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Javier E

How Index Funds May Hurt the Economy - The Atlantic - 0 views

  • Thanks to their ultralow fees and stellar long-term performance, these investment vehicles have soaked up more and more money since being developed by Vanguard’s Jack Bogle in the 1970s
  • as of 2016, investors worldwide were pulling more than $300 billion a year out of actively managed funds and pushing more than $500 billion a year into index funds. Some $11 trillion is now invested in index funds, up from $2 trillion a decade ago. And as of 2019, more money is invested in passive funds than in active funds in the United States.
  • Indexing has also gone small, very small. Although many financial institutions offer index funds to their clients, the Big Three control 80 or 90 percent of the market. The Harvard Law professor John Coates has argued that in the near future, just 12 management professionals—meaning a dozen people, not a dozen management committees or firms, mind you—will likely have “practical power over the majority of U.S. public companies.”
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  • Indexing has gone big, very big. For nine in 10 companies on the S&P 500, their largest single shareholder is one of the Big Three. For many, the big indexers control 20 percent or more of their shares. Index funds now control 20 to 30 percent of the American equities market, if not more.
  • One primary concern comes from the analysts at Bernstein: “A supposedly capitalist economy where the only investment is passive is worse than either a centrally planned economy or an economy with active, market-led capital management.”
  • Passively managed investment options do not just outperform actively managed ones in terms of both better returns and lower fees. They eat their lunch.
  • Let’s imagine that a decade ago you invested $100 in an index fund charging a 0.04 percent fee and $100 in a traditional mutual fund charging a 1.5 percent fee. Let’s also imagine that the index fund tracked the S&P 500, and that the mutual fund ended up returning what the S&P 500 returned. Your passively invested $100 would have turned into $356.66 in 10 years. Your traditionally invested $100 would have turned into $313.37.
  • Actively managed investment options could make up for their higher fees with higher returns. And some do, some of the time. Yet scores of industry and academic studies stretching over decades show that trying to beat the market tends to result in lower returns than just buying the market. Only a quarter of actively managed mutual funds exceeded the returns of their passively managed cousins in the decade leading up to 2019,
  • What might be good for retail investors might not be good for the financial markets, public companies, or the American economy writ large, and the passive revolution’s scope has raised all sorts of hand-wringing and red-flagging. Analysts at Bernstein have called passive investing “worse than Marxism.” The investor Michael Burry, of The Big Short fame, has called it a “bubble,” and a co-head of Goldman Sachs’s investment-management division has warned about froth too. Shortly before his death in 2019, Bogle himself warned that index funds’ dominance might not “serve the national interest.”
  • The problem is that the public markets have been cornered by a group of investment managers small enough to fit at a lunch counter, dedicated to quiescence and inertia.
  • Active managers direct investment dollars to companies on the basis of those companies’ research-and-development prospects, human capital, regulatory outlook, and so on. They take new information and price it into a company’s stock when buying and selling shares.
  • Passive investors, by contrast, ignore annual reports and market rumors. They do nothing with trading-floor gossip. They make no attempt to research what to invest in and what to skip. Whether holding international or domestic assets, holding stocks or bonds, or using a mutual-fund structure or an ETF structure, they just mirror the market. Big U.S.-stock index funds buy big U.S. stocks just because they’re big U.S. stocks.
  • At least in a Soviet-type centrally planned economy, apparatchiks would be making some attempt to allocate resources efficiently.
  • Passive management is merely a giant phenomenon, not an all-encompassing one. Hundreds of actively managed mutual funds are still out there, as are legions of day traders, hedge funds, and private offices buying and selling and buying and selling. Stock prices still move around, sometimes dramatically, on the basis of new data and new ideas.
  • Still, passive investing may well be degrading the informational content of the markets, messing up price signals and making business decisions harder as a result.
  • When one of these commodities ends up on an index, the firms that use that commodity in their business see a 6 percent increase in costs and a 40 percent decrease in operating profits, relative to firms without exposure to the commodity, the academics found
  • the price fluctuations of a newly indexed stock “magically and quickly” change. A firm’s shares begin to move “more closely with its 499 new neighbors and less closely with the rest of the market. It is as if it has joined a new school of fish.”
  • More broadly, the Bernstein analysts, among others, worry that index-linked investing is increasing correlation, whereby the prices of stocks, bonds, and other assets move up or down or sideways together.
  • Their theory is that ETF trading shifts prices in subtle ways, making it harder for businesses to know when to buy their gold and copper. Corporate executives “are being influenced by what happens in the futures market, and what happens in the futures market is being influenced by ETF trading,”
  • A far bigger concern is that the rise of the indexers might be making American firms less competitive, through “common ownership,” in which the mega-asset managers control large stakes in multiple competitors in the same industry. The passive firms control big chunks of the airlines American, Delta, JetBlue, Southwest, and United, for instance
  • The rise of common ownership might be perverting corporate behavior in weird ways, academics argue. Think about the incentives like this: Let’s imagine that you are a major shareholder in a public widget company. We’d expect you to desire—insist, even—that the company fight for market share and profits. But now imagine that you are a major shareholder in all the important widget companies. You would no longer really care which one succeeded, particularly not if one company doing better meant another company doing worse. You’d just care about the widget sector’s corporate profits, which would go up if the widget companies quit competing with one another and started raising prices to pad their bottom line.
  • one major paper showed that common ownership of airline stocks had the effect of raising ticket prices by 3 to 7 percent.
  • A separate study showed that consumers are paying higher prices for prescription medicines because generic-drug makers have less incentive to compete with the companies making name-brand drugs.
  • Yet another study showed that common ownership is leading retail banks to charge higher prices.
  • Across firms, executive compensation seems to be more closely linked to a company’s performance when its shareholders are not invested in the company’s rivals, the study found. In other words, firms stop paying managers for performance when owned by the same people who own their rivals.
  • The market clout of the indexers raises other questions too. The actual owners of the stocks—not the index-fund managers but the people putting money into index funds—have little say over the companies they own. Vanguard, Fidelity, and State Street, not Mom and Dad, vote in shareholder elections
  • In fact, the Big Three cast roughly 25 percent of the votes in S&P 500 companies.
  • In an interview with The Wall Street Journal, the chief executive officer of State Street said he thought it was “almost inevitable, when you see this kind of concentration, that it probably will make sense to do something about it.”
  • But figuring out what the appropriate restrictions are depends on determining just what the problem with the indexers is—are they distorting price signals, raising the cost of consumer goods, posing financial systemic risk, or do they just have the market cornered? Then, what to do about it? Common ownership is not a problem the government is used to handling.
  • , thanks to the passive revolution, a broad variety and huge number of firms might have less incentive to compete. The effect on the real economy might look a lot like that of rising corporate concentration. And the two phenomena might be catalyzing one another, as index investing increases the number of mergers and makes them more lucrative.
  • In recent decades, the whole economy has gone on autopilot. Index-fund investment is hyperconcentrated. So is online retail. So are pharmaceuticals. So is broadband. Name an industry, and it is likely dominated by a handful of giant players. That has led to all sorts of deleterious downstream effects: suppressing workers’ wages, raising consumer prices, stifling innovation, stoking inequality, and suffocating business creation
  • The problem is not just the indexers. It is the public markets they reflect, where more chaos, more speculation, more risk, more innovation, and more competition are desperately needed.
carolinehayter

