Thanks to Big Tech's and Big Media's suppression of his record, he
can present himself as a man of character and high morals. MARK CHRISTIAN
Analysis conducted in 2018 discovered that 71 percent of tech workers in Silicon Valley,
California, are foreign-born, while the tech industry in the San Francisco,
Oakland, and Hayward area is made up of 50 percent foreign-born tech workers.
Up to 99 percent of H-1B visa workers imported by the top
eight outsourcing firms are from India.
Sen Kamala Harris is a product of Silicon
Valley's billionaires and will enforce their agenda in DC.
Eg, she's an author of the S.386 bill that allows the
Fortune 500 to hire more white-collar workers from India for jobs needed by
America's college grads https://t.co/gKCuD9DH5z
— Neil Munro
(@NeilMunroDC) August 12, 2020
In today's election, yours is a choice between freedom and
globalism
I know something about both freedom and
globalism. What I know is that you cannot have both, which is why I
immigrated to America, the world's last stronghold of freedom.
In the way of background, I grew up in a
prominent Muslim family in Egypt and became an imam at an early
age. Like
Christianity, Islam is a global religion. Unlike Christianity, Islam
imposes an imperial global vision on true believers and denies them freedom of
thought and movement.
Progressive globalism does much the
same. Although Islam and progressivism would seem to have nothing in
common, they do share one overriding goal: the need to crush traditional
American Christianity, the one obstacle to world dominance in either
case. At some point, Islam and progressivism will part ways, but for
now, they are content to "coexist."
Progressive leaders turn a blind eye to
the slaughter of Christians at a church in France or the shooting of a priest
in another church or the beheading of a French teacher for daring to show a
picture of Mohammed, the prophet of Islam. In countries like France,
leftists have been responsible for as much church vandalism as Muslims, maybe
more. For now, the left and Islam are allies. The result
of the failed immigration policies and the rabid push of atheism by most
European governments has made their combined mayhem possible.
The mayhem has been papered over with
lies, which is why Joe Biden makes such a perfect front man for the global
elites. Biden has lied about almost everything in his
life. Where to begin?
Biden lied about his undergraduate
degree and his majors, lied about his rank in law school, lied about
scholarships and educational aid he had received, lied about his stance toward
the Vietnam war while in college, lied about his plagiarism of other
politician's writings and speeches, lied about the circumstances around his
first wife's fatal accident, lied about how he met his second and current wife,
and lied about the affair they were having when they were both married.
Joe Biden is the embodiment of the dark
side of American politics.
When the Vietnam war ended, and our troops
needed funding to evacuate gracefully, Joe Biden stood in the
way. His obstruction led to Saigon's fall and the disgraceful flight
of American troops and personnel off the American embassy's rooftop in Vietnam.
When President Ford pleaded with Congress
to help the Vietnamese refugees, the ones who were aiding Americans during the
war, Joe Biden stood in the way. Even though many of these refugees
were orphan children, Joe Biden called them criminals and prostitutes on the
Senate floor.
Most recently and dramatically, Biden lied
about his knowledge of his son's shady dealings, lied about his own involvement
in corruption and bribery, and lied about his current presidential agenda and
what he wants to implement in regards to energy, fracking, court-packing,
health care, education, and COVID among other issues.
Biden has lied about so much that I am not
sure if he ever told the truth or is now even capable of doing so. Thanks
to Big Tech's and Big Media's suppression of his record, he can present himself
as a man of character and high morals. We must feel sorry for
the multitude of gullible Americans who believe him.
Do not be a fool and believe for a second
that the elites hate Trump because of his tweets or because he is allegedly a
sexist, a rapist, a racist, or a foreign agent. Nor do they hate him
because of the pandemic death toll.
In reality, the elites hate Trump because
of "YOU," because you elected a man they did not
nominate and could not control. I have never seen global
anticipation for an American election like this one. The world is
watching. The progressive and Islamic elites are pulling for Biden,
but lovers of freedom all over the world are quietly cheering for
Trump. If you have yet to vote, be sure to vote today and give them
something to cheer about.
Image:
Biden the globalist by Andrea Widburg.
