Legislation To Block Biden"s ATF Rule Stalls As Millions Set To Become Felons Overnight 

Dust Settling? By Jane Foley, Senior FX Strategist at Rabobank Dust Settling? The closure of the US and UK markets in addition to parts of Europe yesterday meant it was tough for investors to fully express the impact of the events of the past few days.  In the US, President Biden and House Speaker McCarthy finalised an agreement on Sunday that would raise the US debt ceiling for two years past the 2024 presidential election and curb government spending during that time. In Turkey, Erdogan secured a victory in the second round of the presidential election which takes his increasingly authoritarian rule into its third decade. In Spain, a resounding defeat for the Socialist party in regional and local elections led to a stony-faced PM Sanchez announcing that parliament would be dissolved on July 23 to make way for a snap general election.  Rumours of a snap general election have also been growing in Japan, with reports of a possible ballot in the summer or in the autumn.  PM Kishida’s approval ratings have been boosted following the recent G7 meeting and on the back of the thaw in bi-lateral relations with South Korea.  On top of the politics, the market continues to focus on the possibility of further rate hikes from the Fed this cycle and on the disappointing pace of the recovery in China.  The offshore yuan weakened beyond 7.1 per USD for the first time since November ahead of the release of Chinese PMI data later in the week. The US debt ceiling deal must now be passed by Congress and signed into law. It appears that there is enough bi-partisan support but there are still obstacles to be cleared, the largest of which is likely to be the House. While some Progressives worry that the deal will short-change the most vulnerable in society, some Republicans are of the view that the budget cuts in the deal do not go far enough.  The legislation goes before the House Rules Committee today and is expected to reach the House floor tomorrow.  Treasury Secretary Yellen has warned of the possibility of default by June 5 unless the debt ceiling is raised.   The market had already been adjusting to the likelihood of a debt ceiling deal on Friday, but relief allowed US equity futures to hold in the green yesterday and overnight.  Very short-dated T-bill yields have come off their recent highs and longer dated Treasury yields also fell. That said, the front end of the curve is likely to remain sensitive to speculation regarding the possibility of further Fed tightening. Friday’s release of stronger than expected PCE deflator data served to highlight this view. The headline measure rose to 4.4% y/y in April while the core edged up to 4.7% well above the Fed’s target for stable price pressures. The USD found support on these data on Friday and, while the DXY dollar index traded off its high yesterday, it has crept higher this morning. Comments yesterday from the ECB’s De Cos that the tightening cycle in the Eurozone is closer to its end but still has a way to go, did little to alter the outlook for the EUR. The market is already prepared for further ECB rate hikes and, the likelihood that the region faces stagnation in H2 has been undermining the confidence of EUR bulls in recent weeks. News of Spain’s snap election comes just as the country is due to take over the EU’s rotating presidency.  This suggests the bloc’s legislative process could be hindered for the remainder of the year. This could have implications for the proposals for new fiscal rules in member countries.  Press reports suggest that it was Putin who was the first leader to congratulate Erdogan in his win in the Turkish election. Despite Western concerns about Erdogan’s increasingly authoritarian rule, Putin was closely followed by Biden and Macron. Last year, Turkish imports from Russia grew considerably.  That said, Turkey also carries considerably military might and is an important member of Nato. Along with Hungary, Turkey is continuing to block Sweden’s bid to join Nato which is cause of impatience at the White House. In addition to its crucial military position, Turkey held a critical role in European 2015 migration crisis with Erdogan’s government effectively being paid by the EU to prevent illegal migrants travelling from Turkish waters onward to Europe.  For the market’s perspective, another term for Erdogan suggests a continuation of his unorthodox policies, though this depends on his new economic team which could be announced on Friday.  The TRL has sunk to a new record low vs. the USD on the likelihood that Erdogan will keep a tight grip on the central bank, not to mention the media.    Tyler Durden Tue, 05/30/2023 - 10:15.....»»

Legislation To Block Biden's ATF Rule Stalls As Millions Set To Become Felons Overnight  Submitted by Gun Owners of America, Most Americans are unaware that a new rule from President Biden's ATF is less than one week away from turning millions of fellow citizens into felons overnight.  The new rule targets firearms that utilize a brace, a device originally designed to aid disabled veterans in shooting guns without assistance. These braces were approved for sale and use by ATF themselves.  An estimated 40 million of these firearms are owned by law-abiding citizens. Those citizens, unless aware of the ATF's rule change, will become felons on June 1st – unless the House votes on H. J. Res. 44 to overturn the ban using the Congressional Review Act.  This process allows both chambers of Congress to pass a resolution of disapproval to nullify the regulation, and a vote in the Senate would not be subject to filibuster rules.  When the clock strikes midnight on May 31st, up to 40,000,000 pistol-braced firearms will be deemed illegal by the ATF. And the law-abiding Americans who own these guns will become felons. Congress can stop this tyranny by passing my bill, H.J.Res. 44. But we must act NOW. — Rep. Andrew Clyde (@Rep_Clyde) May 23, 2023 The Republican-controlled House has already cleared the resolution through committee. Currently, there are 189 cosponsors of the bill. But for some reason, it is not scheduled a vote before Congress goes into recess or the rule goes into effect.  This vote is extremely important because it would force members of the Senate, with vulnerable Democrats in gun-friendly states, to go on the record while answering this question: will you vote to allow this administration to turn many of your constituents into felons overnight?  Even though the CRA likely would be vetoed by the President, getting these members of Congress on record holds them accountable to their constituents. It would look ridiculous if they voted no on an issue like this which affects such a large swath of the population, but then turned around and preached about being "pro-gun."  Ben from GOA explains why the ATF's 'free' tax stamp for your braced firearms isn't exactly free...  This is where we need your help.  You can call your elected officials at (202) 224-3121. Tell them to demand that your representative tell Speaker McCarthy to schedule a vote for this important issue that impacts millions of Americans.  And if they aren't already, let them know to support S.J. RES. 20 if they're in the Senate & H.J. RES. 20 if they're in the House of Representatives  *    *    * We'll hold the line for you in Washington. We are No Compromise. Join the Fight Now. Tyler Durden Thu, 05/25/2023 - 23:00.....»»

The House passed a bill on Wednesday to block student-debt cancellation. Biden will veto it if it makes it to his desk. Speaker of the House Kevin McCarthy.Win McNamee/Getty Images A bill to overturn Biden's student-debt relief passed the House by a vote of 218-203. Along with blocking broad debt relief, the bill would also end the payment pause. The bill now heads to the Senate, and Biden said he will veto it if it makes it to his desk. The House just passed a bill that would permanently block student-debt relief from reaching millions of borrowers.On Wednesday, a bill first introduced in March by GOP Rep. Bob Good passed by a vote of 218-203. The bill would overturn President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers, along with immediately ending the ongoing student-loan payment pause, throwing borrowers back into repayment earlier than expected."Biden's student loan transfer scheme should not fall on hard-working Americans who didn't choose to take on heavy college debt or worked hard to pay it off," Good wrote on Twitter on Monday. "It's time to vote away his unconstitutional executive order."—Congressman Bob Good (@RepBobGood) May 24, 2023 The legislation now heads to the Democratic-controlled Senate, where it faces a much bumpier path than the House. And should the bill pass the Senate, the Office of Management and Budget said in a Monday statement that Biden will veto it. During a Wednesday press briefing, White House Press Secretary Karine Jean-Pierre said ahead of the vote that "to the more than 40 million eligible student borrowers who are eagerly waiting to learn about the fate of their debt relief, I urge you to tune into today's vote to watch which Republican lawmakers shamelessly vote against debt relief for you, after having their own loans forgiven. " "And know this: President Biden won't stand for it," she said. "He will veto this bill." This bill was introduced using the Congressional Review Act, which is a fast-track tool Congress can use to overturn final rules put in place by government agencies. Some advocates and Democrats have said that, given the language in the CRA statute, the bill would even reinstate payments made during the student-loan payment pause. The Student Borrower Protection Center and American Federation of Teachers released a report on Tuesday analyzing the impacts of the bill on borrowers in the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments.SBPC's Executive Director Mike Pierce said on a Tuesday press call that the CRA is "retroactive," referring to a clause that states that "a rule that does not take effect (or does not continue) may not be reissued in substantially the same form." Pierce said that means the bill will "unwind debt relief already delivered to hundreds of thousands of public service workers across the country. This will happen because the seventh and eighth payment pauses also give credit towards Public Service Loan Forgiveness for each paused month covered by these executive actions,."Massachusetts Sen. Elizabeth Warren emphasized that point on Twitter, writing on Tuesday that "Republicans' push to block President Biden's student debt plan could strip away debt relief from more than 260,000 teachers, nurses, firefighters & other public servants according to a report from @AFTunion. We're going to keep fighting back."Still, GOP lawmakers have rejected that the bill is retroactive, and the Education Department has not yet commented on whether loans could be reinstated under this CRA. During a hearing on the bill last week, House education committee chair Virginia Foxx said that "left-wing advocates are misleading borrowers by, among other things, telling them that they will have to make payments retroactively for the time student-loan payment was paused. That's just not true."Read the original article on Business Insider.....»»

The House passed a bill on Wednesday to block student-debt cancellation. Biden will veto it if it makes it to his desk. Speaker of the House Kevin McCarthy.Win McNamee/Getty Images A bill to overturn Biden's student-debt relief passed the House by a vote of 218-203. Along with blocking broad debt relief, the bill would also end the payment pause. The bill now heads to the Senate, and Biden said he will veto it if it makes it to his desk. House Republicans just passed a bill that would permanently block student-debt relief from reaching millions of borrowers.On Wednesday, a bill first introduced in March by GOP Rep. Bob Good passed by a vote of 218-203. The bill would overturn President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers, along with immediately ending the ongoing student-loan payment pause, throwing borrowers back into repayment earlier than expected."Biden's student loan transfer scheme should not fall on hard-working Americans who didn't choose to take on heavy college debt or worked hard to pay it off," Good wrote on Twitter on Monday. "It's time to vote away his unconstitutional executive order."—Congressman Bob Good (@RepBobGood) May 24, 2023 The legislation now heads to the Democratic-controlled Senate, where it faces a much bumpier path than the House. And should the bill pass the Senate, the Office of Management and Budget said in a Monday statement that Biden will veto it. During a Wednesday press briefing, White House Press Secretary Karine Jean-Pierre said ahead of the vote that "to the more than 40 million eligible student borrowers who are eagerly waiting to learn about the fate of their debt relief, I urge you to tune into today's vote to watch which Republican lawmakers shamelessly vote against debt relief for you, after having their own loans forgiven. " "And know this: President Biden won't stand for it," she said. "He will veto this bill." This bill was introduced using the Congressional Review Act, which is a fast-track tool Congress can use to overturn final rules put in place by government agencies. Some advocates and Democrats have said that, given the language in the CRA statute, the bill would even reinstate payments made during the student-loan payment pause. The Student Borrower Protection Center and American Federation of Teachers released a report on Tuesday analyzing the impacts of the bill on borrowers in the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments.SBPC's Executive Director Mike Pierce said on a Tuesday press call that the CRA is "retroactive," referring to a clause that states that "a rule that does not take effect (or does not continue) may not be reissued in substantially the same form." Pierce said that means the bill will "unwind debt relief already delivered to hundreds of thousands of public service workers across the country. This will happen because the seventh and eighth payment pauses also give credit towards Public Service Loan Forgiveness for each paused month covered by these executive actions,."Massachusetts Sen. Elizabeth Warren emphasized that point on Twitter, writing on Tuesday that "Republicans' push to block President Biden's student debt plan could strip away debt relief from more than 260,000 teachers, nurses, firefighters & other public servants according to a report from @AFTunion. We're going to keep fighting back."Still, GOP lawmakers have rejected that the bill is retroactive, and the Education Department has not yet commented on whether loans could be reinstated under this CRA. During a hearing on the bill last week, House education committee chair Virginia Foxx said that "left-wing advocates are misleading borrowers by, among other things, telling them that they will have to make payments retroactively for the time student-loan payment was paused. That's just not true."Read the original article on Business Insider.....»»

A new report estimated that if passed, the bill to overturn Biden's student-debt relief could reinstate forgiven loans for 260,000 public servants. Rep. Virginia FoxxBill Clark/CQ-Roll Call, Inc via Getty Image The SBPC and AFT released a report analyzing the impacts of a GOP bill to overturn student-debt relief. The report said the bill would reinstate loans forgiven over the past year under PSLF. GOP Rep. Virginia Foxx rejected that idea during a hearing last week as Democrats said loans would be reinstated under the bill. Some advocates are sounding the alarm on possible consequences of a Republican bill to overturn President Joe Biden's student-debt relief.The House is scheduled to vote on Wednesday on a bill, first introduced in March, that would overturn Biden's plan to cancel up to $20,000 in student debt, along with immediately ending the recent payment pause. The bill was introduced using the Congressional Review Act — a fast-track tool that lawmakers can use to overturn final rules put in place by government agencies.However, the text of the CRA statute could suggest the GOP bill might do far more than block Biden's broad debt relief and the student-loan payment pauses. On Monday, the Student Borrower Protection Center and American Federation of Teachers released a report analyzing the impacts of the CRA — should it pass — on borrowers who received relief through, or are currently making payments toward, the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments.That's because, as SBPC's Executive Director Mike Pierce said on a Tuesday press call, the text of the CRA itself  is "retroactive," meaning millions of borrowers who received debt relief through PSLF during the payment pauses risk having their loans reinstated.Specifically, a clause in the CRA states that "a rule that does not take effect (or does not continue) may not be reissued in substantially the same form," which Pierce said means that "any subsequent executive action that mirrors the policy rebuked via the CRA is also invalid.""This resolution will unwind debt relief already delivered to hundreds of thousands of public service workers across the country. This will happen because the seventh and eighth payment pauses also give credit towards Public Service Loan Forgiveness for each paused month covered by these executive actions," Pierce said, referring to Federal Student Aid guidelines that state paused payments will count toward PSLF progress as long as the borrower meets all other qualifications.SBPC and AFT's report estimates that as a result of that clause, as many as 268,660 borrowers in public service who received debt relief from September 2022 through March 2023 could have $19 billion in debt reinstated, based on PSLF data from Federal Student Aid. The report also estimates that two million public servants making progress toward payments in PSLF could lose "at least some progress toward relief."Still, while Democratic lawmakers said during a House education committee markup of the bill last week that payments would be reinstated under the legislation, chair of the committee Virginia Foxx rejected those statements."Unfortunately, radical advocacy groups whose sole mission is to see every last student loan transferred to taxpayers have put out untruthful claims about this legislation, scares student-loan borrowers, with zero evidence or historical precedent to rely upon," Foxx said during the markup. "These left-wing advocates are misleading borrowers by, among other things, telling them that they will have to make payments retroactively for the time student-loan payment was paused. That's just not true.""My Democratic colleagues are unfortunately amplifying this deceitful claim," she continued. "However, I want to be clear, nothing in this bill requires the Department of Education to break down the doors of borrowers like Biden's IRS army and forced borrowers to make retroactive payments, and nothing in this bill directs the department to take away the months spent in forbearance that count towards programs like Public Service Loan Forgiveness."Foxx's office did not immediately respond to Insider's request for comment on the topic.The legislation will likely pass the House due to the Republican majority, but it faces a trickier path ahead in the Democratic-controlled Senate and White House. The Office of Management and Budget said in a Monday statement that Biden will veto the bill if it makes it to his desk.Read the original article on Business Insider.....»»

Three GOP lawmakers recently introduced a new plan to use an oversight law to overturn Biden's student-debt relief, but it faces a tough road ahead. A view of the US Capitol before a news conference to discuss student-debt cancellation on September 29, 2022.Drew Angerer/Getty Images Republican lawmakers recently put forth a plan to overturn student-debt relief using the Congressional Review Act. Given the resolution would require both the House and Senate to pass it, it's unlikely to prevail. But the debt relief still faces challenges ahead as the Supreme Court decides its legality. Republican lawmakers have a new plan to overturn President Joe Biden's student-loan forgiveness — but it faces roadblocks ahead.Since Biden announced his plan to cancel up to $20,000 in student debt for federal borrowers in August, Republicans have been on the attack, criticizing the relief for being costly and unfair vowing to do what they can to stop it from being implemented. They supported the two conservative-backed lawsuits that paused the plan in November, and the Supreme Court is expected to issue a decision on the relief's legality by June.But some Democratic lawmakers don't want to wait for the legal process to progress. Last week, GOP Sens. Bill Cassidy, John Cornyn, and Joni Ernst introduced a resolution to overturn the debt relief using the Congressional Review Act (CRA), which is an oversight tool that Congress can use to overturn final rules put in place by government agencies."President Biden's student loan scheme does not 'forgive' debt, it just transfers the burden from those who willingly took out loans to those who never went to college, or sacrificed to pay their loans off," Cassidy said in a statement."Where is the relief for the man who skipped college but is paying off his work truck, or the woman who paid off her loans and is now struggling to afford her mortgage?" he continued. "This resolution prevents these Americans, whose debts look different from the favored group the Biden administration has selected, from picking up the bill for this irresponsible and unfair policy."With Democrats in the White House and Senate, it's unlikely Republicans would be able to sway members of the opposing party to support their resolution. Bridget Cooling, research professor at the Regulatory Studies Center at George Washington University and lecturer at George Washington Law School, told Insider that the resolution would need to be passed by both chambers — and ultimately signed by the president — and with a partisan policy, it would be surprising if such a resolution made it to the president's desk."If they do take a party line vote, you would not expect this to make it to the president," Cooling said. "In the event that it did make it to the president, it's been passed by both the Senate and House. You obviously wouldn't expect President Biden to agree to disapprove something that had happened under him in his administration. It's not impossible, right? He could do it, but you wouldn't expect it."According to a GW Regulatory Studies fact sheet, the House or Senate can introduce a CRA resolution 60 legislative days after a rule, like student-debt relief, is announced. A simple majority vote in Congress is required to send the resolution to the president, and if the president vetoes the resolution, a two-thirds majority in both chambers would be required to override it. What makes a CRA more appealing that introducing a regular bill is its fast track capability — it allows a resolution introduced in the Senate to avoid filibuster and any new amendment introductions, getting the resolution quickly to a final vote. But since Congress enacted the CRA in 1996, it has only successfully been used to overturn a rule about 20 times. That's because "the stars have to align for the Congressional Review Act to be useful," Cooling said."The Congressional Review Act is particularly potent as a tool in periods of transition from one party to another in the White House because that's a window when the sitting president might be more likely to sign a resolution that would disapprove a rule from the prior president from a different party," Cooling said. Under the current Congress, lawmakers have passed one CRA related to environment, social, and governance (ESG) factors in retirement savings. Biden vetoed the resolution, but it's not stopping Republicans from ramping up efforts to ensure student-debt relief doesn't reach millions of Americans.Sen. Bill Cassidy.Chip Somodevilla/Getty ImagesOther roadblocks student-debt relief could faceA CRA resolution might not work, but Republicans have still put forth other legislation. Last month, for example, Cassidy joined GOP Sen. John Thune in reviving a bill to end the ongoing student-loan payment pause and block student-debt relief in the future, and in August, a group of GOP lawmakers introduced a separate bill to end targeted student-loan forgiveness programs and place limits on borrowing.Democratic lawmakers have opposed those efforts. With Democrats holding a majority in the Senate, Majority Leader Chuck Schumer said following the introduction of the CRA resolution that "Republicans are showing us just how callous and uncaring they can be to families trying to make ends meet.""We will continue to fight this cruel Republican attempt to end student debt relief with everything we have," he said.While millions of borrowers are waiting for the Supreme Court's decision on broad debt relief, the Education Department has also put forth plans to reform targeted programs like income-driven repayment, but officials have been unable to give an exact date for when they will be implemented, given that Congress did not increase the Federal Student Aid budget this year.Additionally, a further extension of the payment pause could be at risk given a recent lawsuit filed by SoFi — a student-loan refinancing company — to end the pause, and at the very least, return borrowers ineligible for broad relief back into repayment. As Insider previously reported, borrowers probably do not need to worry about this lawsuit given the typical timeline for legal proceedings, but the existence of the case could prevent an additional extension, even if the Supreme Court strikes down Biden's debt relief.Amid potential challenges, Biden's administration has not relented in its confidence student-debt relief will reach borrowers this year."Our student debt relief plan is necessary in the wake of the pandemic," Education Secretary Miguel Cardona wrote on Twitter. "It's legal. It's needed. It's going to prevent defaults. It's the right thing to do. Across the country, borrowers and their families are counting on us."Read the original article on Business Insider.....»»

GOP Rep. Virginia Foxx said the GAO "confirmed" Congress' ability to overturn student-debt relief using oversight under the Congressional Review Act. Senate Majority Leader Chuck Schumer of New York.AP Photo/J. Scott Applewhite Last week, three GOP lawmakers announced a plan to overturn Biden's student-debt relief in Congress. Sen. Chuck Schumer blasted the plan on Monday, saying he will fight it "with everything we have." The GAO confirmed to the GOP lawmakers that the debt relief is a rule that can be subject to oversight. Republicans have a new plan to block President Joe Biden's student-loan forgiveness, and a top Democrat is pushing back.On Friday,  GOP Sens. Bill Cassidy, John Cornyn, and Joni Ernst announced their resolution to overturn Biden's plan to cancel up to $20,000 in student debt for federal borrowers using the Congressional Review Act. The CRA is an oversight tool that Congress can use to overturn federal rules. The Government Accountability Office confirmed to the GOP lawmakers that it considers Biden's debt relief plan a rule, and "no exception applies."Since Biden announced his debt relief, Republicans have criticized the policy and introduced legislation to block the president from implementing loan forgiveness. But this is the first time the CRA has come into play, and Senate Majority Leader Chuck Schumer blasted the idea on Twitter on Monday."Republicans are showing us just how callous and uncaring they can be to families trying to make ends meet," he wrote. "We will continue to fight this cruel Republican attempt to end student debt relief with everything we have."The Education Department also responded to the GAO report by saying that Biden's debt relief should not be subject to the CRA because it's a "one-time, fact-bound application of existing and statutorily prescribed waiver and modification authority."Still, Republicans are using the GAO's response as ammunition for pushing this plan forward. Chair of the House education committee Virginia Foxx said in a Friday statement that the GAO decision "found the Biden federal student loan debt transfer scheme should have been submitted to Congress as a 'rule.'""The Government Accountability Office confirmed today what the American people already knew: the President cannot rule by press release," she said. "The Congressional Review Act is one of Congress's key tools to hold the executive branch accountable for not implementing laws with fidelity."Biden's debt relief plan is currently blocked due to two conservative-backed lawsuits that paused its implementation in November. The Supreme Court heard oral arguments in the cases last month and will issue a decision on the legality of the relief by June, but Republican lawmakers clearly do not want to wait until then.Along with the CRA resolution, some of them have introduced bills to block student-debt reliefand floated that same idea in a potential deal to raise the debt ceiling. They have also challenged the student-loan payment pause, which is sent to end 60 days after June 30, or 60 days after the lawsuits are resolved, whichever happens first.Along with GOP legislation to end the payment pause, SoFi Bank — a student-loan refinancing company — recently filed a lawsuit to end the payment pause, and at the very least, return borrowers ineligible for Biden's broad debt relief back into repayment. Amid the challenges from lawmakers an lenders, Biden's Education Department continues to maintain confidence in its broad debt relief plan and the legality of the payment pause, saying in a statement earlier this month that "the payment pause is legal, as is our plan to provide one-time debt relief to tens of millions of borrowers most at risk of delinquency and default when they return to repayment."Read the original article on Business Insider.....»»

Futures Rise, Bank Stocks Soar On Report Private Equity Firms Circle SVB Loan Book Market mood recovered from yesterday's bank rout as contagion fears from the collapse of SIVB and SBNY appear to have subsided for the time being, despite a hiccup earlier in the session when Credit Suisse stock hit a new record low after the Swiss bank said it had identified material weaknesses in its internal control over financial reporting as of December 31, 2022 and 2021. The mood was lifted by a Bloomberg report that Apollo Global and Blackstone have expressed interest in snapping up a book of loans held by Silicon Valley Bank, suggesting the collapsed bank contagion may be contained after bigger buyers step in. S&P futures were up 0.8% to 3,920 and Nasdaq 100 futures rise 0.7% ahead of US CPI later today (full CPI preview here). Major US banks were broadly higher in the premarket as regional lender First Republic Bank surged 39% after plunging on Monday. This has led to a rebound in short end yields with US two-year up 27bps on the day to 4.22% (still down around 85bps from last week’s peak).  Plunging rates gripped Wall Street’s attention yesterday, when the yield dropped more than a half-percentage point in the biggest move since the 1980s. The 10-year yield rose three basis points to 3.60%, while a gauge of the dollar snapped three days of losses. In premarket trading, financial stocks traded higher, alongside the broader market as banks rally off a historically bad Monday; the mood was lifted by the aforementioned BBG report that Apollo and Blackstone, two of the world’s largest alternative asset managers, are among investors looking to buy pieces of Silicon Valley Bank. First Republic Bank jumped 44% in premarket trading, while PacWest Bancorp rose 34% and Western Alliance Bancorp added more than 20%. Bigger lenders were also in the green, with Bank of America Corp advancing 3% and Citigroup Inc. adding 1.3%. Here are some other notable premarket movers: United Airlines shares drop 6.1% after the carrier slashed its 1Q outlook and now expects to post a loss for the period. Analysts said that the revised guidance was due to the change in timing for pilot contract accrual, though note other aspects of the 2023 outlook remain unchanged. Uber and Lyft advanced after a California appeals court upheld the current law classifying gig workers as independent contractors instead of employees. Analysts noted that this would allow the companies to avoid any negative impact to their business. Uber rose as much as 5.8% and Lyft jumped 6.4% Cryptocurrency-exposed stocks rose after Bitcoin extends its gains as US authorities stepped in to stem spreading concerns about the health of the nation’s financial system after Silicon Valley Bank’s collapse. Bitfarms (BITF US) +8.5%, Stronghold Digital (SDIG US) +8.5%, Marathon Digital (MARA US) +2.1%, Riot Platforms (RIOT US) +1.3%, Coinbase (COIN US) +0.6% Momentive Global rose 18% to $9.13 per share, after the SurveyMonkey owner said it had agreed to be acquired by a consortium led by Symphony Technology Group for $9.46/share cash. Gitlab fell 33% after the software company gave a full-year revenue forecast that was weaker than expected. Analysts note that the management’s outlook seems conservative amid a tough macro environment. Amylyx Pharmaceuticals the maker of a drug for amyotrophic lateral sclerosis, rose 20% in after-market after posting 4Q revenue that easily topped estimates. Watch Apple stock as Evercore ISI said it deserves to trade at a premium valuation compared to its big tech peers, citing the iPhone maker’s higher operating efficiency, large share repurchase program and consistent execution. The S&P 500 closed Monday down 0.2%, after bouncing between gains and losses amid a rout in bank shares while the policy-sensitive Nasdaq climbed 0.8%, the most in over a week. The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of US lenders, while reassuring depositors that their money is safe. Treasuries had been whipsawed in recent days — with a measure of volatility climbing to the highest since 2009 — and banking shares plunged as the collapse of Silicon Valley Bank and two other US lenders prompted wagers the Federal Reserve will pause its hiking cycle and even cut interest rates to stabilize the financial system. But a hot inflation reading later today could muddy that outlook and spark a fresh wave of volatility in fixed-income markets. “A policy mistake is hands down the biggest risk in the market,” Mary Manning, global portfolio manager for Alphinity Investment Management, said on Bloomberg Television. “Controlling inflation but also addressing the fact there is some instability in the banking system is difficult.” As BBG notes, swap contracts referencing Fed policy meetings slashed the odds of any increase to less than one-in-two. Meanwhile, contracts for the rest of 2023 suggest that the Fed could cut rates by almost a full percentage point from the peak in May before the year is out. Goldman economists as well as asset managers from PIMCO said the Fed could take a breather on the policy rate following the collapse of SVB. Nomura economists took it one step further, saying the Fed could cut its target rate next week. “Niggling concerns that mild recessions could be on the way have been replaced by a wall of worry about runs on smaller banks,” as well as the risk that larger ones may turn more risk averse to lending, according to Susannah Streeter, head of money and markets at Hargreaves Lansdown. Inflation data will be closely watched “as another hot reading will reinforce expectations that a rate rise, albeit smaller, will be on the cards next week,” she said. Then there is CPI to look forward to: traders are looking to the US consumer price index report later in the day for cues that may trigger further shifts in the outlook for monetary policy. Our full CPI preview can be found here. The bank selloff “certainly creates a headwind for aggressive Fed action, if any action,” said Gary Schlossberg, a senior economist at Wells Fargo. “But there is that very important data coming out which may not ease concerns over inflation. It means the Fed has even more of a balancing act.” European stocks are also ahead, albeit slightly, with the Stoxx 600 adding 0.2%. European real estate shares jump the most in a month on bets central banks will slow the pace of interest-rate hikes, with the Stoxx 600 Real Estate subindex outpacing all others; elsewhere, utilities and industrials were among the best-performing sectors while the FTSE 100 underperforms, down 0.2%. Credit Suisse shares slide to new record lows, shedding as much as 5.6%, after the lender said it had found “material weaknesses” in its reporting and control procedures for the past years. Here are the most notable European movers: Generali shares rise as much as 2.5% and are the top performers on the FTSE MIB index, after the Italian insurer reported full-year operating results that were ahead of estimates Icade shares jump as much as 10%, their biggest gain since November 2020, after the real estate investment trust entered a pact with Primonial REIM to sell its stake in Icade Santé Wojas surge as much as 33% to a record high after the Polish footwear producer said it had received a 138.6m zloty contract to make military shoes for the country’s army. Close Brothers shares fall as much as 7.5% after the UK financial services firm posted 1H pretax operating profit that missed the average analyst estimate PolyPeptide falls as much as 22% to a record low, after the biotech reported full- year results that were once again weaker than expected even after two profit warnings, according to ZKB TP ICAP falls as much as 8.9% after dark pool unit Liquidnet saw “subdued” block trading activity last year, amid a broader equity-market rout, according to the firm’s results Fraport shares fall as much as 7%. Warburg notes free cash flow levels are still “deep in negative territory,” even as the German airport operator posted a good set of FY results Earlier in the session, shares of Asian financial firms decline after Treasury yields dropped and US bank stocks slid amid continued concerns related to bank failures. The MSCI Asia Pacific Financials Index falls as much as 2.7% to the lowest since Nov. 29. Investors questioned whether the US government’s rescue plan for the banking system will prevent more fallout from SVB’s collapse. The KBW Bank Index dropped nearly 12% Monday, the most since March 2020. The 10-year Treasury yield shed about 13 basis points to 3.57%; two-year yields plunged 61 bps Japanese stocks fell for a third day as investors continued to assess the fallout from the collapse of Silicon Valley Bank and rethink expectations for Federal Reserve monetary policy.  The Topix Index fell 2.7% to 1,947.54 as of the market close in Tokyo, while the Nikkei 225 declined 2.2% to 27,222.04. The yen weakened slightly after strengthening 1.4% Monday to 133.21 per dollar.  Mitsubishi UFJ Financial Group Inc. contributed the most to the Topix’s decline, decreasing 8.6%. Out of 2,159 stocks in the index, 66 rose and 2,081 fell, while 12 were unchanged. The Topix’s gauge for banks and insurers dragged the broader index down, both tumbling at least 6%, as the SVB trouble has driven investor attention to the heavy investment in US bonds by Japan’s lenders.  The uncertain sentiment toward financial institutions also set off a plunge in bond yields in the US and Japan. The US two-year Treasury yield dropped on Monday, logging the biggest three-day retreat since Black Monday of October 1987, as market participants continued to flee US bank shares even after US regulators announced a rescue plan Sunday evening. Japan’s five-year yield also tumbled to lowest since Dec. 2 earlier today. Bond Yields’ Plunge Is Biggest Since Volcker Era on Bank Worries “News around US banks had a major impact creating the ‘flight to safety’ sentiment,” said Mamoru Shimode, chief strategist at Resona Asset Management. “Investors are leveraging and taking out loans, and their money is connected to the financial system, so they are reducing their positions due to a sense of uncertainty.” South Korea’s Kospi dropped 2.6%, the most since Sept. 26, as foreign investors sell equities in Kospi futures and cash markets amid worries about repercussions from the SVB crisis. “Emerging markets are vulnerable every time there are worries about financial risks in developed markets,” Seo Jung-Hun, an analyst at Samsung Securities said by phone “It appears that foreign investors are hedging their risks through South Korea” by heavily selling Kospi 200 futures. Foreigners cut 1.4 trillion won worth of futures in the Kospi 200 Index, the most since August 2021, while selling net 638 billion won in the Kospi cash markets In Australia, the S&P/ASX 200 index fell 1.4% to 7,008.90, its lowest close since Jan. 3. The benchmark extended losses to a third day, as all sectors declined.  Equities across Asia fell, led by weakness in financial stocks as the collapse of Silicon Valley Bank continued to reverberate across global markets. In New Zealand, the S&P/NZX 50 index fell 0.7% to 11,595.47 In India, major equity indexes plunged for a fourth consecutive session as most Asian markets extended their declines, triggered by the continued selloff in financials.  Indian software makers were the worst performers on worries over the banking sector in the US, their biggest revenue generator. The S&P BSE Sensex fell 0.6% to 57,900.19 in Mumbai, while the NSE Nifty 50 Index declined by a similar measure as the guages come within 2% of entering a so-called correction from their record peaks in early December.  Asia’s benchmark stock index erased all of its gains for the year as financials extended the rout following the implosion of Silicon Valley Bank. “Markets are likely to remain under pressure in the near term,” Siddhartha Khemka, head of retail research at Mumbai-based Motilal Oswal Financial Services said. US inflation data to be released later Tuesday will be a key factor to watch, he added.  Tata Consultancy Services contributed the most to the Sensex’s decline, decreasing 2%. Out of 30 shares in the Sensex index, 7 rose and 23 fell In FX, a gauge of the greenback rebounded from a three-week low as Treasury yields rose before the release of US inflation data. The Japanese yen was the weakest of the G-10 currencies, while the Dollar Index adds 0.2%.  Traders may take their next cue from US inflation data to gauge if the Federal Reserve will halt its tightening campaign to limit the fallout from higher interest rates In rates, Treasuries are cheaper across front-end and belly of the curve, unwinding a portion of Monday’s aggressive bull-steepening rally. Long-end yields slightly richer on the day, re-flattening 2s10s and 5s30s spreads ahead of February inflation data, Tuesday’s main calendar event. Yields cheaper by as much as 24bp across front-end of the curve with 2s10s, 5s30s spreads flatter by ~21bp and ~10bp on the day; 10-year yields around 3.59%, cheaper by ~2bp vs Monday’s close, with bunds and gilts lagging by 7bp and 6bp in the sector. Early gains in Treasuries during Asia session were spurred by report that Credit Suisse Group AG said it found “material weaknesses” in its reporting and control procedures for the past two years. UK and German two-year yields rise 12bps and 10bps respectively.  Ahead of CPI, Fed-dated OIS price in around 19bp of rate-hike premium for the March policy meeting, up from 13bp at Monday’s close. In commodities, oil extended a decline ahead of the inflation data with WTI futures declining down 2.7% to trade near $72.80. Bitcoin rises 1.0% while spot was gold down 0.6% after rising in the three previous sessions as traders turned to haven assets. To the day ahead now, and data releases include the US CPI release for February, the NFIB small business optimism index for February and the UK unemployment rate for January. Otherwise, central bank speakers include Fed Governor Bowman. Market Snapshot S&P 500 futures up 0.4% to 3,873.50 MXAP down 2.2% to 155.29 MXAPJ down 1.7% to 500.30 Nikkei down 2.2% to 27,222.04 Topix down 2.7% to 1,947.54 Hang Seng Index down 2.3% to 19,247.96 Shanghai Composite down 0.7% to 3,245.31 Sensex down 0.7% to 57,817.37 Australia S&P/ASX 200 down 1.4% to 7,008.88 Kospi down 2.6% to 2,348.97 STOXX Europe 600 little changed at 443.15 German 10Y yield little changed at 2.26% Euro down 0.4% to $1.0693 Brent Futures down 1.5% to $79.58/bbl Brent Futures down 1.5% to $79.56/bbl Gold spot down 0.4% to $1,906.05 U.S. Dollar Index up 0.36% to 103.97 Top Overnight News China said its embassy in Washington would once again permit foreign tourists to visit the country, the latest example of Beijing lifting its COVID restrictions. WSJ Just 1 week ago it would have been hard to imagine anyone asking if the CPI print even matters. Oh how quickly things change. This makes me believe risk is skewed to the downside post CPI print. Unless we get a shockingly hot number mkt will remain more focused on unfolding banks drama ( a soft print will be disregarded as not relevant). For headline print GIR look for +.4% MoM ( vs +.4% cons and +.5% prior) and +6.08% YoY (vs +6% cons and +6.4% prior). For core MoM GIR looking for +.45% (vs +.4% consensus and +.4% prior) and YoY of +5.56% (vs 5.5% cons and 5.6% prior). GS GBM Gov. Ron DeSantis of Florida has sharply broken with Republicans who are determined to defend Ukraine against Russia’s invasion, saying in a statement made public on Monday night that protecting the European nation’s borders is not a vital U.S. interest and that policymakers should instead focus attention at home. NYT U.S. regulators are likely to let emergency measures announced Sunday to shore up investor confidence in the banking sector sink in and increase scrutiny of the industry before intervening with any further steps, regulatory experts said. RTRS Biden was apparently “highly skeptical” of intervening in the bank industry over the weekend but was finally brought on board by fears about contagion. WaPo FDIC is concerned that it is now expected to guarantee all depositors every time a bank fails, something it is not designed to do. Politico The FHLB system, a key source of cash for regional lenders, raised $88.7 billion through the sale of short-term notes, according to people with knowledge of the matter, more than the $64 billion initially planned. BBG Moody’s placed First Republic Bank, Western Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. on review for downgrade, the latest sign of concern over the health of regional financial firms following the collapse of Silicon Valley Bank. The DOJ is probing last year's collapse of the TerraUSD stablecoin, raising the risk of criminal charges against its fugitive creator Do Kwon, the WSJ reported. Separately, US prosecutors are looking at Telegram chats among employees at Jump, Jane Street and the now-bankrupt Alameda about a potential bailout of the TerraUSD project, and whether market manipulation was involved, a person familiar said. BBG One year after the Federal Reserve started frantically raising interest rates, the collapse of Silicon Valley Bank answered what had become perhaps the hottest question on Wall Street: When is something going to break? BBG Credit Suisse says it has identified material weaknesses in its internal control over financial reporting as of December 31, 2022 and 2021, according to the annual report: BBG Some of the world’s top money managers are sitting on a windfall after the collapse of Silicon Valley Bank spurred the biggest rally in US Treasuries since the early 1980s: BBG A more detailed look at global markets courtesy of Newqsuawk Asia-Pac stocks declined amid a continuation of the selling in financials and with risk appetite constricted amid the fallout from the recent US bank collapses. ASX 200 spent most of the session beneath the 7,000 level with the index pressured by substantial losses in nearly all sectors and amid headwinds from weak data releases in which Westpac consumer sentiment remained near historic lows and NAB business surveys deteriorated. Nikkei 225 slumped due to heavy losses in financial stocks which occupied the list of the 10 worst performers, while the Tokyo Stock Exchange banking index suffered its worst day in over three years. Hang Seng and Shanghai Comp. retreated albeit with less aggressive selling in the mainland on reopening news as China is to resume the issuance of all types of visas for foreigners from March 15th. Top Asian News US President Biden said he will talk to Chinese President Xi soon but didn't specify when. Furthermore, National Security Adviser Sullivan said President Biden anticipates a call opportunity with Chinese President Xi once China's government returns to work after the NPC, while Sullivan added the US had communicated with China over the AUKUS submarine pact and China's military build-up. EU seeks new controls to limit China acquiring high-tech and is exploring ways to police how European companies invest in production facilities overseas, according to FT. The Great Hiking Cycle Is Seen as Done as Yields Drop Below Cash SVB Crisis Puts Focus on Chinese Tech IPOs in the US: ECM Watch China Assets Stand Out as Oasis of Calm Amid SVB Fallout Germany, Brazil Plan High-Level Meetings as Ties Strengthen Japan Yield Falls Past Previous BOJ Ceiling as US Hike Bets Ease Global Financial Stocks Lose $465 Billion as SVB Fallout Spreads European bourses are posting tentative gains, Euro Stoxx 50 +0.2%, as the risk tone remains fragile given financial stability concerns. Banking names in Europe remain softer, with Credit Suisse lagging after finding material weakness in its 2021/22 financial reporting; for the sector more broadly, GS highlights there is a limited risk of direct contagion to Europe. Stateside, futures are modestly firmer but have been unable to claw back any of Monday's marked downside, ES +0.4%, ahead of February's CPI. CATL's (3007540 CH) at least USD 5bln Swiss IPO is said to be delayed amid regulatory concern, according to Reuters sources; no new timetable for Swiss listing. Top European News UK PM Sunak invited US President Biden to visit Northern Ireland for the anniversary of the Good Friday Agreement, while President Biden said that he intends to go to Northern Ireland UK Chancellor Hunt is to set out plans for 12 new investment zones in the Budget to "supercharge" growth in hi-tech industries, while the scheme is to be backed by GBP 80mln of investment over five years in each of the new high-growth zones, according to Sky News. Germany has reportedly made last-minute demands on the reform of EU fiscal rules, according to Bloomberg, casting doubts on a draft proposal agreed by EU members. Follows reports that EU Finance Ministers are to discuss the Growth and Stability Pact on 14th March, draft conclusions show general support for the switch from a one-rule-fits-all approach to debt reduction to multi-year plans tailored to each nation, via Politico; Germany said to seek to ensure nations bring down debt by a common quantitative benchmark/target. SVB/Bank Bailout update Top Senate and top House Democrats said Congress will be looking closely at the causes behind the run on SVB and other banks, as well as how a similar crisis can be prevented in the future. Silicon Valley Bank N.A. CEO said they are conducting business as usual within the US and expect to resume cross-border transactions in the coming days, while the CEO added the FDIC transferred all deposits and all assets of former Silicon Valley Bank to the newly created, full-service FDIC-operated 'bridge bank' and all depositors have full access to their money with deposits protected. FDIC is still looking to sell SVB (SIVB) and told GOP senators it is planning another auction, according to WSJ sources. Moody's withdrew Signature Bank's (SBNY) long-term and short-term local currency bank deposit ratings, while it downgraded its subordinate debt to C from BAA3 and will withdraw ratings. Furthermore, Moody's placed multiple US banks under review for downgrade including Zions Bancorporation (ZION), Comerica (CMA), UMB (UMBF), Western Alliance (WAL), First Republic (FRC), Signature Bank (SBNY) and Intrust. Large US banks are reportedly inundated with new depositors as smaller lenders face turmoil with JPMorgan (JPM), Citigroup (C) and other large financial institutions trying to accommodate customers wanting to move deposits quickly, according to FT. Credit Suisse (CSGN SW) found material weakness in financial reporting for 2021 and 2022, though the reports fairly present the situation. Co. at its AGM is to discuss the proposal for a distribution of a dividend to shareholders of CHF 0.05 gross per registered share for the financial year 2022. Adding, it could require significant resources to correct the material deficiencies within report, developing a remediation plan to address this. Note, this update is not in relation to the SVB situation. On SVB, CEO adds credit exposure is not material. FX The DXY is firmer and benefitting from some consolidation/corrective price action in yields, with the index briefly surmounting 104.00 as the US 2 & 10yr yields convincingly reclaimed 4.00% and 3.50% respectively. Given the action in yields and the USD's recovery, the JPY is the clear underperformer giving back much of Monday's haven-premium; USD/JPY above 134.00 from a 133.04 base. As such, G10 peers are lower across the board though with the magnitude of downside less pronounced than the JPY move with EUR and GBP relatively unreactive to data prints; around 1.07 and 1.215 respectively vs the USD. Antipodeans are more rangebound with AUD and NZD around 0.665 and 0.621 respectively while the SEK as perhaps derived some incremental support from familiar Riksbank commentary. PBoC set USD/CNY mid-point at 6.8949 vs exp. 6.8933 (prev. 6.9375) Fixed Income Core benchmarks have experienced a marked turnaround, after an initial move higher around Credit Suisse's update, with USTs now below 114.00 from a 115.07+ peak. Amidst this, yields are elevated across the curve with the US experiencing marked bear-flattening with US CPI due and potential remarks from Fed's Bowman. Within Europe, Bunds peaked just above 137 and have since reversed to below 135.00 while the UK sale was well-received and seemingly helped to lift Gilts off lows ahead of German Bobl supply. Commodities WTI and Brent have been declining throughout the European morning after settling lower by around USD 2.0/bbl, with the front month futures below USD 73/bb; and USD 79/bbl respectively. Nat Gas experiences some modest divergence with Henry Hub firmer and Dutch TTF softer, with ING highlighting renewable generation and milder forecasts for northern Europe as factors. Metals are mixed, spot gold is slightly softer but is holding above USD 1900/oz while base metals continue to slip given the broader tone. Indian oil ministry says there are no discussions on payments of Russian oil in CNY, according to Reuters sources; India has no obligation to purchase Russian oil below the price cap. Black Sea grain deal has been extended according to Tass citing the Russian Deputy Foreign Minister; under prior conditions. Ukraine will adhere to the terms of the prior 120-day corridor, via Reuters citing a senior gov't official. However, Turkey and the UN subsequently clarified that talks are ongoing on an extension. Geopolitics US President Biden said alongside Australian PM Albanese that he doesn't view what they are doing as a challenge to anybody but is more about stability in the Indo-Pacific after AUKUS leaders met and agreed on a plan to deliver nuclear-powered submarines to Australia. North Korea fired two short-range ballistic missiles into the East Sea. South Korea said the missiles flew 620km and the repeated launches are a grave act of provocation threatening peace and security in the region. South Korea also said it will carry out combined drills with the US as planned and maintain readiness based on overwhelming capability, while the US military said North Korean missile launches do not pose an immediate threat to US personnel or territory or to their allies. Russian Deputy Foreign Minister says Washington seeks to create flashpoints for geopolitical confrontation with Russia in Moldova and Georgia, via Al Jazeera. Crypto US DoJ is probing the collapse of Do Kwon's TerraUSD stablecoin and FBI and New York officials have questioned former Terraform Labs team members, according to WSJ. Crypto conglomerate Digital Currency Group (DCG) is reportedly trying to find new banking partners for portfolio companies following the collapse of SVB (SIVB), Signature Bank (SBNY), and Silvergate (SI), according to messages viewed by CoinDesk US Event Calendar 06:00: Feb. SMALL BUSINESS OPTIMISM 90.9, est. 90.3, prior 90.3 08:30: Feb. CPI MoM, est. 0.4%, prior 0.5%; Feb. CPI YoY, est. 6.0%, prior 6.4% CPI Ex Food and Energy MoM, est. 0.4%, prior 0.4%; CPI Ex Food and Energy YoY, est. 5.5%, prior 5.6% Real Avg Hourly Earning YoY, prior -1.8%, revised -1.9% Real Avg Weekly Earnings YoY, prior -1.5%, revised -1.9% DB's Jim Reid concludes the overnight wrap In late summer 1998 I went on holiday for 2 weeks. Before I went, a Mexico 2002 maturity bond traded at around +150-200bps over DM government bonds. After a relaxing two weeks in the sun with no mobile phones etc and no financial news flow I ambled back into the office to the shock of finding that same Mexico bond that I’d been involved in launching as a salesman a few months earlier was now trading at around +900bps. I was dumbfounded. Since then, I've learnt not to be too shocked by anything in financial markets even if yesterday was up there with some of the wilder days I can remember. In some benchmark assets (e.g. US 2yr yields) we saw far bigger moves that even during the GFC. However if you just looked at the S&P 500 (-0.15%) you'll be forgiven for thinking yesterday was a big fuss about nothing. Overall, I came out of yesterday even more convinced of our long-standing H2 2023 US hard landing view but with absolutely no idea at the moment what the Fed and ECB are going to do at their meetings over the next week and even beyond. I always thought that with inflation where it was, that central banks would keep hiking until they broke something, which was especially likely with the yield curve so inverted. Now they have broken something, is that enough for a pause? Much will depend on whether markets and contagion risk can calm quickly enough. If the FOMC meeting was today I strongly suspect they wouldn't hike but a week is a long time in these markets. For the recession call it's simpler. As per last month's chart book we were just "Waiting for the lag" (link here). It's fair to say that the lag has well and truly arrived and it’s unlikely now that a key part of our macro story, namely lending standards, are going to get looser given all that's gone on. So no change to our very bearish year end 2023 credit spread targets through all this crisis. Back to current markets, let's first run through some of the astonishing stats from yesterday. The most remarkable was that we saw the biggest daily decline in the 2yr Treasury yield (-61.0bps) since October 7 1982 when the 2yr yield fell -75bps to 10.469% in what was a very different rate environment. In Europe, the 2yr German yield saw its biggest decline (-40.7bps) in available data back to reunification in 1990. And for equities, the KBW Banks Index (-11.66%) saw its worst performance since the height of the pandemic in March 2020 even if there was a big divide between big and small banks (see below). In the meantime, there are now serious questions being asked about whether the Fed might even call it a day on their current hiking cycle, and pricing for the Fed funds rate by the end of the year has now collapsed by over -140bps since last Wednesday. Meanwhile the MOVE index of bond volatility hit 14-year highs. After all that, there’ve been few signs of any letup in Asian markets this morning, with banks leading a further round of equity declines. For instance, the TOPIX Banks index in Japan is down another -7.21%, which builds on its -9.17% decline over the previous two sessions. That has meant all the major equity indices have lost ground, including the Nikkei (-2.20%), the KOSPI (-2.37%), the Hang Seng (-1.59%), the Shanghai Comp (-0.77%) and the CSI 300 (-0.67%). Sovereign bond yields have moved lower in Asia too, with Japan’s 10yr government bond yield (-7.8bps) moving down to 0.24% this morning, which interestingly is beneath the Bank of Japan’s previous ceiling of 0.25% for the 10yr yield, which they moved up to 0.5% back in December. Whilst markets in Asia have continued yesterday’s trend, those in the US this morning are showing signs of stabilising. Equity futures are pointing higher, with those on the S&P 500 up +0.31% after the index’s run of three consecutive declines. Furthermore, we’ve even seen a sharp rebound in the 2yr Treasury yield, which is up +18.4bps this morning to 4.16%, following its largest daily decline since 1982 over the previous session. The only thing to remember is that we have been here before to some extent, since 24 hours ago futures were pointing to an even sharper equity rebound before we ended up with the S&P seeing a modest decline, so this story could still have plenty of twists and turns remaining. In terms of the latest on the SVB situation, concerns about potential contagion to other banks remain prominent, in spite of the moves we mentioned in yesterday’s edition from the FDIC and the Fed. We did hear from President Biden, who reassured the public that “the banking system is safe” and proposed new regulation that would “strengthen the rules for banks to make it less likely this kind of bank failure would happen again”. But he didn’t outline any specific proposals, and any new legislation would have to get past the Republican majority in the House of Representatives. After the US close the Fed announced that they would be launching an internal investigation into the supervision of Silicon Valley Bank, led by Vice Chair for Supervision Michael Barr. In a move that highlights the current need for funding in financial markets, the US Federal Home Loan Banks raised $88.7bn in a bond sale yesterday, exceeding their initial target. The FHLB system is a Depression-era tool designed to be a lender of short-term funding to private banks in order to lessen the load on the Fed and make it not seem like banks are reaching for their “lender of last resort”. Silicon Valley Bank had tapped the FHLB last Thursday before the Fed stepped in and took control of the situation. Given the large bond sale it is likely that other regional banks are still looking for liquidity. The lingering contagion concerns and fears about further outflows meant that bank stocks plummeted yesterday, particularly among some of the US regional banks. For instance, First Republic ended the day down -61.93%, which was actually a recovery from its intraday low of -78.56%. Another was Western Alliance Bancorp, which fell -47.06% having been as low as -84.88%. Both experienced trading halts during the day, and overnight Moody’s has placed the ratings of both on review for a downgrade. By contrast, the biggest banks were relatively unscathed, with JPMorgan only down -1.80%, whilst Bank of America (-5.81%) and Citigroup (-7.45%) also outperformed the wider KBW Banks Index. Aside from contagion fears, the other big question moving forward is how central banks react to this turmoil. Up until Thursday of last week, investors had little doubt that the Fed would keep on hiking rates for some months, and a larger 50bps hike was seen as the most likely outcome for the next meeting. But the view now is that the SVB collapse has torpedoed any chance they might accelerate to 50bps, and even a 25bps move is now seen as questionable depending on what happens over the coming days. We’ve also seen financial conditions tighten with astonishing speed, with Bloomberg’s index seeing its largest move tighter over 3 days since March 2020 at the height of the pandemic. Looking at market pricing, a 17.6bps hike is now priced in for the Fed’s meeting next week, which is down from 42.8bps last Wednesday. So that implies a roughly +71% chance they’ll follow through with a 25bps hike next week. Andif you look at pricing for the terminal rate there’s been an even more dramatic shift, since by the close yesterday it had fallen to 4.76% (-54bps yesterday) for the May meeting and only 6bps above March suggesting that the market isn’t pricing in a full 25bps hike anymore and a long way down from the intraday peak of 5.695% we saw for the September meeting last week. And overnight, terminal pricing has only seen a very partial rebound to 4.84%. Further out, there are nearly three 25bp rate cuts priced in for 2023 now, but for what it’s worth, the Fed haven’t started cutting rates with CPI or core CPI this high since 1981. And remember that was also when unemployment was running at 7.5% (rather than 3.6% today), so a cut was far easier to justify given their dual mandate for maximum employment alongside stable prices. So for the Fed to cut with this combination of above-target inflation whilst unemployment is around its lowest in half a century would be unprecedented. As discussed at the top, the prospect that the Fed might already be done with its hiking cycle triggered a massive sovereign bond rally. This was most pronounced at the front-end, where the 2yr Treasury yield came down -60.98bps, with 10yr yields down “just” -12.5bps after intraday being down as much as -28.7bps in what would have been its largest decline on the year. This meant that the 2s10s curve steepened substantially on the day, finishing +48.2bps steeper to close -41.1bps inverted – that’s the least inverted the curve has been since late October and the largest amount of steepening since 9/11. Interestingly, the declines in the 10yr portion of the rate curve were even bigger in Europe, despite the fact that they face far less exposure to SVB. That meant yields on 10yr bunds (-24.9bps) saw their largest daily decline since Mario Draghi became ECB President in 2011, whilst yields on 10yr OATs (-21.2bps) and gilts (-27.0bps) also tumbled. Much as happened in the US, a driving factor behind the European rates rally was the prospect of fewer rate hikes from the ECB. Their next meeting is only on Thursday, but markets are only pricing in a +38.7bps move despite their pre-existing commitment to a 50bp hike. And to be fair, back in June the ECB pre-committed to their initial hike being 25bps move in July, but they went onto deliver a 50bps one, so these clearly aren’t set in stone. Further out, there’s been a similar collapse in terminal rate pricing over recent days, with the deposit rate only expected to get to roughly 3.25%-3.50%, which is a big shift from the 4%-plus rates that had recently been expected. Sticking with fixed income, credit widened further yesterday with Europe wider on the day as it caught up somewhat to the large moves in the US on Friday night. EUR HY Xover was +50bps wider to 476bps, while the EUR IG CDS index was +12bps wider to 94bps. On the other side of the Atlantic, the USD IG CDS was 8bps wider to 91bps and the USD HY CDS index was 36bps wider to 534bps – both of which are the widest levels since November. When it came to equities, there was a much more divergent performance across regions and sectors. Bank stocks really suffered as mentioned above, but the broader S&P 500 recovered from an intraday low of -1.37% shortly after the open to post a modest -0.15% decline. Even with the recovery, volatility remained elevated, and the VIX index shot up further to end the day at a new high for 2023 of 26.5pts. By contrast in Europe, the STOXX 600 (-2.42%) had its worst day so far this year, with other major declines for the DAX (-3.04%), the CAC 40 (-2.90%) and the FTSE MIB (-4.03%). With all that’s happening, today’s US CPI release suddenly feels like a second-tier concern. But it still could have an impact at the margins as the Fed decide whether to proceed with a hike next week, particularly if inflation comes in on the upside. In terms of what to expect, our US economists are looking for headline CPI to come in +0.37%, whilst core CPI should be pretty similar at +0.36%. If those are correct, that would take the year-on-year numbers down to +6.0% for headline CPI and +5.4% for core CPI. As ever, keep an eye out on the components, since if the stickier ones like core services are remaining persistent, then that would be a concern. To the day ahead now, and data releases include the US CPI release for February, the NFIB small business optimism index for February and the UK unemployment rate for January. Otherwise, central bank speakers include Fed Governor Bowman. Tyler Durden Tue, 03/14/2023 - 08:03.....»»