What We Know About Security Response At Capitol on January 6 : NPR - 0 views

  • The Jan. 6 attack on the U.S. Capitol was a security failure, an intelligence failure — or both. How could security forces in the nation's capital be so swiftly and completely overwhelmed by rioters who stated their plans openly on a range of social media sites? President Trump had even tweeted on Dec. 19: "Big protest in D.C. on January 6th. Be there, will be wild!"
  • The Metropolitan Police Department arrests Enrique Tarrio, leader of the far-right Proud Boys group. He is charged with destruction of property and possession of high-capacity firearm magazines. He's released the next day and told to leave Washington.
  • And then there is the National Guard. In the 50 states and Puerto Rico, the Guard is under the command of the governor. In Washington, D.C., however, the Guard is under the command of the president, though orders to deploy are typically issued by the secretary of the Army at the request of the mayor.
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  • The Department of Homeland Security produces a threat assessment — but it is an overview, a DHS spokesperson told NPR, focusing on the "heightened threat environment during the 2020-2021 election season, including the extent to which the political transition and political polarization are contributing to the mobilization of individuals to commit violence."
  • This raw intelligence — bits and pieces of information scraped from various social media sites — indicates that there will likely be violence when lawmakers certify the presidential election results on Jan. 6.
  • But the DHS and the FBI do not create an intelligence report focused specifically on the upcoming pro-Trump rally.
  • These threat assessments or intelligence bulletins are typically written as a matter of course ahead of high-profile events. It's not clear why this didn't happen.
  • In a letter to the Justice Department, Bowser says "we are mindful" of events in 2020 — likely referencing the June 1 clearing of peaceful protesters in Lafayette Square by Park Police and other federal law enforcement that not answerable to the city.
  • U.S. Capitol Police Chief Steven Sund asks permission from House and Senate security officials to request that the D.C. National Guard be placed on standby in case the protest gets out of control. The Washington Post reports: "House Sergeant at Arms Paul Irving said he wasn't comfortable with the 'optics' of formally declaring an emergency ahead of the demonstration, Sund said. Meanwhile, Senate Sergeant at Arms Michael Stenger suggested that Sund should informally seek out his Guard contacts, asking them to 'lean forward' and be on alert in case Capitol Police needed their help."
  • The FBI Field Office in Norfolk, Va., issues an explicit warning that extremists have plans for violence the next day, as first reported by the Post. It releases its advisory report after FBI analysts find a roster of troubling information including specific threats against members of Congress, an exchange of maps of the tunnel system under the Capitol complex and organizational plans like setting up gathering places in Kentucky, Pennsylvania and South Carolina so extremists can meet to convoy to Washington.
  • The head of the FBI's Washington Field Office, Steven D'Antuono, later says that information is shared with the FBI's "law enforcement partners" through the bureau's Joint Terrorism Task Force. That includes the U.S. Capitol Police, U.S. Park Police, D.C.'s Metropolitan Police Department (MPD) and other agencies.
  • Officials convene a conference call with local law enforcement to discuss the Norfolk warning.
  • Washington, D.C., Mayor Muriel Bowser announces that the MPD will be the lead law enforcement agency and will coordinate with the Capitol Police, Park Police and Secret Service.
  • The Metropolitan Police Department has jurisdiction on city streets; the U.S. Park Police on the Ellipse, where Trump's rally took place; the U.S. Secret Service in the vicinity of the White House; and the U.S. Capitol Police on the Capitol complex.
  • That day appears to have profoundly influenced the mayor's approach to the Jan. 6 events. In her letter, Bowser describes the difficulty and confusion of policing large crowds while working around other law enforcement personnel without proper coordination and identification.
  • Bowser requests, and receives, a limited force from the D.C. National Guard. The soldiers number 340, though they are unarmed and their job is to help with traffic flow — not law enforcement — which is to be handled by D.C. police.
  • Trump begins to address the crowd at the Ellipse, behind the White House. He falsely claims that "this election was stolen from you, from me, from the country." Trump calls on his supporters at the rally to march on the U.S. Capitol, saying he will walk with them. Instead, he returns to the White House.
  • "We see this huge crush of people coming down Pennsylvania Ave. toward the Capitol," reports NPR's Hannah Allam. "We follow the crowd as it goes up to the Hill, toward the Capitol. There's scaffolding set up for the inauguration already," she adds. "But as far as protection, all we really saw were some mesh barriers, some metal fencing and only a small contingent of Capitol Police. And we watched them being quickly overwhelmed." The FBI says multiple law enforcement agencies receive reports of a suspected pipe bomb at the headquarters of the Republican National Committee. Fifteen minutes later, there are reports of a similar device at the Democratic National Committee headquarters.
  • Mayor Bowser asks Army Secretary Ryan McCarthy for additional Guard forces
  • Capitol Police Chief Sund speaks with the commanding general of the D.C. National Guard Maj. Gen. William Walker by phone and requests immediate assistance.
  • Moving to the Senate terrace, they see protesters smashing the door of the Capitol to gain entry, as Capitol Police inside work to push them back.
