DoorDash, the largest food delivery company in the United States, has announced they’re partnering with the &#8220;buy now, pay later&#8221; service provider Klarna. This has led to mixed reactions from social media users mocking the idea of using a payment plan for a meal.
Klarna has been showing up as an option at multiple retailers and is rumored to be on its way to an initial public offering, per <a href="https://www.nbcnews.com/business/business-news/klarna-lands-buy-now-pay-later-deal-doordash-notching-new-win-ipo-rcna197265">NBC News</a>. The service provider said in a press release that DoorDash customers will be able to pay in full at checkout, split payments into four interest-free installments, or defer to later dates that match their paydays.
“Our partnership with DoorDash marks an important milestone in Klarna’s expansion into everyday spending categories,” David Sykes, Klarna’s chief commercial officer, said in the release.
Klarna was founded in 2005 and is headquartered in Sweden. The company had a 24% increase in revenue last year and brought in $2.8 billion, the outlet noted.
The announcement post has since gone viral on X, earning more than 36 million views &#8212; and almost as many snarky comments.
“DoorDash and Klarna have signed a deal where customers can choose to pay for food deliveries in interest-free installments or deferred options aligned with payday schedules,” the post reads.
“I can’t wait to pay for my taco bowl over the next 52 weeks,” one commenter on X <a href="https://x.com/RorschachStocks/status/1902771877262586291">replied</a>.
“Imagine being in debt over a chicken parm,” another person <a href="https://x.com/actatumonline/status/1902758510917525702">joked</a>.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 <a href="https://t.co/Cqw9AwAM0k">pic.twitter.com/Cqw9AwAM0k</a>
&mdash; [Object object] (@StevenJBurns) <a href="https://twitter.com/StevenJBurns/status/1902784344374251580?ref_src=twsrc%5Etfw">March 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
“I have so many questions. What happens if I don&#8217;t pay back the burrito loan? Does it go on my credit score? Will they come after me for $11 in collections? Can I negotiate that debt down? Can I build my credit score this way? Someone please tell me,” another person <a href="https://x.com/bdmarotta/status/1902845023990808843">wrote</a>.
“Buying Panda Express on layaway is one of the darkest things I’ve ever heard omg,” another <a href="https://x.com/ShehanJeyarajah/status/1902877860064374938">echoed</a>.
Other jokesters just posted memes of personal finance expert Dave Ramsey looking annoyed, or of cast members of “The Sopranos” lurking on a front porch looking to collect missed payments.

DoorDash

Jokes Abound As DoorDash Offers ‘Pay Later’ Feature

Jokes Abound As DoorDash Offers 'Pay Later' Feature

Business

Economy

finance

Food

Money

U.S.

Scott Bessent, the nominee for Treasury Secretary in the Trump administration, shut down the ranking Democrat&#8217;s claims about tariffs during his confirmation hearing before the Senate Finance Committee on Thursday.
Bessent was grilled by lawmakers, including Senator Ron Wyden (D-OR), who accused President-elect Donald Trump of having &#8220;no plan and no strategy&#8221; for imposing tariffs on foreign goods, asserting that Americans will &#8220;get clobbered&#8221; with additional taxes.
&#8220;I believe these tariffs, you can call it whatever you want in terms of trying to gussy it up, they&#8217;re going to be paid for by our workers and small businesses,&#8221; Wyden told Bessent. &#8220;All through the campaign we heard they weren&#8217;t, that foreign countries were going to pay it. I think that&#8217;s baloney. It&#8217;s going to be paid for by workers and small businesses.&#8221;
&#8220;Senator, I would respectfully disagree,&#8221; Bessent responded. &#8220;The history of tariffs and tariff theory, optimal tariff theory, does not support what you&#8217;re saying.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Treasury Secretary Nominee Scott Bessent SHUTS DOWN Democrat lies about President Trump&#39;s tariff policy 🔥 <a href="https://t.co/ISxaPIwKtA">pic.twitter.com/ISxaPIwKtA</a>
&mdash; Trump War Room (@TrumpWarRoom) <a href="https://twitter.com/TrumpWarRoom/status/1879927343705395212?ref_src=twsrc%5Etfw">January 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;If we were to say, use a number that has been thrown around in the press of 10%, then traditionally the currency appreciates by 4%, so the 10% is not passed through,&#8221; he said. &#8220;Then we have various elasticities — consumer preferences may change, and finally, foreign manufacturers, especially China, which is trying to export their way out of their current economic malaise, they will continue cutting prices to maintain market share.&#8221;
Wyden dismissed Bessent&#8217;s explanation as an &#8220;academic view of it&#8221; and repeated that middle-class Americans would get &#8220;clobbered&#8221; by tariffs.
Elsewhere during the hearing, Bessent emphasized that what would actually hurt Americans is not renewing the 2017 Trump tax cuts.
Not doing so would be an &#8220;economic calamity&#8221; and cause a &#8220;gigantic middle-class tax increase,&#8221; Bessent said.
<a href="https://get.dailywire.com/subscribe/plus/?_gl=1*1lail3r*_gcl_aw*R0NMLjE3MzIyMDEyNDkuQ2owS0NRaUEwZnU1QmhEUUFSSXNBTVhVQk9JSkM0VnNsMFVreURxYXUxVWVEVWdOdjZkNzR2Y1pEeEZQeHVBcGl2R3BLaTdBMjVzT1p5TWFBdG1nRUFMd193Y0I.*_gcl_au*NDUxNDQ0NzYwLjE3MzY3ODI2NDY.*_ga*MTc2NzM0NDQ2NS4xNzI4OTA5Nzkx*_ga_CZKR9ZYKJP*MTczNjk1NzYwMy4zNDAuMS4xNzM2OTU3NzE2LjYwLjAuMA.." target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://get.dailywire.com/subscribe/plus/?_gl%3D1*1lail3r*_gcl_aw*R0NMLjE3MzIyMDEyNDkuQ2owS0NRaUEwZnU1QmhEUUFSSXNBTVhVQk9JSkM0VnNsMFVreURxYXUxVWVEVWdOdjZkNzR2Y1pEeEZQeHVBcGl2R3BLaTdBMjVzT1p5TWFBdG1nRUFMd193Y0I.*_gcl_au*NDUxNDQ0NzYwLjE3MzY3ODI2NDY.*_ga*MTc2NzM0NDQ2NS4xNzI4OTA5Nzkx*_ga_CZKR9ZYKJP*MTczNjk1NzYwMy4zNDAuMS4xNzM2OTU3NzE2LjYwLjAuMA..&amp;source=gmail&amp;ust=1737044212122000&amp;usg=AOvVaw3mp2MZNwEXBk00lKmCtOss">CELEBRATE #47 WITH 47% OFF DAILYWIRE+ MEMBERSHIPS + A FREE $20 GIFT</a>
&#8220;Traditionally with these sudden stops, it falls on working Americans,&#8221; he said. &#8220;We saw the power of these tax cuts in &#8217;18, &#8217;19, and going into January of &#8217;20 before they were interrupted by Covid and they great success that we had.&#8221;
During his exchange with Wyden, Bessent also warned that China is focused on energy, not clean energy.
&#8220;Just so we can frame this for everyone in the room, China will build 100 new coal plants this year. There is not a clean energy race. There is an energy race,&#8221; Bessent said.
Over the last three decades, Bessent has been successful as the chief investment officer at George Soros&#8217; hedge fund. He founded several firms and taught economic history at Yale, his alma mater.
He would also be the first openly gay Treasury Secretary.
Bessent is from South Carolina and was introduced by Senator Lindsey Graham (R-SC), who urged Senate Democrats to vote for him based on his qualifications, not politics.
&#8220;If your goal is to play like the election didn&#8217;t happen, then I guess you&#8217;ll vote no,&#8221; Graham said.

