Crooked Bough News Round-up

— Climate Change: No. 1 Problem Of No Nation?

 

at 6/5/26 6:30pm

Climate Change: No. 1 Problem Of No Nation? Despite claims of new records for global high temperatures every few years now, the topic of climate change has still not reached the top of the agenda for many people. As Valentine Fouurreau reports, data from Statista Consumer Insights shows respondents in none of the 32 nations covered by the survey collectively rated climate change as the most important problem for their own country when asked to name the issues that were of the biggest significance to them. You will find more infographics at Statista Of the countries included in our infographic, Japan comes closest with climate change being named as a severe issue by the fifth-highest number of respondents, followed by China and India in rank 7. Generally, this is more of an expression of the few problems of Japanese and Chinese people, as still only 27 percent and 21 percent, respectively, rated the climate change issue as severe. Despite ranking only seventh in India, climate change was recognized as a big problem there by more people, 34. Among developed nations such as France, Germany, South Korea or the U.S., worry about climate change hovered between 23 and 28 percent. Tyler Durden Fri, 06/05/2026 - 20:30

— Stop Voter Fraud Or "Lose The Republic"

 

at 6/5/26 6:05pm

Stop Voter Fraud Or "Lose The Republic" Via Greg Hunter’s USAWatchdog.com, Dr. Jerome Corsi says the Democrat election and voter fraud has to keep going or there will be “catastrophic losses” in the November midterm elections.  Dr. Corsi contends, “Democrat Voter Fraud in America is Legion.”  Dr. Corsi has a Harvard PhD in political science.  He has written more than 50 books, and many of them became best-sellers.  Look at what is going on in California with election officials still counting votes for many days after the Tuesday primary that just happened.  Counting mail-in votes after election day has been ruled unconstitutional recently by the Supreme Court (Bost v. Illinois State Board of Elections), and yet, they are still counting votes after election day in California.  Dr. Corsi says: “I think Spencer Pratt has a case right now under that Supreme Court decision.  California continuing to allow the votes to be counted is unconstitutional.  It violates directly the ‘Bost decision.’  If anybody had any smarts in the Department of Justice, they would be all over this... The Supreme Court decision said it is inherently unfair to keep counting votes after election day, and this needs to be stopped... There are 130 cases all over the country that will start percolating up based on the Bost case.” Stopping the counting of mail-in ballots after election day will be a top priority for the Trump Administration for November. Democrats lost another fight recently with another Supreme Court decision on setting up Congressional Districts based on race alone.  Dr. Corsi says, “The Supreme Court has already made a major decision on redistricting.  It cannot be done by race.  This is probably going to cost Democrats in November.  They will probably lose 10 or 15 seats in the House of Representatives over that.” So, with losses already baked into the cake for Dems in November, expect them to fight even harder for voter fraud to keep them in power.  Corsi says, “In a country where you can’t enforce the laws, you no longer have a country.  I think Donald Trump is realizing this.  I think this is leading to an Executive Order on an emergency basis where President Trump says he has to use the power of the Commander in Chief because of the massive cheating in our elections.  This includes the 2020 Election being stolen by Joe Biden.” Does Colorado county clerk Tina Peters’ release from jail play into the voter fraud election narrative?  Dr. Corsi says, “She was willing to stand up for her principles and call out the cheating when she saw it.  Tina Peters is going to play a major role in one of the key factors in Trump ultimately declaring the need for the elections to be supervised by the federal government.  We are also going to hear from Maduro, former President of Venezuela.  Venezuela was involved with all the cheating in 2020 with the computers and counting the votes. . .. Go to GodsFiveStones.com and look how we demonstrated how rigged these voter rolls are.  Millions and millions of false records can be created.  They are hidden in the data base.  They can get legitimate state IDs, and they can be used in mail-in ballot schemes.  All the structure and mechanics to do voter fraud are still in place.  The difference between today and 2020 is the American public is aware of all the cheating going on the Democrat Party.  The Democrat Party is now a disgraced party. . .. It is a criminal party.  If we don’t enforce our own laws, we are going to lose the Republic one way or the other.  We have to have voter integrity as a fundamental right; otherwise, we have no rights at all.” There is much more in the 33-minute interview. Join Greg Hunter of USAWatchdog as he goes one-on-one with Dr. Jerome Corsi of GodsFiveStones.com.  Dr. Corsi gives us an update to the real election news and analysis for desperate Dems and their shrinking avenues for voter and election fraud for 6.4.26. Tyler Durden Fri, 06/05/2026 - 20:05

— "No Longer Tolerate Radical Marxists": Rubio Sanctions Revolutionary Cuban Influence Network Tied To U.S. Left-Wing NGOs

 

at 6/5/26 5:40pm

"No Longer Tolerate Radical Marxists": Rubio Sanctions Revolutionary Cuban Influence Network Tied To U.S. Left-Wing NGOs U.S. Secretary of State Marco Rubio announced sanctions late Thursday targeting the Cuban Institute of Friendship with the Peoples, or ICAP, a Castro-era organization used to spread Marxist ideology abroad. "For decades, Cuba has been the world capital for radical left-wing terrorism. The regime in Havana has recruited, trained, and backed violent Marxist and third-worldist movements across our hemisphere and beyond," Rubio wrote on X. Rubio continued, "Today, we are targeting the network that enables and funds Cuba's subversive and radical operations." He said that he is using President Trump's Cuba executive-order sanctions authority to put ICAP and others on the OFAC Specially Designated Nationals list, or SDN list. Those Cuban entities include: Ministry of the Revolutionary Armed Forces of Cuba (MINFAR) Cuban Institute of Friendship with the Peoples (ICAP) Amistur Cuba S.A. Committees for the Defense of the Revolution (CDR) Minera La Victoria S.A. What does this mean: Freezes any U.S.-linked assets of those entities. Bars U.S. persons, companies, banks, nonprofits, and organizations from doing business with them, unless licensed by OFAC. Raises sanctions risk for foreign firms and banks that continue transacting with them, especially if the entities are tied to Cuba's military, intelligence, tourism, mining, or political-control apparatus. Rubio continued, "The Trump Administration will no longer tolerate radical Marxist regimes in our hemisphere seeking to threaten U.S. national security and engage in influence operations to export their poisonous and evil 'revolution' to our country and around the world." For decades, Cuba has been the world capital for radical left-wing terrorism. The regime in Havana has recruited, trained and backed violent Marxist and third-worldist movements across our hemisphere and beyond. Today, we are targeting the network that enables and funds Cuba's… — Secretary Marco Rubio (@SecRubio) June 4, 2026 More importantly, nonprofit investigator Jason Curtis Anderson noted, "Two of the organizations listed above are direct partners of the Democratic Socialists of America (DSA), which has 100,000 members nationwide and 250 elected officials in office." Secretary Rubio, Two of the organizations listed above are direct partners of the Democratic Socialists of America (DSA), which has 100,000 members nationwide and 250 elected officials in office. For these very same reasons, they should be investigated. https://t.co/6daEjUtcYw — ?? Jason Curtis Anderson (@JCAndersonNYC) June 4, 2026 According to Fox News investigator Asra Nomani, "The groups working closely with ICAP include the People's Forum, CodePink, BreakThrough News and Tricontinental, funded by Singham, a Marxist tech tycoon living in Shanghai. As reported, Singham has pumped $285 million into nonprofits since 2017 that have built very close relationships with ICAP and the communist government of Cuba." In December 2025, we asked a very simple question: Is There A "Cuba Connection" Behind The Radicalization Of America's Nonprofit Left At the time, we noted, "ICAP functioned as the intake valve - political cover for intelligence operations designed to cultivate long-term assets rather than short-term spies." Adding that it "sits at the center, functioning as a coordinating hub. Orbiting it is the National Network on Cuba (NNOC), a deliberately loose coalition that links 77 organizations of activists, nonprofits, and campaigns while minimizing legal exposure or clear command structures." Far-left activist Calla Walsh, who spends her days in Iran, called Rubio's sanctions on ICAP a "major attack on the Cuban Revolution and the Cuba solidarity movement, targeting Cuba's primary international solidarity organization (ICAP) and the organized grassroots base of the revolution (the CDRs)." These new sanctions are a major attack on the Cuban Revolution and the Cuba solidarity movement, targeting Cuba's primary international solidarity organization (ICAP) and the organized grassroots base of the revolution (the CDRs) https://t.co/IKfYteqtVW — Calla (@CallaWalsh) June 5, 2026 Beyond Rubio, Treasury Secretary Scott Bessent recently signaled that a crackdown on dark-money-funded NGOs may be coming. "We made substantial progress, and I think in the weeks and months ahead, we are going to have a lot to report," Bessent said. ? WOW! Scott Bessent just revealed the IRS has moved to make NGOs LIABLE for violent activity committed by their grant recipients like Antifa George Soros has been put on NOTICE. "The IRS is now giving guidance on the Form 990, which nonprofits they have to file. We are going… pic.twitter.com/15ToheHbwa — Nick Sortor (@nicksortor) May 28, 2026 The foreign influence operations routed through America's nonprofit world, and embraced by parts of the Democratic Party, extend well beyond Cuba. Turkish-American Twitch streamer Hasan Piker recently laid out what investigators already know: American Marxist tech financier Neville Roy Singham, who has reportedly been living in China and has been linked by The New York Times to CCP-aligned propaganda networks, has been operating a pro-Marxist NGO network in the U.S. for revolutionary efforts. Taken together, these developments appear to answer the question we asked in December about whether there is a "Cuba connection" behind the radicalization of America's nonprofit left. It certainly appears to be panning out that way. And if you ever wondered why America's left champions anti-U.S. ideals, death to capitalism, socialism, and communism, as well as its strange obsession with rioting and destroying private property... ...well, it is becoming increasingly clear that these revolutionary efforts may be funded and/or supported by foreign adversaries. What's next? It seems like the walls are closing in on the CCP-linked Roy Singham network. This could be incredibly terrible optics for the DSA... ... which has spent considerable time in Havana with communists. Tyler Durden Fri, 06/05/2026 - 19:40

— "Thank You, Mr. President": Maryland Freedom Caucus Applauds Trump's Coal Power Plant Restart Plan