  • Capitol Police send an alert that all buildings in the Capitol complex are on lockdown due to "an external security threat located on the West Front of the U.S. Capitol Building. ... [S]tay away from exterior windows and doors. If you are outside, seek cover."
  • The House and Senate abruptly go into recess.
  • On a conference call with Pentagon officials, D.C. Mayor Bowser requests National Guard support and Capitol Police Chief Sund pleads for backup.
  • Trump tweets criticism of Vice President Pence: "Mike Pence didn't have the courage to do what should have been done to protect our Country and our Constitution, giving States a chance to certify a corrected set of facts, not the fraudulent or inaccurate ones which they were asked to previously certify. USA demands the truth!"
  • From inside the House chamber come reports of an armed standoff at the door to the chamber. Police officers have their guns drawn on someone trying to get in.
  • Acting Defense Secretary Miller determines that all available forces of the D.C. National Guard are required to reestablish security of the Capitol complex.
  • Virginia Gov. Ralph Northam tweets that his team is working closely with Mayor Bowser, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer to respond to the situation.
  • White House press secretary Kayleigh McEnany says on Twitter that the National Guard is on its way at Trump's direction.
  • rump tweets a video downplaying the events of the day, repeating false claims that the election was stolen and sympathizing with his followers, saying: "I know your pain, I know you're hurt. We had an election that was stolen from us. It was a landslide election and everyone knows it, especially the other side. But you have to go home now. We have to have peace. ... You're very special. You've seen what happens. You see the way others are treated that are so bad and so evil. I know how you feel, but go home, and go home in peace."
  • Acting Defense Secretary Miller authorizes the mobilization of up to 6,200 National Guard troops from Maryland, Virginia, New York, New Jersey, Delaware and Pennsylvania, according to the Pentagon.
  • Trump tweets a message to his supporters. "These are the things and events that happen when a sacred landslide election victory is so unceremoniously & viciously stripped away from great patriots who have been badly & unfairly treated for so long. Go home with love & in peace. Remember this day forever!"
  • Capitol Police, MPD and the D.C. National Guard establish a perimeter on the west side of the Capitol.
  • The Capitol is declared secure. Members of Congress return to complete the opening and counting of the Electoral College votes.
  • Pence affirms that Joe Biden and Kamala Harris have won the Electoral College: "Joseph R. Biden Jr. of the state of Delaware has received for president of the United States, 306 votes. Donald J. Trump of the state of Florida has received 232 votes."
  • The FBI formally warns local law enforcement that armed protests are being planned for all 50 statehouses and the U.S. Capitol. The warning says an unidentified group is calling on others to help it "storm" state, local and federal courthouses, should Trump be removed as president before Inauguration Day.
  • Rep. Tim Ryan, D-Ohio, says two Capitol Police officers have been suspended. One of the suspended officers took a selfie with a rioter. The other put on a MAGA hat "and started directing people around," says Ryan.
  • The U.S. Justice Department says it has received more than 100,000 pieces of digital information in response to its call for tips about those responsible for the Capitol riot. The Justice Department says MPD acted on its intelligence to arrest the Proud Boys' Tarrio before the protest, and federal officials interrupted travel of others who planned to go to D.C.
  • The secretary of the Army announces that as many as 20,000 National Guard troops are expected to be deployed to D.C. for the inauguration. Some will be armed, while others will have access to their weapons but will not carry them.
  • FBI Director Christopher Wray says the bureau has identified more than 200 suspects from the Capitol riots and arrested more than 100 others in connection with the violence. "We know who you are if you're out there — and FBI agents are coming to find you," he warns.
  • U.S. Department of Justice Inspector General Michael Horowitz announces his office will begin "a review to examine the role and activity of DOJ and its components in preparing for and responding to the events at the U.S. Capitol on January 6, 2021." Horowitz said his review will coordinate with IG reviews in the departments of Defense, Homeland Security and Interior.
mariedhorne

N.S.A. Installs Trump Loyalist as Top Lawyer Days Before Biden Takes Office - The New York Times - 0 views

  • Christopher C. Miller, the acting defense secretary, gave Gen. Paul M. Nakasone, the spy agency’s director, until 6 p.m. on Saturday to install Michael Ellis as its general counsel.
  • Although General Nakasone was not pleased that Mr. Ellis was chosen over career officials at the National Security Agency, he did not actively block or slow the process of installing Mr. Ellis, according to two people familiar with the matter. He did, however, insist that all procedures were followed and all approvals were put in writing.
  • So Mr. Miller ordered the agency to swear Mr. Ellis in, a move The Washington Post reported on Saturday
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  • Early in Mr. Trump’s term, Mr. Ellis provided Mr. Nunes intelligence reports that associates of Mr. Trump were swept up in foreign surveillance by American intelligence agencies. The material is at the heart of Mr. Trump’s frequent accusation that the Obama administration spied on his campaign.
  • Allies of Mr. Trump have pushed to declassify documents that some conservatives believe would buttress those claims, including last-minute pressure in recent days. But in reality, Mr. Ellis will have little direct power to declassify those documents or overcome General Nakasone’s objections to their release.
brookegoodman