President-Elect Trump’s Nominees For Upcoming Administration Meet With Lawmakers On Capitol Hill

Tariff Theory ‘Does Not Support What You’re Saying’: Treasury Nominee Clashes With Dem Senator

Tariff Theory 'Does Not Support What You're Saying:' Treasury Nominee Clashes With Dem Senator

Politics

Scott Bessent

Senate

Taxes

Trump Administration

Bank of America, Citigroup, Morgan Stanley, Goldman Sachs and JPMorgan Chase have just abandoned the Net Zero Banking Alliance. While it seems to be yet another dire omen for so-called environment, social and corporate governance (ESG) investing, it would be premature for people on the Right to imagine that the Left’s lock on the finance industry is ending.
ESG investing is notionally the idea that investors should consider the eponymous non-financial factors of ESG in making finance and investment decisions. The biggest part of “ESG” investing is the “E” (environment) and the biggest part of the “E” is climate and the dubious goal of “net zero emissions,” which I have previously written about <a href="https://www.wsj.com/articles/a-quiet-refutation-of-net-zero-climate-change-emissions-energy-global-warming-sec-goals-clean-power-11672262963?mod=opinion_lead_pos8" target="_blank" rel="noopener">here</a> and <a href="https://www.wsj.com/articles/net-zero-never-mind-environment-electrical-grid-carbon-emissions-climate-change-southern-co-energy-information-administration-db856556?mod=opinion_lead_pos10" target="_blank" rel="noopener">here</a>.
The phenomenon of ESG investing started out in the 1960s as “socially responsible investing” (SRI) investing, was rebranded as “corporate social responsibility” investing in the late 1990s and then rebranded again as ESG investing in the 2010s.
SRI/CSR/ESG investing was invented by the Left as a means of using stock ownership for political purposes. The practice started with labor unions in the 1960s. After the election of Ronald Reagan in 1980, a cadre of Left-wing activists got together to figure out how to use investment as a means of advancing the rest of the Left’s agenda.
In “Biz-War and the Out of Power Elite,&#8221; author Jarol B. Manheim writes, “22 young and wealthy individuals who shared a common concern about the conservative turn the country had taken … hit upon the idea to pool their [financial] resources and direct them at what they saw as socially and politically desirable programs&#8230;” aimed at corporations. Though it took time, this program succeeded beyond their wildest dreams. Meanwhile, the Right was largely asleep.
While Nobel laureate Milton Friedman prominently pushed back against SRI investing in his 1970 New York Times magazine article entitled, “The Social Responsibility of Business Is to Increase Its Profits,” there was no organized follow-up until 2005. At that point, a friend of mine and I launched a publicly traded mutual fund called the Free Enterprise Action Fund to push back against the success the Left was having in foisting its CSR agenda on publicly-traded companies.
While our fund had <a href="https://www.wsj.com/articles/SB114411692660116163" target="_blank" rel="noopener">success</a>, we didn’t have the resources to survive the catastrophic market conditions of the housing bubble collapse. The deep-pocketed Left, though, easily survived the tough market conditions and emerged on the other side with near total control of the finance industry with its rebranded and steroidal ESG investing strategy. Virtually all large banks and Wall Street firms joined one or more of the Net Zero Bank Alliance, Net Zero Asset Managers, Net Zero Insurance Alliance, Glasgow Financial Alliance for Net Zero (GFANZ), Climate Act 100+ and other similar groups.
But this success bred arrogance on the Left and awoke conservatives to a degree that the Free Enterprise Action Fund could only have dreamed about in the 2000s. By 2020, the ESG empire and its anti-fossil fuel, anti-conservative, DEI and other “woke” policies and practices had sufficiently alarmed red state politicians into pushback. State investigations, hearings and laws reining in ubiquitous ESG actors and activities popped up. Congress got involved. Then, ESG investing began to reveal itself as <a href="https://x.com/JunkScience/status/1866505394635645146" target="_blank" rel="noopener">a poor investment strategy.</a>
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Perhaps most importantly, though, it had become increasingly clear that the ESG actors were illegally colluding as a cartel, possibly running afoul of anti-trust laws. While the ESG actors could possibly organize themselves into pushback against red states, the post-2024-election prospect of facing a federal government entirely controlled by Republicans would be too daunting. So, amid the holiday distractions, Bank of America, Citigroup, Morgan Stanley, Goldman Sachs and JPMorgan Chase all dropped out of the Net Zero Banking Alliance.
But those concerned about ESG would be wise not to declare victory and move on. The Left has acquired immense influence and power over the financial industry and has no intention of surrendering it. ESG may be dead as brand, but not as a strategy. The Left has been invested in SRI/CSR/ESG for a long time and for the long-term. While they will likely head underground for a few years, they will certainly be plotting a comeback that may start as soon as the 2026 elections.
* * *
Steve Milloy is a senior legal fellow with the Energy and Environment Legal Institute.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

NYSE Opens For Last Day Of Trading In 2024

As Banks Flee ESG, Conservatives Should Remain Vigilant

Bank of America

Banking

Citigroup

Goldman Sachs

JP Morgan

Opinion

Social Justice

Woke Culture

For years, my husband and I watched the American Dream of homeownership grow further and further out of reach. We’re hard-working, law-abiding citizens, striving to build a future for ourselves and our growing family, but the rising cost of living and stagnant wages made that dream seem like just that — an unattainable fantasy. The thought of owning a home where we could plant roots, build memories, and raise our son in a stable, secure environment often felt impossible.
And we’re not alone. Many young Americans feel this way, including members of Generation Z, who are just starting their careers, families, and financial journeys. For young families and Gen Z alike, homeownership and financial security have been slipping further out of reach with each passing year. But after Donald Trump’s resounding victory in the 2024 election, that dream feels within reach again. My heart swells with hope and gratitude as I consider that the very real possibility of homeownership is now back on the table — not just for my family, but for millions of young families and Gen Z Americans who deserve a shot at a stable future.
Donald Trump’s return to the White House symbolizes a turning point in American economic policies, one that prioritizes the interests of everyday Americans. He has consistently championed policies that aim to reduce the tax burden on families, stabilize inflation, and incentivize homeownership. And now, we have a leader who understands that the American Dream isn’t just about accumulating wealth; it’s about fostering communities, strengthening family bonds, and building a nation of strong, self-reliant citizens.
<h3>The Erosion Of Homeownership In America</h3>
Over the past few years, rising inflation, skyrocketing interest rates, and unchecked housing prices left countless families unable to achieve the fundamental American aspiration of homeownership. Home prices have increased by over $93,000 on average as well as the 30-year fixed mortgage rate having more than doubled since the beginning of 2021. With inflation soaring and the cost of even a modest home escalating, the future has to look grim.
As the government prioritized massive spending, as we watched the price of everyday essentials like gas and groceries increase, the cost of living rose across the board. For everyday Americans, essential milestones have felt nearly impossible to achieve. The path to homeownership has been filled with obstacles, and the federal government seemed to have little interest in creating a stable, thriving economy for the next generation.
<h3>A New Hope For Young Families And Gen Z</h3>
Trump’s return signals the start of an economic renaissance — an America First agenda that once again places the interests of families, workers, and young Americans at the forefront. Under Trump’s leadership, we can expect policies that encourage homeownership, which not only helps families plant roots but also builds stronger communities. 
Homeownership isn&#8217;t just about property; it&#8217;s about stability. It’s about families and young people investing in their communities, knowing that they have a stake in their neighborhoods and their future. The promise of stable mortgage rates and a reining in of inflation under Trump means that more Americans — including young people just starting their journeys — will finally have a shot at the security that homeownership provides.
<h3>The Path To A Bright Future For Our Children — And Theirs</h3>
As a parent, there is no greater responsibility — and no greater joy — than being able to provide a stable, nurturing environment for our children. Every parent dreams of giving their child a safe place to play, to learn, and to grow. And every parent knows the importance of instilling a sense of pride and security in their children.
Likewise, Generation Z, who are just beginning their adult lives, want a stable and bright future, too. For Gen Z, who came of age during difficult economic times, homeownership has often felt out of reach. They’re eager to start careers and families, and invest in the American Dream themselves. They want a nation where their hard work is rewarded and where homeownership isn’t just a privilege for the few but a possibility for the many.
Trump’s vision for America is built on the idea that the family and the individual are the foundations of our society. 
<h3>The Resurgence Of The American Dream</h3>
My husband and I aren’t wealthy or powerful. We’re everyday Americans who work hard, who value family, and who want the best for our children. For us, Trump’s victory isn’t just a political win; it’s a profound, personal triumph. It means our family might have a real chance at owning a home, at putting down roots, and at creating a better future.
And for Gen Z, who are just stepping into adulthood, this victory means they, too, have a shot at building the lives they’ve dreamed of. This election wasn’t just about politics; it was about securing a future that values young Americans, that empowers families, and that understands what truly makes America great.
With Trump back in the White House, I feel a renewed sense of optimism — not just for my family, but for all Americans. We are seeing the rebirth of an economy that works for the people. The American Dream isn’t dead; it’s alive and well, and it’s more attainable than ever.
<h3><a href="https://www.amiracist.com/?_gl=1*jtghwp*_gcl_au*ODQ1NjYzNTg2LjE3Mjg5MDk3OTE.*_ga*MTc2NzM0NDQ2NS4xNzI4OTA5Nzkx*_ga_CZKR9ZYKJP*MTczMDEyMDgwOS40OS4xLjE3MzAxMjA4MzkuMzAuMC4w" target="_blank" rel="noopener">MATT WALSH&#8217;S &#8216;AM I RACIST?&#8217; NOW STREAMING ON DAILYWIRE+</a></h3>
So as I look at my son and think about the years ahead, I feel something that many of us thought we’d lost: hope. Hope that we’ll raise our son in a home that’s ours. Hope that young Americans — Gen Z and others — will have a real shot at financial security and homeownership. And hope that this country, with its foundation of freedom, opportunity, and hard work, will continue to shine brightly for generations to come.
In 2025, we will have a leader who’s not afraid to restore the American Dream. And for that, my family, Gen Z, and millions of other Americans are eternally grateful.
* * *
Alexandra Lains is a conservative political commentator, mom and verbal sniper. Follow her on Instagram: @livinglifelikealex and on X: @realalexlains
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Wide shot of family looking at home for sale with real estate agent

