional Comprehensive Economic Partnership (RCEP) treaty which is the largest free trade agreement in the world comprising 3.5 billion people and a combined GDP of $22.6 trillion.

At the center lies Southeast Asia which is going through a rapid process of modernization and industrialization. The region is quickly becoming a manufacturing hub due to the low costs of labor and external factors such as the U.S.-China trade war. Two underlying factors of economic expansion are pushing energy consumption: a growing population and higher levels of welfare.

Some of the region's massive energy demand is met by wind and solar power. Until 2040 renewables will triple. Despite the dramatic drop in prices of wind turbines and photovoltaic cells, Southeast Asia is set for a much dirtier future than some were hoping for. Approximately 100 GW of coal-fired power plants is planned of which 30 GW is already under construction.

The region is a major market for coal producers due to the significant number of planned power plants. Asia in general accounts for 85 percent of the word's top 20 coal-producing countries of which Indonesia is the largest net exporter globally. However, the Asian country will be overtaken by Russia until 2040 due to rising domestic consumption, which will reduce exports.

Beijing has taken an interest in Southeast Asia’s energy requirements because of rising consumption and the need for investments. Although China is the world’s largest investor in renewables, the country is also a big exporter of coal-fired power plants. The China Development Bank and China Export-Import Bank last year invested $25.6 billion in energy projects abroad of which a big share went to coal-fired power plants in countries such as Indonesia, Vietnam, and Malaysia.

The IEA expects demand for coal in Southeast Asia to double to almost 400 million tons by 2040. Its estimate is 2.5 percent higher than two years ago. According to Keisuke Sadamori, the IEA’s director, “coal is rather resistant because it is affordable. It is really hard for Southeast Asian countries to move away from affordable coal immediately.”

Although it is forecasted that renewables will be installed twice the rate of coal by 2040, the relatively low costs of coal strengthen the fuel's competitiveness. Also, its relative abundance across the region makes it a safe alternative for improving energy security. Countries such as Indonesia can rely on a steady and reliable flow of coal production not affected by external factors that could hamper transport.

Although the global narrative concerning coal is largely negative with dropping consumption in Europe and North America, coal’s revival in Asia is largely offsetting those declines. According to Wood Mackenzie's research associate Jacqueline Tao, "the reality of rising power demand and affordability issues in the region means that we will only start to see coal's declining power post-2030."

Also, much hinges on the regulatory environment of the concerning countries. Whether coal consumption will remain growing or alternative sources are promoted depends on the focus of governments. Currently, coal-generated power is subsidized which makes it an attractive source of electricity production. Also, tariffs on the import of wind turbines and solar panels in some countries hamper growth.

Geography is another factor that impedes the rapid integration of alternative sources of energy. The region's most populous country and consumer of energy, Indonesia, is the world's largest archipelago making infrastructure connectivity expensive. Large scale renewable projects benefit from a high level of integration to mitigate the problem of intermittency. Southeast Asia is not well situated to make use of interconnectors due to geographic and political reasons.

For the region to wean itself of polluting coal, governments need to install the right regulatory frameworks to attract the kind of investors that will propel these countries into the 21st century. Coal’s financial advantage is not indefinite as the rapid improvement of in competitiveness of renewables has shown. Wind and solar power are already cheaper than fossil fuels in regions with high potential such as coastal areas and sunny countries. Prices for renewables will decrease even further in the foreseeable future making investments in new coal-fired power superfluous and financially illogical.

Tyler Durden Tue, 11/12/2019 - 11:35 Tags Environment Business Finance

Country manor owner puts family treasures up for sale

12 November 2019

Henry Berkeley, the youngest son of the late John Berkeley, inherited Spetchley Park in Worcestershire, and now plans to move into the house with his wife and young children.

Eczema-stricken woman makes recovery by 'ditching steroid creams and showering once a WEEK'

12 November 2019

Holly Broome, 24, of London, stopped using steroid creams and began no moisture therapy (NMT) in 2018. The graphic designer is not 'cured', but says her skin is finally under control.

Labour is hit with 'sophisticated and large scale cyber attack'

12 November 2019

A Labour spokeswoman said the cyber attack had 'failed' because of the party's 'robust security systems' and that they were confident that no data breach occurred.

Joe Gomez sports a scratch underneath eye following England canteen bust-up with Raheem Sterling

12 November 2019

Joe Gomez revealed the aftermath of his bust-up with Raheem Sterling as the pair emerged for England training on Tuesday. Cameras picked up a scratch underneath the defender's right eye.

Princess Haya arrives at High Court for custody battle with billionaire Dubai ruler

12 November 2019

The Jordan-born royal, 45, claims to have fled Dubai with their two children 'in fear of her life' after becoming estranged from Sheikh Mohammed bin Rashid Al Maktoum.