Reports: India’s H-1B Workers Back Joe Biden for President
31 Oct 202038
7:45
Indian
H-1B visa workers in the United States are rooting for Joe Biden and hoping
President Donald Trump and his pro-American reforms will get the boot,
according to reports in Indian media.
“Many H-1B
visa holders, according to Jeya Ganesh, are wishing for a Biden win,” said a
report in IndiaTimes.com. “Biden would be the preferred choice for skilled
workers. He established clearly that he would resolve the hurdles for tech
workers,” he said, adding, “If Trump gets reelected … Canada is one
option I am looking forward to.”
At least
500,000 Indians hold H-1B visas or H4EAD work permits that keep them in a wide
range of U.S. white-collar jobs — despite the exclusion of many American
graduates from career jobs. Nearly all of those visa workers hope the federal
government will quickly provide them with the huge prize of green cards and
citizenship. But that process is facing political challenges as Trump
pushes popular rewrites of the
H-1B program to help younger American graduates get white-collar jobs.
The support
for Biden among Indians reflects the same rational assessment made by poor
migrants at the U.S-Mexican border. “Asylum-seekers stranded in Matamoros,
Mexico, have a plea for voters in November: Elect Joe Biden and “get us out of
this hell,” said an
October 20 report from the New
Republic:
Migrants (& Wall St.) say they want Joe Biden to win – b/c he will open
the United States to many more cheap-labor migrants.
That huge inflow, of course, would cut wages & raise housing $, so shifting
yet more wealth to employers & coastal investors. https://t.co/6LGJQtVTj9
— Neil Munro
(@NeilMunroDC) October 27,
2020
“The most
pressing concerns for many [migrant] Indians and [citizen] Indian-Americans
remain immigration and H-1B visas and how the outcome of the elections impact
these issues,” said IndiaExpress.com:
“If Biden-Harris prevail, the
immigration situation will improve,” says [Manish] Kothari. “However, the H-1B
situation could continue to be challenging because of how the State Department
has changed under the Trump administration. It will take some time to undo
these changes.”
Trump’s hostile immigration policies
over the past four years have deeply impacted many Silicon Valley employees and
their families. “Many workers had to return and this could continue in the next
administration. Students who come to the US will be protected because new H-1B
entrants from India will have more challenges arriving. We’ve already seen both
examples of workers having to return to India and students rising to take
available jobs,” explains [Nirav] Shah.
Pramod, who
“has spent nearly 13 years in the US, said he would want to see Biden as the
next US president,” according to the IndiaTimes.com. “Biden is good. But I
don’t want to keep my hopes up,” he said.
Indian
students in the United States, many of whom cycle between university courses
and visa jobs, also support Biden. “I personally feel that [Trump’s student
visa reform] this is some sort of attack on the international students,” said
Ratul Biswas, a University of Minnesota Ph.D. student from India. He told the Star Tribune that he hopes
to land a job as a professor in the flooded market for U.S. academic slots.
“Of course
Biden,” responded Ajay
Bhutoria, a Democrat-aligned Indian in Silicon Valley, Breitbart News
asked him who is the favorite of Indian-origin H-1B workers in the valley.
“They don’t have a vote, but their voices are for Biden,” he added. In Silicon
Valley, he said 80 percent of naturalized Indians are voting for Biden rater
than Trump, partly because of the H-1B visas issue, he said.
“The
community understands who the real friend of India is, who the foe,”
Bhutoria told FinancialExpress.com.
“Trump is a foe. … He has suspended the H1 Visa Programme [and] put trade deals
with India in jeopardy.”
Many Indian Americans rationally
favor the H-1B program. The huge program — and other visa worker pipeless —
bring in at least 150,000 Indian visa workers per year, thereby providing
Indian-run businesses with cheap and controllable labor and also expanding the
cultural, economic, and political clout of Indians in the United States:
Another survey shows Indian-Americans vote overwhelmingly for welcoming
pro-diversity Democrats.
Yet GOP legislators support the policies that import roughly 150K Indian
workers (incl. #H1B for
US jobs) & 150K Indian legal immigrants per year. https://t.co/h03hkUtEQA
— Neil Munro
(@NeilMunroDC) October 15,
2020
“Biden has clearly said he is going
to raise at the H-1[B] program and increase it as the industry needs. He’s
going to streamline the Green Card process in the first hundred days … so
people in the Green Card [waiting line] can get the Green Card much faster,”
Bhutoria told Breitbart.
