On Wire

Breaking news, updates, and reports on current events.

CNN Legal Analyst, former federal and state prosecutor: Ghislaine Maxwell Case Tied to Public Official

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Elie Honig @eliehonig @CNN Legal Analyst, former federal and state prosecutor SDNY just announced the Ghislaine Maxwell case – like the original Epstein case – is staffed by the Public Corruption Unit. I worked at SDNY and did sex trafficking cases. They do NOT run out of Public Corruption – unless there is some potential … Read more

FOX: “Woman claims Ghislaine Maxwell raped her ’20-30 times’ at 14yo; willing to testify: ‘just as evil as Epstein’

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Watch the latest video at foxnews.com EXCLUSIVE — A woman who claims Ghislaine Maxwell raped her dozens of times – beginning when she was just 14 years old – says she is willing to take the stand and testify against Jeffrey Epstein’s ex-girlfriend. In an exclusive interview with Fox News, Jane Doe, who wishes to protect her identity, said Maxwell sexually abused … Read more

Canada’s 5 big banks go full retard and join anti-hate advertising boycott of Facebook

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All five of Canada’s biggest banks are joining an international boycott of Facebook over concerns that the platform is complicit in promoting racism, violence and misinformation. Scotiabank, RBC, CIBC, BMO and TD have pledged to stop purchasing ads on the site for the month, aligning themselves with brands such as Lululemon Athletica and Mountain Equipment … Read more

Fed shifts to propping up consumption by businesses and governments, and away from propping up asset prices.

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By Wolf Richter for WOLF STREET. The Fed added some assets and shed other assets, and the net effect on the balance sheet for the week ended July 1, released Thursday afternoon, was that total assets dropped by $76 billion, after having dropped by $12 billion a week ago, and by $74 billion two weeks ago. That three-week drop of … Read more

Common Sense Is Hard…

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Common Sense Is Hard People go to pubs without a mask, then shop without a mask, pump gas without a mask, get sick without a mask, infect others without a mask, then fill up hospitals at taxpayer expense https://t.co/tF3g5zds8a — Mike "Mish" Shedlock (@MishGEA) July 3, 2020 https://twitter.com/anilvohra69/status/1279131552002134016 #coronavirus #CoronavirusUSA #SARSCoV2 #COVID19 #COVID19USA Even the … Read more

“Modern monetary theory went from dream to reality in the space of 14-15 months.”

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“Modern monetary theory went from dream to reality in the space of 14-15 months.”@LeutholdGroup’s Doug Ramsey assesses whether the traditional warning sign valuation metrics still hold true in an economic setting where money printing has been crucial in holding off a recession: — Schwab Network (@SchwabNetwork) July 2, 2020 https://twitter.com/StockBoardAsset/status/1279159479653761024 Actions speak ! Yield curve … Read more

Insanity time in the markets coming up

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https://twitter.com/ThinkTankCharts/status/1279122036577767424 This marks the third straight week of contraction, this time around of around 1%. As of July 1, the Fed’s total balance sheet size declined by about $74 billion to $7.06 tn 2/ pic.twitter.com/Uq5bZ1waD2 — Jonathan Fortun (@econchart) July 2, 2020 VIX still high relative to rally pic.twitter.com/H3gjUNZ3uM — Win Smart, CFA (@WinfieldSmart) July … Read more

The Federal Reserve’s Balance Sheet changes as of July 2, 2020

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by Annapurna__ https://www.federalreserve.gov/releases/h41/current/ Scroll down to: 5. Consolidated Statement of Condition of All Federal Reserve Banks Key takeaways The new asset change was -$73B week over week. The balance sheet gets smaller for a fourth consecutive week. The Fed bought $15B in US Treasuries last week. The Fed sold $32B in MBS last week The … Read more

According to the BLS’ own Employment Situation Report for June 2020 the real jobless rate is around 33%

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by Aegidius25 This Thursday the Bureau of Labor Statistics (BLS) released it’s monthly employment report. I’ve long had a problem with the numbers this government agency puts out. Over the years they have been brazenly manipulated and much of the data it purports to show isn’t much more than a glorified guess. The report is made up … Read more

Uber’s former Chief Business Officer on Postmates: “At $2.4B it is unclear how Uber benefits, as a combined entity would improve its market position in just one major city, Los Angeles. There are likely better ways for Uber to spend $2.4B it feels a little expensive.”

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https://www.benzinga.com/media/20/07/16472169/ubers-ex-chief-business-officer-isnt-a-fan-of-reported-postmates-deal is reportedly interested in acquiring rival Postmates for $2.4 billion. The company’s former Chief Business Officer Emil Michael was a guest on Fox Business to talk about the deal and the general state of the food delivery business. Michael On Uber Acquiring Postmates: Postmates is ranked fourth in the food delivery market, and an … Read more

One can be wondering if the US stock market is at the right place when taking employment levels into consideration…

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https://twitter.com/HondoTomasz/status/1278678720543408129 Atlanta Fed GDPNow vs. U.S. GDP Growth: pic.twitter.com/OxnqE5fTWe — Michael McDonough (@M_McDonough) July 2, 2020 Initial jobless claims remain >1.4mn for yet another week. Continuing state level claims persist above 19mn again. Total claims move higher to 31.5mn. pic.twitter.com/xCa6HNcXCF — Joshua Steiner (@HedgeyeFIG) July 2, 2020 "I don't think I'm alone in expressing concern … Read more

Fed has arranged structure that allows them to buy stocks once they announce it.

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I’ll add this. Fed has arranged structure that allows them to buy stocks once they announce it. https://t.co/mppkhSwGQt — Danielle DiMartino Booth (@DiMartinoBooth) July 3, 2020 Inflation is coming, but first another deflationary wave. Central Banks will try to inflate away the debt. Gold & Silver will become very cheap in the coming months. — … Read more

Massachusetts city gives polyamory same legal rights as married couples

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by Dr. Eowyn And to Hell goes America in the proverbial handbasket. Christine Rouselle reports for Catholic News Agency, July 2, 2020, that the city of Somerville, Massachusetts, has broadened its definition of domestic partnership to give polyamorous relationships the same rights as a married couple. The original draft of the city ordinance specified that a domestic … Read more