Archive

2023

Browsing

A dozen New Jersey mayors penned a letter to federal and state officials this week, urging them to implement an immediate moratorium on offshore wind development following the latest in a string of whale deaths.

The mayors requested that offshore wind development is paused until a ‘thorough investigation’ is conducted by federal and state agencies and proves that wind turbine infrastructure is not responsible for the excess whale deaths along the East Coast, according to the letter obtained by Fox News Digital. 

On Monday, a large dead humpback whale was found washed up on a beach in Nassau County, New York.

‘While we are not opposed to clean energy, we are concerned about the impacts these (offshore wind) projects may already be having on our environment,’ the 12 mayors wrote in the letter Monday. ‘We urge you to take action now to prevent future deaths.’

The humpback whale discovered earlier this week marked the tenth such whale found beached across four East Coast states since December, according to federal officials. Five of the whales have been found on New Jersey beaches and a handful have been found in New York.

The uptick in dead whales has sparked a fiery debate among lawmakers and environmental groups over whether offshore wind development is to blame. 

Republican New Jersey Reps. Jeff Van Drew and Chris Smith and a coalition of local wildlife groups led by Clean Ocean Action have called for a moratorium on wind development in recent weeks.

‘The unprecedented number of whale stranding coincides with ongoing activity from acoustic survey vessels for the development of offshore wind,’ the 12 mayors added in their letter.

The mayors who signed the letter represent Wildwood Crest, North Wildwood. Stone Harbor, Linwood, Brigantine, Long Beach Township, Mantoloking, Bay Head, Point Pleasant Beach, Spring Lake, Margate and Deal. 

On Wednesday, Long Beach Township Mayor Joseph Mancini explained that he had signed the letter because there had been insufficient environmental analyses conducted studying the impact of offshore wind development on marine wildlife. He noted a report from Save Long Beach Island, a local group opposed to offshore wind, that showed at least six vessels were operating off the coast of New Jersey as of Jan. 23, conducting geotechnical surveys that could disrupt whales.

‘There have been no environmental impact studies and we feel this project should be stopped until such studies have been completed,’ Mancini said.

On Jan. 18, federal officials with the National Oceanic and Atmospheric Administration (NOAA) and Bureau of Ocean Energy Management (BOEM) held a press briefing during which they downplayed the impact of offshore wind on whales. The officials said they were studying the cause of deaths for the whales recently discovered, but that no whale mortality has been attributed to offshore wind activities yet.

‘NOAA Fisheries is dedicated to minimizing risks to protected resources, habitats, and managed fisheries throughout the life cycle of offshore wind energy projects,’ NOAA spokesperson Lauren Gaches told reporters.

The Biden administration and East Coast states like New Jersey continue to push for aggressive clean energy development including offshore wind projects as part of their climate agenda. 

In July, President Biden argued that offshore wind would create jobs and power millions of homes in the future. And the Department of Interior has expanded plans for offshore lease sales for wind development along the nation’s eastern and western coastlines and in the Gulf of Mexico.

There are currently four offshore wind projects in federal waters off the coast of New Jersey and another three projects being constructed off the coast of New York in federal waters, according to BOEM.

This post appeared first on FOX NEWS

The FBI is investigating allegations that Rep. George Santos, R-N.Y., used a fake animal charity to raise $3,000 for a disabled veteran’s cancer-stricken dog and kept the money for himself, according to a Wednesday report. 

The former service member, Richard Osthoff, told POLITICO that two FBI agents contacted him on behalf of the U.S. Attorney’s Office in the Eastern District of New York. 

As first reported by Patch.com, Osthoff came into contact with ‘Friends of Pets United,’ an animal charity, after he learned it would cost $3,000 for surgery for his service dog, a pit bull mix named Sapphire who had developed a life-threatening stomach tumor. 

A veterinary technician had told him they knew someone who ran the charity that could help raise money. Osthoff was informed that the charity was run by Anthony Devolder, an alias Santos allegedly used for years before entering politics in 2020.

Osthoff and another veteran, retired police Sgt. Michael Boll, who tried to intervene to help Osthoff in 2016, claimed a GoFundMe page that raised the necessary funds for the dog’s surgery was shut down by Santos and that the now-congressman then disappeared with the money.

