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Wednesday, August 9, 2023

American Credit Card Debt Soars Past $1 Trillion

New York Post: The credit card debt held by US shoppers surpassed more than $1 trillion for the first time ever as high inflation continues to drive up costs, according to a report published on Tuesday by the New York Federal Reserve. Credit card balances grew by $45 billion in the second quarter of this year — rising from $986 billion at the end of the first quarter to $1.03 trillion by the end of the most recent three-month period (New York Post). CNN: Earlier Tuesday, Bank of America reported that more people were tapping their 401(k) accounts because of financial distress. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022 (CNN). RNC Research: CNN’s Jake Tapper: “I feel like I’ve been noting this for three years — President Biden is out there heralding such and such, and the American people disapprove overwhelmingly! Three years in, we’re still having this conversation” (Twitter).

Stocks Drop as US Banking Credit Downgrades

MSNBC: Stocks retreated Tuesday as an August selloff was reignited by a downgrade of the banking sector by credit rating agency Moody’s. The Dow Jones Industrial Average was down 158.64 points to close at 35,314.49. At session lows, the index dropped about 465 points (MSNBC). Wall Street Journal: A broad sell off in regional bank shares—including KeyCorp and Comerica—made financial stocks among the worst performers in the S&P 500. Bank of America, JPMorgan Chase and Citigroup shares were caught in the downdraft and also declined. Adding to Tuesday’s caution: Chinese data showing that exports from the world’s second-largest economy tumbled in July and United Parcel Service lowering its financial outlook for the rest of the year (Wall Street Journal).

Ohio Voters Reject State Issue 1

Washington Post: Ohio voters on Tuesday rejected a much-watched ballot measure that could have helped Republicans restrict abortion rights. Red-leaning Ohio becomes the latest in a succession of states to deliver a setback to antiabortion forces after Roe v. Wade was overturned last year. The ballot measure, State Issue 1, would have raised the threshold for amending the state constitution via ballot measure to 60 percent, from the current 50 percent plus one. Its Republicans backers made clear the measure was meant to head off a November vote on a state constitutional amendment guaranteeing the right to an abortion. Such votes have cleared 50 percent even in red states (Washington Post). NBC: With 97% of precincts reporting, 56.7% voted against the measure, while 43.3% voted to support it, according to the Ohio Secretary of State’s office (NBC).

EV Company Celebrated by Biden Administration Goes Bankrupt

Fox News: Proterra, the electric bus company repeatedly celebrated by President Biden, filed for bankruptcy Monday, blaming various market “headwinds” for its financial struggles. The California-based company filed a voluntary Chapter 11 reorganization under the U.S. Bankruptcy Code in the District of Delaware to “strengthen its financial position.” Proterra said it would continue to operate its business as normal – including paying employee salaries and benefits, and compensating vendors and suppliers – during the process (Fox News). Just the News: The firm most famously assembles electric buses out of its South Carolina facility, where Biden received a virtual tour in 2021. In February, the president also announced CEO Joyce’s appointment to the White House’s Export Council, which advises on matters of overseas trade. Joyce’s appointment was celebrated by the Biden administration, who hailed the CEO for “growing Proterra’s EV battery manufacturing footprint in the United States and accelerating the transition of transit and other commercial vehicles to zero emission solutions” (Just the News).

Massachusetts Declares State of Emergency Due to Illegal Immigration

They are pushed to the brink by only 20,000 immigrants. CBS: Gov. Maura Healey has declared a state of emergency around the situation in Massachusetts’ shelter system, as a rapidly rising uptick of immigrants has strained state resources. Close to 5,600 families are currently housed in the state’s emergency shelter system, Healey said during a press conference at the State House on Tuesday morning. This number is 80 percent higher than one year ago, she said. The governor delivered an “urgent and formal appeal” to the federal government to “remove barriers and expedite federal work authorizations,” as well as to help fund new shelters. Massachusetts is the only state in the country with a “right-to-shelter” law, which guarantees homeless families access to emergency shelter (CBS).