 

at 6/5/26 5:15pm

"Thank You, Mr. President": Maryland Freedom Caucus Applauds Trump's Coal Power Plant Restart Plan Submitted by Maryland Freedom Caucus, Today, President Trump is taking action to help reverse the damage done to Maryland's energy industry by directing federal support toward coal power infrastructure, including funding that could help restart Maryland's Warrior Run power plant near Cumberland. PRESIDENT TRUMP: "Today, we're taking historic action to bring down the price of energy and the cost of living for all Americans with the power of clean, beautiful coal... As a result of the $700M investment that I'm announcing today, we will protect 14 coal plants and 42 coal… pic.twitter.com/o2IxCelLpn — Breaking911 (@Breaking911) June 4, 2026 While combining the Defense Production Act, a 1950 law that gives presidents emergency authority over national security-related industries, and Department of Energy grants, President Trump is expected to send tens of millions of dollars to reopen the recently closed AES Warrior Run.  Maryland's energy crisis was not an accident; it was a choice. For years, Annapolis politicians and activists shut down reliable power, punished natural gas, forced unrealistic mandates onto families and businesses, and then acted shocked when electric bills exploded. Arbitrary climate mandates didn’t lower bills. They shut down power plants, shrank supply, and crushed Maryland families with higher costs and blackout risks. A crisis policy made, so I am proposing to reversing the damage and put families, reliability, and affordability 1st! pic.twitter.com/AzuFSZ9ydO — Brian Chisholm (@Chisholmstrong) January 28, 2026 Warrior Run was not some meaningless facility on a government spreadsheet. It was a dependable, dispatchable power plant capable of producing more than 200 megawatts of electricity for Maryland homes, businesses, and communities. It was retired in 2024, even as Maryland's power supply was already shrinking and demand was rising. That is exactly the kind of reckless energy policy the Maryland Freedom Caucus has been warning about for more than two years. When you think "energy", we want you to think "Maryland Freedom Caucus". For more than a year, we've had the plan that will lower your bills and make Maryland more affordable. ✅️ Keep Power Plants Open ✅️ END the EmPOWER program fees on your monthly bill ✅️ STOP the Green… pic.twitter.com/nStwBiCZnx — Maryland Freedom Caucus (@MDFreedomCaucus) March 6, 2026 Our message has been simple: stop closing reliable power plants and restore in-state generation, cut fee-based programs like EmPOWER that drive up bills, ditch the Green Energy Scam, and classify nuclear power as a tier 1 renewable energy resource.  Maryland does not have an energy shortage because we lack resources. We have an energy shortage because politicians chose ideology over reliability. The reopening of a Democrat policy-closed power plant, like Warrior Run, is a huge win for Marylanders who need relief now. Lower electricity bills start with more power.  Oh, I found this. I think that's your Governor with Alex Soros. pic.twitter.com/VU4CZ6ZXcz — William Lindholm (@wflindholm) March 7, 2026 This is also a major opportunity for Western Maryland. Communities near Cumberland deserve jobs, investment, and energy production, not lectures from climate activists who never suffer the consequences of the policies they impose. Maryland Democrats have spent years chasing climate mandates, forced electrification schemes, RGGI taxes, anti-natural-gas regulations, and hidden charges buried in utility bills. The result is exactly what basic economics predicted: less supply, more demand, higher prices, and a weaker grid. Now Annapolis needs to build on this momentum. Maryland should roll back the Climate Solutions Now Act, leave the Regional Greenhouse Gas Initiative (RGGI), restore retail energy choice, protect natural gas, and expand in-state generation using every practical source available. President Trump's action is another step toward lower bills, stronger reliability, and real Maryland energy freedom. It is also another Maryland Freedom Caucus win. The wins just keep on coming!@realDonaldTrump is taking action to lower your electricty bill and is directing $85 million in federal energy grants to help restart the Warrior Run coal power plant near Cumberland, MD! Reopening Democrat-closed power plants like Warrior Run has… pic.twitter.com/rjwbqgq1fj — Maryland Freedom Caucus (@MDFreedomCaucus) June 4, 2026 We have been right from the start. Tyler Durden Fri, 06/05/2026 - 19:15

— Lebanon's President Blasts Iran, Hezbollah For Using Country As Bargaining Chip

 

at 6/5/26 4:50pm

Lebanon's President Blasts Iran, Hezbollah For Using Country As Bargaining Chip Lebanon's president has angrily lashed out at both Hezbollah and Iran - the latter for using the Lebanese nation and people as a bargaining chip in the war and standoff with the United States and Israel. President Joseph Aoun told CNN in a rare interview that Tehran is exploiting his war-torn nation and issued a fresh demand that Iran's leadership and military stop interfering in Lebanese affairs. via Reuters He stressed to Christiane Amanpour that the Lebanese people are "fed up" with the war - which started years ago on the heels of the Gaza war. President Aoun at one point addressed Iran directly, saying "You are not trying to help us … the people of Lebanon are paying the price … for the sake of your own interest" - and added, "our interests … do not coincide with your interests." Then specifically calling out the powerful Islamic Revolutionary Guard Corps (IRGC), he said: "It’s not your country, it’s our country." Iran's leadership has been insistent on a Hezbollah/Lebanon-Israel ceasefire being part of any broader peace deal with Washington; however, the Lebanese government has negotiated a separate peace with Israel, and in Washington, which has in reality barely held. "They are using Lebanon as a bargaining chip in their negotiation with US," Aoun told CNN. "It’s unacceptable." He continued, "It was a tough negotiation until we had a major breakthrough." He optimistically assessed that this could serve as path forward to a "just and lasting peace." Hezbollah, for its part, has been rejecting the deal - also after refusing to take part in negotiations. Hezbollah is denouncing that the US-brokered deal does not guarantee an Israeli withdrawal from southern Lebanon. On Friday, "The Israeli military's Arabic-language spokesman Avichay Adraee on Friday warned residents of six towns and villages including south Lebanon's Sarafand, a town on the coastal road between Tyre and Sidon, to immediately evacuate," according to CBS. ? Hezbollah released footage of an FPV drone strike on an Israeli army gathering and a Namer armored personnel carrier on the southern outskirts of Zawtar al-Sharqiyah in southern Lebanon, carried out June 2. The attack involved multiple FPV drones. pic.twitter.com/OFxuJ9XI25 — Drop Site (@DropSiteNews) June 5, 2026 "Lebanon's state-run National News Agency reported mass displacement from the three villages named in the warning, and it subsequently reported a strike on one of the villages, Arqoun," the report continues. And Al Jazeera also reports Friday that "Israel's deadly strikes continue across Lebanon, killing at least six today, despite the announcement of a new US-brokered ceasefire agreed between Lebanese and Israeli officials in Washington, DC." Tyler Durden Fri, 06/05/2026 - 18:50

— Waste Of The Day: Mismanagement At SF Zoo

 

at 6/5/26 4:25pm

Waste Of The Day: Mismanagement At SF Zoo Authored by Jeremy Portnoy via RealClearInvestigations, Topline: The taxpayer-funded San Francisco Zoo "does not have a healthy or stable financial condition," according to a city audit released in May. The zoo has no written plans or budgets to guide its construction projects, and spent $12 million on them without city approval. Employees are also allegedly hiring their friends and relatives as contractors. Key facts: The zoo is required to get approval from San Francisco's Recreation and Park Commission before paying more than $50,000 for a construction project. But employees never did so while spending millions on a new "Madagascar Center" and other huge projects, auditors found. There is also a "widespread view among staff that [the zoo] has a toxic workplace environment," according to the audit. Employees were allegedly chosen for senior roles based on "discrimination and favoritism," not "professional qualifications." The zoo spends more than $4 million on contracted services like security and advertising every year, but there is no evidence that any of them went through a competitive bidding process to find the best price. The zoo keeps no records of its contractors and was unable to tell auditors how much they are being paid, the audit found. The audit also confirmed that former zoo CEO Tanya Peterson's fiancé was hired to perform concerts, and other relatives of zoo staff received more than $800,000 for construction projects. The San Francisco Chronicle first exposed the nepotism allegations in 2024, which eventually contributed to Peterson's resignation. The City of San Francisco gives the zoo $4 million in funding every year, though that amount has not increased since 1993. Most of the zoo's revenue comes from tickets, but low attendance has caused the zoo to outspend its budget for at least the last eight years. The zoo hid this fact from the city by projecting "unrealistically high" attendance numbers each year and making purchases based on the inflated revenue that never materialized, according to the audit. Oversight of the zoo has been difficult because employees are ignoring public records requests, according to the audit. They claim that because the zoo is a nonprofit, it is exempt from open records laws, but the zoo signed an agreement years ago to share all records as if it were a city agency. Search all federal, state and local salaries and vendor spending with the world's largest government spending database at OpenTheBooks.com. Background: The city plans to bail out the zoo with an $8.5 million loan after a city-commissioned report found that closing the zoo or finding a new operator would be more expensive. The zoo is also planning to bring in pandas from China to fill a new exhibit that will cost $27 million to build. Activist groups like In Defense of Animals have opposed the proposal, arguing the zoo cannot properly care for new animals until it fixes its financial problems. Summary: San Francisco's zoo has a responsibility to its animals and to taxpayers to manage its money through a carefully-planned budget, not endless deficits. The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com. Tyler Durden Fri, 06/05/2026 - 18:25

— Putin Rejects Open Letter By Zelensky Urging Meet: 'Pointless'