China: The World's First Technate – Part 2 Authored by Iain Davis via Off-Guardian.org, In Part 1, we discussed the historical background of Technocracy Inc. that briefly found popularity in the US in the 1930s during the turmoil of the Great Depression. Technocracy was rooted in socioeconomic theories that focused upon the efficient management of society by experts (technocrats). This idea briefly held the public’s attention during a period of sustained recession, mass unemployment and growing poverty. The technological capabilities required for the energy surveillance grid, essential for the operation of a Technate (a technocratic society), were far beyond the practical reach of 1930s America. Consequently, for that and other reasons, public interest in the seemingly preposterous idea of technocracy soon subsided. However, in recent decades, many influential policy strategists—most notably Zbigniew Brzezinski and Henry Kissinger—and private philanthropic foundations, such as the Rockefeller Foundation, recognised that advances in digital technology would eventually make a Technate feasible. As founding and leading members of the Trilateral Commission, a policy “think tank,” they saw China as a potential test bed for technocracy. We will now consider their efforts to create the world’s first Technate in China. These articles build upon the research found in my 2021 publication Pseudopandemic, which is freely available to my blog subscribers. WHY CHINA? In the West we often have difficulty understanding or even conceptualising Chinese mores. We tend to see the world in our own terms and are able to describe it only in reference to the principles and philosophical concepts that we are familiar with. Perhaps we forget that the Western perspective is not the only one in the world. For example, as pointed out by students of the Chinese political philosophy of tianxia, there is no ontological tradition in China. In the Chinese philosophical mind, the question is not “What is this thing” but “What path does this thing suggest?” Datong lies at the heart of “the Great Way,” first described in the Liyun chapter of the “Book of Rites” (the Liji), written more than 2,000 years ago. Recounting the teachings of Confucius, the chapter depicted a utopian society of the ancient past this way: When the Great Way was practised, the world was shared by all alike. The worthy and the able were promoted to office and men practised good faith and lived in affection. Therefore they did not regard as parents only their own parents, or as sons only their own sons. The “Rites” (or “li”) are the formal etiquette and behavioural conduct that underpin Chinese social order. Li also compasses the ceremony and rituals that reinforce normative standards. Datong, which can be translated as “the Great Unity,” represents the central political and moral philosophy of the ideal Chinese society. In datong, everyone respects “the li” and is imbued with the Confucian virtue of “ren.” This love and benevolence (ren) is founded in human empathy. It first manifests within the family but extends to the whole of society. Datong implies a society where the most able and virtuous lead, with ren foremost in their hearts and minds. All resources are shared equitably for the common good. In the Liyun chapter, the expression “the world is shared by all alike” is written as “tianxia weigong.” This can be translated as “all under Heaven is held in common” or “all under Heaven is publicly held.” There is no place for private property in datong, because communities meet the needs of all. There is no conflict of interest. The Great Way is one of “Universal Harmony.” The opening passage of the Liyun chapter also described xiaokang, the “lesser prosperity,” in which society still maintained li and ren but differed from datong in an important regard: The world is the possession of private families. Each regards as parents only his own parents, as sons only his own sons; goods and labour are employed for selfish ends. While datong describes a world where resources are “shared by all alike,” in xiaokang resources are in “the possession of private families.” Xiaokang was not seen as opposed to datong but rather on the path toward it, for li and ren were still observed. But there is a warning in the Liyun chapter that private property and the control of resources by private interests present a risk: Therefore intrigue and plotting come about and men take up arms. Kang Youwei’s book “Datong shu” (The Great Commonwealth) was published posthumously in 1935. Kang wrote it as a series of lecture notes, the earliest dating to 1884. Rather than view datong only as a lost utopia, Kang proposed datong as a future society that could be constructed. He viewed ren as the path toward establishing the common good for all, attainable by eliminating suffering and creating happiness. Kang noted that ren was applicable not only to humanity but to the universe and all within it, and he called this “jen.” Jen gave rise, he said, to creation and to the establishment of universal order. Therefore, order should be based upon the same principle of the “compassionate mind.” He drew upon the work of the Confucian scholar He Xiu, whose Gongyang theory of history described sociopolitical development as a path consisting of incremental, progressive stages. Kang built upon Gongyang’s work to plot a course toward the Great Unity. In essence, Kang suggested that society could be reverse-engineered to achieve datong in the future. He identified “nine boundaries” of human suffering that needed to be deconstructed in order to reach datong. He said that datong could be attained once nation-states, social class, racism, sexism, families, private property, injustice, environmental destruction, and poverty (the result of social inequality and oppression) were abolished. “Sages” or “persons of jen” would be needed to lead, Kang maintained. He acknowledged that the sages had to operate in the social, economic and political circumstances of their day and that the resultant laws and institutions might be oppressive and cause suffering. Therefore, the objective of the “person of jen” (sage) should be to reform the laws and organisations of the state with a view to eradicating the nine boundaries of suffering. With the abolition of the nation state, Kang’s proposed path toward the Great Way extended far beyond China. He favoured a global society where a world government would rule over a planet that was divided into regional districts. In this global society, there would be no class or private property, and all would strive to deliver the common good and benefit everyone. Specifically, all resources would be deployed for the benefit and happiness of all. Public institutions, not families, would raise children. And the children would be trained to become citizens who would provide free services, such as health care and education, for all. The only distinction between people would be the badges of honour worn by those deemed to have great ren, or knowledge—that is, the sages. Ultimately, once datong exists, there would be complete harmony with nature, which in turn would mean that all human beings are vegetarians and that euthanasia would be practised with ren, for the common good. The ideology of datong, as Kang expounded it, and the hope of following the Great Way have strongly influenced Chinese political philosophy throughout the 20th and 21st centuries. Xi Jinping has been heard on numerous occasions to repeat the phrase, “When the Great Way prevails, the world is for everyone.” Seen from the Chinese philosophical perspective, the best anyone can hope for today is xiaokang. Thus, xiaokang sages must be free to reform the institutions of the state on the path toward removing the nine boundaries, achieving datong and leading the Great Way. There are many parallels between this path and the socioeconomic theory underpinning technocracy. For those who wished to establish a global technate, China was a natural choice for their pilot project. UNDERSTANDING TECHNOCRACY While there is a lot of debate about the extent of “legitimate” technocratic governance in the West’s supposedly liberal representative democracies, governance is just one aspect of technocracy. In other words, technocratic governance alone is not technocracy. As discussed previously, a technocracy is a “governance of function.” The overarching goal is to run the whole of society as efficiently as possible. The Technocracy Inc. Study Course states: The basic unit of this organization is the Functional Sequence. A Functional Sequence is one of the larger industrial or social units, the various parts of which are related one to the other in a direct functional sequence. Thus among the major Industrial Sequences we have transportation (railroads, waterways, airways, highways and pipe lines); communication (mail, telephone, telegraph, radio and television); agriculture (farming, ranching, dairying, etc.); and the major industrial units such as textiles, iron and steel, etc. Among the Service Sequences are education (this would embrace the complete training of the younger generation), and public health (medicine, dentistry, public hygiene, and all hospitals and pharmaceutical plants as well as institutions for defectives) Each “Functional Sequence” is overseen by a directorate. For example, the Distribution Sequence collects all the data gathered from the “Energy Certificates,” which are allocated to the citizens to be exchanged for goods and services. The “Price System” is abolished. There is no private property. The entire Technate is controlled by one body: Continental Control. Like Kang’s “sages,” and in a fashion similar to guidance of the population toward the Great Way, a technocracy creates a rigid hierarchical structure to ensure that all are working for the common good. In the language of technocracy, the citizen contributes toward the appropriate service function. Effectively, this creates a pyramid-like sociopolitical structure: The personnel of all Functional Sequences will pyramid on the basis of ability to the head of each department within the Sequence, and the resultant general staff of each Sequence will be a part of the Continental Control. A government of function! The Continental Director, as the name implies, is the chief executive of the entire social mechanism. On his immediate staff are the Directors of the Armed Forces, the Foreign Relations, the Continental Research, and the Social Relations and Area Control. [. . .] The Continental Director is chosen from among the members of the Continental Control by the Continental Control. Due to the fact that this Control is composed of only some 100 or so members, all of whom know each other well, there is no one better fitted to make this choice than they. Class is abolished in technocracy. Child care is provided by the Technate. Rather than having “great ren,” the general staff of the Technate are said to possess “peck-rights.” That is, they are the most suited to be at the top of the pyramid because a “governance of function” works most efficiently when “the right man is in the right place” to serve the common good. Like the ideas presented in “Datong shu,” the intention of technocracy is essentially altruistic. The small cluster of engineers, economists, sociologists and other academics brought together by the Rockefellers and Howard Scott wanted to construct a society that would deliver “lives of abundance” to all. It must be admitted that the Technocracy Inc. Study Course made some valid criticisms of a number of social problems. Unfortunately, the offered solution of a Technate is both arrogant and naïve. It assumes, much as does the notion of a Great Way, that authority can be exercised by some human beings over other human beings for the common good. Further, it imagines that there is some social or political mechanism that can produce leaders who are omniscient and capable of defining what that “common good” is. Both datong and technocracy would require human nature to undergo a fundamental transformation. Avarice, malevolence, narcissism, psychopathy and every other deleterious failing would need to be expunged from humanity. Until they are, power will continue to be sought by those who want to control others. The most ruthless among us will ultimately succeed—often not because they are the most suited but because they are prepared to do what others won’t in order to gain the power they crave. This situation will persist for as long as we believe that someone or some organisation needs to have absolute authority over our lives in order for us to be able to cooperate effectively. To imagine that concentrating all power in the hands of a tiny, select band of experts or sages will solve the problems caused by the unscrupulous and frequently violent and immoral use of authority is ridiculous. You can’t fix a kakistocracy by investing more power in the “kakistocrats.” For the global public-private partnership (G3P), which operates a compartmentalised, hierarchical, pyramid-like power structure, the most enticing aspect of technocracy is the extreme centralisation of power and authority over vast swaths of the humanity. That is why, as soon as technological development permitted and the opportunity arose, the G3P set about assisting the development of a Technate in China. INFILTRATING CHINA The formal story of Henry Kissinger’s “secret” 1971 discussions with Chinese Premier Chou En-lai—officially acknowledged in 2001—is that US President Richard Nixon sent Kissinger to normalise relationships with the Chinese government as a counterbalance to the Soviet Union. What is mentioned less frequently, though, is Kissinger’s relationship with the Rockefellers. In 1956, the Rockefeller Brothers Fund commissioned Kissinger to convene its Special Studies Panels. The panels investigated emerging global challenges and trends and suggested how US foreign policy might adapt to meet them. In the 1961 publication of the six panel reports, Prospect for America (subtitled “The problems and opportunities confronting American democracy—in foreign policy, in military preparedness, in education, in social and economic affairs”), the Rockefeller Brothers Fund outlined how public-private partnership would be key to this projected future: Corporations, whose operations extend through many nations[,] [. . .] through which a considerable and essential part of the world’s economic activities is carried on, must be able to compose diversities, adjust conflicts of interest, and adapt their operations to the needs of the country in which they operate. In doing so they represent a further example of multinational solutions to common problems. The authors of these reports regarded private finance as essential not only for developing international markets but also for guiding the social and political development of the target nation: Rapid economic growth can be achieved only if local savings and public foreign investment are supplemented by an increasing inflow of private foreign investment. Such investment performs two key functions: it adds to the capital resources of the host nation and it is the chief mechanism through which the managerial and technical skills and the creative and catalytic quality can contribute to economic development in less developed areas. [. . .] Private philanthropic capital can also play an important role in economic development. The panels that provided the analysis for Prospect for America were convened in the aftermath of McCarthyism. They needed to appeal to a US polity still obsessed with the perceived threat of international communism. Thus, the reports eulogise so-called democracy throughout. However, there are numerous indications that the Rockefeller foreign policy strategists were willing to diplomatically suggest alternatives: The American pattern of private enterprise and voluntary association is not the only mold for a free society. It is clear that these strategists sought to both exploit the differences between nation-states for their development potential and amplify the importance of global issues as a means of uniting nations, regardless of their model of government, under a system of global governance. They considered scientific and technological development one way to do just that: In the field of science, international cooperation on a world scale is most readily achievable. [. . .] [T]he United States should, therefore, seek to develop a series of agreements, looking toward the stimulation of scientific interchange and the fostering of scientific progress on a world scale. [. . .] The Communist nations should be invited to participate. The panels, which effectively formed a temporary Rockefeller-funded think tank, were not opposed to colonialism on moral grounds but they highlighted its tactical flaws. Inherent in their critique of colonialism was an acknowledgement that alleged democratic values have nothing to do with hard-nosed geopolitics or with expansive foreign policy ambitions: While colonialism exacted a human and political toll, it also represented one of the greatest conversions in history. As the ideals of the British, French and American revolutions became diffused, partly through the very spread of colonialism, the seeds were sown for the destruction of colonialism itself. The more successful the teachings of the colonial powers, the more untenable grew their position. Almost without exception, the leaders of independence movements fought their rulers in terms of the rulers’ own beliefs. They asked them to live up to their own principles. The Rockefellers, being one of the leading families at the head of the G3P’s compartmentalised hierarchy, had worked with the Chinese authorities for generations. John D. Rockefeller Sr. was trading kerosene in China in 1863. The family’s philanthropic foundation had long fostered strong ties with the Chinese government. For example, it helped advance the use of Western allopathic medicine in China by establishing the Peking Union Medical College (PUMC) and by making other philanthropic investments. It’s safe to say that the Rockefellers were knowledgeable and enthusiastic supporters of the Chinese government. Not surprisingly, they were also knowledgeable and enthusiastic supporters of the technocracy movement in the US, maintaining their keen interest in it despite its lack of public support. They understood the potential of social engineering to create a governance of function (a Technate): Changes in technology have always been a major cause of change in government, economic relations and social institutions. But technological innovation is no longer the work of isolated, ingenious inventors; it is the product of organised scientific enterprise and is constant, insistent and accelerating. One of its notable effects is upon the tempo of social change itself, which is enormously quicker than it has been, and which subjects every inhabitant of a technological society to its pressures. Technological innovation thus poses a series of issues with which our society will have to deal. [. . .] The growth of technological society has changed the traditional society in which men have enjoyed freedom. Large and complex organisations have become the order of the day. [. . .] Programs for the preservation and strengthening of individual freedom must assume the existence and the inevitability of such organisations. The Rockefellers had a nuanced appreciation of the potential for technological development to act as the catalyst for change. Despite the report’s primary focus on the US relationship with the Soviet Union, the Rockefellers obviously recognised the ripe opportunities in China: It [China] has a rapidly growing population, a shortage of resources, and a fanatical ideology. Around a large part of its perimeter exists “soft” situations, making infiltration, subversion, and outright conquest seem easy or inviting prospects. The present relations between Soviet Russia and Red China [. . .] may not always be drawn together by common interests. [. . .] We must avoid, wherever possible, courses that seem to drive China closer to the Soviets. As founders of the Trilateral Commission, the Rockefellers’ and their fellow Trilateralists’ goal was to infiltrate China by extending the hand of cooperative friendship through public-private investment in technological and thus financial and economic development. The Sino-Soviet split was seemingly the window of opportunity they wished to lever open. China’s society, its political history and government structure was already amenable to the introduction of technocracy, as it was to communism. The Trilateralists were apparently eager to avoid the mistakes of Western colonialists, who extolled the democratic ideals and associated legal concepts which had come back to bite them. These ideals were, in any event, antithetical to the Trilateralists’ project. ASSISTING CHINA Following Mao’s death in 1976, Deng Xiaoping rose to power, becoming the Paramount Leader of the People’s Republic of China (PRC) in 1978. Just two weeks after assuming power, on January 1, 1979, he became the first communist Chinese leader to conduct a formal state visit to the US. He was received with full state honours by the administration of Jimmy Carter, whose National Security advisor was Trilateralist Zbigniew Brzezinski—and who was himself a Trilateralist. Deng Xiaoping immediately set about instigating a series of social and economic reforms, which were called “reform and opening up” in China and “the opening up of China” in the West. Deng was one of a group of eight high-ranking Chinese officials who had survived the brutal repressions of cultural revolution. The reverently named “Eight Immortals” were credited with turning the Chinese economy from an unstable mess, riven with extreme poverty, into the thriving economic engine it is today. Despite the hopes of datong, and far from being the sages that Kang Youwei dreamed of, the sons and daughters of the Eight Immortals, who are collectively known as the Princelings, hoovered up China’s state assets to effectively create a new dynasty, just as corrupt as its predecessors. Such is the nature of kakistocracy. The scale and pace of the economic transformation in such a vast country would have been impossible without the considerable inward investment and the transfer of technology which China received from the G3P. This G3P investment was the initial source of China’s economic growth miracle. In late 2019, The World Economic Forum (WEF) reported: High levels of government spending and foreign investment have enabled China to roughly double the size of its economy every eight years since the introduction of economic reforms in 1979. CITIC (China International Trust & Investment Corp, renamed CITIC Group) was effectively China’s state–run investment arm. Kissinger’s visit to China had opened up investment banking opportunities for Rockefeller’s Chase Group (Chase Manhattan Bank at the time.) In June 1980, CITIC Chairman Rong Yiren attended a meeting with David Rockefeller and the representatives of 300 Fortune 500 companies in the Chase Manhattan offices in New York. The purpose of the meeting between CITIC and the G3P representatives was: [To] identify and define those areas of the Chinese economy most susceptible to American technology and capital infusion. Kissinger and Rong reportedly established an investment company, with Trilateralist Kissinger appointed as a special advisor to CITIC. The initial phase of China’s economic transformation consisted of banking reforms that allowed much greater Foreign Direct Investment (FDI) in China. FDIs aren’t just capital investments. They typically come with a transfer or sharing of expertise, technology and even workforce. Common types of FDIs are mergers, acquisitions, management services and logistical and manufacturing agreements. From the mid 1980s onwards the G3P began to pour into Beijing’s Central Business District (CBD). By 2009 there were 114 Western companies with a substantial presence and established investments in Beijing and beyond. By 2020 there were 238 Fortune 500 companies in Beijing. Today, Beijing CBD (called the Functional Area) now houses the regional headquarters of 105 multinational corporations and more than 4,000 foreign-invested enterprises. The CBD is one of six “high-end industrial functional areas in Beijing.” According to Chinese state media, between 1983 and 1991 FDI in China went from a value of $920 million to $4.37 billion. By 2019 total FDI had risen to more than $2.1 trillion. At the same time, the transition economy of China, just like many other economies, rapidly expanded its money supply. All of this monopoly money, a mixture of FDI and domestic (digital) currency printing, fuelled the economic and technological development of China. In exchange for access to its market, the Chinese government required that investors sign so-called Forced Technology Transfer (FTT) agreements. Simultaneously, the Western mainstream media (MSM) began constantly pushing the notion of the “rising threat” of China and frequently accused China of alleged industrial espionage and “technology theft.“ Like so much propaganda aimed at Western populations by their MSM, these charges were just a fabrication. In truth, no one was forcing anyone to transfer technology to China. In fact, Trilateralists like President Bill Clinton went to considerable lengths to make sure China could get hold of the technology, including military technology, it needed. In 1994 the Clinton administration scrapped Cold War export controls, thereby enabling more sensitive technology to be transferred to China. Claiming that they would not allow defence technology, such as supercomputer or potential uranium enrichment technology, to go to China (or Russia), they soon lifted this restriction via a work-around that shifed oversight from the departments of State and Defense to the Department of Commerce. One only has to look at the near identical design of US and Chinese defence systems and weaponry to see that a massive amount of “sensitive” technology is common to both countries. The asinine explanation we are given is that this is all the result of Chinese espionage, even though the US government has amended legislation to make such transfers possible. The Israeli government and Israeli defence contractors have consistently acted as facilitators for the transfer of the most sensitive Western defence and surveillance technology to China. As soon as “reform and opening up” began in 1979, Israeli multibillionaire—then a humble billionaire—Saul Eisenberg flew a delegation of defence contractors to arrange military supply contracts with the Chinese government. While the West’s MSM parrots the intelligence agencies’ overwhelmingly baseless claims that China represents an “immense threat,” the US government and others have maintained deep defence ties with the Israeli government for generations. In the full and certain knowledge that Israel is passing defence technology to China, the US and other NATO allies continue to provide Israel with the latest defence technology. Occasionally a story surfaces claiming that Washingtion is “angered” by this habitual practice. If we look beyond the propaganda, the fables simply reaffirm that which is blatantly obvious. The Israeli government, its defence contractor and tech corporation partners, have consistently acted as a conduit for the transfer of “sensitive” defence, fintech, surveillance and communication technology from the West to China. Between 1992 and 2017 the volume of overall trade between Israel and China multiplied 200 times over. Another Western propagandist myth is that China has “stolen” jobs from Western economies. While it is true that manufacturers took advantage of cheaper labour costs in China, leading to job losses in the West, the practice of offshoring jobs had been ongoing for decades. Companies are in the business of maximising profits for shareholders and staying competitive. No one was forcing Western corporations to offshore. It was simply an economic expediency, largely the consequence of G3P efforts to modernise China’s economy. Often the focus of G3P investment in China has been Research and Development (R&D). In 1994 China ranked 30th in terms of US overseas R&D investment; by 2000 it was 11th. Between 1994 to 2001 multinational corporation (MNC) investment in China quadrupled. As a ratio of overseas R&D investment, the G3P were providing thrice the amount of “technology infusion” into China compared to anywhere else. While the pseudopandemic sharpened the decline in total global FDI, that figure continued to rise in China. The 4% increase of FDI in China in 2020 saw it temporarily surpass the US as the world’s leading recipient of direct investment. In 2020, while FDI in other advanced economies collapsed, China benefited from FDI valued at $163 billion. In addition to the huge growth stimulus pumped into the Chinese economy over the last four decades, a significant number of foreign/Chinese industrial R&D alliances were established. These were separate business organizations that targeted specific research or technological development projects. They were formed through collaboration between academic and scientific research establishments, NGOs, government institutions and private enterprise. Between 1990 and 2001 the US government established 105 such alliances. In the same time period, Japan had the second largest number of R&D partnership alliances (26), followed by Germany (15), the UK (14), Singapore (12), and Canada (11). The overwhelming majority of these R&D collaborations operated in China. From 2001, to the financial crash in 2008, both FDI in R&D and China’s own R&D investment really took off. While the explosive pace of FDI growth slowed from 2010 onward, by 2016 China’s own outward foreign investment had surpassed the FDI it received. That was an astounding economic turnaround in less than 40 years. A 2019 report by the World Bank stated: China’s spending on research and development (R&D) rose to 2.18 percent of GDP in 2018, up from 1.4 percent in 2007[.] [. . .] Its spending on R&D accounts for around 20 percent of the world total, second only to the United States. Its number of patents granted annually for inventions increased from 68,000 in 2007 to 420,000 in 2017, the highest in the world. [. . .] China is also a hotbed for venture capital in search of the next technology. [. . .] China has evolved from being a net importer of FDI to a net exporter. [. . .] China remains an attractive destination for foreign investments due to its large domestic market. Foreign enterprises such as BASF, BMW, Siemens, and Tesla have recently announced new or expanded investments in China. A focus of apparent Western concern has been China’s Belt and Road Initiative (BRI). This enormous infrastructure project, known in China as One Belt, One Road, or OBOR, is establishing a network of modern trade routes across Eurasia, linking Asia, Africa, Europe, South East Asia and Australasia, easing both international trade and, in particular, Chinese exports. Beyond China’s borders there are 140 countries involved in the BRI to one degree or another. In its 2018 research paper looking at FDI in a BRI-related project, the World Bank referred to those countries directly involved in its construction as BRI nations. China’s own investment in BRI nations has grown, but the majority of its FDI goes to non-BRI nations. These, according to the World Bank, are nations that are not inviolved in the BRI. China is the leading single nation investor in BRI nations but it does not account for the bulk of total investment. China took the lead after the 2008 financial crisis saw non-BRI nations (such as the US and the UK) pull back on their FDI deals in BRI nations. The investment from the non-BRI nations picked up again as quantitative easing (money printing) monetary policies in Western countries took effect post-2010. The World Bank reported: The majority of BRI countries’ [those who are part of the One Belt, One Road project] FDI inflow comes from non-BRI countries. That is to say, BRI nations—Italy, Saudi Arabia, Austria, New Zealand, South Korea and Singapore, etc.—are net recipients of FDI from non-BRI nations, such as the US, UK, France and Germany. The majority of the investment, expertise and technology that is building the BRI infrastructure comes from the non-BRI G3P partners. The notion that Western politicians, corporations and financial institutions are worried about the Belt and Road Initiative is just an MSM story. In reality, they are working hard to construct it in partnership with China. CHINA: THE WORLD’S FIRST TECHNATE China has developed an overt system dedicated to the social engineering of society. As noted in Part 1, the definition of technocracy is: The science of social engineering, the scientific operation of the entire social mechanism to produce and distribute goods and services to the entire population. The focus of technocracy is to direct the population to maximise the efficiency of all “functions” of society, primarily through control of the allocation of resources. Published in 2014, the State Council Notice for planning a Social Credit System (SCS) outlined the Chinese government’s rationale for its social credit system: The social credit system is an important component of the Socialist market economy system and the social governance system; [. . .] its foundation is a complete network covering the credit records of all members of society and the credit infrastructure; [. . .] its reward and punishment mechanisms are incentivizing trustworthiness and restricting untrustworthiness. [. . .] The establishment of a social credit system is an important foundation for comprehensively implementing the scientific viewpoint of development. [. . .] Accelerating and advancing the establishment of the social credit system is an important precondition for promoting the optimized allocation of resources. This is a description of pure technocracy. Western commentators often focus upon the technological aspects of China’s social credit system. China certainly operates a dystopian surveillance society, but this complements the social credit system which, as the name suggests, is an overarching system for “implementing the scientific viewpoint of development.” The Massachusetts Institute of Technology (MIT) reported that the supposedly “terrifying system doesn’t exist” in China: [T]he system that the central government has been slowly working on is a mix of attempts to regulate the financial credit industry, enable government agencies to share data with each other, and promote state-sanctioned moral values. MIT and its funding partners, such as the Rockefeller Foundation, have consistently highlighted the potential merits of the social credit system (SCS). When reading that material, we must separate the rhetoric of the engineers of the social credit system from its practical application. Like the Great Way or technocracy or communism, the political philosophy underpinning the social credit system is presented by its advocates as progressive, humanitarian and benign. Naturally, the people who impose this system would also need to be progressive, humanitarian and benign, right? Yet, while the social credit system is effectively a massive bureaucracy, combining the digital sharing of information with legislation and various paper-shuffling exercises, there are many aspects of it that are extremely concerning. For one thing, it creates a public-private partnership that, by rewarding good behaviour, fosters public faith in the mechanisms of the state. For another, it punishes those who aren’t duly faithful. The SCS removes access to “privileges” from people who have broken the law and even from those who haven’t. The concept of Joint Disciplinary Action in the SCS introduces the idea that, if found “untrustworthy,” a citizen or organisation so labelled will face broader social consequences, from having their right to fly removed to restricting their ability to book “high-class” tickets on trains to impeding their employment or business opportunities. The SCS sets up a blacklist for those deemed to have committed “misdeeds.” Thus far it has predominantly punished those who have failed to pay court fines or those considered bad debtors. Chinese state media have praised the courts’ partnership with tech giants like Sesame Credit—the credit-scoring system of the Alibaba Group subsidiary Ant Financial. Chinese government data, gathered from the courts and elsewhere, has been combined with private data, gathered from social media, for the purpose of lowering the financial credit score of millions of people who have been “blacklisted.” Public humiliation and shaming are commonly used to change the blacklisted’s behaviour. The Supreme Court maintains a database of “discredited individuals” (laolai). Tech companies like TikTok, owned by Chinese company ByteDance Ltd., publish laolai lists from the publicly available data to inform its users which companies and individuals have been “discredited.” Technology enhances the social credit system. To register a SIM cards and new SMART phones, Chinese users must by law use face scan technology. This biometric data then informs China’s already extensive and rapidly expanding national network of facial recognition cameras. The surveillance grid, allowing entry to everything from bus depots to safari parks, is integrating with alleged emotion-recognition technology to assess an individual’s mood and “predict” their behaviour. China’s internet is highly regulated via the “Measures on the Administration of Internet Information Services.” The government prohibits news bloggers from commenting on any policies or political developments without a license from the Cyberspace Adminstration of China (CAC). Again, this system operates as a public-private partnership. There are eight licensed Internet Service Providers (ISPs) in China registered with the Ministry of Industry and Information Technology (MIIT), but censorship largely occurs through the state’s partnership with fintech companies and social media platforms. The censorship is overseen by the Internet Information Office. The Chinese have to register their personal details to use the popular social media platforms. The independent sale of SIM cards and network adapters is prohibited; the cards and adapters require similar registration upon purchase and prior to use. The Chinese authorities can block foreign websites, restricting citizens access to information from outside China, and it is a crime for anyone to facilitate the illegal flow of prohibited information into China. The Chinese authorities have effectively created the crime of information-smuggling. Beyond inciting crimes or advocating violence or terrorism, Article 12 of China’s Cybersecurity Law outlines the other types of information that Chinese people are not permitted to share: [Users] must not use the Internet to engage in activities endangering national security, national honour, and national interests; they must not incite subversion of national sovereignty, overturn the socialist system, incite separatism, break national unity, [. . .] create or disseminate false information to disrupt the economic or social order, or information that infringes on the reputation, privacy, intellectual property or other lawful rights and interests of others, and other such acts. In other words, no one is permitted to question the state in China. This doesn’t stop the people from doing so, but the associated risks are high. Political dissidents can certainly expect to be censored by the social media platforms, and prison sentences are a distinct possibility for those who speak out too vociferously. Among the major geopolitical powers, China is leading in the development of Central Bank Digital Currency (CBDC). CBDC is “programmable money” and the issuer can insert “smart contracts” to control what can be bought, where it can be used and who can use it. Bo Li, the former Deputy Governor of the Bank of China and the current Deputy Managing Director of the International Monetary Fund (IMF), speaking at the Central Bank Digital Currencies for Financial Inclusion: Risks and Rewards symposium, clarified smart contracts further: CBDC can allow government agencies and private sector players to program [CBDC] to create smart-contracts, to allow targetted policy functions. For example[,] welfare payments [. . .], consumptions coupons, [. . .] food stamps. By programming, CBDC money can be precisely targeted [to] what kind of [things] people can own, and what kind of use [for which] this money can be utilised. For example, [. . .] for food. At the 2022 World Economic Forum’s Davos gathering, the president of the Chinese Alibaba Group, J. Michael Evans, announced that the global tech corporation would soon roll out its personal “carbon footprint tracker.” He said: We’re developing, through technology, an ability for consumers to measure their own carbon footprint [. . .] That’s where they’re travelling, how they are travelling, what are they eating, what are they consuming on the platform. [. . .] So, individual carbon footprint tracker, stay tuned! We don’t have it operational yet, but this is something we’re working on. During the initial COVID-19 lockdowns, China’s government required all businesses and public services to install Covid status app scanners, connected to the internet. In order to access shops, restaurants, libraries, hospitals, etc., and to move between the newly created urban “zones,” the Chinese have to use their Covid app. In conjunction with the SIM and SMART phone registration requirements, combined with the biometric facial recognition technology, the public movements of the urban Chinese can be tracked 24/7 in real time by China’s public-private partnership. The foundations for “the scientific operation of the entire social mechanism” have already been built in China. One of the major cities conducting some of its business in CBDC is Shanghai. In Shanghai’s Pudong “smart city” district, an AI integrated monitoring system is able to access the feeds from 290,000 surveillance cameras. The deputy director of the smart city, Sheng Denden, explained the systems value to the Chinese government: For the government, this is a tool for more efficient administration in the city. China is not communist. It is a technocracy. It is the world’s first Technate. THE CHINA BLAME GAME As we have already discussed, the idea that Western governments are “opposed” to China’s government is frankly ridiculous. This is not to suggest that there aren’t tensions, but these spring from competition not trenchant animosity. China’s government, and its tech giant partners, are as much a part of G3P as any other nation. The propaganda, from both the West and the Communist Party of China, serves as a surface narrative designed to divide and rule the global population, and to exert control over the respective domestic populations. The Trilateralists who worked tirelessly to ensure that China was able to construct a Technate are seemingly proud of their claimed achievements. In 2001, Hedley Donovan, one of the founding members of the Trilateral Commission alongside Brzezinski and the Rockefellers, wrote: It’s no exaggeration to describe the current regime as a technocracy. [. . .] You might say that technocratic politics is a natural fit with the Chinese political culture. [. . .] During the 1980s, technocracy as a concept was much talked about, especially in the context of so-called ‘Neo-Authoritarianism.’ [. . .] The basic beliefs and assumptions of the technocrats were laid out quite plainly: Social and economic problems were akin to engineering problems and could be understood, addressed, and eventually solved as such. [. . .] Scientism underlies the post-Mao technocracy, and it is the orthodoxy against which heresies are measured. The self-congratulation was largely misplaced. That China’s government developed a Technate owes more to that nation’s circumstances and political and social history and belief systems than it does to the ambitions of the Trilateralists. Technocracy is intended to be a sociopolitical system where individual rights are sacrificed to communitarianism. This is contrary to the Western liberal tradition. Technocracy represented less of a culture shock to the Chinese people. Certainly this fact was another impetus for the Trilateralists to pilot technocracy in China. Just as we in the West generally believe in individual liberty and freedom from the state, so the Chinese people largely hold that the state should strive to rule with ren along the path to the Great Way and equality for all. In both cases, the people continue to be deceived and disappointed by the “kakistocrats,” who clearly have no intention of living up to any of those principles or expectations. The mass and widespread Chinese demonstrations against the human cost of the government’s harsh Covid lockdown measures shows that the people are not willing to simply allow the state to do whatever it likes. While isolated protests in China are not unusual, the scale and coordination of these protests are testament to the Chinese people’s determination to resist oppression. The Western investment in Chinese technocracy was made with a view to developing a global system, not one restricted to China. From the surveillance network and social credit to censorship and social control using CBDC, having seen what can be achieved in China, Western governments are busy trying to impose exactly the same model of technocracy upon their own people. The Western political class cannot help but openly admire China’s technocracy. The only difference is that China’s system is publicly discussed—although rarely acknowledged as “technocracy” by name—while the rapidly emerging technocracy in the West is denied and concealed. The G3P is ostensibly colonising Western populations yet remains eager to avoid the errors of 19th century colonialists. The Rockefellers’ research in the late 1950s highlighted the need to first justify the necessary destruction of democratic values—something all Western governments are working hard to do. For its part, the Chinese government has had its own reasons for allowing technocracy to flourish. Technocracy fits well with China’s domestic policy ambitions. That said, there is no reason to think that the Chinese government ever intended to “export” technocracy to other nations. Technocracy is being installed globally. This suits China’s oligarchy, accustomed as it is to operating a Technate. The Chinese government has no reason to stand in the way of the global adoption of technocracy. It is merely aligned with the global transformation, not leading it. China’s government is not forcing other nations to adopt technocracy. Rather, all governments are collaborating to that end. The Chinese people are not our enemy, and China is not a foe to be fought. We, the people of the Earth, are all under attack by our own G3P governments. Tyler Durden Fri, 12/16/2022 - 00:00.....»»

Futures Reverse Losses, Hit Session HIghs Alongside Oil Despite China Covid Curbs After trading in the red for much of the overnight session, US futures inched higher shortly after the European open after a volatile session in Asia marked by rising Covid cases in China, while a Fed president turned dovish and showed openness to slowing the path of rate hikes. Futures on the S&P 500 traded near session highs, up 0.4% to 3,972 by 8:00 a.m. in New York, while Nasdaq 100 futures gained 0.1% after struggling for direction.  Stocks in Hong Kong and Mainland China slipped as China’s daily virus infections climbed to near the highest on record, although a bounce in Japanese stocks pushed overall Asian markets higher. Europe’s Stoxx 600 Index rose, led by energy shares. The dollar weakened against all major currencies and Treasury yields declined. Crude oil prices rose after Saudi Arabia pushed back against reports of a potential OPEC+ production increase. Bitcoin's gradual, methodic slide continued interrupted by occasional bouts of ungradual, unmethodic panic liquidations. In premarket trading, Zoom Video dropped after the firm reported its slowest quarterly sales growth on record and trimmed full-year revenue forecasts. Chinese stocks listed in US fell after a ramp-up in Covid restrictions to curb a spike in virus cases across China. Pinduoduo -2.4%, Trip.com -0.6%, Bilibili -2.8%, Nio -2.5%, Li Auto -3.9%. Here are some other notable premarket movers: Blackstone shares fall 2.5% in US premarket trading as Credit Suisse cut its rating to underperform from neutral and said that it is awaiting a better entry point for US alternative asset manager stocks. Alibaba shares pare losses in US premarket trading after Reuters reported that Chinese authorities are set to hand down a fine of over $1 billion for Jack Ma’s Ant Group, an event market watchers see as an end to Beijing’s prolonged investigation into the fintech firm and a first step to restarting its IPO. GameStop shares swing between slight gains and losses in US premarket trading, following a Bloomberg report that billionaire investor Carl Icahn was said to hold a large short position in the video-game retailer. Dell Technologies stock slipped 2% in postmarket trading on Monday as the computer company’s revenue forecasts for the current quarter missed estimates, as economic uncertainty begins to affect information technology customers. Keep an eye on Amazon.com after its price target was cut at Piper Sandler as AWS revenue decelerates along with an industry-wide slowdown at major cloud computing firms. The brokerage notes, however, that while “industry growth ticks down, AWS leadership remains.” Watch Activision Blizzard as Baird raised the recommendation on the stock to outperform from neutral, while downgrading Airbnb, Carvana and Vroom all to neutral since these companies are exposed to pullbacks in discretionary “high ticket” purchases. Keep an eye on software stocks, including Workday and Coupa Software as Morgan Stanley cuts price targets across the sector, with analyst saying that consensus estimates for 2023 are likely too high while customer IT budgets are set to be reduced. "Market sentiment remains toneless for the second trading day of the week as most investors are still struggling to assess the short- to mid-term outlook for risky assets," said Pierre Veyret, technical analyst at ActivTrades. “Despite the market starting to price in a potential slowing in rate hikes, some Fed officials have moved to temper these anticipations by reiterating their will to tackle inflation, and that this goal was far from being achieved.” Fed officials continued to highlight the need to curb inflation but hinted that a slower pace of hikes could be possible. On Monday, San Fran Fed President Mary Daly said officials need to be mindful of the lags with which monetary policy works, while repeating that she sees interest rates rising to at least 5%. Separately, Cleveland Fed President Loretta Mester said she has no problem with slowing down the central bank’s rapid rate increases when officials meet next month. “Markets get jittery whenever the Federal Reserve is due to speak or issue important information,” said Russ Mould, investment director at AJ Bell. “With the central bank set to publish the minutes from its November meeting tomorrow, equity investors need to brace themselves for the Fed to say it is likely to keep raising rates to tame inflation, even though October’s consumer prices figure was below expectations.” After this quarter’s 10% rally in the S&P 500, Goldman strategists expressed skepticism about US stocks returns next year, setting a 4000 points target for the benchmark by Dec. 2023 as earnings growth stalls. “Zero earnings growth will match zero appreciation in the S&P 500,” strategists led by David Kostin wrote in a note on Tuesday. Then again, the same David Kostin said excatly one year ago that the S&P would close 2022 at 5,100 so expect him to be dead wrong again. In Europe,  Stoxx Europe 600 Index climbed 0.2%, with energy stocks the best-performing sector as crude advanced after Saudi Arabia denied report of discussion about OPEC+ oil-output hike. BP rose 5.3% and Repsol was 6% higher after both stocks got analyst upgrades. Hong Kong stocks slid as China’s daily virus infections climbed to near the highest on record. Covid-control restrictions now affect a fifth of China’s economy. Still, the eventual easing by China of its curbs to counter the virus are likely to mean that European profits will hold up relatively well because of the benefits to luxury and mining companies, according to strategists at Goldman Sachs. Here are some of the notable European movers: AO World shares jumped as much as 17%, to the highest since early July, after the online appliances retailer raised its FY adjusted Ebitda forecast. Verbund rose as much as 8.2% after Stifel upgraded the utility company to buy from hold, saying conditions of Austria’s price cap are “much better” than had been anticipated. Allfunds shares fell as much as 11% after a discounted share offering by holders LHC3 and BNP Paribas in the mutual-fund distributor. Shares in digital price-tag maker SES- imagotag fell as much as 6%, before paring the drop, after majority shareholder BOE Smart Retail offered 1.5 million shares at a 7.3% discount to the last close. ThyssenKrupp declined as much as 5.9% after holder Cevian offered ~23.4m shares via UBS with price guidance of €5.15 apiece, representing a 4.7% discount to last close. Vodafone shares fell as much as 3.4% after the telecoms group was double-downgraded to underperform from outperform at Credit Suisse, which cited a growing risk to the dividend and elevated costs weighing on its outlook. Earlier in the session, Asian stocks advanced as the yen’s recent weakness boosted Japanese exporters, offsetting losses in Chinese tech shares. The MSCI Asia Pacific Index gained as much as 0.7%, with Japanese firms Toyota, Sony and Mitsubishi helping lift the gauge along with Taiwan’s TSMC. Up more than 10% this month, the MSCI Asian stock benchmark has outperformed its US or European peers in November thanks to China’s rally.  Among sectors, energy and industrials advanced the most, while communication services and consumer discretionary shares edged lower. Chinese stocks in Hong Kong fell for another day, as a worsening outbreak on the mainland raised doubts as to whether authorities can hold on to their softer Covid Zero stance. A rally this month fueled by reopening hopes has now come to a halt as investors come to terms with China’s Covid reality.  “As we’ve seen in the Covid issues in China, it’s going to be stop-go sort of news flow in terms of the lockdowns et cetera and that’s going to add volatility to markets,” Lorraine Tan, director of equity research at Morningstar, said in an interview with Bloomberg TV. Japan equities climbed as the yen’s retreat over the past four days supported exporters’ shares in the face of concerns over China’s Covid Zero policy and the Federal Reserve’s hawkish stance.   The Topix rose 1.1% to 1,994.75 as of the market close in Tokyo, while the Nikkei 225 advanced 0.6% to 28,115.74. Toyota Motor contributed the most to the Topix’s gain, increasing 2.3%. Out of 2,165 stocks in the index, 1,737 rose and 366 fell, while 62 were unchanged. “There is an impression that the market will be quiet with no major selloffs ahead of the Japanese and US holidays,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities. “In some aspects, it is difficult for the stock market to fall as investors find it hard to make a move.”  Stocks in Malaysia fell for a second day after Saturday’s election produced the country’s first-ever hung parliament. Australia’s equity benchmark rose to a five-month high buoyed by miners.The S&P/ASX 200 index rose 0.6% to close at 7,181.30, its highest since June 6, driven by a rebound in mining and energy shares.  In New Zealand, the S&P/NZX 50 index fell 0.2% to 11,420.42. New Zealand’s central bank is poised to raise interest rates by an unprecedented 75 basis points on Wednesday, accelerating its monetary tightening to get inflation under control. Elsewhere, markets were mixed with moderate gains or losses.  In FX, the Bloomberg Dollar Spot Index fell as the greenback fell against all of its Group-of-10 peers. Risk-sensitive Antipodean currencies and the Norwegian krone were the top performers. CFTC data showed that speculative and institutional traders turned their back to the dollar yet again last week as the currency stayed under pressure. At the same time, one-month risk reversals in the Bloomberg Dollar Spot Index rallied in favor of the topside. The euro rose versus the greenback but underperformed most of its major peers. Bunds slipped and Italian bonds inched lower. The pound rose against a broadly weaker dollar and was steady against the euro. Data showed UK government borrowing grew less than forecast in October, ahead of a testimony in Parliament by officials from the Office for Budget Responsibility. The yen rose for the first time in five days after remarks from some Federal Reserve officials solidified bets for smaller US rate hikes. Japan’s yield curve steepened a tad ahead of a local holiday. One-week risk reversals in dollar-yen traded earlier at 24 basis points in favor of the Japanese currency, which marked the least bearish sentiment for the greenback in more than a month. In rates, Treasuries ground higher leaving yields near session lows into the early US session with 10-year at around 3.79%. Bunds and gilts both lag Treasuries, trading slightly cheaper over early London session. US session focus is on Fed speakers and conclusion of this week’s auctions with a 7-year sale at 1pm.  Treasury 10-year yields outperforming bunds and gilts by ~5bp on the day. Long-end of the Treasuries curve underperforms, steepening 10s30s spread by 2.5bp on the day.  This week’s auctions conclude with $35b 7-year note sale at 1pm, follows Monday’s double auction of 2- and 5-year notes. In commodities, it has been a contained session for the crude complex after yesterday’s WSJ fake news-prompted rollercoaster, with benchmarks higher by around 1% amid further pushback to the production increase report. Kuwait Oil Minister has pushed back against reports of any discussions over OPEC+ raising production at its next meeting, according to the State news agency; Iraq's SOMO says no discussions have taken place over an increase at the next OPEC meeting. China has reportedly paused the purchase of some Russian oil, awaiting details of the price cap to see if it provides a better price. Spot gold and silver are firmer, with the yellow metal at session highs just below the USD 1750/oz mark as risk sentiment struggles to find firm direction and the USD continues to pullback. For reference, the current spot gold peak of USD 1748/oz is shy of the 10-DMA at USD 1755/oz and still some way from the 200-DMA at USD 1801/oz. Cryptocurrency prices were mixed, with investors braced for more ructions as further digital-asset sector bankruptcies loom following the demise of Sam Bankman-Fried’s FTX empire. Looking to the day ahead now, and central bank speakers include the Fed’s Mester, George and Bullard, along with the ECB’s Holzmann, Rehn and Nagel. Data releases include Euro Area consumer confidence for November, as well as the US Richmond Fed manufacturing index for November. Lastly, the OECD will be releasing their Economic Outlook. Market Snapshot S&P 500 futures up 0.2% to 3,964.00 STOXX Europe 600 up 0.6% to 435.56 MXAP up 0.4% to 151.12 MXAPJ down 0.1% to 486.08 Nikkei up 0.6% to 28,115.74 Topix up 1.1% to 1,994.75 Hang Seng Index down 1.3% to 17,424.41 Shanghai Composite up 0.1% to 3,088.94 Sensex up 0.4% to 61,380.15 Australia S&P/ASX 200 up 0.6% to 7,181.30 Kospi down 0.6% to 2,405.27 German 10Y yield little changed at 1.99% Euro up 0.3% to $1.0272 Brent Futures up 0.7% to $88.04/bbl Gold spot up 0.5% to $1,745.92 U.S. Dollar Index down 0.35% to 107.46 Top Overnight News from Bloomberg More than six years after voting to leave the EU, the UK is facing a prolonged recession, a deep cost-of-living crisis and a shortage of workers. Last week’s Autumn Statement heralded years of higher taxes and cuts to public spending The ECB needs to maintain the pace of rate increases at its next meeting on Dec. 15 to demonstrate policy makers are “serious” about taming inflation, Financial Times reports, citing an interview with Robert Holzmann, governor of the National Bank of Austria and member of the ECB’s governing council Germany will introduce a cap on gas and electricity prices for companies and households as Europe’s largest economy seeks to contain the fallout from Russia’s moves to slash energy supplies. Large parts of German industry will no longer be able to avoid production cuts if companies need to further reduce natural gas consumption, according to a survey Italy has signed off on a €35 billion ($36 billion) budget law for next year which will raise a windfall tax on energy companies in order to expand aid to families and businesses hit by higher prices Spain announced a series of steps to shield mortgage-holders on lower incomes from rising costs, stepping up efforts to cushion the economic blow from high inflation and surging interest rates The premium investors pay for German two-year bonds over equivalent swaps has dropped to levels last seen in July in recent days, down more than 40 basis points from a record high in September. It comes after the German finance agency and the European Central Bank took steps to increase the supply of debt available to borrow in repo markets An FTX Group bankruptcy filing showed that the fallen cryptocurrency exchange and a number of affiliates had a combined cash balance of $1.24 billion A new currency trading algorithm developed by a Dutch fund threatens to wrest away millions of euros of fees from investment banks if it gains traction in the pension industry China’s overnight repo rate plunged to its lowest level in nearly two years, an indication that a liquidity squeeze seen last week has eased following measures by the central bank A more detailed look at global markets courtesy of Nesquawk Asia-Pac stocks were mostly positive as the regional bourses attempted to recover from the recent China COVID woes but with price action contained amid quiet newsflow and a lack of fresh macro drivers. ASX 200 was positive amid strength in the commodity-related sectors in which energy led the advances after oil prices rebounded following Saudi’s denial that it was considering a production increase. Nikkei 225 higher and reclaimed the 28,000 level with early outperformance in Shionogi after its COVID-19 therapeutic drug was presumed effective by Japan’s PMDA. Hang Seng and Shanghai Comp traded mixed with Hong Kong pressured by weakness in the tech sector, while losses in the mainland were reversed after the latest policy support pledges by China including measures to sustain the recovery momentum of the industrial economy and with the PBoC to release CNY 200bln worth of loan support for commercial banks to ensure near-term delivery of homes. Top Asian News US Defence Secretary Austin met with Chinese Defence Minister Wei Fenghe in Cambodia, according to a US official cited by Reuters. US Defence Secretary Austin discussed the need for dialogue on reducing risk and improving communication with his Chinese counterpart, according to a Pentagon spokesperson. Furthermore, Austin raised concern about increasingly dangerous behaviour by Chinese aircraft which increases the risk of an accident and he reiterated that the US remains committed to the longstanding Once China Policy. Chinese Defence Ministry spokesman said the main reason for the current situation faced by China and the US is because the US made the wrong strategic judgement. In relevant news, Global Times' Hu Xijin tweeted that the meeting between the two defence ministers must be supported and that no matter how many frictions, China and the US cannot fight militarily which is the bottom line and the two sides’ due responsibility to the world. EU is poised to renew sanctions on Chinese officials accused of human rights violations in Xinjiang for an additional year, according to SCMP. RBA's Lowe say the Bank is not on a pre-set path and could return to 50bps increase or keep rates unchanged for a time. The Board expects to increase interest rates further over the period ahead. Understand that many people are finding the rise in interest rates difficult. It is necessary, though, to ensure that the current period of higher inflation is only temporary. Beijing City reports 634 (prev. 274) COVID infections on November 22nd as of 3pm, according to a health official, via Reuters. Subsequently, Beijing will tighten COVID testing requirements as of November 24th, according to an official; COVID tests within 48 hours will be required to enter public venues. European bourses are modestly firmer, Euro Stoxx 50 +0.2%, though fresh developments have been limited and the upside itself is tentative at best. Sectors are mixed with the likes of Energy outperforming after yesterday's noted pressure, no overarching bias present in the European morning. Stateside, US futures are near the unchanged mark but have, similar to European peers, been modestly firmer/softer throughout the morning, ES +0.1%. Samsung Electronics (005930 KS) is to jointly develop 3nm chips with five-six fabless clients for large quantity supply as soon as 2023, via Korea Economic Daily citing sources. Top European News ECB's Centeno sees conditions for rate hikes to be less than 75bps in December and said they "really have to reverse" the trend of rising inflation to have greater visibility on monetary policy, according to Bloomberg. ECB's Holzmann said he supports a 75bps hike in December and noted there are no signs that price pressures are easing, according to FT. ECB's Rehn says they will probably hike rates again, pace depends on how the economy develops. ECB's Nagel says a 50bp rate hike is "strong", rates are still "relatively far" from restrictive territory, via Reuters; calls for commencing a gradual APP unwind in Q1-2023. Italy approved a EUR 35bln budget law for next year which plans to increase an energy windfall tax, according to Bloomberg. FX Dollar loses recovery momentum as risk appetite picks up, DXY drifts between 107.810-300 bounds and retests a Fib retracement level just over 107.500 Kiwi rebounds to top 0.6150 vs Buck irrespective of worrying NZ trade data, as RBNZ looms amidst expectations of a larger 75bp hike in the OCR Aussie recovers alongside Yuan and amidst comments from RBA Governor Lowe reaffirming guidance for further tightening, AUD/USD eyes 0.6650 from around 0.6600 at the low Loonie regains poise in tandem with oil and probes 1.3400 against its US rival pre-Canadian data and remarks from BoC's Rogers Yen, Franc, Euro and Pound all take advantage of Greenback fade plus yield convergence to Treasuries as USD/JPY reverses from 142.00+ and USD/CHF from almost 0.9600, while EUR/USD eyes 1.0300 and Cable 1.1900 vs sub-1.0250 and 1.0825. Fixed Income Rangebound trade for core fixed income, though intraday boundaries have extended on both sides throughout the European morning as the complex struggles for firm direction. Bund unreactive to a well-received Bobl auction while USTs are a handful of ticks firmer ahead of the week's last US auction, with volumes currently fairly light. Note, final orders for the UK's 0.125% 2073 Gilt I/L exceed GBP 16.8bln, according to a bookrunner, with pricing set 20bp below the 2068 comparable. Commodities Comparably contained session for the crude complex after yesterday’s pronounced OPEC+ related price action; benchmarks currently firmer by around 0.5% amid further pushback to the production increase report. White House Press Secretary said President Biden is committed to further lowering gasoline prices. Kuwait Oil Minister has pushed back against reports of any discussions over OPEC+ raising production at its next meeting, according to the State news agency; Iraq's SOMO says no discussions have taken place over an increase at the next OPEC meeting. China has reportedly paused the purchase of some Russian oil, awaiting details of the price cap to see if it provides a better price, via Bloomberg citing sources. German gas price break will apply retroactively from January, via der Spiegel; reduction in gas and heat prices is not expected to take effect until March 1st. European Commission proposes to introduce a gas price correction mechanism for one-year from January 1st 2023, via Reuters citing draft legislation; proposal leaves the actual price cap blank for now. Diplomats say that EU gov'ts want the gas price cap at EUR 159-180/MWh, vs the much higher cap expected to be proposed by the Commission. UK officials visited Brazil in October to assess the regions beef standards, via Politico; a visit which has fuelled hopes in Brazil of a future trade deal. Spot gold and silver are firmer, with the yellow metal at session highs just below the USD 1750/oz mark as risk sentiment struggles to find firm direction and the USD continues to pullback For reference, the current spot gold peak of USD 1748/oz is shy of the 10-DMA at USD 1755/oz and still some way from the 200-DMA at USD 1801/oz. Geopolitics Moscow considers a search necessary for a peaceful solution to the Kurdish issue after Turkey's strikes in Syria and believes Turkey should restrain from the use of excessive military force, according to RIA citing Moscow's Syria envoy. N. Korea will take an ultra strong response to anyone that interferes with its sovereign rights, via KCNA; US will face a greater security crisis the more it insists on taking hostile actions. US Event Calendar 10am: U.S. Richmond Fed Index, Nov., est. -8, prior -10 Central bank speakers 11am: Fed’s Mester Discusses Wages and Inflation 11:45am: Bank of Canada’s Carolyn Rogers Speaks on Financial Stability 2:15pm: Fed’s George Takes Part in Policy Panel 2:45pm: Fed’s Bullard Discusses Heterogeneity in Macroeconomics DB's Jim Reid concludes the overnight wrap A decent slug of yesterday was spent debating whether England's 6-2 win at the World Cup was a performance to scare the world of football into submission or whether Iran's 20th spot in the FIFA World rankings may slightly flatter them. As ever, your opinions are welcome! Good luck to all your teams as the WC introduces a few big hitters today! I'm not sure if it was the World Cup but markets had a rather slow and lacklustre start to the week yesterday. The S&P 500 (-0.39%) fell back amidst concerns about rising Covid cases in China and ongoing fears about a US recession next year. The effects were evident across multiple asset classes, and WTI oil prices fell below their start of 2022 levels briefly intra-day (-6.24% on the day at the lows) as investors grappled with the prospect of lower Chinese demand alongside speculation about an OPEC+ output increase, which was eventually denied. WTI rallied back hard on a Saudi denial of the story to close just -0.44% lower, while Brent futures were -6.06% lower before closing down only -0.19%. In Asia trading, WTI prices (+0.74%) have climbed back above the start of week levels and are trading just above $80/bbl while Brent futures (+0.49%) are fractionally higher as we go to print. In terms of what’s coming out of China, there are growing concerns among investors that there’ll be a return to lockdowns following the weekend news that they’d had their first Covid death in six months. The overall rise in case numbers now makes this the third-largest outbreak of the pandemic so far, behind only the Shanghai lockdowns in Q2 and the Wuhan outbreak in early 2020. Beijing has increased its restrictions, and now requires arrivals to take three PCR tests within the first three days and to stay at home until they get a negative result. In the Haidian district of Beijing, schools have now switched to online learning as well. This has all served to dampen the speculation of recent weeks that China might be moving gradually away from its zero-Covid strategy, and the city of Shijiazhuang has even asked residents to stay at home for 5 days. China recorded 27,307 new local Covid cases nationally yesterday, almost close to the record high of 28k seen in March. The irony is that the China reopening story has been a big positive driver of China-related risk and overall markets over the last couple of weeks, so we are trading between feast and famine on this story. Both could of course be ultimately right. There might be many more restrictions in the near term but stronger more durable reopenings by the spring. Markets are struggling to price this at the moment though. For now, the effects were apparent among Chinese stocks listed in the US, with companies like Alibaba (-4.41%), JD.com (-6.37%) and Bilibili (-8.15%) underperforming the broader equity moves. The Chinese Yuan (-0.64%) also weakened against the US Dollar, although to be fair this was partly a function of dollar strength. Overnight in Asia, China risk has bounced a bit. The Shanghai Composite (+0.75%) and the CSI (+0.77%) are both up alongside the Nikkei (+0.72%). The Hang Seng (-0.39%) and KOSPI (-0.35%) are both lower. US equity futures are just above flat as we type. Staying with equities, the earlier plunge in oil prices was bad news for energy stocks, which were among the biggest sectoral underperformers on both sides of the Atlantic. By the close of trade, the S&P 500 was down -0.39%, with energy down -1.39%, rallying midday from -4.64% to beat out consumer discretionary shares which were -1.41% lower. A number of other cyclical industries underperformed as well, and the NASDAQ fell -1.09% on the day, whilst the small-cap Russell 2000 fell -0.57%. In Europe, the performance was marginally better, but that still wasn’t enough to stop the STOXX 600 posting a very marginal -0.06% decline, with energy (-3.02%) far and away the underperformer as shares closed near the nadir of Brent and WTI futures pricing. There clearly should be a bounce this morning. The more negative tone out of China yesterday has only added to existing fears about a US recession over the coming months, which the latest moves in the Treasury yield curve did little to dispel. The 2s10s yield curve flattened another -2.2bps to -73bps taking it beneath the 1982 low of -71.65bps to a level unseen since 1981. This came as the 10yr tracked intraday pricing in oil as well, having fallen as much as -7.1bps intraday before finishing the day more or less unchanged. This morning in Asia, 10yr UST yields (-1.12 bps) are slightly lower, trading at 3.82%. There have been a few Fed speakers over the last 24 hours to impact treasury pricing. SF Fed President Daly warned against the two-sided risks of over-tightening, but hinted that her estimate of terminal may have risen to around 5.1% since the November meeting. Meanwhile, Cleveland Fed President Mester supported downshifting to a 50bps hike in December, but noted the Fed was not “anywhere near to stopping”, echoing Chair Powell’s tone from the November FOMC presser. There's quite a bit of Fed speak today as you'll see in the day ahead at the end. Whilst it’s widely expected that the Fed will slow down the pace of hikes to 50bps in December, there’s somewhat more doubt about the ECB’s next move the following day, who it seems are still weighing up another 75bps hike or slowing down to 50bps. Yesterday, we heard from Austria’s Holzmann (a hawk), who said he’d only favour a 50bps hike if there was a “major reduction” in inflation this month. But Portugal’s Centeno (a dove) said that the conditions were in place for a hike beneath 75bps next month. Separately, Slovenia’s Vasle talked about the need for restrictive policy, saying that the ECB needs to “keep gradually raising rates, even into the territory where monetary policy won’t be just neutral, but will become more restrictive.” European sovereigns seemed unfazed by this debate, trading in line with the broader global moves. Yields on 10yr bunds (-2.1bps) and OATs (-1.8bps) moved lower, but there was an underperformance among southern European countries, with yields on Italian BTPs up +4.3bps. Interestingly, there was a notable downside surprise in the latest German PPI reading, which came in at +34.5% in October (vs. +42.1% expected). Now it’s worth noting that the decline was driven by energy, but at -4.2% on the month, that was the first monthly decline in the index since mid-2020. To the day ahead now, and central bank speakers include the Fed’s Mester, George and Bullard, along with the ECB’s Holzmann, Rehn and Nagel. Data releases include Euro Area consumer confidence for November, as well as the US Richmond Fed manufacturing index for November. Lastly, the OECD will be releasing their Economic Outlook. Tyler Durden Tue, 11/22/2022 - 08:02.....»»