Suspected Drug Cartel Members Spotted Crossing into United States

Daily Wire: A report about suspected cartel gunmen illegally crossing into the United States and eluding capture over the weekend sparked a fresh wave of condemnation against the Biden administration for its handling of the southern border. Bill Melugin, a national correspondent for Fox News, broke the news on Tuesday in a post to X showing grainy, black-and-white images of men holding rifles running through a thicket (Daily Wire). Bill Melugin: Per law enforcement source, a group of suspected cartel gunmen armed with rifles & body armor were seen on cameras crossing illegally into the Fronton, TX area in the RGV Saturday night. Elite Border Patrol BORTAC agents were called out & searched area, but found nobody (Twitter).

President Biden Gives a Rare Interview to The Weather Channel

Daily Wire: President Joe Biden will sit down for a rare one-on-one interview Tuesday, but he is not expected to address the more recent developments regarding his son Hunter Biden and Hunter’s former business partner Devon Archer. Biden has managed to avoid doing major press conferences and in-person interviews for most of his tenure in the White House – and the Press Corps has taken notice, complaining regularly about the lack of access to Biden and his administration. Despite that, the president’s Tuesday interview, set to air on Wednesday, is expected to be all about climate — and will air on The Weather Channel (Daily Wire). Weather Channel: EXCLUSIVE: POTUS sits down with The Weather Channel’s Stephanie Abrams to discuss our changing planet. Join us WEDNESDAY from 6 a.m. – noon ET (Twitter)

Governor DeSantis Replaces Campaign Manager

Washington Post: Ron DeSantis is replacing his presidential campaign manager and making other changes to his senior staff after a rough stretch of layoffs, budget woes and struggles to make headway against the front-runner for the Republican nomination, former president Donald Trump. James Uthmeier, DeSantis’s chief of staff in the Florida governor’s office, will replace Generra Peck, who oversaw DeSantis’s blowout reelection last fall but came under fire as the campaign shed more than a third of its staff amid a cash crunch and, in the view of some allies, made unforced errors (Washington Post). NBC: One DeSantis-aligned operative said it is a “smart move to get (Peck) out” but questioned whether Utheimer would be the best replacement, given that his experience is more on the policy side rather than campaigning (NBC).

Woke Hallmark President, CEO Wonya Lucas Steps Down

Variety: Hallmark Media president and CEO Wonya Lucas will depart the company at the end of the year. Upon her departure, Lucas will continue to serve on the Hallmark Media board of directors. Lucas became president and CEO of Hallmark Media in 2020 when the media group was still known as Crown Media Family Networks (Variety). Daily Wire: Lucas’ arrival followed a promise from Perry for Hallmark Channel to work with GLAAD (Gay and Lesbian Alliance Against Defamation ) to create a more inclusive environment and promote more diverse storylines. During her tenure, the channel not only introduced several LGBTQ+ supporting characters but also premiered its first feature film centered on a same-sex relationship. But while Lucas the niece of late baseball legend Hank Aaron oversaw a move to more diverse and “inclusive” programming, she also oversaw the abrupt exits of a number of the network’s biggest stars (Daily Wire).

10.

Disney Looks into AI Tech to Cut Costs

Reuters: Walt Disney has created a task force to study artificial intelligence and how it can be applied across the entertainment conglomerate, even as Hollywood writers and actors battle to limit the industry’s exploitation of the technology. Launched earlier this year, before the Hollywood writers’ strike, the group is looking to develop AI applications in-house as well as form partnerships with startups. As evidence of its interest, Disney has 11 current job openings seeking candidates with expertise in artificial intelligence or machine learning. The positions touch virtually every corner of the company – from Walt Disney Studios to the company’s theme parks and engineering group, Walt Disney Imagineering, to Disney-branded television and the advertising team, which is looking to build a “next-generation” AI-powered ad system, according to the job ad descriptions (Reuters).