 

at 6/5/26 4:00pm

Putin Rejects Open Letter By Zelensky Urging Meet: 'Pointless' Russian President Vladimir Putin has responded dismissively to Ukrainian President Volodymyr Zelensky's open letter issued the day prior, which urged that the two leaders meet in order to finally forge a peace deal and bring an end to the war, now it its fifth year. Putin made clear Friday that he sees no point in holding a personal meeting with Zelensky. He was asked directly about the letter while attending the St. Petersburg International Economic Forum (SPIEF). In response the Russian leader addressed not the "authors of the epistolary genre," but to Russian soldiers on the frontline: "The whole country is proud of you and is counting on you. Keep up the good work, brothers!" And then, per TASS: Asked to clarify if this response means that he doesn’t plan to meet with the letter’s author, Putin said, "So far, I see no point in this." He went on to reject the idea of "meeting just for the sake of meeting" - but did reveal for the first time that only last month he sent an informal envoy to Ukraine at Kiev’s request. Apparently that was the opening of a serious diplomatic overture. But then, he noted, Ukrainian forces bombed a college dormitory in Lugansk merely soon after the Russian envoy arrived. The brutal attack killed 21 people, mostly teenage girls - and injured many dozens more. The Kremlin was outraged at the 'terrorist act' and the following week heavily bombed various Ukrainian cities, especially the capital.  State media featured more of Putin's response: The letter is either "a means to create an environment for a personal meeting, or maybe is this letter meant to make sure that no personal meetings can take place at all,” he remarked, concluding: “I think it's the second.” Zelensky's lengthy Thursday letter had said Ukraine is also ready for a "full ceasefire." Zelensky wrote: "Ukraine proposes ending this war through direct engagement between us - and you. I am proposing a meeting. Ukraine is ready for a full ceasefire for the duration of the negotiations," he added. The letter also at one point said, "The choice is yours now. Enough of war" and then spells out that "Ukraine proposes to end this war." "This must be done honestly, with dignity, and with guarantees that the war will not be reignited," Zelensky added. And then interestingly, "We see that the United States is fully focused on the issue of Iran, and it would be wrong to simply wait until the war in Europe returns to the center of its attention." Despite the long appeal, President Putin and the Kremlin have demonstrated a willingness to allow a long war to drag on, and are unlikely to be moved. Putin has said there's no need for a truce unless a deal is already close or about to be signed. But the two sides aren't any closer to being at the negotiating table as yet. Tyler Durden Fri, 06/05/2026 - 18:00

— Minnesota Mob Blindness: St. Paul Prosecutor Drops All Charges Against City Church Demonstrators

 

at 6/5/26 3:40pm

Minnesota Mob Blindness: St. Paul Prosecutor Drops All Charges Against City Church Demonstrators Authored by Jonathan Turley via JonathanTurley.org, Minnesotans are familiar with the perils of "snow blindness," a temporary blindness caused by overexposure to ultraviolet rays from the reflection from snow and ice. It appears that Minnesota politicians and prosecutors have a type of mob blindness, where they cannot see crimes committed in front of them by the far left. That condition appears to be tragically evident in St. Paul, where City Attorney Irene Kao made an absurd denial of any criminal activity at the demonstration in the City Church on Jan. 18th. While claiming that there were no observable crimes, Kao's decision just happened to be enormously popular with the mob-driven politics and polling in her state. In January, dozens of anti-ICE protesters, and former CNN journalist Don Lemon, descended upon the church and disrupted a mass because a church official had connections to ICE. The demonstrators could have been charged with such offenses as disorderly conduct, interfering with a religious observance, knowingly participating in a noisy assembly and making or continuing a disturbing or excessive noise. There was a demonstrator who was able to get her misdemeanor charges dismissed earlier. However, Emily Phillips was arrested for her conduct outside of the church and actually responded to police demands that she stop using her bullhorn. Her case is a good point of comparison. Protesting outside is vastly different from entering a church or event to disrupt it or shout down speakers. These demonstrators entered a church, refused to leave when told to do so, and abused parishioners while stopping the services. Kao offers little more than a shrug: "Following a careful evaluation of the video footage, investigative reports, and other available materials, prosecutors determined that the current evidence is insufficient to meet that standard for criminal charges under Minnesota state statutes." There are 39 people still charged by the federal government under the FACE Act. Kao insisted, "The right to peacefully protest is protected, as is the right to exercise one's religious beliefs. Balancing these equally important rights is paramount to our decision today." This is not protected free speech. It is conduct. Indeed, it is criminal conduct. While Kao stressed that there was no property damage, it is not required under these criminal charges. What is missing is not the basis for criminal charges but the will to prosecute them. Once again, Democratic politicians are yielding to the mob and refusing to see the criminal conduct. It is reminiscent of CNN national correspondent Omar Jimenez reporting live from Kenosha, Wis., with a raging fire in the background over a chyron reading, "FIERY BUT MOSTLY PEACEFUL PROTESTS AFTER POLICE SHOOTING." These politicians and state prosecutors hope to ride this rage wave back into power in Congress and the White House. Indeed, some have told voters to "let your rage fuel you." We have seen this pattern before in history. Establishment figures often try to harness the rage of the mob, only to be ultimately consumed by the rage themselves. Irene Kao's decision is a cynical concession to the mob. It is a decision that will give the Minnesota mob a further sense of license. Jonathan Turley is the Shapiro Professor of Public Interest Law at George Washington University. He is the author of the bestselling books "The Indispensable Right: Free Speech in an Age of Rage" and "Rage and the Republic: The Unfinished Story of the American Revolution." Tyler Durden Fri, 06/05/2026 - 17:40

— Trump Tells "Less Shackled" Pulte To Fire Intelligence Officials As Senate Blocks FISA Extension

 

at 6/5/26 3:20pm

Trump Tells "Less Shackled" Pulte To Fire Intelligence Officials As Senate Blocks FISA Extension When has the Senate ever not increased government spy powers? When President Trump installs Bill Pulte as acting DNI and instructs him to start kicking hornet nests, apparently.   In a WSJ interview published Friday, Trump revealed he has directed incoming acting Director of National Intelligence Bill Pulte to begin the process of firing a large number of employees as part of a major shake-up of the U.S. intelligence community. Trump described the Office of the Director of National Intelligence (ODNI) as “unnecessary and/or too big” and said he wants it made “much smaller” - and possibly even terminated. “I’d like to see it smaller. I think there are a lot of people in there that shouldn’t be there,” Trump said, targeting holdovers from prior administrations. He told Pulte to “start the process” of firings, noting that Pulte’s acting status makes him “less shackled” and gives him more power in the short term to do the “hard work” of downsizing before a permanent director is confirmed. Trump compared the approach to Education Secretary Linda McMahon’s efforts to shrink her department. This aggressive move comes as the Senate early Friday morning blocked a procedural motion to extend a key provision of the Foreign Intelligence Surveillance Act (FISA), in a 47-52 vote that saw seven Republicans join nearly all Democrats in opposition. The timing of Trump’s decision to name federal housing finance regulator Pulte as acting Director of National Intelligence played a central role in the backlash. Senate Majority Leader John Thune acknowledged that "the naming of Pulte to that position, although the timing arguably wasn't the best," still should not derail such a critical national security measure according to AP. However, the backlash proved too strong. Democrats and several Republicans viewed Pulte's lack of intelligence-community experience and past controversies as disqualifying for leading the 18 U.S. intelligence agencies. Sen. Mark Warner (D-VA), the top Democrat on the Senate Intelligence Committee, said a negotiated "compromise" on a strong FISA bill had been reached with Chair Sen. Tom Cotton - but the "complete irresponsibility of putting forward" Pulte changed the equation. Warner questioned giving Pulte "the keys to the 18 intelligence agencies." Sen. Ron Wyden (D-OR) framed the bipartisan vote as a stand against warrantless surveillance of Americans' communications. Trump himself walked back the move on Thursday, saying Pulte would not be his permanent nominee for the role. The blocked FISA provision would have extended warrantless collection of foreign-target communications (which can incidentally capture Americans’ data). The dramatic personnel and structural changes Trump is pushing through Pulte at this exact moment intensified opposition and contributed to the Senate’s inability to advance the extension before its June 12 expiration. Thune indicated the Senate will try again next week, but any deal would still need 60 votes to advance - and the House has its own complications, including disagreements over a central bank digital currency provision. Pulte's acting appointment, announced at a sensitive moment in FISA negotiations, provided opponents with leverage to slow the process and demand more accountability on both surveillance reform and leadership qualifications. Tyler Durden Fri, 06/05/2026 - 17:20

— Rubio Backs Bolivia's Government As Protests Trigger Food, Fuel Shortages

 

at 6/5/26 3:00pm

Rubio Backs Bolivia's Government As Protests Trigger Food, Fuel Shortages Authored by Evgenia Filimianova via The Epoch Times, The United States has pledged additional emergency assistance to Bolivia as protests and road blockades deepen shortages of food, fuel, and medical supplies across the South American country. U.S. Secretary of State Marco Rubio spoke with Bolivian President Rodrigo Paz on June 4 and discussed efforts to address growing shortages caused by nationwide unrest. “The Secretary noted the United States is ramping up emergency assistance and logistics operations support in Bolivia to help those facing acute food and medical shortages due to illegal roadblocks intended to destabilize Bolivian society,” U.S. State Department spokesperson Tommy Pigott said on June 4. Pigott said Rubio reaffirmed “the United States’ unwavering commitment to support Bolivia’s democracy and the Paz Administration” as the country works through a political and economic crisis. Paz’s government faces mounting pressure from labor unions, peasant groups, miners, and supporters of former Bolivian President Evo Morales, who have staged protests and road blockades across the country. Blockades Disrupt Supplies The unrest began with a workers’ strike in May and later expanded into road blockades that cut off access to the neighboring cities of La Paz and El Alto, which together are home to about 2 million people. Protesters are demanding that the government reverse austerity measures and address rising living costs. Blockades organized by the federation of trade unions representing peasants and miners, the Bolivian Workers’ Central (COB), and other groups have depleted food supplies in La Paz and left hospitals struggling to obtain oxygen. Women wearing traditional dress known as "cholitas" take part in a march calling for the resignation of President Rodrigo Paz, in La Paz, on May 22, 2026. Aizar Raldes / AFP via Getty Images The demonstrations have also exposed broader economic tensions, with protesters calling for higher wages, improved fuel supplies, and access to additional mining areas. Public school teachers are separately negotiating for salary increases. COB in a June 2 statement on Facebook called for Paz’s resignation and said his administration had failed to govern effectively. The organization also demanded the release of detainees, an end to what it described as persecution against its leaders, and measures to guarantee fuel and food supplies, and called for a permanent state of emergency. The Bolivian Highway Administration (ABC) reported 84 roadblocks nationwide on June 4, according to a June 5 report by Bolivian newspaper El Deber. Government Actions Paz has called for dialogue while also pursuing measures to reopen blocked roads. On June 3, he appointed Ernesto Justiniano as defense minister following the departure of Marcelo Salinas, who stepped down on June 2. “The immediate task is to restore normalcy: passable roads, supplies, medical care, work and peace,” Justiniano said after taking office. Paz said in a June 3 post on X that Justiniano would help restore stability and improve conditions for Bolivians. The president said he had sent a ⁠bill ​to congress authorizing joint police ​and military operations to clear roads. He accused some protesters of attempting to divide the country through “lies, violence, and blockades” while emphasizing his commitment to democracy and dialogue. People line up to buy gasoline in plastic containers in the Calacoto neighborhood of southern La Paz, Bolivia, on June 2, 2026. Jorge Bernal / AFP via Getty Images Paz also called for the creation of humanitarian corridors to allow food, medicine, and fuel to reach communities affected by the protests. On June 4, he said his government remained willing to negotiate with protest groups. “Today we took another step toward strengthening dialogue, a key tool for finding solutions to conflicts,” Paz wrote in a post on X after meeting with Vice President Edman Lara and congressional leaders. “I repeat it, and I will continue to do so: we have every willingness to listen to and address the demands of the mobilized sectors.” The crisis has become an early test for Paz, whose October 2025 election ended two decades of left-wing rule in Bolivia. Bolivian President Rodrigo Paz holds a press conference in La Paz, Bolivia, on May 20, 2026. Claudia Morales/Reuters Paz, a member of the Christian Democratic Party, took office promising economic reforms and stronger action against corruption and drug trafficking. His government has argued that some demonstrations are politically motivated and designed to destabilize the administration. Rubio said on May 20 that Washington stood firmly behind Bolivia’s constitutional government and would oppose any attempt by criminals or drug traffickers to remove democratically elected leaders from power. Tyler Durden Fri, 06/05/2026 - 17:00