Neither Democrats nor the GOP got a big majority win from the midterms, meaning courts will likely have the final say on student-debt relief. President Joe Biden gives remarks on student debt relief at Delaware State University on October 21, 2022.Anna Moneymaker/Getty Images Neither party looks likely to gain a significant majority following the midterm elections. This means that Biden's veto power will likely overrule any attempts to block student-debt relief. Ultimately, federal courts will likely have the final say on whether the relief goes through. Regardless of the final results, neither Democrats nor Republicans are set to emerge from the midterm elections with a significant majority. That means that the fate of President Joe Biden's student-loan forgiveness doesn't lie in the hands of lawmakers, but rather, the federal courts.After Biden announced up to $20,000 in student-loan forgiveness for federal borrowers making under $125,000 a year at the end of August, it was no secret the policy would face pushback. For months leading up to the announcement, Republican lawmakers slammed the idea of giving millions of borrowers broad relief, and after it was announced, those lawmakers pledged to do anything they could to stop it from being implemented — including supporting a number of conservative lawsuits that arose seeking to block the debt relief.But despite Republicans' hopes of a "red tsunami" in the midterm elections, as the results rolled in it became clear that neither party was going to gain a significant majority, with several key races remaining too close to call and control of both chambers of Congress still uncertain.So, while the GOP may have hoped to have the votes to roll back student-loan forgiveness or introduce legislation to block it from happening in the future, Biden's veto power remains — and a two-thirds majority vote to override a veto is out of the picture in the next Congress.In a speech last week anticipating the midterm results, Biden even said, according to CNN, that it would be a "horrible two years" if Republicans assume control over Congress, but "the good news is I'll have a veto pen."That means that ultimately, regardless of what the GOP might try to accomplish via legislation, the courts will have the final say on whether student-debt relief goes through. There are at least six major conservative lawsuits that have arisen so far seeking to block the relief, which is currently on pause due to a ruling from the 8th Circuit Court of Appeals in response to one of those lawsuits, filed by six Republican-led states who argued loan forgiveness would hurt their states' tax revenues. And on Thursday evening, a federal judge in Texas — appointed by former President Donald Trump — struck down the debt relief and ruled it illegal, the most significant legal setback to the loan forgiveness so far. Other lawsuits are still pending, and the Supreme Court has already dismissed two of them when they were brought to Justice Amy Coney Barrett's docket. Still, Biden recently said that 26 million borrowers have already applied for the relief through an online form at studentaid.gov, and student-loan companies are ready to process the 16 million applications the department has approved to date should the courts ultimately rule in favor of the policy."We believe strongly that the Biden-Harris Student Debt Relief Plan is lawful and necessary to give borrowers and working families breathing room as they recover from the pandemic and to ensure they succeed when repayment restarts," Education Secretary Miguel Cardona wrote on Twitter on Friday."We are disappointed in the decision of the Texas court to block loan relief moving forward. Amidst efforts to block our debt relief program, we are not standing down," he added.What's next for student-loan borrowersThe Education Department is appealing the Texas ruling that struck down the debt relief, which is heading to the conservative 5th Circuit. And the 8th Circuit will either decide to dismiss the GOP-led lawsuit or continue pausing the student-debt relief.In the wake of the legal setbacks, the Education Department announced Friday that it would pause new online applications for relief.There's a bit of a time crunch on the courts' decisions because student-loan payments are scheduled to resume after December 31, and many borrowers are expecting forgiveness of at least part of their debt before having to restart payments.As Biden and the department have touted, they're planning to roll out a new income-driven repayment plan that will make monthly payments lower by capping them at 5% of a borrower's discretionary income, rather than the current 10%. The department also aims to roll out improvements to targeted loan forgiveness programs, like Public Service Loan Forgiveness, by next summer.As always, implementation is key when it comes to student-debt relief. Cardona said loan companies are "ready to apply" the relief to borrowers' accounts once they get the green light, but borrowers should ensure they keep an eye out for an email notifying them that their relief has been approved, along with emails from the department that might request additional documentation to verify income.The department has not commented on another potential extension of the student-loan payment pause and maintains the lawsuits challenging debt relief will fail due to its confidence in the authority under the HEROES Act of 2003, which gives the Education Secretary the ability to waive or modify student-loan balances in connection with a national emergency, like COVID-19.Still, with the recent ruling, advocates don't want payments to resume without sufficient relief."The Biden Administration cannot now resume payments on January 1st," Persis Yu, deputy executive director for advocacy group Student Borrower Protection Center, said in a statement. "It must use all of its tools to fight to ensure that borrowers receive the debt relief they need."Read the original article on Business Insider.....»»

Futures Rise On Expectations For A Post-Midterm Rally US equity futures rose as bond yields dipped as Americans headed to the polls on Tuesday for midterm elections where Republicans are expected to gain as many as 75 seats in the House and 11 in the Senate, while traders were also bracing for a key CPI print later this week. Nasdaq 100 futures were up 0.5% by 7:30 a.m. in New York, while S&P 500 futures rose 0.2% to trade at 3,820 and above a key CTA threshold level (as Goldman notes overnight "CTA short term momentum flipped from negative to positive w/ the close north of 3804"). The US Dollar was little changed as was the yield on the 10-year Treasury after rising for the past four days. Among notable movers in premarket trading, NVidia climbed in early New York trading as it began producing a processor for China. Bitcoin tumbled as part of a crypto selloff trigged by the growing Binance-FTX feud. Lyft plunged 20%, on track to hit their lowest level on record. The ride-sharing company’s 3Q results appear to confirm it is losing market share to rival Uber and raise questions on its outlook in 4Q and beyond, analysts say. TripAdvisor shares also cratered after the online travel agency issued a disappointing fourth-quarter forecast. Take-Two Interactive Software Inc. fell 18% and was set for its biggest drop in 13 years after the video-game developer’s results showed weakness in its mobile business, which drove a cut to its bookings guidance. Lordstown Motors, on the other hand, surged after the EV maker struck a deal to sell a $170 million stake to Foxconn and give two board seats to its manufacturing partner, boosting investor confidence over its prospects. SolarEdge shares rise 9.6% in US premarket trading after third-quarter results that analysts say were strong and indicated a further improvement in margins for the solar company in the future. Take-Two shares drop 18% in US premarket trading. The video-game developer’s results show weakness in its mobile business, which drove a cut to its bookings guidance, though analysts remain positive on its pipeline of future releases. Video-game stocks could be in focus on Tuesday after Take-Two reduced its full-year net bookings guidance, while Nintendo cut its forecast for sales of Switch consoles by 10%. Keep an eye on stocks like Electronic Arts (EA US), Roblox (RBLX US), AppLovin (APP US). Five9’s shares decline 13% in premarket trading as reduced guidance indicates a slowdown ahead for the cloud software firm against a tough macro picture, with Jefferies saying that the outlook was “worse than feared.” Still, some analysts think there may be an opportunity to buy shares on any weakness. Lyft shares drop about 18% in US premarket trading, on track to hit their lowest level on record. The ride-sharing company’s 3Q results appear to confirm it is losing market share to rival Uber and raise questions on its outlook in 4Q and beyond, analysts say. TripAdvisor shares slump 19% in premarket trading after the online travel agency reported third-quarter results. While revenue for the period came in ahead of estimates, the fourth-quarter guidance disappointed, with analysts noting that increased spending on Viator was the main reason for the soft outlook. Cryptocurrency- exposed stocks fall in US premarket trading as a selloff among digital currencies spreads to Bitcoin and Ether. Investors are paring risky bets ahead of US midterm elections and following a renewed slump in cryptocurrency exchange FTX’s token. Riot Blockchain declines 4.9%, Marathon Digital (MARA US) -4.8%, Coinbase (COIN US) -2.1%, Hut 8 Mining (HUT CN) -4.5% Watch US semiconductor stocks after peer Nvidia began making a chip for China that the company said meets a US export ban, boosting hopes that companies impacted won’t see a sizable hit to their revenues from the curbs. Keep an eye on stocks including Intel (INTC US), Qualcomm (QCOM US), Advanced Micro Devices (AMD US), Lam Research (LRCX US), Applied Materials (AMAT US), KLA (KLAC US). Investors will be closely monitoring the outcome of the midterm vote while the CPI reading will be significant in assessing the impact of Fed hikes on inflation. President Joe Biden acknowledged that Democrats face a “tougher” challenge holding the House than the US Senate. Polls pointing to Republicans winning at least one chamber of Congress provide a potential catalyst for lower bond yields and higher equity prices, according to Morgan Stanley’s Michael Wilson, who said that a "clean sweep" by the Republicans could greatly increase the chance of fiscal spending being frozen and historically high budget deficits being reduced, fueling a rally in 10-year Treasuries that can keep the equity market rising. "The US debt burden could stop the Democrats from putting in place many economic reforms that they would’ve otherwise, if Republicans are sufficiently crowded to block them moving forward," Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, wrote in a note. “Hence, slowing debt under GOP could slow growth.” That said, sentiment has improved in recent days, and major equity markets aren’t likely to see “another big leg down” as a lot of the bad news seems to be priced in, according to Altaf Kassam, head of EMEA investment strategy and research at State Street Global Advisors.  The Fed is likely to shift away from rate increases after the effects of hikes start showing up, especially in the second half of next year, he said. “Equity markets have already kind of started to anticipate that, so if you are patient you might miss out on the beginning of a rally, but that’s when we think it’s going to happen,” he told Bloomberg TV. Tuesday’s two-way moves in Treasuries, however, underscored the fragile sentiment in markets where the Federal Reserve’s monetary tightening remains the biggest headwind. Thursday’s consumer-price-index data will offer the next cue for traders even as money markets are raising their peak-rate wagers.  The inflation reading is coming after the core consumer price index rose more than forecast to a 40-year high in September. Even if prices begin to moderate, the CPI is far above the Fed’s comfort zone. “Inflation is going up. It may be coming down periodically. But it’s going up,” Richard Harris, chief executive of Port Shelter Investment Management, said on Bloomberg Television. “The market is kind of uncertain -- it’s hoping for the best but really should be preparing for the worst.” In Europe, tech, telecoms and utilities are the strongest performing sectors while energy and miners lag. Euro Stoxx 50 is little changed. FTSE 100 lags peers, dropping 0.2%. Here are some of the biggest European movers today: BE Semi shares rise as much as 6.5%, hitting the highest in three months and leading gains in the Stoxx 600 Tech index, as Morgan Stanley initiates coverage with an overweight rating Pandora gains as much as 8.8%, the most since May, after 3Q net income beat estimates. The Danish jeweler said that despite macroeconomic and geopolitical uncertainty, the shopping patterns of its consumers are so far largely unchanged. AB Foods jumps as much as 6.7%, the most since March 9, after the UK company announced a £500m share buyback. The amount was bigger than Citi had expected, while RBC said the repurchase program will be well received. Coca-Cola HBC gains as much as 4.2%, among the top performers in the FTSE 100 Index, after the bottler reported third-quarter sales that beat estimates and said it now sees FY comparable Ebit in the range of €860m-€900m. Persimmon falls as much as 9.3% after the homebuilder’s trading update flagged rising cancellations, falling sales rates and prices, increased provisions for cladding remediation and changes to the capital return policy which Morgan Stanley (underweight) says points to a “meaningful decline” in the FY23 dividend. DCC drops as much as 8.7%, the most since March 2020, after 1H results that RBC says came in slightly below expectations. Bayer falls as much as 5%, the most intraday since Aug. 29, after reporting results that beat estimates while reiterating guidance given in August -- leaving limited room for any changes to consensus expectations, according to Morgan Stanley. Direct Line drops as much as 7.8%, the most intraday since July, after the insurer’s gross written premium for the third quarter was weaker than expected due to lower motor premiums. Shares of peer Admiral Group also fall. Asian stocks also rose amid investor optimism that the potential outcome of the US midterm elections could be good for equities. Chinese shares, meanwhile, pulled back after a two-day rally as pandemic concerns flared once again.  The MSCI Asia Pacific Index advanced as much as 0.8%, poised for a third day of gains, driven by technology stocks. Benchmarks in Japan, South Korea and Taiwan led gains, while Indian markets were closed for a holiday. China’s Covid cases surged by the most since April, halting a recent rally in the Hong Kong and mainland markets. Chinese shares had been rising on growing hopes for an eventual reopening even as health officials reiterated a strict adherence to Covid Zero policy. The market is also wagering that a US Congress split between Democrats and Republicans could be good for stocks. A post-election rally will provide some respite for investors amid concerns over the Federal Reserve’s monetary-policy tightening. “Gridlock cross-checks each party’s ‘worst impulses,’ and less activist fiscal policy is conducive to lower market volatility,” Stephen Innes, managing partner at SPI Asset Management, wrote in a note. “That could be particularly helpful in 2022 and 2023 to the extent it calms rates volatility.” Japanese equities climbed for a second day, following US peers higher as investors awaited the outcome of US midterm elections and further direction on Federal Reserve policy. The Topix rose 1.2% to close at 1,957.56, while the Nikkei advanced 1.3% to 27,872.11. Sony Group Corp. contributed the most to the Topix gain, increasing 3.3%. Out of 2,165 stocks in the index, 1,662 rose and 410 fell, while 93 were unchanged. “Japanese stocks followed the gain in overseas stocks,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management. “There seems to be more buybacks after the release of employment statistics that investors were originally cautious about.” In FX, the dollar consolidates and is marginally firmer against most majors; the Bloomberg Dollar Spot Index swung between gains and losses after touching a seven-week low. The greenback advanced against all of its Group-of-10 peers apart from the yen. The euro weakened to trade around parity versus the dollar. Bunds and Italian bond curves twist- flattened modestly. One trader has bought an upside strategy in Euribor calls that seeks to profit from the ECB easing policy rates significantly by the middle of 2024 The pound was among the worst performers, while gilts were steady. The Debt Management Office kicked off a 15-year syndication in a busy week for supply. UK retailers said sales growth slowed in October as a surge in prices pushed more consumers to focus on essentials instead of new clothing and household accessories. Bank of England Chief Economist Huw Pill said market turmoil in the UK in recent weeks led to some “de-anchoring” of inflation expectations, and the central bank is working hard to tamp down those views; Pill speaks twice today The Australian dollar erased a loss. It earlier slumped after the nation’s consumer sentiment tumbled to the lowest level in 2-1/2 years and business confidence also weakened as higher interest rates and surging inflation stoke concern about the nation’s economic outlook In rates, fixed income trading was fairly muted; Treasury yields are flip to slightly cheaper on the day, follow wider drop in bunds after Germany plans to more than double the 2023 net debt to €45 billion. US 10-year yields back up to around 4.22%, cheaper by less than 1bp on the day while bunds underperform by 2bp in the sector as bund futures test session lows In commodities, WTI falls 1.2% to near $90.73. Spot gold falls roughly $5 to trade near $1,671/oz.  Oil futures are softer intraday as DXY picked up overnight and in early European trade, whilst China’s COVID woes remain a grey cloud for the complex, with daily new cases in China rising to a six-month high for Sunday. Spot gold moves in tandem with the Buck and oscillates on either side of its 50 DMA at USD 1,672/oz today in the run-up to the midterms. Base metals are mixed with LME copper trading with mild gains just under the USD 8,000/t mark. To the day ahead now, and the highlight will be the US midterm elections. From central banks, we’ll hear from the ECB’s Nagel and Wunsch, as well as BoE chief economist Pill. Otherwise, data releases include Euro Area retail sales for September, and earnings releases include Disney. Market Snapshot S&P 500 futures up 0.2% to 3,821.00 STOXX Europe 600 up 0.2% to 419.27 MXAP up 0.7% to 143.54 MXAPJ up 0.4% to 461.67 Nikkei up 1.3% to 27,872.11 Topix up 1.2% to 1,957.56 Hang Seng Index down 0.2% to 16,557.31 Shanghai Composite down 0.4% to 3,064.49 Sensex up 0.4% to 61,185.15 Australia S&P/ASX 200 up 0.4% to 6,958.87 Kospi up 1.1% to 2,399.04 German 10Y yield down 0.1% at 2.34% Euro down 0.2% to $0.9999 Brent Futures down 0.9% to $97.06/bbl Gold spot down 0.3% to $1,670.56 U.S. Dollar Index up 0.20% to 110.34 Top Overnight News from Bloomberg Donald Trump said on the eve of US midterm elections that he would be making a “big announcement” next week, all but confirming his widely anticipated third White House bid that he’s been teasing for weeks The term structures in the major currencies remain inverted as US risk events, including midterm elections and a key inflation report, make the case for long gamma exposure in the front-end The ECB will start reducing its bond holdings through so-called quantitative tightening “sooner or later, for sure in 2023,” Vice President Luis de Guindos tells Politico in an interview The ECB needs to continue increasing interest rates even if that weighs on economic output, according to Bundesbank President Joachim Nagel Japan’s cabinet approved a 29.1 trillion yen ($198 billion) extra budget to fund an economic stimulus package that aims to ease the impact of inflation on people and companies A more detailed look at global markets courtesy of Newsquawk APAC stocks were mixed as the region only partially sustained the early momentum seen following the positive handover from Wall St with Chinese stocks pressured overnight as infections continued to rise. ASX 200 traded marginally higher with the index kept afloat by strength in the top-weighted financial industry and gains in consumer-related sectors. Nikkei 225 was firmer and edged closer to the 28,000 level as participants digested earnings releases and shrugged off mixed household spending data although Average Cash Earnings accelerated. Hang Seng and Shanghai Comp were subdued despite the reopening rumours which officials pushed back against, while the number of daily new infections continued to climb from 6-month highs. Top Asian News Hong Kong Chief Executive Lee dismissed calls to drop the health code for travellers and mask-wearing rules, according to SCMP. Japanese PM Kishida is to approve USD 198bln extra budget for the stimulus plan, according to Bloomberg. Furthermore, Japan's government is to add JPY 1.4tln of fiscal loans for the second extra budget and will issue JPY 20.4tln in deficit-covering bonds, according to a draft cited by Reuters. Japan's cabinet has approved a second supplementary budget with JPY 29.1tln (in-line with prior reports) for FY to fund an economic stimulus package, according to MoF. BoJ Summary of Opinions stated that Japan's consumer inflation is likely to continue accelerating as firms pass on higher costs. Furthermore, consumer inflation is likely to slow back below 2% next fiscal year due to the impact of slowing global growth but cannot rule out chances that prices will sharply overshoot forecasts. RBNZ reappointed Governor Orr as the head for another five-year term, according to Reuters. Chinese interbank market regulator is to boost support by financing to private firms, will initially support around CNY 250bln of bond financing by private firms including property developers; supported by central bank refinancing. Major bourses in Europe portray a mixed picture with no clear conviction seen heading into the US mid-term elections. Sectors are mostly firmer (vs a mostly lower open) with Tech leading the charge with additional help from declining bond yields. Energy and Basic Resources sit as the sectoral laggards amid declines in underlying commodity prices. US equity futures post mild gains but with price action contained; ES +0.1%. Top European News BoE urged lenders to do more to avoid a repeat of the pensions fund turmoil seen in September, according to FT. UK PM Sunak is expected to increase pensions and benefits in line with inflation, according to The Times. UK Chancellor Hunt is to announce a tax raid on inheritance in the Autumn statement, according to The Telegraph and FT. UK plan to review or repeal all EU laws by end-2023 suffered another setback after 1,400 additional pieces of legislation were discovered, according to FT. UK and France are reportedly in the final stage of reaching an agreement concerning illegal English Channel crossing, according to FT. ECB's de Guindos says ECB will continue raising rates to levels that ensure price stability; levels will depend on data, the evolution of inflation, economic conditions, demand, and energy prices, via Reuters. ECB's Nagel says he will do his utmost to make sure the ECB does not let up in the inflation fight, according to Reuters. SNB's Jordan says policy decisions must be based on firm commitment to price stability objective; policy decisions must not be based exclusively on inflation forecast, via Reuters. BoE Chief Economist Pill says there is a danger of self-fulfilling dynamics on wage-cost nexus. Cannot declare victory against second-round effects but is entering a recession. Pill reiterated that there is more to do, and need to raise rates to tighten monetary policy. Pill is sceptical that front-loading hikes has big expectations effect, via Reuters. UBS (UBSG SW) branches have been searched by German criminal investigators in relation to sanctioned Russian oligarch Usmanov, according to Der Spiegel; searches related to money laundering. FX DXY gleaned some traction across the board amidst a firmer rebound in Treasury yields, renewed weakness in the Yuan and general consolidation ahead of impending risk events. Yen managed to keep afloat of 147.00 and bucked the overall trend after Japan’s Cabinet approved a second supplementary budget and the BoJ’s SOO highlighted risks of a sharp price overshoot. European G10s sit as the current laggards, with EUR, GBP, and CHF towards the bottom of the bunch. Fixed Income US Treasuries were first off the block in terms of paring more losses from worst levels to turn marginally positive Gilts followed suit as books closed on a well sought after 2038 syndicated offering. Bunds remain depressed in wake of a somewhat mixed Schatz auction given a bigger retention and hefty concession needed to achieve a 1.2 cover ratio for the new 2 year benchmark. Commodities WTI and Brent futures are softer intraday as DXY picked up overnight and in early European trade, whilst China’s COVID woes remain a grey cloud for the complex, with daily new cases in China rising to a six-month high for Sunday. Spot gold moves in tandem with the Buck and oscillates on either side of its 50 DMA at USD 1,672/oz today in the run-up to the midterms. Base metals are mixed with LME copper trading with mild gains just under the USD 8,000/t mark. Chile's Codelco offers Chinese copper buyers 2023 supply at a premium USD 140/t (prev. USD 105/t; +33.3% Y/Y) according to Reuters sources. Geopolitical Ukrainian President Zelensky said it is vital to force Russia to participate in genuine peace negotiations, according to Reuters. White House Press Secretary said US President Biden has no intention of meeting Russian President Putin, while State Department spokesman Price said Russia signals that it is focused on escalation, according to Bloomberg. North Korea’s military denied exporting weapons to Russia in which it stated that it has never exported weapons or ammunition to Russia and has no plans to do so, according to Yonhap. Chinese Foreign Ministry, on President's Xi's visit to Saudi Arabia, says don't know the information referred to, according to Reuters. Chinese President Xi will comprehensively strengthen military training and preparation for any war, according to state media. China's security is increasingly unstable and uncertain. US Event Calendar 06:00: Oct. SMALL BUSINESS OPTIMISM 91.3, est. 91.4, prior 92.1 DB's Jim Reid concludes the overnight wrap It’s been a long two years, but today we’ve finally arrived at the US midterm elections, which is clearly the most important political milestone between the presidential elections. I have my own electoral success story to report as my 7-year old daughter Maisie was voted onto her school council on Friday. I asked her what platform she stood on. She said that she campaigned on having more homework and that the school should have a pet fish. In case you think she’s a swot, nothing can be further from the truth. Getting her to do homework is the most stressful part of every weekend and often brings floods of tears. Maisie cries too. How she got elected on that mandate is beyond me. Maybe the others stood on bringing back corporal punishment! On to weightier matters, as a reminder for our non-US readers, today will see every seat in the US House of Representatives (the lower chamber) up for grabs, along with a third of the seats in the Senate (the upper chamber), on top of the governorships in 36 of the 50 US states. And when it comes to markets, it’s no exaggeration to say that midterm elections are one of the best historic buy signals for equities we have. In fact, in the 19 midterm elections since WWII, the S&P 500 has always been higher one year after the vote. Whether any of those cycles had to contend with the macro tsunami that's coming in the next 12 months is a moot point but it shows the underlying technicals. Currently the Democrats control both chambers in Congress, but by the narrowest of margins. The Senate is currently split 50-50 their way thanks to the tie-breaking vote from Vice President Harris, so the Republicans only need a net gain of one to win the majority there. Meanwhile in the House of Representatives, it was split 222-213 to the Democrats in the 2020 election, meaning the Republicans only need a net gain of five seats to take control. In terms of what’s expected to happen, most forecasters think that the Republicans are likely to win control of the House of Representatives. For instance, FiveThirtyEight’s model gives them an 83% chance of the majority, and Politico’s forecast puts it as “Likely Republican”. In the Senate however, the Republicans are generally seen as having a weaker chance, with FiveThirtyEight’s model giving them a smaller 55% chance of the majority, and Politico’s forecast leaving it as a “Toss-Up”. Part of the reason why the Republicans have a much weaker chance in the Senate relative to the House is because only a third of the Senate is up for election, and most of the seats up for grabs are ones already held by the Republicans, which limits their scope to make net gains from the Democrats. If the Republicans do end up retaking control of either chamber in Congress (or both), the result will likely be legislative gridlock for the next two years, and our US economists do not see any major legislation on economic policy ahead of the 2024 election in this circumstance. Remember that President Biden will still have a veto on legislation, and the Republicans will not have the two-thirds majority in both houses required to override a veto (it’s mathematically impossible in the Senate where only a third of seats are up for grabs). If there is divided government however, one area we might see more action again is the debt ceiling, since there’s a chance that a Republican-controlled Congress use the need to raise the ceiling as leverage to get some of their policy priorities through. See Henry's piece (here) from yesterday for more on that. When it comes to the results, it could be some time before we know the full picture. In fact, for the Georgia Senate race, state law requires the candidate to win over 50% of the vote to win, so if nobody does today then the top two will go to a runoff on December 6, meaning it could theoretically be another month before we find out who controls the Senate if it does hinge on that race like last time. Even absent any runoffs, it’s also possible that it takes some days anyway. Last time at the presidential election, it wasn’t until the Saturday after the Tuesday that we had final confirmation of Biden’s victory. Whatever ends up happening today, there’ll be plenty of extrapolation onto the 2024 presidential election from the results. However, it’s important to remember that 2 years is also a very long time in politics and a number of presidents have come back from very bad midterm results to win re-election. Indeed, the last two Democrats in the White House (Presidents Obama and Clinton) both suffered major midterm losses before coming back to win re-election. So be cautious in saying anything is inevitable! Ahead of the midterms there were some familiar themes in markets, with yields on 2yr US Treasuries up +6.3bps to a post-2007 high of 4.72%, whilst the 10yr yield was up +5.5bps to 4.21% (4.23% in Asia). Those moves were driven pretty much entirely by higher inflation breakevens rather than real rates, and came as Brent crude oil prices traded closer to $100/bbl than at any point since August, intraday, before falling into the close to finish the day slightly lower at -0.66%. The trend towards higher sovereign bond yields was evident in Europe too, where yields on 10yr bunds (+4.9bps), OATs (+3.3bps) and gilts (+7.6bps) all rose on the day. Whilst there was a clear trend in rates, for equities it was a pretty choppy session, with the S&P 500 fluctuating between gains and losses to eventually post a very healthy gain of +0.97%. Cyclical stocks led the way while defensives like Utilities were stark underperformers, falling -1.94%. The Nasdaq advanced for the second straight day for the first time in November, climbing +0.85%. Meanwhile in Europe, the major indices mostly rose, with the STOXX 600 (+0.33%) hitting a 7-week high, but the FTSE 100 (-0.48%) lagged behind amidst a +1.19% rebound in sterling. Asian stock markets are mixed this morning with the Nikkei (+1.42%) sharply higher, notching an 8-week high. The KOSPI (+0.98%) is also trading in positive territory. In China, the Shanghai Composite (-0.52%) and the CSI (-0.75%) are losing ground with the Hang Seng (-0.04%) struggling to gain traction as the speculation about China’s reopening continues to add market volatility. US stock futures tied to the S&P 500 (-0.09%) and NASDAQ 100 (-0.09%) remain rangebound at the time of writing. We have data from Japan showing that household spending rose +2.3% y/y in September coming in slightly lower than market expectations of a +2.6% increase (v/s a +5.1% gain in August). However, household consumption faces increasing inflationary pressures because of a weaker yen with real wages (adjusted for inflation) falling -1.3% y/y in September (v/s -1.8% expected), its sixth-consecutive decline. This was less than August’s -1.7% drop. From the Bank of Japan, the Summary of Opinions released overnight showed that policymakers debated the future exit from ultra-low interest rates and its impact on financial markets amid rising prices. According to the summary, some board members argued that the cost-driven inflationary pressures are broadening with one member stressing that a "big overshoot of inflation cannot be ruled out”. There wasn’t much data of note yesterday, with German industrial production rising by a faster-than-expected +0.6% in September (vs. +0.1% expected). However, the previous month’s contraction was revised to show a worse performance than before. To the day ahead now, and the highlight will be the US midterm elections. From central banks, we’ll hear from the ECB’s Nagel and Wunsch, as well as BoE chief economist Pill. Otherwise, data releases include Euro Area retail sales for September, and earnings releases include Disney. Tyler Durden Tue, 11/08/2022 - 08:06.....»»

Business combination with Maersk Drilling closed on October 3, 2022. Consolidated results for the quarter reflect legacy Noble Corporation prior to the business combination. Initiates shareholder return program with share repurchase authorization of up to $400 million. Q3 Net Income of $34 million, EPS of $0.41 and Adjusted EBITDA of $97 million. Q3 Cash Flow from Operations of $74 million and Free Cash Flow of $44 million. SUGAR LAND, Texas, Nov. 2, 2022 /PRNewswire/ -- Noble Corporation plc (NYSE:NE, CSE:NOBLE, ", Noble", , or the ", Company", )) today reported third quarter 2022 results.  Three Months Ended (in millions, except per share amounts) September 30, 2022 September 30,2021 June 30, 2022 Total Revenue $                         306 $                        250 $                        275 Contract Drilling Services Revenue 289 231 262 Net Income (Loss) 34 (24) 37 Adjusted EBITDA* 97 47 84 Adjusted Net Income (Loss)* 41 7 33 Diluted Earnings (Loss) Per Share 0.41 (0.36) 0.45 Adjusted Diluted Earnings (Loss) Per Share* 0.50 0.10 0.40 * A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release. Robert W. Eifler, President and Chief Executive Officer of Noble Corporation plc, stated "Our third quarter financial results showed continued improvement, driven by rising dayrates and consistently strong utilization. We are excited to have closed the business combination between Noble and Maersk Drilling in early October and are well underway with integration activities. Ensuring seamless service excellence for our customers, maintaining leadership in innovation and sustainability, and capturing $125 million in synergies within two years remain key priorities. We anticipate that the combination of our robust financial profile and high-quality backlog will position Noble very well going forward, and we are pleased to deliver on a key transaction rationale with today's announcement of a $400 million share repurchase authorization." Third quarter resultsThird quarter financial highlights for legacy Noble Corporation on a standalone basis are as follows. Contract drilling services revenue for the third quarter of 2022 totaled $289 million compared to $262 million in the second quarter. Marketed fleet utilization was 89% in the three months ended September 30, 2022 compared to 85% in the previous quarter.  Contract drilling services costs for the third quarter were $186 million, up from $178 million in the second quarter of 2022.  Adjusted EBITDA for the three months ended September 30, 2022 was $97 million compared to $84 million in the second quarter of 2022. Capital expenditures totaled $41 million in the third quarter and $117 million through the nine months ending September 30, 2022. Net cash provided by operating activities for the three months ended September 30, 2022 was $74 million and free cash flow was $44 million. For additional reference, unaudited historical-basis financial highlights for legacy Maersk Drilling during the third quarter of 2022 included total revenue of $283 million, adjusted EBITDA of $63 million, and capital expenditures of $35 million. Shareholder return authorizationNoble's Board of Directors has authorized a share repurchase program that allows the Company to repurchase up to $400 million of outstanding Company stock or warrants. The $400 million authorization does not have a fixed expiration, and may be modified, suspended or discontinued at any time. The program does not obligate the Company to acquire any particular amount of shares. Balance sheetThe company's pro forma balance sheet as of September 30, 2022 when taking into consideration the Business Combination and proceeds from the sale of the five jackups had a net debt balance of approximately $190 million.  In November, we expect to complete the Compulsory Purchase for the remaining shares of Maersk Drilling that were not acquired during the voluntary tender exchange. As recently disclosed, Noble has received preliminary commitments from a group of banks to enter into a $350 million, 3-year term loan to replace the existing Maersk Drilling syndicated facilities. Additionally, Noble has received a preliminary commitment for a $150 million, 3-year term loan to replace the existing Maersk Drilling loan with Danish Ship Finance. Each loan has an indicative initial interest rate of Term SOFR (secured overnight funding rate) plus 3.50%, with margin increases beginning in year two. The loans remain subject to final documentation and customary closing conditions, which Noble anticipates will be completed during the fourth quarter.  Operating highlights and backlogNoble's marketed fleet of nine floaters was 96% contracted through the third quarter, similar to the legacy Maersk Drilling floater fleet which had full contracted utilization across seven marketed floaters.  Contracting activity remains firm, reflecting the tight condition of the high-end drillship market segment, with leading edge dayrates for deepwater rigs well into the low to mid $400,000s per day range. Noble's jackup utilization was 82% in the third quarter, and current utilization (following the significant transaction-related changes to the composition of our jackup fleet) is now 92% with 12 out of 13 jackups currently under contract. The jackup Noble Resilient was recently awarded a contract for a four well intervention scope in the UK North Sea at a dayrate of $87,500. Per our fleet status report dated November 2, 2022, Noble's current backlog stands at $3.9 billion. OutlookFor the fourth quarter of 2022, Noble today announces a guidance range for Adjusted EBITDA of $155 to $175 million. Capital expenditures are expected to range between $65 and $85 million. These estimates reflect the October 3, 2022 closing date of the Maersk Drilling business combination and the October 5, 2022 sale of five jackups to Shelf Drilling.(1) Commenting on Noble's outlook, Mr. Eifler stated, "Our leadership team's extensive worldwide travel to meet with employees and customers in recent weeks has only reinforced our confidence in the talent that we have assembled and the tremendous opportunity at hand for Noble.  Despite global macroeconomic uncertainty, the fundamentals in our business, particularly in the deepwater segment, remain very promising, and Noble is poised and ready to execute as a new and dynamic leader in offshore drilling." 1 Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly, the company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. Conference callNoble will host a conference call related to its third quarter 2022 results on Thursday, November 3, 2022, at 8:00 a.m. U.S. Central Time.  Interested parties may dial +1 929-203-0901 and refer to conference ID 31391 approximately 15 minutes prior to the scheduled start time.  Additionally, a live webcast link will be available on the Investor Relations section of the Company's website.  A webcast replay will be accessible for a limited time following the scheduled call.  For additional information, visit www.noblecorp.com or email investors@noblecorp.com About Noble Corporation plcNoble is a leading offshore drilling contractor for the oil and gas industry.  The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry.  Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.  Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com. Successor reportingUpon emergence from our restructuring on February 5, 2021, Noble adopted fresh-start accounting which resulted in Noble becoming a new reporting entity for accounting and financial reporting purposes.  Accordingly, financial statements and notes after February 5, 2021 are not comparable to financial statements and notes prior to that date. As required by GAAP, results are labelled as "Predecessor" for the period up to February 5, 2021 and "Successor" for all dates after. Cautionary and Forward-looking statementsThe shares may be repurchased under the new repurchase program in open market purchases, privately negotiated transactions, through plans, instructions or contracts established under applicable rules under the Securities Exchange Act of 1934, as amended, through block trades, by effecting a tender offer, by way of accelerated share repurchase transactions or other derivative transactions, or by any combination of the foregoing. The manner, timing, pricing and amount of any repurchases will determined by the Company at its discretion and may be based upon a number of factors, including market conditions, the Company's stock price, earnings, capital requirements, financial conditions, available liquidity and competing uses for cash that may arise in the future, compliance with the Company's debt and other agreements, applicable legal requirements, and other considerations. Noble will effect a capital reduction connection with the repurchase program through a legal sanctioning process that is expected to conclude in November.  This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical facts included in this communication, including those regarding future guidance, the offshore drilling market and momentum, contract commitments, commencements, novations, extensions or renewals, contract tenders, share repurchases, plans and objectives of management for future operations, rig mobilizations and scheduling, industry conditions, capital reductions, worldwide economic conditions,  and benefits or results of acquisitions or dispositions are forward-looking statements. When used in this communication, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "prepare," "project," "schedule," "should," "shall" and "will" and similar expressions are intended to be among the statements that identify forward-looking statements.  Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct.  These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law.  We have identified factors, including, but not limited to, the business combination with Maersk Drilling (including but not limited to the  effect of the announcement or the completion of the Business Combination on Noble's business relationships, performance and business generally, the risk that the Business Combination disrupts current plans and potential difficulties in employee retention as a result of the Business Combination, the outcome of any legal proceedings that may be instituted against related to the Business Combination, requirements, conditions or costs that may be imposed in connection with obtaining regulatory approvals in connection with the Business Combination, the ability to implement business plans, forecasts, and other expectations (including with respect to synergies and financial and operational metrics, such as EBITDA and free cash flow) in connection with the Business Combination, and to identify and realize additional opportunities, the failure to realize anticipated benefits of the  Business Combination, the impact of the consummation of the Business Combination on relationships with third parties, and risks associated with assumptions that parties make in connection with the parties' critical accounting estimates and other judgments), the effects of public health threats, such as the ongoing outbreak of COVID-19, and the adverse impact thereof on our business, financial condition and results of operations (including but not limited to our operating costs, supply chain, availability of labor, logistical capabilities, customer demand for our services and industry demand generally, our liquidity, the price of our securities, our ability to access capital markets, and the global economy and financial markets generally), the effects of actions by, or disputes among OPEC+ members with respect to production levels or other matters related to the price of oil, market conditions, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting our drilling contracts, including duration, downtime, dayrates, operating hazards and delays, risks associated with operations outside the US, actions by regulatory authorities, credit rating agencies, customers, joint venture partners, contractors, lenders and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, violations of anti-corruption laws, shipyard risk and timing, delays in mobilization of rigs, hurricanes and other weather conditions, and the future price of oil and gas, that could cause actual plans or results to differ materially from those included in any forward-looking statements. These factors include those "Risk Factors" referenced or described in the Company's most recent Form 10-K, Form 10-Q's, and other filings with the SEC.  We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements.  You should consider these risks and uncertainties when you are evaluating us.   NOBLE CORPORATION plc (formerly known as Noble Finco Limited) AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited) Successor Three Months Ended September 30, 2022 2021 Operating revenues Contract drilling services $            289,494 $            231,154 Reimbursables and other 16,378 19,217 305,872 250,371 Operating costs and expenses Contract drilling services 186,482 188,552 Reimbursables 13,284 16,462 Depreciation and amortization 24,868 25,248 General and administrative 18,089 14,982 Merger and integration costs 9,338 5,033 (Gain) loss on sale of operating assets, net 354 3,146 Hurricane losses and (recoveries), net 1,896 10,441 254,311 263,864 Operating income (loss) 51,561 (13,493) Other income (expense) Interest expense, net of amounts capitalized (7,943) (8,870) Loss on extinguishment of debt, net (196) — Interest income and other, net 3,235 973 Income (loss) before income taxes 46,657 (21,390) Income tax provision (13,072) (2,275) Net income (loss) $              33,585 $             (23,665) Per share data Basic: Net income (loss) $                  0.48 $                 (0.36) Diluted: Net income (loss) $                  0.41 $                 (0.36)   NOBLE CORPORATION plc (formerly known as Noble Finco Limited) AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - CONTINUED(In thousands, except per share amounts)(Unaudited) Successor Predecessor Period from Period from February 6, 2021 January 1, 2021 Nine Months Ended through through September 30, 2022 September 30, 2021 February 5, 2021 Operating revenues Contract drilling services $            746,992 $            515,680 $              74,051 Reimbursables and other 44,263 46,467 3,430 791,255 562,147 77,481 Operating costs and expenses Contract drilling services 530,710 456,853 46,965 Reimbursables 37,095 41,577 2,737 Depreciation and amortization 77,109 64,831 20,622 General and administrative 52,300 47,939 5,727 Merger and integration costs 27,916 13,786 — (Gain) loss on sale of operating assets, net (3,105) 3,146.....»»