Santos allegedly claimed the dog’s disease was untreatable after consulting with an affiliated veterinarian and that the money would instead go to his charity. Osthoff had urged to allow him to take the funds to other clinics, and Santos allegedly stopped responding.

The dog died on Jan. 15, 2017, but Osthoff could not afford the euthanasia and cremation because he had been out of work with a broken leg for more than a year. Osthoff said he had to panhandle to find the money to euthanize and cremate Sapphire.

Fox News Digital has reached out to Santos’ office for comment on the investigation but did not hear back before publication. The FBI told Fox News Digital it could ‘neither confirm nor deny the existence of an investigation.’ 

GoFundMe told Fox News Digital it received a report of an issue with the fundraiser in late 2016. The platform’s safety team sought proof of the delivery of funds from the organizer. The organizer failed to respond, leading to the fundraiser being removed and the email associated with the account being banned. 

‘GoFundMe has a zero-tolerance policy for misuse of our platform and cooperates with law enforcement investigations of those accused of wrongdoing,’ the company said. 

The fake charity is merely one of many allegations levied against Santos. The freshman Republican has faced numerous calls for his resignation and is facing multiple investigations by prosecutors over his personal and campaign finances and lies about his resume and family background.

On Tuesday, Santos said he was temporarily stepping down from his two congressional committees following his meeting with House Speaker Kevin McCarthy the day prior. 

Fox News’ Landon Mion and The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

A high-profile former lawyer who donated big money to Democrats and hosted a fundraiser for President Biden was indicted by federal grand juries on Wednesday in two states for allegedly embezzling more than $18 million from legal clients.

The Justice Department announced that Tom Girardi, 83, was charged in Los Angeles with five counts of wire fraud, which carries a maximum 20-year federal prison sentence. According to prosecutors, the charges were part of an indictment accusing him of embezzling more than $15 million from clients and using the funds to cover his law firm’s payroll and pay his personal expenses.

The case also includes charges against Christopher Kamon, the former chief financial officer of Girardi’s LA-based law firm, Girardi Keese, indicating they ‘devised, participated in, and executed a scheme to defraud victim clients’ until the firm collapsed in late 2020.

In Chicago, meanwhile, Girardi, his son-in-law David Lira, and Kamon were charged with eight counts of wire fraud and four counts of contempt of court. Prosecutors allege the trio stole more than $3 million in settlement funds meant for family members of those who died in a Boeing plane crash off the coast of Indonesia.

Wednesday’s indictments mark the latest chapter in the remarkable downfall of Girardi, who was one of the most prominent attorneys in LA before being disbarred in disgrace in California last year.

Before his downfall, Girardi cultivated close ties with a plethora of powerful Democratic politicians at all levels of government — mayors, governors, members of Congress, presidents, and presidential candidates — through large donations and lavish spending on fundraisers.

Girardi, his relatives, and employees gave at least $7.5 million in political contributions to candidates and political committees, from city council races to presidential campaigns, according to a 2020 analysis by the Los Angeles Times. Most of that money went to Democrats, including Biden, for whom Girardi also hosted a ritzy fundraiser in LA during the 2020 presidential cycle.

The White House didn’t immediately respond to Fox News Digital’s request for comment.

In addition to Biden, Girardi has given tens of thousands of dollars each to the likes of Barack Obama, Hillary Clinton, Sen. Dianne Feinstein, and a host of other elected officials at the local, state, and federal levels.

California Gov. Gavin Newsom received a total of $87,600 from Girardi for his 2018 gubernatorial campaign and a total of $8,500 for his 2014 lieutenant governor campaign, campaign finance records show.

Over the last decade, Girardi and his estranged wife, ‘Real Housewives of Beverly Hills’ reality TV star Erika Jayne, gave more than $2 million to the national Democratic Party and individual candidates, according to election filings. And that was despite Girardi reportedly defaulting on high-interest loans and being forced to liquidate his stock portfolio.

Girardi’s deep pockets and status as both a celebrity and high-powered attorney reportedly gave him easy and intimate access to Democrats both on Capitol Hill and in the California governor’s mansion.