— "Massive Fumble": Chicago Bears Leave Blue State Illinois For Indiana After Century Of Football

 

at 6/5/26 2:40pm

"Massive Fumble": Chicago Bears Leave Blue State Illinois For Indiana After Century Of Football After 106 years of Chicago Bears football in Chicago, the franchise announced it will relocate to pursue a new stadium development about 25 miles away in Hammond, Indiana. "Yesterday, the Chicago Bears Board of Directors met and voted to advance our stadium development project in Hammond, Indiana, with the exact site yet to be selected," Chicago Bears Chairman George H. McCaskey and President & CEO Kevin Warren wrote in a statement. The statement continued, "We believe a world-class stadium project in Hammond will transform the region, connecting Northwest Indiana to the South Side of Chicago through the Loop and across neighborhoods and suburbs stretching north of the city. It will bring Chicagoland together and deliver new opportunities to its residents and businesses." Statement from Chairman George H. McCaskey and President & CEO Kevin Warren: pic.twitter.com/U4lHzSV8Zv — Chicago Bears (@ChicagoBears) June 5, 2026 The abrupt move follows years of stalled stadium talks in Illinois, where the Bears explored several land development options across the Chicago metro area but failed to secure the public funding needed for a new venue. Recently, Indiana swooped in and passed a funding bill in less than 60 days, providing the team with incentives to build in Hammond. For those wondering how far Hammond is from Chicago pic.twitter.com/98xtmMLgOi — Dom (@ZeroChillSports) June 5, 2026 The Bears currently play at Soldier Field, the NFL's oldest and smallest stadium, with a lease running through 2033. The NFL team made no mention of whether state tax policy played a role in the move, nor whether violent crime was a factor. Here's what X users are saying: JB Pritzker and Brandon Johnson are incompetent boobs — Pericles (@PerryALPHA) June 5, 2026 Hey @GovPritzker, how’s it feel being the Illinois Governor who officially LOST the Chicago Bears? Your record taxes, crime policies & billionaire hypocrisy just chased the greatest franchise in NFL history across the border to Indiana. Congrats, JB — even the Bears couldn’t… — John M. Cabello (@JohnCabello) June 5, 2026 Illinois couldn’t afford a tax break for the Bears but at least we’ve been able to give illegal trespassers HUNDREDS OF MILLIONS OF DOLLARS WORTH OF FREE S%#T strickly for their votes. Nice work Pumpkin Head and Legislators. — TorneTrouser (@TrouserTorne) June 5, 2026 The Illinois state government has nobody to blame but themselves. This is on the legislature and the governor. The Chicago Bears all but begged the state of Illinois for a deal and they couldn’t care less. — Midwestern Patriot ?? (@MWpatriot01) June 5, 2026 @GovPritzker This massive fumble pretty much disqualifies you for the Presidency. No amount of cagey political excuse making can possibly make up for it. This was a profound failure of leadership. Epic loss. You will forever be the Gov who lost the Chicago Bears, may it… — Arete (@ColinACody) June 5, 2026 But it certainly appears the Chicago Bears voted with their feet, leaving a chaotic blue state for a more business-friendly red one. This trend is similar to what corporations across the country have been doing. Samsung was the latest to move from left-wing-controlled New Jersey to Texas. Tyler Durden Fri, 06/05/2026 - 16:40

— Questions & Answers

 

at 6/5/26 2:20pm

Questions & Answers Authored by James Howard Kunstler, "I’m the look-around candidate. All you have to do to understand why I’m surging in the polls is just look around. . . ." - Spencer Pratt Just watch in wonder and nausea as California’s mail-in ballots dribble in, providing a real-time demonstration of the “Our Democracy” party spitting in the country’s face again, since everybody knows exactly what’s going on. Meanwhile, the Senate voted down the SAVE Act again this week by 52 to 48 for. . . reasons. But, hey, cheer up, it’s Pride Month. At the same time that California was queering its own “jungle primary,” a troupe of drag queens swanned and capered around New York’s City Council Chamber in what was called a “Pride Ball” (actually more of a show than a ball). And what it really showed is that the party running New York City has no shame. How, exactly, does mental illness intersect with the public interest, you might ask? Historians of the future, roasting armadillos-on-the-half-shell over their campfires, will probably figure it out. For now, you must pretend that no such question even exists. Don’t bother asking. Just go along with the gag. Here’s a scene you might like to see: As you know by now, the president has nominated Acting Attorney General Todd Blanche to be the Senate-confirmed full-on, bona fide AG. But Senator Thom Tillis (R-NC) says he would require Mr. Blanche to declare that the Jan 6, 2021, Capitol riot was “an insurrection.” Wouldn’t it be fun to hear Mr. Blanche reply by saying, “Can’t do that, sir, because the DOJ has an ongoing case that involves dozens of federal officers from several agencies instigating the events of that day in collusion with members of Congress and the US military, and, well, I can say no more about that at this time. . . .” Similarly, election fraud. Just days ago, Mr. Trump, told Miranda Divine of The New York Post, “We had a rigged election [2020], we can’t have rigged elections. We know who rigged the election. We know everything now. . . we have information that nobody thought was possible. . . . Let’s see what happens.” Hmmmm. . .. Wouldn’t that prompt you to suspect that the DOJ has a case, or multiple cases, involving 2020 election fraud cooking on its stove? Recall that not long ago the FBI seized 700 boxes of evidence from the Fulton County Election Hub in Union City, GA. And another truckload out of Maricopa County, AZ. Do you think they’ll discover some, er, irregularities in all that? Perhaps eye-wateringly blatant? Would it not then be urgent to seek indictments of actual persons, if any are deserved, well before November, so that measures could be taken to preclude more fraud and cheating in the midterm election — measures like . . . passing the SAVE Act! How might Majority Leader John Thune explain his intransigence on the matter in the face of all that? Or, like New York’s City Council, does he have no shame? In another momentous development this week, the new management at CBS-News cashiered 60-Minutes star Scott Pelley for apparent insubordinate behavior in a confab with the show’s newly-hired Executive Producer Nick Bilton and Mr. Bilton’s boss, Editor-in-Chief Bari Weiss. They had already sacked the querulous Sharyn Alfonsi a week earlier. Of course, 60-Minutes, with its giant audience following NFL games, was one of the main units in the Deep State’s gaslighting apparatus, and Mr. Pelley burned brightest there for years, flaring out one lying-ass narrative after another from the Russia Collusion hoax to 2020 election fraud to the Jan 6 fake “insurrection,” with the same burnished arrogance he showed his new bosses. Gone now. . . buh-bye. Next up, Lesley Stahl (“Sir!!! Sir !!!”), and the self-important prick Bill Whitaker. Fire them all! If you seek to understand why the American public is so deeply bamboozled, it is largely the utter failure of the news business. You can trace that to a couple of signal changes of policy. One was the 1987 repeal of the FCC’s “Fairness Doctrine,” which required TV stations holding federal licenses to cover controversial public issues in a “fair and balanced manner.” The other was the 2013 “modernization” (under Barack Obama) of the Smith-Mundt Act (1948), which had prohibited the US government from “propagandizing” its own citizens — and after “modernization” turned squishy on that. The 1975–1976 (Sen. Frank) Church Committee — the Senate Select Committee to Study Governmental Operations with Respect to Intelligence Activities — documented that the CIA had long-term secret relationships with dozens of U.S. journalists. This is casually referred to as “Operation Mockingbird.” Since the Church Committee, it has only gotten much worse as the Deep State struggles to cover-up layer upon layer of crimes it keeps committing. The nightly news shows now are just anchors and “panelists” shooting their mouths off. The news itself goes mostly unreported. A big reason is that broadcast news now employs nearly zero correspondents in-the-field. Nobody is out there reporting on events. They don’t want to spend the money. So, the news just spins and spins, mostly in the service of manufactured lies. Also last week, famous New York Times columnist and fake Nobel economics prize-winner Paul Krugman put out a video calling for the “purging” of MAGA and everything MAGA-adjacent from American life — when his team (the party of “Our Democracy”) comes back to power, as it must. He didn’t detail whether this process would entail internment camps and crematoriums, but you could infer as much from his tone. Kinda gives you a clue of where their heads are at. Tyler Durden Fri, 06/05/2026 - 16:20