On October
22, IndiaWest.com posted an op-ed appeal by
Biden to Indian American voters:
I’ve always felt deeply connected to
the Indian American community because of the values we share: duty to family
and elders, treating people with respect and dignity, self-discipline, service,
and hard work.
…
[Sen.] Kamala [Harris] is smart,
tested, and prepared. But another thing that makes Kamala so inspiring is her
mother, Shyamala Gopalan. We feel Kamala’s pride when she talks about her. She
was from Chennai, where her father, Kamala’s grandfather, was active in the
fight for Indian independence.
…
We also believe America is a land of
opportunity. But it’s likely you and your family have been caught in the middle
of President Trump’s crackdown of legal immigration and pathways to permanent
residency and citizenship and his decisions on the H-1B visa program. And his
dangerous rhetoric about immigrants has empowered white supremacists and even
fueled hate crimes against Indian Americans.
Trump has also made much effort to
win Indian American votes, particularly by helping businesses and cementing
trade and security ties with India as its borders are challenged by an
aggressive China.
Indian
government officials also lean towards Biden, according to the Indian
writer of an op-ed at CNN.com, who briefly noted the
importance of the H-1B visa worker issue to India. “Indian diplomats say
privately that handling the Trump administration has been complicated,” he
wrote, adding:
If Biden wins, the Indian government
can be expected to re-engage on climate issues, an easing of immigration
restrictions and a resumption of less rancorous trade talks. New Delhi would
also like to shore up sagging multilateralism and expects a President Biden to
be less eager to pull all US troops out of Afghanistan, a major point of
difference with the Trump administration.
…
There is
also considerable vicarious pride in the choice of an Indian-American, Sen.
Kamala Harris, as Biden’s running mate. One noticeable characteristic of the
present campaign is the degree to which both candidates have gone to woo the Indian-American
community. That the US is home to what is perceived by Indians as their
most successful diaspora is just one more — and arguably the most lasting —
reason that India and the US will remain close, irrespective of election
results in either country.
Trump's H-1B rewrite is a huge break from the Fortune 500 b/c it shrinks
their outsourcing & subcontracting policies.
So a huge win for US labor-rights, but few journos have the freedom to get past
corporate/progressive framing of #H1B as
'immigration.'https://t.co/2lPDZhY2oH
— Neil Munro
(@NeilMunroDC) October 29,
2020
Businesses
and progressives praise open-ended legal migration partly because migrants’
arrival helps transfer
wealth from wage earners to stockholders.
Migration
moves money from employees to employers, from
families to investors, from young
to old, from homebuyers to
real estate investors, and from
the central states to the coastal states.
Migration
also allows investors and
CEOs to skimp on labor-saving
technology, sideline U.S.
minorities, ignore disabled
people, exploit stoop
labor in the fields, short-change
labor in the cities, impose tight
control on American professionals, centralize technological
innovation, undermine labor rights, and get
many progressive
reporters to cheerlead for Wall
Street’s priorities.
Kamala Harris Raked in Cash from Big Tech During Democrat Primary
Rich Polk/Getty Images
for LACMA
13 Aug 2020180
1:58
During the
2020 Democrat presidential primary, Sen. Kamala Harris (D-CA) was bestowed with
the most billionaire donations of the nearly 30 candidates who ran for the
nomination.
In the
primary, Harris secured more donations from billionaires than any other
Democrat running, according to a November 2019 analysis by Forbes. Before dropping out in
early December 2019, Harris raked in donations from at least 46 billionaires.
A number of
Harris’s donations came from executives and employees of big tech corporations,
as Breitbart News reported at the
time.
By August 2019, seven Facebook
executives and employees had donated $1,000 or more to Harris’s campaign,
nearly 20 Google executives and employees had donated more than $1,000, four
Twitter executives and employees had donated more than $1,000, and 71 Amazon
executives and employees had donated anywhere from $5 to $2,000.
Notably,
Harris took
donations from Impossible Foods president Dennis Woodside, LinkedIn
co-founder Reid Hoffman, Ripple CEO Brad Garlinghouse, and Salesforce
chairman Marc Benioff.