However, amid worsening legal issues, Girardi’s lavish lifestyle steadily came crashing down, culminating with Wednesday’s indictments.

Beyond losing his political influence, Girardi is also in the process of divorce from Jayne, who filed for the separation in 2020 after 21 years in marriage. The two had appeared on Jayne’s reality show together.

Fox News’ Tracy Wright contributed reporting.

This post appeared first on FOX NEWS

House Speaker Kevin McCarthy said he and President Joe Biden had a ‘very good discussion’ on how best to handle raising the debt ceiling, noting that he sees an ‘opportunity here to come to an agreement’ that will satisfy both sides of the aisle.

McCarthy, R-Calif., spoke to reporters outside the White House on Wednesday evening after his first meeting with Biden since taking the speaker’s gavel. The meeting lasted for more than an hour.

‘The president and I had a good first meeting,’ McCarthy said. ‘I shared my perspective with him, he shared his, and we agreed to continue the conversation.’

‘We want to make sure we do this in a responsible, reasonable way, and we’ll be talking again,’ he continued, adding that he and Biden ‘have different perspectives on this, but I thought it was a good meeting. We promised we would continue the conversation.’

‘We’ll see if we can get there,’ he said. ‘I think, at the end of the day, we can find common ground.’

‘I think there is an opportunity here to come to an agreement on both sides,’ McCarthy said, adding that is ‘what the American people want.’

The debt ceiling, which sits at $31.381 trillion and was reached nearly two weeks ago, is the legal limit on the total amount of debt that the federal government can borrow to fund everything from Social Security and Medicare benefits to military salaries and tax refunds and more.

McCarthy and Republicans have said that now that the ceiling has been reached, it is a good time to discuss a more fiscally responsible plan that stops the rapid expansion of the national debt.

The White House has claimed that House Republicans, under McCarthy’s leadership, would demand cuts for social programs like Social Security and Medicare. But the speaker denied those claims.

‘Let me be clear about that — and I’ve been clear many times — no, we are not talking about that,’ McCarthy said. ‘And to really be able to do this right, I’m not going to negotiate this in the press.’

Video

He added, ‘I respect the conversation we had together, and we will continue that.’

Reflecting further on the meeting, McCarthy said that after he and Biden both laid out their ‘vision,’ he sees areas where they ‘can find common ground.’

‘I think the American public would appreciate that,’ McCarthy said.

McCarthy said the U.S. ‘cannot sustain’ the current path it is on and that ‘we’ve got to change the direction to put ourselves on a path to balance.’

‘How we get there will be in our discussions,’ McCarthy said, adding that if an agreement is reached, he believes there could be a funding agreement for the next two years.

When asked where he would be concerned about members in his caucus’ reaction if he and Biden are to come to an agreement, McCarthy said, ‘No.’

Look, the Republicans are very united. I think, had we not been elected to the majority, we wouldn’t be having this discussion — the American people would not have an advocate here to curb the waste in the spending that’s happening,’ McCarthy said. ‘So, I think this is a positive. This is exactly how government in America is designed. You have to find compromise.’

Congress last voted to raise the debt ceiling in December 2021. Treasury Secretary Janet Yellen projected that the government can pay its bills through early June.

This post appeared first on FOX NEWS

California Gov. Gavin Newsom called for more gun restrictions Wednesday, including limiting where people can carry concealed guns following a series of mass shootings that left many dead and wounded across the state in January. 

On Wednesday, Newsom, a Democrat, endorsed legislation that would ban people from carrying guns into churches, public libraries, zoos, amusement parks, playgrounds, banks and other privately-owned businesses that are open to the public. The rule wouldn’t apply if the business owner puts up a sign that says concealed guns are allowed.

‘Gun safety saves lives,’ Newsom said at a news conference to announce the proposed bill. ‘More guns, more lives lost.’

State Sen. Anthony Portantino, a Democrat and the bill’s author, called the exception of a sign that says concealed guns are allowed ‘a legal nuance that I think helps it with constitutional muster.’

‘This is not window dressing. This is to put a strong bill on the governor’s desk to withstand a legal challenge that is sure to come,’ he said.

