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Proposed Labor Department Rule Would Extend Overtime Pay To Millions Of Workers A new rule proposed by the Department of Labor would mean that millions of workers would be eligible for overtime pay if they work more than 40 hours per week. In a Wednesday statement, the labor department proposed bumping the annual salary threshold…

Markets JOLTed No-good, terrible, bad news about the US labor market (coupled with a tumble in consumer confidence and uptick in inflation expectations) sparked chaos across multiple asset-classes today. US Macro data has disappointed for 8 straight days, its biggest serial disappointment since June 2022… Source: Bloomberg The bad news sent the market’s expectations for…

Parent Slams California School For Holding ‘No Whites Allowed’ Kids Playdate Authored by Steve Watson via Summit News, A parent at a California elementary school has slammed officials for sanctioning a playdate for kids that essentially segregated them by race, and excluded white children. A flyer for the event at Anthony Chabot Elementary School in Oakland,…

Hurricane Chaos: FAA Warns “May Pause” Flights Across Florida; Tampa Port Signals Condition “ZULU” Update (1538ET): Parts of Key West are already observing high wind gusts and rain from Hurricane Idalia. The Federal Aviation Administration has begun rerouting planes from Florida and closing Gulf routes this afternoon.   The FAA warned on X, formerly known…

Venezuela Could Boost Oil Output If US Sanctions Are Eased Authored by Charles Kennedy via OilPrice.com, U.S. sanctions have crippled Venezuela’s crude oil production and exports. Last year, Venezuelan crude oil production hit a 50-year low of around 700,000 barrels per day. Analysts: If the Biden Administration further eases the sanctions and allows other Western…

Bankrupt Evergrande Crashes As Much As 87% After Resuming Trading Following 17 Month Halt Shares of bankrupt (former) Chinese property giant, Evergrande Group, crashed 79% on Monday, their first trading day following a suspension of more than 17 months. The stock of the embattled real estate developer – which trade in Hong Kong under what…

Trump Trial Set For March 2024 As Activist Judge Refuses Request For Election Delay Obama-appointed activist Judge Tanya Chutkan – who’s behind some of the most “extreme sentencing of January 6th defendants” while “openly supporting the violent Black Lives Matter riots of 2020” – has denied a request to move Donald Trump’s federal election-interference trial…

News Industry Behemoth Sued For Discrimination Against White Employees The largest newspaper publisher in the United States, Gannett Co., is being sued for discriminating against white workers in their efforts to ‘diversify’ newsrooms. The proposed class action was filed in West Virginia federal court on Friday by five current and former Gannett employees who say…

The AirBnB Bubble Popping Will Pop The Housing Bubble Authored by Charles Hugh Smith via OfTwoMinds blog, This is how bubbles collapse: the “vital few” 4% sell at whatever the market will bear, pushing prices down, and the 64% awaken to the rapidly narrowing window for locking in bubble capital gains. Here’s how we can…

New York Spending $20 Million Per Month To House Migrants On Randall’s Island The city of New York is spending $20 million per month to house approximately 3,000 asylum seekers – 50% more than expected, after expanding its controversial migrant complex on Randall’s Island. The site, which will consist of five dormitory-style tents, has already…

Biden Admin Blocks Millions Of Acres To Oil And Gas Drilling Authored by Tom Ozimek via The Epoch Times (emphasis ours), The Biden administration has blocked off millions of acres of federal waters from a planned oil and gas lease sale after settling with environmental groups over habitat protections for a rare species of whale.…

El Nino Threat Puts US Solar Power Output At Risk This Winter The Biden administration’s rapid push to decarbonize power grids with solar and wind while squeezing fossil fuel plants into early retirement could spark grid stability risks this winter as a new report sheds light on the possibility of “below average irradiance across most of North…

Kunstler: The Party Of Chaos Is Running Scared Authored by James Howard Kunstler via Kunstler.com, “Georgia could determine who is our next president. A TEAM of lawyers needs to watch them count every single vote. They can start in Fulton County where we are having water leaks.” – Fulton County DA Fani Willis, Nov. 4,…

Hawkish Powell & Horrible Data Spark Yield Curve & Crude Pain As Gold & Nasdaq Gain From a macro perspective, “bad data” dominated the week with the Citi macro surprise index tumbling most since April… Source: Bloomberg From a micro perspective, it was all about retailers (consumer credit challenges and shrink) and NVDA (keeping the…

US Military Likely To Remain In Syria For “Many, Many Years” To Come: Milley Via The Cradle, General Mark Milley, the chairman of the US Joint Chiefs of Staff, told Jordanian TV on Thursday that US forces illegally occupying oil fields in Syria’s northeast will remain there for the foreseeable future to “fight ISIS.” “The ideology is…

As Wagner Fighters Threaten New ‘March On Moscow’, Putin Says Prigozhin Was “Talented” Man Who Made “Mistakes” Wagner supporters inside Russia have set up makeshift memorials as they mourn the loss of their leader Yevegny Prigozhin, even as speculation continues that he could still be alive. More importantly, some are threatening a new ‘march of Moscow’…

Elon Musk Vows To Sue Soros-Funded NGOs Over Free Speech Authored by Tom Ozimek via The Epoch Times, Elon Musk said that X, the platform formerly known as Twitter, would sue organizations funded by financier George Soros that allegedly pushed for a crackdown on free speech. Mr. Musk, who bought Twitter last year in a…

Jackson Hole Preview: “Do We Receive Another Hawkish Surprise?” With the most important earning report of the week, and probably quarter, out of the way, when NVDA reported blowout earnings and guidance only to see a bout of selling the news which nearly pushed the stock to red on the day, because as JPM’s Stuart…

Wagner Decries ‘Murder’ Of Prigozhin Amid Reports Anti-Air Missile Struck Plane Update(1605ET): At this point it’s looking like the entire top command of Russian mercenary outfit Wagner Group was aboard the private plane that was downed northwest of Moscow hours ago. Wagner itself is confirming Yvgeny Prigozhin’s death, with Wagner-affiliated Telegram channel Grey Zone calling it a “murder”.  “The…

Bonds, Bitcoin, Big-Tech, & Bullion Soar As ‘Bad News’ Is Good News Again It’s been an ugly couple of days for micro- and macro- data in the US (and globally) as retailers signal a far more-stressed American consumer than the market would like to believe, and global PMIs scream stagflation with ‘sticky’ prices rebounding as…

Major Supply Chain Issues Are Starting To Develop All Over The Country Authored by Michael Snyder via The Economic Collapse blog, Supply chain problems were supposed to be a thing of the past, but instead our supply chains just keep getting hit by issue after issue.  Have you noticed that it has become really difficult…