— Coinbase To Launch Token-Backed Mortgage Down-Payments This Summer

 

at 6/5/26 1:40pm

Coinbase To Launch Token-Backed Mortgage Down-Payments This Summer Authored by Turner Wright via CoinTelegraph.com, Cryptocurrency exchange Coinbase will allow qualified borrowers to pledge digital assets to fund Fannie Mae-backed mortgage apartments beginning this summer. In a Thursday notice, Coinbase and its partner, Better Home & Finance, said the mortgage structure plan launching “by summer 2026” will allow borrowers to initially use Bitcoin (BTC) or USDC (USDC) as collateral for loans to fund down payments for homes. The initiative, first announced in March, represented a significant shift in companies allowing digital assets to be used for financing houses.  “We’re excited to expand access to all qualified borrowers to fix an ongoing issue: buyers who qualify on every measure that matters but cannot clear the down payment hurdle because their wealth isn’t where the system expects to find it,” said Better founder and CEO Vishal Garg. Garg said in a March post on X: “This isn’t a niche thing. It’s what everyone is going to do once most financial assets are tokenized. It’s just a better way to buy a house.” The move by Coinbase and Better followed US regulatory agencies under the Trump administration being friendlier to crypto companies and more accepting of digital assets integrated with traditional finance. In June 2025, the US Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to consider crypto as an asset in mortgage risk assessments without requiring a conversion into fiat. Other mortgage lenders have made similar moves since the FHFA order. In February, Newrez began allowing borrowers to use their cryptocurrency holdings to qualify for a mortgage application. Source: Bill Pulte Volatile crypto-backed mortgages scrutinized for political motivations Although the price volatility of cryptocurrencies like Bitcoin may present challenges to the mortgage plan, some US lawmakers have accused FHFA head Bill Pulte of being “unduly influenced” by President Donald Trump in supporting such policies. “Expanding underwriting criteria to include the consideration of unconverted cryptocurrency assets could pose risks to the stability of the housing market and the financial system,” said five US senators in a July 2025 letter to Pulte following the FHFA order. Republican lawmakers, including crypto proponent Cynthia Lummis, have proposed codifying the FHFA order into law. She introduced the 21st Century Mortgage Act in July 2025, saying government agencies “must evolve to meet the needs of a modern, forward-thinking generation.” Tyler Durden Fri, 06/05/2026 - 15:40

— Ohio State University Reaches $100 Million Settlement With Nearly 300 Sex Abuse Survivors

 

at 6/5/26 1:00pm

Ohio State University Reaches $100 Million Settlement With Nearly 300 Sex Abuse Survivors Authored by Jasper Ward via The Epoch Times, Ohio State University has reached a $100 million settlement with nearly 300 former students who had accused the school's campus doctor of sexually assaulting them decades ago, the school and a lawyer for the victims said on Wednesday. The Ohio State University campus in Columbus, Ohio, U.S., November 25, 2020. Megan Jelinger/Reuters The settlement with 279 of the 280 former students was ratified by the university's board on Wednesday. It followed years of litigation over accusations of decades of abuse by Richard Strauss. The abuse occurred from 1978 to 1998, the year he retired from the faculty. "The mediation and its confidentiality are continuing as the parties work to finalize the details of the settlements, and additional information will be shared as appropriate," the school and a lawyer for the victims said in a joint statement. In February, the university reached eight additional settlements, bringing the total to 304 survivors and more than $60 million. Strauss, who killed himself in 2005, was employed by Ohio State's athletic department and medical staff for nearly two decades. A 2019 report detailing the investigative findings said that Strauss had sexually abused at least 177 men, nearly all of whom were students, and that university staff who knew of the abuse failed to act. The abuse included groping and fondling of the students' genitals and other acts under the guise of a medical examination. News of the investigation and its findings prompted more than 500 plaintiffs to sue Ohio State, alleging they had been sexually abused by Strauss and that the school had shown deliberate indifference. Tyler Durden Fri, 06/05/2026 - 15:00

— Ringing The Bell: Meta Plunges On Report It May Sell "Tens Of Billions" In New Stock

 

at 6/5/26 12:42pm

Ringing The Bell: Meta Plunges On Report It May Sell "Tens Of Billions" In New Stock They don't ring the bell at the top, but they sure do sell a lot of stock. With SpaceX, Anthropic and OpenAI looking to IPO hundreds of billions in common stock (not counting even more hundreds of billions in lock up expirations that will hit the market soon)... ... coupled with Google's record $80 Billion follow on offering (of which half was a memestock-esque At The Market offering direct to retail), suddenly the cash-incinerating AI companies - already full to the gills with SPV and various other forms of debt - are realizing that if they don't move fast they will miss the boat. And sure enough, FT reports that arguably the biggest cash burner of the lot, Meta, is considering raising tens of billions of dollars in a stock offering as it seeks new sources of capital to fund Mark Zuckerberg’s vast ambitions in AI, following the launch of Google’s record $85bn share deal this week. According to the report, company execs have been exploring “creative” ways to raise cash as it prepares to sharply boost its AI-related capital expenditures to as much as $145bn this year and even higher in 2027, according to three people familiar with the plans. The discussions intensified after the success of Google parent Alphabet’s equity raising this week, which was increased by $5bn after strong investor demand, but - as noted above - GOOGL has a much more viable cash flow profile than Meta, which will be FCF negative this year. The news sent META stock plunging to the lowest level since early April.  Meta’s decision to consider a fresh share sale comes amid a frenzy of activity in US equity capital markets, with Elon Musk’s SpaceX set to hold its initial public offering next week and AI groups Anthropic and OpenAI also working on plans for massive Wall Street debuts.  Mega tech companies have also tapped debt markets - which as we said last year AI is also now a bubble - as they rush to finance AI infrastructure, including chips and data centers. Meta CFO Susan Li is leading the talks over the potential share sale alongside Dina Powell McCormick, who moved from Meta’s board to take a more active role as president in January. Powell McCormick has been tasked with overhauling Meta’s approach to AI infrastructure and financing, with a focus on longer-term planning as it enters the most capital-intensive period in its history. Meta must find new ways to fund the huge data centers needed to train and run advanced AI models to fulfil Zuckerberg’s vision for “personal superintelligence” delivered through Facebook, WhatsApp and Instagram, as well as a family of AI-powered wearables such as smart-glasses and voice pendants. Meta has not yet hired banks and ultimately may not issue new stock. One person cautioned that it was “premature” to say that the company had decided what to do and all financing options remain on the table.  A Meta spokesperson said the share sales talks were “pure speculation”, but added “we’ve been clear that huge opportunities lie ahead in AI, and we’ll continue focusing on raising capital in the most flexible ways to support that”. A person familiar with Meta’s discussions said the group had looked at the structure of Alphabet’s capital raising, which included “mandatory convertible preferred issuance”. This allows it to raise cash immediately, but defers the stock issuance potentially for years. According to the FT report, Goldman Sachs would be in a strong position to win the Meta mandate considering Powell McCormick spent 16 years at the investment bank. The Wall Street bank led the Google deal announced this week.  As noted above, Meta exces are conscious that they will have to move fast if they decide to raise equity to ensure capacity and investor enthusiasm remain amid a historic glut of activity in US public markets. SpaceX is set to raise as much as $86bn next week in an IPO that would value the group at $1.78tn. Claude maker Anthropic has confidentially filed for its own listing and rival OpenAI is also preparing to go public. Both are expected to raise tens of billions and attract $1tn-plus valuations. Analysts say that Meta’s Big Tech rivals such as Microsoft and Amazon are also likely to be considering their own stock sales as their data centre spending surges and investors question the impact on their balance sheets. Meta has already raised fresh capital through new means and innovative structures. The company had less than $10bn in long-term debt as recently as 2022, but borrowed $55bn in globe-trotting deals in recent months. In October, it raised $27bn in a bond sale through a joint venture with private capital firm Blue Owl to build a Manhattan-sized data centre in Louisiana dubbed “Hyperion”. Something we warned would soon become an off balance sheet template for all Mag 7s. As a reminder, META is already neck deep in off-balance sheet debt. Here is a schematic of its $27.3 billion SPV with Blue Owl "Project Beignet" for the Hyperion data center. None of this touches META's balance sheet. Expect hundreds of billions of these in 2026 https://t.co/794EgSiiZ9 pic.twitter.com/7hMyVW6Lno — zerohedge (@zerohedge) January 29, 2026 Meta has also been conserving capital by cutting costs and other means. Last month it fired 8,000 people and stopped hiring for 6,000 roles.The company also halted share buybacks in late 2025 after repurchasing its shares regularly since 2017. Google paused its buyback programme in the first quarter after repurchasing about $45bn last year, according to FactSet data and company filings. Finally, those wondering why the Mag 7s are rushing to sell stock instead of do much cheaper debt offerings, we gave the answer exactly a month ago: "Banks Are Choking": The AI Debt Bubble Has Started To Burst. Which only leaves equity sales, and just like that what went up in the past 2 months, is rapidly coming down.  Tyler Durden Fri, 06/05/2026 - 14:42