Byzantine Empire - Definition, Timeline & Location - HISTORY - 0 views

  • The Byzantine Empire was a vast and powerful civilization with origins that can be traced to 330 A.D., when the Roman emperor Constantine I dedicated a “New Rome” on the site of the ancient Greek colony of Byzantium.
  • The Byzantine Empire finally fell in 1453, after an Ottoman army stormed Constantinople during the reign of Constantine XI.
  • The citizens of Constantinople and the rest of the Eastern Roman Empire identified strongly as Romans and Christians, though many of them spoke Greek and not Latin.
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  • Located on the European side of the Bosporus (the strait linking the Black Sea to the Mediterranean), the site of Byzantium was ideally located to serve as a transit and trade point between Europe and Asia.
  • Justinian also reformed and codified Roman law, establishing a Byzantine legal code that would endure for centuries and help shape the modern concept of the state.
  • The eastern half of the Roman Empire proved less vulnerable to external attack, thanks in part to its geographic location.
  • As a result of these advantages, the Eastern Roman Empire, variously known as the Byzantine Empire or Byzantium, was able to survive for centuries after the fall of Rome.
  • Even after the Islamic empire absorbed Alexandria, Antioch and Jerusalem in the seventh century, the Byzantine emperor would remain the spiritual leader of most eastern Christians.
  • Justinian I, who took power in 527 and would rule until his death in 565, was the first great ruler of the Byzantine Empire
  • In the west, constant attacks from German invaders such as the Visigoths broke the struggling empire down piece by piece until Italy was the only territory left under Roman control. In 476, the barbarian Odoacer overthrew the last Roman emperor, Romulus Augustus, and Rome had fallen.
  • By the end of the century, Byzantium would lose Syria, the Holy Land, Egypt and North Africa (among other territories) to Islamic forces.
  • Known as Iconoclasm—literally “the smashing of images”—the movement waxed and waned under various rulers, but did not end definitively until 843, when a Church council under Emperor Michael III ruled in favor of the display of religious images.
  • Though it stretched over less territory, Byzantium had more control over trade, more wealth and more international prestige than under Justinian.
  • Monks administered many institutions (orphanages, schools, hospitals) in everyday life, and Byzantine missionaries won many converts to Christianity
  • The end of the 11th century saw the beginning of the Crusades, the series of holy wars waged by European Christians against Muslims in the Near East from 1095 to 1291.
  • During the rule of the Palaiologan emperors, beginning with Michael VIII in 1261, the economy of the once-mighty Byzantine state was crippled, and never regained its former stature.
  • The fall of Constantinople marked the end of a glorious era for the Byzantine Empire.
  • In the centuries leading up to the final Ottoman conquest in 1453, the culture of the Byzantine Empire–including literature, art, architecture, law and theology–flourished even as the empire itself faltered.
  • Long after its end, Byzantine culture and civilization continued to exercise an influence on countries that practiced its Eastern Orthodox religion, including Russia, Romania, Bulgaria, Serbia and Greece, among others.
Javier E

Opinion | Ta-Nehisi Coates: The Cancellation of Colin Kaepernick - The New York Times - 0 views

  • cancel culture is not new. A brief accounting of the illustrious and venerable ranks of blocked and dragged Americans encompasses Sarah Good, Elijah Lovejoy, Ida B. Wells, Dalton Trumbo, Paul Robeson and the Dixie Chicks.
  • What was the Compromise of 1877, which ended Reconstruction, but the cancellation of the black South?
  • any sober assessment of this history must conclude that the present objections to cancel culture are not so much concerned with the weapon, as the kind of people who now seek to wield it
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  • Until recently, cancellation flowed exclusively downward, from the powerful to the powerless
  • in this era of fallen gatekeepers, where anyone with a Twitter handle or Facebook account can be a publisher, banishment has been ostensibly democratized
  • the N.F.L. has a different power at its fingertips: the power of monopoly
  • if we are to construct such a world, we would do well to leave the slight acts of cancellation effected in the quad and cafe, and proceed to more illustrious offices.
  • The N.F.L. is revered in this country as a paragon of patriotism and chivalry, a sacred trust controlled by some of the wealthiest men and women in America. For the past three years, this sacred trust has executed, with brutal efficiency, the cancellation of Colin Kaepernick.
  • It would be nice to live in a more forgiving world, one where dissenting from groupthink does not invite exile and people’s occasional lapses are not held up as evidence of who they are
  • Mr. Kaepernick’s cancellation bars him from making a living at a skill he has been honing since childhood.
  • the wrongdoing of elite institutions was once hidden from public view, in the era of Donald Trump it is all there to be seen.
  • A sobering process that began with the broadcast beatings of civil rights marchers at Edmund Pettus Bridge in Selma in 1965, then accelerated with the recorded police brutality against Rodney King, has achieved its zenith with the social media sharing of the executions of Walter Scott, Laquan McDonald and Daniel Shaver.
  • The new cancel culture is the product of a generation born into a world without obscuring myth, where the great abuses, once only hinted at, suspected or uttered on street corners, are now tweeted out in full color
  • Nothing is sacred anymore, and, more important, nothing is legitimate — least of all those institutions charged with dispensing justice. And so, justice is seized by the crowd.
  • Mr. Kaepernick is not fighting for a job. He is fighting against cancellation. And his struggle is not merely his own — it is the struggle of Major Taylor, Jack Johnson, Craig Hodges and Muhammad Ali
  • This isn’t a fight for employment at any cost. It is a fight for a world where we are not shot, or shunned, because the masters of capital, or their agents, do not like our comportment, our attire or what we have to say.
Javier E

The problem with billionaires fighting climate change is the billionaires | Kate Aronoff | Opinion | The Guardian - 0 views