Why Trump’s Victory Offers Hope To Young Families And Gen Z

2024 Election

Donald Trump

Gen Z

Housing

Mortgages

Young people

There will come a point when Kamala Harris has to answer a serious question. 
Democrats are hoping that doesn&#8217;t happen until after the election. After all, there are only 98 days until the election and early voting begins in roughly one month. In September, early voting will begin in some of the swing states like Pennsylvania. And today is August 5. All Harris has to do is avoid serious questions for the next couple of weeks, and then she will be at the Democratic National Convention. She will hit a bump coming out of that. 
So the Harris honeymoon will likely continue for another solid three weeks or more. 
We are now at 16 days and counting since Kamala Harris became the presumptive Democratic nominee. She has not been asked one question over two weeks. Zero questions. 
The press acts as the Praetorian Guard for Kamala Harris. Donald Trump should be saying he wants to debate her every week from now until the election because no one else is going to ask her a tough question. 
She&#8217;s being completely dishonest about the debate challenge. Trump accepted a debate under certain circumstances with Biden, and then they slotted in Harris. Why won&#8217;t he keep that same debate calendar? Because she’s a different human. Does she have to debate JD Vance now since she had agreed to a vice presidential debate with JD Vance when Biden was the actual nominee? 
The American people know Donald Trump. The American people do not know Kamala Harris. The vast majority of Americans have no idea who is the sitting vice president of the United States right now. They have no idea what Harris even does for a living.
<h4><a href="https://www.dailywire.com/episode/ep-2019-member-exclusive" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h4>
She should be forced to answer questions since her administration is sitting at the top of American governance. It’s amazing that until now, it was always the Biden-Harris administration, even while Biden was attempting to shuttle her off somewhere so that she didn&#8217;t have any part in governance. She kept glomming onto him and claiming that she was part of all the decision-making.
Fine. If she was and still is part of the decision-making, why doesn’t she have to answer for the fact that we&#8217;re in the middle of a massive stock market sell-off? According to the <a href="https://www.wsj.com/finance/stocks/australia-shares-shaping-for-hefty-opening-drop-b608ea61">Wall Street Journal</a>: 
<blockquote>A stock-market selloff intensified around the world, sending U.S. indexes sliding and volatility spiking to its highest levels since the Covid-19 pandemic. 
In early trading, the Nasdaq Composite fell more than 5%, while the S&amp;P 500 fell about 4% and the Dow was around 3% lower. 
Painful turbulence started in Japan early Monday, with the Nikkei 225 falling more than 12%, its worst one-day drop since the crash after Black Monday in 1987. Losses then cascaded across South Korea, Europe and the U.S., as investors dumped riskier assets and flocked to safety.
The declines extended what has been a dizzying few days on Wall Street during which this year’s most popular trades have been aggressively unwound. A selloff in tech shares continued Monday, with Nvidia, Meta and Apple each losing 9% or more. (The iPhone maker took an extra hit from news that Berkshire Hathaway had slashed its Apple stake.) </blockquote>
Why is all of this happening? Because people are beginning to realize that as the job market is coming in really, really soft, we may be entering a recession. When inflation rates are jacked up to 10% or 12%, even with jacking them back down all the way to 2.5%, all the loose money is siphoned off in that process, which leads to less investment and to job losses, which is what is about to begin happening.
The Wall Street Journal continues in their report, writing:
<blockquote>Concerns about a slowing U.S. economy are front and center for investors after job growth slowed sharply in July. Investors are worried that the Federal Reserve has moved too slowly and will need to play catch up in cutting rates. 
</blockquote>
One of the things that&#8217;s so amazing about how our global economy works at this point is how much of it is run by the central banks.
Your job should not be reliant on whether Federal Reserve Chairman Jerome Powell is good at his. Your job should not be reliant on whether central bankers in London are good at predicting the future and determining exactly what the inflation rate should be. This is why the very idea of a Federal Reserve in the United States that jacked up and down the supply of money in order to manipulate job markets is ridiculous.
What you really want is a perfectly predictable regime in monetary and fiscal terms so that you can make good decisions about whether or not to invest or not invest. That&#8217;s not the way this works anymore. Now, we&#8217;re all reading tea leaves. Now, we&#8217;ve all been sitting around wondering what Jerome Powell was going to do. Maybe he was too late on the gas or maybe he was too late on the brake.
That is not the way a healthy global economy should run. That is the way things are running, however, and a lot of that has been brought about, of course, by the massive spending Harris voted for. Remember, the Inflation Reduction Act was a 50-50 vote in the Senate — and she was the deciding vote.
Does she get to take credit for that? It seems to me that if she gets to take credit for all of the supposed Biden administration accomplishments, when the stock market starts to tank, she gets to take credit for that one as well.
Warren Buffett is looking at the markets and saying, “I don&#8217;t like what I&#8217;m seeing here.” The <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-08-05-2024/card/apple-stock-price-sinks-8-after-warren-buffett-s-berkshire-hathaway-cuts-stake-d8C0uZXxxW9rbYnOgANm?mod=lctimeline_finance" target="_blank" rel="noopener">Wall Street Journal&#8217;s</a> “Stock Market Today” writes:
<blockquote>Shares of the iPhone maker dropped more than 6% Monday after Warren Buffett&#8217;s Berkshire Hathaway disclosed over the weekend that it had sold nearly half of its Apple stock in the second quarter. Buffett’s reputation as one of the all-time greatest stock pickers means his decisions can significantly sway the market. But Apple is also facing pressure from an aggressive rotation out of technology stocks. In addition to Apple, shares of Nvidia, Tesla and Alphabet also fell sharply as investors unloaded riskier assets.</blockquote>
Meanwhile, Wall Street&#8217;s fear gauge has been soaring. CNBC <a href="https://www.cnbc.com/2024/08/05/wall-streets-fear-gauge-the-vix-rises-to-the-highest-since-2020.html" target="_blank" rel="noopener">reported</a>: 
<blockquote>The Cboe Volatility Index, or VIX, briefly broke above 65 on Monday morning, up from about 23 on Friday and roughly 17 a week ago. It had cooled to about 32 shortly after noon ET.
The Monday morning peak was the highest level the VIX has hit since March 2020, shortly after the Federal Reserve’s emergency actions during the Covid-19 pandemic, according to FactSet. The VIX rose as high as 85.47 in March 2020, according to FactSet.
The VIX is calculated based on market pricing for options on the S&amp;P 500. It is designed to be a measure of expected volatility over the next 30 days, and is often referred to as Wall Street’s “fear gauge.”</blockquote>
Even after the COVID lockdowns were over, Biden just kept spending oodles and oodles of money, keeping the money loose. Signs of lower consumer spending are cropping up. And there&#8217;s the inverted yield curve where longer dated bonds have a lower yield than the short-term Fed funds rate, which usually signals recession.
Where is Kamala Harris in all this?
Given the supreme importance of the economy to voters, this could turn a neck-and-neck race between Trump and Harris to one strongly in favor of Trump.
* * *
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Dow Plunges Over 1000 Points As Markets Continue Sell Off

