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July 3rd 2022


California will become the first state to remove immigration status as a barrier to health care, making all low-income illegals eligible for state-subsidized healthcare regardless of age.

 

The program’s launch, starting no later than Jan. 1, 2024, is expected to provide full coverage for approximately 700,000 illegals ages 26-49 and lead to the largest drop in the rate of uninsured Californians in a decade.

 

The Medi-Cal expansion is expected to cost $2.6 billion annually.

 

Californians generally are eligible for Medi-Cal coverage based on their income. The income cap for a family of four this year is $36,156. California also opens Medi-Cal eligibility to people with certain medical conditions. It’s available to people who are pregnant, blind, disabled, living in a nursing home or a recently settled refugee.

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The U.S. military has a recruiting problem, with a former senior military official telling ABC News the viability of the all-volunteer force could be at stake.

Pentagon data show a simple, troubling trend: Fewer and fewer young Americans want to serve, and due to obesity and other problems, fewer are qualified.

The Defense Department's top personnel and readiness leader blamed the nation's competitive job market as a major contributor while testifying on Capitol Hill in late April.

"The Department is in fierce competition for skilled, relevant and innovative talent. The labor market, exacerbated by the effects of the pandemic and the military-civilian divide creates a challenging recruiting environment," Gilbert Cisneros told senators at an Armed Services subcommittee hearing.

A former senior military official told ABC News that today's recruiters face a great challenge in pitching the benefits of enlisting to young people, with private companies using impressive incentives to entice prospects.

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The United States continues to fall behind Russia and China when it comes to hypersonic missiles after a second test of the high tech weapon failed.

The Department of Defense, per statements to Bloomberg, confirmed that US hypersonic weapons tests this week sent from Hawaii had failed, though it didn't provide many details beyond that.

"An anomaly occurred following ignition of the test asset," Tim Gorman, a Pentagon spokesman and Navy lieutenant commander, said in the statement to the mag.

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President Biden is telling companies that are “running gas stations” to “bring down” their prices because “this is a time of war and global peril.” “My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,” Biden tweeted on Saturday. “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.“His tweet also garnered support from Chinese state media, with Chen Weihua, China Daily EU Bureau Chief, responding that Biden “finally realized that capitalism is all about exploitation.” Biden’s tweet comes as gas prices are averaging at $4.822 nationwide, which is up over 20 cents from just one month ago. President Biden is telling companies who are “running gas stations” to “bring down” their prices because “this is a time of war and global peril.” (Kent Nishimura / Los Angeles Times via Getty Images / Getty Images)He has often deflected blame for the increase in gas prices to Russian President Vladimir Putin, dubbing it the “Putin’s Price Hike,” a term used repeatedly by the White House.

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A computer glitch has caused an estimated 12,000 American Airlines flights to not have pilots in the month of July. There have also been thousands of delays or cancellations for this Fourth of July travel weekend. Newsweek reported, “On Friday, American Airlines alone had to delay nearly 1,000 flights, with the industry overall suffering over 1,100 cancellations and nearly 11,000 delays. The issue leveled off somewhat on Saturday, with only around 3,000 flights being canceled.“NBC News reported on Saturday, “More than 12,000 July flights lacked either a captain, first officer or both, after pilots dropped assignments, the Allied Pilots Association said earlier.“ABC News reporter Gio Benitez wrote on Twitter, “An overnight computer glitch has allowed thousands of American Airlines pilots to drop their scheduled flights. The union says at least 12,000 flights are now without pilots starting tomorrow through the end of July.“According to Benitez, there was a similar situation that happened in 2017, “The airline offered double pay to get the pilots back in the air. No such offer has been made just yet.“American Airlines said in a statement, “We have become aware of a technical issue with our Trip Trade with Open Time System (TTOT). We understand these are important tools for our pilots and are working as quickly as possible. 

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Three Arrows Capital Contagion, Act III

The dominoes continue to fall from 3AC’s collapse. 

The fund was ordered into liquidation by a British Virgin Island court after failure to repay debts.