  • Before the financial crisis, the top 1% held a collective $15bn in cash. Today they’ve got almost $304bn.
  • For every Michael Bloomberg there are dozens of Koch brothers and Rebekah Mercers, who have poured tens of millions of dollars into spreading climate denial and blocking decarbonization efforts at the local, state and national level.
  • it’s worth remembering that the top marginal tax rate during the time hailed as capitalism’s Golden Age floated somewhere north of 90% in the US. After it had already fallen, Ronald Reagan’s administration collapsed it to 50% when he took office, and it would dip to just 28% by the time he left. The many billions that have been lost as a result are resources that have been captured out of democratic control, emboldening a handful of oligarchs to run roughshod over people and planet alike.
cartergramiak

'Huge amount of ego': how Bloomberg and Trump ended up fierce rivals | US news | The Guardian - 0 views

  • These days Donald Trump and Mike Bloomberg can best be described as mortal enemies.
  • Bloomberg and Trump, both billionaires from New York, for years kept a cordial and even friendly relationship as they repeatedly ran into each other at charity events, parties and even one of former New York mayor Rudy Giuliani’s weddings.
  • Trump has even praised Bloomberg’s past positions on gun control on Fox News’s Fox & Friends.
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  • They ran in different social circles. Where Trump would go to a dinner party hosted by Jeffrey Epstein, Bloomberg would go to editor Tina Brown’s house.
  • “I’m sure Bloomberg has no gold toilets at his house,” said Rebecca Katz, a New York-based Democratic strategist. “It’s a different kind of money with less to prove.”
  • Bloomberg has seen his national poll numbers rise within the Democratic primary as he’s poured money into advertising for his campaign.
  • Trump has criticized Bloomberg as well. In early December, Trump mockingly tweeted that “Mini Mike Bloomberg has instructed his third rate news organization” to investigate “President Trump, only”.
  • Trump around that time tweeted: “Little Michael Michael Bloomberg, who never had the guts to run for president, knows nothing about me. His last term as Mayor was a disaster!”
  • “I’m for guns, he’s against guns,” Trump said. Though Trump, in the past, had praised Bloomberg’s positions on guns.
nrashkind

Trump hits Bloomberg for critique of gun-toting Texas church hero - 0 views

  • President Trump on Sunday took a potshot at Michael Bloomberg over the former New York mayor and presidential candidate’s remarks about a gun-toting Texas churchgoer who killed a would-be mass-shooter.
  • “Now Mini Mike Bloomberg is critical of Jack Wilson, who saved perhaps hundreds of people in a Church because he was carrying a gu
  • “Jack quickly killed the shooter, who was beginning a rampage,”
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  • Keith Thomas Kinnunen, a 43-year-old “transient” with a criminal record, fatally shot two people inside the packed house of worship, but was quickly shot dead in turn by Wilson
  • Wilson, 71, was hailed as a hero after neutralizing a shotgun-wielding man who opened fire last month in the middle of services at the West Freeway Church of Christ outside Forth Worth.
  • “His ads are Fake, just like him!”
  • While many praised Wilson — a former FBI agent turned volunteer security guard — for his likely life-saving actions, Bloomberg earlier this month said that heroism should be left to the professionals.
  • “You just do not want the average citizen carrying a gun in a crowded place,”
  • Bloomberg, a well-known gun-control advocate and founder of the Everytown for Gun Safety nonprofit.
  • Bloomberg, the 77-year-old former three-term New York mayor, announced in November that he is self-financing a White House run.
Javier E

Engaging With Trump's Die-Hard Supporters Isn't Productive - The Atlantic - 0 views

  • ordinary people worn out by the dramas and lies of the past four years have a right to refuse to take Trump’s most enthusiastic supporters seriously. To reject further debate with people whose views are completely incoherent is not only understandable, but sensible.
  • I am not talking about all 74 million people who voted for Trump. Some voters may well have supported Trump in both 2016 and 2020 with a sense of hesitancy, perhaps focused on a single issue, such as abortion, or because they were making a raw and self-interested calculation about taxes.
  • Instead, I am talking about the people who are giving Trump their full-throated support to the very end, even as he mulls a military coup; the people who buy weird paintings of Trump crossing the Delaware, or who believe that Trump is an agent of Jesus Christ, or who think that Trump is fighting a blood-drinking ring of pedophiles. These supporters have gone far beyond political loyalty and have succumbed to a kind of mass delusion.
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  • I don’t want to treat our fellow citizens with open contempt, or to confront and berate them
  • Rather, I am arguing for silence. The Trump loyalists who still cling to conspiracy theories and who remain part of a cult of personality should be deprived of the attention they seek, shunned for their antidemocratic lunacy, and then outvoted at the ballot box.
  • Perhaps most important, much of our own sense of well-being will be lost if we continue to engage with people who believe that millions of votes were falsified from coast to coast, that the military should move into the swing states and hold new elections, or even that thousands of Chinese troops were bombed into submission on the border of Maine.
  • No content anchors it; no program or policy comes from it. No motivating ideology stands behind it, unless we think of general grievance and a hatred of cultural and intellectual elites as an “idea.
  • when views are incoherent and beliefs are rooted in fantasies, compromise is impossible. Further engagement is not only unwarranted, but it can also become counterproductive.
  • We already understand: Trump tapped into traditions of ethnic and regional grievances and social resentments that are present in every democracy and wedded them to bizarre theories and conspiracies.
  • If we’ve learned one thing about “Trumpism,” it is that there is no such thing as “Trumpism.”
  • Ordinary people should tune out the noise. No one needs to think one more minute about why a woman from New York would speed along in her car while ranting into her phone about stolen elections when she ought to have been watching the road.
  • And the media have a particular obligation to end their fascination with these Trump voters. We don’t need yet another pilgrimage to diners and gas stations to hear from people whose only sources of information are cable-news hosts plumping fantasies about Venezuelan voting machines.
  • the rest of us no longer need to participate in long chin-pulling exercises about “what they really want” or why they cannot grasp reality.
yehbru

