US overdose deaths keep rising: https://www.cnn.com/2023/10/11/health/us-overdose-deaths-continue-to-rise-nchs-data/index.html . Fentanyl is a significant part of the overdoses. China is a significant supplier of the component chemicals to the Mexican cartels.
WSJ: Crypto still lacks significant regulation: https://www.wsj.com/finance/currencies/whats-changed-for-crypto-after-ftx-not-much-17daba37 . More: https://www.wsj.com/finance/currencies/caroline-ellison-tells-jury-she-dreaded-inevitable-collapse-of-ftx-62f46947 .
UAW expands strike: https://www.cnn.com/2023/10/11/business/uaw-strike-kentucky-ford-truck-plant/index.html . Sadly, this indicates settlement is not near with any of the Big Three in the US. The pain continues to accelerate for both sides. WSJ: Oh, the poor employers!: https://www.wsj.com/business/autos/high-uaw-wages-shrink-detroits-room-to-maneuver-ae723e2a . This reminds me of a Rolling Stones tune: “Sympathy for the Devil”. Wages are a small part of the Big Three’s overall costs. WSJ: More: https://www.wsj.com/business/autos/uaw-strikes-at-ford-pickup-truck-plant-in-kentucky-b0927e25 .
Fed minutes show majority support for one more rate increase: https://www.usnews.com/news/economy/articles/2023-10-11/fed-minutes-show-majority-support-for-higher-for-longer-policy-on-interest-rates . The market continues to not accept the Fed’s comments, as bond yields are falling. “Higher for longer” also indicates yields should not be falling. UPDATE: At the close of the Treasury market today (5 pm EST), the 2/10 inversion increased by 10 basis points, from 32 to 42 basis points, as the yield on 10-year Treasuries dropped from 4.65% to 4.56%. WSJ: We choose to twist “majority” into “divided”: https://www.wsj.com/economy/central-banking/fed-minutes-show-officials-divided-on-future-rate-rise-e3ecba01 .
WSJ: More on China’s Country Garden: https://www.wsj.com/economy/housing/chinas-country-garden-wilts-44528f19 .
US looks to expand World Bank to counter China’s influence in Asia: WSJ: https://www.wsj.com/economy/global/a-bigger-world-bank-takes-on-chinas-clout-e8c1f046 .
WSJ: New US aid to Ukraine: https://www.wsj.com/world/u-s-announces-new-military-aid-for-ukraine-as-obstacles-mount-9de4124c . Meanwhile, Ukraine catches alleged war criminals: https://www.wsj.com/world/ukraine-identifies-men-it-says-called-in-deadly-missile-strike-77e4db3a .
WSJ: Netanyahu forms unity government to combat Hamas: https://www.wsj.com/world/middle-east/israels-netanyahu-forms-unity-government-to-direct-war-2cbf4c3d . Meanwhile, fears of humanitarian disaster in Gaza: https://www.wsj.com/world/middle-east/as-israel-bombards-gaza-fears-of-humanitarian-disaster-mount-20bbd6e3 . What “fears”? A humanitarian disaster has already occurred and is about to grow exponentially.
FTX trial: Caroline Ellison toasts SBF: https://www.cnn.com/2023/10/11/business/sbf-fraud-trial-witnesses/index.html . Quite obviously, the two cooperated to defraud depositors. SBF certainly has no “didn’t know” defense after this testimony.
Does Israel now face a two-front war?: https://thehill.com/policy/international/4250085-israelis-urged-to-shelter-after-hostile-aircraft-enter-from-lebanon-in-north/ . There are multiple reports of hostile aircraft entering Israel from the north. Also, there have been exchanges of gunfire on the Israel-Syria border, so a third front is possible. The conflict faces the real possibility of rapid escalation.
House GOP caucus nominates Steve Scalise for Speaker, 113-99: https://www.nbcnews.com/politics/congress/scalise-jordan-republicans-nominate-speaker-rcna119452 . The earlier version of this story described a motion in the caucus to bind all members to the nominee, but that apparently did not get adopted. So Scalise could still be blocked if 217 members do not vote for him. Are House GOP members bright enough to understand that they will take the blame for government dysfunction if they don’t get a Speaker in place quickly? Obviously, Lauren Boebert is not.