— Fannie, Freddie Jump After Trump Floats $1 Trillion Valuation

 

at 6/5/26 12:00pm

Fannie, Freddie Jump After Trump Floats $1 Trillion Valuation Fannie Mae and Freddie Mac shares jumped on Friday morning after President Trump said late Thursday that the mortgage giants were "probably worth $1 trillion," reviving Wall Street hopes for a long-awaited exit from government control. President Trump praised FHFA Director Bill Pulte on Thursday for turning around Fannie Mae and Freddie Mac, saying the mortgage giants "probably have $1 trillion in value." Full transcript: "...a person who's got high integrity. He's done a phenomenal job at Fannie Mae, Freddie Mac. You probably have $1 trillion in value there. When he took over it was much less, and I guess I'm responsible for that too because everybody wanted me to sell it in my first term for 10% of what it's worth right now. If I would've sold it, we would've lost $900 billion. We would've lost. Think about it. It's probably worth $1 trillion. People want me to sell it at $100 billion — a very small percentage of what it's worth now. And he built up a lot. Did a great job. And it's an acting position. He is not going to be permanent because I don't think you'd want to be. But he was a smart guy. You may find out some things about the rigged elections, etc. etc. I think he wants to do it. He's got a lot of energy but will be very good. He's not a permanent position. We're looking at — we are interviewing people right now. But it is somebody just to take over for a little while." .@POTUS on @pulte: "He's very smart. He's a person who's got high integrity. He's done a fantastic job... and it's an Acting position. He's not going to be permanent because I don't think he'd want to be permanent. But he's a very smart guy." pic.twitter.com/2wqOy7VtaS — Rapid Response 47 (@RapidResponse47) June 4, 2026 Fannie and Freddie were both up in the early cash session, rising 5% and 3%, respectively. Shares in both mortgage giants tumbled earlier this week after Trump named Pulte as acting Director of National Intelligence, raising concerns that the dual role could delay the sale of the government's stake. As of Friday morning, Fannie shares are down 34% YTD, while Freddie has slumped 38% YTD, as traders grow uneasy over the pace of the Trump administration's privatization plans. Optimism around potential share sales drove large gains in 2025. Bose George, managing director at Keefe, Bruyette & Woods (KBW), wrote in a note, "We're comfortable with our most recently published numbers on the valuation—a current combined fair value in the $200–$250 billion range." Related: Ackman Floats "Immediately Actionable" Blueprint To Free Fannie And Freddie Christopher Maloney, mortgage strategist at BOK Financial, noted, "I don't believe I will ever see Fannie and Freddie released from conservatorship, at least not in my lifetime." Tyler Durden Fri, 06/05/2026 - 14:00

— University Of Oregon Grapples With Budget Crisis After Years Of Woke Excess

 

at 6/5/26 11:40am

University Of Oregon Grapples With Budget Crisis After Years Of Woke Excess Authored by Jonathan Turley, It appears that being unrelentingly woke means that you need fewer dormitories. The University of Oregon is facing a major budget crisis and will cut $65 million from its budget and close dorms due to low enrollment. That growing crisis, however, did not stop Oregon from burning almost a million dollars fighting against free speech. It also did not induce its faculty to offer greater intellectual diversity and tolerance to prospective students. Oregon is a cautionary tale for a generation of academic social warriors, but also an opportunity for those who want to restore balance in higher education. Oregon has long been an example of academic orthodoxy. While most state schools begrudgingly yield to First Amendment demands and offer better free speech alternatives to private universities, Oregon is known as a hardened silo for the far left in teaching. We previously discussed how Portland State University Professor Bruce Gilley, who was blocked from the Twitter account of the University of Oregon’s Division of Equity and Inclusion after tweeting “All men are created equal.” Oregon spent almost a million dollars fighting to bar such speech. Such controversies have plagued the university for years, with no sign of self-examination by administrators or academics. The university was criticized for its monitoring of social media to punish errant thoughts or microaggressions. The law school’s law review was accused of anti-Israel discrimination. The school previously gave special recognition to University of California (Santa Barbara) Professor Mireille Miller-Young, who criminally assaulted pro-life advocates on the campus of the University of California at Santa Barbara.  At the University of Oregon, she was honored as a featured speaker at the University of Oregon’s  Department of Women’s, Gender, and Sexuality Studies.  Part of its “black feminist speaker series,” Miller-Young’s work was highlighted by the College of Arts and Sciences and the Department of English to show “the radical potential of black feminism in the work that we do on campus and in our everyday lives.” Now, the school is facing declining revenues and enrollments. President Karl Scholz recently announced that this was due to lower out-of-state first-year enrollment, which means lower tuition revenue, increased costs, and a loss of grant funding. Strangely, while closing dorms, the school is still building two new dorms. Putting aside the school’s past budget judgment and discipline, the university’s reputation for intellectual orthodoxy deters many who do not want to pay tuition for their children to be indoctrinated or silenced.  Even with plunging trust in higher education, administrators and faculty cannot resist the temptation to exclude opposing voices. Oregon is not the only school facing such shortfalls. Some woke institutions have closed entirely. The irony is that faculty would seem to prefer to see their institutions die than restore balance to their departments. However, this may offer a real opportunity for legislators and donors to force real changes in the culture of these schools. As I have previously written, parents and students who value free speech must increasingly look to public universities where faculty are subject to constitutional guarantees. Public universities may be the final line of defense for free-speech advocates. We now largely have two systems of higher education for those seeking education with a diversity of opinions and viewpoints. Except for outliers like the University of Chicago and other private universities holding the line on free speech, the orthodoxy found at private universities remains a barrier to many conservative and independent thinkers. If we are to protect these bastions of free speech, legislatures will need to play a more active role in addressing the exclusion of both faculty candidates and speakers on public campuses. Too many faculty members continue to take the view that citizens are a captive audience expected to continue funding their departments, while excluding conservative or dissenting views held by many, if not most, citizens in a given state. If faculty members want to continue maintaining echo chambers for their own viewpoints, they should have to seek private donors to sustain such intolerance and orthodoxy. Legislatures can demand evidence that schools are maintaining intellectually diverse faculties in determining the level of continued support from citizens. When some of us have argued for such campaigns, academics hypocritically claim that we are calling for political litmus tests or hiring based on political parties. It is an absurd argument that I have previously addressed, including in my book “The Indispensable Right: Free Speech in an Age of Rage.” The call is for donors and legislators to withhold funding until they see real reforms, including greater diversity on faculties. They are not directing the hiring but looking at the results. The faculty members objecting to such calls have watched passively (or actively supported) the purging of conservative or libertarian faculty from universities and colleges. When confronted by their own obvious ideological litmus tests, they shrug. Some acknowledge that their departments are overwhelmingly liberal, but insist that they just cannot find “competent” or “intellectually promising” conservatives. A few will admit that they do not believe that conservative views have a place in their departments. It is impossible to deny the purging of faculties to create an academic echo chamber. If a large corporation effectively eliminated women or minorities while claiming no conscious discrimination, they would be trounced in court. For years, I have raised concerns about the intolerance in higher education and surveys showing that many departments no longer have a single Republican as faculty members replicate their own views and values. There is no evidence that any faculty members (including those acknowledging the loss of virtually all faculty from the right of center) are honestly willing to reform their schools. That ideological echo chamber is hardly an enticement for many facing rising tuition costs and relatively little hope of being taught by faculty with opposing views. A Georgetown study recently found that only nine percent of law school professors identify as conservative at the top 50 law schools — almost identical to the percentage of Trump voters found in the new poll. There is little evidence that faculty members are interested in changing this culture or creating greater diversity at schools.  In places like North Carolina State University a study found that Democrats outnumbered Republicans 20 to 1. As college and university presidents face these shortfalls, it is time for legislators and donors to demand real proof of diversity in hiring and a change in the culture of these institutions. Otherwise, schools like Oregon will continue to close dorms as they push wokeness over wisdom. Tyler Durden Fri, 06/05/2026 - 13:40

— "The Rebirth Of America's Nuclear Industry": Antares Microreactor Goes Critical

 

at 6/5/26 11:20am

"The Rebirth Of America's Nuclear Industry": Antares Microreactor Goes Critical Antares just did something that has been painfully rare in American nuclear energy: it took a privately developed advanced reactor from concept to actual criticality on an aggressive, publicly stated schedule. On June 4th at Idaho National Laboratory (INL), the company’s Mark-0 microreactor achieved initial zero-power fueled criticality under the Department of Energy’s Reactor Pilot Program.  When a reactor goes critical, it is experiencing a self-sustaining chain reaction of fissioning uranium atoms inside of its core. A zero-power fueled criticality means the reactor was taken critical at an extremely low power level to prevent any heat production or significant radiation and facilitate data collection.  It is the first advanced reactor to hit that mark in the program and the first privately developed non-light-water reactor to reach criticality in the United States in more than four decades. Today, an advanced non-lightwater nuclear reactor reached criticality in the United States for the first time in more than four decades. Thanks to President Trump unleashing the American Nuclear Renaissance, this was made possible. ?? pic.twitter.com/UwWxdDd0ms — U.S. Department of Energy (@ENERGY) June 4, 2026 This is not another rendering or licensing milestone: Fission happened Ahead of schedule We have been tracking the microreactor industry’s rapid evolution across multiple articles. The handful of developers positioning under the new DOE fast-track authorities created by President Trump’s May 2025 executive orders.  In early April we detailed Antares securing the first-ever Documented Safety Analysis approval for an advanced reactor under DOE-STD-1271, which is a regulatory green light viewed as equivalent to an NRC license for their test reactor.  We covered their selection for the Air Force’s Advanced Nuclear Power for Installations program at Joint Base San Antonio. And just last week we reported on their groundbreaking multi-year commercial HALEU supply agreement with Urenco, the first long-term commercial contract of its kind, securing fuel for scale beyond limited government allocations. Today’s criticality is the concrete payoff from that string of updates. The Mark-0 demonstration validates key reactor physics and overall system performance for Antares’ broader R1 transportable microreactor design. The unit is sized for 100 kWe to 1 MWe, with a targeted refueling interval of more than six years, factory-fabricated modularity, and high-temperature heat pipes.  It uses TRISO fuel fabricated by BWX Technologies, drawing directly on the fuel specification and manufacturing work matured under the Department of Defense’s Project Pele military microreactor program. The U.S. Army was integrated throughout as a future end user. Energy Secretary Chris Wright called it fitting on the eve of the nation’s 250th anniversary: the first new privately developed non-light-water reactor criticality in America in over 40 years. Assistant Secretary Ted Garrish noted the skeptics who doubted the Reactor Pilot Program could deliver criticality in less than a year. ANS President Mark Peters congratulated the team but correctly framed criticality as “a starting line, not a finish line.” U.S. Chief Technology Officer Dr. Ethan Klein was a little more enthusiastic... AMERICAN ENERGY DOMINANCE. AMERICAN NUCLEAR RENAISSANCE. A HISTORIC MILESTONE. ?????? https://t.co/28wFYWYN7U — U.S. CTO Ethan Klein (@USCTO47) June 5, 2026 Antares CEO Jordan Bramble on making history: “Hitting our commitments is everything to us. Nuclear in America has been defined for too long by delays, by companies that said they would and then didn’t. We said criticality in 2026, electricity production in 2027, and power to the warfighter in 2028. Today is the first of those commitments delivered on the schedule we set.” The company went from concept to a critical reactor safely in less than 12 months.  Criticality is the starting line. But for the first time in a long time, that line just got crossed on a credible, aggressive timeline rather than a bureaucratic one. The microreactor race has a clear early leader in execution. The question now is whether the rest of the industry and the policy apparatus treat this as the new baseline, or simply another headline before the next round of delays sets in. Tyler Durden Fri, 06/05/2026 - 13:20