Opinion: Trump's wrecking ball of a transition - CNN - 0 views

  • President Donald Trump has managed to use his remaining time in office to act as a political wrecking ball while the country is still being ravaged by the Covid-19 pandemic.
  • Trump, who had been spouting false claims of voter fraud for months, launched several failed lawsuits in an attempt to challenge the election results in key swing states, and also contacted state legislatures to try to persuade them to intervene on his behalf
  • While the President has been unsuccessful in his efforts to overturn the election, he may have succeeded in sowing distrust among many in our democracy, fanning the flames of the toxic political atmosphere and likely making governing that much more difficult for President-elect Joe Biden.
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  • Trump has also set a dangerous precedent for future Presidents to dispute the election results on spurious claims
  • President Trump has turned a blind eye to the millions of families that are suffering as a result of the pandemic. Despite 18 million cases, more than 330,000 deaths, and millions facing economic hardship, there has been little direction from Washington about what states need to be doing right now to curb the spread of this horrible virus.
  • Although 1 million Americans have already gotten the Covid-19 vaccine, that falls far short of the administration's goal of inoculating 20 million Americans by the end of December
  • President Trump's 11th hour decision to blow up the stimulus negotiations has also jeopardized much needed financial relief for millions of Americans. Rather than showing a genuine effort to pressure Senate Republicans to agree to legislation House Democrats passed in May, which would have provided $1,200 checks for individuals and up to $6,000 per household, Trump decided to intervene only after Congress finally agreed on individual payments of $600 -- saying he wanted $2,000 checks instead.
  • President Trump has also used his remaining time in office to dole out presidential pardons that exemplify the absolute worst use of this constitutional power.
  • Russia-gate alumni Roger Stone, who was convicted of seven felonies including obstruction, threatening a witness and lying under oath; Paul Manafort, who was convicted of eight counts of financial crimes; Alex van der Zwaan, who pleaded guilty to lying to investigators; George Papadopoulos, who pleaded guilty to lying to the FBI; and Michael Flynn, who twice pleaded guilty to lying to the FBI, were all pardoned, likely as a reward for their loyalty.
  • Trump also offered presidential relief to corrupt Republican Congressmen Duncan Hunter, who pleaded guilty to a charge of conspiracy to misuse campaign funds, Steve Stockman, who was convicted of a number of felonies including fraud and money laundering, and Chris Collins, who was serving time on charges of conspiracy to commit securities fraud and making a false statement -- along with Charles Kushner, the father of son-in-law Jared Kushner, who was sentenced to two years in federal prison for retaliating against a federal witness, evading taxes and lying to the Federal Election Commission.
  • Four Blackwater guards were also pardoned after a lengthy trial found them guilty of killing 14 Iraqis in 2007.
  • Given all that has happened during this transition, some commentators wonder whether Congress should reduce the time between election and inauguration even more
  • This transition has given us more than enough reason to revisit our election laws, provide more clarity about the Electoral College certification process, and rein in the executive power that a lame duck President can wield.
leilamulveny

Twitter Bans President Trump's Personal Account Permanently - WSJ - 0 views

  • citing the risk of further incitement of violence and closing off one of his main communication tools following the attack on the U.S. Capitol by a mob of his followers.
  • pressure on the platforms to do more to prevent additional violence.
  • Twitter had initially suspended Mr. Trump from posting on a temporary basis that Wednesday night, saying his tweets had violated its policies. The social-media company allowed him to resume posting on Thursday. Facebook Inc., FB -0.44% which temporarily suspended Mr. Trump’s account after the riot, said Thursday that it would extend that action indefinitely—and at least through the end of Mr. Trump’s term. Many critics of the president had called on Twitter to take more severe action as well.
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  • “Twitter employees have coordinated with the Democrats and the Radical Left in removing my account from their platform, to silence me — and YOU, the 75,000,000 great patriots who voted for me,” the posts said. They added: “We have been negotiating with various other sites, and will have a big announcement soon, while we also look at the possibilities of building out our own platform in the near future. We will not be SILENCED!”
  • Twitter removed those new tweets from the @POTUS account soon after they were posted, saying the move was consistent with its policy against using other accounts to try to evade a suspension. “For government accounts, such as @POTUS and @WhiteHouse, we will not suspend those accounts permanently but will take action to limit their use,” a Twitter representative said.
  • Twitter and Facebook’s actions to shut off two of the largest megaphones Mr. Trump has relied on for years to communicate with the public highlights the difficult position social-media platforms face in regulating controversial content on their platforms.
  • Mr. Trump had more than 88 million followers on Twitter and more than 35 million on Facebook.
  • Google said it acted because of “continued posting in the Parler app that seeks to incite ongoing violence in the U.S.,” which violated its requirements for sufficient moderation of egregious content for apps it distributes.
  • “In light of this ongoing and urgent public safety threat, we are suspending the app’s listings from the Play Store until it addresses these issues,” a Google representative said.
  • Mr. Trump had tweeted three times since regaining account access Thursday. In his first post, he tweeted a video condemning the violence at the Capitol and acknowledging that a new administration would be inaugurated Jan. 20, without specifically naming Mr. Biden and Vice President-elect Kamala Harris.
  • They will not be disrespected or treated unfairly in any way, shape or form!!!”
  • Mr. Trump won more than 74 million votes, seven million less than Joe Biden received.
  • “These two Tweets must be read in the context of broader events in the country and the ways in which the President’s statements can be mobilized by different audiences, including to incite violence, as well as in the context of the pattern of behavior from this account in recent weeks.”
  • Twitter earlier Friday shut off the accounts of Michael Flynn, Mr. Trump’s former national security adviser, and Sidney Powell, a lawyer who worked alongside Mr. Trump’s legal team. The company also said Friday that it suspended several accounts associated with the far-right conspiracy group QAnon for violating its policy on coordinated harmful activity.
  • “the world’s largest social media companies finally do the right thing and deplatform the inciter-in-chief before another person is killed or another cherished piece of our democracy is violated.”
aidenborst

Tests Show Genetic Signature of Coronavirus That Likely Infected Trump - The New York Times - 0 views