The Kamala Harris Stock Market Crash 

Ben Shapiro

Federal Reserve

JD Vance

Kamala Harris

Readers Pass

Stock Market

As a commodities trader I rarely dabble in equities, other than the ole 401k and IRA. But it behooves traders in any market to pay attention to activity in the Dow Jones Industrial Average (DJIA), S&amp;P 500 Index (SPX) and NASDAQ Composite Index (Nasdaq) as they can be a harbinger of demand for energy and raw materials down the road. So, as of the close of trading today, the DJIA is down over 1,000 points, the SPX down 160, two-and-half and 3% declines respectively. For the DJIA, this represents a roughly 6% decline from last month’s all-time high and 8 1/2% for the SPX.  The tech-heavy Nasdaq is down almost 3 1/2% today, compounding a 13% retracement from its all-time high, which is more interesting, and concerning.
So what’s happening? Several factors seem to be at play here. Some fundamental, some international, some even psychological. 
First the fundamentals. The Nasdaq has been propelled to record highs recently on big bets in AI stocks. But after earnings from tech goliaths Amazon, Microsoft, Tesla, Alphabet and Apple disappointed (Meta being a bright exception, although it’s not helping its share price), the luster seems to have faded, at least in the short term. And Intel, once a tech giant now playing catchup in the AI game, had its worst day in 50 years on Friday and is down another 6 1/4% today — it is down an astounding 42% on the year.  
The broad sell-off was more or less triggered on Friday when the monthly jobs report was weaker than expected, adding only 114,000 new jobs when 175,000 was the expectation. Unemployment also grew, climbing from 4.1% to 4.3%, igniting fears that the economy may be slowing down. This, of course, is bearish in any environment let alone one already teetering under the weight of disappointing earnings when markets are at lifetime highs.
This turns traders’ attention to The Fed, which many now say has been too slow to lower rates (which it steadily raised in response to 40-year-high inflation levels). High rates for too long stifle an economy’s ability to expand as the cost of money remains high. In response, traders did what they always do — they dumped their stocks and moved their money into the safe haven of bonds, just as I explain in my <a href="https://www.amazon.com/Life-Pits-Rough-Tumble-Exchange/dp/B0CKPNCMQW/ref=monarch_sidesheet_title" target="_blank" rel="noopener">latest book</a>. They anticipate The Fed will have to be more aggressive in its future rate cuts to play catch-up with a cooling economy.
One more factor to consider. The Nikkei Stock Average Volatility Index (Nikkei 225 VI) has rocketed to the highest levels since first being tracked in 2001. This is a direct result of dumping Japanese stocks due to the rising yen against the dollar. Why does this matter? Many trades in the market (too detailed for this format) are made with the assumption of cheap yen borrowing. This has been upended in recent days as the Bank of Japan raised rates last week. This, combined with belief that the U.S. central bank must move to cut rates quickly, has sent the dollar-to-yen spread surging. Japan, the fourth largest economy in the world, is in a bind. 
Raise rates to curb inflation and the cost of money (in this case the yen) rises, causing the markets to tumble. Lower rates to stimulate the economy and the currency is devalued and thus triggers inflation. Rinse and repeat. Oh, to be a central banker in Tokyo today. No thanks!
To recap: earnings bad, economic data bad, Fed action too late, Japan bad. And here we are. 
 
There is also a psychological factor in all this as markets are, in the end, human constructs. All this uncertainty as to Fed action and slowing economic growth has led to increased volatility in the equities markets as reflected in the CBOE Market Volatility Index (VIX). As of this writing, this number has spiked up just under a whopping 39% — levels not seen since May 2020. By way of comparison, though, its current level of 32.5 is still half what the VIX was in March 2020. But when you consider it is still almost double what it was just three trading sessions ago, this is worth watching. Investors — not to be confused with traders — loathe uncertainty. And when they feel their spidey senses tingling, as volatility is just a measure of uncertainty they tend to initiate what is known as a “flight to quality.” Dumping stocks and buying bond futures in anticipation of The Fed trying to salvage a cooling economy by making dollars, thus investment capital, cheaper through interest rate cuts. A bond future’s value is inverse to interest rates. As such, rates go down, bond futures go up and yields go down.
<h4><a href="http://www.amiracist.com/" target="_blank" rel="noopener">WATCH THE TRAILER FOR &#8216;AM I RACIST?&#8217; — A MATT WALSH COMEDY ON DEI</a></h4>
As you can see, emotion is often a driver of these sell-offs. One which has put the Nasdaq in official “correction” territory. Having been in the markets for over three decades, one can see this same pattern repeating itself again and again. Investors move like a shoal of fish, and once the mass of dealers changes course, they tend to run in that direction for a while. 
The most important question an investor must ask is this: Is this the beginning of a prolonged and painful sell-off in equities (and concurrent rally in bonds)? Or is this a buying opportunity? And if I knew the answer to either of those questions, I’d be writing this from my destroyer-sized yacht in Monte Carlo rather than a little trading office in New Jersey. But I do know that, in markets especially, history repeats itself. Because people are the same, even if the manner in which they transact has changed due to technology.
So, we shall see what today, which is really a continuation of the rumblings The Street began to experience in its gut last week, portends. 
For what it’s worth, the crash of 1987, one of the greatest buying opportunities in a generation, saw the DJIA plummet 22% in one day, as opposed to 2.6% today. It just feels more dramatic because, obviously, 2.6% of 40,000 is nominally bigger than 22% of 2,300. Therefore, much of the sturm und drang could be emotions taking place of analysis.
Whether this is a hiccup or the big one remains to be seen. Only time will tell.
* * *
Brad Schaeffer is a commodities trader, columnist, and author of two acclaimed novels. Along with Daily Wire, his articles have appeared in the Wall Street Journal, New York Daily News, New York Post, National Review, The Federalist, The Hill and other media outlets. His newest book, <a href="https://www.amazon.com/Life-Pits-Rough-Tumble-Exchange/dp/B0CKPNCMQW/ref=sr_1_1?adgrpid=1331509151681009&amp;hvadid=83219665089301&amp;hvbmt=bp&amp;hvdev=c&amp;hvlocphy=97755&amp;hvnetw=o&amp;hvqmt=p&amp;hvtargid=kwd-83219680392082%3Aloc-190&amp;hydadcr=18892_13467888&amp;keywords=brad+schaeffer&amp;qid=1698162015&amp;sr=8-1" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.amazon.com/Life-Pits-Rough-Tumble-Exchange/dp/B0CKPNCMQW/ref%3Dsr_1_1?adgrpid%3D1331509151681009%26hvadid%3D83219665089301%26hvbmt%3Dbp%26hvdev%3Dc%26hvlocphy%3D97755%26hvnetw%3Do%26hvqmt%3Dp%26hvtargid%3Dkwd-83219680392082%253Aloc-190%26hydadcr%3D18892_13467888%26keywords%3Dbrad%2Bschaeffer%26qid%3D1698162015%26sr%3D8-1&amp;source=gmail&amp;ust=1722366620272000&amp;usg=AOvVaw0vhiW3SrKDrsWDil8BZYgg">LIFE IN THE PITS: My Time as a Trader on the Rough-and-Tumble Exchange Floors</a>, is a fun and informative memoir of his time as a floor trader in Chicago and New York. You can also find more of Brad’s articles on <a href="https://bradschaeffer.substack.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://bradschaeffer.substack.com/&amp;source=gmail&amp;ust=1722366620272000&amp;usg=AOvVaw3J2TVu4lEyxt1MB9TGXQzF">Substack</a>.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.
UPDATE: The numbers and percentages in this article have been updated to reflect market value at close of business on Monday, August 5, 2024.

Is The Market Sell-Off A ’Hiccup’ Or ’The Big One’? 