— New Footage Reveals Ford Carrier Damage Far More Severe Than Pentagon Acknowledged

 

at 6/5/26 10:40am

New Footage Reveals Ford Carrier Damage Far More Severe Than Pentagon Acknowledged Newly surfaced footage obtained by CNN indicates that a severe fire aboard the USS Gerald R. Ford - the world's largest aircraft carrier - inflicted far more extensive damage than the Trump administration initially admitted to the public. Early in the conflict it was forced to depart Mideast regional waters and retreat West in the Mediterranean, before undergoing extensive repairs at port in Croatia. Pundits were skeptical of official explanations, which suggested an accidental fire was sparked in the laundry room aboard the giant vessel. US Navy file: Ford carrier The major blaze erupted in March at a moment Iran claimed to have directly hit US naval vessels, but crisis was consistently downplayed by Pentagon officials at the time. The obtained video reveals severely destroyed sleeping quarters, showing sailors' bunks entirely reduced to charred, twisted metal. The ceiling directly above the berthing areas appears completely gutted by the intense flames, while exposed wiring hangs from overhead and thick ash blankets the floor. One sailor and eyewitness stationed on board the aircraft carrier told CNN: "I seriously thought we were going to lose the ship. It’s either fight or die." This doesn't sound like some localized fire in a small compartment, but a massive emergency - which as we now now derailed the Ford's ongoing Iran mission in CENTCOM regional waters. According to prior revealed details, it took the carrier’s crew approximately 30 hours of continuous damage control to fully extinguish the fire, clear out the wreckage, and importantly prevent the fire from reigniting. Some 600 sailors were displaced and left without access to their standard bunks, it had been revealed soon after the event took place. ⭕️ CNN Footage Reveals USS Gerald Ford Fire Was Far More Severe Than Pentagon Acknowledged New footage obtained by CNN shows the fire aboard the USS Gerald R. Ford aircraft carrier two months ago was significantly more extensive than the Pentagon’s official account suggested,… pic.twitter.com/Ycew0G2h3y — Drop Site (@DropSiteNews) June 5, 2026 While the definitive cause of the fire remains unclear, Tehran has claimed responsibility, asserting it successfully targeted the premier American aircraft carrier. Again, this has fueled widespread speculation that the Iranian account could be accurate, given the Pentagon is known to have downplayed other instances where significant military hardware came under fire. Prior reporting has also underscored that the blaze actually hindered combat operations against Iran. The incident has been confirmed to have resulted in a complete halt to two days of combat operations. Chief of Naval Operations Adm. Daryl Caudle, had described two months ago, "They fought that, put it out, and started flying sorties two days after that, so I’m very proud of that crew." Tyler Durden Fri, 06/05/2026 - 12:40

— Morgan Stanley Projects SpaceX Revenue Hitting Stratospheric $3.4 Trillion In 2040, $2.7 Trillion In EBITDA

 

at 6/5/26 10:05am

Morgan Stanley Projects SpaceX Revenue Hitting Stratospheric $3.4 Trillion In 2040, $2.7 Trillion In EBITDA Yesterday we shared a forensic analysis of the mechanics of the $75 billion SpaceX IPO and how to trade it, while specifically saying we are leaving the fundamentals aside. The reason for that is that the historicals of the company are, to put it mildly, problematic when it comes to projecting how the company grows into a multi-trillion behemoth.  As a reminder, SpaceX posted revenue of just under $20 billion for the LTM period, with approximately $6 billion EBITDA and loss of $4 billion, virtually all driven by the conglomerate's Connectivity (Starlink) division and to a lesser extend, the Launch Services division. Solid numbers on their own, but do they justify a $1.75 trillion in valuation? So how exactly does SpaceX get from here to there?  We got the answer this morning courtesy of the WSJ which got its hands on an analysis shared by Morgan Stanley with top investors.  Needless to say, to support the $1.77 trillion valuation Elon Musk’s SpaceX is targeting in its IPO, bankers are telling investors to look to the future.... far into the future.  Morgan Stanley projects that SpaceX’s revenue could reach $3.4 trillion in 2040. The bank told investors the rocket maker’s adjusted EBITDA in 2040 could top $2.7 trillion, or a largely unheard of 80% EBITDA margin. Some more details: the WSJ also notes that sellside analysts at Goldman Sachs and Morgan Stanley both projected SpaceX’s revenue would be near $160 billion in 2028, up from $20 billion currently. Goldman estimated that the rocket company’s revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion. Goldman and Morgan Stanley expect SpaceX to have adjusted EBITDA of around $110 billion in 2028 and $352 billion and $230 billion, respectively, in 2030.  Using these data, we have charted how SpaceX revenue and EBITDA would have to grow (assuming a 2028 baseline of $160BN in revenue and $110 billion in EBITDA). The projection is... aggressive. To get to those stratospheric - no pun intended - levels, both banks anticipate revenue from SpaceX’s AI business to provide the bulk of the revenue after this year and grow dramatically. Goldman projected that unit would contribute around $322 billion in 2030, while Morgan Stanley projected around $190 billion that year. SpaceX reported revenue from its nascent AI division of $3.2 billion in 2025. How realistic are these assumptions? Some thoughts from Brandon Carl, who writes that the MS forecast would require 14% US GDP growth over 14 years . The long-term average is 6.5%.: "Most Successful Company Ever" Assumptions SpaceX commands 5% of US corporate profits Corporate profits become 15% of GDP, by far a record Implications Total US corporate profits = $54 trillion US GDP = $205 trillion 14 year US GDP growth rate = 14% "Still Aggressive" Assumptions SpaceX commands 2% of corporate profits Corporate profits are 10% of GDP, historically high Then US GDP = $770 trillion growing at 26% Assume that EBITDA is about 1.75x profits, so profits = $1.54 trillion. Goldman and Morgan Stanley are certainly redefining the hockeystick when it comes to the SpaceX IPO: the two banks snagged the top two roles out of the 21 banks on SpaceX’s IPO, putting their banks in line to get the biggest shares of the hundreds of millions of dollars of fees. Which is why if for whatever reason the IPO bombs or fails to launch they stand to lose the most. So will people "buy" these ludicrous projections? Well, according to Bloomberg, with one week left to go until the actual IPO, the offering is already oversubscribed. *SPACEX IPO IS SAID TO DRAW MORE ORDERS THAN SHARES AVAILABLE This means that the deal will almost certainly price at Musk's desired offering price of $135. What happens after that is anyone's guess.  Tyler Durden Fri, 06/05/2026 - 12:05

— Micro-Cap 'War Unicorn' Merlin Soars After Advancing AI Pilot For C-130 Military Plane

 

at 6/5/26 9:50am

Micro-Cap 'War Unicorn' Merlin Soars After Advancing AI Pilot For C-130 Military Plane Aerospace and defense technology firm Merlin jumped in premarket trading after announcing that its AI-powered autonomous flight software for the C-130J Super Hercules cargo plane, developed with U.S. Special Operations Command, is moving toward formal testing. Merlin wrote in a press release earlier that its AI-powered autonomous flight software has "successfully completed" the critical design review for the C-130J, adding the "milestone positions the program to enter a structured formal test campaign, including aircraft-level testing, reflecting a disciplined systems engineering progression from design through verification." The Merlin AI Pilot will automate flight operations for the C-130J from takeoff to touchdown and is framed as an "operating system" for autonomous aviation. Merlin has completed the Critical Design Review for its C-130J autonomy program with @USSOCOM. CDR is the milestone where our government customer reviews the detailed design of the system and accepts it is mature enough to move toward the aircraft. We cleared it. Learn more… pic.twitter.com/8OgM9H5it8 — Merlin (@MerlinAero) June 4, 2026 The C-130 is the workhorse cargo plane of the U.S. military. The upgraded version, by slapping a "J" on the end, includes: Newer turboprop engines Six-blade composite propellers Digital cockpit and avionics Reduced crew requirements Better range, climb, speed, and fuel efficiency than older C-130s Shares of the micro-cap defense company jumped 28% in premarket trading. Merlin also pointed out that it is "rapidly advancing its AI-powered autonomy stack onboard the C-130J, with potential pathways for expansion across other Department of War or commercial aviation platforms." The rise of "war unicorns" has been an important theme this year as the Department of War resets its procurement program toward startups and away from big legacy primes. Goldman analysts also recognize the rise of defense startups and sat down with Palmer Luckey's Anduril earlier this week. Read the note here. Tyler Durden Fri, 06/05/2026 - 11:50

— US Jobs Soar By 172K In May, Smashing Estimates In 4 Sigma Beat; Unemployment Rate Remains At 4.3%