As other countries outlawed asbestos, workers in a New York plant were "swimming" in it. Now, in a fight against the chemical industry, the United States may finally ban the potent carcinogen. But help may come too late. A Hornblower Niagara Cruises catamaran sails back to its Canadian dock as passengers in blue ponchos line up at the American dock in Niagara Falls, New York, to board the Maid of the Mist, on May 15, 2014.Carolyn Thompson/AP At OxyChem's now-closed plant in Niagara Falls, New York, former workers told ProPublica that asbestos dust hung in the air and rolled across the floor in clumps, like tumbleweeds. Inhaled asbestos fibers can get trapped deep in the lungs. This can lead to inflammation and scarring and can result in chronic coughing, chest pain and a lung disease called asbestosis. The Environmental Protection Agency tried to ban asbestos in the 1980s. But the US crumpled in the face of pressure from OxyChem and its peers in the chlorine industry.   Now, in a fight against the chemical industry, the US may finally ban the potent carcinogen. But help may come too late. Co-published with NPR NewsProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox.Henry Saenz remembers when he first learned what even the tiniest bit of asbestos could do to his body. He was working at a chemical plant where employees used the mineral to make chlorine, and his coworkers warned him about what could happen each time he took a breath: Tiny fibers, invisible to the eye, could enter his nose and mouth and settle into his lungs, his abdomen, the lining of his heart. They could linger there for decades. Then, one day, he might develop asbestosis, a chronic disease that makes the lungs harden, or mesothelioma, a vicious cancer that ends the lives of most who have it within a few years.By then, in the early 1990s, the dangers of asbestos were already irrefutable. The United States had prohibited its use in pipe insulation and branded it so risky that remediators had to wear hazmat suits to remove it. But unlike dozens of other countries that banned the potent carcinogen outright, the United States never did. To this day, the U.S. allows hundreds of tons of asbestos to flow in each year from Brazil, primarily for the benefit of two major chemical companies, OxyChem and Olin Corp. The companies say asbestos is integral to chlorine production at several aging plants and have made a compelling argument to keep it legal: Unlike in the horrific tales of the past, their current protocols for handling asbestos are so stringent that workers face little threat of exposure.But at OxyChem's plant in Niagara Falls, New York, where Saenz worked for nearly three decades, the reality was far different, more than a dozen former workers told ProPublica. There, they said, asbestos dust hung in the air, collected on the beams and light fixtures and built up until it was inches thick. Workers tramped in and out of it all day, often without protective suits or masks, and carried it around on their coveralls and boots. They implored the plant's managers to address the conditions, they said, but the dangers remained until the plant closed in late 2021 for unrelated reasons.It was hard for Saenz to reconcile the science that he understood — and that he believed OxyChem and government leaders understood — with what he saw at the plant every day. He did his best not to inhale the asbestos, but after a short time, he came to believe there was no way the killer substance was not already inside him, waiting, perhaps 30 or 40 or even 50 years, to strike.Now, too late for Saenz, the Environmental Protection Agency appears poised to finally outlaw asbestos in a test case with huge implications. If the agency fails to ban a substance so widely established as harmful, scientists and public health experts argue, it would raise serious doubts about the EPA's ability to protect the public from any toxic chemicals.To fight the proposed ban, the chemical companies have returned to a well-worn strategy and marshaled political heavyweights, including the attorneys general of 12 Republican-led states who say it would place a "heavy and unreasonable burden" on industry.Lost in the battle is the story of what happened in the decades during which the U.S. failed to act. It's not just a tale of workers in hardscrabble company towns who were sacrificed to the bottom line of industry, but one of federal agencies cowed again and again by the well-financed lawyers and lobbyists of the companies they are supposed to oversee.It's the quintessential story of American chemical regulation.The headquarters of Occidental Petroleum, which owns OxyChem, in Los Angeles, California, on January 29, 2010.Reed Saxon/APFor decades, the EPA and Congress accepted the chlorine companies' argument that asbestos workers were safe enough, and regulators left the carcinogen on the list of dangerous chemicals that other countries ban but the U.S. still allows. The Occupational Safety and Health Administration even let OxyChem and Olin into a special program that limited the frequency of inspections at many of their plants. Along the way, the two companies proved that they didn't need asbestos to make chlorine: They built some modern facilities elsewhere that didn't use it. But they balked at the cost of upgrading the older facilities where it was still in use — even as they earned billions of dollars from chemical sales and raked in record profits this year.OxyChem, owned by one of the country's largest energy companies, Occidental Petroleum, declined requests for an interview. After ProPublica sent a summary of its reporting, company officials said the accounts from the Niagara Falls plant were "inaccurate" but declined to say what specifically was incorrect. In a statement, the company said it complies with federal regulations on asbestos and that workers who handle it are "trained, work in restricted areas of our plant, protected by personal protective equipment and are offered annual medical examinations." The company also said it authorizes employees to stop work if they feel unsafe. "The health and safety of every plant worker and the people in our surrounding communities is our top priority," the company said.Olin did not respond to calls and emails sent over the course of a month.It has been easy to minimize the toll asbestos takes on workers. Workers' compensation cases are often confidential, and employees may fear speaking out and jeopardizing their livelihood. ProPublica reporters, however, found a unique opportunity to explore what it was really like to work at an asbestos-reliant plant after America's longest-standing facility, the one run by OxyChem in Niagara Falls, shuttered last November. With their jobs no longer on the line, Saenz and 17 other former workers, some with institutional knowledge dating back to the 1960s and others with memories less than a year old, said they felt free to talk. They agreed to hours of interviews and dug through their homes for documentation to reconstruct their work lives in the decades they spent at the plant.What they recounted — ever-present asbestos dust with scant protection — stunned six experts in industrial hygiene and occupational health who were consulted by ProPublica."Totally unacceptable," said Rachael Jones, professor and chair of the Environmental Health Sciences Department at the University of California, Los Angeles."Fraught with danger," said Dr. Philip Landrigan, a public health physician trained in occupational medicine and epidemiology who leads Boston College's program for Global Public Health and the Common Good."It sounds like something that maybe would happen in the 1940s or the 1950s," said Celeste Monforton, a lecturer in public health at Texas State University who studies occupational health and safety practices."It's just so counter to everything that they put in the record about using [asbestos] safely," Monforton said.For more than a century, OxyChem's plant on the Niagara River, just 3 miles upstream from the world-renowned falls, was a small city unto itself. It buzzed with workers day and night, and, in its heyday, had its own cafeteria, credit union and health clinic. A job there carried a certain cachet. Workers could make six figures, even without college degrees. But the plant had a dark legacy. Its previous owner, Hooker Chemical, had buried toxic waste in an unfinished aqueduct called Love Canal, then turned the property over to the city for development in the 1950s. After contaminated groundwater sickened the people who lived there, it became known as one of the worst environmental disasters in U.S. history.A fence and a sign cordon off a contaminated toxic waste dump site in the Love Canal neighborhood of Niagara Falls, New York, on August 2, 1978. The crisis led to federal Superfund legislation to clean up the nation's abandoned waste sites.APUnlike many of the other workers who grew up in the shadow of the plant, following their fathers and uncles into jobs there, Saenz was originally from Northern California. But he fell in love with a woman from Niagara Falls and moved there to start a family with her, working at a hotel, delivering flowers and tending bar — anything to put food on the table, he said — before deciding OxyChem was the job he wanted to stay in.He was hired in 1989 and soon after got a crash course in chemistry. A jolt of electricity, he learned, could turn a tank of salt water into three substances: chlorine, caustic soda and hydrogen. The chlorine could be sold for disinfecting water, the caustic soda for making paper, soap and aspirin. There was, however, a real danger: If the chemicals mixed, the tank could turn into a bomb. So each tank had a thick, metal screen inside to keep the chemicals apart.The screen was coated with a layer of impenetrable asbestos. OxyChem used chrysotile, or white asbestos, the most common type. It showed up on trains in oversized bags that looked like pillows stuffed with down feathers. At OxyChem, there were about 200 tanks, called cells, each the size of a dining room table and containing a metal screen. When a screen needed to be recoated, a special team of workers removed it and brought it to the cavernous cell-maintenance building. There, they blasted it with a high-pressure water cannon until the old asbestos fell off. Then, they dipped the clean screen into a wet mixture containing new asbestos and cooked it in an oven until the asbestos hardened. They worked on one or two screens each day.The asbestos job was one of the most hazardous at the plant, requiring special training. But it also provided a rare benefit. Unlike most positions, which forced workers to take afternoon and midnight shifts, the asbestos job was days only. Saenz, who initially worked in a different department, waited years for an opening on the team, eager to spend more time with his growing family. After his fourth child was born, a spot opened up.The team was a small fraternity of eight or so men who ate lunch together in a special trailer. Some days, when their shift ended at 2 p.m., they would meet at JD's, a dive bar near the plant. Other days, it was the wing joint down the street or the bar in Terry Cheetham's basement. Cheetham was the big brother of the group; the guys called him Soupie. Reserved and shaggy-haired, garrulous only with a beer in hand, he'd dropped out of high school after his father's death and gone to work for OxyChem. He wanted to help his mom support their family. Soon after Saenz joined the team, Cheetham tapped him on the shoulder. "We're going for a ride after work," he said. Later, they pulled up outside the local liquor store. As the new guy, Saenz had to carry the keg.The guys raised their kids together, helped each other's families through difficult times. At the plant, they always had each other's backs. Certain hazards, like fires, were hard to miss. Others, like chlorine leaks, were more subtle. Then, there was the asbestos. As Saenz spent more time on the job, he began noticing just how much of it surrounded him.Federal workplace safety standards require keeping asbestos fibers wet to prevent them from going airborne, having workers wear protective equipment and containing the asbestos inside certain areas. OxyChem had rules in place to meet those standards. But protocols failed to match reality at the Niagara Falls plant, according to more than a dozen workers.Water-blasting the screens was like washing a car with a high-powered hose. Asbestos splattered everywhere. It wasn't a problem when the asbestos was wet. But it would dry overnight, and the next morning, it would be stuck to the ceiling and the walls. Clumps would roll across the floor like tiny tumbleweeds. Floating particles would catch the light when the sun poured in. There was so much asbestos in the cell-maintenance building that it was impossible to keep it all wet, said Robert Cheff, who worked at the plant from 1981 to 2007. "We were constantly swimming in this stuff."Hand-specimen of asbestiform serpentine ore, also known as chrysotile, one of six minerals currently regulated as asbestos.asbestorama/Getty imagesWorkers wore protective gear for certain tasks, like pressure washing and screen dipping. But they went into the building to carry out other tasks without special suits or anything protecting their faces, despite company requirements. One worker said managers enforced those rules. But a dozen others interviewed by ProPublica recalled that the bosses looked the other way. Suiting up was impractical, those workers said. It took time away from the tasks that needed to get done and was uncomfortable, especially on hot days, when the temperature inside could reach 100 degrees.In the summer, the windows and doors were left open to keep the workers from overheating, allowing asbestos to escape outside. Wet asbestos splashed on their uniforms, coats, helmets and boots. One guy seemed to always have some on his mustache. It would dry and flake off their clothes wherever they went, they said. Saenz remembered walking into safety meetings in the administrative building with asbestos drying on his coveralls. The guys carried so much asbestos into the trailer where they ate lunch and took breaks that it needed to be replaced, former union leaders said.Their uniforms sat in the laundry, caked with dry asbestos. When the union raised the problem in 2010, managers responded by giving the team its own hamper with a lid to contain the asbestos, said longtime union officer Mike Spacone. Only after union leaders threatened to call federal authorities did the company give the team its own laundry facilities, Spacone said.On occasion, workers who handled asbestos would leave without showering in the plant's locker room or wear their work clothes home. "My kids played sports," recalled Dave Helbig, an employee from 1980 through 2021. "Sometimes I had to leave to get to their games."The company would have known employees were being exposed; workers with a high risk of exposure sometimes clipped a small monitor to their bodies to measure the amount of asbestos in the air around them. At least five times in 2001 and 2002, the levels around team member Patrick Nowak exceeded OSHA's exposure limit, his company records show. "I failed so many times, they quit testing me," he said. The records do not indicate if Nowak was wearing a protective mask known as a respirator, as some other employees' records do.Tony Garfalo wore a monitor seven times in 2001, and, on four occasions, the results exceeded OSHA's limit, his records show. Once, the asbestos level was more than five times the allowable limit. The records say he was wearing a half-face respirator. Garfalo said his bosses promised to address the situation, but "nothing changed."He and the others knew all too well the damage asbestos could cause. Garfalo said his father, who worked the asbestos job at the plant, developed asbestosis. Employees in other departments got sick from a type of asbestos-containing pipe covering that once insulated the plant, longtime employees said and court records show. Cheff said his uncle died from asbestosis at 59. A millwright named Teddy Skiba was diagnosed with mesothelioma and later died.In addition to those signature diseases, which are rare even among asbestos workers, the tiny strands can harm the body in other ways. They can put people at increased risk of heart disease by scarring the lungs, forcing the heart to work harder to pump blood through them to pick up oxygen. Some scientific evidence suggests an association between asbestos exposure and stroke. And battling all kinds of illnesses with damaged lungs can weaken the body's ability to fight them; that damage can mean the difference between life and death.One retired member of the team, Umberto Bernardone, died from an aneurysm in 2004 at age 77. He had long had trouble breathing, said his son, Mario, who also worked at the plant. X-rays showed that asbestosis had scarred his lungs. "The asbestos was with him all the time," Mario said.Not long after, another retired team member, Salvatore "Buddy" Vilardo, died from a blood clot, his son said. He was 62.Cheetham, the group's big brother, had just retired when he fell ill in 2004. A doctor in Buffalo said it was cancer. Cheetham told his daughter Keri that he was certain the asbestos was responsible and asked her to consult a lawyer after he died. When the guys found out he was sick, they showed up at his house. They found their friend in a bed in his living room, under the care of a hospice nurse, struggling to breathe.Cheetham died five months before his 56th birthday. His autopsy surprised his family — it wasn't asbestos after all; an aggressive form of skin cancer had killed him. His former co-workers weren't told about the autopsy. For years, they believed his cancer had been brought on by asbestos exposure. The memory of Cheetham's last gasps haunted the guys like a ghost, a harbinger of what their own futures might hold.Elsewhere in the world, governments were taking action to protect their people. Saudi Arabia banned asbestos in 1998, Chile and Argentina did so in 2001, Australia in 2003. By 2005, asbestos was outlawed across the European Union. "It was a no-brainer," said Tatiana Santos, head of chemical policy at the European Environmental Bureau, a network of environmental citizens' groups.America's EPA could have banned asbestos. Congress could have banned it. But over and over, they crumpled in the face of pressure from OxyChem and its peers in the chlorine industry.The EPA tried to enact a ban in the late 1980s, but the companies got ahead of it. Records from the time show corporations testified that removing asbestos from chlorine plants would not yield significant health benefits because workers were only minimally exposed; they also argued it would require "scrapping large amounts of capital equipment" and thus would "not be economically feasible."Under federal law at the time, the EPA was obligated to regulate asbestos in the way that was "least burdensome" to industry. That forced the EPA to make a cold calculation: Banning asbestos in chlorine plants would prevent "relatively few cancer cases" but increase the companies' costs. So when the agency enacted an asbestos ban in 1989, it carved out an exemption for the mineral's use in the chlorine industry.The EPA made it clear that the companies should begin using alternatives to asbestos screens; in fact, according to company records made public through litigation and published as part of Columbia University and the City University of New York's Toxic Docs project, OxyChem had already developed screens that didn't need an asbestos coating. Still, the companies celebrated their immunity from regulation."WE HAVE A WIN," a lobbyist declared in an internal communication included in the Toxic Docs project.In the end, asbestos was never banned. The asbestos industry challenged the ban in court, and in 1991, a panel of federal judges deemed the rule too onerous and overturned it. The decision was a stinging blow to the EPA, several current and former employees told ProPublica. "I still remember the shock on the managers' faces," said Greg Schweer, an EPA veteran who ran its new-chemicals management branch before he retired in 2020. The office "was full of energized people wanting to make their mark. But things changed after that." The agency shelved efforts to regulate other dangerous substances and wouldn't attempt a similar chemical ban for 28 years.Most industries stopped using asbestos anyway, a phenomenon experts largely attribute to a wave of lawsuits from people with asbestos-related diseases. But the chlorine industry kept using its asbestos screens. It continued importing hundreds of tons of the substance every year, more than the weight of the Statue of Liberty.In 2002, Sen. Patty Murray a Democrat from Washington, tried to get a ban through Congress. She tried again in 2003 and again in 2007. That year, with Democrats in control of the Senate and House, her effort found some traction. OxyChem was keenly aware how much an asbestos ban would hurt its bottom line. Chlorine and caustic soda were the focus of its chemical operation, financial statements show, driving more than $4 billion in annual sales. Most of OxyChem's plants still used asbestos; if they had to close, production would tumble.Occidental Petroleum, OxyChem's owner, was a force on Capitol Hill, with lobbyists that spent millions influencing policy and a political action committee that pumped hundreds of thousands of dollars into campaigns each election cycle. OxyChem was also a member of the American Chemistry Council, an influential trade organization that made campaign contributions of its own.The industry had an ally in then-Sen. David Vitter of Louisiana; at the time, at least a quarter of the 16 asbestos-dependent plants in the country were located in the Republican senator's home state, records show. At a hearing in June 2007, Vitter echoed the chlorine industry's standby talking point, that its manufacturing process involved "minimal to no release of asbestos and absolutely no worker exposure.""Now, if this were harming people or potentially killing people, that would be the end of the argument, we should outlaw it," he added. "But there is no known case of asbestos-related disease from the chlor-alkali industry using this technology."Then-Sen. Barbara Boxer, a California Democrat in favor of the ban, pushed back, saying the chlorine manufacturing process was "not as clean as one would think." But to build support for the bill, proponents ultimately agreed to exclude products that might contain trace levels of asbestos, such as crushed stone, as well as the asbestos used in the chlorine industry.The bill passed out of the Senate on a unanimous vote. But many of the public health advocates who championed the initial measure opposed the watered-down version, saying it had been practically gutted, and it failed to find support in the House. Vitter, who later went on to lobby for the American Chemistry Council, did not respond to requests for an interview.In the 15 years that followed, congressional attempts to ban asbestos would continue to fall short.The Environmental Protection Agency headquarters in Washington, DC, on January 19, 2020.Lucy Nicholson/ReutersYet another federal entity had the power to protect the OxyChem workers. There was once a time when OSHA inspectors visited the Niagara Falls plant about every year. That ended in 1996, when the plant won coveted admission into an OSHA program that exempted it from such scrutiny.The Star Program, created during the Reagan administration as part of OSHA's Voluntary Protection Programs, allows plants that can prove they are model facilities to avoid random inspections. The theory behind the program is that motivating companies to adhere to best practices on their own is more effective than having underfunded government inspectors punish them.At the Niagara Falls plant, former union leaders believed the program would protect jobs and make the facility safer, they told ProPublica. They worked with management on the application — a monthslong process that entailed updating the plant's safety practices and submitting to a rigorous inspection. But what actually changed, the union leaders said, was that OSHA inspectors came far less frequently and announced their visits well in advance. When OSHA came to re-evaluate the plant, usually every three to five years, management spent months preparing, said Spacone, the union officer. "They would clean the hell out of the place. Everything would be spotless." Work in certain areas came to a halt. Plant representatives tried to limit what the evaluators saw.Even still, in 2011, evaluators found asbestos "scattered in certain areas of the floor" and covering much of the mechanical equipment, records show. "This contamination can spread easily when dry," they wrote in a report. "Appropriate clean up procedures must be instituted to prevent airborne asbestos." The evaluators did not give the plant an official citation. In the end, they applauded the plant's "commitment to safety and health" and recommended it for continued participation in the program.Three years later, evaluators identified another issue related to hygiene: Although the plant tested the air for hazards like asbestos, it wasn't using the data to spot problems. What's more, the person in charge of the program wasn't properly trained. OSHA let the plant remain in the program on the condition that it fixed the problems within a year. The plant updated its software and the department leader took a 56-hour course, records show.Apart from the re-evaluation visits, OSHA made just two other trips to the plant between 1996 and 2021, records show. Only one included a full inspection. On that visit, inspectors cited the plant for failing to protect workers from falls. The other visit did not result in any citations.With OSHA largely out of the picture, the plant's managers became more lax about safety, Spacone said. "I started thinking [that joining the Star Program] was a mistake," he said. Debbie Berkowitz, a former chief of staff and senior policy adviser at OSHA during the Obama administration, said that, in her experience, it was possible for plants to stay in the program long after their commitment to safety had lapsed. "Once they're in, they're in," she said. "In most cases, it is a total ruse."OSHA declined to make an official available for an on-the-record interview or comment on ProPublica's findings at the Niagara Falls plant. A Department of Labor spokesperson said that plants can be terminated from the program and that unions can withdraw their support.In the absence of government intervention, union leaders tried to tackle the asbestos problem themselves, four former union presidents told ProPublica. The union repeatedly asked management to expand the asbestos team and have certain people dedicated to cleaning. Plant leaders refused, they said. "It was a never-ending battle," said Vincent Ferlito, one of the former presidents. "It always came back to the same thing: money."Fed up with the mess, Garfalo grabbed a roll of red caution tape one day in 2007 and wrapped it around the asbestos-soiled building where his team worked, to the amazement of his colleagues. He barricaded each doorway, then hung as many danger signs as he could find. The protest prompted his managers to hire professionals for a one-time clean, but they also warned him to never do it again, he said.By 2011, a year after he'd retired, Garfalo couldn't ignore a lingering cough that would occasionally startle him out of sleep. His doctor couldn't tell whether his breathing difficulties were caused by asbestos or his smoking habit, but said that smokers who are exposed to the substance have an even higher risk of serious illness. Garfalo's mind traveled back to a day, a dozen years earlier, when he climbed atop the cell-maintenance building to fix a fan, only to discover that the entire roof was coated in asbestos. Train cars parked beside the building were covered, too. He thought about the homes less than a half-mile away and wondered how far the fibers had traveled.Federal Triangle buildings, including the Environmental Protection Agency's headquarters in Washington, DC, on July 7, 2022.Patrick Semansky/APIn August 2021, OxyChem announced it was closing the Niagara Falls plant, blaming "unfavorable regional market conditions" and rising rail costs in New York state. Over time, its workforce had dwindled from more than 1,300 to about 150. OxyChem's chlorine operation was now mostly in Gulf Coast states with lower taxes and less regulation.And a law that had once protected it from "burdensome" environmental rules had changed.In 2016, Congress had updated the Toxic Substances Control Act, removing the requirement that the EPA choose regulations that burdened industry as little as possible. Though the change gave the agency another chance to ban asbestos, it wasn't going to happen during the Trump administration; the former president once alleged that the movement against asbestos was "led by the mob" and had his face featured on the packaging of Russian-produced asbestos. Under the Biden administration, however, the EPA determined that all workers in asbestos-dependent chlorine plants faced an "unreasonable risk" of getting sick from it, citing a review of the companies' own exposure-monitoring data. This April, EPA Administrator Michael Regan proposed a ban for the first time in more than three decades.It could be eight months or more before the rule is finalized. Two trade associations, the American Chemistry Council and the Chlorine Institute, are imploring the EPA to reconsider. They are once again arguing that the companies use asbestos safely — and they've turned to industry-friendly scientists and consulting firms to accuse the EPA of overestimating the risk to workers.When given a summary of ProPublica's reporting on the Niagara Falls plant and asked to respond, Chlorine Institute Vice President Robyn Brooks said her organization had no knowledge of the situation and referred reporters to OxyChem. The American Chemistry Council pointed to the plant's participation in the Star program as proof of its "record of performance."The industry groups have also made the case that a ban would jeopardize the country's supply of chlorine and could even create a drinking water shortage. But the EPA and public health advocates contest those claims. They point out that only a small fraction of the chlorine produced by asbestos-dependent plants is used to clean drinking water and that OxyChem and Olin have voluntarily closed or reduced capacity at several of those plants in recent years without catastrophically disrupting the supply chain. In fact, OxyChem told investors in August that its plans to upgrade the asbestos-reliant technology at its largest chlorine facility next year would have "no impact on customers," a transcript shows. For at least eight years, the company has been slowly upgrading some plants to a newer technology that uses a polymer membrane to separate the chemicals; it built a completely asbestos-free plant in 2014.The U.S. Chamber of Commerce has come to the companies' defense, saying asbestos is "tightly regulated" and "used safely every day" in the chlor-alkali industry. So have 12 Republican attorneys general, including Ken Paxton of Texas and Jeff Landry of Louisiana. In a letter, they questioned whether the EPA has the authority to pursue a ban, signaling a readiness to take the agency to court like the asbestos industry did in 1989. (The Chamber and most of the attorneys general declined to comment or did not respond to inquiries from ProPublica. A spokesperson for Nebraska Attorney General Doug Peterson called the situation at the Niagara Falls plant "very concerning" and said that it would be "completely misleading" to suggest that the letter implied approval of such circumstances.)Industry leaders are confident they will prevail. "We've been engaged in this activity for quite a while and have pushed back on it," Olin CEO Scott Sutton told shareholders on a July 29 earnings call. "I think you're not likely to see a final rule come out that is as proposed."Michal Freedhoff, the EPA's top chemical regulator, said she could not comment on what the final rule-making decision would be. But she said the agency was not backing down on the science and that ProPublica's reporting underscores the need for decisive action.Given the potential for litigation, lawmakers are renewing their effort to pass a law banning asbestos, which would be more difficult to challenge in court. "It is a brutal and painful fight," said Linda Reinstein, a leading advocate who co-founded the Asbestos Disease Awareness Organization after her husband, Alan, died of mesothelioma in 2006. "We're not going away."Hanging in the balance is the health of hundreds of workers at the eight remaining asbestos-dependent chlorine plants in Louisiana, Texas, Alabama and Kansas. ProPublica reached out to current and former employees at those facilities. At the OxyChem plant in Wichita, union president Keith Peacock said he was comfortable with the way asbestos was handled. "I don't know of anyone who sees this as a health issue," he said. "There are rules in place for it and everyone adheres to those safety guidelines." But Chris Murphy, a former union president at Olin's plant in Alabama, said the conditions there mirrored the ones described by the workers in Niagara Falls. He said he himself had seen asbestos caked on beams and cranes in recent years and been told to remove it with a putty knife. "There ain't nothing to it," he remembered his managers saying. "You'll be all right. It ain't that bad." He wasn't told to wear protective gear, he said, so he didn't.The former OxyChem workers who still live in Niagara Falls gather once a month to reminisce over Buffalo wings and beef piled high on salty kummelweck rolls. They can only wait and see if they develop symptoms as they enter the post-exposure time frame in which asbestos-related disease is commonly diagnosed.Saenz left the plant with a bad back in 2016. Now a 64-year-old grandfather of two, he's been having lung trouble and considering X-rays to see if there are signs of asbestos-related damage. "I'm wondering if I'm not headed down that road," he said.He sees the burden he now carries as a tradeoff for the lifestyle he was once afforded. "It was a great place to work. I was able to raise four children and buy a house and live the American dream." He even gave his son Henry Jr. his blessing to start a job at OxyChem in 2013, so long as he stayed far away from asbestos. Saenz now wonders how much more time he has left with his family."It's a nightmare," he said. "It's a price you pay, I guess."Read the original article on Business Insider.....»»

The Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that granted a nationwide, constitutional right to an abortion. Abortion rights and anti-abortion rights activists fill the street in front of the U.S. Supreme Court during a protest in the wake of the decision overturning Roe v. Wade outside on June 25, 2022, in Washington, DC.Photo by Anna Moneymaker/Getty Images) The Supreme Court overturned Roe v. Wade on last week. The 1973 landmark ruling established the constitutional right to an abortion. Over a dozen states have laws meant to immediately outlaw abortion upon a reversal of Roe. The Supreme Court last week overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion. The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the ruling as the nation's highest court sided with Mississippi and other states, which passed restrictive anti-abortion laws.Immediately after last week's ruling, politicians on both sides of the aisle issued statements — with Republicans praising the Supreme Court and Democrats slamming the decision. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe, as the legality of abortion is now left up to state legislatures. Olivia Rodrigo calls out SCOTUS justices who voted to overturn Roe v. Wade with a rendition of 'F--- You'Olivia Rodrigo performing at the Glastonbury Festival on Saturday.Shirlaine Forrest/WireImage via Getty ImagesPop star Olivia Rodrigo on Saturday sent a message to the Supreme Court justices responsible for overturning Roe v. Wade, calling them out during her set at the Glastonbury music festival. Rodrigo invited her guest, British singer Lily Allen, on stage and the pair performed Allen's 2009 song, "Fuck You" — but not before Rodrigo named all five SCOTUS justices who helped gut the landmark ruling that protected abortion rights in America."Today is a very, very special day. This is actually my first Glastonbury," Rodrigo said. "But I'm also equally as heartbroken over what happened in America yesterday." Rodrigo told the crowd that the SCOTUS decision infringed on a woman's ability to secure a safe abortion, which she called a basic human right. Read Full StoryAfter Roe fell, Steve Bannon called for an 'army of the awakened' to 'shatter' DemocratsIn a Gettr post, Steve Bannon urged "patriots" to take advantage of the "Roe momentum" to win the MAGA movement a "massive victory" at the midterm elections.Tom Williams/CQ-Roll Call, Inc via Getty ImagesRight-wing figure Steve Bannon has called for an "army of the awakened" to "shatter" the Democratic party in post-Roe America. Bannon made a post on Gettr on Saturday lauding the Supreme Court's overturning of Roe v. Wade, a controversial decision that has led to abortion being halted in some states.In his post, Bannon called on "the army of the awakened" to rally and capitalize on the verdict. "This is the key take-away for MAGA … the pro-abortion movement is shattered and is now turning in on itself — because for 50 years they didn't have to work— the Courts and Regime Media covered for them — now The Abyss," Bannon wrote."That's the Democratic Party in November— we have a once-in-a-lifetime opportunity to shatter it into a million small pieces," Bannon added, referring to the upcoming midterm elections.Read Full StoryTexas abortion clinic staff describe how patients 'begged for help' when Roe v. Wade was overturned: reportA patient at the Alamo Women's Reproductive Services Clinic in San Antonio, Texas, is informed by a staff member on Friday that the clinic can no longer provide her with an abortion.Gina Ferazzi / Los Angeles Times via Getty ImagesStaff at an abortion clinic in Texas said they had to turn away people seeking abortions away just minutes after the Supreme Court overturned Roe v. Wade on Friday.Speaking to The 19th, an independent news organization, clinic administrator Andrea Gallegos described how she had to turn away a dozen patients waiting in the lobby of the Alamo Women's Reproductive Services clinic in San Antonio, Texas. Gallegos told The 19th that she and the clinic's staff had to tell the people gathered that, because of the ruling, "unfortunately, your geographical location affects your bodily autonomy." Per the outlet, Gallegos described the scene at the clinic as being one of "complete despair," with people screaming, crying, and begging for help.Read Full Story'Full House' star Jodie Sweetin was thrown to the ground by LAPD during freeway protest for abortion rightsJodie Sweetin told People that she was "proud" of those who showed up to protest.Matt Winkelmeyer/Getty ImagesLos Angeles Police Department officers shoved Jodie Sweetin onto the ground of a freeway in Los Angeles on Saturday during an abortion rights protest, video shows.The "Full House" and "Fuller House" star, wearing all black with a black backpack, can be seen in a video of the incident with a megaphone in hand when a couple of LAPD officers shove her to the ground. Protesters can be heard yelling "Jodie, you good?" and  "What the f*** is wrong with you guys?"Sweetin is then picked up and the crowd immediately begins to chant "no justice, no peace."Read Full StorySince the Roe ruling a gynecology clinic in Texas has received increased requests for permanent sterilization: 'I sense that they're scared'Protesters march during an abortion-rights rally on June 25, 2022 in Austin, Texas.Sergio Flores/Getty ImagesA women's health clinic in Austin, Texas, has received dozens of requests for permanent sterilizations after Friday's decision by the Supreme Court to overturn Roe v. Wade, the landmark decision that established a constitutional right to an abortion. After the Women's Health Domain closed on Friday evening for the weekend, it received 109 new patient requests, the majority of which were requesting tubal ligation, or permanent sterilization. Read Full StoryThe impact of Kavanaugh's confirmation on the 2018 elections may reveal how the reversal of Roe v. Wade could impact this year's midtermsU.S. Supreme Court Associate Justice Brett Kavanaugh.Chip Somodevilla/Getty ImagesAs political analysts seek to understand the possible impact of Roe v. Wade being overturned on this year's midterm elections, some suggest that data from 2018 may reveal possible trends. In 2018, following the contentious confirmation hearings of Supreme Court Justice Brett Kavanaugh — who was accused of sexual assault by Christine Ford — 40 Republican US House seats flipped to Democratic candidates. GOP candidates led in polls taken prior to the hearings and went on to lose in November in 27 of those races, indicating increased mobilization among partisan voters following the hearings.  Read Full StoryLindsey Graham said Alito's abortion opinion was correct for distinguishing Roe from same-sex marriage and contraception rulingsRepublican Sen. Lindsey Graham.J. Scott Applewhite/APRepublican South Carolina Senator Lindsey Graham said Sunday that Justice Samuel Alito, unlike Justice Clarence Thomas, was correct for saying same-sex marriage and contraception would not be affected by the Supreme Court decision to overturn Roe v. Wade. In his concurring opinion on the ruling, Thomas wrote "we should reconsider all of this Court's substantive due process precedents" for cases regarding contraceptive access, same-sex relationships, and same-sex marriage.Read Full StoryAOC says Supreme Court justices who lied under oath must face consequences for 'impeachable offense'U.S. Rep. Alexandria Ocasio-Cortez (D-NY).Alex Wong/Getty ImagesRep. Alexandria Ocasio-Cortez on Sunday said she believes it's an "impeachable offense" for a Supreme Court justice to lie under oath. Following the overturn of Roe v. Wade, Sens. Susan Collins and Joe Manchin said they felt misled by Justices Brett Kavanaugh and Neil Gorsuch during their individual confirmation hearings. The two senators, both pro-choice, voted to confirm Kavanaugh and Gorsuch because they assured them that they believed Roe v. Wade, the 1973 landmark Supreme Court decision that made abortion a constitutional right nationwide, was law. Both Gorsuch and Kavanaugh, however, voted to strike down Roe earlier this week.Ocasio-Cortez, speaking in an interview with NBC News' "Meet the Press," said she believes the court is facing a "crisis of legitimacy" and justices must face consequences if they lie under oath. "If we allow Supreme Court nominees to lie under oath and secure lifetime appointments to the highest court of the land and then issue, without basis," she said, "we must see that through. There must be consequences for such a deeply destabilizing action and a hostile takeover of our democratic institutions."Read Full StoryElizabeth Warren: Supreme Court 'set a torch' to the last of its legitimacySen. Elizabeth Warren.Tom Williams/CQ-Roll Call, Inc via Getty ImagesSen. Elizabeth Warren said the US Supreme Court has lost all legitimacy following the rollback of Roe v. Wade, the 1973 landmark decision that made abortion a constitutional right nationwide.Speaking on ABC News' "This Week" on Sunday, Warren suggested that Republicans have tried to stack the Supreme Court with justices who would be against abortion. "The Republicans have been very overt about trying to get people through the court who didn't have a published record on Roe, but who they knew — wink wink nod nod — were going to be extremist on the issue of Roe v. Wade." Warren said. "And that is exactly what we have ended up with.""This court has lost legitimacy. They have burned whatever legitimacy they may still have had," Warren continued. "They just took the last of it and set a torch to it with the Roe v. Wade opinion."Read Full StoryAn abortion clinic in North Dakota has raised more than $500,000 in two days to fund its move to MinnesotaActivists march along Constitution Avenue to the US Supreme Court on May 14, 2022.Astrid Riecken for The Washington Post via Getty ImagesAn abortion clinic based in North Dakota has raised more than $550,000 to fund its move in the two days since the Supreme Court's decision to roll back Roe v. Wade. The Red River Women's Clinic of Fargo, North Dakota, set up a GoFundMe to assist with a planned move to Moorhead, Minnesota. North Dakota is one of the at least 13 states that has a "trigger" law, which immediately bans abortions following the overturn of Roe v. Wade. But moving out of North Dakota means there will no longer be an operating abortion clinic in the state. READ FULL STORYThe overturning of Roe v. Wade will 'exacerbate the mental health crisis' in the US, American Psychological Association saysRear view of an unrecognizable abused woman sitting on her bed looking out the window. - stock photoAlvaro Medina Jurado/ Getty ImagesThe American Psychological Association warned on Friday that the decision to overturn Roe v. Wade will exacerbate mental health in the United States.Research suggests that "adding barriers to accessing abortion services may increase symptoms of stress, anxiety, and depression," APA President Frank C. Wornell said in a statement."We are alarmed that the justices would nullify Roe despite decades of scientific research demonstrating that people who are denied abortions are more likely to experience higher levels of anxiety, lower life satisfaction and lower self-esteem compared with those who are able to obtain abortions," Wornell added. READ FULL STORYTrump congratulated his conservative Supreme Court justice picks for their 'courage' amid the overturn of Roe v. WadeFormer President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump on Saturday thanked his three conservative justice picks on the Supreme Court, all of whom voted to overturn Roe v. Wade."Yesterday the court handed down a victory for the Constitution, a victory for the rule of law, and above all, a victory for life," Trump said during a rally in Mendon, Illinois. "Thanks to the courage found within the United States Supreme Court, this long divisive issue will be decided by the states and by the American people," he added.He congratulated his three picks — Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett — and praised the decision.READ FULL STORYAOC recalls thanking God she had the choice to get an abortion when she took a pregnancy test after being rapedRep. Alexandria Ocasio-Cortez of New York.Drew Angerer/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday shared a personal sexual assault story during a pro-abortion rights rally, saying she felt grateful she had the freedom to obtain an abortion if she needed one in that moment. "I myself, when I was about 22 or 23 years old, was raped while I was living here in New York City," she told a crowd in New York's City Union Square Park. "I was completely alone. I felt completely alone. In fact, I felt so alone that I had to take a pregnancy test in a public bathroom in midtown Manhattan.""When I sat there waiting for what the result would be, all I could think was thank God I have, at least, a choice," she continued. "Thank God I could, at least, have the freedom to choose my destiny."READ FULL STORYGloria Steinem slams Roe v. Wade repeal, says 'there is no democracy' without the right to choseGloria Steinem was one of the most important activists of the Women's Movement.Mike Coppola/Getty ImagesJournalist and feminist leader Gloria Steinem has slammed the impact of repealing Roe v. Wade will have on democracy, in an email to AP."Obviously, without the right of women and men to make decisions about our own bodies, there is no democracy," she said. She has called for action to fight the Supreme Court ruling overturning Roe v. Wade, protecting US abortion rights."Banning abortions does not stop the need. It just bans their safety."Read Full StoryGOP privately worrying overturning Roe v. Wade could impact midterms: 'This is a losing issue for Republicans,' report saysProtests outside of the Supreme Court after it overturned Roe v. WadeCamila DeChalusWhile Republicans are publicly celebrating the overturning of Roe v. Wade, some are privately worrying that the timing could negatively impact the November midterms. Some Republicans fear the abortion ruling could give Democrats ammunition to attack them and mobilize voters, Politico reported, based on interviews with more than a dozen GOP strategists and officials."This is not a conversation we want to have," Republican strategist John Thomas told Politico. "We want to have a conversation about the economy. We want to have a conversation about Joe Biden, about pretty much anything else besides Roe. This is a losing issue for Republicans."Read Full StoryPlanned Parenthood sues Utah to stop trigger law that makes abortion a felony punishable by up to 15 years in prisonPro-choice supporters and staff of Planned Parenthood hold a rally outside the Planned Parenthood Reproductive Health Services Center in St. Louis, Missouri, May 31, 2019.SAUL LOEB/AFP via Getty ImagesThe Planned Parenthood Association of Utah is suing to stop the state's "trigger law" abortion ban that took effect on Friday following the overturning of Roe v. Wade.The Utah law makes abortions, with limited exceptions, a second-degree felony punishable by up to 15 years in prison. Read Full StoryMany Republicans rejoiced at Roe being overturned but these 4 GOP governors want to protect the right to abortionGov. Chris Sununu of New Hampshire.AP Photo/Charles Krupa, FileAfter Friday's Supreme Court Roe v. Wade ruling, which revoked the constitutional right to abortion, many Republicans celebrated it as a win. The GOP has long been at the forefront of the fight to restrict abortion access and many Republican-led states have enacted or will enact abortion bans as a result of the decision.Read Full StoryGeorgia Democratic nominee for Governor Stacey Abrams explains the change in her position on abortion: There is 'no place in that medical decision for ideology or for politicians'Democratic gubernatorial candidate Stacey Abrams speaks to the media during a press conference, May 24, 2022Joe Raedle/Getty ImagesGeorgia Democratic nominee for Governor Stacey Abrams explained in a Friday interview with CNN how her perspective on abortion rights has evolved over the years and how she came to support the right to abortion services after being raised in a religious household. "I was very much on the side of anti-abortion, through much of my upbringing. I grew up in Mississippi, in a very religious family, in a religious community," Abrams told CNN host Sara Sidner. "And I was raised to have a very uncritical eye to this question."Read Full StoryWhat is the Hyde Amendment and how is it related to the Supreme Court decision to overturn Roe v. Wade?People protest the Supreme Court decision to overturn Roe v Wade abortion decision in New York City, New York, U.S., June 24, 2022.REUTERS/Caitlin OchsFollowing the Supreme Court's Friday decision to overturn Roe v. Wade, there have been renewed calls from lawmakers and activists to abandon the Hyde Amendment, a legislative provision preventing federal funds from being used on abortion services. The Hyde Amendment, named for anti-abortion Congressman Henry Hyde who introduced the provision, was passed in 1976, just four years after the landmark Roe vs. Wade ruling that established the right to an abortion. The amendment, which prevents federal funds from services such as Medicaid to be used to provide abortions, was mired in legal challenges for its first years, leading to the Supreme Court case Harris v. McRae. Read Full StoryAfter calls from AOC and other Dems to expand the court, White House says Biden 'does not agree' with the movePresident Joe Biden.Getty ImagesAs calls for remedies to restrictions on abortion access grow, White House Press Secretary Karine Jean-Pierre said Saturday that President Joe Biden "does not agree with" expanding the Supreme Court. "I was asked this question yesterday, and I've been asked it before... about expanding the Court. That is something that the President does not agree with. That is not something that he wants to do," Jean-Pierre said during a press briefing on Air Force One.Read Full StoryVirginia Gov. Glenn Youngkin pushes state lawmakers for a 15-week abortion banRepublican Gov. Glenn Youngkin of Virginia.AP Photo/Steve HelberRepublican Gov. Glenn Youngkin of Virginia on Friday said he would push for a ban on most abortions after 15 weeks in the wake of the Supreme Court ruling overturning Roe v. Wade.Youngkin, who took office earlier this year, said in a statement that the court's decision was an "appropriate" return of power "to the people and their elected representatives in the states.""Virginians do want fewer abortions as opposed to more abortions," the governor said in a meeting at The Washington Post shortly after the decision was made public. "I am not someone who is going to jump in and try to push us apart … There is a place we can come together."Youngkin assembled four Republican legislators to help write legislation that could potentially attract bipartisan support in a legislature. In the state, the GOP has a 52-48 majority in the House of Delegates while Democrats have a 21-19 edge in the Senate.Read Full StoryMan uses truck to repeatedly block entrance to Mississippi's only abortion clinic as tensions run high after Roe v. Wade rulingA man blocked the entrance to the Jackson Women's Health Organization, Mississippi's only abortion clinic, with his truck on June 25, 2022 after the Supreme Court overturned Roe V. Wade earlier in the week.Kenneth NiemeyerJACKSON, MS — A man used his truck to block the entrance to Mississippi's only abortion clinic on Saturday as tensions continue to run high at the clinic after the Supreme Court overturned Roe V. Wade earlier in the week.The Jackson Women's Health Organization, the only abortion clinic in Mississippi, has vowed to remain open for at least nine more days after the Supreme Court voted 5-4 to overturn Roe V. Wade, a landmark decision that legalized abortion nationally. Mississippi has a trigger law that requires the state attorney general to certify the Supreme Court's decision and allows for the clinic to remain open for 10 days after the certification.Pro-life demonstrators continued to clash with clinic volunteer escorts, who call themselves Pink House Defenders, on Saturday. The clinic, housed in a large pink building, is commonly referred to locally as the Pink House.A man in a white truck blocked the entrance to the clinic at least twice on Saturday.Read Full StoryDemocratic lawmakers urge FTC to investigate Apple and Google over mobile tracking data practices targeting abortion seekersDaniil Dubov/Getty ImagesFour Democratic lawmakers on Friday urged the Federal Trade Commission to investigate Apple and Google's mobile tacking practices regarding abortion seekers. Sens. Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, Ron Wyden of Oregon, and Sara Jacobs of California wrote a letter to FTC Chair Lina Khan — accusing Apple and Google of collecting and selling "Hundreds of millions of mobile phone users' data." The lawmakers argued that for individuals seeking abortion services in states where abortion would be illegal it is essential that their data won't fall into the wrong hands.Read Full StorySens. Susan Collins and Joe Manchin, who voted to confirm justices Kavanaugh and Gorsuch, say they were misled on Roe v. WadeSen. Joe Manchin (D-WV) and Sen. Susan Collins (R-ME).Drew Angerer/Getty ImagesCentrist Senators Susan Collins and Joe Manchin criticized Friday's landmark Supreme Court ruling overturning Roe v. Wade, suggesting they felt misled by Justices Brett Kavanaugh and Neil Gorsuch.Collins, a Maine Republican, and Manchin, a West Virginia Democrat, both voted to confirm Kavanaugh and Gorsuch. Both senators are pro-choice and said that the justices had assured them they believed Roe v Wade was settled law."I trusted Justice Gorsuch and Justice Kavanaugh when they testified under oath that they also believed Roe v. Wade was settled legal precedent. I am alarmed they chose to reject the stability the ruling has provided for two generations of Americans," Manchin said in a statement.Manchin, a self-described centrist, was one of three Democrats to vote to confirm Gorsuch in 2017 and the only Democrat who voted to confirm Kavanaugh in 2018. Kavanaugh's 50-48 confirmation vote was historically close.Manchin said that while he is personally pro-life, he would "support legislation that would codify the rights Roe v. Wade previously protected."Read Full StorySenators Elizabeth Warren and Tina Smith call on Biden to 'declare a public health emergency' now that Roe v Wade 'is gone'Sen. Elizabeth Warren, D-Mass., right, and Sen. Tina Smith, D-Minn.Photo By Tom Williams/CQ Roll Call)US Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota are calling on President Joe Biden to  "declare a public health emergency," following the Supreme Court's decision to overturn Roe v. Wade.In an op-ed for the New York Times on Saturday, the Democratic senators said that "with the release of the Dobbs decision," the US is facing " a perilous time that threatens millions of women across this nation.""We urge the president to declare a public health emergency to protect abortion access for all Americans, unlocking critical resources and authority that states and the federal government can use to meet the surge in demand for reproductive health services. The danger is real, and Democrats must meet it with the urgency it deserves," Warren and Smith wrote. The senators blamed the reversal of Roe v. Wade on "right-wing politicians and their allies" who they said "have spent decades scheming."Read Full StorySearches for how to move to Canada from the US spike by over 850% after Roe v. Wade rulingMary Meisenzahl/InsiderSearches for how to move to Canada spiked over 850% on Google after the Supreme Court ruled to overturn Roe v Wade, Axios reported. Citing Simon Rogers' Google Trends newsletter, Axios reported that searches for  "How to become a Canadian citizen" also rose by 550% as of Friday evening.In a 5-4 majority opinion, the Supreme Court on Friday overturned the 50-year-old landmark ruling that legalized abortion nationwide.Read Full StoryA pickup truck driver in Iowa ploughed into pro-choice protesters opposing the overturning of Roe v. Wade abortion rightsProtesters approach a pickup truck that attempted to run over abortion-rights protesters in Cedar Rapids, Iowa.Isacc Davis via ReutersA truck drove into a group of pro-choice protesters in Cedar Rapids, Iowa, on Friday, leading to at least one woman being hospitalized. The group of mostly women protesters was demonstrating against the landmark Supreme Court ruling overturning Roe v. Wade when an unidentified man driving a black Ford truck drove into them.In videos of the incident, protesters can be seen trying to stand in the car's way and shouting at the driver to stop. He accelerates and a protester is knocked to the ground.Read Full StoryBill Gates and George Soros among billionaires denouncing Roe v. Wade decisionBill Gates voiced opposition to the Roe v. Wade decision, while Warren Buffett is reportedly planning a big investment in abortion rights.Spencer Platt/Getty ImagesSome of America's most prominent billionaires have denounced the overturning of Roe v. Wade, as Warren Buffett reportedly sets in motion plans for big donations to reproductive rights.Bill Gates, Melinda French Gates, and George Soros all tweeted their opposition to the Supreme Court decision to roll back abortion rights nationally, overturning a near-50-year precedent. Bill Gates tweeted: "This is a sad day. Reversing Roe v. Wade is an unjust and unacceptable setback. And it puts women's lives at risk, especially the most disadvantaged."Read Full StoryMeta bans staff from open discussion of Roe v. Wade decision and is deleting internal messages that mention abortion: reportMeta has disallowed employees to discuss abortion on internal messaging system.Joan Cros/Getty ImagesMeta has warned employees not to discuss the Supreme Court's decision to overturn Roe v. Wade on its internal system and deleting messages that do so, The New York Times reported.Managers cited a policy that put "strong guardrails around social, political and sensitive conversations" in the workplace, according to company insiders, the newspaper reported. Read Full StoryVatican praises US Supreme Court for overturning Roe v. Wade, says it 'challenges the whole world'Pope Francis gestures, during his weekly general audience in the Paul VI Hall, at the Vatican, Wednesday, March 23, 2022.Alessandra Tarantino/Associated PressThe Vatican's Pontifical Academy for Life has praised the US Supreme Court's decision to overturn Roe v Wade which protected abortion rights for women. They also called that legislation ensures that those giving birth are given the support needed to keep and care for their children. In a statement released on Twitter, the Catholic organization said "The fact that a large country with a long democratic tradition has changed its position on this issue also challenges the whole world."Read Full Story The Arizona State Senate had to be evacuated after tear gas police deployed on protesters spread into the buildingArizona State Capitol Building at sunrise, features Winged Victory statue and was modeled after Greek statue Nike of Samothrace.Joe Sohm/Visions of America/Universal Images GroupThe Arizona State Senate Building in Phoenix was evacuated on Friday after police deployed tear gas at demonstrators.A video posted on social media by Republican State Senator Michelle Ugenti-Rita shows dozens of people protesting outside the government building in response to the Supreme Court's decision to overturn Roe v. Wade. Read Full StoryObergefell, the plaintiff in the SCOTUS same-sex marriage ruling, said it's 'quite telling' Clarence Thomas omitted the case that legalized interracial marriage after saying the courts should go after other right to privacy casesAssociate Supreme Court Justice Clarence Thomas and his wife and conservative activist Virginia Thomas arrive at the Heritage Foundation on October 21, 2021.Drew Angerer/Getty ImageJim Obergefell, the plaintiff behind the Supreme Court's landmark ruling on same-sex marriage, said Friday that Justice Clarence Thomas omitted Loving v. Virginia on his list of  Supreme Court decisions to "reconsider" because it "affects him personally." "That affects him personally, but he doesn't care about the LGBTQ+ community," Obergefell said on MSNBC's "The Reid Out."Read Full StoryStanding among protestors after the fall of Roe vs. Wade, AOC calls on Biden to create abortion clinics on federal landRep. Alexandria Ocasio-Cortez (D-NY) speaks to abortion-rights activists in front of the U.S. Supreme Court after the Court announced a ruling in the Dobbs v Jackson Women's Health Organization case on June 24, 2022 in Washington, DC.Nathan Howard/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday called on President Biden to create abortion clinics on federal land, following the landmark Supreme Court ruling which overturned Roe v. Wade and removed federal abortion protections. Speaking to a crowd of protestors gathered in New York's Union Square, Rep. Ocasio-Cortez encouraged people to "be relentless to restore and guarantee all of our rights." She detailed her own experience after sexual assault in her 20s, when she was grateful that abortion would have been an option for her if she needed it, and pushed for federal action to preserve access to reproductive healthcare.  Read Full StoryThe states passing strict abortion bans have some of the highest maternal and infant mortality rates in the countryPRODUCTION - 17 April 2021, Berlin: A midwife listens to the heart tones of an unborn child with an ultrasound device. The woman is in her 2nd trimester of pregnancy and is lying on a bed in the midwife's office. 5.5.2021 is International Midwifery Day, which is intended to draw attention to the importance of the profession.Annette Riedl/picture alliance via Getty ImagesWith Friday's Supreme court ruling overturning Roe v. Wade – the landmark case guaranteeing a right to abortion – 13 states with automatic trigger laws enacted total or near-total bans on abortions. The surge of new abortion bans and clinic closures has highlighted the recent rise in America's maternal mortality rates that are disproportionately affecting women of color and have placed the US first in maternal deaths among all developed nations.Read Full StoryPro-choice advocates come out in force vowing to continue the fight after the Supreme Court strikes down Roe v. WadeA massive crowd gathered in New York's Washington Square Park, hours after the Supreme Court struck down Roe v. Wade.Anna Watts for InsiderHours after the Supreme Court announced it had struck down the landmark Roe v. Wade decision, throngs of pro-choice Americans took to the streets vowing to continue the fight. In New York's Washington Square Park, a somber and angry crowd began assembling at 5 p.m. ET. They held handwritten signs with words like "Betrayed" or "My corpse has more rights." Some were smeared with red paint.Read Full StoryWhich Supreme Court justices voted to overturn Roe v. Wade? Here's where all 9 judges standReproductive rights activists hold cut out photos of the Supreme Court justices as oral arguments in Dobbs v. Jackson Womens Health Organization case are held on Wednesday, December 1, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesThe Supreme Court on Friday overturned Roe v. Wade in a 5-4 majority opinion that guts federal abortion rights protections previously upheld by the nearly 50-year-old landmark ruling.The conservative majority voted to uphold the Mississippi law at the heart of the case which seeks to ban abortion after 15 weeks of pregnancy, a contradiction to the standard set by Roe, which allowed abortions until about 24 weeks of pregnancy, at which point a fetus could feasibly survive outside the womb. Six justices ruled in favor of upholding Mississippi's 15-week ban, but it was the majority opinion of five judges that ultimately led to the total overhaul of Roe v. Wade. Read the full story to find out how each justice voted. READ FULL STORYThis map shows where abortion is illegal, protected, or under threat across all 50 US statesPro-life and abortion-rights advocates crowd the Supreme Court building after Roe v. Wade was overturned Friday morning.Brandon Bell/Getty ImagesOn Friday, the Supreme Court overturned Roe v. Wade, the near 50-year-old court ruling that legalized abortion across all 50 US states.Some states have been preparing for years for the possibility that Roe could be overturned.A handful of states had trigger laws designed to immediately ban abortions within their borders once the decision was reversed. Some "sanctuary states," like New York, put in place legal framework that would protect abortion, even if Roe were overturned. In other areas of the country, it isn't totally clear what happens next — abortion isn't legally protected, but it's also not expressly forbidden.Read Full StoryThe Supreme Court just overturned Roe v. Wade, but the vast majority of Americans don't even know who the court's justices areSeated from left: Samuel Alito, Clarence Thomas, John Roberts, Stephen Breyer and Sonia Sotomayor, Standing from left: Brett Kavanaugh, Elena Kagan, Neil Gorsuch and Amy Coney Barrett.Erin Schaff-Pool/Getty ImagesThe Supreme Court on Friday overturned Roe v. Wade, the nearly 50-year-old landmark ruling that protected abortion rights nationwide.But recent polling suggests that the vast majority of American voters don't even know who these influential justices are, highlighting an apparent disconnect between the nation's top court and the very people affected by its rulings.Ahead of Judge Ketanji Brown Jackson's Senate confirmation earlier this year, C-SPAN and Pierrepont Consulting & Analytics surveyed more than 1,000 likely voters to gauge the public's interest in and awareness of the Supreme Court's work and relevance. While 84% of voters said the Supreme Court's decisions affect their everyday life, far fewer respondents could provide basic details about the court's history or inner workings.Keep ReadingWisconsin patients who were scheduled to receive abortions were turned away in the waiting room after Roe v. Wade was overturnedA volunteer escort outside Affiliated Medical Services, a Milwaukee abortion clinic, on Wednesday, May 28, 2014, in Milwaukee.AP Photo/Dinesh Ramde FileIn Wisconsin, Planned Parenthood clinics had been scheduling patients through Saturday, June 25, but had stopped scheduling for next week in anticipation of the Supreme Court ruling that would overturn Roe v. Wade, which was leaked in May.When the news broke Friday morning that the court had rendered its opinion, Tanya Atkinson, president of Planned Parenthood of Wisconsin, said her clinics had patients waiting to receive services."Our team had to go out into the lobby and let those individuals know that they would not be able to access the healthcare that they needed," Atkinson told the local PBS station.Keep ReadingProtestors planning to protest on Justice Clarence Thomas' streetProtestors are planning to head over to Justice Clarence Thomas' house on Friday night after the Supreme Court overturned Roe v. Wade."Enraged? Devastated? Pissed the fuck off? So are we," Our Rights DC tweeted on Friday afternoon."Meet us at 5711 Burke Centre Pkwy. 6:30 PM we meet, 7 PM we carpool to the Thomas's street. WEAR A MASK," the human rights organization added. Read Full StoryThe sports world is speaking out against Friday's Supreme Court rulingPro-choice activists protest in response to the leaked Supreme Court draft decision to overturn Roe v. Wade in front of the US Supreme Court May 3, 2022 in Washington, DC.Alex Wong/Getty ImagesSome of the biggest names in sports — from tennis to basketball — are speaking out after the Supreme Court ruled to overturn Roe v. Wade on Friday.The Minnesota Lynx's Natalie Achonwa wrote on Twitter that she's "feeling sick & heartbroken" after hearing about the decision. Tennis legend and feminist icon Billie Jean King said on Twitter that it's a "sad day" in the US. The WNBA's Seattle Storm tweeted that they are "furious and ready to fight."Orlando Magic point guard Devin Cannady tweeted that the "country needs to be better," adding in a follow-up note that the ruling is "a POWER grab over WOMEN."Read Full StoryThese organizations are asking for donations after Roe v. Wade was overturnedIn the wake of the Supreme Court's decision to overturn Roe v. Wade, organizations fighting for abortion rights are calling on supporters to donate.Click the link below for some organizations that are asking for help to either fight the ruling or provide access to abortion for women in states where it will be banned. Read Full StoryAttorney General says states can't ban abortion pills that are approved by FDAUS Attorney General Merrick Garland said states can't ban abortion medication mifepristone "based on disagreement" with the US Food and Drug Administration.Garland said on Friday that the FDA already ruled on the pill's "safety and efficacy," so the decision can't be overturned by states that want to restrict abortion access."Women who reside in states that have banned access to comprehensive reproductive care must remain free to seek that care in states where it is legal," Garland said, after the Supreme Court overturned Roe v. Wade earlier.He continued: "Moreover, under fundamental First Amendment principles, individuals must remain free to inform and counsel each other about the reproductive care that is available in other states."Read Full Story House Democrats sang 'God Bless America' on Capitol steps as crowds protested at Supreme CourtHouse Speaker Nancy Pelosi leads a rally celebrating the passage of gun safety legislation as protesters swarm the court just yards away on June 24, 2022.Chip Somodevilla/Getty ImagesHouse Democrats gathered outside the Capitol on Friday to celebrate passing new gun safety legislation, and cheerfully sang "God Bless America."Across the street, however, protesters swarmed the Supreme Court after the decision to overturn Roe v. Wade. Read Full StoryVideos show police in riot gear head to Supreme Court after decisionCapitol Police in riot gear could be seen marching towards the Supreme Court earlier on Friday after Roe v. Wade was overturned. A video shared to Twitter by CNN correspondent Manu Raju showed dozens of officers march from the Capitol building and to the Court.Law enforcement also closed streets around the high court, where peaceful protesters gathered by the hundreds after the decision. —Manu Raju (@mkraju) June 24, 2022 Read Full StoryMassive protests erupt outside Supreme Court after Roe v. Wade rulingProtesters outside of Supreme CourtCamila DeChalusHundreds of people gathered outside the Supreme Court on Friday to protest the ruling that overturns Roe v. Wade. Abortion-rights advocates waived green and black signs and shouted "my body, my choice."Across from the abortion-rights protesters, a group of abortion opponents wore red shirts with white letters that read: "The pro-life generation votes."Read Full StoryThe 13 states with abortion-ban 'trigger laws' are not prepared to enforce themThirteen states with abortion "trigger laws" — where the practice could become illegal — are not prepared for how to go about implementing a ban.An Insider investigation over the last few months found that, through over 100 records requests and reaching out to nearly 80 state and local officials, just one agency could detail any sort of plan. This story is part of an investigative series from Insider examining the demise of abortion rights in so-called "trigger law" states. It was originally published on May 7, 48 days before the Supreme Court ruled in Dobbs v. Jackson Women's Health Organization that abortion is no longer a constitutionally protected right. Read all the stories from "The First 13" here.Read Full StoryStates where abortion access will be on the ballot in 2022Abortion-rights supporters chant their objections at the Kentucky Capitol on Wednesday, April 13, 2022, in Frankfort, Ky., Kentucky is one of at least four states with abortion-related ballot measures in 2022.AP Photo/Bruce Schreiner, FileAbortion policy will be on the ballot in at least four states during the upcoming 2022 midterm elections — the highest number of abortion-related ballot measures to appear in a year since 1986. Kansas and Kentucky will vote on constitutional amendments to establish no right to an abortion, while Montana will vote on a "born-alive" amendment that would extend personhood to infants "born alive" at any stage.On the other side, voters in Vermont will decide on an amendment that will enshrine the right to an abortion in the state's constitution.Read Full StoryBiden says Americans can have 'the final word' after the Supreme Court overturns Roe v. WadePresident Joe BidenStefani Reynolds/AFP/Getty ImagesPresident Joe Biden said Friday was a "sad day" for the nation after the Supreme Court overturned Roe v. Wade, and vowed his administration would do everything it can to protect women."With this decision, the conservative majority of the Supreme Court shows how extreme it is, how far removed they are from the majority of the country," Biden said during an address to the nation. He continued: "But this decision must not be the final word," urging Americans to vote.Read Full StoryGetting an abortion is going to get a lot more expensive for many AmericansParticipants hold signs during the Women's March at the US Supreme Court.Leigh Vogel/Getty Images for Women's March IncExperts told Insider that the cost of getting an abortion is all but guaranteed to rise after the Supreme Court on Friday overturned Roe v. Wade. Many who live in states where abortion will become mostly, or entirely, illegal will have to face travel costs if they want a procedure in a different state where it is legal. Wage loss for taking time off to get a procedure is another issue. "You might be salaried and I might be salaried, and you can take time off," said Anna Rupani, executive director of Fund Texas Choice (FTC), a nonprofit organization that pays for low-income Texans' associated abortion costs. "A lot of our clients are living paycheck to paycheck, they're not in salaried positions… they're experiencing wage loss."Read Full StoryPelosi warns 'Republicans are plotting a nationwide abortion ban'House Speaker Nancy Pelosi warned that congressional Republicans want to pass a federal abortion ban into law after the Supreme Court overturned Roe v. Wade.Be aware of this: the Republicans are plotting a nationwide abortion ban," Pelosi said during her weekly press briefing. "They cannot be allowed to have a majority in the Congress to do that. But that's their goal."She continued: "What this means to women is such an insult. It's a slap in the face to women about using their own judgment to make decisions about their reproductive freedom."Read Full StoryTrump reportedly believes overturning Roe v. Wade is 'bad for Republicans'Trump stands with now-Justice Amy Coney Barrett at the White House after she was sworn in on October 26, 2020.Brendan Smialowski / AFP via Getty ImagesFormer President Donald Trump praised the Supreme Court for overturning Roe v. Wade on Friday."This is following the Constitution, and giving rights back when they should have been given long ago," he told Fox News.Privately, Trump has said that overturning Roe would be "bad for Republicans," according to The New York Times' Maggie Haberman and Michael C. Bender.Read Full StoryLead plaintiff in case that made same-sex marriage legal slams Justice Thomas' call for case to be reconsideredThe lead plaintiff in the case that made same-sex marriage legal slammed Justice Clarence Thomas' call for the case to be reconsidered.Thomas said the Supreme Court should reconsider rulings that protect same-sex marriage, in the wake of Friday's decision to overturn nationwide access to abortions."The millions of loving couples who have the right to marriage equality to form their own families do not need Clarence Thomas imposing his individual twisted morality upon them. If you want to see an error in judgment, Clarence Thomas, look in the mirror," Jim Obergefell said in a statement obtained by HuffPost.Read Full StoryMichelle Obama said she is 'heartbroken' after the Supreme Court's decisionFormer first lady Michelle ObamaJae C. Hong/Associated PressFormer First Lady Michelle Obama said she is "heartbroken" after the Supreme Court overturned Roe v. Wade on Friday.She said before Roe was established, women "risked their lives getting illegal abortions.""That is what our mothers and grandmothers and great-grandmothers lived through, and now here we are again," Obama wrote in her statement. "So yes, I am heartbroken — for the teenage girl full of zest and promise, who won't be able to finish school or live the life she wants because her state controls her reproductive decisions," she added.Read Full StoryAG Merrick Garland said the Supreme Court dealt 'a devastating blow' to abortion rightsAttorney General Merrick Garland said the Supreme Court dealt a "devastating blow to reproductive freedom in the United States" by eliminating the constitutional right to an abortion.Garland said in a statement that the Justice Department disagreed with the decision and predicted that it "will have an immediate and irreversible impact on the lives of people across the country.""And it will be greatly disproportionate in its effect – with the greatest burdens felt by people of color and those of limited financial means," he added.Read Full StorySenate announces hearing 'to explore the grim reality of a post-Roe America'The chairman of the Senate Judiciary Committee announced a hearing to explore the "grim reality" of life in the US in the aftermath of Friday's Supreme Court ruling."Today's decision eliminates a federally protected constitutional right that has been the law for nearly half a century," said Democratic Sen. Dick Durbin in a statement.He continued: "As a result, millions of Americans are waking up in a country where they have fewer rights than their parents and grandparents."The hearing is set for July 12, a day after the Senate returns from a two-week July 4 recess.Read Full StoryBiden to deliver remarks on Supreme Court's decision to overturn Roe v. WadePresident Joe Biden will deliver remarks at 12:30 p.m. local time on Friday about the Supreme Court's decision to overturn Roe v. Wade. The White House told reporters that he plans to speak about "the Supreme Court decision on Dobbs v. Jackson Women's Health Organization to overturn Roe v. Wade."Read Full StoryVarious politicians react to Friday's Supreme Court decision to overturn RoeCurrent and former politicians from both sides of the aisle are reacting to the Supreme Court's decision to overturn Roe v. Wade.Sen. Lindsey Graham said the decision is "a long overdue constitutional correction allowing for elected officials in the states to decide issues of life." Roe was "constitutionally unsound from its inception," he said. Senate Majority Leader Chuck Schumer called Friday "one of the darkest days our country has ever seen." "Millions upon millions of American women are having their rights taken from them by five unelected Justices on the extremist MAGA court," he said in a statement shared with Insider.  Read Full StoryNancy Pelosi and other Democrats are using the Supreme Court decision as a fundraising opportunity for the 2022 midtermsUS Speaker of the House Nancy Pelosi speaks in front of the steps to the House of Representatives with congressional members to speak on the Roe v. Wade issue May 13, 2022 in Washington, DC.Win McNamee/Getty ImagesHouse Speaker Nancy Pelosi and fellow Democrats are using the Supreme Court's decision to overturn Roe v. Wade as a fundraising opportunity ahead of the fall midterms. "Can you chip in $15 so we can WIN these midterms and finally codify reproductive rights into law?" Pelosi wrote supporters."Our ONLY option is to marshal a response so historic — 100,000 gifts before midnight — that we DEFEAT every anti-choice Republican that made this happen, EXPAND our Majorities, and FINALLY codify our reproductive rights into law. So, can I expect to see your name on my "Pro-Choice Champion" list tomorrow morning?"Read Full StoryPlanned Parenthood president slams Supreme Court decisionAlexis McGill Johnson, president of Planned Parenthood, addresses abortion-rights supporters at the "Bans Off Our Bodies Abortion Rally" at Los Angeles City Hall, Saturday, May 14, 2022.AP Photo/Damian DovarganesPlanned Parenthood Action Fund President Alexis McGill Johnson said the Supreme Court gave politicians "permission to control what we do with our bodies" after the Friday decision to overturn Roe v. Wade. "Due to centuries of racism and systemic discrimination, we already know who will feel the consequences of this horrific decision most acutely: Black, Latino and Indigenous communities, people with disabilities, those living in rural areas, young people, immigrants and those having difficulties making ends meet," she said. "All of our freedoms are on the line," she added. Read Full StoryDC police are fully activated in response to protests from the Supreme Court decisionPro-choice signs hang on a police barricade at the U.S. Supreme Court Building in Washington, DC, on May 3, 2022.Anna Moneymaker/Getty ImagesThe Washington, D.C. Police Department has been fully activated after protests broke out over the Supreme Court's decision to overturn Roe v. Wade. The Metropolitan Police Department said in an alert that it would "be fully activated to support expected First Amendment demonstrations," and added that "all members should be prepared to work extended tours as necessary" through Tuesday, June 28. A heavy police presence could be seen outside the Supreme Court Friday morning.Read Full StoryBarack Obama says overturning Roe v. Wade is an attack on 'essential freedoms of millions of Americans'Former president Barack Obama slammed the Supreme Court's decision to overturn Roe v. Wade, and urged people to vote and "join with the activists who've been sounding the alarm on abortion access for years.""Today, the Supreme Court not only reversed nearly 50 years of precedent, it relegated the most intensely personal decision someone can make to the whims of politicians and ideologues — attacking the essential freedoms of millions of Americans," he wrote on Twitter. He continued: "Join with the activists who've been sounding the alarm on abortion access for years — and act. Stand with them at a local protest. Volunteer with one of their organizations. Knock on doors for a candidate you believe in. Vote on or before November 8 and in every other election. Because in the end, if we want judges who will protect all, and not just some, of our rights, then we've got to elect officials committed to doing the same."Read Full StoryStoking fears of violence, Marjorie Taylor Greene credits Trump for the end of RoeFar-right Rep. Marjorie Taylor Greene praised former President Donald Trump and demonized Democrats in her live reaction to the Supreme Court overturning Roe v. Wade."Thank you President Trump," Greene said to a pro-Trump YouTube channel. "God bless you. This got overturned today because of your great work as president, and we want him back.""I do fear for the safety of people here in D.C.," she said, speculating without citing any evidence that Democrats will riot. Read Full StoryHillary Clinton says decision to overturn Roe will 'live in infamy' and is a 'step backward' for women's rightsExecutive Producer Hillary Rodham Clinton speaks on stage during "Below The Belt" New York Premiere at Museum of Modern Art on May 24, 2022 in New York City.Cindy Ord/Getty ImagesHillary Clinton said Friday's Supreme Court ruling is a "step backward" for women's rights."Most Americans believe the decision to have a child is one of the most sacred decisions there is, and that such decisions should remain between patients and their doctors," she tweeted after the decision. She continued: "Today's Supreme Court opinion will live in infamy as a step backward for women's rights and human rights."Read Full StoryFriday's decision could undo much of women's economic progress since the 1970sAbortion rights advocates and anti-abortion protesters demonstrate in front of the U.S. Supreme Court, Wednesday, Dec. 1, 2021, in Washington, as the court hears arguments in a case from Mississippi, where a 2018 law would ban abortions after 15 weeks of pregnancy, well before viability.(AP Photo/Andrew Harnik)Friday's decision to overturn Roe v. Wade will have enormous consequences for women's economic progress.Experts told Insider before the ruling that research points to the fact that abortion legalization has greatly contributed to women's progress in many ways, like reducing rates of teen motherhood and maternal mortality, increasing rates of workforce participation, earnings, and educational attainment."This is going to create just a perfect storm of concentrated human misery," said Kimberly Kelly, a sociology professor focused on abortion politics at a Mississippi college, before Friday's decision, adding that overturning Roe means "abortion is going to become a function of class privilege."Read Full StorySupreme Court's liberal justices warn more rights are at stake with the end of Roe v. WadeThe Supreme Court's three liberal justices warned in a dissent that other rights could be on the line after Friday's decision to overturn Roe v. Wade. "Whatever the exact scope of the coming laws, one result of today's decision is certain: the curtailment of women's rights, and of their status as free and equal citizens," read the dissenting opinion authored by Justices Stephen Breyer, Sonia Sotomayor, and Elena Kagan."No one should be confident that this majority is done with its work," they wrote. "The right Roe and Casey recognized does not stand alone."Read Full StoryChief Justice John Roberts says Supreme Court went too far in taking 'the dramatic step' of overturning Roe v. WadeChief Justice John Roberts.Drew Angerer/Getty ImagesChief Justice John Roberts said he felt the Supreme Court's five other conservatives went too far in their decision to overturn Roe v. Wade."The Court's decision to overrule Roe and Casey is a serious jolt to the legal system — regardless of how you view those cases," Roberts wrote in his concurring opinion that was released on Friday along with the majority opinion.He continued: "A narrower decision rejecting the misguided viability line would be markedly less unsettling, and nothing more is needed to decide this case."Read Full StoryPence says the overturning of Roe v. Wade has 'righted a historic wrong'Former Vice President Mike Pence said the Supreme Court "righted a historic wrong" when it undid nearly 50 years of abortion rights nationwide on Friday."Now that Roe v. Wade has been consigned to the ash heap of history, a new arena in the cause of life has emerged and it is incumbent on all who cherish the sanctity of life to resolve that we will take the defense of the unborn and support for women in crisis pregnancies to every state Capitol in America," Pence said in the statement, in one of the first reactions from a politician. Read Full StoryJustice Thomas says Supreme Court should reconsider rulings that protect contraception and same-sex marriageJustice Clarence ThomasDrew Angerer/Getty ImagesJustice Clarence Thomas said the Supreme Court should reconsider rulings that protect contraception, same-sex relationships, and same-sex marriage, in a concurring opinion with the ruling to overturn the precedent set in Roe v. Wade."For that reason, in future cases, we should reconsider all of this Court's substantive due process precedents, including Griswold, Lawrence, and Obergefell," the conservative justice wrote. Read Full StorySupreme Court overturns 1973 landmark Roe v. Wade rulingThe Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion.The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the decades-old ruling by siding with Mississippi and other states that had passed restrictive anti-abortion laws."The Constitution does not confer a right to abortion; Roe and Casey are overruled; and the authority to regulate abortion is returned to the people and their elected representatives," the Friday ruling said. The ruling now leaves the legality of abortion up to state legislatures. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe.A leaked draft majority opinion obtained by Politico last month seemed to show the court was set to overturn Roe — immediately galvanizing nationwide protests along with condemnation by Democratic lawmakers.Read Full StoryRead the original article on Business Insider.....»»

The Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that granted a nationwide, constitutional right to an abortion. Abortion rights and anti-abortion rights activists fill the street in front of the U.S. Supreme Court during a protest in the wake of the decision overturning Roe v. Wade outside on June 25, 2022, in Washington, DC.Photo by Anna Moneymaker/Getty Images) The Supreme Court overturned Roe v. Wade on last week. The 1973 landmark ruling established the constitutional right to an abortion. Over a dozen states have laws meant to immediately outlaw abortion upon a reversal of Roe. The Supreme Court last week overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion. The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the ruling as the nation's highest court sided with Mississippi and other states, which passed restrictive anti-abortion laws.Immediately after last week's ruling, politicians on both sides of the aisle issued statements — with Republicans praising the Supreme Court and Democrats slamming the decision. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe, as the legality of abortion is now left up to state legislatures. Olivia Rodrigo calls out SCOTUS justices who voted to overturn Roe v. Wade with a rendition of 'F--- You'Olivia Rodrigo performing at the Glastonbury Festival on Saturday.Shirlaine Forrest/WireImage via Getty ImagesPop star Olivia Rodrigo on Saturday sent a message to the Supreme Court justices responsible for overturning Roe v. Wade, calling them out during her set at the Glastonbury music festival. Rodrigo invited her guest, British singer Lily Allen, on stage and the pair performed Allen's 2009 song, "Fuck You" — but not before Rodrigo named all five SCOTUS justices who helped gut the landmark ruling that protected abortion rights in America."Today is a very, very special day. This is actually my first Glastonbury," Rodrigo said. "But I'm also equally as heartbroken over what happened in America yesterday." Rodrigo told the crowd that the SCOTUS decision infringed on a woman's ability to secure a safe abortion, which she called a basic human right. Read Full StoryAfter Roe fell, Steve Bannon called for an 'army of the awakened' to 'shatter' DemocratsIn a Gettr post, Steve Bannon urged "patriots" to take advantage of the "Roe momentum" to win the MAGA movement a "massive victory" at the midterm elections.Tom Williams/CQ-Roll Call, Inc via Getty ImagesRight-wing figure Steve Bannon has called for an "army of the awakened" to "shatter" the Democratic party in post-Roe America. Bannon made a post on Gettr on Saturday lauding the Supreme Court's overturning of Roe v. Wade, a controversial decision that has led to abortion being halted in some states.In his post, Bannon called on "the army of the awakened" to rally and capitalize on the verdict. "This is the key take-away for MAGA … the pro-abortion movement is shattered and is now turning in on itself — because for 50 years they didn't have to work— the Courts and Regime Media covered for them — now The Abyss," Bannon wrote."That's the Democratic Party in November— we have a once-in-a-lifetime opportunity to shatter it into a million small pieces," Bannon added, referring to the upcoming midterm elections.Read Full StoryTexas abortion clinic staff describe how patients 'begged for help' when Roe v. Wade was overturned: reportA patient at the Alamo Women's Reproductive Services Clinic in San Antonio, Texas, is informed by a staff member on Friday that the clinic can no longer provide her with an abortion.Gina Ferazzi / Los Angeles Times via Getty ImagesStaff at an abortion clinic in Texas said they had to turn away people seeking abortions away just minutes after the Supreme Court overturned Roe v. Wade on Friday.Speaking to The 19th, an independent news organization, clinic administrator Andrea Gallegos described how she had to turn away a dozen patients waiting in the lobby of the Alamo Women's Reproductive Services clinic in San Antonio, Texas. Gallegos told The 19th that she and the clinic's staff had to tell the people gathered that, because of the ruling, "unfortunately, your geographical location affects your bodily autonomy." Per the outlet, Gallegos described the scene at the clinic as being one of "complete despair," with people screaming, crying, and begging for help.Read Full Story'Full House' star Jodie Sweetin was thrown to the ground by LAPD during freeway protest for abortion rightsJodie Sweetin told People that she was "proud" of those who showed up to protest.Matt Winkelmeyer/Getty ImagesLos Angeles Police Department officers shoved Jodie Sweetin onto the ground of a freeway in Los Angeles on Saturday during an abortion rights protest, video shows.The "Full House" and "Fuller House" star, wearing all black with a black backpack, can be seen in a video of the incident with a megaphone in hand when a couple of LAPD officers shove her to the ground. Protesters can be heard yelling "Jodie, you good?" and  "What the f*** is wrong with you guys?"Sweetin is then picked up and the crowd immediately begins to chant "no justice, no peace."Read Full StorySince the Roe ruling a gynecology clinic in Texas has received increased requests for permanent sterilization: 'I sense that they're scared'Protesters march during an abortion-rights rally on June 25, 2022 in Austin, Texas.Sergio Flores/Getty ImagesA women's health clinic in Austin, Texas, has received dozens of requests for permanent sterilizations after Friday's decision by the Supreme Court to overturn Roe v. Wade, the landmark decision that established a constitutional right to an abortion. After the Women's Health Domain closed on Friday evening for the weekend, it received 109 new patient requests, the majority of which were requesting tubal ligation, or permanent sterilization. Read Full StoryThe impact of Kavanaugh's confirmation on the 2018 elections may reveal how the reversal of Roe v. Wade could impact this year's midtermsU.S. Supreme Court Associate Justice Brett Kavanaugh.Chip Somodevilla/Getty ImagesAs political analysts seek to understand the possible impact of Roe v. Wade being overturned on this year's midterm elections, some suggest that data from 2018 may reveal possible trends. In 2018, following the contentious confirmation hearings of Supreme Court Justice Brett Kavanaugh — who was accused of sexual assault by Christine Ford — 40 Republican US House seats flipped to Democratic candidates. GOP candidates led in polls taken prior to the hearings and went on to lose in November in 27 of those races, indicating increased mobilization among partisan voters following the hearings.  Read Full StoryLindsey Graham said Alito's abortion opinion was correct for distinguishing Roe from same-sex marriage and contraception rulingsRepublican Sen. Lindsey Graham.J. Scott Applewhite/APRepublican South Carolina Senator Lindsey Graham said Sunday that Justice Samuel Alito, unlike Justice Clarence Thomas, was correct for saying same-sex marriage and contraception would not be affected by the Supreme Court decision to overturn Roe v. Wade. In his concurring opinion on the ruling, Thomas wrote "we should reconsider all of this Court's substantive due process precedents" for cases regarding contraceptive access, same-sex relationships, and same-sex marriage.Read Full StoryAOC says Supreme Court justices who lied under oath must face consequences for 'impeachable offense'U.S. Rep. Alexandria Ocasio-Cortez (D-NY).Alex Wong/Getty ImagesRep. Alexandria Ocasio-Cortez on Sunday said she believes it's an "impeachable offense" for a Supreme Court justice to lie under oath. Following the overturn of Roe v. Wade, Sens. Susan Collins and Joe Manchin said they felt misled by Justices Brett Kavanaugh and Neil Gorsuch during their individual confirmation hearings. The two senators, both pro-choice, voted to confirm Kavanaugh and Gorsuch because they assured them that they believed Roe v. Wade, the 1973 landmark Supreme Court decision that made abortion a constitutional right nationwide, was law. Both Gorsuch and Kavanaugh, however, voted to strike down Roe earlier this week.Ocasio-Cortez, speaking in an interview with NBC News' "Meet the Press," said she believes the court is facing a "crisis of legitimacy" and justices must face consequences if they lie under oath. "If we allow Supreme Court nominees to lie under oath and secure lifetime appointments to the highest court of the land and then issue, without basis," she said, "we must see that through. There must be consequences for such a deeply destabilizing action and a hostile takeover of our democratic institutions."Read Full StoryElizabeth Warren: Supreme Court 'set a torch' to the last of its legitimacySen. Elizabeth Warren.Tom Williams/CQ-Roll Call, Inc via Getty ImagesSen. Elizabeth Warren said the US Supreme Court has lost all legitimacy following the rollback of Roe v. Wade, the 1973 landmark decision that made abortion a constitutional right nationwide.Speaking on ABC News' "This Week" on Sunday, Warren suggested that Republicans have tried to stack the Supreme Court with justices who would be against abortion. "The Republicans have been very overt about trying to get people through the court who didn't have a published record on Roe, but who they knew — wink wink nod nod — were going to be extremist on the issue of Roe v. Wade." Warren said. "And that is exactly what we have ended up with.""This court has lost legitimacy. They have burned whatever legitimacy they may still have had," Warren continued. "They just took the last of it and set a torch to it with the Roe v. Wade opinion."Read Full StoryAn abortion clinic in North Dakota has raised more than $500,000 in two days to fund its move to MinnesotaActivists march along Constitution Avenue to the US Supreme Court on May 14, 2022.Astrid Riecken for The Washington Post via Getty ImagesAn abortion clinic based in North Dakota has raised more than $550,000 to fund its move in the two days since the Supreme Court's decision to roll back Roe v. Wade. The Red River Women's Clinic of Fargo, North Dakota, set up a GoFundMe to assist with a planned move to Moorhead, Minnesota. North Dakota is one of the at least 13 states that has a "trigger" law, which immediately bans abortions following the overturn of Roe v. Wade. But moving out of North Dakota means there will no longer be an operating abortion clinic in the state. READ FULL STORYThe overturning of Roe v. Wade will 'exacerbate the mental health crisis' in the US, American Psychological Association saysRear view of an unrecognizable abused woman sitting on her bed looking out the window. - stock photoAlvaro Medina Jurado/ Getty ImagesThe American Psychological Association warned on Friday that the decision to overturn Roe v. Wade will exacerbate mental health in the United States.Research suggests that "adding barriers to accessing abortion services may increase symptoms of stress, anxiety, and depression," APA President Frank C. Wornell said in a statement."We are alarmed that the justices would nullify Roe despite decades of scientific research demonstrating that people who are denied abortions are more likely to experience higher levels of anxiety, lower life satisfaction and lower self-esteem compared with those who are able to obtain abortions," Wornell added. READ FULL STORYTrump congratulated his conservative Supreme Court justice picks for their 'courage' amid the overturn of Roe v. WadeFormer President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump on Saturday thanked his three conservative justice picks on the Supreme Court, all of whom voted to overturn Roe v. Wade."Yesterday the court handed down a victory for the Constitution, a victory for the rule of law, and above all, a victory for life," Trump said during a rally in Mendon, Illinois. "Thanks to the courage found within the United States Supreme Court, this long divisive issue will be decided by the states and by the American people," he added.He congratulated his three picks — Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett — and praised the decision.READ FULL STORYAOC recalls thanking God she had the choice to get an abortion when she took a pregnancy test after being rapedRep. Alexandria Ocasio-Cortez of New York.Drew Angerer/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday shared a personal sexual assault story during a pro-abortion rights rally, saying she felt grateful she had the freedom to obtain an abortion if she needed one in that moment. "I myself, when I was about 22 or 23 years old, was raped while I was living here in New York City," she told a crowd in New York's City Union Square Park. "I was completely alone. I felt completely alone. In fact, I felt so alone that I had to take a pregnancy test in a public bathroom in midtown Manhattan.""When I sat there waiting for what the result would be, all I could think was thank God I have, at least, a choice," she continued. "Thank God I could, at least, have the freedom to choose my destiny."READ FULL STORYGloria Steinem slams Roe v. Wade repeal, says 'there is no democracy' without the right to choseGloria Steinem was one of the most important activists of the Women's Movement.Mike Coppola/Getty ImagesJournalist and feminist leader Gloria Steinem has slammed the impact of repealing Roe v. Wade will have on democracy, in an email to AP."Obviously, without the right of women and men to make decisions about our own bodies, there is no democracy," she said. She has called for action to fight the Supreme Court ruling overturning Roe v. Wade, protecting US abortion rights."Banning abortions does not stop the need. It just bans their safety."Read Full StoryGOP privately worrying overturning Roe v. Wade could impact midterms: 'This is a losing issue for Republicans,' report saysProtests outside of the Supreme Court after it overturned Roe v. WadeCamila DeChalusWhile Republicans are publicly celebrating the overturning of Roe v. Wade, some are privately worrying that the timing could negatively impact the November midterms. Some Republicans fear the abortion ruling could give Democrats ammunition to attack them and mobilize voters, Politico reported, based on interviews with more than a dozen GOP strategists and officials."This is not a conversation we want to have," Republican strategist John Thomas told Politico. "We want to have a conversation about the economy. We want to have a conversation about Joe Biden, about pretty much anything else besides Roe. This is a losing issue for Republicans."Read Full StoryPlanned Parenthood sues Utah to stop trigger law that makes abortion a felony punishable by up to 15 years in prisonPro-choice supporters and staff of Planned Parenthood hold a rally outside the Planned Parenthood Reproductive Health Services Center in St. Louis, Missouri, May 31, 2019.SAUL LOEB/AFP via Getty ImagesThe Planned Parenthood Association of Utah is suing to stop the state's "trigger law" abortion ban that took effect on Friday following the overturning of Roe v. Wade.The Utah law makes abortions, with limited exceptions, a second-degree felony punishable by up to 15 years in prison. Read Full StoryMany Republicans rejoiced at Roe being overturned but these 4 GOP governors want to protect the right to abortionGov. Chris Sununu of New Hampshire.AP Photo/Charles Krupa, FileAfter Friday's Supreme Court Roe v. Wade ruling, which revoked the constitutional right to abortion, many Republicans celebrated it as a win. The GOP has long been at the forefront of the fight to restrict abortion access and many Republican-led states have enacted or will enact abortion bans as a result of the decision.Read Full StoryGeorgia Democratic nominee for Governor Stacey Abrams explains the change in her position on abortion: There is 'no place in that medical decision for ideology or for politicians'Democratic gubernatorial candidate Stacey Abrams speaks to the media during a press conference, May 24, 2022Joe Raedle/Getty ImagesGeorgia Democratic nominee for Governor Stacey Abrams explained in a Friday interview with CNN how her perspective on abortion rights has evolved over the years and how she came to support the right to abortion services after being raised in a religious household. "I was very much on the side of anti-abortion, through much of my upbringing. I grew up in Mississippi, in a very religious family, in a religious community," Abrams told CNN host Sara Sidner. "And I was raised to have a very uncritical eye to this question."Read Full StoryWhat is the Hyde Amendment and how is it related to the Supreme Court decision to overturn Roe v. Wade?People protest the Supreme Court decision to overturn Roe v Wade abortion decision in New York City, New York, U.S., June 24, 2022.REUTERS/Caitlin OchsFollowing the Supreme Court's Friday decision to overturn Roe v. Wade, there have been renewed calls from lawmakers and activists to abandon the Hyde Amendment, a legislative provision preventing federal funds from being used on abortion services. The Hyde Amendment, named for anti-abortion Congressman Henry Hyde who introduced the provision, was passed in 1976, just four years after the landmark Roe vs. Wade ruling that established the right to an abortion. The amendment, which prevents federal funds from services such as Medicaid to be used to provide abortions, was mired in legal challenges for its first years, leading to the Supreme Court case Harris v. McRae. Read Full StoryAfter calls from AOC and other Dems to expand the court, White House says Biden 'does not agree' with the movePresident Joe Biden.Getty ImagesAs calls for remedies to restrictions on abortion access grow, White House Press Secretary Karine Jean-Pierre said Saturday that President Joe Biden "does not agree with" expanding the Supreme Court. "I was asked this question yesterday, and I've been asked it before... about expanding the Court. That is something that the President does not agree with. That is not something that he wants to do," Jean-Pierre said during a press briefing on Air Force One.Read Full StoryVirginia Gov. Glenn Youngkin pushes state lawmakers for a 15-week abortion banRepublican Gov. Glenn Youngkin of Virginia.AP Photo/Steve HelberRepublican Gov. Glenn Youngkin of Virginia on Friday said he would push for a ban on most abortions after 15 weeks in the wake of the Supreme Court ruling overturning Roe v. Wade.Youngkin, who took office earlier this year, said in a statement that the court's decision was an "appropriate" return of power "to the people and their elected representatives in the states.""Virginians do want fewer abortions as opposed to more abortions," the governor said in a meeting at The Washington Post shortly after the decision was made public. "I am not someone who is going to jump in and try to push us apart … There is a place we can come together."Youngkin assembled four Republican legislators to help write legislation that could potentially attract bipartisan support in a legislature. In the state, the GOP has a 52-48 majority in the House of Delegates while Democrats have a 21-19 edge in the Senate.Read Full StoryMan uses truck to repeatedly block entrance to Mississippi's only abortion clinic as tensions run high after Roe v. Wade rulingA man blocked the entrance to the Jackson Women's Health Organization, Mississippi's only abortion clinic, with his truck on June 25, 2022 after the Supreme Court overturned Roe V. Wade earlier in the week.Kenneth NiemeyerJACKSON, MS — A man used his truck to block the entrance to Mississippi's only abortion clinic on Saturday as tensions continue to run high at the clinic after the Supreme Court overturned Roe V. Wade earlier in the week.The Jackson Women's Health Organization, the only abortion clinic in Mississippi, has vowed to remain open for at least nine more days after the Supreme Court voted 5-4 to overturn Roe V. Wade, a landmark decision that legalized abortion nationally. Mississippi has a trigger law that requires the state attorney general to certify the Supreme Court's decision and allows for the clinic to remain open for 10 days after the certification.Pro-life demonstrators continued to clash with clinic volunteer escorts, who call themselves Pink House Defenders, on Saturday. The clinic, housed in a large pink building, is commonly referred to locally as the Pink House.A man in a white truck blocked the entrance to the clinic at least twice on Saturday.Read Full StoryDemocratic lawmakers urge FTC to investigate Apple and Google over mobile tracking data practices targeting abortion seekersDaniil Dubov/Getty ImagesFour Democratic lawmakers on Friday urged the Federal Trade Commission to investigate Apple and Google's mobile tacking practices regarding abortion seekers. Sens. Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, Ron Wyden of Oregon, and Sara Jacobs of California wrote a letter to FTC Chair Lina Khan — accusing Apple and Google of collecting and selling "Hundreds of millions of mobile phone users' data." The lawmakers argued that for individuals seeking abortion services in states where abortion would be illegal it is essential that their data won't fall into the wrong hands.Read Full StorySens. Susan Collins and Joe Manchin, who voted to confirm justices Kavanaugh and Gorsuch, say they were misled on Roe v. WadeSen. Joe Manchin (D-WV) and Sen. Susan Collins (R-ME).Drew Angerer/Getty ImagesCentrist Senators Susan Collins and Joe Manchin criticized Friday's landmark Supreme Court ruling overturning Roe v. Wade, suggesting they felt misled by Justices Brett Kavanaugh and Neil Gorsuch.Collins, a Maine Republican, and Manchin, a West Virginia Democrat, both voted to confirm Kavanaugh and Gorsuch. Both senators are pro-choice and said that the justices had assured them they believed Roe v Wade was settled law."I trusted Justice Gorsuch and Justice Kavanaugh when they testified under oath that they also believed Roe v. Wade was settled legal precedent. I am alarmed they chose to reject the stability the ruling has provided for two generations of Americans," Manchin said in a statement.Manchin, a self-described centrist, was one of three Democrats to vote to confirm Gorsuch in 2017 and the only Democrat who voted to confirm Kavanaugh in 2018. Kavanaugh's 50-48 confirmation vote was historically close.Manchin said that while he is personally pro-life, he would "support legislation that would codify the rights Roe v. Wade previously protected."Read Full StorySenators Elizabeth Warren and Tina Smith call on Biden to 'declare a public health emergency' now that Roe v Wade 'is gone'Sen. Elizabeth Warren, D-Mass., right, and Sen. Tina Smith, D-Minn.Photo By Tom Williams/CQ Roll Call)US Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota are calling on President Joe Biden to  "declare a public health emergency," following the Supreme Court's decision to overturn Roe v. Wade.In an op-ed for the New York Times on Saturday, the Democratic senators said that "with the release of the Dobbs decision," the US is facing " a perilous time that threatens millions of women across this nation.""We urge the president to declare a public health emergency to protect abortion access for all Americans, unlocking critical resources and authority that states and the federal government can use to meet the surge in demand for reproductive health services. The danger is real, and Democrats must meet it with the urgency it deserves," Warren and Smith wrote. The senators blamed the reversal of Roe v. Wade on "right-wing politicians and their allies" who they said "have spent decades scheming."Read Full StorySearches for how to move to Canada from the US spike by over 850% after Roe v. Wade rulingMary Meisenzahl/InsiderSearches for how to move to Canada spiked over 850% on Google after the Supreme Court ruled to overturn Roe v Wade, Axios reported. Citing Simon Rogers' Google Trends newsletter, Axios reported that searches for  "How to become a Canadian citizen" also rose by 550% as of Friday evening.In a 5-4 majority opinion, the Supreme Court on Friday overturned the 50-year-old landmark ruling that legalized abortion nationwide.Read Full StoryA pickup truck driver in Iowa ploughed into pro-choice protesters opposing the overturning of Roe v. Wade abortion rightsProtesters approach a pickup truck that attempted to run over abortion-rights protesters in Cedar Rapids, Iowa.Isacc Davis via ReutersA truck drove into a group of pro-choice protesters in Cedar Rapids, Iowa, on Friday, leading to at least one woman being hospitalized. The group of mostly women protesters was demonstrating against the landmark Supreme Court ruling overturning Roe v. Wade when an unidentified man driving a black Ford truck drove into them.In videos of the incident, protesters can be seen trying to stand in the car's way and shouting at the driver to stop. He accelerates and a protester is knocked to the ground.Read Full StoryBill Gates and George Soros among billionaires denouncing Roe v. Wade decisionBill Gates voiced opposition to the Roe v. Wade decision, while Warren Buffett is reportedly planning a big investment in abortion rights.Spencer Platt/Getty ImagesSome of America's most prominent billionaires have denounced the overturning of Roe v. Wade, as Warren Buffett reportedly sets in motion plans for big donations to reproductive rights.Bill Gates, Melinda French Gates, and George Soros all tweeted their opposition to the Supreme Court decision to roll back abortion rights nationally, overturning a near-50-year precedent. Bill Gates tweeted: "This is a sad day. Reversing Roe v. Wade is an unjust and unacceptable setback. And it puts women's lives at risk, especially the most disadvantaged."Read Full StoryMeta bans staff from open discussion of Roe v. Wade decision and is deleting internal messages that mention abortion: reportMeta has disallowed employees to discuss abortion on internal messaging system.Joan Cros/Getty ImagesMeta has warned employees not to discuss the Supreme Court's decision to overturn Roe v. Wade on its internal system and deleting messages that do so, The New York Times reported.Managers cited a policy that put "strong guardrails around social, political and sensitive conversations" in the workplace, according to company insiders, the newspaper reported. Read Full StoryVatican praises US Supreme Court for overturning Roe v. Wade, says it 'challenges the whole world'Pope Francis gestures, during his weekly general audience in the Paul VI Hall, at the Vatican, Wednesday, March 23, 2022.Alessandra Tarantino/Associated PressThe Vatican's Pontifical Academy for Life has praised the US Supreme Court's decision to overturn Roe v Wade which protected abortion rights for women. They also called that legislation ensures that those giving birth are given the support needed to keep and care for their children. In a statement released on Twitter, the Catholic organization said "The fact that a large country with a long democratic tradition has changed its position on this issue also challenges the whole world."Read Full Story The Arizona State Senate had to be evacuated after tear gas police deployed on protesters spread into the buildingArizona State Capitol Building at sunrise, features Winged Victory statue and was modeled after Greek statue Nike of Samothrace.Joe Sohm/Visions of America/Universal Images GroupThe Arizona State Senate Building in Phoenix was evacuated on Friday after police deployed tear gas at demonstrators.A video posted on social media by Republican State Senator Michelle Ugenti-Rita shows dozens of people protesting outside the government building in response to the Supreme Court's decision to overturn Roe v. Wade. Read Full StoryObergefell, the plaintiff in the SCOTUS same-sex marriage ruling, said it's 'quite telling' Clarence Thomas omitted the case that legalized interracial marriage after saying the courts should go after other right to privacy casesAssociate Supreme Court Justice Clarence Thomas and his wife and conservative activist Virginia Thomas arrive at the Heritage Foundation on October 21, 2021.Drew Angerer/Getty ImageJim Obergefell, the plaintiff behind the Supreme Court's landmark ruling on same-sex marriage, said Friday that Justice Clarence Thomas omitted Loving v. Virginia on his list of  Supreme Court decisions to "reconsider" because it "affects him personally." "That affects him personally, but he doesn't care about the LGBTQ+ community," Obergefell said on MSNBC's "The Reid Out."Read Full StoryStanding among protestors after the fall of Roe vs. Wade, AOC calls on Biden to create abortion clinics on federal landRep. Alexandria Ocasio-Cortez (D-NY) speaks to abortion-rights activists in front of the U.S. Supreme Court after the Court announced a ruling in the Dobbs v Jackson Women's Health Organization case on June 24, 2022 in Washington, DC.Nathan Howard/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday called on President Biden to create abortion clinics on federal land, following the landmark Supreme Court ruling which overturned Roe v. Wade and removed federal abortion protections. Speaking to a crowd of protestors gathered in New York's Union Square, Rep. Ocasio-Cortez encouraged people to "be relentless to restore and guarantee all of our rights." She detailed her own experience after sexual assault in her 20s, when she was grateful that abortion would have been an option for her if she needed it, and pushed for federal action to preserve access to reproductive healthcare.  Read Full StoryThe states passing strict abortion bans have some of the highest maternal and infant mortality rates in the countryPRODUCTION - 17 April 2021, Berlin: A midwife listens to the heart tones of an unborn child with an ultrasound device. The woman is in her 2nd trimester of pregnancy and is lying on a bed in the midwife's office. 5.5.2021 is International Midwifery Day, which is intended to draw attention to the importance of the profession.Annette Riedl/picture alliance via Getty ImagesWith Friday's Supreme court ruling overturning Roe v. Wade – the landmark case guaranteeing a right to abortion – 13 states with automatic trigger laws enacted total or near-total bans on abortions. The surge of new abortion bans and clinic closures has highlighted the recent rise in America's maternal mortality rates that are disproportionately affecting women of color and have placed the US first in maternal deaths among all developed nations.Read Full StoryPro-choice advocates come out in force vowing to continue the fight after the Supreme Court strikes down Roe v. WadeA massive crowd gathered in New York's Washington Square Park, hours after the Supreme Court struck down Roe v. Wade.Anna Watts for InsiderHours after the Supreme Court announced it had struck down the landmark Roe v. Wade decision, throngs of pro-choice Americans took to the streets vowing to continue the fight. In New York's Washington Square Park, a somber and angry crowd began assembling at 5 p.m. ET. They held handwritten signs with words like "Betrayed" or "My corpse has more rights." Some were smeared with red paint.Read Full StoryWhich Supreme Court justices voted to overturn Roe v. Wade? Here's where all 9 judges standReproductive rights activists hold cut out photos of the Supreme Court justices as oral arguments in Dobbs v. Jackson Womens Health Organization case are held on Wednesday, December 1, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesThe Supreme Court on Friday overturned Roe v. Wade in a 5-4 majority opinion that guts federal abortion rights protections previously upheld by the nearly 50-year-old landmark ruling.The conservative majority voted to uphold the Mississippi law at the heart of the case which seeks to ban abortion after 15 weeks of pregnancy, a contradiction to the standard set by Roe, which allowed abortions until about 24 weeks of pregnancy, at which point a fetus could feasibly survive outside the womb. Six justices ruled in favor of upholding Mississippi's 15-week ban, but it was the majority opinion of five judges that ultimately led to the total overhaul of Roe v. Wade. Read the full story to find out how each justice voted. READ FULL STORYThis map shows where abortion is illegal, protected, or under threat across all 50 US statesPro-life and abortion-rights advocates crowd the Supreme Court building after Roe v. Wade was overturned Friday morning.Brandon Bell/Getty ImagesOn Friday, the Supreme Court overturned Roe v. Wade, the near 50-year-old court ruling that legalized abortion across all 50 US states.Some states have been preparing for years for the possibility that Roe could be overturned.A handful of states had trigger laws designed to immediately ban abortions within their borders once the decision was reversed. Some "sanctuary states," like New York, put in place legal framework that would protect abortion, even if Roe were overturned. In other areas of the country, it isn't totally clear what happens next — abortion isn't legally protected, but it's also not expressly forbidden.Read Full StoryThe Supreme Court just overturned Roe v. Wade, but the vast majority of Americans don't even know who the court's justices areSeated from left: Samuel Alito, Clarence Thomas, John Roberts, Stephen Breyer and Sonia Sotomayor, Standing from left: Brett Kavanaugh, Elena Kagan, Neil Gorsuch and Amy Coney Barrett.Erin Schaff-Pool/Getty ImagesThe Supreme Court on Friday overturned Roe v. Wade, the nearly 50-year-old landmark ruling that protected abortion rights nationwide.But recent polling suggests that the vast majority of American voters don't even know who these influential justices are, highlighting an apparent disconnect between the nation's top court and the very people affected by its rulings.Ahead of Judge Ketanji Brown Jackson's Senate confirmation earlier this year, C-SPAN and Pierrepont Consulting & Analytics surveyed more than 1,000 likely voters to gauge the public's interest in and awareness of the Supreme Court's work and relevance. While 84% of voters said the Supreme Court's decisions affect their everyday life, far fewer respondents could provide basic details about the court's history or inner workings.Keep ReadingWisconsin patients who were scheduled to receive abortions were turned away in the waiting room after Roe v. Wade was overturnedA volunteer escort outside Affiliated Medical Services, a Milwaukee abortion clinic, on Wednesday, May 28, 2014, in Milwaukee.AP Photo/Dinesh Ramde FileIn Wisconsin, Planned Parenthood clinics had been scheduling patients through Saturday, June 25, but had stopped scheduling for next week in anticipation of the Supreme Court ruling that would overturn Roe v. Wade, which was leaked in May.When the news broke Friday morning that the court had rendered its opinion, Tanya Atkinson, president of Planned Parenthood of Wisconsin, said her clinics had patients waiting to receive services."Our team had to go out into the lobby and let those individuals know that they would not be able to access the healthcare that they needed," Atkinson told the local PBS station.Keep ReadingProtestors planning to protest on Justice Clarence Thomas' streetProtestors are planning to head over to Justice Clarence Thomas' house on Friday night after the Supreme Court overturned Roe v. Wade."Enraged? Devastated? Pissed the fuck off? So are we," Our Rights DC tweeted on Friday afternoon."Meet us at 5711 Burke Centre Pkwy. 6:30 PM we meet, 7 PM we carpool to the Thomas's street. WEAR A MASK," the human rights organization added. Read Full StoryThe sports world is speaking out against Friday's Supreme Court rulingPro-choice activists protest in response to the leaked Supreme Court draft decision to overturn Roe v. Wade in front of the US Supreme Court May 3, 2022 in Washington, DC.Alex Wong/Getty ImagesSome of the biggest names in sports — from tennis to basketball — are speaking out after the Supreme Court ruled to overturn Roe v. Wade on Friday.The Minnesota Lynx's Natalie Achonwa wrote on Twitter that she's "feeling sick & heartbroken" after hearing about the decision. Tennis legend and feminist icon Billie Jean King said on Twitter that it's a "sad day" in the US. The WNBA's Seattle Storm tweeted that they are "furious and ready to fight."Orlando Magic point guard Devin Cannady tweeted that the "country needs to be better," adding in a follow-up note that the ruling is "a POWER grab over WOMEN."Read Full StoryThese organizations are asking for donations after Roe v. Wade was overturnedIn the wake of the Supreme Court's decision to overturn Roe v. Wade, organizations fighting for abortion rights are calling on supporters to donate.Click the link below for some organizations that are asking for help to either fight the ruling or provide access to abortion for women in states where it will be banned. Read Full StoryAttorney General says states can't ban abortion pills that are approved by FDAUS Attorney General Merrick Garland said states can't ban abortion medication mifepristone "based on disagreement" with the US Food and Drug Administration.Garland said on Friday that the FDA already ruled on the pill's "safety and efficacy," so the decision can't be overturned by states that want to restrict abortion access."Women who reside in states that have banned access to comprehensive reproductive care must remain free to seek that care in states where it is legal," Garland said, after the Supreme Court overturned Roe v. Wade earlier.He continued: "Moreover, under fundamental First Amendment principles, individuals must remain free to inform and counsel each other about the reproductive care that is available in other states."Read Full Story House Democrats sang 'God Bless America' on Capitol steps as crowds protested at Supreme CourtHouse Speaker Nancy Pelosi leads a rally celebrating the passage of gun safety legislation as protesters swarm the court just yards away on June 24, 2022.Chip Somodevilla/Getty ImagesHouse Democrats gathered outside the Capitol on Friday to celebrate passing new gun safety legislation, and cheerfully sang "God Bless America."Across the street, however, protesters swarmed the Supreme Court after the decision to overturn Roe v. Wade. Read Full StoryVideos show police in riot gear head to Supreme Court after decisionCapitol Police in riot gear could be seen marching towards the Supreme Court earlier on Friday after Roe v. Wade was overturned. A video shared to Twitter by CNN correspondent Manu Raju showed dozens of officers march from the Capitol building and to the Court.Law enforcement also closed streets around the high court, where peaceful protesters gathered by the hundreds after the decision. —Manu Raju (@mkraju) June 24, 2022 Read Full StoryMassive protests erupt outside Supreme Court after Roe v. Wade rulingProtesters outside of Supreme CourtCamila DeChalusHundreds of people gathered outside the Supreme Court on Friday to protest the ruling that overturns Roe v. Wade. Abortion-rights advocates waived green and black signs and shouted "my body, my choice."Across from the abortion-rights protesters, a group of abortion opponents wore red shirts with white letters that read: "The pro-life generation votes."Read Full StoryThe 13 states with abortion-ban 'trigger laws' are not prepared to enforce themThirteen states with abortion "trigger laws" — where the practice could become illegal — are not prepared for how to go about implementing a ban.An Insider investigation over the last few months found that, through over 100 records requests and reaching out to nearly 80 state and local officials, just one agency could detail any sort of plan. This story is part of an investigative series from Insider examining the demise of abortion rights in so-called "trigger law" states. It was originally published on May 7, 48 days before the Supreme Court ruled in Dobbs v. Jackson Women's Health Organization that abortion is no longer a constitutionally protected right. Read all the stories from "The First 13" here.Read Full StoryStates where abortion access will be on the ballot in 2022Abortion-rights supporters chant their objections at the Kentucky Capitol on Wednesday, April 13, 2022, in Frankfort, Ky., Kentucky is one of at least four states with abortion-related ballot measures in 2022.AP Photo/Bruce Schreiner, FileAbortion policy will be on the ballot in at least four states during the upcoming 2022 midterm elections — the highest number of abortion-related ballot measures to appear in a year since 1986. Kansas and Kentucky will vote on constitutional amendments to establish no right to an abortion, while Montana will vote on a "born-alive" amendment that would extend personhood to infants "born alive" at any stage.On the other side, voters in Vermont will decide on an amendment that will enshrine the right to an abortion in the state's constitution.Read Full StoryBiden says Americans can have 'the final word' after the Supreme Court overturns Roe v. WadePresident Joe BidenStefani Reynolds/AFP/Getty ImagesPresident Joe Biden said Friday was a "sad day" for the nation after the Supreme Court overturned Roe v. Wade, and vowed his administration would do everything it can to protect women."With this decision, the conservative majority of the Supreme Court shows how extreme it is, how far removed they are from the majority of the country," Biden said during an address to the nation. He continued: "But this decision must not be the final word," urging Americans to vote.Read Full StoryGetting an abortion is going to get a lot more expensive for many AmericansParticipants hold signs during the Women's March at the US Supreme Court.Leigh Vogel/Getty Images for Women's March IncExperts told Insider that the cost of getting an abortion is all but guaranteed to rise after the Supreme Court on Friday overturned Roe v. Wade. Many who live in states where abortion will become mostly, or entirely, illegal will have to face travel costs if they want a procedure in a different state where it is legal. Wage loss for taking time off to get a procedure is another issue. "You might be salaried and I might be salaried, and you can take time off," said Anna Rupani, executive director of Fund Texas Choice (FTC), a nonprofit organization that pays for low-income Texans' associated abortion costs. "A lot of our clients are living paycheck to paycheck, they're not in salaried positions… they're experiencing wage loss."Read Full StoryPelosi warns 'Republicans are plotting a nationwide abortion ban'House Speaker Nancy Pelosi warned that congressional Republicans want to pass a federal abortion ban into law after the Supreme Court overturned Roe v. Wade.Be aware of this: the Republicans are plotting a nationwide abortion ban," Pelosi said during her weekly press briefing. "They cannot be allowed to have a majority in the Congress to do that. But that's their goal."She continued: "What this means to women is such an insult. It's a slap in the face to women about using their own judgment to make decisions about their reproductive freedom."Read Full StoryTrump reportedly believes overturning Roe v. Wade is 'bad for Republicans'Trump stands with now-Justice Amy Coney Barrett at the White House after she was sworn in on October 26, 2020.Brendan Smialowski / AFP via Getty ImagesFormer President Donald Trump praised the Supreme Court for overturning Roe v. Wade on Friday."This is following the Constitution, and giving rights back when they should have been given long ago," he told Fox News.Privately, Trump has said that overturning Roe would be "bad for Republicans," according to The New York Times' Maggie Haberman and Michael C. Bender.Read Full StoryLead plaintiff in case that made same-sex marriage legal slams Justice Thomas' call for case to be reconsideredThe lead plaintiff in the case that made same-sex marriage legal slammed Justice Clarence Thomas' call for the case to be reconsidered.Thomas said the Supreme Court should reconsider rulings that protect same-sex marriage, in the wake of Friday's decision to overturn nationwide access to abortions."The millions of loving couples who have the right to marriage equality to form their own families do not need Clarence Thomas imposing his individual twisted morality upon them. If you want to see an error in judgment, Clarence Thomas, look in the mirror," Jim Obergefell said in a statement obtained by HuffPost.Read Full StoryMichelle Obama said she is 'heartbroken' after the Supreme Court's decisionFormer first lady Michelle ObamaJae C. Hong/Associated PressFormer First Lady Michelle Obama said she is "heartbroken" after the Supreme Court overturned Roe v. Wade on Friday.She said before Roe was established, women "risked their lives getting illegal abortions.""That is what our mothers and grandmothers and great-grandmothers lived through, and now here we are again," Obama wrote in her statement. "So yes, I am heartbroken — for the teenage girl full of zest and promise, who won't be able to finish school or live the life she wants because her state controls her reproductive decisions," she added.Read Full StoryAG Merrick Garland said the Supreme Court dealt 'a devastating blow' to abortion rightsAttorney General Merrick Garland said the Supreme Court dealt a "devastating blow to reproductive freedom in the United States" by eliminating the constitutional right to an abortion.Garland said in a statement that the Justice Department disagreed with the decision and predicted that it "will have an immediate and irreversible impact on the lives of people across the country.""And it will be greatly disproportionate in its effect – with the greatest burdens felt by people of color and those of limited financial means," he added.Read Full StorySenate announces hearing 'to explore the grim reality of a post-Roe America'The chairman of the Senate Judiciary Committee announced a hearing to explore the "grim reality" of life in the US in the aftermath of Friday's Supreme Court ruling."Today's decision eliminates a federally protected constitutional right that has been the law for nearly half a century," said Democratic Sen. Dick Durbin in a statement.He continued: "As a result, millions of Americans are waking up in a country where they have fewer rights than their parents and grandparents."The hearing is set for July 12, a day after the Senate returns from a two-week July 4 recess.Read Full StoryBiden to deliver remarks on Supreme Court's decision to overturn Roe v. WadePresident Joe Biden will deliver remarks at 12:30 p.m. local time on Friday about the Supreme Court's decision to overturn Roe v. Wade. The White House told reporters that he plans to speak about "the Supreme Court decision on Dobbs v. Jackson Women's Health Organization to overturn Roe v. Wade."Read Full StoryVarious politicians react to Friday's Supreme Court decision to overturn RoeCurrent and former politicians from both sides of the aisle are reacting to the Supreme Court's decision to overturn Roe v. Wade.Sen. Lindsey Graham said the decision is "a long overdue constitutional correction allowing for elected officials in the states to decide issues of life." Roe was "constitutionally unsound from its inception," he said. Senate Majority Leader Chuck Schumer called Friday "one of the darkest days our country has ever seen." "Millions upon millions of American women are having their rights taken from them by five unelected Justices on the extremist MAGA court," he said in a statement shared with Insider.  Read Full StoryNancy Pelosi and other Democrats are using the Supreme Court decision as a fundraising opportunity for the 2022 midtermsUS Speaker of the House Nancy Pelosi speaks in front of the steps to the House of Representatives with congressional members to speak on the Roe v. Wade issue May 13, 2022 in Washington, DC.Win McNamee/Getty ImagesHouse Speaker Nancy Pelosi and fellow Democrats are using the Supreme Court's decision to overturn Roe v. Wade as a fundraising opportunity ahead of the fall midterms. "Can you chip in $15 so we can WIN these midterms and finally codify reproductive rights into law?" Pelosi wrote supporters."Our ONLY option is to marshal a response so historic — 100,000 gifts before midnight — that we DEFEAT every anti-choice Republican that made this happen, EXPAND our Majorities, and FINALLY codify our reproductive rights into law. So, can I expect to see your name on my "Pro-Choice Champion" list tomorrow morning?"Read Full StoryPlanned Parenthood president slams Supreme Court decisionAlexis McGill Johnson, president of Planned Parenthood, addresses abortion-rights supporters at the "Bans Off Our Bodies Abortion Rally" at Los Angeles City Hall, Saturday, May 14, 2022.AP Photo/Damian DovarganesPlanned Parenthood Action Fund President Alexis McGill Johnson said the Supreme Court gave politicians "permission to control what we do with our bodies" after the Friday decision to overturn Roe v. Wade. "Due to centuries of racism and systemic discrimination, we already know who will feel the consequences of this horrific decision most acutely: Black, Latino and Indigenous communities, people with disabilities, those living in rural areas, young people, immigrants and those having difficulties making ends meet," she said. "All of our freedoms are on the line," she added. Read Full StoryDC police are fully activated in response to protests from the Supreme Court decisionPro-choice signs hang on a police barricade at the U.S. Supreme Court Building in Washington, DC, on May 3, 2022.Anna Moneymaker/Getty ImagesThe Washington, D.C. Police Department has been fully activated after protests broke out over the Supreme Court's decision to overturn Roe v. Wade. The Metropolitan Police Department said in an alert that it would "be fully activated to support expected First Amendment demonstrations," and added that "all members should be prepared to work extended tours as necessary" through Tuesday, June 28. A heavy police presence could be seen outside the Supreme Court Friday morning.Read Full StoryBarack Obama says overturning Roe v. Wade is an attack on 'essential freedoms of millions of Americans'Former president Barack Obama slammed the Supreme Court's decision to overturn Roe v. Wade, and urged people to vote and "join with the activists who've been sounding the alarm on abortion access for years.""Today, the Supreme Court not only reversed nearly 50 years of precedent, it relegated the most intensely personal decision someone can make to the whims of politicians and ideologues — attacking the essential freedoms of millions of Americans," he wrote on Twitter. He continued: "Join with the activists who've been sounding the alarm on abortion access for years — and act. Stand with them at a local protest. Volunteer with one of their organizations. Knock on doors for a candidate you believe in. Vote on or before November 8 and in every other election. Because in the end, if we want judges who will protect all, and not just some, of our rights, then we've got to elect officials committed to doing the same."Read Full StoryStoking fears of violence, Marjorie Taylor Greene credits Trump for the end of RoeFar-right Rep. Marjorie Taylor Greene praised former President Donald Trump and demonized Democrats in her live reaction to the Supreme Court overturning Roe v. Wade."Thank you President Trump," Greene said to a pro-Trump YouTube channel. "God bless you. This got overturned today because of your great work as president, and we want him back.""I do fear for the safety of people here in D.C.," she said, speculating without citing any evidence that Democrats will riot. Read Full StoryHillary Clinton says decision to overturn Roe will 'live in infamy' and is a 'step backward' for women's rightsExecutive Producer Hillary Rodham Clinton speaks on stage during "Below The Belt" New York Premiere at Museum of Modern Art on May 24, 2022 in New York City.Cindy Ord/Getty ImagesHillary Clinton said Friday's Supreme Court ruling is a "step backward" for women's rights."Most Americans believe the decision to have a child is one of the most sacred decisions there is, and that such decisions should remain between patients and their doctors," she tweeted after the decision. She continued: "Today's Supreme Court opinion will live in infamy as a step backward for women's rights and human rights."Read Full StoryFriday's decision could undo much of women's economic progress since the 1970sAbortion rights advocates and anti-abortion protesters demonstrate in front of the U.S. Supreme Court, Wednesday, Dec. 1, 2021, in Washington, as the court hears arguments in a case from Mississippi, where a 2018 law would ban abortions after 15 weeks of pregnancy, well before viability.(AP Photo/Andrew Harnik)Friday's decision to overturn Roe v. Wade will have enormous consequences for women's economic progress.Experts told Insider before the ruling that research points to the fact that abortion legalization has greatly contributed to women's progress in many ways, like reducing rates of teen motherhood and maternal mortality, increasing rates of workforce participation, earnings, and educational attainment."This is going to create just a perfect storm of concentrated human misery," said Kimberly Kelly, a sociology professor focused on abortion politics at a Mississippi college, before Friday's decision, adding that overturning Roe means "abortion is going to become a function of class privilege."Read Full StorySupreme Court's liberal justices warn more rights are at stake with the end of Roe v. WadeThe Supreme Court's three liberal justices warned in a dissent that other rights could be on the line after Friday's decision to overturn Roe v. Wade. "Whatever the exact scope of the coming laws, one result of today's decision is certain: the curtailment of women's rights, and of their status as free and equal citizens," read the dissenting opinion authored by Justices Stephen Breyer, Sonia Sotomayor, and Elena Kagan."No one should be confident that this majority is done with its work," they wrote. "The right Roe and Casey recognized does not stand alone."Read Full StoryChief Justice John Roberts says Supreme Court went too far in taking 'the dramatic step' of overturning Roe v. WadeChief Justice John Roberts.Drew Angerer/Getty ImagesChief Justice John Roberts said he felt the Supreme Court's five other conservatives went too far in their decision to overturn Roe v. Wade."The Court's decision to overrule Roe and Casey is a serious jolt to the legal system — regardless of how you view those cases," Roberts wrote in his concurring opinion that was released on Friday along with the majority opinion.He continued: "A narrower decision rejecting the misguided viability line would be markedly less unsettling, and nothing more is needed to decide this case."Read Full StoryPence says the overturning of Roe v. Wade has 'righted a historic wrong'Former Vice President Mike Pence said the Supreme Court "righted a historic wrong" when it undid nearly 50 years of abortion rights nationwide on Friday."Now that Roe v. Wade has been consigned to the ash heap of history, a new arena in the cause of life has emerged and it is incumbent on all who cherish the sanctity of life to resolve that we will take the defense of the unborn and support for women in crisis pregnancies to every state Capitol in America," Pence said in the statement, in one of the first reactions from a politician. Read Full StoryJustice Thomas says Supreme Court should reconsider rulings that protect contraception and same-sex marriageJustice Clarence ThomasDrew Angerer/Getty ImagesJustice Clarence Thomas said the Supreme Court should reconsider rulings that protect contraception, same-sex relationships, and same-sex marriage, in a concurring opinion with the ruling to overturn the precedent set in Roe v. Wade."For that reason, in future cases, we should reconsider all of this Court's substantive due process precedents, including Griswold, Lawrence, and Obergefell," the conservative justice wrote. Read Full StorySupreme Court overturns 1973 landmark Roe v. Wade rulingThe Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion.The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the decades-old ruling by siding with Mississippi and other states that had passed restrictive anti-abortion laws."The Constitution does not confer a right to abortion; Roe and Casey are overruled; and the authority to regulate abortion is returned to the people and their elected representatives," the Friday ruling said. The ruling now leaves the legality of abortion up to state legislatures. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe.A leaked draft majority opinion obtained by Politico last month seemed to show the court was set to overturn Roe — immediately galvanizing nationwide protests along with condemnation by Democratic lawmakers.Read Full StoryRead the original article on Business Insider.....»»

The Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that granted a nationwide, constitutional right to an abortion. Abortion rights and anti-abortion rights activists fill the street in front of the U.S. Supreme Court during a protest in the wake of the decision overturning Roe v. Wade outside on June 25, 2022, in Washington, DC.Photo by Anna Moneymaker/Getty Images) The Supreme Court overturned Roe v. Wade on last week. The 1973 landmark ruling established the constitutional right to an abortion. Over a dozen states have laws meant to immediately outlaw abortion upon a reversal of Roe. The Supreme Court last week overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion. The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the ruling as the nation's highest court sided with Mississippi and other states, which passed restrictive anti-abortion laws.Immediately after last week's ruling, politicians on both sides of the aisle issued statements — with Republicans praising the Supreme Court and Democrats slamming the decision. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe, as the legality of abortion is now left up to state legislatures. AOC says Supreme Court justices who lied under oath must face consequences for 'impeachable offense'U.S. Rep. Alexandria Ocasio-Cortez (D-NY).Alex Wong/Getty ImagesRep. Alexandria Ocasio-Cortez on Sunday said she believes it's an "impeachable offense" for a Supreme Court justice to lie under oath. Following the overturn of Roe v. Wade, Sens. Susan Collins and Joe Manchin said they felt misled by Justices Brett Kavanaugh and Neil Gorsuch during their individual confirmation hearings. The two senators, both pro-choice, voted to confirm Kavanaugh and Gorsuch because they assured them that they believed Roe v. Wade, the 1973 landmark Supreme Court decision that made abortion a constitutional right nationwide, was law. Both Gorsuch and Kavanaugh, however, voted to strike down Roe earlier this week.Ocasio-Cortez, speaking in an interview with NBC News' "Meet the Press," said she believes the court is facing a "crisis of legitimacy" and justices must face consequences if they lie under oath. "If we allow Supreme Court nominees to lie under oath and secure lifetime appointments to the highest court of the land and then issue, without basis," she said, "we must see that through. There must be consequences for such a deeply destabilizing action and a hostile takeover of our democratic institutions."Read Full StoryElizabeth Warren: Supreme Court 'set a torch' to the last of its legitimacySen. Elizabeth Warren.Tom Williams/CQ-Roll Call, Inc via Getty ImagesSen. Elizabeth Warren said the US Supreme Court has lost all legitimacy following the rollback of Roe v. Wade, the 1973 landmark decision that made abortion a constitutional right nationwide.Speaking on ABC News' "This Week" on Sunday, Warren suggested that Republicans have tried to stack the Supreme Court with justices who would be against abortion. "The Republicans have been very overt about trying to get people through the court who didn't have a published record on Roe, but who they knew — wink wink nod nod — were going to be extremist on the issue of Roe v. Wade." Warren said. "And that is exactly what we have ended up with.""This court has lost legitimacy. They have burned whatever legitimacy they may still have had," Warren continued. "They just took the last of it and set a torch to it with the Roe v. Wade opinion."Read Full StoryAn abortion clinic in North Dakota has raised more than $500,000 in two days to fund its move to MinnesotaActivists march along Constitution Avenue to the US Supreme Court on May 14, 2022.Astrid Riecken for The Washington Post via Getty ImagesAn abortion clinic based in North Dakota has raised more than $550,000 to fund its move in the two days since the Supreme Court's decision to roll back Roe v. Wade. The Red River Women's Clinic of Fargo, North Dakota, set up a GoFundMe to assist with a planned move to Moorhead, Minnesota. North Dakota is one of the at least 13 states that has a "trigger" law, which immediately bans abortions following the overturn of Roe v. Wade. But moving out of North Dakota means there will no longer be an operating abortion clinic in the state. READ FULL STORYThe overturning of Roe v. Wade will 'exacerbate the mental health crisis' in the US, American Psychological Association saysRear view of an unrecognizable abused woman sitting on her bed looking out the window. - stock photoAlvaro Medina Jurado/ Getty ImagesThe American Psychological Association warned on Friday that the decision to overturn Roe v. Wade will exacerbate mental health in the United States.Research suggests that "adding barriers to accessing abortion services may increase symptoms of stress, anxiety, and depression," APA President Frank C. Wornell said in a statement."We are alarmed that the justices would nullify Roe despite decades of scientific research demonstrating that people who are denied abortions are more likely to experience higher levels of anxiety, lower life satisfaction and lower self-esteem compared with those who are able to obtain abortions," Wornell added. READ FULL STORYTrump congratulated his conservative Supreme Court justice picks for their 'courage' amid the overturn of Roe v. WadeFormer President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump on Saturday thanked his three conservative justice picks on the Supreme Court, all of whom voted to overturn Roe v. Wade."Yesterday the court handed down a victory for the Constitution, a victory for the rule of law, and above all, a victory for life," Trump said during a rally in Mendon, Illinois. "Thanks to the courage found within the United States Supreme Court, this long divisive issue will be decided by the states and by the American people," he added.He congratulated his three picks — Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett — and praised the decision.READ FULL STORYAOC recalls thanking God she had the choice to get an abortion when she took a pregnancy test after being rapedRep. Alexandria Ocasio-Cortez of New York.Drew Angerer/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday shared a personal sexual assault story during a pro-abortion rights rally, saying she felt grateful she had the freedom to obtain an abortion if she needed one in that moment. "I myself, when I was about 22 or 23 years old, was raped while I was living here in New York City," she told a crowd in New York's City Union Square Park. "I was completely alone. I felt completely alone. In fact, I felt so alone that I had to take a pregnancy test in a public bathroom in midtown Manhattan.""When I sat there waiting for what the result would be, all I could think was thank God I have, at least, a choice," she continued. "Thank God I could, at least, have the freedom to choose my destiny."READ FULL STORYGloria Steinem slams Roe v. Wade repeal, says 'there is no democracy' without the right to choseGloria Steinem was one of the most important activists of the Women's Movement.Mike Coppola/Getty ImagesJournalist and feminist leader Gloria Steinem has slammed the impact of repealing Roe v. Wade will have on democracy, in an email to AP."Obviously, without the right of women and men to make decisions about our own bodies, there is no democracy," she said. She has called for action to fight the Supreme Court ruling overturning Roe v. Wade, protecting US abortion rights."Banning abortions does not stop the need. It just bans their safety."Read Full StoryGOP privately worrying overturning Roe v. Wade could impact midterms: 'This is a losing issue for Republicans,' report saysProtests outside of the Supreme Court after it overturned Roe v. WadeCamila DeChalusWhile Republicans are publicly celebrating the overturning of Roe v. Wade, some are privately worrying that the timing could negatively impact the November midterms. Some Republicans fear the abortion ruling could give Democrats ammunition to attack them and mobilize voters, Politico reported, based on interviews with more than a dozen GOP strategists and officials."This is not a conversation we want to have," Republican strategist John Thomas told Politico. "We want to have a conversation about the economy. We want to have a conversation about Joe Biden, about pretty much anything else besides Roe. This is a losing issue for Republicans."Read Full StoryPlanned Parenthood sues Utah to stop trigger law that makes abortion a felony punishable by up to 15 years in prisonPro-choice supporters and staff of Planned Parenthood hold a rally outside the Planned Parenthood Reproductive Health Services Center in St. Louis, Missouri, May 31, 2019.SAUL LOEB/AFP via Getty ImagesThe Planned Parenthood Association of Utah is suing to stop the state's "trigger law" abortion ban that took effect on Friday following the overturning of Roe v. Wade.The Utah law makes abortions, with limited exceptions, a second-degree felony punishable by up to 15 years in prison. Read Full StoryMany Republicans rejoiced at Roe being overturned but these 4 GOP governors want to protect the right to abortionGov. Chris Sununu of New Hampshire.AP Photo/Charles Krupa, FileAfter Friday's Supreme Court Roe v. Wade ruling, which revoked the constitutional right to abortion, many Republicans celebrated it as a win. The GOP has long been at the forefront of the fight to restrict abortion access and many Republican-led states have enacted or will enact abortion bans as a result of the decision.Read Full StoryGeorgia Democratic nominee for Governor Stacey Abrams explains the change in her position on abortion: There is 'no place in that medical decision for ideology or for politicians'Democratic gubernatorial candidate Stacey Abrams speaks to the media during a press conference, May 24, 2022Joe Raedle/Getty ImagesGeorgia Democratic nominee for Governor Stacey Abrams explained in a Friday interview with CNN how her perspective on abortion rights has evolved over the years and how she came to support the right to abortion services after being raised in a religious household. "I was very much on the side of anti-abortion, through much of my upbringing. I grew up in Mississippi, in a very religious family, in a religious community," Abrams told CNN host Sara Sidner. "And I was raised to have a very uncritical eye to this question."Read Full StoryWhat is the Hyde Amendment and how is it related to the Supreme Court decision to overturn Roe v. Wade?People protest the Supreme Court decision to overturn Roe v Wade abortion decision in New York City, New York, U.S., June 24, 2022.REUTERS/Caitlin OchsFollowing the Supreme Court's Friday decision to overturn Roe v. Wade, there have been renewed calls from lawmakers and activists to abandon the Hyde Amendment, a legislative provision preventing federal funds from being used on abortion services. The Hyde Amendment, named for anti-abortion Congressman Henry Hyde who introduced the provision, was passed in 1976, just four years after the landmark Roe vs. Wade ruling that established the right to an abortion. The amendment, which prevents federal funds from services such as Medicaid to be used to provide abortions, was mired in legal challenges for its first years, leading to the Supreme Court case Harris v. McRae. Read Full StoryAfter calls from AOC and other Dems to expand the court, White House says Biden 'does not agree' with the movePresident Joe Biden.Getty ImagesAs calls for remedies to restrictions on abortion access grow, White House Press Secretary Karine Jean-Pierre said Saturday that President Joe Biden "does not agree with" expanding the Supreme Court. "I was asked this question yesterday, and I've been asked it before... about expanding the Court. That is something that the President does not agree with. That is not something that he wants to do," Jean-Pierre said during a press briefing on Air Force One.Read Full StoryVirginia Gov. Glenn Youngkin pushes state lawmakers for a 15-week abortion banRepublican Gov. Glenn Youngkin of Virginia.AP Photo/Steve HelberRepublican Gov. Glenn Youngkin of Virginia on Friday said he would push for a ban on most abortions after 15 weeks in the wake of the Supreme Court ruling overturning Roe v. Wade.Youngkin, who took office earlier this year, said in a statement that the court's decision was an "appropriate" return of power "to the people and their elected representatives in the states.""Virginians do want fewer abortions as opposed to more abortions," the governor said in a meeting at The Washington Post shortly after the decision was made public. "I am not someone who is going to jump in and try to push us apart … There is a place we can come together."Youngkin assembled four Republican legislators to help write legislation that could potentially attract bipartisan support in a legislature. In the state, the GOP has a 52-48 majority in the House of Delegates while Democrats have a 21-19 edge in the Senate.Read Full StoryMan uses truck to repeatedly block entrance to Mississippi's only abortion clinic as tensions run high after Roe v. Wade rulingA man blocked the entrance to the Jackson Women's Health Organization, Mississippi's only abortion clinic, with his truck on June 25, 2022 after the Supreme Court overturned Roe V. Wade earlier in the week.Kenneth NiemeyerJACKSON, MS — A man used his truck to block the entrance to Mississippi's only abortion clinic on Saturday as tensions continue to run high at the clinic after the Supreme Court overturned Roe V. Wade earlier in the week.The Jackson Women's Health Organization, the only abortion clinic in Mississippi, has vowed to remain open for at least nine more days after the Supreme Court voted 5-4 to overturn Roe V. Wade, a landmark decision that legalized abortion nationally. Mississippi has a trigger law that requires the state attorney general to certify the Supreme Court's decision and allows for the clinic to remain open for 10 days after the certification.Pro-life demonstrators continued to clash with clinic volunteer escorts, who call themselves Pink House Defenders, on Saturday. The clinic, housed in a large pink building, is commonly referred to locally as the Pink House.A man in a white truck blocked the entrance to the clinic at least twice on Saturday.Read Full StoryDemocratic lawmakers urge FTC to investigate Apple and Google over mobile tracking data practices targeting abortion seekersDaniil Dubov/Getty ImagesFour Democratic lawmakers on Friday urged the Federal Trade Commission to investigate Apple and Google's mobile tacking practices regarding abortion seekers. Sens. Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, Ron Wyden of Oregon, and Sara Jacobs of California wrote a letter to FTC Chair Lina Khan — accusing Apple and Google of collecting and selling "Hundreds of millions of mobile phone users' data." The lawmakers argued that for individuals seeking abortion services in states where abortion would be illegal it is essential that their data won't fall into the wrong hands.Read Full StorySens. Susan Collins and Joe Manchin, who voted to confirm justices Kavanaugh and Gorsuch, say they were misled on Roe v. WadeSen. Joe Manchin (D-WV) and Sen. Susan Collins (R-ME).Drew Angerer/Getty ImagesCentrist Senators Susan Collins and Joe Manchin criticized Friday's landmark Supreme Court ruling overturning Roe v. Wade, suggesting they felt misled by Justices Brett Kavanaugh and Neil Gorsuch.Collins, a Maine Republican, and Manchin, a West Virginia Democrat, both voted to confirm Kavanaugh and Gorsuch. Both senators are pro-choice and said that the justices had assured them they believed Roe v Wade was settled law."I trusted Justice Gorsuch and Justice Kavanaugh when they testified under oath that they also believed Roe v. Wade was settled legal precedent. I am alarmed they chose to reject the stability the ruling has provided for two generations of Americans," Manchin said in a statement.Manchin, a self-described centrist, was one of three Democrats to vote to confirm Gorsuch in 2017 and the only Democrat who voted to confirm Kavanaugh in 2018. Kavanaugh's 50-48 confirmation vote was historically close.Manchin said that while he is personally pro-life, he would "support legislation that would codify the rights Roe v. Wade previously protected."Read Full StorySenators Elizabeth Warren and Tina Smith call on Biden to 'declare a public health emergency' now that Roe v Wade 'is gone'Sen. Elizabeth Warren, D-Mass., right, and Sen. Tina Smith, D-Minn.Photo By Tom Williams/CQ Roll Call)US Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota are calling on President Joe Biden to  "declare a public health emergency," following the Supreme Court's decision to overturn Roe v. Wade.In an op-ed for the New York Times on Saturday, the Democratic senators said that "with the release of the Dobbs decision," the US is facing " a perilous time that threatens millions of women across this nation.""We urge the president to declare a public health emergency to protect abortion access for all Americans, unlocking critical resources and authority that states and the federal government can use to meet the surge in demand for reproductive health services. The danger is real, and Democrats must meet it with the urgency it deserves," Warren and Smith wrote. The senators blamed the reversal of Roe v. Wade on "right-wing politicians and their allies" who they said "have spent decades scheming."Read Full StorySearches for how to move to Canada from the US spike by over 850% after Roe v. Wade rulingMary Meisenzahl/InsiderSearches for how to move to Canada spiked over 850% on Google after the Supreme Court ruled to overturn Roe v Wade, Axios reported. Citing Simon Rogers' Google Trends newsletter, Axios reported that searches for  "How to become a Canadian citizen" also rose by 550% as of Friday evening.In a 5-4 majority opinion, the Supreme Court on Friday overturned the 50-year-old landmark ruling that legalized abortion nationwide.Read Full StoryA pickup truck driver in Iowa ploughed into pro-choice protesters opposing the overturning of Roe v. Wade abortion rightsProtesters approach a pickup truck that attempted to run over abortion-rights protesters in Cedar Rapids, Iowa.Isacc Davis via ReutersA truck drove into a group of pro-choice protesters in Cedar Rapids, Iowa, on Friday, leading to at least one woman being hospitalized. The group of mostly women protesters was demonstrating against the landmark Supreme Court ruling overturning Roe v. Wade when an unidentified man driving a black Ford truck drove into them.In videos of the incident, protesters can be seen trying to stand in the car's way and shouting at the driver to stop. He accelerates and a protester is knocked to the ground.Read Full StoryBill Gates and George Soros among billionaires denouncing Roe v. Wade decisionBill Gates voiced opposition to the Roe v. Wade decision, while Warren Buffett is reportedly planning a big investment in abortion rights.Spencer Platt/Getty ImagesSome of America's most prominent billionaires have denounced the overturning of Roe v. Wade, as Warren Buffett reportedly sets in motion plans for big donations to reproductive rights.Bill Gates, Melinda French Gates, and George Soros all tweeted their opposition to the Supreme Court decision to roll back abortion rights nationally, overturning a near-50-year precedent. Bill Gates tweeted: "This is a sad day. Reversing Roe v. Wade is an unjust and unacceptable setback. And it puts women's lives at risk, especially the most disadvantaged."Read Full StoryMeta bans staff from open discussion of Roe v. Wade decision and is deleting internal messages that mention abortion: reportMeta has disallowed employees to discuss abortion on internal messaging system.Joan Cros/Getty ImagesMeta has warned employees not to discuss the Supreme Court's decision to overturn Roe v. Wade on its internal system and deleting messages that do so, The New York Times reported.Managers cited a policy that put "strong guardrails around social, political and sensitive conversations" in the workplace, according to company insiders, the newspaper reported. Read Full StoryVatican praises US Supreme Court for overturning Roe v. Wade, says it 'challenges the whole world'Pope Francis gestures, during his weekly general audience in the Paul VI Hall, at the Vatican, Wednesday, March 23, 2022.Alessandra Tarantino/Associated PressThe Vatican's Pontifical Academy for Life has praised the US Supreme Court's decision to overturn Roe v Wade which protected abortion rights for women. They also called that legislation ensures that those giving birth are given the support needed to keep and care for their children. In a statement released on Twitter, the Catholic organization said "The fact that a large country with a long democratic tradition has changed its position on this issue also challenges the whole world."Read Full Story The Arizona State Senate had to be evacuated after tear gas police deployed on protesters spread into the buildingArizona State Capitol Building at sunrise, features Winged Victory statue and was modeled after Greek statue Nike of Samothrace.Joe Sohm/Visions of America/Universal Images GroupThe Arizona State Senate Building in Phoenix was evacuated on Friday after police deployed tear gas at demonstrators.A video posted on social media by Republican State Senator Michelle Ugenti-Rita shows dozens of people protesting outside the government building in response to the Supreme Court's decision to overturn Roe v. Wade. Read Full StoryObergefell, the plaintiff in the SCOTUS same-sex marriage ruling, said it's 'quite telling' Clarence Thomas omitted the case that legalized interracial marriage after saying the courts should go after other right to privacy casesAssociate Supreme Court Justice Clarence Thomas and his wife and conservative activist Virginia Thomas arrive at the Heritage Foundation on October 21, 2021.Drew Angerer/Getty ImageJim Obergefell, the plaintiff behind the Supreme Court's landmark ruling on same-sex marriage, said Friday that Justice Clarence Thomas omitted Loving v. Virginia on his list of  Supreme Court decisions to "reconsider" because it "affects him personally." "That affects him personally, but he doesn't care about the LGBTQ+ community," Obergefell said on MSNBC's "The Reid Out."Read Full StoryStanding among protestors after the fall of Roe vs. Wade, AOC calls on Biden to create abortion clinics on federal landRep. Alexandria Ocasio-Cortez (D-NY) speaks to abortion-rights activists in front of the U.S. Supreme Court after the Court announced a ruling in the Dobbs v Jackson Women's Health Organization case on June 24, 2022 in Washington, DC.Nathan Howard/Getty ImagesRep. Alexandria Ocasio-Cortez on Friday called on President Biden to create abortion clinics on federal land, following the landmark Supreme Court ruling which overturned Roe v. Wade and removed federal abortion protections. Speaking to a crowd of protestors gathered in New York's Union Square, Rep. Ocasio-Cortez encouraged people to "be relentless to restore and guarantee all of our rights." She detailed her own experience after sexual assault in her 20s, when she was grateful that abortion would have been an option for her if she needed it, and pushed for federal action to preserve access to reproductive healthcare.  Read Full StoryThe states passing strict abortion bans have some of the highest maternal and infant mortality rates in the countryPRODUCTION - 17 April 2021, Berlin: A midwife listens to the heart tones of an unborn child with an ultrasound device. The woman is in her 2nd trimester of pregnancy and is lying on a bed in the midwife's office. 5.5.2021 is International Midwifery Day, which is intended to draw attention to the importance of the profession.Annette Riedl/picture alliance via Getty ImagesWith Friday's Supreme court ruling overturning Roe v. Wade – the landmark case guaranteeing a right to abortion – 13 states with automatic trigger laws enacted total or near-total bans on abortions. The surge of new abortion bans and clinic closures has highlighted the recent rise in America's maternal mortality rates that are disproportionately affecting women of color and have placed the US first in maternal deaths among all developed nations.Read Full StoryPro-choice advocates come out in force vowing to continue the fight after the Supreme Court strikes down Roe v. WadeA massive crowd gathered in New York's Washington Square Park, hours after the Supreme Court struck down Roe v. Wade.Anna Watts for InsiderHours after the Supreme Court announced it had struck down the landmark Roe v. Wade decision, throngs of pro-choice Americans took to the streets vowing to continue the fight. In New York's Washington Square Park, a somber and angry crowd began assembling at 5 p.m. ET. They held handwritten signs with words like "Betrayed" or "My corpse has more rights." Some were smeared with red paint.Read Full StoryWhich Supreme Court justices voted to overturn Roe v. Wade? Here's where all 9 judges standReproductive rights activists hold cut out photos of the Supreme Court justices as oral arguments in Dobbs v. Jackson Womens Health Organization case are held on Wednesday, December 1, 2021.Bill Clark/CQ-Roll Call, Inc via Getty ImagesThe Supreme Court on Friday overturned Roe v. Wade in a 5-4 majority opinion that guts federal abortion rights protections previously upheld by the nearly 50-year-old landmark ruling.The conservative majority voted to uphold the Mississippi law at the heart of the case which seeks to ban abortion after 15 weeks of pregnancy, a contradiction to the standard set by Roe, which allowed abortions until about 24 weeks of pregnancy, at which point a fetus could feasibly survive outside the womb. Six justices ruled in favor of upholding Mississippi's 15-week ban, but it was the majority opinion of five judges that ultimately led to the total overhaul of Roe v. Wade. Read the full story to find out how each justice voted. READ FULL STORYThis map shows where abortion is illegal, protected, or under threat across all 50 US statesPro-life and abortion-rights advocates crowd the Supreme Court building after Roe v. Wade was overturned Friday morning.Brandon Bell/Getty ImagesOn Friday, the Supreme Court overturned Roe v. Wade, the near 50-year-old court ruling that legalized abortion across all 50 US states.Some states have been preparing for years for the possibility that Roe could be overturned.A handful of states had trigger laws designed to immediately ban abortions within their borders once the decision was reversed. Some "sanctuary states," like New York, put in place legal framework that would protect abortion, even if Roe were overturned. In other areas of the country, it isn't totally clear what happens next — abortion isn't legally protected, but it's also not expressly forbidden.Read Full StoryThe Supreme Court just overturned Roe v. Wade, but the vast majority of Americans don't even know who the court's justices areSeated from left: Samuel Alito, Clarence Thomas, John Roberts, Stephen Breyer and Sonia Sotomayor, Standing from left: Brett Kavanaugh, Elena Kagan, Neil Gorsuch and Amy Coney Barrett.Erin Schaff-Pool/Getty ImagesThe Supreme Court on Friday overturned Roe v. Wade, the nearly 50-year-old landmark ruling that protected abortion rights nationwide.But recent polling suggests that the vast majority of American voters don't even know who these influential justices are, highlighting an apparent disconnect between the nation's top court and the very people affected by its rulings.Ahead of Judge Ketanji Brown Jackson's Senate confirmation earlier this year, C-SPAN and Pierrepont Consulting & Analytics surveyed more than 1,000 likely voters to gauge the public's interest in and awareness of the Supreme Court's work and relevance. While 84% of voters said the Supreme Court's decisions affect their everyday life, far fewer respondents could provide basic details about the court's history or inner workings.Keep ReadingWisconsin patients who were scheduled to receive abortions were turned away in the waiting room after Roe v. Wade was overturnedA volunteer escort outside Affiliated Medical Services, a Milwaukee abortion clinic, on Wednesday, May 28, 2014, in Milwaukee.AP Photo/Dinesh Ramde FileIn Wisconsin, Planned Parenthood clinics had been scheduling patients through Saturday, June 25, but had stopped scheduling for next week in anticipation of the Supreme Court ruling that would overturn Roe v. Wade, which was leaked in May.When the news broke Friday morning that the court had rendered its opinion, Tanya Atkinson, president of Planned Parenthood of Wisconsin, said her clinics had patients waiting to receive services."Our team had to go out into the lobby and let those individuals know that they would not be able to access the healthcare that they needed," Atkinson told the local PBS station.Keep ReadingProtestors planning to protest on Justice Clarence Thomas' streetProtestors are planning to head over to Justice Clarence Thomas' house on Friday night after the Supreme Court overturned Roe v. Wade."Enraged? Devastated? Pissed the fuck off? So are we," Our Rights DC tweeted on Friday afternoon."Meet us at 5711 Burke Centre Pkwy. 6:30 PM we meet, 7 PM we carpool to the Thomas's street. WEAR A MASK," the human rights organization added. Read Full StoryThe sports world is speaking out against Friday's Supreme Court rulingPro-choice activists protest in response to the leaked Supreme Court draft decision to overturn Roe v. Wade in front of the US Supreme Court May 3, 2022 in Washington, DC.Alex Wong/Getty ImagesSome of the biggest names in sports — from tennis to basketball — are speaking out after the Supreme Court ruled to overturn Roe v. Wade on Friday.The Minnesota Lynx's Natalie Achonwa wrote on Twitter that she's "feeling sick & heartbroken" after hearing about the decision. Tennis legend and feminist icon Billie Jean King said on Twitter that it's a "sad day" in the US. The WNBA's Seattle Storm tweeted that they are "furious and ready to fight."Orlando Magic point guard Devin Cannady tweeted that the "country needs to be better," adding in a follow-up note that the ruling is "a POWER grab over WOMEN."Read Full StoryThese organizations are asking for donations after Roe v. Wade was overturnedIn the wake of the Supreme Court's decision to overturn Roe v. Wade, organizations fighting for abortion rights are calling on supporters to donate.Click the link below for some organizations that are asking for help to either fight the ruling or provide access to abortion for women in states where it will be banned. Read Full StoryAttorney General says states can't ban abortion pills that are approved by FDAUS Attorney General Merrick Garland said states can't ban abortion medication mifepristone "based on disagreement" with the US Food and Drug Administration.Garland said on Friday that the FDA already ruled on the pill's "safety and efficacy," so the decision can't be overturned by states that want to restrict abortion access."Women who reside in states that have banned access to comprehensive reproductive care must remain free to seek that care in states where it is legal," Garland said, after the Supreme Court overturned Roe v. Wade earlier.He continued: "Moreover, under fundamental First Amendment principles, individuals must remain free to inform and counsel each other about the reproductive care that is available in other states."Read Full Story House Democrats sang 'God Bless America' on Capitol steps as crowds protested at Supreme CourtHouse Speaker Nancy Pelosi leads a rally celebrating the passage of gun safety legislation as protesters swarm the court just yards away on June 24, 2022.Chip Somodevilla/Getty ImagesHouse Democrats gathered outside the Capitol on Friday to celebrate passing new gun safety legislation, and cheerfully sang "God Bless America."Across the street, however, protesters swarmed the Supreme Court after the decision to overturn Roe v. Wade. Read Full StoryVideos show police in riot gear head to Supreme Court after decisionCapitol Police in riot gear could be seen marching towards the Supreme Court earlier on Friday after Roe v. Wade was overturned. A video shared to Twitter by CNN correspondent Manu Raju showed dozens of officers march from the Capitol building and to the Court.Law enforcement also closed streets around the high court, where peaceful protesters gathered by the hundreds after the decision. —Manu Raju (@mkraju) June 24, 2022 Read Full StoryMassive protests erupt outside Supreme Court after Roe v. Wade rulingProtesters outside of Supreme CourtCamila DeChalusHundreds of people gathered outside the Supreme Court on Friday to protest the ruling that overturns Roe v. Wade. Abortion-rights advocates waived green and black signs and shouted "my body, my choice."Across from the abortion-rights protesters, a group of abortion opponents wore red shirts with white letters that read: "The pro-life generation votes."Read Full StoryThe 13 states with abortion-ban 'trigger laws' are not prepared to enforce themThirteen states with abortion "trigger laws" — where the practice could become illegal — are not prepared for how to go about implementing a ban.An Insider investigation over the last few months found that, through over 100 records requests and reaching out to nearly 80 state and local officials, just one agency could detail any sort of plan. This story is part of an investigative series from Insider examining the demise of abortion rights in so-called "trigger law" states. It was originally published on May 7, 48 days before the Supreme Court ruled in Dobbs v. Jackson Women's Health Organization that abortion is no longer a constitutionally protected right. Read all the stories from "The First 13" here.Read Full StoryStates where abortion access will be on the ballot in 2022Abortion-rights supporters chant their objections at the Kentucky Capitol on Wednesday, April 13, 2022, in Frankfort, Ky., Kentucky is one of at least four states with abortion-related ballot measures in 2022.AP Photo/Bruce Schreiner, FileAbortion policy will be on the ballot in at least four states during the upcoming 2022 midterm elections — the highest number of abortion-related ballot measures to appear in a year since 1986. Kansas and Kentucky will vote on constitutional amendments to establish no right to an abortion, while Montana will vote on a "born-alive" amendment that would extend personhood to infants "born alive" at any stage.On the other side, voters in Vermont will decide on an amendment that will enshrine the right to an abortion in the state's constitution.Read Full StoryBiden says Americans can have 'the final word' after the Supreme Court overturns Roe v. WadePresident Joe BidenStefani Reynolds/AFP/Getty ImagesPresident Joe Biden said Friday was a "sad day" for the nation after the Supreme Court overturned Roe v. Wade, and vowed his administration would do everything it can to protect women."With this decision, the conservative majority of the Supreme Court shows how extreme it is, how far removed they are from the majority of the country," Biden said during an address to the nation. He continued: "But this decision must not be the final word," urging Americans to vote.Read Full StoryGetting an abortion is going to get a lot more expensive for many AmericansParticipants hold signs during the Women's March at the US Supreme Court.Leigh Vogel/Getty Images for Women's March IncExperts told Insider that the cost of getting an abortion is all but guaranteed to rise after the Supreme Court on Friday overturned Roe v. Wade. Many who live in states where abortion will become mostly, or entirely, illegal will have to face travel costs if they want a procedure in a different state where it is legal. Wage loss for taking time off to get a procedure is another issue. "You might be salaried and I might be salaried, and you can take time off," said Anna Rupani, executive director of Fund Texas Choice (FTC), a nonprofit organization that pays for low-income Texans' associated abortion costs. "A lot of our clients are living paycheck to paycheck, they're not in salaried positions… they're experiencing wage loss."Read Full StoryPelosi warns 'Republicans are plotting a nationwide abortion ban'House Speaker Nancy Pelosi warned that congressional Republicans want to pass a federal abortion ban into law after the Supreme Court overturned Roe v. Wade.Be aware of this: the Republicans are plotting a nationwide abortion ban," Pelosi said during her weekly press briefing. "They cannot be allowed to have a majority in the Congress to do that. But that's their goal."She continued: "What this means to women is such an insult. It's a slap in the face to women about using their own judgment to make decisions about their reproductive freedom."Read Full StoryTrump reportedly believes overturning Roe v. Wade is 'bad for Republicans'Trump stands with now-Justice Amy Coney Barrett at the White House after she was sworn in on October 26, 2020.Brendan Smialowski / AFP via Getty ImagesFormer President Donald Trump praised the Supreme Court for overturning Roe v. Wade on Friday."This is following the Constitution, and giving rights back when they should have been given long ago," he told Fox News.Privately, Trump has said that overturning Roe would be "bad for Republicans," according to The New York Times' Maggie Haberman and Michael C. Bender.Read Full StoryLead plaintiff in case that made same-sex marriage legal slams Justice Thomas' call for case to be reconsideredThe lead plaintiff in the case that made same-sex marriage legal slammed Justice Clarence Thomas' call for the case to be reconsidered.Thomas said the Supreme Court should reconsider rulings that protect same-sex marriage, in the wake of Friday's decision to overturn nationwide access to abortions."The millions of loving couples who have the right to marriage equality to form their own families do not need Clarence Thomas imposing his individual twisted morality upon them. If you want to see an error in judgment, Clarence Thomas, look in the mirror," Jim Obergefell said in a statement obtained by HuffPost.Read Full StoryMichelle Obama said she is 'heartbroken' after the Supreme Court's decisionFormer first lady Michelle ObamaJae C. Hong/Associated PressFormer First Lady Michelle Obama said she is "heartbroken" after the Supreme Court overturned Roe v. Wade on Friday.She said before Roe was established, women "risked their lives getting illegal abortions.""That is what our mothers and grandmothers and great-grandmothers lived through, and now here we are again," Obama wrote in her statement. "So yes, I am heartbroken — for the teenage girl full of zest and promise, who won't be able to finish school or live the life she wants because her state controls her reproductive decisions," she added.Read Full StoryAG Merrick Garland said the Supreme Court dealt 'a devastating blow' to abortion rightsAttorney General Merrick Garland said the Supreme Court dealt a "devastating blow to reproductive freedom in the United States" by eliminating the constitutional right to an abortion.Garland said in a statement that the Justice Department disagreed with the decision and predicted that it "will have an immediate and irreversible impact on the lives of people across the country.""And it will be greatly disproportionate in its effect – with the greatest burdens felt by people of color and those of limited financial means," he added.Read Full StorySenate announces hearing 'to explore the grim reality of a post-Roe America'The chairman of the Senate Judiciary Committee announced a hearing to explore the "grim reality" of life in the US in the aftermath of Friday's Supreme Court ruling."Today's decision eliminates a federally protected constitutional right that has been the law for nearly half a century," said Democratic Sen. Dick Durbin in a statement.He continued: "As a result, millions of Americans are waking up in a country where they have fewer rights than their parents and grandparents."The hearing is set for July 12, a day after the Senate returns from a two-week July 4 recess.Read Full StoryBiden to deliver remarks on Supreme Court's decision to overturn Roe v. WadePresident Joe Biden will deliver remarks at 12:30 p.m. local time on Friday about the Supreme Court's decision to overturn Roe v. Wade. The White House told reporters that he plans to speak about "the Supreme Court decision on Dobbs v. Jackson Women's Health Organization to overturn Roe v. Wade."Read Full StoryVarious politicians react to Friday's Supreme Court decision to overturn RoeCurrent and former politicians from both sides of the aisle are reacting to the Supreme Court's decision to overturn Roe v. Wade.Sen. Lindsey Graham said the decision is "a long overdue constitutional correction allowing for elected officials in the states to decide issues of life." Roe was "constitutionally unsound from its inception," he said. Senate Majority Leader Chuck Schumer called Friday "one of the darkest days our country has ever seen." "Millions upon millions of American women are having their rights taken from them by five unelected Justices on the extremist MAGA court," he said in a statement shared with Insider.  Read Full StoryNancy Pelosi and other Democrats are using the Supreme Court decision as a fundraising opportunity for the 2022 midtermsUS Speaker of the House Nancy Pelosi speaks in front of the steps to the House of Representatives with congressional members to speak on the Roe v. Wade issue May 13, 2022 in Washington, DC.Win McNamee/Getty ImagesHouse Speaker Nancy Pelosi and fellow Democrats are using the Supreme Court's decision to overturn Roe v. Wade as a fundraising opportunity ahead of the fall midterms. "Can you chip in $15 so we can WIN these midterms and finally codify reproductive rights into law?" Pelosi wrote supporters."Our ONLY option is to marshal a response so historic — 100,000 gifts before midnight — that we DEFEAT every anti-choice Republican that made this happen, EXPAND our Majorities, and FINALLY codify our reproductive rights into law. So, can I expect to see your name on my "Pro-Choice Champion" list tomorrow morning?"Read Full StoryPlanned Parenthood president slams Supreme Court decisionAlexis McGill Johnson, president of Planned Parenthood, addresses abortion-rights supporters at the "Bans Off Our Bodies Abortion Rally" at Los Angeles City Hall, Saturday, May 14, 2022.AP Photo/Damian DovarganesPlanned Parenthood Action Fund President Alexis McGill Johnson said the Supreme Court gave politicians "permission to control what we do with our bodies" after the Friday decision to overturn Roe v. Wade. "Due to centuries of racism and systemic discrimination, we already know who will feel the consequences of this horrific decision most acutely: Black, Latino and Indigenous communities, people with disabilities, those living in rural areas, young people, immigrants and those having difficulties making ends meet," she said. "All of our freedoms are on the line," she added. Read Full StoryDC police are fully activated in response to protests from the Supreme Court decisionPro-choice signs hang on a police barricade at the U.S. Supreme Court Building in Washington, DC, on May 3, 2022.Anna Moneymaker/Getty ImagesThe Washington, D.C. Police Department has been fully activated after protests broke out over the Supreme Court's decision to overturn Roe v. Wade. The Metropolitan Police Department said in an alert that it would "be fully activated to support expected First Amendment demonstrations," and added that "all members should be prepared to work extended tours as necessary" through Tuesday, June 28. A heavy police presence could be seen outside the Supreme Court Friday morning.Read Full StoryBarack Obama says overturning Roe v. Wade is an attack on 'essential freedoms of millions of Americans'Former president Barack Obama slammed the Supreme Court's decision to overturn Roe v. Wade, and urged people to vote and "join with the activists who've been sounding the alarm on abortion access for years.""Today, the Supreme Court not only reversed nearly 50 years of precedent, it relegated the most intensely personal decision someone can make to the whims of politicians and ideologues — attacking the essential freedoms of millions of Americans," he wrote on Twitter. He continued: "Join with the activists who've been sounding the alarm on abortion access for years — and act. Stand with them at a local protest. Volunteer with one of their organizations. Knock on doors for a candidate you believe in. Vote on or before November 8 and in every other election. Because in the end, if we want judges who will protect all, and not just some, of our rights, then we've got to elect officials committed to doing the same."Read Full StoryStoking fears of violence, Marjorie Taylor Greene credits Trump for the end of RoeFar-right Rep. Marjorie Taylor Greene praised former President Donald Trump and demonized Democrats in her live reaction to the Supreme Court overturning Roe v. Wade."Thank you President Trump," Greene said to a pro-Trump YouTube channel. "God bless you. This got overturned today because of your great work as president, and we want him back.""I do fear for the safety of people here in D.C.," she said, speculating without citing any evidence that Democrats will riot. Read Full StoryHillary Clinton says decision to overturn Roe will 'live in infamy' and is a 'step backward' for women's rightsExecutive Producer Hillary Rodham Clinton speaks on stage during "Below The Belt" New York Premiere at Museum of Modern Art on May 24, 2022 in New York City.Cindy Ord/Getty ImagesHillary Clinton said Friday's Supreme Court ruling is a "step backward" for women's rights."Most Americans believe the decision to have a child is one of the most sacred decisions there is, and that such decisions should remain between patients and their doctors," she tweeted after the decision. She continued: "Today's Supreme Court opinion will live in infamy as a step backward for women's rights and human rights."Read Full StoryFriday's decision could undo much of women's economic progress since the 1970sAbortion rights advocates and anti-abortion protesters demonstrate in front of the U.S. Supreme Court, Wednesday, Dec. 1, 2021, in Washington, as the court hears arguments in a case from Mississippi, where a 2018 law would ban abortions after 15 weeks of pregnancy, well before viability.(AP Photo/Andrew Harnik)Friday's decision to overturn Roe v. Wade will have enormous consequences for women's economic progress.Experts told Insider before the ruling that research points to the fact that abortion legalization has greatly contributed to women's progress in many ways, like reducing rates of teen motherhood and maternal mortality, increasing rates of workforce participation, earnings, and educational attainment."This is going to create just a perfect storm of concentrated human misery," said Kimberly Kelly, a sociology professor focused on abortion politics at a Mississippi college, before Friday's decision, adding that overturning Roe means "abortion is going to become a function of class privilege."Read Full StorySupreme Court's liberal justices warn more rights are at stake with the end of Roe v. WadeThe Supreme Court's three liberal justices warned in a dissent that other rights could be on the line after Friday's decision to overturn Roe v. Wade. "Whatever the exact scope of the coming laws, one result of today's decision is certain: the curtailment of women's rights, and of their status as free and equal citizens," read the dissenting opinion authored by Justices Stephen Breyer, Sonia Sotomayor, and Elena Kagan."No one should be confident that this majority is done with its work," they wrote. "The right Roe and Casey recognized does not stand alone."Read Full StoryChief Justice John Roberts says Supreme Court went too far in taking 'the dramatic step' of overturning Roe v. WadeChief Justice John Roberts.Drew Angerer/Getty ImagesChief Justice John Roberts said he felt the Supreme Court's five other conservatives went too far in their decision to overturn Roe v. Wade."The Court's decision to overrule Roe and Casey is a serious jolt to the legal system — regardless of how you view those cases," Roberts wrote in his concurring opinion that was released on Friday along with the majority opinion.He continued: "A narrower decision rejecting the misguided viability line would be markedly less unsettling, and nothing more is needed to decide this case."Read Full StoryPence says the overturning of Roe v. Wade has 'righted a historic wrong'Former Vice President Mike Pence said the Supreme Court "righted a historic wrong" when it undid nearly 50 years of abortion rights nationwide on Friday."Now that Roe v. Wade has been consigned to the ash heap of history, a new arena in the cause of life has emerged and it is incumbent on all who cherish the sanctity of life to resolve that we will take the defense of the unborn and support for women in crisis pregnancies to every state Capitol in America," Pence said in the statement, in one of the first reactions from a politician. Read Full StoryJustice Thomas says Supreme Court should reconsider rulings that protect contraception and same-sex marriageJustice Clarence ThomasDrew Angerer/Getty ImagesJustice Clarence Thomas said the Supreme Court should reconsider rulings that protect contraception, same-sex relationships, and same-sex marriage, in a concurring opinion with the ruling to overturn the precedent set in Roe v. Wade."For that reason, in future cases, we should reconsider all of this Court's substantive due process precedents, including Griswold, Lawrence, and Obergefell," the conservative justice wrote. Read Full StorySupreme Court overturns 1973 landmark Roe v. Wade rulingThe Supreme Court has overturned the 1973 landmark Roe v. Wade ruling that established the constitutional right to an abortion.The opinion in the case Dobbs v. Jackson Women's Health Organization threw out the decades-old ruling by siding with Mississippi and other states that had passed restrictive anti-abortion laws."The Constitution does not confer a right to abortion; Roe and Casey are overruled; and the authority to regulate abortion is returned to the people and their elected representatives," the Friday ruling said. The ruling now leaves the legality of abortion up to state legislatures. Over a dozen states have "trigger laws" meant to ban abortion immediately upon the overturning of Roe.A leaked draft majority opinion obtained by Politico last month seemed to show the court was set to overturn Roe — immediately galvanizing nationwide protests along with condemnation by Democratic lawmakers.Read Full StoryRead the original article on Business Insider.....»»