Dow Jones

There is no such thing as a free nation where the police and military are allowed to keep and bear arms and citizens are not. Our Founding Fathers understood this and enshrined the basic right to self-defense in the U.S. Constitution. The Second Amendment guarantees the absolute ability to live in peace without fear.
The U.S. Supreme Court has, time and again, reaffirmed that right. Yet elected Democrats and other stakeholders continue their all-out assault on this freedom with the ultimate goal of denying law-abiding Americans the opportunity to purchase and carry guns.
That’s why, in 2022, I became concerned when Visa and Mastercard <a href="https://www.dailywire.com/news/visa-to-categorize-sales-at-gun-stores-in-win-for-gun-control-advocates" target="_blank" rel="noopener">announced</a> they would separately categorize and track purchases for guns and ammunition. This move followed the International Organization for Standardization (ISO), an international standards organization based out of Europe, approving an application for a firearm-specific Merchant Category Code (MCC). This move would set a dangerous precedent targeting legal gun owners, the <a href="https://www.pewresearch.org/short-reads/2023/09/13/key-facts-about-americans-and-guns/" target="_blank" rel="noopener">vast majority</a> of whom are Republicans or independents who lean Right.
A specific MCC for gun purchases would subject Americans attempting to exercise their constitutional rights to unnecessary and unethical surveillance. If rolled out, a national gun registry would be closer than ever, even though it is <a href="https://www.nraila.org/get-the-facts/registration-licensing/" target="_blank" rel="noopener">prohibited</a> by federal law. The Left, however, does not care about the rule of law and they certainly aren’t hiding their desire to take away your freedoms. An elected Democrat recently <a href="https://vinnews.com/2024/07/09/rep-bonnie-watson-coleman-advocates-for-national-gun-registry-during-atf-debate/" target="_blank" rel="noopener">called</a> a federal gun registry a “wonderful idea.”
A gun-specific MCC is a clear threat to the privacy and Second Amendment rights of all Americans. Not only does it present an easy opportunity for liberal institutions to de-bank firearms sellers, which is abruptly closing financial accounts for religious and political reasons, but it could also discourage Americans from exercising their Constitutionally-protected rights. Importantly, the MCC would do absolutely nothing to improve public safety.
The <a href="https://www.dailywire.com/news/more-than-100-house-republicans-demand-answers-from-credit-card-giants-categorizing-sales-at-gun-stores" target="_blank" rel="noopener">application</a> for a gun- and ammo-specific MCC came from Amalgamated Bank in 2022, a <a href="https://amalgamatedbank.com/who-we-are" target="_blank" rel="noopener">blatantly Left-wing</a> company that dubs itself America’s “socially responsible bank” and proudly says deposited money supports “sustainable organizations, progressive causes, and social justice.” Upon further examination, it’s clear the organization is closely connected to the Democrat Party. The New York Times in 2015 even <a href="https://nypost.com/2023/02/07/how-amalgamated-bank-became-the-the-lefts-private-banker/" target="_blank" rel="noopener">called</a> it “the left’s private banker.”
Clients of the union-owned bank <a href="https://amalgamatedbank.com/political-organizations" target="_blank" rel="noopener">include</a> President Joe Biden, Elizabeth Warren and Nancy Pelosi. Additional past and present clients <a href="https://amalgamatedbank.com/clients" target="_blank" rel="noopener">include</a> the Democratic Governors Association, the Biden Foundation, the Democratic National Committee, and Ready for Hillary 2016. Not exactly ardent defenders of the Second Amendment.
Amalgamated has also explicitly <a href="https://amalgamatedbank.com/anti-violence-and-gun-safety" target="_blank" rel="noopener">called for</a> unconstitutional red-flag laws and says it discriminates against gun, nuclear weapon and ammunition manufacturers and distributors. Radical private organizations like this and the ISO should be nowhere near our Second Amendment.
At the time of the approval, Amalgamated Chief Executive Priscilla Sims Brown <a href="https://www.cnn.com/2022/09/10/business/gun-stores-merchant-code-visa-american-express-mastercard/index.html" target="_blank" rel="noopener">said</a> the move “answers the call of millions of Americans who want safety from gun violence.” Does this call supersede the constitutional right to keep and bear arms? As a state representative serving the people of Northwest Tennessee, I can tell you my constituents would say that coastal elites and liberal corporations better stay far away from their guns and finances.
That’s why I set out to ensure this gun tracking scheme would never happen in the Volunteer State. This year, I sponsored the Second Amendment Financial Privacy Act, which was passed by the General Assembly and went into effect July 1. This new law will prohibit financial institutions from requiring retailers to use a specific MCC for firearms sellers in Tennessee.
Law-abiding Americans deserve to make these purchases without fear of liberal corporations and an overbearing federal government coordinating to spy on them. I was proud to provide that peace of mind to Tennesseans with the passage of this new law.
Just before the new law took effect, Tennessee Attorney General Jonathan Skrmetti warned that Visa, Mastercard and American Express were potentially gearing up to ignore it.
“Specifically, I am concerned that your compliance efforts are not sufficient and will allow you and other financial institutions to continue to utilize impermissible codes in violation of Tennessee law,” he <a href="https://www.tn.gov/content/dam/tn/attorneygeneral/documents/pr/2024/pr24-53-letter.pdf" target="_blank" rel="noopener">said</a> in a June letter to the chief executives of each company.
No credit card company should be able to cancel the votes of millions of Tennesseans by disobeying our policies.
We’ve already seen the Orwellian-like behavior from the Biden Administration and the private companies all too willing to hand over sensitive information. Earlier this year, the House Judiciary Committee <a href="https://judiciary.house.gov/media/in-the-news/alarming-surveillance-feds-asked-banks-search-private-transactions-terms-maga" target="_blank" rel="noopener">revealed</a> federal investigators had asked financial institutions to search customer transactions for various MCCs, stores and phrases, including Cabela’s, Bass Pro Shops, Dicks Sporting Goods, and MAGA.
The goal? Rooting out alleged “extremism” following the events at the U.S. Capitol on Jan. 6, 2021.
If the federal government and private companies are already using banking information to target conservatives, ask yourself why they might want a separate MCC for firearms and ammunition sellers. It’s clear that in attempting to force these codes on Americans, they are also attempting to reshape what the Second Amendment means in our country.
Americans are tired of these people and groups pushing an agenda contrary to our founding ideals. I’m proud Tennessee has taken a stand against the ever-increasing leftist corporate-government alliance meant to intimidate and silence Christians and conservatives. It’s time every state stands with us.
* * *
Rusty Grills represents District 77 in the Tennessee House of Representatives. He is chair of the Agriculture and Natural Resources Subcommittee.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Biden Administration Cracks Down On Gun Dealers For Violations

Financial Surveillance: Why We Have To Prevent Liberal Organizations From Subverting The Second Amendment