Despite a
lack of enthusiasm and support among primary voters, Harris’s campaign was propped
up by a base of elite coastal donors, with less than 40
percent of her funding coming from small-dollar donors giving $200 or less as
of October 2019.
On Tuesday,
Democrat presidential nominee Joe Biden confirmed Harris as his vice
presidential pick. In a statement, House Speaker Nancy Pelosi (D-CA) called Harris
a “champion for hardworking families everywhere.”
John Binder
is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.
Report: Facebook
Manually Censored NY Post Biden Corruption Bombshell
1 Nov 2020508
2:43
A report published this week alleges that Facebook manually
censored the New York Post bombshell story about Biden
family corruption. According to the Guardian, Facebook
moderators manually overrode the platform’s automatic processes to censor
the Post, an effort that successfully censored about half of the
engagement the article would have received, according to researchers.
According to a report by the Guardian, internal documents
from Facebook suggest that the platform intentionally restricted the
distribution of a New York
Post report that allegedly revealed ties between Democratic
presidential candidate Joe Biden and a Ukrainian energy company. The
suppression was not automatic or based on Facebook’s AI and algorithmic
approach to content, but rather done by hand by Facebook moderators.
This does not come as a
surprise as some Facebook executives announced their decision to
restrict the distribution of the report. In a tweet, Facebook’s Policy
Communications Director Andy Stone said that the story would be restricted in
some form on the platform.
“While I will intentionally not link to the New York Post, I
want be clear that this story is eligible to be fact checked by Facebook’s
third-party fact checking partners. In the meantime, we are reducing its
distribution on our platform,” Stone wrote in a tweet on October 14.
While I will intentionally
not link to the New York Post, I want be clear that this story is eligible to
be fact checked by Facebook's third-party fact checking partners. In the
meantime, we are reducing its distribution on our platform.
— Andy Stone
(@andymstone) October 14, 2020
According to an internal Facebook policy, the platform will
remove “unverified rumors” that could lead to violence, harm, or voter
interference. It is not clear how this policy is applied by Facebook.
“Generally, we take action on misinformation rated by
fact-checking partners by reducing its spread and surfacing more information to
people,” the policy reads. “However, we will remove misinformation if it
violates our Community Standards, including misinformation and unverified
rumors that could contribute to the risk of imminent violence or physical
harm, voter and census interference content, and certain manipulated
videos…”
Facebook’s censorship of
the Post was
deemed successful by social media engagement experts that examined the
decision. They found that the Post‘s bombshell article only
reached about half the engagement it would have been expected to reach on its
own. Mark Zuckerberg denied censoring the Post during his recent
testimony to the Senate Commerce Committee.
Breitbart News reported over the weekend that
Twitter has finally reinstated the Twitter account belonging to the New York Post. The newspaper
was locked out of their account on October 14 following the publication of the
Hunter Biden story.
Stay tuned to Breitbart News for more updates on this story.
Wall Street Praises Kamala Harris as Joe Biden’s VP:
‘What’s Not to Like?’
JOHN BINDERWall Street executives are
praising Democrat presidential nominee Joe Biden’s choosing Sen. Kamala Harris
(D-CA) as his running mate against President Trump, feeling they dodged a
bullet from a progressive insurgency.
In interviews with the Wall Street Journal, CNBC, and Bloomberg, executives on Wall Street expressed relief that
Biden picked Harris for vice president on the Democrat ticket, calling her a
“normal Democrat” who is a “safe” choice for the financial industry.
Morgan Stanley Vice Chairman Tom Nides told Bloomberg that across Wall
Street, Harris joining Biden “was exceptionally well-received.”
“How damn cool is it that a Black woman is considered the safe and
conventional candidate,” Nides said.
Peter Soloman, the founder of a multinational investment banking firm,
told Bloomberg he believes Harris is “a great pick” because she is “safe,
balanced, a woman, diverse, what’s not to like?”
