On Wire

Breaking news, updates, and reports on current events.

U.S. Treasury Secretary Yellen: “Recession” Doesn’t Mean What You Think It Means

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by Ryan McMaken of Mises Institute In September 2008, the worsening global financial crisis hit a new phase when Lehman Brothers collapsed and it became undeniable that “hard times” had arrived for most ordinary people. By then, the unemployment rate had been climbing for months, foreclosures had skyrocketed, and the yield curve had inverted through much of 2006 … Read more

Whistleblowers Say FBI ‘Pressured & Incentivized’ Agents To Classify Cases As Domestic Terrorism

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New whistleblower information reveals that FBI officials are pressuring agents to reclassify cases as “domestic violent extremism” (DVE) despite lacking the criteria to meet such a classification. Whistleblower disclosures have also detailed the agency’s effort to exaggerate DVE data to satisfy the Bureau’s leadership. One whistleblower explained that because agents are not finding enough DVE cases, they … Read more

GM profits take $1 billion nosedive…

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General Motors’ (GM) second-quarter net earnings plummeted 40% from 2021 amid the company’s push to produce more electric vehicles (EVs), according to a company earnings report released Tuesday. GM said it was unable to deliver 95,000 vehicles to dealers due to a shortfall of computer chips and other parts that reduced its profits and left … Read more

Q2 GDP unexpectedly falls by -0.9%, officially putting the U.S. in a recession. The Joe Biden recession officially starts today

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BREAKING: Q2 GDP unexpectedly falls by -0.9%, officially putting the U.S. in a recession. — The Kobeissi Letter (@KobeissiLetter) July 28, 2022 GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal. It’s not just a recession “signal,” it’s the actual definition of a recession, which everyone agreed on … Read more

Disney and Hulu cave to Leftists…

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The Walt Disney Co. has once again caved to the far left by reversing its earlier decision to reject Democrat commercials on abortion and gun control that were intended to run on Hulu. Disney said Hulu will now accept advertisements “covering a wide spectrum of policy positions” in a statement sent to multiple news outlets on Wednesay. … Read more

Two decades of Alzheimer’s research was based on deliberate fraud by 2 scientists that has cost billions of dollars

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Last month, drug company Genentech reported on the first clinical trials of the drug crenezumab, a drug targeting amyloid proteins that form sticky plaques in the brains of Alzheimer’s disease patients. The drug had been particularly effective in animal models, and the trial results were eagerly awaited as one of the most promising treatments in … Read more

Democrats introduce bill to enact term limits for Supreme Court justices

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A group of House Democrats introduced a bill on Tuesday to enact term limits for Supreme Court justices, arguing that the move will “restore legitimacy and independence to the nation’s highest court.” The legislation, titled the Supreme Court Tenure Establishment and Retirement Modernization Act, would authorize the president to nominate Supreme Court justices every two … Read more

Global financial risk has never been higher. Gamblers are becoming bolder as the Fed becomes more hawkish and the economy implodes.

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Global financial risk has never been higher. pic.twitter.com/i7i4c02X6X — Mac10 (@SuburbanDrone) July 27, 2022 Gamblers are becoming bolder as the Fed becomes more hawkish and the economy implodes. This is the most overbought the market has been at any FOMC in 2022. FOMC: Fear Of Missing Crash pic.twitter.com/1YBX3Bt8GB — Mac10 (@SuburbanDrone) July 27, 2022 LQD … Read more

Democrats To The Fed: Stop Raising Rates!

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Democrats want the bubble machine turned back on. Stop raising rates! Our unconstitutional and immoral monetary system, run by the Federal Reserve, is like a game of financial musical chairs. Everyone wants to take credit for the fake and illusionary boom, and no one wants to hold the bag during the very real and very … Read more

Corporate profits surge 25%—largest growth in 50 years—while inflation is up 9.1%

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by smeblorp Corporate profits in the U.S. have soared upwards of 25%, the biggest annual increase in nearly 50 years, while every-day Americans are dealing with 9.1% inflation. Sources: U.S. Bureau of Labor Statistics, Consumer prices up 9.1 percent over the year ended June 2022, largest increase in 40 years St. Louis Federal Reserve, Corporate Profits After Tax … Read more

Fox News labeled as misinformation…

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NewsGuard, the establishment “news-rating” project that presents itself to the public as an impartial authority on the trustworthiness of news publishers, has labeled Fox News an untrustworthy news source, saying it “fails to adhere to basic journalistic standards.” Despite presenting itself as a fake news watchdog, NewsGuard’s own founders have fueled false claims about major … Read more

HMM: China Has a Crisis Brewing – Will It Be the Final Straw for Global Economy?

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Last year, China’s largest real estate company, Evergrande, with a debt of nearly $300 bn, defaulted on its bond repayments. Real estate is now sinking the whole country. The sector contributes more than 25% to the Chinese GDP. Over the years, China has created a structurally imbalanced economy with large exposure to real estate. As … Read more

TWO AP’S IN ONE!

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by Ed Driscoll Shot: Chaser: A recession is a falling-off of economic activity that may be a temporary phenomenon or could continue into a depression. A common definition is two straight quarters of economic contraction. A more official determination is made by the National Bureau of Economic Research, which considers a range of indicators in declaring a recession. The … Read more