Gun Rights

Gun Sales

Guns

Second Amendment

Tennessee

Americans are facing a new housing crisis, one that makes the crisis of 2008 look like a mere economic blip.
The housing crisis of <a href="https://www.fool.com/the-ascent/mortgages/subprime-mortgage-crisis/#:~:text=The%20subprime%20mortgage%20crisis%20was,to%20the%20global%20financial%20system.">2008</a> was driven by sub-prime mortgages being approved for people who had no financial means to pay for their homes. Many people had variable rate mortgages, and when those rates froze, or increased, people could no longer afford their monthly mortgage payments.
Housing prices collapsed, and many people, myself included, had mortgages that were “underwater,” meaning we owed more than the home was worth. As a result, approximately $3.4 billion in real estate wealth was destroyed.
Today, we have the opposite problem. There is a dearth of homes on the market, those homes that are for sale are priced at a level that excludes the middle class and young Americans from purchasing their first home. Rents are also sky high.
The 2024 housing crisis was infinitely preventable. It is the direct result of President Biden’s failed economic policies, which pumped trillions of dollars into the economy, driving inflation. As a result, the Federal Reserve was forced to raise interest rates, effectively pricing millions of Americans out of the market.
In the first 20 years of the 21st century, there were approximately 5.5 million fewer homes built than were needed, according to the National Association of <a href="https://www.investopedia.com/the-housing-shortage-is-hurting-almost-every-part-of-the-economy-8636226" target="_blank" rel="noopener">Realtors</a>. In addition, high interest mortgage rates are causing people who want to sell their homes, and move, to sit on their house, as they do not want to lose their low mortgage interest rate, refinanced during COVID.
As a result, the price of homes has increased. By August of 2023, the <a href="https://www.rockethomes.com/blog/housing-market/median-home-price-by-state" target="_blank" rel="noopener">median home price</a> in the United States was at $435,450, up from a <a href="https://www.rockethomes.com/blog/housing-market/timeline-covid-housing-market-trends" target="_blank" rel="noopener">median sales price</a> of $260,345 at the end of 2019, according to Rocket Homes.
<div id="attachment_760775" style="width: 874px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-760775" class="size-large wp-image-760775" src="https://dw-wp-production.imgix.net/2024/07/GettyImages-2120209340-864x576.jpg" alt="Blaine, Minnesota. Homes starting at a half million dollars in Lexington Waters is a community with wetlands, trees, and a variety of home options. it is a HOA Maintained lifestyle. (Photo by: Michael Siluk/UCG/Universal Images Group via Getty Images)" width="864" height="576" srcset="https://dw-wp-production.imgix.net/2024/07/GettyImages-2120209340-864x576.jpg 864w, https://dw-wp-production.imgix.net/2024/07/GettyImages-2120209340-300x200.jpg 300w, https://dw-wp-production.imgix.net/2024/07/GettyImages-2120209340-768x512.jpg 768w, https://dw-wp-production.imgix.net/2024/07/GettyImages-2120209340.jpg 1024w" sizes="(max-width: 864px) 100vw, 864px" />Michael Siluk/UCG/Universal Images Group via Getty Images</div>
Biden’s kowtowing to the green mafia has also driven the price of housing up by <a href="https://www.heritage.org/housing/commentary/green-housing-mandates-are-pushing-americans-more-the-red" target="_blank" rel="noopener">$31,000</a>, according to the Heritage Foundation.
It is nearly impossible for all but the richest Americans to afford to purchase a home. More than 75% of the nation’s <a href="https://www.builderonline.com/data-analysis/three-quarters-of-households-are-priced-out-of-the-housing-market_o#:~:text=More%20than%20three%2Dquarters%20of,a%20home%20priced%20at%20%24435%2C750." target="_blank" rel="noopener">households</a> are unable to purchase a home — which is more than 103 million households.
This is why the profile of people living in their parents’ basement has changed. Those living “downstairs” are no longer the high school drop-outs, smoking weed, and playing video games while eating pizza.
In fact, more than 50% of “Gen Zers,” those people 18- to 25-years-old, are now forced to live at <a href="https://www.midstory.org/homeward-bound-why-gen-z-adults-are-living-with-their-parents-at-record-rates/" target="_blank" rel="noopener">home</a>, because they cannot afford either rent or a mortgage.
And that shouldn’t be a shock. To afford a median-priced home, <a href="https://www.bankrate.com/real-estate/home-affordability-in-current-housing-market-study/#:~:text=on%20housing%20affordability-,To%20afford%20a%20median%2Dpriced%20home%20of%20%24402%2C343%2C%20Americans%20need,since%20the%20start%20of%202020." target="_blank" rel="noopener">Americans</a> need an annual income of more than $110,000, up 46% since 2020. That means that only 18% of <a href="https://www.zippia.com/advice/how-many-people-make-over-100k/" target="_blank" rel="noopener">individuals</a> or 34% of households can now afford to pay the mortgage on a home, let alone save the money for downpayment.
Building new homes may help inventory, but the cost will be high. The cost of construction materials are up more than 35% since the pandemic, according to <a href="https://archinect.com/news/article/150339906/cost-of-construction-materials-remains-37-higher-than-pre-pandemic-according-to-latest-abc-analysis" target="_blank" rel="noopener">ABC</a>.
And even if you can afford a home, you may not be able to afford to insure it, as <a href="https://www.cnbc.com/select/homeowners-insurance-skyrocketing-how-to-lower-premium/" target="_blank" rel="noopener">insurance</a> premiums are up 23% since January 2023.
So, why not rent?
From January 2021, when Biden took office, to June 2022, there was a nearly 25% increase in <a href="https://www.doorloop.com/blog/average-rent-by-year-in-the-united-states#:~:text=Looking%20back%20at%20the%20rates,there%20was%20a%2024.2%25%20increase." target="_blank" rel="noopener">rental</a> rates in the United States. And the trend has only continued.
So, the American housing market is in a death spiral. People such as myself are sitting on cheap mortgages. In fact, nearly 80% of <a href="https://investors.redfin.com/news-events/press-releases/detail/1030/redfin-report-89-of-people-with-mortgages-have-an#:~:text=Below%205%25%3A%2078.7%25%20have,the%20first%20quarter%20of%202022." target="_blank" rel="noopener">Americans</a> have a rate below 5%. Why would they sell in this market? We won’t sell and we won’t move. This reduces the inventory of homes available for sale, driving the cost of housing up for everyone.
When you also factor in that more than 12 million illegals are now in the United States, demanding housing, rental prices will not come down anytime soon.
The next administration must pursue pro-growth, anti-inflation policies. Eliminate regulations that drive the price of housing up and encourage investment. Grow the economy, not by government spending, but via pro-growth policies, which will result in lower interest rates, thereby increasing the inventory of housing on the market.
The solutions to the housing crisis of 2024 are simple. The question is, will the next president have the courage to implement them.
* * *
Jim Nelles is a Navy veteran and supply chain consultant based in Chicago. His articles have appeared in the Washington Examiner, Newsweek, Foxnews.com, and the Daily Wire. He has served as a chief procurement officer, chief supply chain officer, and chief operations officer for multiple companies.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Suburban Phoenix Master Planned Community Aerial

Welcome To America’s New Housing Crisis

Inflation

Interest Rates

<a href="https://www.dailywire.com/topic/britney-spears">Britney Spears</a>’ mental health and finances made headlines on Monday when conflicting reports surfaced, one claiming she’s “completely dysfunctional” and “in danger of going broke,”  and another claiming the singer’s not about to be broke.
In a <a href="https://www.tmz.com/2024/04/29/britney-spears-broke-mental-health-dysfunctional-matthew-rosengart/" target="_blank" rel="noopener">TMZ</a> report, sources close to the 42-year-old singer claimed that she’s burning through all her money with lavish, pricey trips to Hawaii and French Polynesia and is in “danger of going broke&#8221; just two-plus years after being released from her 13-plus year conservatorship held by her father Jamie Spears.
“She cannot afford this,” one source said. “She had $60 million when the conservatorship ended, and she&#8217;s now where the conservatorship started — in danger of going broke.”
The report also claimed that her mental health is in a “seriously dangerous” state, calling the mood swings “shocking.”
&#8220;She had lots of freedom in the conservatorship and the restrictions were there to protect her,” one source said. “She&#8217;s not protected anymore.&#8221;
<blockquote class="twitter-tweet">
Britney Spears is blowing through her $60M estate post-conservatorship — but she’s ‘not broke’ <a href="https://t.co/Hbw70z0FVQ">https://t.co/Hbw70z0FVQ</a> <a href="https://t.co/djKkqvtRXR">pic.twitter.com/djKkqvtRXR</a>
— Page Six (@PageSix) <a href="https://twitter.com/PageSix/status/1784976334986281082?ref_src=twsrc%5Etfw">April 29, 2024</a></blockquote>
However, sources who spoke to <a href="https://pagesix.com/2024/04/29/entertainment/britney-spears-blowing-through-money-post-conservatorship/">Page Six</a> blasted the “grossly exaggerated” TMZ report.
“She has no concept of money,” one insider said. “For over a decade, other people were in charge of her bank accounts, and every purchase had to be reported to the court — even if it was just a pack of gum. But now, she’s on her own.”
“She’s not broke,” the source added, “But she definitely could benefit from being more careful with her cash.”
Another source told the outlet that those in the superstar singer’s inner circle are “in a precarious position” because they don’t want to “rock the boat and make her feel like she is in a conservatorship again.”
“It’s tricky,” the source said. “No one wants to be Jamie 2.0. Between flying private and booking five-star villas, it can get costly — fast.”
A third source added, “She is not going broke but should keep an eye on private jets.”
In November 2021, a judge terminated Spears’ nearly 14-year conservatorship, which was controlled by her father Jamie.
Following the conclusion of her conservatorship, Spears married <a href="https://www.dailywire.com/news/britney-spears-shares-cryptic-posts-following-news-of-split-from-husband">Sam Asghari</a> and after 14 months of marriage the two divorced.  In 2023, the singer released “<a href="https://www.dailywire.com/news/britney-spears-says-new-memoir-set-huge-milestone-one-day-after-release">The Woman In Me</a>” — a memoir — and it was an instant New York Times bestseller. <a href="https://pagesix.com/2024/04/29/entertainment/britney-spears-blowing-through-money-post-conservatorship/">Sources</a> told Page Six that the “Womanizer” hitmaker is “at the point of recoupment” with her <a href="https://pagesix.com/2022/02/21/britney-spears-set-to-write-tell-all-in-15-million-book-deal/">$15 million publishing deal</a> and earns “very significant” royalties for the sale of her memoir, which sold more than 2 million copies in the U.S. alone.
Related: <a href="https://www.dailywire.com/news/britney-spears-gets-wellness-check-after-posting-disturbing-video-dancing-with-knives-report" target="_blank" rel="noopener">Britney Spears Gets Wellness Check After Posting Disturbing Video Dancing With Knives: Report</a>

