Chicken Taco ๐ฎ๐ฑ✡️๐ป✡️๐ป✡️๐ฑ ๐ฎ
Cheese๐ฎ๐ฎ๐ฎ: During the run up to the 2016 election, Trump warned that if nothing was done about Mexican immigration to the US, there would soon be taco trucks on every corner so it’s rather fitting that there’s now a Wall Street trade named TACO, as in Trump Always Chickens Out. The TACO trade refers to profit opportunities associated with market rebounds like the one that took place on Tuesday after Trump delayed the imposition of his threatened 50% tariffs on imports from the EU from June 1 to July 9 (not June 9 as I mistyped on Tuesday). The implication is that those opportunities keep happening because the orange guy is a ๐. Yesterday, when asked about the TACO trade by CNBC reporter Megan Casella, Trump denied knowing anything about it before squawking that Casella is nasty while demanding she never ask that question again, not a problem because he’ll probably refuse to acknowledge her moving forward assuming he doesn’t yank her press credentials. It’s highly likely that today there will be another TACO rally, not because Trump chickened out again, but because last night a three-judge panel from the relatively low-profile but important Manhattan based federal US Court of International Trade stopped the enforcement of most of Trump’s wide-ranging tariffs, ruling that he’d overstepped his authority because in the absence of war tariffs are supposed to be legislated by Congress and despite Trump’s assertion we are at war with Venezuela, we’re not. Notably, one of the judges who ruled against the tariffs was a Trump appointee and another was a Reagan appointee. Last night Trump’s legal team appealed the ruling but at least for now tariffs are out while tacos and the TACO trade are in which explains why Dow futures are up around 500 points this morning.
Pardons R Us: One of the questions posed to Trump lawyer Emil Bove during oral arguments for the now infamous Supreme Court immunity case concerned whether or not presidents could sell pardons with impunity. Unfortunately, we now know that wasn’t a stupid question because SCOTUS granted Trump immunity and he appears to be selling and awarding pardons like hot cakes, or should I say tacos. Among others, this week he pardoned D-list reality TV “stars” Todd and Julie Chrisley, agreeing with their Trump supporting daughter that they’d been unfairly targeted by the Justice Department when they’d been found guilty of defrauding banks out of over $30 million in loans using fake bank statements and other financial records and concealing income from their reality TV show to avoid paying nearly $500,000 in taxes, failing to file returns and failing to pay taxes for several years. That so-called unfair targeting took place during Trump’s first administration but that appears to be one of those things that Trump’s sweeping under his coif. Trump also pardoned former Staten Island Congressman Michael Grimm who among other things had admitted and served time for concealing $900,000 in gross receipts from a Manhattan restaurant he was a member of called Healthalicious. Trump also pardoned John Rowland, the former governor of Connecticut who’d served two distinct stints in jail, the first for accepting gifts and favors from state contractors, the second for conspiring to hide his work on political campaigns. These pardons followed the earlier pardon of a Florida fraudster whose mother “contributed” one million dollars to Trump. Trump’s not done yet. He’s now considering pardoning the group of men who had conspired to kidnap Michigan Governor Gretchen Whitmer. As to Emil Bove, the lawyer who argued that Trump could do whatever he wanted, yesterday Trump nominated him to serve as a Federal Appeals Court Judge for the 3rd Circuit which covers Pennsylvania, New Jersey, and Delaware to “end the Weaponization of Justice, restore the Rule of Law, and do anything else that is necessary to, MAKE AMERICA GREAT AGAIN.” Currently Bove serves as a senior officer in the DOJ responsible for implementing Trump’s immigration enforcement and retaliating against prosecutors and FBI agents who worked on January 6 cases. What could go wrong?
Tip of the Needle: Just a week or so ago, RFK Jr said that we shouldn’t look to him for medical advice because he’s not a doctor and, as we all know, he’s made lots of medically imprudent personal choices like shooting up heroin and swimming in bacteria infested waters with his grandchildren in tow to name a few. Well so much for ignoring his advice, this week just as reports emerged about a new, highly contagious COVID strain hitting our shores, ignoring science, and circumventing usual procedures, RFK announced that he’s having the CDC remove the COVID vaccine from its immunization schedule for "healthy children and pregnant women." That follows last week’s FDA announcement that it plans to limit access to future COVID shots to people over 65 years old or those with an underlying health condition. Removing the COVID vaccine from the schedule will limit access and insurance reimbursement which is a problem especially for those who can’t afford to spend the $200+ that they’ll likely be charged but even worse it will result in more illness and deaths particularly among pregnant women and children under the age of two. Yesterday’s NY Times Daily included a good summary of the ramifications of RFK’s decision. They point out that while most young children will probably be okay without the shot, the youngest ones are very vulnerable and by discouraging pregnant women from getting the shots RFK is further exposing their newborns who benefit from their mom’s immunity but only until they’re around six months old. So much for Making America Healthy Again and how ironic that instead of trumpeting how he got the COVID shot to the public so quickly during the pandemic, Trump has fallen down the anti-vaccine rabbit hole. RFK also announced that the bird flu vaccine contracts that had been awarded to Moderna are being cancelled because why would we want to be ready in the event that bird flu becomes a human problem? First the COVID shot, then bird flu vaccine development, RFK is unlikely to stop there. RNA based vaccines due in part to those fake conspiracy theories about how they change DNA and implant brain chips are just the low hanging fruit, next up Polio? By the way, Elon Musk, the guy whose Neuralink company does implant chips into human brains, announced last night that he’s bid farewell to the White House and is leaving his DOGE role. On his way out the door he threw shade on Trump’s “big, beautiful budget,” criticizing how it further expands the already huge government deficit. The Wall Street Journal was the first to report that though Musk’s criticism of the budget plan is valid, his willingness to go public with it may be rooted in his failure to upend, or at the very least get a part of, the AI (artificial intelligence) deal that his rival Sam Altman pulled off during Trump’s recent trip to the Middle East. And really, given how much other business, including access to our personal data, that Musk managed to get while serving as co-president with Trump why shouldn’t he have expected to also get a chunk of the AI pie.
The New Dark Age: It's hard to write about all the damage that Trump is doing to higher education and medical research right now. He continues to target Harvard, threatening to pull the visas of all its foreign students, while also putting a halt on student visa interviews at US embassies across the globe, a move that goes well beyond just impacting Harvard. An argument can be made that our universities, not just Harvard, have grown too reliant on the money provided by high paying foreign students so some gradual cutbacks might be warranted but closing the door on all overseas students is short sighted especially since it will result in a brain drain and, combined with all the cutbacks in research funding, will set back finding cures for cancers and other diseases. Anyone who believes that Trump is doing this to combat campus anti-Semitism is missing the big picture. If anything, he’s spurring more hate, anti-Semitic and otherwise, while also dumbing down the country and killing innovation. Also, the continued stories about non-criminal migrants being scooped up by the INS including high school students and sick children in the US on compassionate visas, is chilling, right up there with the stories of the migrants deported to El Salvador and South Sudan’s gulags.
Fog: Trump is so upset with his one time and still BFF Putin that he’s working on one of his “two-week” plans. #LOL
#BringThemAllHomeNow