Singapore’s central bank MAS — where 3AC was previously headquartered — then stated that the fund willfully submitted false information on its balance sheets, and exceeded its allowed assets under management for several months.

The collateral damage from 3AC’s implosion has spilled over into other crypto companies, namely Voyager Digital and BlockFi.

Last week, Voyager halted withdrawals on its platform. This week saw Voyager issuing 3AC a default notice after the latter failed to make payments on a $670M loan. 

Meanwhile, SBF’s Alameda Ventures stepped in with a $500M loan package to save Voyager, of which $75M has already been accessed. VOYG shares have taken a hit of ~60% in the past two weeks after news of its exposure to 3AC broke.

BlockFi’s troubles include an overcollaterized loan of $1Bto 3AC, which was liquidated early on in the domino charge. In a public message released today, BlockFi reported a loss of ~$80M in the past month’s events, as well as a credit line of $400M from FTX (also an SBF joint) which to-date has not yet been drawn on. 

Both FTX and Morgan Creek Digital are competing to acquire BlockFi, as BlockFi continues to pursue a public offering.

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Last week's primary voting in New York City was a complete debacle - as the city's Board of Elections botched everything from polling locations opening late because of 'lost keys,' to missing equipment, to unannounced relocations of voting sites, to a lack of Republican ballots across at least three Big Apple election sites.

"We showed up to the poll site in Brooklyn, we showed up at 5 a.m. … and there was no key," Spencer Mestel, a freelance writer, told the New York Post on Tuesday afternoon, adding that he saw poll workers turn away an elderly woman with a walkerbecause they couldn't get in.

"The police officer on site didn’t have a key, the Board of Elections didn’t give [the site coordinator] a key, I watched her call the Board of Election multiple times … [but] no one helped us," added the journalist who has served as a NYC election worker for the past decade.

The building was eventually unlocked at 7:30 a.m. by the building's superintendent - more than 90 minutes after voters should have been able to start casting ballots.

Meanwhile, the Board of Elections failed to deliver equipment to one south Brooklyn location.

Also disturbing -  polling locations had been changed without the BOE informing anyone.

The BOE's response? Election day had gone "very smoothly" and voters had been notified of site changes.

"If a human error occurs, it’s regretful and, in large measure, we correct immediately," said BOE deputy executive director, Vinny Ignizio. "All told, we’ll run eight elections this year and this primary election has run very smoothly."

Speaking of human error - at least three NYC election sites told voters they had no Republican ballots

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A swarm of earthquakes rattled South Carolina and appeared to be getting more powerful. About 30 quakes have hit the state this year, and geologists are stumped about what's causing "earthquake swarms" similar to those felt in Southern California. 

Two earthquakes hit Elgin, South Carolina, on Wednesday. The first was a magnitude 3.5, and the second 3.6, according to data from the United States Geological Survey. A 3.4 magnitude earthquake hit the state days before, while a stronger 3.9 rattled parts of the Georgia-South Carolina border on June 18. 

Wednesday's earthquakes were the strongest since a magnitude of 4.1 struck the state in 2014. 

South Carolina's Emergency Management Division shared a video of Wendy Bohon, an earthquake geologist at the Incorporated Research Institutions for Seismology in Washington D.C., who said about 30 quakes struck in the year's first half. She said the swarm of quakes is different than others because "there is no mainshock, or a larger earthquake that happens first then there are lots of smaller earthquakes that happen afterward ... in this case, the swam of quakes are happening a few every week without a large shock." 

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A record 42 million Americans are expected to hit the highways this Independence Day weekend. A new report warned roads across the country will be the most dangerous in years

The National Safety Council (NSC), a 501 nonprofit that promotes health and safety, estimated that 462 people might lose their lives on roadways this holiday weekend in preventable crashes. 

"On a typical day, more than 100 people die on our roads, and that number is climbing,Mark Chung, executive vice president of roadway practice at NSC, said in a statement. 