Britney Spears

Conflicting Reports Surface About Britney Spears’ Mental Health And Finances

Conflicting Reports Surface About Britney Spears' Mental Health And Finances

Celebrities

conservatorship

Entertainment

Mental Health

Music Industry

singer

We&#8217;ve been told by virtually every major media outlet that we are now in a soft landing, that inflation has started to decline, that the economy continues to sail along. 
But nobody is feeling like that.
This has been the big, perplexing question for Democrats. Why is it that the economy is so amazing, but nobody actually feels like the economy is so amazing?
One reason is that, contrary to popular opinion, we have not yet defeated inflation. Just yesterday, the Wall Street Journal <a href="https://www.wsj.com/economy/inflation-march-cpi-report-interest-rate-239b7e5e" target="_blank" rel="noopener">reported</a>:
<blockquote>Stubborn inflation pressures persisted in March, derailing the case for the Federal Reserve to begin reducing interest rates in June and raising questions over whether it can deliver cuts this year without signs of an economic slowdown.
The consumer-price index, a measure of goods and services prices across the economy, rose 3.5% in March from a year earlier, the Labor Department said Wednesday. That was a touch higher than economists had forecast and a pickup from February’s 3.2%. So-called core prices, which exclude volatile food and energy categories, also rose more than expected on a monthly and annual basis.</blockquote>
This drove the stock market down roughly 500 points. It also meant that bond yields started to go up.
The bottom line is that inflation continues to run almost twice what it is supposed to be running. Year over year, the inflation rate is supposed to be about 2%, and it&#8217;s currently running at 3.5%. When that is added onto the giant inflationary bubble from 2021 and 2022, prices are up roughly 20% for most Americans.
<h4><a href="https://www.dailywire.com/episode/ep-1945-inflation-comes-in-hot-member-exclusive" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h4>
Joe Biden&#8217;s economy has not made up those wage losses. Politico is <a href="https://www.politico.com/news/2024/04/10/inflation-report-interest-biden-00151488#:~:text=President%20Joe%20Biden%20has%20been,news%20is%20reaching%20its%20limits." target="_blank" rel="noopener">sounding the alarm</a>: 
<blockquote>President Joe Biden has been presiding over a good news economy for the past year, with strong growth, low unemployment and falling inflation. 
But that good news is reaching its limits. 
The cost of living rose faster than expected in March, with prices up 3.5 percent from a year ago, according to the latest consumer price index report. And that likely means that Biden will have to live with high interest rates well into an election year, with investor hopes fading fast for a Federal Reserve rate cut in June.</blockquote>
The Federal Reserve has kept those interest rates pretty high by at least the last ten years of standards. That means money is less easy. That means IPOs are less easy. Finding money to actually fund your start-up is less easy. Loans are not as easy to come by.
Typically, that presages some sort of economic slowdown; when interest rates are increased, inflation is supposed to come down — but markets are also supposed to be impacted. An interest rate increase is supposed to drive down prices. That&#8217;s the purpose of the interest rate increase: to drive down prices. And that usually comes along with an economic cooling.
But if the economy is super-heated, that does not happen, and we&#8217;ve poured so much money into the economy in 2020, 2021, 2022, and 2023, that the economy doesn&#8217;t seem like it&#8217;s going to slow down anytime soon.
You can make the case that it used to be supply chain problems that had driven the prices to exorbitant highs, but the supply chain problems — even though they&#8217;re still there in places like the Red Sea — are not nearly what they were during the pandemic. Yet inflation rates are still clocking in far too high.
Even <a href="https://www.cnn.com/2024/04/10/economy/cpi-consumer-price-index-inflation-march/index.html" target="_blank" rel="noopener">CNN is admitting</a> inflation is moving in the wrong direction, noting the latest consumer price report shows prices up 3.5% over the same period last year. 
Larry Summers, the former treasury secretary under Bill Clinton, previously predicted there would be a massive inflationary cycle after 2020. People laughed at him because we hadn&#8217;t had a massive inflationary cycle in the United States for 40 years. But he was right.
Everybody is feeling it. Consumers are not confident in their ability to make on-time debt payments because interest rates are so high; if you get behind on your bills, it is very difficult to repay all of that.
All of this is very bad for Biden. When a connection is made between a staggering economy with a completely atrocious foreign policy and a president who is no longer with us, that is a bad indicator for a reelection effort.

President Biden To Promote Student Loan ‘Plan B’ In Wisconsin College Town

Legacy Media Says Economy Is Doing Great. Americans Aren’t Buying It.