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers on the House January 6 committee.Kent Nishimura / Los Angeles Times via Getty Images The House committee investigating the Capitol riot is holding its next hearing at 1 p.m. ET Thursday. Two people who worked with Vice President Mike Pence are scheduled to testify. One is expected to say that America's democracy was "almost stolen," CBS News reported. The next January 6 committee hearing is due on Thursday, with Pence advisors set to testifyFormer Vice President Mike Pence.Meg Kinnard/APThe next hearing by the January 6 committee is due to take place on Thursday at 1 p.m. ET.Two advisors to Mike Pence, who was former President Donald Trump's vice president, are due to testify.The aides are Greg Jacob, Pence's former counsel, and J. Michael Luttig, a retired judge for the US Court of Appeals for the Fourth Circuit who served as an informal advisor to Pence.Two people familiar with Luttig's testimony told CBS News that he is expected to say tht America's democracy was "almost stolen" and that conservatives should recognize the seriousness of what Trump did on January 6.He will also say that he urged Pence to ignore Trump's pressure on the vice president to block Joe Biden's certification as president, CBS News reported.Trump had piled pressure on Pence not to recognize Biden's victory in the days running up to January 6, 2021, and some of the rioters at the Capitol had chanted "hang Mike Pence." Pence's role in the certification process was largely ceremonial.All the times GOP Rep. Loudermilk shifted his story about the Capitol tour he led a day before Jan. 6 attackVideo released by the January 6 committee shows Republican Rep. Barry Loudermilk of Georgia leading a tour through the Capitol complex on January 5, 2021.Screenshot / January 6 CommitteeThe explanation given by Republican Rep. Barry Loudermilk about a tour that he led a day before the January 6 Capitol riot has changed several times.The committee investigating the attack said Wednesday at least one person on the tour later attended Trump's January 6 rally and march toward the Capitol. Other tour members appear to have taken photos of stairwells and a security station in the Capitol complex. There is currently no evidence that suggests any of the tour participants rioted inside the Capitol. There is also no evidence that suggests that Loudermilk knew any of the people on the tour wanted to commit violence or deface the Capitol.The January 6 committee released footage of the tour on Wednesday, saying it included areas that tourists don't typically pay much attention to, like stairwells and hallways.Capitol police said there was nothing "suspicious" about the tour, but Loudermilk's explanation of it has evolved.Read Full StoryGinni Thomas emailed Trump lawyer John Eastman ahead of January 6, report saysGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, arrives to watch Judge Amy Coney Barrett take the constitutional oath on the South Lawn of the White House on October 26, 2020.AP Photo/Patrick SemanskyGinni Thomas, wife of Supreme Court Justice Clarence Thomas, exchanged emails with John Eastman, a Trump lawyer who drafted a memo detailing a plan for overturning the 2020 election, The Washington Post reported Wednesday.Sources close to the House select committee investigating the January 6 insurrection told the Post that the correspondence, which was obtained by the committee, showed Ginni Thomas went to greater lengths than previously known to overturn the election.A spokesman for Rep. Bennie Thompson, co-chair of the committee, did not immediately respond to a request for comment.Other reports have emerged of efforts by Ginni Thomas, a right-wing activist, to overturn the election. The Post previously reported she had emailed 29 GOP lawmakers in Arizona urging them to ignore Biden's win in the state and choose pro-Trump electors.Read Full StoryPolice say tour of Capitol complex given by GOP lawmaker on eve of the January 6 attack was not suspiciousRep. Barry Loudermilk.Bill Clark/CQ-Roll Call, Inc via Getty ImagesThe Capitol Police chief confirmed in a letter on Monday that GOP Rep. Barry Loudermilk of Georgia had given 15 people a tour of the Capitol complex on the eve of the January 6 attack, adding that it was not suspicious.Chief J. Thomas Manger also said that the group didn't enter the Capitol building in his letter to Rep. Rodney Davis of Illinois, the ranking Republican member of the House Administration committee."We train our officers on being alert for people conducting surveillance or reconnaissance, and we do not consider any of the activities we observed as suspicious," Manger wrote.Citing security footage, Manger said that Loudermilk had led a group of 12 people, which later grew to 15, through the Rayburn, Cannon, and Longworth buildings, but the group never appeared at "any tunnels that would have led them to the US Capitol."Read Full StoryHeiress to Publix grocery chain sponsored Kimberly Guilfoyle's $60,000 speech on Jan. 6 that lasted 2 minutes, report saysKimberly Guilfoyle gives an address to the Republican National Convention on August 24, 2020 in Washington, DC.Chip Somodevilla/Getty ImagesThe daughter of the Publix grocery chain's founder sponsored the January 6, 2021, speech given by Kimberly Guilfoyle, which lasted two-and-a-half minutes and cost $60,000, The Washington Post reported.Guilfoyle, a former Fox News host who went on to work for former President Donald Trump and is now Donald Trump Jr.'s fiancée, was given $60,000 for the speech by the conservative nonprofit Turning Point Action, The Post reported, citing two sources with knowledge of the matter.The sponsoring donor for that payment was Julie Fancelli, the daughter of Publix founder George Jenkins, The Post reported.Guilfoyle's speech was at a Trump rally in Washington, DC, which preceded the Capitol riot.Read Full StoryMike Lindell says he offered to publicly testify before the January 6 committee but they didn't want to talk to himMike Lindell, political activist and CEO of MyPillow, attends a rally hosted by former President Donald Trump at the Delaware County Fairgrounds on April 23, 2022 in Delaware, Ohio.Drew Angerer/Getty ImagesMyPillow CEO Mike Lindell says that he tried to get a spot to testify before the January 6 committee and show them his "evidence" to prove former President Donald Trump's baseless claims of voter fraud, but they did not want to talk to him. Lindell made this statement during an appearance on Steve Bannon's podcast, "War Room: Pandemic."Bannon asked Lindell if the committee had reached out to him to go through "all the voluminous material" he has about the 2020 election. "No, they haven't. And it's really — that's sad, too, because I've offered. I'd love to come to your committee as long as you nationally televise it, Ms. Pelosi," Lindell replied, referring to House Speaker Nancy Pelosi.Read Full StorySen. Raphael Warnock says that January 6 Capitol attack shows that 'our democracy is in peril'Democratic Sen. Raphael Warnock of Georgia speaks to members of the press after a Senate Democratic Caucus meeting on January 18, 2022 in Washington, DC.Alex Wong/Getty ImagesSen. Raphael Warnock, a Democrat in Georgia, told NPR that democracy in the US is at risk.Warnock, who is running for reelection against Republican Herchel Walker, serves as Georgia's first Black senator since his election in 2021. He is also a pastor at Ebenezer Baptist Church in Atlanta, the church where Martin Luther King Jr. attended."Democracy is hard work. Democracy is not a noun, it's a verb. And over the course of time, our democracy expands. It gets a little closer towards those ideals. There are moments when it contracts, but even contractions open the possibility for new birth and new hope," Warnock said to NPR's Mary Louise Kelly.Warnock said that the January 6 Capitol attack, in which hundreds of rioters breached the US Capitol in an effort to overturn the 2020 election, demonstrates the troubled state of democracy.Read Full StoryTrump might have to be prosecuted to save American democracy, an expert on authoritarianism arguesFormer President Donald Trump speaks on May 28, 2022 in Casper, Wyoming.Chet Strange/Getty ImagesRuth Ben-Ghiat spends a lot of time thinking about authoritarianism. An historian at New York University, she is an expert on the rise of fascism in Italy and, most recently, author of the the book, "Strongmen: Mussolini to the Present," tracing the erosion of democracy from Russia to the United States of America.She is keenly focused on what happens when those in power lose their grip on it."The authoritarian playbook has no chapter on failure," Ben-Ghiat wrote in a November 2020 piece for The Washington Post. "Nothing prepares the ruler to see his propaganda ignored and his charismatic hold weaken until his own people turn against him."When, two months later, former President Donald Trump urged his supporters to head over to the US Capitol in a last-ditch effort to overturn the 2020 election, Ben-Ghiat was not altogether surprised. Indeed, she had told people to expect it, arguing: "the rage that will grow in Trump as reality sinks in may make for a rocky transition to Biden's presidency. Americans would do well to be prepared."What stopped a failed insurrection from being a successful coup, she recently told CNN, was — at least in part — one of the lies Trump said on January 6: "I'll be there with you," he told supporters as they prepared to march on Congress.He never showed.In an interview with Insider, Ben-Ghiat expanded on why she thinks January 6 was an "attempted coup," why it did not succeed, and what the future holds.Read Full StoryConservative lawyer John Eastman was told to 'get a great f-ing criminal defense lawyer': House January 6 testimonyJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APConservative lawyer John Eastman previously wrote a memo to former Vice President Mike Pence urging him to overturn the 2020 election results.White House lawyer Eric Herschmann told Eastman to "get a great f-ing criminal defense lawyer" the day after the Capitol attack."You're going to need it," Herschmann recounted to the January 6 House committee.Read Full StoryTrump releases 12-page statement bashing the Jan. 6 investigation, saying it is merely to stop him from running for president againVideo of former President Donald Trump is played during a hearing by the Select Committee in Washington, DC, on June 13, 2022.Chip Somodevilla/Getty ImagesFormer President Donald Trump released a 12-page statement after the committee's second hearing on Monday.He spent nearly nine pages of the statement pushing bogus claims that the 2020 election was rigged against him.He also bashed the panel and claimed it was trying to stop him from running again in 2024. He has repeatedly teased a 2024 run for president.Read Full StoryRudy Giuliani pushes back on testimony that he was drunk on election night 2020, says he was drinking Diet CokeRudy Giuliani.Jacquelyn Martin/APRudy Giuliani responded to claims that he was drunk on election night 2020 in a tweet on Monday night, insisting he "was drinking diet coke all night."The claim about the former New York City mayor's behavior at the White House election night party resurfaced during Monday's January 6 committee hearings.In a taped deposition, former advisor to then-President Donald Trump Jason Miller said: "I think the mayor was definitely intoxicated, but I do not know his level of intoxication when he spoke with the president, for example."After, Giuliani's media office tweeted about his drinking Diet Coke, attributing the claim to an unnamed "fellow guest."Read Full StoryJan. 6 committee members push back on chair Bennie Thompson's claim that they won't ask the DOJ to indict TrumpRep. Bennie Thompson at the Jan. 6 committee's first public hearing on June 9, 2022.Andrew Harnik/APRep. Bennie Thompson, chair of the January 6 committee, said it was not the group's job to refer Trump or anyone else to the Justice Department for charges."No, that's not our job," Thompson said on Monday, according to CNN. "Our job is to look at the facts and circumstances around January 6, what caused it and make recommendations after that."But some committee members disagreed with that approach, showing rare public cracks within the committee."The January 6th Select Committee has not issued a conclusion regarding potential criminal referrals. We will announce a decision on that at an appropriate time," tweeted Rep. Liz Cheney, a Republican serving as the committee's vice chair.And Rep. Adam Schiff, a Democrat, told CNN's Anderson Cooper on Monday that he had not seen Thompson's comment but was not aware a decision on referrals had been made yet.Read Full Story Rudy Giuliani continued to make false claims to the January 6 panel that if they gave him 'the paper ballots,' he could overturn Biden's victoryRudy Giuliani continued to make false claims about election fraud during his testimony to the January 6 panel.Jacquelyn Martin/APTrump-allied lawyer Rudy Giuliani continued to make bizarre false claims about voter fraud in the 2020 election during his testimony to the January 6 panel, claiming he had evidence of a "big truck" of fraudulently-cast Biden votes. Giuliani's testimony to the House panel investigating the Capitol riot was aired on Monday, during the second of the committee's six public hearings on January 6. The former New York mayor doubled down on outlandish and unproven election fraud claims. "They saw a big truck bringing in 100,000 ballots in garbage cans, in wastepaper baskets, in cardboard boxes, and in shopping baskets," Giuliani claimed without substantiation.Read Full StoryFormer AG Bill Barr says Trump was fixated on 'crazy' voter fraud allegations and had no interest 'in what the actual facts were'Former Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said that former President Donald Trump was more fixated on "crazy" allegations of voter fraud than knowing the "actual facts" on the matter.Barr's testimony to the House panel investigating the January 6 Capitol riot was aired on Monday as part of the second of the committee's six public hearings on their investigation.In a videotaped deposition, Barr recounted a meeting with Trump on December 14, 2020. Barr said Trump "went off on a monologue" during the meeting about what he claimed to be "definitive evidence" of election fraud being carried out via the Dominion voting machines.According to Barr, Trump then "held up the report" and claimed it showed "absolute proof that the Dominion machines were rigged." Barr added that Trump then declared that the report meant that he would have a second term.Read Full StoryTrump campaign lawyer says Trump aide Peter Navarro accused him of being 'an agent of the deep state' for questioning baseless Dominion voter fraud conspiracy theoriesFormer Trump aide Peter NavarroAlex Wong/Getty ImagesAlex Cannon, a former Trump campaign lawyer, testified in front of the House Committee on January 6 and said that Trump aide Peter Navarro accused him of being a "deep state" operative because he expressed doubt over Dominion voting machine conspiracy theories. Cannon's testimony was broadcast on Monday as part of the second of six public hearings on the committee's investigation. During his deposition, Cannon said that he had a conversation with Navarro in mid-November, after the 2020 presidential election, about voter fraud allegations.Cannon said he spoke to Navarro specifically regarding the conspiracy theory that Dominion voting machines were used to flip votes from Trump to Biden. This conspiracy has continually been pushed by Trump-allied lawyers Sidney Powell and Rudy Giuliani, as well as MyPillow CEO Mike Lindell. Dominion named all three in a $1.3 billion defamation lawsuit.Read Full StoryTrump campaign chief says the Trump team was split into two halves after election night — 'Team Normal' and 'Team Giuliani'Former Trump campaign chief Bill Stepien (left) says he did not mind being called part of "Team Normal," as opposed to "Team Giuliani".Saul Loeb/AFP via Getty Images; Matias J. Ocner/Miami Herald/Tribune News Service via Getty ImagesFormer Trump campaign chief Bill Stepien says the Trump team was split into two camps after the election – "Team Normal" and "Team Giuliani." The House Select Committee to Investigate January 6 played a clip of Stepien's testimony on Monday during the second of the committee's six public hearings. During his deposition, Stepien was asked if he had pulled back from the Trump camp to preserve his professional reputation. "You didn't want to be associated with some of what you were hearing from the Giuliani team and others that — that sort of stepped in in the wake of your departure?" an unidentified questioner asked Stepien. "I didn't mind being categorized. There were two groups of them. We called them kind of my team and Rudy's team. I — I didn't mind being characterized as being part of Team Normal, as — as reporters, you know, kind of started to do around that point in time," Stepien said.Read Full StoryFired Fox News political editor said television news as entertainment has 'really damaged' Americans' capacity to be 'good citizens'Chris Stirewalt, former Fox News political editor, testifies as the House select committee investigating the Jan. 6 attack on the U.S. Capitol continues to reveal its findings of a year-long investigation, at the Capitol in Washington, Monday, June 13, 2022.AP Photo/Susan WalshFormer Fox News political editor Chris Stirewalt said he was surprised by the internal firestorm that erupted at his former workplace after Fox became the first major news network to call Arizona for President Joe Biden in the 2020 presidential election.Stirewalt, who was fired from Fox in January 2021, testified before the January 6 committee investigating the Capitol riot on Monday, telling lawmakers that former President Donald Trump's chance at victory was virtually zero after most networks called the election for Biden on November 7, 2020.Trump was reportedly enraged that Fox News's decision desk called the swing state of Arizona for Biden before most other outlets did the same, but Stirewalt said he was confident in his team's work. Biden ultimately won the state by about 11,000 votes.But what Stirewalt wasn't expecting was the wave of backlash at Fox News that followed the accurate projection. Stirewalt spoke to NPR's David Folkenflik following his Monday testimony, telling the outlet that people close to Trump were hammering Fox executives and anchors to take back their Arizona call. The ordeal left Stirewalt disillusioned about the state of network news in the US, he told the outlet.READ FULL STORYWhite House lawyer asked John Eastman a day after January 6: 'Are you out of your effing mind'Eric D. Herschmann answers a question from a senator during impeachment proceedings against then-President Donald Trump in January 2020.Senate Television via Getty ImagesTrump White House lawyer Eric Herschmann confronted a conservative lawyer who pushed Trump's election lies, the day after the Capitol riot, according to a taped deposition the January 6 committee released on Monday."I said to him, 'Are you out of your effing mind,'" Herschmann told the committee about his conversation with Eastman. "'I only want to hear two words coming out of your mouth for now on: orderly transition.'"Eastman was closely involved in then-President Donald Trump's efforts to overturn the 2020 election, including a push to get Vice President Mike Pence to either delay or unilaterally overturn a state's results on January 6.Read Full StoryThere's an 'obvious explanation' for Trump's loss in Pennsylvania — and it's not voter fraud, Barr saysFormer Attorney General Bill Barr says then-President Donald Trump did not have a "good idea" about what the roles of the DOJ and the President were.Mandel Ngan/AFP via Getty ImagesFormer Attorney General Bill Barr laid out his frank assessment of former President Donald Trump's election loss in Pennsylvania during Monday's House Select Committee hearing — and it wasn't voter fraud."I think once you actually look at the votes, there's a [sic] obvious explanation," Barr said of Trump's election fraud conspiracy theories. "For example, in Pennsylvania, Trump ran weaker than the Republican ticket generally. He ran weaker than two of the state candidates. He ran weaker than the congressional delegation running for federal Congress."Trump campaign manager says why he quitThen-Trump campaign manager Bill Stepien alongside then-US President Donald Trump on August 28, 2020.Saul Loeb/AFP via Getty ImagesFormer Trump campaign manager Bill Stepien said he quit his high-profile job because he felt what unfolded after the 2020 presidential election night was not "honest or professional."He described a Trump campaign that was becoming increasingly divided because Trump chose to use baseless allegations to claim he hadn't lost the 2020 election.Read Full StoryBarr said dealing with 'bogus' 2020 voting fraud claims was like 'playing Whac-a-Mole'Former Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesBill Barr said that dealing with baseless claims of voter fraud from Donald Trump's team was like "playing Whac-a-Mole," in testimony played Monday by the House select committee.Barr described dealing with an "avalanche" of false voter fraud claims from Trump and allies like Rudy Giuliani and Sidney Powell, who became the campaign's primary peddlers of election fraud claims.Read Full StoryRudy Giuliani was 'apparently inebriated' when advising Trump on election nightRudy Giuliani.Jacquelyn Martin/APTrump rejected his campaign advisors' guidance on election night in 2020 and instead relied on counsel from his former personal attorney, Rudy Giuliani, who was apparently drunk, Rep. Liz Cheney said Monday.Campaign aides were advising Trump that the race was too close to call in key battlegrounds, but Trump took Giuliani's advice and just claimed he'd won in an early morning speech.Read Full StoryRudy Giuliani pushed Trump to prematurely declare victory on election nightFormer New York Mayor Rudy Giuliani looks on as then-President Donald Trump speaks.Joshua Roberts/Getty ImagesFormer New York Rudy Giuliani pushed then-President Donald Trump to prematurely declare victory on election night 2020, a group of former top Trump aides testified.Bill Stepien, Trump's final 2020 campaign manager, testified to the House January 6 committee that he urged Trump to strike a measured tone and not to declare victory while votes were being counted."Ballots were still being counted, ballots were still going to be counted for days, and it was far too early to be making any proclamation like that," Stepien testified in a previous deposition that was partially aired on Monday.But Trump rejected the calls of caution and in the early morning after the election did exactly what some of his aides told him not to do."Frankly, we did win this election," Trump declared at the White House.Read Full StoryFox News' early call for Arizona takes center state at second hearingImages of Fox News personalities appear outside News Corporation headquarters in New York on July 31, 2021.AP Photo/Ted ShaffreyAs the January 6 select committee honed in on Trump's efforts to overturn the 2020 election, Monday's hearing started off with pre-taped depositions of former White House officials on their incensed reaction to Fox News calling Arizona for then-candidate Joe Biden.Fox News had just introduced a new methodology to its decision desk, which its director, Arnon Mishkin, explained to Insider ahead of Election Day. The network called Arizona before other major TV outlets, and ultimately proved correct in its decision.Chris Stirewalt, a former Fox News political editor, described the network's decision desk as "the best in the business" in his testimony.The network's new strategy included surveying upwards of 100,000 Americans ahead of Election Day to see where people were voting by mail or in person, and using that large dataset to make sense of the returns on election night. That allowed Fox to have an assessment of how many remaining votes would be by mail and how those who intended to vote by mail indicated they would vote."We already knew Trump's chances were small and getting smaller based on what we'd seen," Stirewalt said.The second public hearing is due to start Monday morning. Here's who to expect.The former Fox News editor Chris Stirewalt being interviewed on CNN in September 2021.CNNThe second public hearing by the committee is due to start around 10:30 a.m. ET on Monday.Witnesses include the former Fox News political editor Chris Stirewalt and the GOP election lawyer Benjamin Ginsberg.Stirewalt's team correctly called Arizona for Joe Biden in the 2020 election before other networks did so, and subsequently became the target of Trump supporters.He was fired as a Fox News political editor on January 19, 2021, and now works for NewsNation. It is not clear what the committee plans to ask Stirewalt.The committee said in a Monday morning update that Bill Stepien, Trump's former campaign manager, was no longer able to appear due to a family emergency. It said Stepien's lawyer would make a statement on the record instead.Rep. Jamie Raskin declines to share evidence that GOP lawmakers asked Trump for pardons after Capitol riot, says details will come 'in due course'Rep. Jamie Raskin on CNN on Sunday night.YouTube/CNNJanuary 6 committee member Rep. Jamie Raskin dodged questions from CNN for evidence that Republican lawmakers asked then-President Donald Trump for pardons after the Capitol riot.He said the details would emerge later.When asked by CNN's Dana Bash if he had evidence, Raskin responded: "It is multiple members of Congress, as the vice-chair said at our opening hearing, and all in due course the details will surface," Raskin said, referring to Cheney.When asked again if he had evidence, he said: "Everything we're doing is documented by evidence ... Everything that we are doing is based on facts and this is a bipartisan investigation which is determined to ferret out all of the facts of what happened."Read Full Story GOP governor says many Republicans are quietly seeking an 'off-ramp' from Trump's bogus election-fraud claimsArkansas Gov. Asa Hutchinson on June 22, 2021.Tom Williams/CQ-Roll Call, Inc via Getty ImagesArkansas Gov. Asa Hutchinson said that much of the Republican Party is looking for an "off-ramp" from former President Donald Trump's bogus theory that the 2020 election was stolen. Speaking to Fox News host Bret Baier, Hutchinson said Sunday that Trump is "politically and morally responsible" for much of the January 6 riot at the Capitol. He suggested that many Republicans are looking for alternative leadership as Trump continues to falsely insist on the claim that inspired the riot — that there was widespread election fraud. "For him to continue to push that theory, I agree is the wrong direction for the Republican Party," said Hutchinson. "I think there's many Republicans that are looking for an off-ramp, new opportunities … to find leadership in the future."He did not specify whether he meant ordinary GOP voters, or elected officials, mainly of whom have vocally endorsed Trump's claims.Read Full StoryHouse Jan. 6 committee members says panel has uncovered enough 'credible evidence' to ask the DOJ to indict TrumpLawmakers on the House January 6 committee will air the inquiry's findings during a public hearing Thursday.Kent Nishimura / Los Angeles Times via Getty ImagesThe members of the House panel investigating the Capitol riot on Sunday said that the panel has uncovered enough evidence for the Department of Justice to mull a criminal indictment against former President Donald Trump over his efforts to invalidate President Joe Biden's electoral win, according to The Associated Press.Democratic Rep. Adam Schiff of California, who sits on the panel and also leads the House Intelligence Committee, said that he wanted to see the department examine Trump's efforts in seeking to halt the certification of Biden's victory."I would like to see the Justice Department investigate any credible allegation of criminal activity on the part of Donald Trump," he said on ABC News on Sunday. "There are certain actions, parts of these different lines of effort to overturn the election that I don't see evidence the Justice Department is investigating."Read Full StoryHouse Jan. 6 committee to focus on Trump's 'dereliction of duty' during Capitol riot at next public hearing, committee member saysUS President Donald Trump speaks to supporters from The Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe upcoming January 6 committee hearing will focus on a deep dive that former President Donald Trump knew he lost the election but still tried to overturn it and his "dereliction of duty," a committee member said. Democratic Rep. Elaine Lurie told NBC's "Meet the Press" host Chuck Todd that the upcoming hearing will show how Trump tried to pressure local, state and federal officials to overturn the election, after baselessly claiming it was rigged against him. "We've pieced together a very comprehensive tick-tock timeline of what he did," The Virginia lawmaker said.Lurie told Todd that it's more accurate to say that the committee now has a timeline of what Trump was not doing before and during the insurrection than what he was doing. "There is a gap there that we have tried through these witnesses, we've interviewed a thousand witnesses and a lot of people who work directly in the White House for the president, in his immediate vicinity throughout the day," she said."So we've pieced together a very comprehensive tick-tock timeline of what he did."Read Full StoryRepublican Gov. Asa Hutchinson calls out Trump, says the former president is 'politically, morally responsible' for the Capitol riotArkansas Gov. Asa Hutchinson labeled former President Donald Trump as "politically" and "morally responsible" for the Capitol attack.His comments come after the kick-off of the Jan. 6 committee hearings last week, where officials started sharing their findings of the events of that day — where pro-Trump supporters stormed the US Capitol building in an attempt to halt the certification of President Joe Biden. During an appearance on "Fox News Sunday," Hutchinson called the hearings "an important review," however, the GOP governor doesn't think Trump is criminally responsible for the insurrection. "Trump is politically, morally responsible for much of what has happened, but in terms of criminal liability, I think the committee has a long way to go to establish that," Hutchinson said.    A lawyer for Pence told him the day before January 6 that not certifying the election would lead to a loss in court: reportDonald Trump and former US Vice President Mike Pence in the Brady Briefing Room at the White House on April 2, 2020, in Washington, DC.MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty ImagesA lawyer for former Vice President Mike Pence told him the day before the Capitol Riot that following former President Donald Trump's request to certify the election for him would eventually fail in court, according to a memo obtained by Politico. Congress was in the process of certifying the 2020 presidential election on January 6, 2021, when Trump supporters who falsely believed the election had been rigged stormed the US Capitol. Trump had previously asked Pence to certify the election in his favor, but attorney Greg Jacob told Pence in a memo that doing so would break multiple provisions of the Electoral Count Act. According to Politico, in the memo, Jacob said the move could fail in the courts or put America in a political crisis where Pence would find himself "in an isolated standoff against both houses of Congress … with no neutral arbiter available to break the impasse."The attorney will testify publicly in front of the House committee investigating the Capitol riots this week, however, his letter has been known to the committee for months, Politico reported. Read Full StoryGiuliani defends Trump after January 6 committee points to his attempts to overturn the 2020 presidential electionRudy Giuliani, attorney for US President Donald Trump, speaks at the White House in Washington, DC, on July 1, 2020Jim Watson/Getty ImagesRudy Giuliani, former advisor and personal lawyer to Donald Trump, claimed in an episode of his podcast that the former president had "nothing to do with" the Jan. 6 attack on the Capitol. The episode, released Saturday, was a response to the House select committee's televised hearings related to the investigation into the events of Jan. 6, 2021. On Thursday, the committee released findings that indicated the events of the day were an attempted coup intended to keep former president Trump in power. READ FULL STORYLaura Ingraham says the Jan 6 hearings 'bombed' despite reeling in nearly 20 million views compared to Fox's 3 millionPresident Donald Trump gives Laura Ingraham a kiss after inviting her on stage during the Turning Point USA Student Action Summit at the Palm Beach County Convention Center, Saturday, Dec. 21, 2019, in West Palm Beach, Fla.Luis M. Alvarez/APFox News host Laura Ingraham claimed the January 6 Committee hearing on Thursday "bombed," despite reeling in nearly 20 million viewers. Fox was the only major news outlet not to carry the hearing live on Thursday evening, which was the House Select Committee on January 6's first major public hearing about the Capitol attack, the efforts to overturn the election, and what then-President Donald Trump knew before and during the attack.Committee members revealed that Trump and his allies staged "an attempted coup" and funded a misinformation campaign that "provoked the violence on January 6." They also said that Ivanka Trump "accepted" the attorney general's opinion that there was no election fraud, and that several Republican congressmen asked for pardons following January 6. Ingraham's claim that the hearings "bombed" came as she responded to criticism from The View's Joy Behar."Fox News did not carry the January 6 Committee's live hearings last night. Shocker isn't it? But they still had plenty to say about it," Behar said. "The usual suspects, Tucker [Carlson] and Ingraham, dusted off their greatest hits, calling it a witch hunt, saying it's political revenge from Pelosi, and downplayed what happened on the 6th."Behar added: "There were no commercial breaks last night on either show. So what does that tell you? That Rupert Murdoch is so desperate to keep his viewers away from the hearing, along with those two, that he is willing to lose millions of dollars." Ingraham swiped back at Behar in a tweet, claiming to have had "two commercial breaks Thursday night." According to PolitiFact, Carlson's and Hannity's shows had no commercial breaks, whereas Ingraham "went to commercial a few times." Read Full StoryWhat is the potential penalty if someone is convicted of 'seditious conspiracy'Proud Boys leader Enrique Tarrio leaves the D.C. Central Detention Facility on January 14, 2022.Evelyn Hockstein/ReutersEnrique Tarrio and four other members of the Proud Boys were charged this week with seditious conspiracy in what one constitutional expert calls a "textbook case" of sedition, but the charges themselves face an uphill battle in court.Seditious conspiracy, sometimes referred to as "sedition," is law that first originated in 1789 to prosecute speech critical of the government. Read Full StoryThe public hearings resume on Monday, June 13, at 10 a.m. ETLawmakers on the House January 6 committee will air the inquiry's findings during a public hearing Thursday.Kent Nishimura / Los Angeles Times via Getty ImagesThe public hearings for the House select committee investigating the January 6, 2021, insurrection resume on Monday, June 13, at 10 a.m. ET.Catch up on our takeaways of the biggest moments from the first hearing on Thursday, June 9, 2022, and check out the full schedule.Read Full StoryRep. Alexandria Ocasio-Cortez Tweets at Matt Gaetz, Lauren Boebert, and Marjorie Taylor Greene wanting to know if they asked for pardons after January 6Rep. Alexandria Ocasio-Cortez.Drew Angerer/Getty ImageIn a Friday tweet storm, Rep. Alexandria Ocasio-Cortez asked several of her fellow representatives if they'd asked the White House for a pardon following the January 6 attack.Her remarks came the day after the January 6 House select committee aired its first public hearing — in which GOP co-chair Rep. Liz Cheney alleged that several members of Congress asked for pardons after the insurrection.Read Full StoryMore than 19 million people watched first public hearingFormer US President Donald Trump appears on a screen during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol on June 9, 2022 in Washington, DC.Drew Angerer/Getty ImagesMore than 19 million people watched the first public hearing of the congressional committee investigating the January 6 insurrection, The New York Times reported Friday, citing preliminary figures from ratings company Nielsen.The actual number is higher, The Times noted, as the preliminary tally does not include all networks and streaming services that aired the hearing.The Thursday hearing aired from 8 p.m. to 10 p.m. on broadcast channels and cable news networks — but not on Fox News, which elected to stick its usual programming.Trump calls William Barr a 'weak and frightened' AG after his January 6 testimonyFormer Attorney General Bill Barr says then-President Donald Trump did not have a "good idea" about what the roles of the DOJ and the President were.Mandel Ngan/AFP via Getty ImagesFormer President Donald Trump on Friday lashed out at William Barr, calling him a "weak and frightened" attorney general and a "coward" after the House January 6 committee aired his testimony debunking Trump's false claims of widespread election fraud.During Thursday's public hearing, the committee played recorded testimony from Barr in a closed-door interview saying that he didn't agree that the election was "stolen" and that he told Trump the idea was "bullshit."Trump attacked Barr, his former attorney general, on his social-media platform, Truth Social, saying he "was always being 'played' and threatened by the Democrats and was scared stiff of being Impeached." Read Full StoryTrump says Ivanka Trump doesn't understand elections after she rejected his stolen 2020 vote claimIvanka Trump.Drew Angerer/Getty ImagesFormer President Donald Trump said his daughter Ivanka Trump doesn't understand elections after she testified that there was no fraud in the 2020 election.The committee aired her testimony on Thursday, where she said that she "accepted" former Attorney General Bill Barr finding no evidence that the vote was stolen."Ivanka Trump was not involved in looking at, or studying, Election results," Trump wrote on Truth Social Friday. "She had long since checked out and was, in my opinion, only trying to be respectful to Bill Barr and his position as Attorney General (he sucked!)."Read Full StoryTrump attacks House committee, repeats bogus fraud claims after hearing blamed him for insurrectionFormer President Donald Trump speaks at a rally on May 28, 2022 in Casper, Wyoming.Chet Strange/Getty ImagesFormer President Donald Trump responded to the first public hearing by criticizing the House committee and repeating his fake voter fraud claims."So the Unselect Committee of political HACKS refuses to play any of the many positive witnesses and statements, refuses to talk of the Election Fraud and Irregularities that took place on a massive scale," he shared on Truth Social early Friday morning. He added: "Our Country is in such trouble!" Read Full StoryFox News hosts bragged about not airing the hearing live, and called it a 'smear campaign' against TrumpTucker Carlson on his show on June 9, 2022.Fox NewsFox News' prime-time shows refused to carry Thursday's hearing, with host Tucker Carlson bragging about the network's decision."The whole thing is insulting. In fact, it's deranged," Carlson said. "And we're not playing along.""This is the only hour on an American news channel that will not be carrying their propaganda live. They are lying, and we are not going to help them do it," he said, apparently referring to those investigating the riot.Host Sean Hannity on his own show called the hearing a "multi-hour Democratic fundraiser," without offering any evidence, and a "made-for-TV smear campaign against President Trump featuring sliced and diced video that fits their pre-determined political narrative."And host Laura Ingraham painted the hearing as boring, saying: "In the end, this was nearly two hours of an unsuccessful, laborious attempt to connect the dots back to Trump, to Trump to a coup that never happened."Read Full StoryTrump's spokesperson responded to the scathing Jan. 6 hearing by pumping out voter-fraud conspiracy theoriesLiz Harrington, a spokesperson for former President Donald Trump, tweeted out election fraud disinformation during the Thursday's hearing.She tweeted misleading claims that she said suggested voter fraud in some swing states during the 2020 election, and said: "They didn't want to talk about voter fraud then, and they don't want to talk about it now."She did not engage directly with what was said at the hearings.Read Full StorySeveral Republicans including Scott Perry sought pardons from Trump after the Capitol riot, Liz Cheney saysRep. Liz Cheney listens during the House select committee hearing on the Jan. 6 attack on July 27, 2021.AP Photo/ Andrew Harnik)Rep. Liz Cheney, the vice chair of the House January 6 committee, said at Thursday's hearing that several Republican members of Congress asked for a pardon from then-President Donald Trump after the Capitol riot.She called out Rep. Scott Perry in particular, saying: "Representative Perry contacted the White House in the weeks after January 6 to seek a presidential pardon.""Multiple other Republican congressmen also sought presidential pardons for their roles in attempting to overturn the 2020 election," she added.Read Full StoryRep. Alexandria Ocasio-Cortez says watching the January 6 hearings made all the trauma from the Capitol riot come 'rushing back into the body'Rep. Alexandria Ocasio-Cortez, D-N.Y.Tom Williams/CQ-Roll Call, Inc via Getty ImagesRep. Alexandria Ocasio-Cortez said watching the first televised hearing on the Capitol riot took her back to the traumatic experience of being there on the day. Ocasio-Cortez posted a video of the hearing, where scenes of violence and sights of Trump supporters flooding the Capitol were being played. "Good Lord. The way it all comes rushing back into the body. It's like it's that day all over again," she wrote. Read Full StoryA Proud Boy told the January 6 panel that membership in the organization 'tripled' after Trump told them to 'stand back and stand by'Enrique Tarrio, former leader of the Proud Boys, speaks to Black Lives Matters supporters during a commemoration of the death of George Floyd in Miami on May 25, 2021.Eva Marie Uzcategui Trinkl//GettyA high-ranking member of the Proud Boys told the January 6 panel that membership in the organization "tripled" after former President Donald Trump told them to "stand back and stand by." Trump made the comments during a debate in September 2020. The former president was asked to disavow white supremacist groups and urge them to "stand down." But instead of doing so, Trump said: "Proud Boys, stand back and stand by." A clip of an interview with Proud Boys member Jeremy Bertino aired during the televised January 6 hearings on Thursday night. He said Trump's comments were a watershed moment for the group. Bertino was asked if the number of Proud Boys members increased specifically after Trump's comments. "Exponentially," Bertino said. "I'd say, tripled, probably. With the potential for a lot more eventually." Read Full StoryNew video from the Capitol riot shows dozens of staffers fleeing Rep. Kevin McCarthy's office in a panic as rioters clashed violently with copsHouse Minority Leader Kevin McCarthy (R-CA).Kent Nishimura/Los Angeles Times via Getty ImagesThe January 6 panel released a never-before-seen video from inside House Minority Leader Kevin McCarthy's office during the January 6 Capitol riot.In the video, the dozens of frantic staffers are seen pouring into the hallways of Rep. McCarthy's office.The staffers appeared to be fleeing McCarthy's office as a radio transmission signaled that people would be moving through the tunnels of the Capitol building. The House committee played the video during the first of six televised January 6 hearings. It pinpoints 2:28 p.m. — as violent clashes between rioters and police officers take place outside the Capitol, McCarthy staffers can be seen running through the hallway of his chambers. Read Full StoryEx-DC cop beaten by Jan. 6 rioters says it's time for America to 'wake the fuck up' to danger Trump posesFormer DC Metropolitan Police Officer Michael Fanone, who suffered a heart attack during the January 6 attack on the US Capitol, said on Friday that people need to "wake the fuck up" to the danger former President Donald Trump poses following the House select committee playing videos of what unfolded on that day.Read Full Story'I was slipping in people's blood,' says Capitol Police officerU.S. Capitol Police Officer Caroline Edwards, who was the first law enforcement officer injured by rioters storming the Capitol grounds on January 6, testifies during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol on June 09, 2022 in Washington, DC.Drew Angerer/Getty ImagesCapitol Police Officer Caroline Edwards said it looked to her like an "absolute war zone" on January 6, 2021, when supporters of former President Trump attacked the US Capitol, forcing officers to engage in "hours of hand-to-hand combat" beyond the scope of any law enforcement training.Edwards, who was injured in the attack, told members of the House select committee on Thursday, "I can just remember my breath catching in my throat" while looking at the "carnage" and "chaos" of the riot scene."I couldn't believe my eyes," she told the committee. "There were officers on the ground. You know, they were bleeding, they were throwing up…I mean I saw friends with blood all over their faces. I was slipping in people's blood. You know, I was catching people as they fell."Read Full StoryEx-Proud Boys leader says he'd wished he'd sold 'stand back and standby' t-shirts after Trump's debate commentEnrique Tarrio, former leader of the Proud Boys, speaks to Black Lives Matters supporters during a commemoration of the death of George Floyd in Miami on May 25, 2021.Eva Marie Uzcategui Trinkl//GettyAt the first of six public hearings planned for this month, the House committee displayed video of an interview with a Proud Boy who attributed Trump's comment to exponential membership growth in the far-right group.In another interview, former Proud Boys chairman Enrique Tarrio cracked a wry smile and said he regretted not selling t-shirts brandished with the words "Stand back and stand by." "One of the vendors on my page actually beat me to it, but I wish I would've made a 'stand back stand by' t-shirt," Tarrio said in his interview with the House committee.Read Full StoryJared Kushner testified that he thought the White House counsel's threat to resign was only 'whining'President Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP Photo—Bloomberg (@business) June 10, 2022 Former Trump White House Senior Advisor Jared Kushner testified in front of the January 6 House Committee that he thought White House Counsel Pat Cipollone's threat to resign was nothing more than "whining.""I know that him and the team were always saying, 'We're gonna resign, we're not gonna be here' if this happens, that happens," Kushner, who is also the former president's son-in-law, said during an on-camera deposition Thursday. "I kind of took it up to just be whining, to be honest with you."Read Full StoryLiz Cheney blasts Republicans for supporting Trump: 'There will come a day when Donald Trump is gone, but your dishonor will remain'U.S. Rep. Bennie Thompson, Chairman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, Vice Chairwoman Rep. Liz Cheney, and Rep. Adam Kinzinger take part in a hearing on the January 6th investigation on June 09, 2022 on Capitol Hill in Washington, DC.Drew Angerer/Getty ImagesGOP Rep. Liz Cheney of Wyoming on Thursday evening issued members of her party a stark warning over their continued support of former President Donald Trump."I say this to my Republican colleagues who are defending the indefensible: there will come a day when Donald Trump is gone, but your dishonor will remain," Cheney, vice chair of the House select committee investigating the January 6, 2021 Capitol riot, said during the panel's first hearing.Read Full StoryWhite House aides tried to limit access to Trump knowing he was 'too dangerous to be left alone' after his election loss, Cheney saysRep. Liz Cheney (R-WY) and Rep. Adam Kinzinger (R-IL) during a hearing on the January 6th investigation on June 9, 2022.Drew Angerer/Getty Images"The White House staff knew that President Trump was willing to entertain and use conspiracy theories to achieve his ends," Rep. Cheney said during opening remarks at the first public hearing investigating the January 6, 2021, attack on the Capitol."They knew that the president needed to be cut off from all of those who had encouraged him.  They knew that President Donald Trump was too dangerous to be left alone," she added.Read Full StoryHouse Jan. 6 panel played footage of former AG William Barr calling Trump's election claims 'bullshit'Attorney General William Barr speaks during a news conference, Monday, Dec. 21, 2020 at the Justice Department in WashingtonMichael Reynolds/APFollowing the 2020 presidential election, then-Attorney General William Barr told Donald Trump that his claims of widespread election fraud were "bullshit" and entirely unsupported by evidence, it was revealed during the first January 6 committee public hearing.Video of Barr recounting his remarks to Trump in a closed-door interview with the House committee investigating the January 6, 2021, attack on the Capitol was played on June 9, 2022, during the public hearing. Barr said he spoke with Trump on at least three occasions between November and December 2020, and he described Trump's claims of election malfeasance as "crazy stuff" and said the falsehoods were influencing the public, doing a "great, great disservice to the country." Barr credited the timing of his December 2020 resignation, in part, to Trump's baseless election claims. Read Full StoryIvanka Trump 'accepted' DOJ found no fraud that could overturn the 2020 electionIvanka Trump.Drew Angerer/Getty ImagesVideo testimony of part of Ivanka Trump's testimony to the January 6 committee was shown during the first public hearing of the investigation into the riots at the Capitol on January 6, 2021.During the clip, Ivanka Trump was asked about then-Attorney General Bill Barr's statement that former President Donald Trump's claims that there was fraud in the 2020 election were incorrect."It affected my perspective," Ivanka Trump told the committee in recorded testimony, aired for the first time on Thursday. "I respect Attorney General Barr. So I accepted what he was saying."Read Full StoryLiz Cheney says Trump oversaw a 'sophisticated 7-part plan' to overturn the election and stay in powerU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesRep. Liz Cheney, one of two Republicans on the House select committee investigating the January 6, 2021, said that during these public hearings they would reveal more information about a "seven-part plan" to overturn the 2020 presidential election, led by former President Donald Trump.—CSPAN (@cspan) June 10, 2022Read Full StoryRep. Liz Cheney: Trump backed supporters' call to 'hang Mike Pence'US Rep. Liz Cheney (R-WY), vice chairwoman of the Select Committee to Investigate the January 6th Attack on the US Capitol, arrives for a hearing on the January 6th investigation on June 09, 2022 on Capitol Hill in Washington, DC.Win McNamee/Getty ImagesAs a riot unfolded at the US Capitol, former President Donald Trump told aides that his own vice president might deserve to die, Rep. Liz Cheney said Thursday.Cheney, a Wyoming Republican who co-chairs the House panel investigating the January 6 insurrection, made the claim in her opening remarks."Aware of the rioters chants to 'hang Mike Pence,'" Cheney said, "the president responded with this sentiment: 'Maybe our supporters have the right idea.' Mike Pence 'deserves it.'"As The New York Times reported last month, two former White House staffers testified before the January 6 committee that Mark Meadows, Trump's ex-chief of staff, told them that he heard the former president make the comment.Read Full StoryJanuary 6 committee chairman Bennie Thompson says hearings will show Trump and his allies mounted 'an attempted coup'—CSPAN (@cspan) June 10, 2022 Thompson, a Mississippi Democrat in his 13th term, recalled his upbringing in the Magnolia State and the nation's history of white supremacist violence, specifically lynching."I'm from a part of the country where people justify the actions of slavery, the Ku Klux Klan, and lynching," Thompson said. "I'm reminded of that dark history as I hear voices today try and justify the actions of the insurrections on Jan. 6, 2021."The chairman of the House panel investigating the January 6, 2021, insurrection at the US Capitol described the rioters as "domestic enemies of the Constitution," and promised that the evidence his panel has collected proves former President Donald Trump and his allies attempted a coup d'etat."Donald Trump was at the center of this conspiracy, and ultimately, Donald Trump, the President of the United States, spurred a mob of domestic enemies of the Constitution to march down the Capitol and subvert American democracy," Rep. Bennie Thompson said at the start of Thursday night's prime-time hearings.Read Full StoryHouse Jan. 6 committee chair will say 'democracy remains in danger'From left to right, January 6 Select Committee members Chairman Bennie Thompson, D-Miss. Rep. Liz Cheney, R-Wyo., and Rep. Jamie Raskin, D-Md.Tom Williams/CQ-Roll Call, Inc via Getty ImagesRep. Bennie Thompson, the chairman of the House panel investigating the January 6 attack, will say tonight that the American people deserve answers about the insurrection."We can't sweep what happened under the rug," Thompson says in early excerpts of his opening statement. "The American people deserve answers. So I come before you this evening not as a Democrat, but as an American who swore an oath to defend the Constitution."The House Select Committee on January 6 will have its first major public hearing tonight, kicking off a series of public hearings about the attack, efforts to overturn the election, and what then-President Donald Trump was aware of in the lead up to it.Thompson will add that American democracy "remains in danger.""... Our work must do much more than just look backwards," Thompson will say. "Because our democracy remains in danger. The conspiracy to thwart the will of the people is not over. There are those in this country who thirst for power but have no love or respect for what makes America great: devotion to the Constitution, allegiance to the rule of law, our shared journey to build a more perfect Union."Thompson, a Mississippi Democrat, is facing a defining career moment after nearly three decades in Congress. Thompson told Insider's Camila DeChalus that the committee is his "signature work in the United States House of Representatives."Bennie Thompson is poised to take center stage as Jan. 6 hearings start after 29 years in CongressHouse Homeland Security Committee Chair Benny Thompson (D-MS) listens as U.S. House Speaker Nancy Pelosi (D-CA) discusses the formation of a select committee to investigate the Jan. 6 attack on the U.S. Capitol during a news conference in Washington, U.S., July 1, 2021.Jonathan Ernst/ReutersRep. Bennie Thompson is the chairman of the House select committee investigating the January 6, 2021 insurrection. He has been in Congress for 29 years but views this investigation as his "signature work.""There's a lot of other pieces of legislation that basically alter the trajectory of so many people in my district, in this country, as well as other pieces of legislation, but nothing compares to the importance of this committee and why I value its work as my signature work in the United States House of Representatives," he told Insider's Camila DeChalus in a May interview.In the first public hearing of the January 6 committee, Thompson will take center stage.Read Full StorySen. Ted Cruz says watching paint dry would be more productive than tuning into a single second of the January 6 committee's first public hearingSenator Ted Cruz (R-TX) holds up a cellphone during the confirmation for Supreme Court nominee Judge Amy Coney Barrett on the third day before the Senate Judiciary Committee on Capitol Hill on October 14, 2020 in Washington, DC.ANDREW CABALLERO-REYNOLDS/POOL/AFP via Getty ImagesRepublican Sen. Ted Cruz of Texas offered up three things he'd rather do Thursday night than sit through any part of the January 6 committee's highly anticipated prime-time hearing. "I've got to mow my lawn. Or comb my hair. Or maybe just watch the paint dry on the walls," Cruz said of what he considered better ways to invest one's time than validating the existence of  "a political campaign ad for the Democrats." Cruz bashed the ongoing House investigation as political theater meant to distract a recession-wary populace from all the ways he said President Joe Biden and congressional Democrats have failed them. "From the opening gavel to the close of the hearing, one hundred percent of their endeavor is a political Hail Mary pass," Cruz told Insider in the tunnels beneath the Senate chamber. "The American people are deeply unhappy with the disaster of the left-wing policy agenda we've seen for the last two years." Read Full StoryDOJ lawyers expect transcripts from the 1,000 January 6 committee witnesses to be made public in SeptemberTrump supporters clash with police and security forces as in the US Capitol on January 6, 2021.Brent Stirton/Getty ImagesA Justice Department lawyer revealed Thursday that transcripts of the 1,000 interviews conducted as part of the House January 6 committee's investigation into the Capitol attack will be made public in September. It would be an unprecedented release of documents that could shed new light on the January 6, 2021 insurrection.The revelation came during a pretrial hearing for former Proud Boys chairman Enrique Tarrio and four other members of the far-right group who were charged with seditious conspiracy in connection with their alleged role in planning and participating in the Capitol siege."The committee will release the transcripts in early September and a report of the committee's findings will be released around the same time," Assistant US Attorney Jason McCullough told a judge.Read Full StoryThe first public hearing held by House select committee investigating the January 6, 2021, insurrection starts at 8 p.m. ET. Catch up on what you need to know ahead of the hearing.Rep. Bennie Thompson (D-Mississippi), left, listens as Rep. Liz Cheney (R-Wyoming) speaks during the House select committee hearing on the Jan. 6 attack in Washington, DC, on July 27, 2021. Washington Metropolitan Police Department officer Michael Fanone is at center.Bill O'Leary/The Washington Post via AP, PoolThe House select committee investigating the January 6 insurrection is holding a much-anticipated public hearing Thursday night.The nine-member panel, chaired by Rep. Bennie Thompson, a Democrat from Mississippi, has spent months interviewing witnesses and examining phone and email records to try to get to the bottom of former President Donald Trump and his allies' efforts to overturn the 2020 election and prevent President Joe Biden from taking office.The committee, which includes Republican Reps. Liz Cheney of Wyoming and Adam Kinzinger of Illinois, is expected to hold a half-dozen public hearings in June.Here's what you need to know ahead of the broadcast at 8 p.m. ET:How to watch the hearingsThe key witnesses who are likely to testifyWhat to expectSources say the evidence will put Trump "at the center" of the eventsMeet the lawmakers and staff leading the investigationAt least 862 people have now been arrested for their actions on January 6More than 300 people have already pleaded guiltyAn oral history of the insurrection from 34 people who were thereHow the US Capitol riot led to Trump's second impeachmentLiz Cheney's break from GOP leadership on the investigationRead the original article on Business Insider.....»»

Black Monday: All Hell Breaks Loose As Stocks Plunge Into Bear Market, Curve Inverts, Cryptos Crater For all those claiming that stocks had priced in 3 (or more) 50bps (or more) rate hikes, we have some bad news. All hell is breaking loose on Monday, with futures tumbling (again) into bear market territory, sliding below the 20% technical cutoff from January's all time high of 3,856 and tumbling as low as 3,798.25 - taking out the May 10 intraday low of 3,810 - before reversing some modest gains. S&P 500 futures sank 2.5% and Nasdaq 100 contracts slid 3.1%, in a session that has seen virtually everything crash. Dow futures were down 567 points at of 730am ET. The global selloff - which has dragged Asian and European markets to multi-month lows and which was sparked by a hotter than expected US CPI print which heaped pressure on the Federal Reserve to step up monetary tightening - accelerated on Monday as panicking traders now bet the Fed will raise rates by 175 bps by its September decision, implying two 50-bp moves and one hike of 75 bps, with Barclays and now Jefferies predicting such a move may even come this week. If that comes to pass it would be the first time since 1994 the Fed resorted to such a draconian measure. The selling in stocks was matched only by the puke in Treasuries, as yields on 10-year US Treasuries reached 3.24%, the highest since October 2018, yet where 2Y yields sold off more, sending the 2s10s curve to invert again... ... for the second time ahead of the coming recession, an unprecedented event. The US yield curve appears destined to invert again in coming weeks after Wednesday’s CPI data: BBG We'll get two concurrent recessions — zerohedge (@zerohedge) May 12, 2022 Meanwhile, the selloff in European government bonds also gathered pace, with the yield on German’s two-year government debt rising above 1% for the first time in more than a decade and Italian yields exploding and nearing 4%, ensuring that another European sovereign debt crisis is just a matter of time (recall that all Italian net bond issuance in the past decade has been monetized by the ECB... well that is ending as the ECB pivots away from QE and NIRP). The exodus from stocks and bonds is gaining momentum on fears that central banks’ battle against inflation will end up killing economic growth. Inversions along the Treasury yield curve point to fears that the Fed won’t be able to stave off a hard landing. “The Fed will not be able to pause tightening let alone start easing,” said James Athey, investment director at abrdn. “If all global central banks deliver what’s priced there are going to be some significant negative shocks to economies.” Going back to the US market, big tech stocks slumped in US premarket trading as bets that the Federal Reserve hikes rates more aggressively sent bond yields higher, and Nasdaq futures dropped. Cryptocurrency-exposed stocks cratered as Bitcoin continued its recent decline to hit an 18- month low, precipitated by news that crypto lender Celsius had halted withdrawals... ... which sent Ethereum to the most oversold level in 4 years. Here are some of the biggest U.S. movers today: Apple shares (AAPL US) -3.1%, Amazon (AMZN US) -3.4%, Microsoft (MSFT US) -2.8%, Alphabet (GOOGL US) -3.7%, Netflix -3.8% (NFLX US), Nvidia (NVDA US) -4.5% Tesla (TSLA US) shares dropped as much as 3.1% in US premarket trading amid losses across big tech stocks, while the electric-vehicle maker also filed to split shares 3-for-1 late Friday. MicroStrategy (MSTR US) -18.4%, Riot Blockchain (RIOT US) -15%, Marathon Digital (MARA US) -14%, Coinbase (COIN US) -12.5%, Bit Digital (BTBT US) -10%, Silvergate Capital (SI US) -11%, Ebang (EBON US) -4% Bluebird Bio (BLUE US) shares surge as much as 86% in US premarket trading and are set to trim year-to- date losses after the biotech firm’s two gene therapies won backing from an FDA advisory panel. Chinese education stocks New Oriental Education (EDU US) and Gaotu Techedu (GOTU US) jump 8.3% and 3.4% respectively in US premarket trading after peer Koolearn’s endeavors into livestreaming e-commerce went viral and sent its shares up 95% in two sessions. Astra Space (ASTR US) shares slump as much as 25% in US premarket trading, after the spacetech firm’s TROPICS-1 mission saw a disappointing launch at the weekend. Invesco (IVZ US) and T. Rowe (TROW US) shares may be in focus today as BMO downgrades its rating on the two companies in a note saying it favors alternative asset managers over traditional players as a way to hedge beta risk against the current macro backdrop. In Europe, the Stoxx 600 also extended declines to a three-month low, plunging mover than 2%, with over 90% of members declining, as meeting-dated OIS rates price in 125bps of tightening, one 25bps move and two 50bps hikes by October.  Tech leads the declines as bond yields rise, with cyclical sectors such as autos and consumer products also lagging as recession risks rise.  The Stoxx 600 Tech Index falls as much as 4.3% to its lowest since November 2020. Chip stocks bear the brunt of the selloff: ASML -3%, Infineon -4.2%, STMicro -3.6%, ASM International -2.9%, BE Semi -2.8%, AMS -5.3% as of 9:36am CET. As if inflation fears weren't enough, French banks tumbled after a first round of legislative elections showed that President Emmanuel Macron could lose his outright majority in parliament. Here is a look at the biggest movers: Atos shares decline as much as 12%; Oddo says the company’s reported decision to retain and restructure its legacy IT services business in a separate legal entity is bad news for the company. Getinge falls as much as 7.6% after Kepler Cheuvreux cut its recommendation to hold from buy, cautioning that headwinds and supply chain challenges may intensify as Covid-related tailwinds abate. Elior plunges as much as 15% amid renewed worries over inflation and rising interest rates impacting a caterer that’s still looking for a new CEO following the unexpected departure of the previous one. Valneva falls as much as 27% in Paris after saying its effort to salvage an agreement to sell Covid-19 shots to the European Union looks likely to fail. Subsea 7 drops as much as 13% after the offshore technology company lowered its 2022 guidance, with analysts noting execution challenges on some of its offshore wind projects. French banks decline after a first round of legislative elections showed that President Emmanuel Macron could lose his outright majority in parliament. Societe Generale shares fall as much as 4.5%, BNP Paribas -4.2% Euromoney rises as much as 4.4% after UBS raises the stock to buy from neutral, saying the financial publishing and events firm’s “ambitious” growth targets for 2025 are broadly achievable. Earlier in the session, Asian stocks also declined across the board following the hot US CPI data and amid fresh COVID concerns in China. Nikkei 225 fell below the 27k level with sentiment not helped by a deterioration in BSI All Industry data. Hang Seng and Shanghai Comp. conformed to the downbeat mood with heavy losses among tech stocks owing to the higher yield environment and with mainland bourses constrained after the latest COVID outbreak and containment measures. The Emerging-market stocks index dropped about 3%, falling for a third day in the steepest intraday drop since March, as a fresh high in US inflation sparked concerns that the Fed may need to be more aggressive with rate hikes. In FX, the Bloomberg dollar rose a fourth day as the dollar outperformed all its Group of 10 peers apart from the yen, which earlier weakened to a 24-year low with NOK and AUD the worst G-10 performers. In EMs, currencies were led lower by the South Korean won and the South African rand as the index fell for a fifth day, the longest streak since April.  The onshore yuan dropped to a two-week low as a jump in US inflation boosted the dollar and China moved to re-impose Covid restrictions in key cities. India’s rupee dropped to a new record low amid a selloff in equities spurred by continuous exodus of foreign investors. The euro fell for a third day, touching an almost one-month low of 1.0456. Sterling fell after weaker-than-expected UK GDP highlighted the risks to the economy, with a global risk-off mood adding pressure on the currency, UK GDP fell 0.3% from March. The yen erased earlier losses after earlier falling to a 24-year low while Japanese bonds tumbled, prompting a warning from the Bank of Japan as its easy monetary policy increasingly feels the strain of rising interest rates globally. Bank of Japan Governor Haruhiko Kuroda said a recent abrupt weakening of the yen is bad for the economy and pledged to closely work with the government hours after the yen hit the lowest level since 1998. Bitcoin is hampered amid broad-based losses in the crypto space with the likes of Celsius pausing withdrawals/transfers due to the "extreme market conditions". Currently, Bitcoin is at the bottom-end of a USD 23.7-27.9 range for the session. In rates, the US two-year yield exceeded the 10-year for the first time since early April, an unprecedented re-inversion. The 2-year Treasury yield touched the highest level since 2007 and the 10-year yield the highest since 2018. Treasuries continued to sell off in Asia and early European sessions, leaving 2-year yields cheaper by 15bp on the day into the US day as investors continue to digest Friday’s inflation data. Into the weakness a flurry of block trades in futures added to soaring yields. Three-month dollar Libor jumps 8.4bps. US yields remain close to cheapest levels of the day into early US session, higher by 13bp to 6bp across the curve: 2s10s, 5s30s spreads flatter by 5bp and 5.5bp on the day -- 5s30s dropped as low as -16.6bp (flattest since 2000) while 2s10s bottomed at -2bp. US 10-year yields around 3.235%, remain cheaper by 8bp on the day and lagging bunds, gilts by 2.5bp and 5bp in the sector. Fed-dated OIS now pricing in one 75bp move over the next three policy meetings with 175bp combined hikes priced by September, while 55bp -- or 20% chance of a 75bp move is priced into Wednesday’s meeting. A selloff of European government bonds gathered pace as traders priced in a more aggressive pace of tightening from the ECB, with traders now wagering on two half-point hikes by October. The Bank of Japan announced it would conduct an additional bond-buying operation, offering to purchase 500b yen in 5- to 10-year government bonds Tuesday after 10-year yields rose above the upper limit of its policy band. In commodities, oil and iron ore paced declines among growth-sensitive commodities; crude futures traded off worst levels. WTI remains ~1% lower near 119.30. Spot gold gives back half of Friday’s gains to trade near $1,855/oz. Base metals are in the red with LME tin lagging While it's a busy week ahead, with the FOMC meeting on deck where the Fed is set to hike 50bps, or maybe 75bps and even 100bps, there is nothing on Monday's calendar. Fed Vice Chair Lael Brainard will discuss the Community Reinvestment Act in a pre-recorded video and an audience Q&A; she is not expected to discuss monetary policy given the FOMC blackout period. Market Snapshot S&P 500 futures down 2.4% to 3,803.50 STOXX Europe 600 down 2.0% to 414.12 MXAP down 2.7% to 161.61 MXAPJ down 2.8% to 534.45 Nikkei down 3.0% to 26,987.44 Topix down 2.2% to 1,901.06 Hang Seng Index down 3.4% to 21,067.58 Shanghai Composite down 0.9% to 3,255.55 Sensex down 3.2% to 52,585.17 Australia S&P/ASX 200 down 1.3% to 6,931.98 Kospi down 3.5% to 2,504.51 Brent Futures down 1.9% to $119.71/bbl Gold spot down 0.8% to $1,857.56 U.S. Dollar Index up 0.39% to 104.55 German 10Y yield little changed at 1.54% Euro down 0.3% to $1.0484 Brent Futures down 1.9% to $119.69/bbl Top Overnight News “Sell everything but the dollar” is resounding across trading desks as investors reprice the risk that the Federal Reserve hikes rates more aggressively than previously thought Investors rushed to price in more aggressive Federal Reserve rate hikes Monday as the US inflation shock continued to reverberate, sending two-year Treasury yields to a 15-year high and strengthening the dollar UK Prime Minister Boris Johnson risks reopening divisions that tore his Conservative Party apart in 2019, with his government set to propose a law that would let UK ministers override parts of the Brexit deal he signed with the European Union Crypto lender Celsius Network Ltd. paused withdrawals, swaps and transfers on its platform, fueling a broad cryptocurrency selloff and prompting a competitor to announce a potential bid for its assets French President Emmanuel Macron has a week to convince voters to give him an outright majority in parliament to ease the way for the controversial social and economic reforms he promised. Shares in France fell on the results A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks declined across the board following the hot US CPI data which rose to a 40-year high and amid fresh COVID concerns in China. Nikkei 225 fell below the 27k level with sentiment not helped by a deterioration in BSI All Industry data. Hang Seng and Shanghai Comp. conformed to the downbeat mood with heavy losses among tech stocks owing to the higher yield environment and with mainland bourses constrained after the latest COVID outbreak and containment measures. Top Asian News Beijing government said the scale of Beijing’s latest outbreak linked to bars is ferocious and explosive in nature after the city reported 166 cases in a bar cluster and with 6,158 people determined as close contacts linked to the bar cluster, while Beijing announced to halt offline sports events from today and the district of Chaoyang is to launch mass COVID testing on June 13th-15th, according to Reuters. Shanghai re-imposed a ban on dine-in restaurant services in most districts and punished officials for a management lapse at a quarantine hotel, according to Business Times. At least three Chinese cities of Beijing, Nanjing and Wuhan are trialling a shorter quarantine period of 7+7 days for international arrivals at entry points, according to Global Times. Beijing government spokesperson says that the Beijing COVID-19 bar outbreak still presents risks to the community; Beijing City reports 45 new local cases of 3pm, according to a health official, via Reuters, adding that the COVID-19 bar outbreak is still developing and epidemic control is at a critical juncture. Chinese Defence Minister Wei said China firmly rejects accusations and threats by the US against China, while he added the US Indo-Pacific strategy will create confrontation and that Taiwan is first and foremost China’s Taiwan. Wei also said those that pursue Taiwan's independence will come to no good end and that China will fight to the end if anyone attempts to secede Taiwan from China, according to Reuters. Furthermore, Wei reiterated that Beijing views the annexation of Taiwan as a historic mission that must be achieved which its military would be willing to fight for but added that peaceful unification remained the biggest hope of the Chinese people and they are willing to make the biggest effort to achieve it, according to FT. China urges local governments to raise revenue and sell assets to resolve debt risks, via Reuters. Urges local govt's to lower the debt burden; adding, they will crackdown on illegal debt raising. Japanese Defence Minister Kishi met with his Chinese counterpart in Singapore and said Japan and China agreed to promote defence dialogue and exchanges, while Japan warned China against attempting to alter the status quo in the South and East China sea, according to Reuters. Australian and Chinese defence ministers met in Singapore on Sunday for the first time in three years at the sidelines of the Shangri-La Dialogue summit with the talks described as an important first step following a period of strained ties, according to AFP News Agency. European bourses are hampered across the board, Euro Stoxx 50 -2.5%, in a continuation of the fallout from Friday's US CPI and amid fresh COVID concerns in China. US futures are in-fitting with this price action, ES -2.4% (sub-3800 at worst), ahead of the FOMC where the likes of Barclays now look for a 75bp hike after the May inflation release. Sectors in Europe are all in the red and feature Travel & Leisure as the underperformer given further cancellations going into the summer period. Top European News UK Northern Ireland Secretary Lewis said the government will publish legislation on the Northern Ireland Protocol on Monday and that the bill will rectify the issues in the protocol, according to Reuters. Reports suggest that the new law could see European judges blocked from having the final say on Northern Ireland-related disputes, according to the Telegraph. UK Tory MPs accused PM Johnson of ‘damaging the UK and everything the Conservatives stand for’ as he plans to release legislation on Monday to tear up the Northern Ireland protocol, according to FT. UK government ministers are drawing up plans to cut the link between gas and electricity to help reduce household bills for millions of families, according to The Times. UK Foreign Minister Truss says she has spoken to EU VP Sefcovic about the Nothern Ireland protocol and the preference is for a negotiated solution; adding, the EU needs to be willing to change the protocol. French President Macron’s majority in parliament is at risk as an IFOP initial estimate showed that Macron’s centrist camp is seen qualified for winning 275-310 out of 577 seats after the first round of the French lower house elections, while the IPSOS initial estimate shows the centrist camp is qualified for winning 255-295 seats, according to Reuters. Note, 289 seats are required for a majority FX Greenback extends US inflation data gains as near term Fed hike expectations crank up; DXY hits 104.750 to eclipse May 16 high and expose 105.010 YTD peak. Pound undermined by negative UK GDP and output prints plus NI protocol jitters, Cable perilously close to 1.2200 and EUR/GBP tops 0.8575. Aussie hit by heightened Chinese Covid concerns and demand implication for commodities, Kiwi feeling contagion and Loonie lurching as oil prices retreat; AUD/USD sub-0.7000, NZD/USD near 0.6300 and USD/CAD just shy of 1.2850. Euro and Franc make way for outperforming Buck, but Yen claws back losses on risk dynamics allied to technical retracement; EUR/USD under 1.0500, USD/CHF above 0.9900 and USD/JPY below 134.50 vs 135.20 apex overnight. Yuan falls as Beijing suffers ferocious and explosive virus outbreak and Shanghai reimposes restrictions in most districts, USD/CNH pivots 6.7500 and USD/CNY straddles 6.7350. Commodities WTI & Brent are hampered amid the broader market pressure; though, did experience a fleeting move off lows during a break in the newsflow. Currently, the benchmarks are lower by circa. USD 2.00/bbl given Friday's CPI, China COVID, geopolitics around US-China-Taiwan and Iran-IAEA developments (or lack of) following last week's camera removal. Iraq set July Basrah medium crude OSP to Asia at a premium of USD 3.30/bbl vs Oman/Dubai average and set OSP to Europe at a discount of USD 7.60/bbl vs dated Brent, while it set OSP to North and South America at a discount of USD 1.70/bbl vs ASCI, according to Reuters citing Iraq’s SOMO. Libya’s Minister of Oil and Gas Aoun said Libya is currently losing more than 1.1mln bpd of oil production and that most oil fields are closed except for the Hamada field and the Mellitah complex, while the Al-Wafa field continues operations from time to time, according to The Libya Observer. QatarEnegy signed an agreement with TotalEnergies (TTE FP) for the North Field East expansion project, while it will announce subsequent signings with partners in the gas field expansion in the near future and possibly at the end of next week, according to Reuters. Norwegian Oil and Gas Association reached an agreement in principle with three unions of offshore workers to avert a strike although two of the unions will ask members before signing a deal, according to Reuters. Spot gold is pressured by circa. USD 15/oz amid a stronger USD and pronounced yield action; however, the yellow metal is yet to drop below USD 1850/oz and the 10-, 21- & 200-DMAs at USD 1852, 1847 & 1842 respectively. Fixed Income Bond bears still in control and pushing futures down to fresh troughs, at 145.85 for Bunds, 112.33 for Gilts and 115-30+ for 10 year T-note. Cash yields test or breach psychological levels, like 1.50%, 2.5% and 3.25%, while 2-10 year US spread inverts briefly on rising recession risk. Monday agenda very light, but big week ahead including top tier data and multiple Central Bank policy meetings. Central Banks BoJ announces new offer for bond buying programme in which it is to purchase JPY 500bln in 5yr-10yr JGBs tomorrow and will increase amount of offers for its bond buying as needed. BoJ fixed-rate bond purchases exceed JPY 1tln, at their highest since 2018, via Bloomberg; Further reported that the BoJ accepts JPY 1.5tln of bids for the daily offers to purchase 10yr bonds. BoJ Governor Kuroda says they must support the economy with monetary easing to achieve higher wages; adding, the domestic economy is still in the midst of a COVID recovery. Increasing raw material costs are increasing downward pressure, recent sharp JPY dalls are undesirable. Additionally, Japan's Finance Minister says a weak JPY has both merits and demerits. BoJ buys JPY 70.1bln in ETF, according to a disclosure. DB's Jim Reid concludes the overnight wrap This week is squarely and firmly all about the FOMC meeting on Wednesday. We go into it with the 2yr US note up +25bps on Friday and another c.+10bps this morning in Asia. The 2s10s curve has flattened around 20bps since Friday morning to c.2bps as we type. So some dramatic moves. The problem as we enter the next couple of Fed and ECB meetings is that the central banks haven't quite been able to let go of forward guidance and are a little trapped. To recap, forward guidance has prevented the Fed and the ECB from hiking as early as they needed to, largely because both saw the need to gradually wind down asset purchases over several months first as promised. However this hasn't deterred them, and they have continued to try to flag their intentions to the market in advance with the Fed having previously all but signalled a 50bps this Wednesday, as well as in July, with the ECB now signalling 25bps in July and a strong possibility of 50bps in September. Providing clarity is admirable but in the wake of another shocking US CPI print on Friday, should a 75bps hike not be a serious consideration? It seems strange that most think policy needs to be restrictive but that it's going to take several meetings to get there from a still highly accommodative position. Without the recent Fed guidance, 75bps would be firmly on the table for Wednesday. This is highly unlikely this week, but our economists think they could break cover from their own guidance and leave the door open for 75bps in July. DB Research has long been at the hawkish end on inflation and the Fed, and on Friday our US economists further raised their hiking expectations. In addition to 50bps at the next two meetings they have now added 50bps in September and November, before a return to 25bps in December (to 3.125%). They now see the peak at 4.125% in mid-2023. This is closer to the 5% view in the "Why the upcoming recession will be worse than expected" (link here) that David Folkerts-Landau, Peter Hooper and myself published back in April. If we do have a terminal Fed rate approaching a 5-handle it does raise the question as to where 10yr yields top out. My guess would be a slightly inverted curve but it would likely mean the 4.5-5% range discussed in the note from April, mentioned above, is within reason. We'll recap details of the big US CPI print in last week's recap in the second half of this piece, but it wasn't just this that was the problem on Friday, as the University of Michigan long-term inflation expectations series hit 3.3% (3.0% last month) which was the highest since 2008. This series first hit 3% last May so has actually been range trading for a year, which has been a hope for the doves. However it now risks breaking out to the upside. It's not just the Fed this week as the BoE (Thursday) and the BoJ (Friday) will also meet. For the UK, a preview from our UK economists can be found here. The team expects a +25bps hike this week and have updated their terminal rate forecast from 1.75% to 2.5%. Staying in the UK, labour market data releases will be out tomorrow with retail sales on Friday. The week will conclude with a decision from the BoJ and how they address pressures from the yen hovering around a 20-year low, as well as the growing monetary policy divergence between Japan and other G7 economies. Our chief Japan economist previews the meeting here. He expects a shortening or even the abandonment of yield curve control in H2 2023. In data terms we go back to the US for the main highlights, with PPI (tomorrow) and retail sales (Friday) the main events. China's key May indicators on Wednesday will also have global implications as we await industrial production, retail sales and property investment numbers. Elsewhere in the US, we have June's Philadelphia Fed business outlook (Wednesday), and May industrial production and capacity utilisation (Friday) numbers. April business inventories will be out on Wednesday and provide markets with a check on corporate stockpiling after Target's renewed warning last week. Finally, a slew of housing market data is due. This includes the June NAHB housing market index (Wednesday) and May building permits and housing starts (Thursday). The impact of rising mortgage rates will be in focus. In Europe, Germany's ZEW survey for June (tomorrow) is among the key data highlights. We will also see April industrial production and trade balance data for the Eurozone on Wednesday and Eurozone construction output and April trade balance data for Italy on Friday. ECB speakers will also be on the radar for investors as they tend to start to break the party line on the Monday after the ECB meeting. A lengthy line up includes ECB President Lagarde on Wednesday and six other speakers. Asian stock markets have started the week on a weaker footing with all the major indices trading deep in the red after a rough week on Wall Street. The Hang Seng (-2.81%) is leading losses across the region in early trade amid a tech sell-off whilst the Shanghai Composite (-1.20%) and CSI (-1.07%) are both sliding as a resurgence of Covid cases in China is threating global growth. Elsewhere, the Nikkei (-2.64%) is also sharply down this morning, with the Kospi declining as much as -2.50%, hitting its lowest level since November 2020. As discussed at the top, 10yr USTs (+2.81 bps) have moved higher to 3.18% while the 2yr yield (+9.8 bps) has exploded higher to 3.16%. Will we see a fresh inversion in the hours and days ahead? Oil prices are lower with Brent futures -1.36% to $120.35/bbl and WTI futures -1.48%, falling below the $120/bbl mark. On the FX side, there is no respite for the Japanese yen from rising Treasury yields as the currency hit a fresh 24yr low, declining -0.50% to 135.08 versus the dollar. DMs equity futures point to further losses with contracts on the S&P 500 (-1.33%), NASDAQ 100 (-1.87%) and DAX (-1.37%) all trading in negative territory. Moving on to the French legislative elections. In the first round, exit polls indicate that President Emmanuel Macron is at risk of losing his outright majority after a strong showing by the left-wing alliance in the first round of the country’s parliamentary election. According to the official results, Jean-Luc Mélenchon's left-wing NUPES alliance (+25.61%) finished neck and neck with Mr Macron's Ensemble (+25.71%), in terms of votes cast in Sunday's first round. An average of 5 pollsters expect Macron to win 262-301 seats, with 289 needed to keep his majority. So a nervy wait ahead of the second round. Turning back to review last week now. The business end of the week had two huge macro events that sent markets into some degree of upheaval. On Thursday, the ECB met, confirming the end of net APP purchases this month, paving the way for liftoff in July. Beyond July they opened the door for 50 basis point hikes if inflation persists or deteriorates. Judging by their upgraded forecasts, they are now in the ‘persists’ camp. President Lagarde in the press conference took great pains to commit to fighting inflation in a hawkish tone shift. The bigger market reaction was on the apparent lack of progress on any implementation tool designed to avoid fragmentation. President Lagarde tried to downplay the lack of new tool, leaning on PEPP reinvestment flexibility, but the market wasn’t comfortable that this would be enough. All told, 2yr bunds increased +30.9bps (+13.6bps Friday) on the tighter expected policy path, with the end-2022 policy rate implied by OIS markets ending the week at 0.99%, a new high and in line with our Euro economists updated call (their full review and new call here). The lack of an immediate anti-fragmentation tool saw peripheral spreads underperform, moving to new post-Covid wides, as 10yr BTPs increased +35.9bps (+16.0bps Friday) with 10yr Spanish bonds increasing +34.0bps (+15.6bps Friday), versus a 10yr bund increase of +24.3bps (+8.6bps Friday). The Friday moves above were given a further boost by yet another above consensus US CPI report, with YoY inflation gaining +8.6% in May versus expectations it would stay consistent with the prior month’s +8.3% reading. FOMC officials have consistently cited deceleration in MoM readings as necessary to find clear and convincing evidence that inflation was stabilising and returning to target, evidence which they surely didn’t get on Friday, as MoM inflation increased +1.0% from +0.3% in April, beating lofty expectations of +0.7%. The dramatic beats drove the expected path of Fed tightening sharply higher, with 2yr Treasury yields increasing +40.9bps on the week after a +25.0bp gain Friday, it’s largest one-day move since June 2009. The expected fed funds rate by the end of the year reached a new high of 3.22%. The curve aggressively bear flattened, as the reality that the Fed will have to induce slower growth to tame inflation set in; 10yr yields gained +22.0bps on the week and +11.2bps on Friday, with almost all of the increase coming in real yields. That brings 2s10s to 8.8bps, its flattest since its early-April rebound after its brief inversion. The sharp global policy repricing weighed on equity indices. All major transatlantic indices fell, including the STOXX 600 (-3.95% week, -2.69% Friday), DAX (-4.83%, -3.08%), CAC (-4.60%, -2.69%), S&P 500 (-5.05%, -2.91%), NASDAQ (-5.60%, -3.52%), FANG+ (-2.87%, -3.37%), and Russell 200 (-4.26%, -2.60%). That brings the STOXX 600 -14.49% below its YTD highs reached in the first days of the year, with the S&P 500 -18.40% below the same corresponding metric. Both indices ended the week hovering just above YTD lows. US CDX HY and Euro Crossover were +58bps and +47bps on the week and around +30bps and +25bps wider on Friday. Both are now at their post covid wides. Tyler Durden Mon, 06/13/2022 - 07:57.....»»