As the Journal notes, many on Wall
Street see Harris is another conscious decision by the Democrat establishment
to stave off populist priorities to reform Wall Street:
To some Wall Street executives, Ms. Harris’s selection
signals a more moderate shift for
the Democratic Party, which its progressive flank has pushed to the left in
recent years. [Emphasis added]
“While Kamala is a forceful, passionate and eloquent
standard-bearer for the aspirations of all Americans, regardless of their race,
gender or age, she is not doctrinaire or rigid,” said Brad Karp,
chairman of law firm Paul Weiss, who co-led a committee of lawyers
across the country who supported Ms. Harris during the primary. [Emphasis
added]
Marc Lasry, CEO of Avenue Capital Group, called Harris a “great” pick
for Biden. “She’s going to help Joe immensely. He picked the perfect partner,”
Lasry told CNBC.
Executives at Citigroup and Centerview Partners made
similar comments about Harris to CNBC and the Journal, calling
her a “great choice” and “direct but constructive.”
Founder of financial consulting firm Kynikos Associates Jim Chanos was
elated in an interview with Bloomberg over Harris joining Biden on the Democrat
ticket:
“She’s terrific,” said Chanos, founder of Kynikos Associates. “She’s got force of
personality in a good way. She takes over a room. She certainly
has a charisma and a presence which will be an asset on the campaign.”
[Emphasis added]
Harris is no stranger to praise from Wall Street executives. In the
2019 Democrat presidential primary, Harris won over a number of financial
industry donors, even holding a fundraiser in Iowa that was backed by Goldman
Sachs Group, Inc.
While criticizing “the people who have the most” in Democrat
primary debates, Harris raked in thousands in campaign cash from financial
executives from firms such as the Blackstone Group, Morgan Stanley, Bank of
America, Goldman Sachs, and Wells Fargo.
This month, the New York Times admitted the “wallets of Wall Street are with Joe Biden”
in a gushing headline about the financial industry’s opposition to Trump:
Financial industry cash flowing to Mr. Biden and outside groups
supporting him shows him dramatically out-raising the president, with $44
million compared with Mr. Trump’s $9 million.
Harris’s views on trade and immigration, two of the most consequential
issues to Wall Street, are in lockstep with financial executives’ objective to
grow profit margins and add consumers to the market.
On trade, Harris has balked at Trump’s imposition of
tariffs on foreign imports from China, Mexico, Canada, and Europe — using
the neoliberal
argument that tariffs should not
be used to pressure foreign countries to buy more American-made goods and serve
as only a tax on taxpayers.
Likewise, the Biden-Harris plan for national
immigration policy — which seeks to drive up legal and illegal immigration
levels to their highest levels in decades — offers a flooded labor market with
low wages for U.S. workers and increased bargaining power for big business that
has long been supported by Wall Street.
John Binder is a reporter for Breitbart News. Follow
him on Twitter at @JxhnBinder.
Sold Out: How High-Tech
Billionaires & Bipartisan Beltway Crapweasels Are ScrewingAmerica's Best
& Brightest
By Michelle Malkin and John
Miano
Mercury Ink, 480 pp.
Hardcover, ISBN: 1501115944, $16.80
http://smile.amazon.com/exec/obidos/ASIN/1501115944/centerforimmigra
Kindle, 10644 KB, ASIN: B00VBW3SYQ, $14.99
Book Description:
The #1 New York Times bestselling author and firebrand
syndicated columnist Michelle Malkin sets her sights on the corrupt
businessmen, politicians, and lobbyists flooding our borders and selling out
America’s best and brightest workers.
In Sold Out, Michelle Malkin and John Miano reveal the worst
perpetrators screwing America’s high-skilled workers, how and why they’re doing
it—and what we must do to stop them. In this book, they will name names and
expose the lies of those who pretend to champion the middle class, while aiding
and abetting massive layoffs of highly skilled American workers in favor of
cheap foreign labor. Malkin and Miano will explode some of the most commonly
told myths spread in the media like these:
Lie #1: America is suffering
from an apocalyptic “shortage” of science, technology, engineering, and math
workers.
Lie #2: US companies cannot
function without an unlimited injection of the most “highly skilled” and
“highly educated” foreign workers, who offer intellectual capital and
entrepreneurial energy that American workers can’t match.
Lie #3: America’s best and
brightest talents are protected because employers are required to demonstrate
that they’ve made every effort to hire American citizens before resorting to
foreign labor.