Last week’s jobs report, combined with Wednesday’s <a href="https://www.wsj.com/livecoverage/cpi-report-today-inflation-stock-market-04-10-2024">inflation number</a>, shows that we are living in two economies. One, in which the macroeconomic, top line numbers, combined with the stock market points to a robust economy. The second, in which the microeconomic numbers point to Americans struggling to make ends meet.
The United States labor market added more than 300,000 <a href="https://www.cnbc.com/2024/04/05/heres-where-the-jobs-are-for-march-2024-in-one-chart-in-one-chart.html" target="_blank" rel="noopener">jobs</a> in March, which on the surface is excellent news. Unfortunately, the top sectors for gains — health care, social assistance, government jobs, and leisure and hospitality — drove the growth, accounting for more than 60% of the gains for the month. 
Conservatives, of course, want the government to be shrinking in size, not growing.
Beneath the surface, the numbers spell bad news for working Americans.
The growth in employment came from part-time, not full-time jobs.
An additional 525,000 part-time jobs were added in <a href="https://pro.thestreet.com/market-commentary/theres-a-serious-catch-in-the-jobs-report-and-no-one-is-talking-about-it" target="_blank" rel="noopener">March</a> and full-time jobs decreased by 222,000, according to The Street.
The <a href="https://www.newsweek.com/immigrants-get-100000-new-jobs-one-month-1887354#:~:text=Diane%20Swonk%2C%20KPMG%27s%20chief%20economist,she%20said%20in%20a%20note." target="_blank" rel="noopener">growth</a> in employment is primarily being driven by foreign-born workers, who have filled more than 1.25 million jobs over the last two months while the number of newly employed native-born Americans only increased by 435,000 over the same time period. As The New York Post noted, this helps to explain why <a href="https://nypost.com/2024/04/05/business/us-employers-add-303k-jobs-in-march-unemployment-ticks-lower/" target="_blank" rel="noopener">wages</a> increased at a modest 4.1% from a year ago, the smallest increase since June of 2021.
It is getting harder to make ends meet.
At the start of 2024, 8.7 million people were working <a href="https://finance.yahoo.com/news/8-7-million-americans-now-193011733.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAMdnvpG6jLSb5Ete-vfg-p37rW6obahlKfRMwpoebJ5JKHMbbX3YihV55W49tAb2huZGSKGbHCEyqQ2lBA6_TrVSbGdxxJXLmBleJ6l_k5iSJdNragzOV-lgdRcKxs7KeKLYo2AFzjoFeSGCLQvDYAqdBvEa9SdqyCSa2e4OE8MK" target="_blank" rel="noopener">multiple</a> jobs in the United States, in order to fill their cars with gas and put food on the table. A report in USA Today found that at the start of 2024 there were 4.2 million people working <a href="https://www.usatoday.com/story/money/2024/01/25/part-time-jobs-hit-record-high/72331112007/" target="_blank" rel="noopener">part-time</a>, not by choice, but because their employers reduced hours or they could not find full-time work.
This combination of the growth in part-time work and depressed wages point to a weak job market, not a strong job market. The number of people working multiple jobs also artificially inflates the job numbers, as each job counts, not each person.
The rising tide of a “hot” jobs market and a soaring stock market is not lifting all boats. The <a href="https://www.morningstar.com/markets/is-stock-market-expensive-right-now" target="_blank" rel="noopener">stock market</a> rose nearly 8% in the first quarter of 2024 and is up more than 25% since its October 2023 lows, according to Morningstar.
However, there&#8217;s a marked increase in emergency 401(k) withdrawals, auto repossessions, and record numbers of people backing out of agreements to purchase a home.
Nearly 3.6% of workers who have a 401(k) <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">retirement</a> plan made a hardship withdrawal in 2023, a major increase from the 2.8% in 2022. The pre-pandemic average was 2%. The Federal Reserve <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">Bank</a> of New York reported that “the annual rate for car owners behind a month or more on their payments was 7.7%, the highest rate since 2010.” And in November 2023, nearly 17% of potential home buyers backed out of their agreement to purchase a home for which they had signed a contract.
Perhaps this explains why Americans are skipping meals to afford housing. A study from Redfin, as reported by <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">CBS News</a> shows that half of homeowners and renters have had to make sacrifices to afford their mortgage or rent payment. Homeowners report selling belongings, working overtime, canceling vacations, taking on a second job, and skipping meals in order to make a mortgage payment.
The March 2024 <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">Consumer Price Index</a>, the common measure of inflation, was at 3.5%, above expectations, driven by energy, food, and shelter; the basket of needs for all Americans. Core CPI, which excludes volatile variables such as fuel and food was at 3.8%. Both numbers were hotter than expected. 
Dow futures immediately <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">dropped</a> over 500 points upon the release of March&#8217;s inflation numbers.
<a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">Cumulative</a> inflation since January 2021, when Joe Biden took office, is 18%, 6% per year — three times the Federal Reserve’s target of 2%.
Working Americans do not care about The Fed’s inflation target, they care that, since Biden took office, it now takes nearly $120 to buy what $100 would buy you at the end of the Trump presidency.
Americans are also seeing <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">inflation</a> at the pump, according to NerdWallet. Oil is at $85 per barrel, and the average regular gas price in the United States, as of April 5, was $3.582 per gallon, 22 cents higher than March’s average. The price of a gallon of gas has increased 49 cents since the start of 2024.
Commodity prices are rising, with <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">gold</a> at record highs, signaling that people are bearish on the U.S. economy and the U.S. Dollar.
It is no wonder credit card <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">debt</a> is at record highs, topping $1.13 trillion. Working Americans are not maxing out their credit cards in order to fly to Paris, pay for massages, or by that 75-inch TV. No, they are buying groceries, gas, and paying their utility bills, and paying nearly 25% <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">interest</a> for the privilege of doing so.
More than 33% of Americans have more credit card <a href="https://www.foxbusiness.com/economy/401k-hardship-withdrawals-surge-another-record-high-inflation-stings" target="_blank" rel="noopener">debt</a> than emergency savings and 56 million Americans have been in credit card debt for at least a year.
Nearly one-third of residents in the country’s largest 100 metropolitan cities were behind on at least one debt payment in Q3 2023, and more than 25% had delinquencies of 90-days or more. 
Americans are working more part-time jobs, making less money, losing their cars, and unable to purchase a home. If they can afford a home, lunch becomes a forgotten meal.
Commodity prices are rising, gas is more expensive, and inflation is certainly not transitory. None of the indicators point towards an interest rate cut by the Federal Reserve in 2024. In fact, one could argue that we need another quarter-point increase in rates.
Will the Fed play a political role and give Joe Biden the gift of interest rate cuts, or will the Fed fulfill its apolitical charter and guide the economy?

Shopping Trolley Growth

Inflation And The Two Sides Of The American Economy

The <a href="https://www.dailywire.com/topic/texas" target="_blank" rel="noopener">Texas</a> Permanent School Fund (PSF) opted on Tuesday to terminate an $8.5 billion investment with <a href="https://www.dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> Inc., with one official citing the financial asset manager&#8217;s support of environmental, social, and governance (ESG) proposals.
State Board of Education Chairman Aaron Kinsey said in a <a href="https://twitter.com/AaronKinseyTX/status/1770090460935020835" target="_blank" rel="noopener">statement</a> that PSF&#8217;s &#8220;relationship with BlackRock was not in compliance&#8221; with <a href="https://www.texastribune.org/2021/05/03/texas-house-fossil-fuel-oil-divest/" target="_blank" rel="noopener">legislation</a> enacted in <a href="https://capitol.texas.gov/BillLookup/history.aspx?LegSess=87R&amp;Bill=SB13" target="_blank" rel="noopener">2021</a> that &#8220;prohibits state investment in companies like BlackRock that boycott energy companies.&#8221;
PSF &#8220;has a fiduciary duty to protect Texas schools by safeguarding and growing the approximately $1 billion in annual oil and gas royalties managed by the Texas General Land Office,&#8221; Kinsey said, adding that terminating BlackRock&#8217;s contract &#8220;ensures PSF’s full compliance with Texas law.&#8221;
BlackRock, which boasts trillions of dollars in assets, endured <a href="https://www.atr.org/esgradar/" target="_blank" rel="noopener">divestments</a> by other GOP-led states amid objections over its <a href="https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-engprinciples-global-summary.pdf" target="_blank" rel="noopener">push for ESG</a> that critics view as being part of a <a href="https://www.cnn.com/2024/03/17/politics/dark-money-fga-ashcroft-invs/index.html" target="_blank" rel="noopener">&#8220;woke&#8221; agenda</a>. But the company has <a href="https://www.axios.com/2023/08/23/esg-blackrock-shareholders" target="_blank" rel="noopener">pared back support</a> for ESG proposals while <a href="https://www.dailywire.com/news/blackrock-admits-its-bottom-line-could-be-hurt-by-esg-investing" target="_blank" rel="noopener">acknowledging</a> such investments could hurt its bottom line.
In a <a href="https://twitter.com/bradj_TX/status/1770120206750204008" target="_blank" rel="noopener">statement</a>, BlackRock said it is &#8220;helping millions of Texans invest and save for retirement.&#8221; It added, &#8220;On behalf of our clients, we&#8217;ve invested more than $300 billion in Texas-based companies, infrastructure and municipalities, including $125 billion invested in the energy sector, including a $550 million joint venture with Occidental. We recently hosted an energy summit in Houston designed to explore how to strengthen Texas’ power grid.&#8221;
A <a href="https://twitter.com/bradj_TX/status/1770120202614620344" target="_blank" rel="noopener">letter</a> that PSF sent to BlackRock, a copy of which was <a href="https://twitter.com/bradj_TX/status/1770120202614620344" target="_blank" rel="noopener">posted to X</a> by a reporter with The Texan, said the termination of the contract was effective on April 30 and noted requests for the company to &#8220;cooperate&#8221; in transitioning assets to a successor manager and work in &#8220;good faith&#8221; to determine and execute &#8220;the most efficient and cost-effective transition plan for the assets.&#8221;
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Kinsey said BlackRock’s &#8220;dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil &amp; gas economy and the very companies that generate revenues for our PSF. Texas and the PSF have worked hard to grow this fund to build Texas’ schools. BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans.&#8221;
He added, &#8220;Today represents a major step forward for the Texas PSF and our state as a whole. The PSF will not stand idle as our financial future is attacked by Wall Street. This bold action helps ensure our PSF remains in fact permanent and will continue to support bright futures and opportunities for generations of Texas students.&#8221;

Larry Fink

Texas Schools Fund Moves To Pull $8.5 Billion Contract With BlackRock

Texas Schools Fund Moves To Pull Out Of $8.5 Billion BlackRock Contract

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