California and half a dozen other states previously had laws that required people to give a reason if they wanted to carry a concealed gun in public — like citing a direct threat to their public safety. But a U.S. Supreme Court ruling last year struck down those laws, making it easier for people in those states to get a permit to carry a concealed weapon.

‘CCW (concealed carry weapons) holders are not the problem,’ California Assembly Republican Leader James Gallagher told Fox News Digital. ‘There’s no correlation between those people and the violence and shootings that we’ve seen in California. That’s not the issue when it comes to these mass shootings that we’ve recently seen.’ 

Video

Under the bill, anyone under 21 would be banned from having a permit to conceal carry their gun. Permit holders would also be required to obtain additional training, including how to properly store and transport their weapons. 

Dan Reid, the California state director for the National Rifle Association, called the legislation a ‘political stunt’ that will do nothing to curb violent crime. 

‘If Gov. Newsom and AG [Rob] Bonta truly wanted to address the violent crime running rampant through their state, they’d put an end to the soft-on-crime policies and no cash bail programs that have turned California into a nightmare for its citizens,’ he said. ‘Instead, these politicians have chosen to further restrict the rights of those who follow the law with a political stunt that will not make Californians any safer.’

Video

California Democrats tried to pass new rules last year — and they would have succeeded, had it not been for a strategic blunder requiring a two-thirds vote of the legislature so the bill could take effect immediately. Democrats could not round up enough support, and the bill died.

The newest bill came after mass shootings in Monterey Park and Half Moon Bay left 18 people dead and dozens injured. In total, California saw six mass shootings in January in which 29 people were killed. After the Monterey Park shooting, Newsom said he believed the Second Amendment was becoming a ‘suicide pact,’ leading to criticism from gun-rights advocates. 

The state is moving in the complete opposite direction of Florida, where legislation was introduced Monday that would allow people to carry concealed firearms without having to get a permit. 

Video

In a Wednesday tweet, Newsom argued that states that allow concealed carry of firearms have higher rates of violence. 

‘Don’t believe the lies of the gun industry,’ he wrote. ‘CA will continue to lead on common sense gun laws.’

The Associated Press contributed to this report. 

This post appeared first on FOX NEWS

West Virginia’s House of Delegates unanimously passed a bill Wednesday to expand the authority of the state foster care advocate to investigate allegations of abuse and neglect.

Before the 100-member House voted in unison in favor, Deputy House Speaker Republican Matthew Rohrbach said the bill is ‘really going to help to make this system accountable, which I think is something that everybody in here wants.’

Foster Care Ombudsman Pamela Woodman-Kaehler’s office is located within the Department of Health and Human Resources’ Office of Inspector General. But she works independently as an advocate for foster children and parents, investigating complaints and collecting data about the state’s foster care system.

Her position was created in 2019 when the number of children under state foster care had swelled to about 6,900, up more than 60% from 2015, as the state continued to be ravaged by the national opioid crisis.

She is a former child protective services worker in Harrison County and was the state coordinator for a federally-mandated review panel of the state’s Bureau of Children and Families.

The bill advanced to the Senate Wednesday specifies that Woodman-Kaehler’s office has the authority to investigate deaths, abuse and neglect involving children in the juvenile justice system.

The bill also would protect the identities of people providing confidential information during investigations, prohibiting the ombudsman and her staff from being required to disclose information about investigations or identify informants in judicial or administrative proceedings. It makes all memoranda, work product, notes and case files developed and maintained as part of an official investigation confidential, and not subject to discovery, subpoena or other means of legal compulsion.

Woodman-Kaehler told a House Health and Human Resources Committee meeting that the bill would help build trust between her and people reporting abuse and neglect, and encourage more people to come forward with information during sensitive investigations.

‘This frees up the ombudsman to give them much more control,’ Rohrbach said Wednesday.

This post appeared first on FOX NEWS

The Indiana governor’s proposal for a broad expansion of county-level public health programs won its first endorsement from state legislators on Wednesday.

The state Senate’s health committee voted 12-0 in support of a bill laying out the responsibilities that local health departments would have if county officials accept a major increase in state funding being sought by Republican Gov. Eric Holcomb.