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On Friday, we learned that the U.S. economy is heading in the wrong direction a lot quicker than most of the “experts” had anticipated.  The Atlanta Fed’s GDPNow model is currently projecting that economic growth for the second quarter of 2022 will be negative 2.1 percent

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -2.1 percent on July 1, down from -1.0 percent on June 30. After this morning’s Manufacturing ISM Report On Business from the Institute for Supply Management and the construction report from the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 1.7 percent and -13.2 percent, respectively, to 0.8 percent and -15.2 percent, respectively.

U.S. GDP growth was negative during the first quarter, and if U.S. GDP growth is negative again in the second quarter that will mean that we are already in a recession right now.

The Atlanta Fed’s GDPNow model should be taken very seriously, because it has a very strong track record of accuracy…

“GDPNow has a strong track record, and the closer we get to July 28th’s release [of the initial Q2 GDP estimate] the more accurate it becomes,” wrote Nicholas Colas, co-founder of DataTrek Research.

If it is confirmed later this month that we are already in a recession, it won’t exactly be a surprise, but the good news is that so far this new economic downturn is not that severe.

Unfortunately, we continue to see more signs that things will soon get much worse.

The pace of layoffs is really starting to accelerate and this is especially true in the tech industry.

At this point, even Facebook is looking to thin the ranks

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A record 42 million Americans are expected to hit the highways this Independence Day weekend. A new report warned roads across the country will be the most dangerous in years

The National Safety Council (NSC), a 501 nonprofit that promotes health and safety, estimated that 462 people might lose their lives on roadways this holiday weekend in preventable crashes. 

"On a typical day, more than 100 people die on our roads, and that number is climbing,Mark Chung, executive vice president of roadway practice at NSC, said in a statement. 

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Just in time for the Independence Day holiday in California : an increase in the state’s already sky-high gas tax .

The 51-cent tax jumped 3 cents on Friday, just adding to the misery for motorists who are paying upward of $7 a gallon, the highest in the nation, in the Golden State. The Democratic supermajority in the legislature did not quash a regular annual tax increase despite intense lobbying by Republicans.

Friday’s AAA gas tax index lists California’s average price at $6.27 a gallon and a nationwide average of $4.84. California’s gas is more expensive in the summer when it utilizes a “summer blend” to cut down on emissions when the automobile-loving state is at its most active.

Gov. Gavin Newsom (D) has proposed a rebate to motorists in lieu of a tax cut, even though other blue states and President Joe Biden have sought the latter. Newsom and top lawmakers struck a deal to give approximately 23 million residents “inflation relief ” based on a sliding scale. The funds will arrive next year.

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A Chinese company paid $2.6 million for 300 acres of farmland in Grand Forks, North Dakota.

The parcel of land’s location near a US Air Force base that houses sensitive drone technology has lawmakers on Capitol Hill worried about potential espionage by Beijing, according to a report.

Fufeng Group, a Shandong, China-based company that specializes in flavor enhancers and sugar substitutes, recently purchased the North Dakota farmland.

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The city of Orlando, Florida has apologized over a statement made while promoting its Fourth of July fireworks special that said it "can't blame" people who don't "want to celebrate our nation right now."

"A lot of people probably don't want to celebrate our nation right now, and we can't blame them," the original statement said, according to WESH-TV. "When there is so much division, hate and unrest, why on earth would you want to have a party celebrating any of it?"

"But in all seriousness, you know in your heart, Fourth of July fireworks are amazing, especially when you are standing in 90° heat, 100% humidity, next to 100,000 of your closest friends," the statement continued. "In that moment, something takes over and we all become united in an inexplicable bond. Yes, America is in strife right now, but you know what...we already bought the fireworks."

The statement received backlash on social media including from the Fraternal Order of Police in Orlando who said the message was in "poor taste."

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Republicans want answers about an “unconstitutional” grant program that will “promote atheism worldwide.” Biden and his secretary of state are violating the 1st Amendment to the Constitution. It is not what we stand for in this country.

Republican Study Committee (RSC) chairman Rep. Jim Banks (Ind.) and 14 colleagues penned a letter to Joe Biden and Secretary of State Antony Blinken. They demanded to know more about the Bureau of Democracy, Human Rights, and Labor’s (DRL) grant program. It promotes “humanism” and “atheism” abroad.