Boebert seems to be hellbent on self-destruction. Her Democratic opponent in Colorado, who lost last time by 546 votes with no national party financial support, is out-raising her. She needs the support of the Speaker to pump up her fundraising. This is not the way to gain friends, or voters. Hurray for karma! WSJ: More: https://www.wsj.com/politics/republican-speaker-vote-jim-jordan-stevescalise-2419cbf6 .https://images.wsj.net/im-866378/?width=2000&size=1.5003750937734
House GOP NY delegation moves to expel George Santos from Congress: https://www.nbcnews.com/politics/congress/new-york-house-republicans-introduce-resolution-expel-rep-george-santo-rcna119917 . Basically, they need all the Democrats and about 40% of GOP members to expel Santos. I wish this was solely about integrity, but it’s really just politics. These New York Republicans know that if they don’t at least try to get of Santos, it will hurt their own re-election chances.
Trump insanity expands to his legal team: https://www.msn.com/en-us/news/politics/trump-tells-court-he-had-no-duty-to-support-the-constitution-as-president/ar-AA1i3W4m?ocid=hpmsn&cvid=e1149b23906346fcb9760e55b67502e2&ei=21 . Yes, every defendant is entitled to a defense. However, as we’ve seen repeatedly, judges do not tolerate frivolous arguments. “Preserve, protect and defend” has a different meaning than “support”. Obviously, it is a higher standard – “support” was used to cover a broader group of people. To call this argument frivolous is true understatement.
Judge clarifies that OJ was not entitled to a jury trial in NY fraud case: https://www.newsweek.com/trump-lawyer-victory-judge-fraud-trial-1833941 . I mentioned a week ago my belief that the judge had already said that a bench trial was required here. Under English common law, the rules in courts of law and courts of equity, which were originally church courts, were completely different. Different rules for legal and equitable cases persisted in the US for a long time. Indeed, when I took the bar exam in Virginia, procedure in the two areas was still completely split. This has mostly disappeared, but the quirk persists in this area in New York.
Special prosecutor requests “put up or shut up” order in DC January 6 case: https://www.newsweek.com/trump-lawyer-victory-judge-fraud-trial-1833941 . Jack Smith and his team impresses once again. OJ, as usual, has been attempting to litigate this case in the media. Here, the special prosecutor points out that this defense is likely untenable and so asks for pretrial disclosure in order that the trial schedule not be disrupted. In general, both sides have the right to know what the other is doing before trial. If OJ did intend to advance this defense, Smith has just prevented its use to delay the trial, another common OJ strategy. This is excellent work.
Special prosecutor works to keep Mar-a-Lago case on track: https://www.alternet.org/an-eye-catching-detail-in-court-ruling-could-make-jack-smith-s-trump-case-even-stronger-analsyis/ . As the article notes, motive is not a required element of this crime. My eye noticed “primarily unclassified evidence”. I would guess that OJ’s own comments establish intent, at least in part. It’s just a big problem when your client does not know when to shut the hell up.
Meanwhile, Forbes challenges OJ to shut the hell up: https://www.rawstory.com/trump-forbes-battle/ . I like the theme of current media and legal coverage of OJ. All sides are closing in on this pimple, as he gets closer to exploding.
WSJ: The future of AI: https://www.wsj.com/tech/ai/whats-ahead-for-artificial-intelligence-b1c9b8a7 . The article lists a collection of prior articles previously reported here.
Former NFL player arrested in mother’s death: https://www.cnn.com/2023/10/11/us/sergio-brown-nfl-mother-death/index.html . I believe the full story involves some level of calculation. Mexico does not extradite persons to America without a guarantee that the death penalty will not apply. That is the most likely reason for Brown fleeing to Mexico.
(Had to publish in a hurry because yet again my Internet host is going offline this evening with no notice to clients — I just discovered this while pursuing another issue)