State Health Commissioner Dr. Kristina Box, several medical organizations and business groups urged lawmakers to support the plan, pointing to Indiana’s poor national rankings in areas such as smoking, obesity and life expectancy.

The governor’s plan would direct $100 million in the next state budget year and $200 million in the following year toward boosting Indiana’s county public health department funding from its 45th-place national ranking. The state now directs about $7 million a year to county health departments, which are primarily funded by local taxes.

While county officials would have the option of accepting the money and expanding services, some opponents with grievances over government-ordered COVID-19 precautions told the committee they feared the plan would result in the state health department gaining more authority.

The bill approved by the committee would establish ‘core public health services’ to be provide by county departments. Those would include access to required childhood vaccinations, emergency preparedness, restaurant and sewage system inspections, communicable disease prevention and smoking cessation programs.

A commission appointed by Holcomb found that all but about six of Indiana’s 92 counties are spending less than half the national median per person on public health efforts.

‘Where you live in Indiana currently determines whether your local health department can provide you the full range of public health services,’ Box told the committee.

Leaders of the Republican-dominated Legislature have generally supported Holcomb’s proposal but have not committed to granting his full funding request. Lawmakers might not make that decision until a new state budget plan is completed in April.

Statewide organizations representing county officials told the committee Wednesday they believed local leaders would keep control by deciding whether to opt into the expansion program or maintain state funding levels.

Some county leaders, however, said they believed the expansion would eventually lead to state control of local health departments.

‘I would prefer the state to provide grants on a topic-by-topic basis with local control on whether to accept the grant or not and how we handle that guidance, not mandates, from the state after the COVID destructive mandates,’ said Brad Rogers, a Republican county commissioner from northern Indiana’s Elkhart County.

Senators cited concerns about long-term health problems across the state, while plan opponents who spoke focused on issues such as complaints over federal approval of COVID-19 vaccines and Holcomb’s executive orders early in the pandemic for business closures and a face mask mandate. One opponent argued the plan would lead to what he called more government ‘tyranny.’

Similar grievances were aired to Indiana lawmakers as they debated a proposal last year that failed to win passage aiming to severely limit the COVID-19 vaccine requirements that businesses could impose on employees.

‘We have high infant mortality rates,’ Republican Sen. Vaneta Becker of Evansville said as she voted in favor of the health plan Wednesday. ‘We have high obesity, lots of health issues in the state that need to be addressed.’

This post appeared first on FOX NEWS

Ohio state lawmakers missed their deadline Wednesday for getting a measure on May ballots that would make it harder to amend the state Constitution.

No action was planned on the deadline Wednesday. The resolution was a priority for some members of the fractured House Republican caucus and backed by GOP Secretary of State Frank LaRose.

Supporters argue that raising the threshold from 50% to 60% for passing future constitutional amendments would foster consensus and stymie out-of-state interest groups.

Hundreds of voting rights, labor, environmental and faith groups have vowed to fight the measure, which they say is anti-democratic.

Republican House Speaker Jason Stephens told reporters last week that he does not believe the measure is dead, but that he opposed putting it before voters in an election where not all counties participate.

Lawmakers now face an Aug. 9 deadline to get the proposal before voters in November.

This post appeared first on FOX NEWS

By the time you read this, the buzz of what the Fed did and Powell’s presser will be over… at least for the day.

We will not repeat the obvious.

What we are way more focused on is the underlying reasons that the Fed, unless they are willing to goose rates to over 8%, will have little impact on the upcoming Commodities super-cycle and the uniquely undefinable labor market, which is already leading to demand for higher wages and employers being forced to keep the staff they already have. In other words, yet another indication of the continued robustness of the labor market and dilemma for the FED.

JOLTS: Useless Indicator or Harbinger of More Inflation? 

The Job Openings and Labor Turnover Survey (JOLTS) program produces data on job openings, hires, and separations.

Here is the part we find most fascinating and most difficult for the Central Bank to reconcile. The largest increase in job openings is in the services area-hotels and restaurants. 1.74 million positions have been posted. Plus, in the UK and in France, workers are striking. They do not want to work for pay raises of 3% when inflation is at 10%. Then add that many companies are posting huge profits and stock buybacks (although by half of what that has been over the last decade).