“The Notice of Funding Opportunity (NOFO) was titled ‘DRL FY20 IRF Promoting and Defending Religious Freedom Inclusive of Atheist, Humanist, Non-Practicing and Non-Affiliated Individuals.’” 

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Uvalde School Police Chief Arredondo has officially resigned from his position on the Uvalde, Texas City Council this afternoon saying, "After much consideration, I regret to inform those who voted for me that I have decided to step down as a member of the city council for District 3." 

Arredondo was elected to Uvalde City Council on May 7th, 2022 just days before the massacre at Robb Elementary School in which gunman Salvador Ramos killed 19 children and two teachers.

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United Parcel Service is terminating the accounts of gun dealers across the country. Any packages currently in the UPS system may be “seized and destroyed.”  

In a letter sent to one Florida gun dealer, Ghost Firearms, UPS said they were terminating the account because they “may be violating” laws concerning homemade firearm parts.

“We write to inform you that UPS has learned that your company may be violating applicable laws concerning the shipment of “ghost guns” to unauthorized locations,” the letter states. “In light of our concern, UPS has determined that it will cancel your account, effective immediately.

Ghost’s owner, Joe Zatar was told all scheduled pickups will be cancelled, and that he cannot reopen another UPS account or ship anything from a UPS store or website.

He is most concerned about the packages already in the UPS system, which he may have already lost.

“Please note that any package found in the UPS system determined to have been tendered by GHOST FIREARMS may be seized and destroyed,” the letter states.

“I just shipped more than $30,000 worth of products,” he said.

Zatar immediately called his UPS sales rep, who said he had no idea the account was terminated.

Ghost Firearms sells uppers, lowers, handguards and OEM parts for a number of manufacturers. They also sell 80% receivers.

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California ruled that independent drivers are employees not contractors. The US Supreme Court refused the case. The ruling creates a huge potential for a massive truck shipping logjam.

A Tweet Chain by Freight Waves spells out the problem.

 

California ports are going to be a mess and not because of a strike - but because California just made most of its port dray drivers illegal.

 

Half of the trucking companies in California are at risk of closure next week due to the AB5 law going into effect.

 

Maybe, in time, AB5 improves the working conditions for drayage port operators - but in the meantime, Cali totally screwed the working class trucking entrepreneur that is just trying to make a living.

Unions pushed for this.

 

Illinois and NJ have passed laws that attack the independent contractor model. They are almost certainly headed to expand it.

 

Wasn’t just trucking, it was a lot of other industries. Independent contractors got completely screwed. It was a tax grab. No write offs, no benefits.

 

The Owner-Operator and Independent Driver Association (OOIDA) has released comments about the court’s refusal to hear the argument:

“AB5 is so wide ranging that knowing how to comply is impossible for many directly working in trucking. With AB5 now set to go into effect, thousands of owner-operators driving in California face an uncertain future. California has provided no guidance to owner-operators about how they can work as independent contractors under this new scheme, and truckers will be at the mercy of the courts to interpret how the law will be applied. 

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Revolver.News asks if Joe will bring back rationing. He will. Coming in a few weeks at most. 

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How tough are things getting globally? Well, a new "admired" beer that's breaking through in Singapore is being made from "recycled sewage". 

What part in the global macroeconomic cycle is this again?

The beer, called “NEWBrew”, is a "collaboration between the country’s national water agency, PUB, and local craft brewery Brewerkz," according to a Bloomberg report this week. The idea was first discussed in 2018 and it finally went on sale this past April. 

58 year old Chew Wei Lian, who recently tried the beer, told Bloomberg: “I seriously couldn’t tell this was made of toilet water. I don’t mind having it if it was in the fridge. I mean, it tastes just like beer, and I like beer.”

How's that for a ringing endorsement? At least it's not Busch Light.

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The used car market is on the brink

 of an auto loan collapse that can

 shake the entire industry.

I am shocked that more people are

 not talking about this!