For too long,
open-borders tech billionaires and their political
enablers have
escaped tough public scrutiny of their means and
motives. Sold
Out is an indictment of not only political corruption
in
Washington, but also the journalistic malpractice that enables it.
It’s time to
trade the whitewash for solvent. American workers
deserve
better and the public deserves the unvarnished truth.
Tech Elites Endorse Joe Biden to Secure More Foreign
Workers for U.S. Jobs
JIM
WATSON/AFP via Getty Images
20 Sep 202021
3:23
Tech industry elites have
endorsed Democrat presidential candidate Joe Biden, citing their opposition to
President Trump’s efforts to prioritize Americans for high-paying tech jobs in
the United States.
Twenty-four
winners of the Turing Award, considered the Nobel Peace Prize for computer
science, have endorsed Biden on the premise that the former vice president will
allow the tech industry to import more foreign workers, specifically those on
H-1B visas, to fill coveted U.S. jobs.
The list includes Google executive Vinton Cerf,
Pixar executive Ed Catmull, Facebook executive Yann LeCun, and
Alphabet executive John Hennessy.
“Information
technology is thoroughly globalized. Academic computer science departments
attract talented students, many of whom immigrate and become American inventors
and captains of industry,” the executives and industry insiders wrote in their
endorsement of Biden:
We celebrate open source projects, the lifeblood of
our field, as exemplars of international collaboration. Computer Science is at
its best when its learnings and discoveries are shared freely in the spirit of
progress. These core values helped make America a leader in
information technology, so vital in this Information Age. Joe
Biden and Kamala Harris listen to experts before setting public policy,
essential when science and technology may help with many problems facing our
nation today. As American computer scientists and as US citizens, we
enthusiastically endorse Joe Biden for President and Kamala Harris for Vice President.
[Emphasis added]
Since
mass unemployment hit the U.S., spurred by the Chinese coronavirus crisis,
Trump signed an executive order halting a number of visa programs including the
H-1B visa. Likewise, the Trump administration is eyeing H-1B visa reforms that
would more effectively weed out the business model of outsourcing that has
allowed American workers to be replaced by foreign H-1B visa workers.
In August, billion dollar tech corporations such as
Amazon, Apple, Facebook, and Twitter signed onto a U.S. Chamber of Commerce lawsuit against
Trump’s executive order — arguing that they have a right to import foreign
workers to fill U.S. jobs.
Unlike Trump, Biden has promised to increase the number of foreign H-1B visa
workers that tech corporations will be able to import every year. The practice
is a boon to tech executives.
There are about 650,000 H-1B visa workers in the U.S. at any
given moment. Americans are often laid off in the process and forced to train their foreign replacements, as highlighted by Breitbart News. More than 85,000 Americans
annually potentially lose their jobs to foreign labor through the H-1B visa
program.
Analysis conducted in 2018 discovered that 71 percent of tech workers in Silicon Valley, California,
are foreign-born, while the tech industry in the San Francisco, Oakland, and
Hayward area is made up of 50 percent foreign-born tech workers. Up to 99 percent of H-1B visa workers imported by the top eight
outsourcing firms are from India.
John Binder is a reporter for Breitbart News.
Follow him on Twitter at @JxhnBinder.
Mark Zuckerberg: ‘There Is a Risk of Civil Unrest Across the Country’
2 Nov 2020816
2:22
Facebook
CEO Mark Zuckerberg told analysts on a recent conference call with analysts
that he believes there could be “civil unrest” across the country following the
presidential election.
ZDNet reports that during a
conference call with analysts, Facebook founder and CEO Mark Zuckerberg stated
that the social media giant plants to post notices at the top of users’ news
feeds on November 3 discrediting claims by either U.S. presidential candidate
that they have won the election if the site deems the announcement premature.
Zuckerberg stated: “If any candidate or campaign tries to
declare victory before the final results are called, we will put a notification
to the top of People’s Facebook and Instagram feed letting them know the
results aren’t final yet and we’ll put an informational label on the
candidate’s post.”
Zuckerberg added that Facebook was taking the initiative
as “There is a risk of civil unrest across the country, and given this,
companies like ours need to go well beyond what we’ve done before.”