  • President Trump’s illness from a coronavirus infection last month was the most significant health crisis for a sitting president in nearly 40 years. Yet little remains known about how the virus arrived at the White House and how it spread
  • The administration did not take basic steps to track the outbreak, limiting contact tracing, keeping cases a secret and cutting out the Centers for Disease Control and Prevention. The origin of the infections, a spokesman said, was “unknowable.”
  • The journalists, Michael D. Shear and Al Drago, both had significant, separate exposure to White House officials in late September, several days before they developed symptoms. They did not spend any time near each other in the weeks before their positive tests.
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  • The study reveals, for the first time, the genetic sequence of the virus that may have infected Mr. Trump and dozens of others, researchers said.
  • In a study released on Thursday, the C.D.C. cited genetic sequencing and intensive contact tracing that documented an super-spreading event at a high school retreat in Wisconsin.
  • The genomes believed by these researchers to be connected to the White House outbreak do not identify a recent geographic source, in part because they are unusual.
  • The results show that even weeks after it was identified, the White House outbreak would be better understood by sequencing samples of more people who were infected.
  • Viruses constantly mutate, picking up tiny, accidental alterations to their genetic material as they reproduce. Few mutations alter how a virus functions. But by comparing patterns of mutations across many genetic sequences, scientists can construct family trees of a virus, illuminating how it spreads.
  • But the Trump administration is not known to have conducted its own genetic analysis of people infected in the outbreak. The White House declined to respond to questions on genetic sequencing of Mr. Trump and the cluster of aides and officials who tested positive or became ill.
  • Scientists not involved in the research who reviewed the results agreed with the conclusion that the two samples sharing rare mutations strongly suggested they are part of the same outbreak.
  • “These genomes are probably going to be identical or nearly identical to the genome that infected the president,” said Michael Worobey, head of the department of ecology and evolutionary biology at the University of Arizona.
  • For months, the White House minimized the threat of the virus and eschewed basic safety precautions at official events, like wearing a mask or keeping people six feet apart.
  • At least 11 people who attended a Rose Garden celebration on Sept. 26 for Judge Barrett, which included an indoor event without masks, became infected with the coronavirus, including Mr. Trump.
  • The work is convincing, and it is the best way to piece together the progression of such an outbreak, said David Engelthaler, head of the infectious disease branch of the Translational Genomics Research Institute in Arizona, where he and colleagues have sequenced thousands of genomes to track the spread of the coronavirus, including devastating outbreaks at Native American reservations in the state.
aidenborst

Trump Health Official Apologizes for Facebook Outburst - The New York Times - 0 views

  • Michael R. Caputo, the assistant secretary of health for public affairs, apologized Tuesday morning to the health secretary, Alex M. Azar II, and to his staff members for a bizarre and incendiary Facebook outburst in which he accused federal government scientists working on the pandemic of “sedition” and warned of coming violence from left-wing “hit squads.”
  • Senator Chuck Schumer of New York, the Democratic leader, said Mr. Azar should resign
  • he accused the the Centers for Disease Control and Prevention of harboring a “resistance unit” dedicated to ousting President Trump, urged his gun-owning followers to buy ammunition because “it’s going to be hard to get” and said his mental health “had definitely failed.”
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  • Senator Patty Murray of Washington, the top Democrat on the Senate committee that oversees the Department of Health and Human Services, urged Mr. Azar to fire Mr. Caputo.
  • he was under stress because of questions about his physical health and threats to his safety and that of his family. He apologized for embarrassing Mr. Azar and the department.
  • A department spokeswoman called Mr. Schumer’s comments “uninformed” and misleading, and an effort to discredit “the historic work of the Trump administration” in battling the pandemic.
  • Mr. Caputo, a media-savvy former Trump campaign aide with no background in health, has worked aggressively to control the media strategy on pandemic issues.
  • The New York Times and other news outlets published accounts of how Mr. Caputo and a top aide, Dr. Paul Alexander, had routinely worked to revise, delay or even scuttle the core health bulletins of the Centers for Disease Control and Prevention in an effort to paint the administration’s pandemic response in a more positive light.
kaylynfreeman

Takeaways From Day 5 of Trump's Impeachment Trial - The New York Times - 0 views

  • Seven Republicans broke ranks in voting to convict former President Donald J. Trump, and despite moving to acquit the former president, Senator Mitch McConnell condemned him on the Senate floor.
  • In a 57-to-43 vote, the Senate handed down an acquittal for Mr. Trump for the second time in 13 months. But it was the most bipartisan support for conviction of any of the four impeachments in American history.
  • Michael T. van der Veen, one of Mr. Trump’s lawyers, expressed frustration at the possibility of dragging out the proceedings with witness testimony. A trial lawyer in Philadelphia, Mr. van der Veen erupted at times over the lack of judicial norms in the Senate chamber that are typical of courtrooms across the country.
nrashkind

Malcolm Jenkins rips Drew Brees' comments in two social media posts - 0 views

  • New Orleans Saints safety Malcolm Jenkins ripped Drew Brees’ national anthem comments in an interview about George Floyd’s death in two emotional social media posts on Wednesday.
  • In the first video post, which Jenkins later deleted, he said Brees has not “stepped up to the plate” on social issues and that his criticism of certain type of protests is not helpful.
  • “To stay silent when your peers are screaming from the mountain top that we need help, our communities are under siege and we need help and what you’re telling us is: ‘Don’t ask for help that way, ask for a different way.
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  • Jenkins — who was responding to comments Brees made to Yahoo Finance on Wednesday — said the veteran quarterback’s views were especially painful because he considered him “a friend.”
  • According to an ESPN report, Jenkins said the video was made just before Brees reached out to him to discuss his point of view, but that he still originally posted it “because it’s important for anyone who wants to consider themself an ally to know how these words and actions affect those you want to help.”
  • Brees elaborated further on his thoughts in an interview with ESPN, when asked if his comments will cause a fissure in the locker room with defensive leaders and social justice advocates such as Jenkins and Demario Davis, but he didn’t back down from his thoughts about standing for the national anthem
  • Teammate Michael Thomas and other sports stars, such as LeBron James, also ripped Brees for his comments.
  • Floyd, 46, died on May 25 in Minneapolis after police officer Derek Chauvin, 44, pressed his knee into Floyd’s neck for more than eight minutes after Floyd was suspected of spending a counterfeit $20 bill.
  • “They came back and got attacked for wearing their uniforms. They came back to … racism, to complete violenc
  • Jenkins also added that Brees comments show he doesn’t understand his “privilege.”
  • “Because when we step off this field, and I take my helmet off, I’m a black man walking around America and I’m telling you I’m dealing with these things. I’m telling you my community is dealing with these things.
  • “Even though we’re teammates, I can’t let this slide.”
katherineharron