We are facing a 2008-ish scenario

 in the used car market and

 honestly, it's a disaster waiting to

 happen.

 
When buyers purchase a car, a vast majority (~85%) are financed. The problem is that, unlike real estate, auto loans are not subject to strict underwriting requirements allowing almost anyone to get one.

Buyers with lower credit scores were funnelled into loans with 2x interest!
You can see how crazy this is in the latest auto loan consumer reports.

- 25 to 50% of the loans were given to customers who might not be able to repay it

- Lenders only verified the source of income and employment only 4% of the time
If that's not crazy enough, as of now, 5% of Auto Loans are behind payments and nearly half of them are underwater!
 

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peer-reviewed study from researchers in France has concluded that both the experimental Pfizer and Moderna vaccines significantly increase the risk of myocarditis compared to the unvaccinated.

While both mRNA therapies were found to be linked to the life-threatening heart condition, the Moderna jabs results were particularly shocking, especially among young adults, as researchers found the risk for myocarditis diagnosis following the Moderna jab was 44 times higher risk for individuals aged 18 to 24 years old.

As for Pfizer’s jab – which fared better, but not by much – the same age group experienced a 13x elevated risk for the serious condition, according to the study that was published last week in the scientific journal, “Nature.”

The new data mirrors several other recent studies that show a link between the treatments and numerous severe medical complications in addition to myocarditis, including, but not limited to, pulmonary embolism, blood clots, and even “sudden” death.

From the study:

The largest associations are observed for myocarditis following mRNA-1273 vaccination in persons aged 18 to 24 years [Moderna 44x increase, Pfizer 13x increase]. Estimates of excess cases attributable to vaccination also reveal a substantial burden of both myocarditis and pericarditis across other age groups and in both males and females.

The risk of myocarditis was substantially increased within the first week post vaccination in both males and females

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First Officer, Pilot Joshua Yoder explains why travel delays and pilot strikes surged ahead of the Fourth of July weekend, on “Wake Up America.”

"Higher wages won't fix the issue. It's just the fact that pilots are saying 'look, we're being overworked right now."
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Lysichansk is now under control of the Russian side of the war.

This was reported by a Russian speaking journalist from the Lysichansk City Park (map) which is at the center of the city. There are a few locals around him who seem to be happy. There is no background noise of shooting or artillery fire or impacts in his report.

The Lugansk People’s Republic now has the entire territory of the Lugansk oblast under its control.

This comes only a week after the cauldron around Lysichansk began to close. Until a few hours ago there was still a chance to flee from Lysichansk but the only passable road was under Russian fire. It is not know yet how many made it out or how many gave up and were taken prisoners.

Some of those who retreated went to Siversk some 20 kilometer west of Lysichansk. That city will be the next bigger target in that campaign sector.

The speed of this operation was much faster than the one in Mariupol. That points to diminished capabilities and soldier motivation of the Ukrainian forces.

The now much shortened frontline frees up several battalion tactical groups on the Russian side which can now be refitted and rested to then move elsewhere.

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A teen charged with setting a fire that killed five members of a Senegalese immigrant family in Denver, Colorado, has become the first person to challenge police use of Google search histories to find someone who might have committed a crime, according to his lawyers.  

The pushback against this surveillance tool, known as a reverse keyword search, is being closely watched by privacy and abortion rights advocates, who are concerned that it could soon be used to investigate women who search for information about obtaining an abortion in states where the procedure is now illegal.

 

In documents filed Thursday in Denver District Court, lawyers for the 17-year-old argue that the police violated the Constitution when they got a judge to order Google to check its vast database of internet searches for users who typed in the address of a home before it was set ablaze on Aug. 5, 2020. Three adults and two children died in the fire.

That search of Google’s records helped point investigators to the teen and two friends, who were eventually charged in the deadly fire, according to police records. All were juveniles at the time of their arrests. Two of them, including the 17-year-old, are being tried as adults; they both pleaded not guilty. The defendant in juvenile court has not yet entered a plea.

CONTENT CREATOR