How far can people be pushed?

What the JOLTS report tells us is that, regardless of the Fed and ECBs fight against inflation while trying not to spiral economies into recession, there is a bigger battle. Social upheaval, rising food prices, wages not keeping up. With JOLTS up, corporate layoffs continue. FedEx as the latest example.

Sounds pretty inflationary, no?

Regardless, we will continue to watch what our market indicators (Big View) tell us about market breadth. We are particularly interested in the dollar (collapsing) and the performance of gold (cleared $1950). We also have keen eyes on the ratio between the high-yield bonds and long bonds, now flashing more of a risk-off scenario in spite of the recent rally in the indices.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

You don’t want to miss Mish’s 2023 Market Outlook, E-available now!

Click here if you’d like a complimentary copy of Mish’s 2023 Market Outlook E-Book in your inbox.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

Mish shares her views on how to approach the earnings announcements of Apple, Amazon, and Alphabet, and gives her technical outlook on how the earnings results could impact the S&P 500 and Nasdaq 100 in this appearance on CMC Markets.

Listen to Mish on Chuck Jaffe’s Money Life, beginning around the 27-minute mark.

Kristin and Mish discuss whether or not the market has run out of good news in this appearance on Cheddar TV.

Harry Melandri and Mish discuss inflation, the Federal Reserve, and all the sparkplugs that could ignite on Real Vision.

Jon and Mish discuss how the market (still rangebound) is counting on a dovish Fed in this appearance on BNN Bloomberg.

Mish discusses price and what indices must do now in this appearance on Making Money with Charles Payne.

In this appearance on TheStreet.com, Mish and JD Durkin discuss the latest market earnings, data, inflation, the Fed and where to put your money.

In this appearance on CMC Markets, Mish digs into her favourite commodity trades for the week and gives her technical take on where the trading opportunities for Gold, oil, copper, silver and sugar are.

ETF Summary

S&P 500 (SPY): Still looking for the December highs; 410.49 to clear, with target 420Russell 2000 (IWM): 190 now support and 202 major resistance.Dow (DIA): 343.50 resistance and the 6-month calendar range high.Nasdaq (QQQ): 300 is now the pivotal area.Regional banks (KRE): 64.00 resistance.Semiconductors (SMH): Haven’t written “Sister Semi’s on a tear” for a while now.Transportation (IYT): Also strong, so these are good signs–234.74 December highs to hold.Biotechnology (IBB): Multiple timeframes count, and this has failed the 23-month MA so farRetail (XRT): If you love the modern family, then clearly they point to a happy time unless the inverted yield curve troubles them soon. 69 support, 72 pivotal.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

SPX Monitoring Purposes: Sold long SPX 1/27/23 at 4070.56 = Gain 6.51%; Long on 12/20/22 at 3821.62.

The top window is the cumulative GDX Up Down Volume percent with a 200-day average, and the bottom window is the cumulative GDX Advance/Decline percent with a 200-day average. These types of indicators look at the bigger picture and can have signals that can last two years. The blue lines shows the times when both cumulative up down volume and advance/decline indicators close above their 200-DMA, triggering a bullish signal, and the red lines shown with both indicators close below their 200-DMAs, triggering a bearish signal. In late 2022, both indicators closed above their 200-day moving averages, suggesting an intermediate-term rally began. Don’t know if the current signal will last two years, but notice that both indicators seem to rise and fall in a 1 ½-2 year cycles. The last down cycle in both indicators started in late 2020, and both turned up in late 2022 (minus the hiccup in early 2022); nearly two years.

Tim Ord,

Editor

www.ord-oracle.com. Book release “The Secret Science of Price and Volume” by Timothy Ord, buy at www.Amazon.com.

Signals are provided as general information only and are not investment recommendations. You are responsible for your own investment decisions. Past performance does not guarantee future performance. Opinions are based on historical research and data believed reliable; there is no guarantee results will be profitable. Not responsible for errors or omissions. I may invest in the vehicles mentioned above.