Discussing Facebook’s various efforts around the election,
Zuckerberg stated that the site “helped 4.4 million people register [to vote]
exceeding the goal that we set for ourselves this summer.”
Facebook has also paused all new political ads on its site for
this week, Zuckerberg commented on this stating: “We’re doing this because
while I generally believe that the best antidote to bad speech is more speech,
in the final days of an election, there may simply not be enough time to
contest new claims.”
Breitbart News recently reported that Facebook revealed
in a blog post that a number of
political ads were “improperly” restricted due to a technical error as the
company attempted to prevent new political ads from being posted ahead of the
November 3 election. Facebook stated that “technical flaws” caused a number of
ads to be “paused improperly.”
Facebook stated that it has “implemented changes to fix these
issues” and most of the advertisements were now running without any
issues. Facebook stopped accepting new ads related to political issues on
Tuesday and stated that it would allow pre-existing ads to run during that
period but would block any adjustments to the ads’ content or design.
Lucas Nolan is a reporter for
Breitbart News covering issues of free speech and online censorship. Follow him
on Twitter @LucasNolan or email him at lnolan@breitbart.com
Trump vs. the $1.6 Billion Man
Dems have already outspent the 2016
total presidential candidate donor spending.
Dow Soars on Election Day, Banking Stocks Lead the Way
The U.S. stock market roared into election day, sending the Dow Jones Industrial Average over 450 points higher.
The Dow climbed by more than 680 points, or around 2.5 percent Tuesday morning, before retreating from their highs.
With two hours of trading left, the Dow is up 460 points, or 1.74 percent. The Nasdaq Composite is up 1.5 percent. The S&P 500 is also up 1.5 percent. The small-cap Russell 2000 is up 2 percent.
Ten of the 11 sectors of the S&P 500 were up. The Energy sector was down 1.2 percent. The Financials sector was the best performing, up 2.3 percent for the day, lead higher by the bank component’s 2.7 percent gain and the consumer finance subsector’s 2.8 percent gain. The KBW Nasdaq Bank Index, which tracks the stocks of the biggest banks, rose 2.5 percent.
Donald Trump’s victory for 2016 set off an explosive rally in stocks, defying widespread predictions that he would lose or that if he won it would cause the market to crash.
Many of the big Wall Street firms have Joe Biden as the runaway favorite to win the presidency, just as they had Hillary Clinton the favorite four years ago. Morgan Stanley said in a note to clients Tuesday that they estimate a 76 percent chance that Biden wins and the Democrats take control of the Senate. They estimate just an eight percent chance that Trump wins and GOP holds the Senate. The Wall Street firm gives just a thirteen percent chance of a mixed result with Biden winning but the GOP holding the Senate.
Biden has raised tens of millions of dollars from Wall Street. During his time as a U.S. Senator from Delaware, Biden earned the nickname “Plastic Joe” for his willingness to promote legislation friendly to credit card issuers, including a law that made it harder for bankrupt customers to get debt relief.
Most analysts think the economy and the stock market could get a big boost if Democrats sweep the election. A unified government would be more likely to quickly pass a stimulus bill, likely giving stocks a short-term boost and ameliorating the drag from new restrictions aimed at stemming the pandemic’s surge.
Biden’s immigration and visa programs would likely import enough workers to ease wage pressure, boosting corporate profits by lowering compensation costs. An increase in foreign workers also generates new customers for U.S. companies, especially U.S. banks and large retailers. Biden is viewed as likely to lift tariffs on China, allowing U.S. companies to send more jobs to cheaper overseas labor markets.
Biden has promised a rush of higher taxes and new regulations, including climate change schemes that would make energy more costly and damage U.S. manufacturing.
Fear and uncertainty dominate
Jackson Hole central bankers’ meeting
The annual Jackson
Hole conclave of central bankers, which concluded over the weekend, underscored
the incapacity of global financial authorities to devise any policies either to
bring about economic growth or counter the mounting contradictions in the
financial system.
Reporting on the meeting, held in virtual format this year
because of the COVID-19 pandemic, the Financial
Times noted: “It was the head of Singapore’s monetary
authority who best summed up the biggest fear gripping the virtual Jackson Hole
conference this year.
“‘We’re not
going back to the same world,’ Tharman Shanmugaratnam warned.’”