Why Trump is taking his Fauci complaints public - CNNPolitics - 0 views

  • One, it's becoming clearer and clearer that reopening the country is Trump's only plan for reviving the economy. The new stimulus package is, as Trump accurately declared, dead on arrival. The Federal Reserve is low on options.
  • Two, Fauci's critics on Fox and in Congress are adjusting their complaints about him to reflect the type of criticism they know appeals to Trump. By casting him as an unelected bureaucrat who is attempting to undermine Trump, they're harkening back to the "deep state" conspiracies that have fueled Trump countless times before, most recently during impeachment and even concurrently with the events surrounding the Michael Flynn case.
  • Fauci and Trump have not seen each other in person this week and their contact has become less frequent with coronavirus task force meetings occurring more sporadically.
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  • What's more likely, officials say, is a continuation of what has already been happening for the last two weeks: a gradual sidelining of Fauci from public appearances at the White House and a continued disregard for the advice he offers the President.
hannahcarter11

Expect a 'flurry' of pardons before Trump leaves office, source says - CNNPolitics - 0 views

  • The public should expect a "flurry" of pardons before President Donald Trump leaves office, a source close to the White House says, as has happened at the end of previous administrations.
  • some of the President's advisers believe that it would be perfectly fine for Trump to pardon his family members and other associates preemptively, even though they haven't been charged with any crimes.
  • Trump's allies in Congress and conservative media have said the President should pardon himself
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  • CNN reported on Tuesday that associates in Trump's orbit, including his personal lawyer Rudy Giuliani, have approached the President to seek preemptive pardons.
  • The President has also been talking with advisers about preemptively pardoning several people close to him, including his children and son-in-law, the White House adviser Jared Kushner.
  • Donald Trump Jr., the President's son, was under investigation by special counsel Robert Mueller for contacts he had with Russians, but was never charged. And Kushner provided false information about his foreign contacts when applying for his security clearance, but Trump issued him one anyway.
  • Nine individuals in Trump's orbit, including his former national security adviser Michael Flynn and longtime friend Roger Stone, have been indicted or found guilty of crimes related to a constellation of alleged criminal conspiracies.
  • The pardoning discussions come on the heels of the President's decision to grant Flynn a full pardon, absolving him of charges related to lying to federal agents over his contact with the Russian ambassador to the United States.
osichukwuocha

Supreme court fight likely as judges rule Trump must turn over tax records | Donald Trump | The Guardian - 0 views

  • Donald Trump’s accountant must turn over the president’s tax records to a New York state prosecutor, an appeals court ruled on Wednesday in a decision that almost certainly sets up a second trip to the US supreme court over the issue.
  • Trump’s lawyers can appeal the ruling to the high court.
  • Vance is seeking more than eight years of the Republican president’s personal and corporate tax records,
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  • Vance’s lawyers have said he was justified in demanding them because of public reports of “extensive and protracted criminal conduct at the Trump Organization.
  • The supreme court in July ruled 7-2 against the president, rejecting Trump’s arguments that he can’t even be investigated, let alone charged with any crime, while he is in office
  • The likelihood that the taxes would be released was unlikely to be resolved before the November election
  • Through his lawyers, Trump argued that the subpoena was issued in bad faith, might have been politically motivated and amounted to harassment of him
  • former Trump personal lawyer Michael Cohen saying it was common for the Trump Organization to submit falsified financial records when the company applied for loans.
  • those misstatements could establish crimes including falsifying business records, insurance and tax fraud and scheming to defraud.
  • he paid just $750 in federal income tax the year he entered the White House and no income tax at all in 11 of 18 years it reviewed
  • At the time, Trump dismissed the report as “fake news” and maintained he has paid taxes, but he provided no specifics
cartergramiak

Trump's Legal Blitz Isn't Contesting Enough Votes to Win - Bloomberg - 0 views

  • President Donald Trump’s hopes of reversing the outcome of the 2020 election in the courts are running into the reality that the numbers just aren’t there in terms of votes he can dispute -- at least not yet.
  • At a Saturday press conference held just as the major networks were calling the election for Biden, Trump personal lawyer Rudy Giuliani hinted that hundreds of thousands of votes might be overturned by a federal civil rights lawsuit he planned to file in Pennsylvania alleging that Republican observers were excluded from areas where mail-in ballots were tabulated or kept too far away to watch in a meaningful way.
  • “A court would not set aside the results of an election, or particular votes, based on violations of laws concerning observation of the counting process,” said Michael Morley, an assistant law professor at Florida State University who’s worked on election emergencies and post-election litigation. “Courts will not disturb election results based on unproven generalized claims about the theoretical possibility of fraud.”
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  • Senate Majority Leader Mitch McConnell on Monday said the country should wait to decide on the election winner for Trump to pursue his challenges, comparing them to the 2000 election dispute decided by the Supreme Court giving George W. Bush the victory over Al Gore.
  • “This assumes that the problem is evidentiary,” Levitt said. “If the problem is that there really hasn’t been widespread voter fraud, there’s no evidence to present.”
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