The Anatomy Of Big Pharma's Political Reach Authored by Rebecca Strong via Medium.com, They keep telling us to “trust the science.” But who paid for it? After graduating from Columbia University with a chemical engineering degree, my grandfather went on to work for Pfizer for almost two decades, culminating his career as the company’s Global Director of New Products. I was rather proud of this fact growing up — it felt as if this father figure, who raised me for several years during my childhood, had somehow played a role in saving lives. But in recent years, my perspective on Pfizer — and other companies in its class — has shifted. Blame it on the insidious big pharma corruption laid bare by whistleblowers in recent years. Blame it on the endless string of big pharma lawsuits revealing fraud, deception, and cover-ups. Blame it on the fact that I witnessed some of their most profitable drugs ruin the lives of those I love most. All I know is, that pride I once felt has been overshadowed by a sticky skepticism I just can’t seem to shake. In 1973, my grandpa and his colleagues celebrated as Pfizer crossed a milestone: the one-billion-dollar sales mark. These days, Pfizer rakes in $81 billion a year, making it the 28th most valuable company in the world. Johnson & Johnson ranks 15th, with $93.77 billion. To put things into perspective, that makes said companies wealthier than most countries in the world. And thanks to those astronomical profit margins, the Pharmaceuticals and Health Products industry is able to spend more on lobbying than any other industry in America. While big pharma lobbying can take several different forms, these companies tend to target their contributions to senior legislators in Congress — you know, the ones they need to keep in their corner, because they have the power to draft healthcare laws. Pfizer has outspent its peers in six of the last eight election cycles, coughing up almost $9.7 million. During the 2016 election, pharmaceutical companies gave more than $7 million to 97 senators at an average of $75,000 per member. They also contributed $6.3 million to president Joe Biden’s 2020 campaign. The question is: what did big pharma get in return? When you've got 1,500 Big Pharma lobbyists on Capitol Hill for 535 members of Congress, it's not too hard to figure out why prescription drug prices in this country are, on average, 256% HIGHER than in other major countries. — Bernie Sanders (@BernieSanders) February 3, 2022 ALEC’s Off-the-Record Sway To truly grasp big pharma’s power, you need to understand how The American Legislative Exchange Council (ALEC) works. ALEC, which was founded in 1973 by conservative activists working on Ronald Reagan’s campaign, is a super secretive pay-to-play operation where corporate lobbyists — including in the pharma sector — hold confidential meetings about “model” bills. A large portion of these bills is eventually approved and become law. A rundown of ALEC’s greatest hits will tell you everything you need to know about the council’s motives and priorities. In 1995, ALEC promoted a bill that restricts consumers’ rights to sue for damages resulting from taking a particular medication. They also endorsed the Statute of Limitation Reduction Act, which put a time limit on when someone could sue after a medication-induced injury or death. Over the years, ALEC has promoted many other pharma-friendly bills that would: weaken FDA oversight of new drugs and therapies, limit FDA authority over drug advertising, and oppose regulations on financial incentives for doctors to prescribe specific drugs. But what makes these ALEC collaborations feel particularly problematic is that there’s little transparency — all of this happens behind closed doors. Congressional leaders and other committee members involved in ALEC aren’t required to publish any records of their meetings and other communications with pharma lobbyists, and the roster of ALEC members is completely confidential. All we know is that in 2020, more than two-thirds of Congress — 72 senators and 302 House of Representatives members — cashed a campaign check from a pharma company. Big Pharma Funding Research The public typically relies on an endorsement from government agencies to help them decide whether or not a new drug, vaccine, or medical device is safe and effective. And those agencies, like the FDA, count on clinical research. As already established, big pharma is notorious for getting its hooks into influential government officials. Here’s another sobering truth: The majority of scientific research is paid for by — wait for it — the pharmaceutical companies. When the New England Journal of Medicine (NEJM) published 73 studies of new drugs over the course of a single year, they found that a staggering 82% of them had been funded by the pharmaceutical company selling the product, 68% had authors who were employees of that company, and 50% had lead researchers who accepted money from a drug company. According to 2013 research conducted at the University of Arizona College of Law, even when pharma companies aren’t directly funding the research, company stockholders, consultants, directors, and officers are almost always involved in conducting them. A 2017 report by the peer-reviewed journal The BMJ also showed that about half of medical journal editors receive payments from drug companies, with the average payment per editor hovering around $28,000. But these statistics are only accurate if researchers and editors are transparent about payments from pharma. And a 2022 investigative analysis of two of the most influential medical journals found that 81% of study authors failed to disclose millions in payments from drug companies, as they’re required to do. Unfortunately, this trend shows no sign of slowing down. The number of clinical trials funded by the pharmaceutical industry has been climbing every year since 2006, according to a John Hopkins University report, while independent studies have been harder to find. And there are some serious consequences to these conflicts of interest. Take Avandia, for instance, a diabetes drug produced by GlaxoSmithCline (GSK). Avandia was eventually linked to a dramatically increased risk of heart attacks and heart failure. And a BMJ report revealed that almost 90% of scientists who initially wrote glowing articles about Avandia had financial ties to GSK. But here’s the unnerving part: if the pharmaceutical industry is successfully biasing the science, then that means the physicians who rely on the science are biased in their prescribing decisions. Photo credit: UN Women Europe & Central Asia Where the lines get really blurry is with “ghostwriting.” Big pharma execs know citizens are way more likely to trust a report written by a board-certified doctor than one of their representatives. That’s why they pay physicians to list their names as authors — even though the MDs had little to no involvement in the research, and the report was actually written by the drug company. This practice started in the ’50s and ’60s when tobacco execs were clamoring to prove that cigarettes didn’t cause cancer (spoiler alert: they do!), so they commissioned doctors to slap their name on papers undermining the risks of smoking. It’s still a pretty common tactic today: more than one in 10 articles published in the NEJM was co-written by a ghostwriter. While a very small percentage of medical journals have clear policies against ghostwriting, it’s still technically legal —despite the fact that the consequences can be deadly. Case in point: in the late ’90s and early 2000s, Merck paid for 73 ghostwritten articles to play up the benefits of its arthritis drug Vioxx. It was later revealed that Merck failed to report all of the heart attacks experienced by trial participants. In fact, a study published in the NEJM revealed that an estimated 160,000 Americans experienced heart attacks or strokes from taking Vioxx. That research was conducted by Dr. David Graham, Associate Director of the FDA’s Office of Drug Safety, who understandably concluded the drug was not safe. But the FDA’s Office of New Drugs, which not only was responsible for initially approving Vioxx but also regulating it, tried to sweep his findings under the rug. "I was pressured to change my conclusions and recommendations, and basically threatened that if I did not change them, I would not be permitted to present the paper at the conference," he wrote in his 2004 U.S. Senate testimony on Vioxx. "One Drug Safety manager recommended that I should be barred from presenting the poster at the meeting." Eventually, the FDA issued a public health advisory about Vioxx and Merck withdrew this product. But it was a little late for repercussions — 38,000 of those Vioxx-takers who suffered heart attacks had already died. Graham called this a “profound regulatory failure,” adding that scientific standards the FDA apply to drug safety “guarantee that unsafe and deadly drugs will remain on the U.S. market.” This should come as no surprise, but research has also repeatedly shown that a paper written by a pharmaceutical company is more likely to emphasize the benefits of a drug, vaccine, or device while downplaying the dangers. (If you want to understand more about this practice, a former ghostwriter outlines all the ethical reasons why she quit this job in a PLOS Medicine report.) While adverse drug effects appear in 95% of clinical research, only 46% of published reports disclose them. Of course, all of this often ends up misleading doctors into thinking a drug is safer than it actually is. Big Pharma Influence On Doctors Pharmaceutical companies aren’t just paying medical journal editors and authors to make their products look good, either. There’s a long, sordid history of pharmaceutical companies incentivizing doctors to prescribe their products through financial rewards. For instance, Pfizer and AstraZeneca doled out a combined $100 million to doctors in 2018, with some earning anywhere from $6 million to $29 million in a year. And research has shown this strategy works: when doctors accept these gifts and payments, they’re significantly more likely to prescribe those companies’ drugs. Novartis comes to mind — the company famously spent over $100 million paying for doctors’ extravagant meals, golf outings, and more, all while also providing a generous kickback program that made them richer every time they prescribed certain blood pressure and diabetes meds. Side note: the Open Payments portal contains a nifty little database where you can find out if any of your own doctors received money from drug companies. Knowing that my mother was put on a laundry list of meds after a near-fatal car accident, I was curious — so I did a quick search for her providers. While her PCP only banked a modest amount from Pfizer and AstraZeneca, her previous psychiatrist — who prescribed a cocktail of contraindicated medications without treating her in person — collected quadruple-digit payments from pharmaceutical companies. And her pain care specialist, who prescribed her jaw-dropping doses of opioid pain medication for more than 20 years (far longer than the 5-day safety guideline), was raking in thousands from Purdue Pharma, AKA the opioid crisis’ kingpin. Purdue is now infamous for its wildly aggressive OxyContin campaign in the ’90s. At the time, the company billed it as a non-addictive wonder drug for pain sufferers. Internal emails show Pursue sales representatives were instructed to “sell, sell, sell” OxyContin, and the more they were able to push, the more they were rewarded with promotions and bonuses. With the stakes so high, these reps stopped at nothing to get doctors on board — even going so far as to send boxes of doughnuts spelling out “OxyContin” to unconvinced physicians. Purdue had stumbled upon the perfect system for generating tons of profit — off of other people’s pain. Documentation later proved that not only was Purdue aware it was highly addictive and that many people were abusing it, but that they also encouraged doctors to continue prescribing increasingly higher doses of it (and sent them on lavish luxury vacations for some motivation). In testimony to Congress, Purdue exec Paul Goldenheim played dumb about OxyContin addiction and overdose rates, but emails that were later exposed showed that he requested his colleagues remove all mentions of addiction from their correspondence about the drug. Even after it was proven in court that Purdue fraudulently marketed OxyContin while concealing its addictive nature, no one from the company spent a single day behind bars. Instead, the company got a slap on the wrist and a $600 million fine for a misdemeanor, the equivalent of a speeding ticket compared to the $9 billion they made off OxyContin up until 2006. Meanwhile, thanks to Purdue’s recklessness, more than 247,000 people died from prescription opioid overdoses between 1999 and 2009. And that’s not even factoring in all the people who died of heroin overdoses once OxyContin was no longer attainable to them. The NIH reports that 80% of people who use heroin started by misusing prescription opioids. Former sales rep Carol Panara told me in an interview that when she looks back on her time at Purdue, it all feels like a “bad dream.” Panara started working for Purdue in 2008, one year after the company pled guilty to “misbranding” charges for OxyContin. At this point, Purdue was “regrouping and expanding,” says Panara, and to that end, had developed a clever new approach for making money off OxyContin: sales reps were now targeting general practitioners and family doctors, rather than just pain management specialists. On top of that, Purdue soon introduced three new strengths for OxyContin: 15, 30, and 60 milligrams, creating smaller increments Panara believes were aimed at making doctors feel more comfortable increasing their patients’ dosages. According to Panara, there were internal company rankings for sales reps based on the number of prescriptions for each OxyContin dosing strength in their territory. “They were sneaky about it,” she said. “Their plan was to go in and sell these doctors on the idea of starting with 10 milligrams, which is very low, knowing full well that once they get started down that path — that’s all they need. Because eventually, they’re going to build a tolerance and need a higher dose.” Occasionally, doctors expressed concerns about a patient becoming addicted, but Purdue had already developed a way around that. Sales reps like Panara were taught to reassure those doctors that someone in pain might experience addiction-like symptoms called “pseudoaddiction,” but that didn’t mean they were truly addicted. There is no scientific evidence whatsoever to support that this concept is legit, of course. But the most disturbing part? Reps were trained to tell doctors that “pseudoaddiction” signaled the patient’s pain wasn’t being managed well enough, and the solution was simply to prescribe a higher dose of OxyContin. Panara finally quit Purdue in 2013. One of the breaking points was when two pharmacies in her territory were robbed at gunpoint specifically for OxyContin. In 2020, Purdue pled guilty to three criminal charges in an $8.3 billion deal, but the company is now under court protection after filing for bankruptcy. Despite all the damage that’s been done, the FDA’s policies for approving opioids remain essentially unchanged. Photo credit: Jennifer Durban Purdue probably wouldn’t have been able to pull this off if it weren’t for an FDA examiner named Curtis Wright, and his assistant Douglas Kramer. While Purdue was pursuing Wright’s stamp of approval on OxyContin, Wright took an outright sketchy approach to their application, instructing the company to mail documents to his home office rather than the FDA, and enlisting Purdue employees to help him review trials about the safety of the drug. The Food, Drug, and Cosmetic Act requires that the FDA have access to at least two randomized controlled trials before deeming a drug as safe and effective, but in the case of OxyContin, it got approved with data from just one measly two-week study — in osteoarthritis patients, no less. When both Wright and Kramer left the FDA, they went on to work for none other than (drumroll, please) Purdue, with Wright earning three times his FDA salary. By the way — this is just one example of the FDA’s notoriously incestuous relationship with big pharma, often referred to as “the revolving door”. In fact, a 2018 Science report revealed that 11 out of 16 FDA reviewers ended up at the same companies they had been regulating products for. While doing an independent investigation, “Empire of Pain” author and New Yorker columnist Patrick Radden Keefe tried to gain access to documentation of Wright’s communications with Purdue during the OxyContin approval process. “The FDA came back and said, ‘Oh, it’s the weirdest thing, but we don’t have anything. It’s all either been lost or destroyed,’” Keefe told Fortune in an interview. “But it’s not just the FDA. It’s Congress, it’s the Department of Justice, it’s big parts of the medical establishment … the sheer amount of money involved, I think, has meant that a lot of the checks that should be in place in society to not just achieve justice, but also to protect us as consumers, were not there because they had been co-opted.” Big pharma may be to blame for creating the opioids that caused this public health catastrophe, but the FDA deserves just as much scrutiny — because its countless failures also played a part in enabling it. And many of those more recent fails happened under the supervision of Dr. Janet Woodcock. Woodcock was named FDA’s acting commissioner mere hours after Joe Biden was inaugurated as president. She would have been a logical choice, being an FDA vet of 35 years, but then again it’s impossible to forget that she played a starring role in the FDA’s perpetuating the opioid epidemic. She’s also known for overruling her own scientific advisors when they vote against approving a drug. Not only did Woodcock approve OxyContin for children as young as 11 years old, but she also gave the green light to several other highly controversial extended-release opioid pain drugs without sufficient evidence of safety or efficacy. One of those was Zohydro: in 2011, the FDA’s advisory committee voted 11:2 against approving it due to safety concerns about inappropriate use, but Woodcock went ahead and pushed it through, anyway. Under Woodcock’s supervision, the FDA also approved Opana, which is twice as powerful as OxyContin — only to then beg the drug maker to take it off the market 10 years later due to “abuse and manipulation.” And then there was Dsuvia, a potent painkiller 1,000 times stronger than morphine and 10 times more powerful than fentanyl. According to a head of one of the FDA’s advisory committees, the U.S. military had helped to develop this particular drug, and Woodcock said there was “pressure from the Pentagon” to push it through approvals. The FBI, members of congress, public health advocates, and patient safety experts alike called this decision into question, pointing out that with hundreds of opioids already on the market there’s no need for another — particularly one that comes with such high risks. Most recently, Woodcock served as the therapeutics lead for Operation Warp Speed, overseeing COVID-19 vaccine development. Big Pharma Lawsuits, Scandals, and Cover-Ups While the OxyContin craze is undoubtedly one of the highest-profile examples of big pharma’s deception, there are dozens of other stories like this. Here are a few standouts: In the 1980s, Bayer continued selling blood clotting products to third-world countries even though they were fully aware those products had been contaminated with HIV. The reason? The “financial investment in the product was considered too high to destroy the inventory.” Predictably, about 20,000 of the hemophiliacs who were infused with these tainted products then tested positive for HIV and eventually developed AIDS, and many later died of it. In 2004, Johnson & Johnson was slapped with a series of lawsuits for illegally promoting off-label use of their heartburn drug Propulsid for children despite internal company emails confirming major safety concerns (as in, deaths during the drug trials). Documentation from the lawsuits showed that dozens of studies sponsored by Johnson & Johnson highlighting the risks of this drug were never published. The FDA estimates that GSK’s Avandia caused 83,000 heart attacks between 1999 and 2007. Internal documents from GSK prove that when they began studying the effects of the drug as early as 1999, they discovered it caused a higher risk of heart attacks than a similar drug it was meant to replace. Rather than publish these findings, they spent a decade illegally concealing them (and meanwhile, banking $3.2 billion annually for this drug by 2006). Finally, a 2007 New England Journal of Medicine study linked Avandia to a 43% increased risk of heart attacks, and a 64% increased risk of death from heart disease. Avandia is still FDA approved and available in the U.S. In 2009, Pfizer was forced to pay $2.3 billion, the largest healthcare fraud settlement in history at that time, for paying illegal kickbacks to doctors and promoting off-label uses of its drugs. Specifically, a former employee revealed that Pfizer reps were encouraged and incentivized to sell Bextra and 12 other drugs for conditions they were never FDA approved for, and at doses up to eight times what’s recommended. “I was expected to increase profits at all costs, even when sales meant endangering lives,” the whistleblower said. When it was discovered that AstraZeneca was promoting the antipsychotic medication Seroquel for uses that were not approved by the FDA as safe and effective, the company was hit with a $520 million fine in 2010. For years, AstraZeneca had been encouraging psychiatrists and other physicians to prescribe Seroquel for a vast range of seemingly unrelated off-label conditions, including Alzheimer’s disease, anger management, ADHD, dementia, post-traumatic stress disorder, and sleeplessness. AstraZeneca also violated the federal Anti-Kickback Statute by paying doctors to spread the word about these unapproved uses of Seroquel via promotional lectures and while traveling to resort locations. In 2012, GSK paid a $3 billion fine for bribing doctors by flying them and their spouses to five-star resorts, and for illegally promoting drugs for off-label uses. What’s worse — GSK withheld clinical trial results that showed its antidepressant Paxil not only doesn’t work for adolescents and children but more alarmingly, that it can increase the likelihood of suicidal thoughts in this group. A 1998 GSK internal memo revealed that the company intentionally concealed this data to minimize any “potential negative commercial impact.” In 2021, an ex-AstraZeneca sales rep sued her former employer, claiming they fired her for refusing to promote drugs for uses that weren’t FDA-approved. The employee alleges that on multiple occasions, she expressed concerns to her boss about “misleading” information that didn’t have enough support from medical research, and off-label promotions of certain drugs. Her supervisor reportedly not only ignored these concerns but pressured her to approve statements she didn’t agree with and threatened to remove her from regional and national positions if she didn’t comply. According to the plaintiff, she missed out on a raise and a bonus because she refused to break the law. At the top of 2022, a panel of the D.C. Court of Appeals reinstated a lawsuit against Pfizer, AstraZeneca, Johnson & Johnson, Roche, and GE Healthcare, which claims they helped finance terrorist attacks against U.S. service members and other Americans in Iraq. The suit alleges that from 2005–2011, these companies regularly offered bribes (including free drugs and medical devices) totaling millions of dollars annually to Iraq’s Ministry of Health in order to secure drug contracts. These corrupt payments then allegedly funded weapons and training for the Mahdi Army, which until 2008, was largely considered one of the most dangerous groups in Iraq. Another especially worrisome factor is that pharmaceutical companies are conducting an ever-increasing number of clinical trials in third-world countries, where people may be less educated, and there are also far fewer safety regulations. Pfizer’s 1996 experimental trials with Trovan on Nigerian children with meningitis — without informed consent — is just one nauseating example. When a former medical director in Pfizer’s central research division warned the company both before and after the study that their methods in this trial were “improper and unsafe,” he was promptly fired. Families of the Nigerian children who died or were left blind, brain damaged, or paralyzed after the study sued Pfizer, and the company ultimately settled out of court. In 1998, the FDA approved Trovan only for adults. The drug was later banned from European markets due to reports of fatal liver disease and restricted to strictly emergency care in the U.S. Pfizer still denies any wrongdoing. “Nurse prepares to vaccinate children” by World Bank Photo Collection is licensed under CC BY-NC-ND 2.0 But all that is just the tip of the iceberg. If you’d like to dive a little further down the rabbit hole — and I’ll warn you, it’s a deep one — a quick Google search for “big pharma lawsuits” will reveal the industry’s dark track record of bribery, dishonesty, and fraud. In fact, big pharma happens to be the biggest defrauder of the federal government when it comes to the False Claims Act, otherwise known as the “Lincoln Law.” During our interview, Panara told me she has friends still working for big pharma who would be willing to speak out about crooked activity they’ve observed, but are too afraid of being blacklisted by the industry. A newly proposed update to the False Claims Act would help to protect and support whistleblowers in their efforts to hold pharmaceutical companies liable, by helping to prevent that kind of retaliation and making it harder for the companies charged to dismiss these cases. It should come as no surprise that Pfizer, AstraZeneca, Merck, and a flock of other big pharma firms are currently lobbying to block the update. Naturally, they wouldn’t want to make it any easier for ex-employees to expose their wrongdoings, potentially costing them billions more in fines. Something to keep in mind: these are the same people who produced, marketed, and are profiting from the COVID-19 vaccines. The same people who manipulate research, pay off decision-makers to push their drugs, cover up negative research results to avoid financial losses, and knowingly put innocent citizens in harm’s way. The same people who told America: “Take as much OxyContin as you want around the clock! It’s very safe and not addictive!” (while laughing all the way to the bank). So, ask yourself this: if a partner, friend, or family member repeatedly lied to you — and not just little white lies, but big ones that put your health and safety at risk — would you continue to trust them? Backing the Big Four: Big Pharma and the FDA, WHO, NIH, CDC I know what you’re thinking. Big pharma is amoral and the FDA’s devastating slips are a dime a dozen — old news. But what about agencies and organizations like the National Institutes of Health (NIH), World Health Organization (WHO), and Centers for Disease Control & Prevention (CDC)? Don’t they have an obligation to provide unbiased guidance to protect citizens? Don’t worry, I’m getting there. The WHO’s guidance is undeniably influential across the globe. For most of this organization’s history, dating back to 1948, it could not receive donations from pharmaceutical companies — only member states. But that changed in 2005 when the WHO updated its financial policy to permit private money into its system. Since then, the WHO has accepted many financial contributions from big pharma. In fact, it’s only 20% financed by member states today, with a whopping 80% of financing coming from private donors. For instance, The Bill and Melinda Gates Foundation (BMGF) is now one of its main contributors, providing up to 13% of its funds — about $250–300 million a year. Nowadays, the BMGF provides more donations to the WHO than the entire United States. Dr. Arata Kochi, former head of WHO’s malaria program, expressed concerns to director-general Dr. Margaret Chan in 2007 that taking the BMGF’s money could have “far-reaching, largely unintended consequences” including “stifling a diversity of views among scientists.” “The big concerns are that the Gates Foundation isn’t fully transparent and accountable,” Lawrence Gostin, director of WHO’s Collaborating Center on National and Global Health Law, told Devex in an interview. “By wielding such influence, it could steer WHO priorities … It would enable a single rich philanthropist to set the global health agenda.” Photo credit: National Institutes of Health Take a peek at the WHO’s list of donors and you’ll find a few other familiar names like AstraZeneca, Bayer, Pfizer, Johnson & Johnson, and Merck. The NIH has the same problem, it seems. Science journalist Paul Thacker, who previously examined financial links between physicians and pharma companies as a lead investigator of the United States Senate Committee, wrote in The Washington Post that this agency “often ignored” very “obvious” conflicts of interest. He also claimed that “its industry ties go back decades.” In 2018, it was discovered that a $100 million alcohol consumption study run by NIH scientists was funded mostly by beer and liquor companies. Emails proved that NIH researchers were in frequent contact with those companies while designing the study — which, here’s a shocker — were aimed at highlighting the benefits and not the risks of moderate drinking. So, the NIH ultimately had to squash the trial. And then there’s the CDC. It used to be that this agency couldn’t take contributions from pharmaceutical companies, but in 1992 they found a loophole: new legislation passed by Congress allowed them to accept private funding through a nonprofit called the CDC Foundation. From 2014 through 2018 alone, the CDC Foundation received $79.6 million from corporations like Pfizer, Biogen, and Merck. Of course, if a pharmaceutical company wants to get a drug, vaccine, or other product approved, they really need to cozy up to the FDA. That explains why in 2017, pharma companies paid for a whopping 75% of the FDA’s scientific review budgets, up from 27% in 1993. It wasn’t always like this. But in 1992, an act of Congress changed the FDA’s funding stream, enlisting pharma companies to pay “user fees,” which help the FDA speed up the approval process for their drugs. A 2018 Science investigation found that 40 out of 107 physician advisors on the FDA’s committees received more than $10,000 from big pharma companies trying to get their drugs approved, with some banking up to $1 million or more. The FDA claims it has a well-functioning system to identify and prevent these possible conflicts of interest. Unfortunately, their system only works for spotting payments before advisory panels meet, and the Science investigation showed many FDA panel members get their payments after the fact. It’s a little like “you scratch my back now, and I’ll scratch your back once I get what I want” — drug companies promise FDA employees a future bonus contingent on whether things go their way. Here’s why this dynamic proves problematic: a 2000 investigation revealed that when the FDA approved the rotavirus vaccine in 1998, it didn’t exactly do its due diligence. That probably had something to do with the fact that committee members had financial ties to the manufacturer, Merck — many owned tens of thousands of dollars of stock in the company, or even held patents on the vaccine itself. Later, the Adverse Event Reporting System revealed that the vaccine was causing serious bowel obstructions in some children, and it was finally pulled from the U.S. market in October 1999. Then, in June of 2021, the FDA overruled concerns raised by its very own scientific advisory committee to approve Biogen’s Alzheimer’s drug Aduhelm — a move widely criticized by physicians. The drug not only showed very little efficacy but also potentially serious side effects like brain bleeding and swelling, in clinical trials. Dr. Aaron Kesselheim, a Harvard Medical School professor who was on the FDA’s scientific advisory committee, called it the “worst drug approval” in recent history, and noted that meetings between the FDA and Biogen had a “strange dynamic” suggesting an unusually close relationship. Dr. Michael Carome, director of Public Citizen’s Health Research Group, told CNN that he believes the FDA started working in “inappropriately close collaboration with Biogen” back in 2019. “They were not objective, unbiased regulators,” he added in the CNN interview. “It seems as if the decision was preordained.” That brings me to perhaps the biggest conflict of interest yet: Dr. Anthony Fauci’s NIAID is just one of many institutes that comprises the NIH — and the NIH owns half the patent for the Moderna vaccine — as well as thousands more pharma patents to boot. The NIAID is poised to earn millions of dollars from Moderna’s vaccine revenue, with individual officials also receiving up to $150,000 annually. Operation Warp Speed In December of 2020, Pfizer became the first company to receive an emergency use authorization (EUA) from the FDA for a COVID-19 vaccine. EUAs — which allow the distribution of an unapproved drug or other product during a declared public health emergency — are actually a pretty new thing: the first one was issued in 2005 so military personnel could get an anthrax vaccine. To get a full FDA approval, there needs to be substantial evidence that the product is safe and effective. But for an EUA, the FDA just needs to determine that it may be effective. Since EUAs are granted so quickly, the FDA doesn’t have enough time to gather all the information they’d usually need to approve a drug or vaccine. “Operation Warp Speed Vaccine Event” by The White House is licensed under CC PDM 1.0 Pfizer CEO and chairman Albert Bourla has said his company was “operating at the speed of science” to bring a vaccine to market. However, a 2021 report in The BMJ revealed that this speed might have come at the expense of “data integrity and patient safety.” Brook Jackson, regional director for the Ventavia Research Group, which carried out these trials, told The BMJ that her former company “falsified data, unblinded patients, and employed inadequately trained vaccinators” in Pfizer’s pivotal phase 3 trial. Just some of the other concerning events witnessed included: adverse events not being reported correctly or at all, lack of reporting on protocol deviations, informed consent errors, and mislabeling of lab specimens. An audio recording of Ventavia employees from September 2020 revealed that they were so overwhelmed by issues arising during the study that they became unable to “quantify the types and number of errors” when assessing quality control. One Ventavia employee told The BMJ she’d never once seen a research environment as disorderly as Ventavia’s Pfizer vaccine trial, while another called it a “crazy mess.” Over the course of her two-decades-long career, Jackson has worked on hundreds of clinical trials, and two of her areas of expertise happen to be immunology and infectious diseases. She told me that from her first day on the Pfizer trial in September of 2020, she discovered “such egregious misconduct” that she recommended they stop enrolling participants into the study to do an internal audit. “To my complete shock and horror, Ventavia agreed to pause enrollment but then devised a plan to conceal what I found and to keep ICON and Pfizer in the dark,” Jackson said during our interview. “The site was in full clean-up mode. When missing data points were discovered the information was fabricated, including forged signatures on the informed consent forms.” A screenshot Jackson shared with me shows she was invited to a meeting titled “COVID 1001 Clean up Call” on Sept. 21, 2020. She refused to participate in the call. Jackson repeatedly warned her superiors about patient safety concerns and data integrity issues. “I knew that the entire world was counting on clinical researchers to develop a safe and effective vaccine and I did not want to be a part of that failure by not reporting what I saw,” she told me. When her employer failed to act, Jackson filed a complaint with the FDA on Sept. 25, and Ventavia fired her hours later that same day under the pretense that she was “not a good fit.” After reviewing her concerns over the phone, she claims the FDA never followed up or inspected the Ventavia site. Ten weeks later, the FDA authorized the EUA for the vaccine. Meanwhile, Pfizer hired Ventavia to handle the research for four more vaccine clinical trials, including one involving children and young adults, one for pregnant women, and another for the booster. Not only that, but Ventavia handled the clinical trials for Moderna, Johnson & Johnson, and Novavax. Jackson is currently pursuing a False Claims Act lawsuit against Pfizer and Ventavia Research Group. Last year, Pfizer banked nearly $37 billion from its COVID vaccine, making it one of the most lucrative products in global history. Its overall revenues doubled in 2021 to reach $81.3 billion, and it’s slated to reach a record-breaking $98-$102 billion this year. “Corporations like Pfizer should never have been put in charge of a global vaccination rollout, because it was inevitable they would make life-and-death decisions based on what’s in the short-term interest of their shareholders,” writes Nick Dearden, director of Global Justice Now. As previously mentioned, it’s super common for pharmaceutical companies to fund the research on their own products. Here’s why that’s scary. One 1999 meta-analysis showed that industry-funded research is eight times less likely to achieve unfavorable results compared to independent trials. In other words, if a pharmaceutical company wants to prove that a medication, supplement, vaccine, or device is safe and effective, they’ll find a way. With that in mind, I recently examined the 2020 study on Pfizer’s COVID vaccine to see if there were any conflicts of interest. Lo and behold, the lengthy attached disclosure form shows that of the 29 authors, 18 are employees of Pfizer and hold stock in the company, one received a research grant from Pfizer during the study, and two reported being paid “personal fees” by Pfizer. In another 2021 study on the Pfizer vaccine, seven of the 15 authors are employees of and hold stock in Pfizer. The other eight authors received financial support from Pfizer during the study. Photo credit: Prasesh Shiwakoti (Lomash) via Unsplash As of the day I’m writing this, about 64% of Americans are fully vaccinated, and 76% have gotten at least one dose. The FDA has repeatedly promised “full transparency” when it comes to these vaccines. Yet in December of 2021, the FDA asked for permission to wait 75 years before releasing information pertaining to Pfizer’s COVID-19 vaccine, including safety data, effectiveness data, and adverse reaction reports. That means no one would see this information until the year 2096 — conveniently, after many of us have departed this crazy world. To recap: the FDA only needed 10 weeks to review the 329,000 pages worth of data before approving the EUA for the vaccine — but apparently, they need three-quarters of a century to publicize it. In response to the FDA’s ludicrous request, PHMPT — a group of over 200 medical and public health experts from Harvard, Yale, Brown, UCLA, and other institutions — filed a lawsuit under the Freedom of Information Act demanding that the FDA produce this data sooner. And their efforts paid off: U.S. District Judge Mark T. Pittman issued an order for the FDA to produce 12,000 pages by Jan. 31, and then at least 55,000 pages per month thereafter. In his statement to the FDA, Pittman quoted the late John F. Kennedy: “A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people.” As for why the FDA wanted to keep this data hidden, the first batch of documentation revealed that there were more than 1,200 vaccine-related deaths in just the first 90 days after the Pfizer vaccine was introduced. Of 32 pregnancies with a known outcome, 28 resulted in fetal death. The CDC also recently unveiled data showing a total of 1,088,560 reports of adverse events from COVID vaccines were submitted between Dec. 14, 2020, and Jan. 28, 2022. That data included 23,149 reports of deaths and 183,311 reports of serious injuries. There were 4,993 reported adverse events in pregnant women after getting vaccinated, including 1,597 reports of miscarriage or premature birth. A 2022 study published in JAMA, meanwhile, revealed that there have been more than 1,900 reported cases of myocarditis — or inflammation of the heart muscle — mostly in people 30 and under, within 7 days of getting the vaccine. In those cases, 96% of people were hospitalized. “It is understandable that the FDA does not want independent scientists to review the documents it relied upon to license Pfizer’s vaccine given that it is not as effective as the FDA originally claimed, does not prevent transmission, does not prevent against certain emerging variants, can cause serious heart inflammation in younger individuals, and has numerous other undisputed safety issues,” writes Aaron Siri, the attorney representing PHMPT in its lawsuit against the FDA. Siri told me in an email that his office phone has been ringing off the hook in recent months. “We are overwhelmed by inquiries from individuals calling about an injury from a COVID-19 vaccine,” he said. By the way — it’s worth noting that adverse effects caused by COVID-19 vaccinations are still not covered by the National Vaccine Injury Compensation Program. Companies like Pfizer, Moderna, and Johnson & Johnson are protected under the Public Readiness and Emergency Preparedness (PREP) Act, which grants them total immunity from liability with their vaccines. And no matter what happens to you, you can’t sue the FDA for authorizing the EUA, or your employer for requiring you to get it, either. Billions of taxpayer dollars went to fund the research and development of these vaccines, and in Moderna’s case, licensing its vaccine was made possible entirely by public funds. But apparently, that still warrants citizens no insurance. Should something go wrong, you’re basically on your own. Pfizer and Moderna COVID-19 vaccine business model: government gives them billions, gives them immunity for any injuries or if doesn't work, promotes their products for free, and mandates their products. Sounds crazy? Yes, but it is our current reality. — Aaron Siri (@AaronSiriSG) February 2, 2022 The Hypocrisy of “Misinformation” I find it interesting that “misinformation” has become such a pervasive term lately, but more alarmingly, that it’s become an excuse for blatant censorship on social media and in journalism. It’s impossible not to wonder what’s driving this movement to control the narrative. In a world where we still very clearly don’t have all the answers, why shouldn’t we be open to exploring all the possibilities? And while we’re on the subject, what about all of the COVID-related untruths that have been spread by our leaders and officials? Why should they get a free pass? Photo credit: @upgradeur_life, www.instagram.com/upgradeur_life Fauci, President Biden, and the CDC’s Rochelle Walensky all promised us with total confidence the vaccine would prevent us from getting or spreading COVID, something we now know is a myth. (In fact, the CDC recently had to change its very definition of “vaccine ” to promise “protection” from a disease rather than “immunity”— an important distinction). At one point, the New York State Department of Health (NYS DOH) and former Governor Andrew Cuomo prepared a social media campaign with misleading messaging that the vaccine was “approved by the FDA” and “went through the same rigorous approval process that all vaccines go through,” when in reality the FDA only authorized the vaccines under an EUA, and the vaccines were still undergoing clinical trials. While the NYS DOH eventually responded to pressures to remove these false claims, a few weeks later the Department posted on Facebook that “no serious side effects related to the vaccines have been reported,” when in actuality, roughly 16,000 reports of adverse events and over 3,000 reports of serious adverse events related to a COVID-19 vaccination had been reported in the first two months of use. One would think we’d hold the people in power to the same level of accountability — if not more — than an average citizen. So, in the interest of avoiding hypocrisy, should we “cancel” all these experts and leaders for their “misinformation,” too? Vaccine-hesitant people have been fired from their jobs, refused from restaurants, denied the right to travel and see their families, banned from social media channels, and blatantly shamed and villainized in the media. Some have even lost custody of their children. These people are frequently labeled “anti-vax,” which is misleading given that many (like the NBA’s Jonathan Isaac) have made it repeatedly clear they are not against all vaccines, but simply making a personal choice not to get this one. (As such, I’ll suggest switching to a more accurate label: “pro-choice.”) Fauci has repeatedly said federally mandating the vaccine would not be “appropriate” or “enforceable” and doing so would be “encroaching upon a person’s freedom to make their own choice.” So it’s remarkable that still, some individual employers and U.S. states, like my beloved Massachusetts, have taken it upon themselves to enforce some of these mandates, anyway. Meanwhile, a Feb. 7 bulletin posted by the U.S. Department of Homeland Security indicates that if you spread information that undermines public trust in a government institution (like the CDC or FDA), you could be considered a terrorist. In case you were wondering about the current state of free speech. The definition of institutional oppression is “the systematic mistreatment of people within a social identity group, supported and enforced by the society and its institutions, solely based on the person’s membership in the social identity group.” It is defined as occurring when established laws and practices “systematically reflect and produce inequities based on one’s membership in targeted social identity groups.” Sound familiar? As you continue to watch the persecution of the unvaccinated unfold, remember this. Historically, when society has oppressed a particular group of people whether due to their gender, race, social class, religious beliefs, or sexuality, it’s always been because they pose some kind of threat to the status quo. The same is true for today’s unvaccinated. Since we know the vaccine doesn’t prevent the spread of COVID, however, this much is clear: the unvaccinated don’t pose a threat to the health and safety of their fellow citizens — but rather, to the bottom line of powerful pharmaceutical giants and the many global organizations they finance. And with more than $100 billion on the line in 2021 alone, I can understand the motivation to silence them. The unvaccinated have been called selfish. Stupid. Fauci has said it’s “almost inexplicable” that they are still resisting. But is it? What if these people aren’t crazy or uncaring, but rather have — unsurprisingly so — lost their faith in the agencies that are supposed to protect them? Can you blame them? Citizens are being bullied into getting a vaccine that was created, evaluated, and authorized in under a year, with no access to the bulk of the safety data for said vaccine, and no rights whatsoever to pursue legal action if they experience adverse effects from it. What these people need right now is to know they can depend on their fellow citizens to respect their choices, not fuel the segregation by launching a full-fledged witch hunt. Instead, for some inexplicable reason I imagine stems from fear, many continue rallying around big pharma rather than each other. A 2022 Heartland Institute and Rasmussen Reports survey of Democratic voters found that 59% of respondents support a government policy requiring unvaccinated individuals to remain confined in their home at all times, 55% support handing a fine to anyone who won’t get the vaccine, and 48% think the government should flat out imprison people who publicly question the efficacy of the vaccines on social media, TV, or online in digital publications. Even Orwell couldn’t make this stuff up. Photo credit: DJ Paine on Unsplash Let me be very clear. While there are a lot of bad actors out there — there are also a lot of well-meaning people in the science and medical industries, too. I’m lucky enough to know some of them. There are doctors who fend off pharma reps’ influence and take an extremely cautious approach to prescribing. Medical journal authors who fiercely pursue transparency and truth — as is evident in “The Influence of Money on Medical Science,” a report by the first female editor of JAMA. Pharmacists, like Dan Schneider, who refuse to fill prescriptions they deem risky or irresponsible. Whistleblowers, like Graham and Jackson, who tenaciously call attention to safety issues for pharma products in the approval pipeline. And I’m certain there are many people in the pharmaceutical industry, like Panara and my grandfather, who pursued this field with the goal of helping others, not just earning a six- or seven-figure salary. We need more of these people. Sadly, it seems they are outliers who exist in a corrupt, deep-rooted system of quid-pro-quo relationships. They can only do so much. I’m not here to tell you whether or not you should get the vaccine or booster doses. What you put in your body is not for me — or anyone else — to decide. It’s not a simple choice, but rather one that may depend on your physical condition, medical history, age, religious beliefs, and level of risk tolerance. My grandfather passed away in 2008, and lately, I find myself missing him more than ever, wishing I could talk to him about the pandemic and hear what he makes of all this madness. I don’t really know how he’d feel about the COVID vaccine, or whether he would have gotten it or encouraged me to. What I do know is that he’d listen to my concerns, and he’d carefully consider them. He would remind me my feelings are valid. His eyes would light up and he’d grin with amusement as I fervidly expressed my frustration. He’d tell me to keep pushing forward, digging deeper, asking questions. In his endearing Bronx accent, he used to always say: “go get ‘em, kid.” If I stop typing for a moment and listen hard enough, I can almost hear him saying it now. People keep saying “trust the science.” But when trust is broken, it must be earned back. And as long as our legislative system, public health agencies, physicians, and research journals keep accepting pharmaceutical money (with strings attached) — and our justice system keeps letting these companies off the hook when their negligence causes harm, there’s no reason for big pharma to change. They’re holding the bag, and money is power. I have a dream that one day, we’ll live in a world where we are armed with all the thorough, unbiased data necessary to make informed decisions about our health. Alas, we’re not even close. What that means is that it’s up to you to educate yourself as much as possible, and remain ever-vigilant in evaluating information before forming an opinion. You can start by reading clinical trials yourself, rather than relying on the media to translate them for you. Scroll to the bottom of every single study to the “conflicts of interest” section and find out who funded it. Look at how many subjects were involved. Confirm whether or not blinding was used to eliminate bias. You may also choose to follow Public Citizen’s Health Research Group’s rule whenever possible: that means avoiding a new drug until five years after an FDA approval (not an EUA, an actual approval) — when there’s enough data on the long-term safety and effectiveness to establish that the benefits outweigh the risks. When it comes to the news, you can seek out independent, nonprofit outlets, which are less likely to be biased due to pharma funding. And most importantly, when it appears an organization is making concerted efforts to conceal information from you — like the FDA recently did with the COVID vaccine — it’s time to ask yourself: why? What are they trying to hide? In the 2019 film “Dark Waters” — which is based on the true story of one of the greatest corporate cover-ups in American history — Mark Ruffalo as attorney Rob Bilott says: “The system is rigged. They want us to think it’ll protect us, but that’s a lie. We protect us. We do. Nobody else. Not the companies. Not the scientists. Not the government. Us.” Words to live by. Tyler Durden Sat, 04/09/2022 - 22:30.....»»