The central
initiative at the gathering was the decision by the Fed’s key policy-making
body to maintain interest rates at their ultra-low levels for an indefinite
period and keep pumping money into the financial system.
The decision,
announced by the Federal Open Market Committee as the conclave opened and
elaborated on in a keynote speech by Fed Chair Jerome Powell, was in effect a
guarantee to Wall Street that its demand for “forward guidance”—lower interest
rates for longer—would be met.
The Fed said it
would no longer be guided by a 2 percent inflation rate limit in determining
its interest policy, but would instead focus on an “average” rate of 2 percent,
meaning that the cheap money regime could continue even if prices rose above
that level.
As for
dealing with the slump in the global economy—the most serious since the Great
Depression—and combating the potential for further storms in the financial
system following the market meltdown in mid-March, there were no answers, as
underscored by the remarks of the Singapore finance minister.
“We’ve got
to avoid a prolonged period of high levels of unemployment, and it’s a very
real prospect,” he said. “It is not at all assured that we will get a return of
tight labour markets even with traditional macroeconomic policy being properly
applied.”
It was a
significant comment because one of main themes in remarks by central bank
chiefs was that monetary policy alone would not be sufficient to restore
growth, and government intervention was needed to boost the economy. But, as
Shanmugaratnam noted, even if “properly applied,” there were no guarantees of
success.
According to the Financial
Times, the notion that central bankers “need to face the reality of
permanent upheaval and long-term economic damage” was the “main theme” of the
event.
One of the most
frequently cited academic papers produced for the meeting was prepared earlier
this month by Colombia University academic Laura Veldkamp on the long-term
effects of the COVID-19 pandemic.
The paper said that
the biggest economic effects of the pandemic “could arise from changes in
behaviour long after the immediate health crisis is resolved.” A potential
source of such a long-lived change was a shift in the “perceived probability of
an extreme, negative shock in the future,” and that “long-run cost for the US
economy from this channel is many times higher than the estimates of the
short-run losses in output.”
The paper
continued: “This suggests that, even if a vaccine cures everyone in a year, the
COVID-19 crisis will leave its mark on the US economy for many years to come.”
In other words, the
pandemic was not only a trigger event, acting on the contradictions that had
built up in the economy and financial system, but a transformative one as well.
With the Fed now
having formally committed itself to the endless supply of cheap money to Wall
Street, attention will turn to the European Central Bank (ECB), which is also
conducting a strategic policy review, to see whether it goes down the same road.
While the governing
council, under the presidency of Christine Lagarde, may be inclined to move in
the same direction as the Fed, it would face certain opposition from Germany’s
Bundesbank, which has expressed opposition to the easing of monetary policy.
A member of the governing council told the Financial Times, “we will look
at it,” but the Bundesbank would be “very nervous” about it.
“We are not out of
firepower by any means, and to be honest, it looks from today’s vantage point
that we were too cautious about our remaining firepower pre-COVID,” he said,
adding that there are times when we “need to go big and go fast.”
The actions
of the Fed have done nothing to boost the real economy, as an increasing number
of companies announce that temporary layoffs will be made permanent.
The Wall
Street Journal reported Saturday that a survey conducted by
Randstad RiseSmart found that “nearly half of US employers that had furloughed
or laid off staff because of COVID-19 are considering additional workplace cuts
in the next 12 months.”
This indicates that
the pandemic has been a trigger for a major restructuring of employment
conditions.
The effects of the
Fed’s policies and the further monetary easing to come are focused on the stock
market, with Wall Street indexes rising to the record levels they achieved in
February. The main beneficiaries have been the high tech
companies—Apple, Microsoft, Alphabet (the owner of Google) and Facebook—which
together comprise more than a fifth of the Nasdaq index.
The extent
of their rise and growing financial and monopoly power is indicated by the
results of an analysis carried out by Bank of America Global Research, reported
by the business channel CNBC. It found that the market capitalization of the
major US tech firms, now standing at $9.1 trillion, was greater than the market
capitalization of the entire European market, including the UK and Switzerland,
at $8.9 trillion. In an
indication of the massive shift that has taken place, the research note pointed
out that in 2007, total European market capitalization was four times that of
US technology stocks.
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