 

at 6/5/26 7:49am

US Jobs Soar By 172K In May, Smashing Estimates In 4 Sigma Beat; Unemployment Rate Remains At 4.3% With Wall Street expecting a strong - not great - number, and a modest decline from April's 115K, moments ago the BLS reported a shocker: in May the US added 172K jobs... ... not only a 4-sigma beat to the median estimate of 88K, but also above the highest estimate of 125K. In a noteable change from previous months' downware revisions, the change in total nonfarm payroll employment for March was revised up by 29,000, from  +185,000 to +214,000, and the change for April was revised up by 64,000, from +115,000 to +179,000. With these revisions, employment in March and April combined is 93,000 higher than previously reported. Turning to the Household survey, unlike previous months, we saw the number of employed people rise by 149K from 162.622K to 162.771K... ... with both the Household and Establishment survey rising for the first time in months. The unemployment rate held at 4.3%, in line with expectations. Among the major worker groups, the unemployment rates showed little or no change in May for adult men (4.0%), adult women (3.8%), teenagers (14.7% ), and people who are White (3.8%), Black (6.6%), Asian (3.8%), or Hispanic (5.0%). The labor force participation rate held at 61.8% in May, and the employment-population ratio changed little at 59.2 percent. These measures showed little change over the year, after accounting for annual population control adjustments.  Average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents or 0.3%, in line with estimates. Over the year, average hourly earnings have increased by  3.4%, also in line with estimates. In May, average hourly earnings of private-sector production and nonsupervisory  employees rose by 8 cents, or 0.2 percent, to $32.31 Some more details from the report: The number of people jobless less than 5 weeks declined by 286,000 to 2.2 million in May, largely offsetting an increase in the prior month. The number of long-term unemployed (those jobless for 27 weeks or more) was little changed over the month at 2.0 million but is up by  524,000 over the year. The long-term unemployed accounted for 27.5 percent of all unemployed people in May.  The number of people employed part time for economic reasons, at 4.8 million, changed little in May. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.  In May, the number of people not in the labor force who currently want a job changed little at 6.2 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force changed little at 1.7 million in May. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was 486,000 in May, essentially unchanged from the previous month.  Taking a closer look at the Establishment survey, job gains occurred in leisure and hospitality, local government, and health care. Employment in financial activities declined.  Leisure and hospitality added 70,000 jobs in May, well above the average monthly gain of 14,000 over the prior 12 months. Over the month, food services and drinking places added 48,000 jobs. In May, employment in local government rose by 55,000, largely reflecting a gain in local government, excluding education (+44,000). Health care added 35,000 jobs in May, in line with the average monthly gain of 38,000 over the prior 12 months. Over the month, ambulatory health care services added 26,000 jobs, including a gain of 11,000 in home health care services. Employment continued to trend up in hospitals (+6,000). Social assistance employment continued to trend up in May (+12,000), mostly in individual and family services (+10,000). Over the prior 12 months, social assistance had added an average of 17,000 jobs per month.  Employment in mining, quarrying, and oil and gas extraction increased by 5,000 in May and is up by 10,000 since February. Financial activities employment declined by 22,000 in May and is down by 107,000 since a  recent peak in May 2025. Over the month, job losses occurred in insurance carriers and related activities (-11,000) and commercial banking (-3,000). Employment in transportation and warehousing was essentially unchanged in May (+1,000) but is down by 92,000 since reaching a peak in February 2025. Over the month, transit and ground  passenger transportation (+9,000) and warehousing and storage (+6,000) added jobs. Air  transportation lost 9,000 jobs, largely reflecting a business closure. Employment showed little change over the month in other major industries, including  construction, manufacturing, wholesale trade, retail trade, information, professional and  business services, and other services. And visually: One notable thing about the composition was the unexpected surge in Local Government jobs, which surged by 55K, the biggest jump since March 2024. It is unclear what prompted this.  Indeed, the composition of the job gains leaves a lot to be desired. As UBS notes, the upside surprise in May payrolls is concentrated in a few sectors with clear calendar and seasonal tailwinds, rather than broad-based strength. The largest contributor was leisure & hospitality (+70k), far above its recent trend, consistent with UBS’s expectation that the timing of Memorial Day pulled hiring forward into May from June. Local government (+55k) was another key driver, likely reflecting smaller-than-usual seasonal education outflows and stronger non-education hiring, in line with UBS’s upside risks around state/local dynamics. Healthcare (+35k) and social assistance (+12k) provided steady baseline gains. Meanwhile, financial activities (-22k) detracted meaningfully. Government and government-related sectors accounted for majority of job growth in May. Local government +55K (biggest surge since March 2024) Education and Health +40K Add Leisure and Hospitality which was +70K, and that covers all gains pic.twitter.com/VZM0LpTZHG — zerohedge (@zerohedge) June 5, 2026 Putting it together, UBS concludes that the beat looks largely explained by timing distortions (holiday effects), public-sector swings, and steady services hiring, rather than a genuine reacceleration in underlying labour demand - reinforcing expectations that some of this strength may unwind or revise lower in coming months. Others were similarly unimpressed: according to Vanguard, "Today's strong jobs number looks appears like a seasonal surge than a turning point for the labor market. The labor market still appears resilient, but not as if it’s reaccelerating, and the unemployment rate remains essentially stuck around 4.3%. What’s notable is that unemployment is increasingly concentrated among younger, more educated workers who are staying in the labor force, and that’s one reason it may be harder for the rate to move meaningfully lower from here" Looking at the composition of the numbers, we see even more weakness, with part-time jobs +266K while full-time jobs drop by 79K, second month of decline in a row and 4th in the past 5. in kneejerk reaction, today's very hot print immediately pushed rate hike odds higher, with traders now fully pricing in a quarter point rate hike by year-end. According to Adam Crisafulli, "This jobs report will make life even harder for Warsh as his preferred dovish policy pathway is even more difficult to justify." As for the market, it is unclear how traders read this. As a reminder, JPM said that any number above 130k, could lead to SPX loses 1% to gains 50bp, depending on the internals. And now the narrative begins to nudge said internals in a bullish direction.  Tyler Durden Fri, 06/05/2026 - 09:49

— Iran Oil Exports Plunge To Four Year Low As Blockade Tightens, While Inflation Soars To World War 2 Levels

 

at 6/5/26 7:45am

Iran Oil Exports Plunge To Four Year Low As Blockade Tightens, While Inflation Soars To World War 2 Levels If it was indeed Trump's intention to starve Iran's economy of oil export revenue, the plan may just be working: Iran's oil exports fell to their lowest level in at least six years in May as the US naval blockade has succeeded in choking off crude shipments and leave tens of millions of barrels stranded at sea. According to shipping data from Vortexa, Iran exported just 209,000 barrels per day of crude oil and condensate in May, down from 1.34 million bpd in April and nearly 1.9 million bpd in March. Kpler had estimated May exports slightly higher at 260,000 bpd, but still the lowest level since the height of the Trump administration's "maximum pressure" campaign in 2019-2020. When the blockade first took effect in April, analysts expected Tehran to lean on floating storage while waiting for an opportunity to move barrels, which it did with ease as it had control of the strait thanks to its own blockade (much to our surprise, as we asked back in early March why the US didn't do the same). But storage is no longer growing. According to Kpler, floating inventories have fallen from roughly 190 million barrels in late April to about 147 million barrels today as cargoes continue trickling into China and production slows. Meanwhile, another problem for Tehran is that China's appetite for oil is not only not growing, it is crashing just as Iran needs buyers most (see "Traders Puzzled As Physical Oil Prices Tumble Amid Surging Chinese Crude Sales, Plunging Imports").  Independent Chinese refiners have begun cutting processing rates amid weak margins and comfortable fuel inventories, reducing demand for sanctioned barrels. That shift has already pushed Iranian Light crude from a premium to a discount. As Reuters notes, plunging demand from Iran’s top crude buyer, China, has dragged Iranian flagship oil prices into discounts to ICE Brent for the first time in two months, trade sources told Reuters on Thursday, noting that Iranian Light crude is offered at discounts ranging from $0.50 to $1 per barrel to ICE Brent for delivery in June into the province of Shandong, the home of the teapots. As recently as a month ago, Iranian Light cargoes were sold at premiums of $1–2 per barrel over ICE Brent in April and May. Meanwhile, roughly 67 million barrels of Iranian crude and condensate remain stranded inside the Gulf and Gulf of Oman, according to Kpler estimates. Worse, analysts say time may be running short. Kpler's Homayoun Falakshahi warned that if the blockade remains in place for another two months, Iran could effectively run out of available oil to ship to China. The market implications extend beyond Iran. Every barrel removed from export markets tightens an already strained global supply picture at a time when Middle East disruptions have already slashed regional exports. For now, fewer tankers leaving Iran means fewer barrels reaching buyers. Eventually, it will mean fewer barrels being produced. But the implications certainly also impact Iran, whose economy is now imploding, as a decline of 1 million barrels from the 1.3 million April daily average translates into a roughly $80 million drop in export revenues per day, or $2.5 billion per month, which Iran's IRGC leadership no longer collects to control the population and the local army. As a result, inflation in Iran reached a level in May unseen since World War II, underlining the economic pain average Iranians face as the Islamic Republic worries about the war with Israel and the United States restarting. A report Monday by Iran's Central Bank represents the first official acknowledgment of what Iranians shopping, paying for a taxi or visiting a medical clinic already know: The rial currency is being crushed by the war and uncertainty around it resuming.  Iran's Central Bank said the consumer price index reached 77.2% in May compared to the year before. It added the rate is 8.5% higher than in April. Inflation in daily and general needs - like medicine, taxi fares, tobacco and communication fees - rose 113.8% from the year before. May as well call it hyperinflation: the rial, which traded at 32,000 to $1 in 2015, now trades at over 1.7 million to $1. “We will definitely have higher prices," Iranian President Masoud Pezeshkian warned in May. "We are fighting and we must accept this hardship.” Iran only saw worse inflation in 1942 during World War II, sparked by the British and Soviets invading the country and taking over its railway, disrupting food supplies. The lack of food, worsened by a poor harvest, sparked hyperinflation and a famine. Hunger and a typhus outbreak killed many. A private economic think tank in Iran, the Bamdad Institute of Economic Studies, described the current figures as “an unprecedented rate since World War II.” Iran's Central Bank did not acknowledge the significance of the figures. Which begs the question: is Iran about to have another round of violent protests? In 2017 into 2018, soaring food prices sparked demonstrations that killed over 20 people and saw hundreds arrested. An increase in government-subsidized gasoline prices caused protests that saw over 300 people reportedly killed. Then came the protests over the rial at the start of this year, the most intense demonstrations to shake the Islamic Republic since its 1979 revolution and chaotic years that followed. Tehran-based economist Saeed Leilaz, speaking to The Associated Press, warned that annual inflation in Iran could reach 80%. "Iran’s society cannot tolerate above 25%” annual inflation, he warned.  Tyler Durden Fri, 06/05/2026 - 09:45

As of 6/5/26 6:52pm. Last new 6/5/26 6:52pm.