Diet

The Pronk Pops Show 1287, July 10, 2019, Part 1: Story 1: Federal Reserve Will Cut the Federal Funds Target Rate Range in July By .25% or 25 Basis Points If Second Quarter Real Gross Domestic Product Rate of Growth Falls Below 3% — Otherwise No Change in Federal Funds Rate Target Range — Huge Uncertainty Generated By Rapidly Growing Annual Deficits in Federal Government Spending Resulting in Rising National Debt Approaching $23,000,000,000,000 and Unfunded Liabilities and and Obligations Over $230,000,000,000,000! — Bubbles Bubbles Everywhere — Beyond Bubbles — U.S. Government Bankrupt Now! — Make It Rain on The Blockchain — Trust and Truth — Videos

Posted on July 12, 2019. Filed under: 2020 President Candidates, 2020 Republican Candidates, Addiction, Addiction, Addiction, Bank Fraud, Banking System, Blogroll, Breaking News, Bribery, Bribes, Budgetary Policy, Business, Cartoons, City, Communications, Congress, Corruption, Countries, Crime, Culture, Deep State, Defense Spending, Diet, Disasters, Diseases, Donald J. Trump, Donald J. Trump, Economics, Education, Elections, Empires, Employment, Exercise, Federal Bureau of Investigation (FBI), Federal Government, Fiscal Policy, Foreign Policy, Free Trade, Freedom of Speech, Government, Health, Health Care, Health Care Insurance, House of Representatives, Housing, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Investments, Labor Economics, Language, Law, Legal Immigration, Life, Media, Medicare, Mental Illness, Monetary Policy, Movies, National Interest, News, Obesity, People, Philosophy, Photos, Politics, President Trump, Progressives, Public Corruption, Public Relations, Radio, Raymond Thomas Pronk, Regulation, Securities and Exchange Commission, Senate, Social Security, Tax Policy, Taxation, Taxes, Terror, Terrorism, Trade Policy, Unemployment, United States Constitution, United States of America, Videos, Wall Street Journal, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 1287 July 10, 2019

Pronk Pops Show 1286 July 9, 2019

Pronk Pops Show 1285 July 8, 2019

Pronk Pops Show 1284 July 2, 2019

Pronk Pops Show 1283 July 1, 2019

Pronk Pops Show 1282 June 27, 2019

Pronk Pops Show 1281 June 26, 2019

Pronk Pops Show 1280 June 25, 2019

Pronk Pops Show 1279 June 24, 2019

Pronk Pops Show 1278 June 20, 2019 

Pronk Pops Show 1277 June 19, 2019

Pronk Pops Show 1276 June 18, 2019

Pronk Pops Show 1275 June 17, 2019

Pronk Pops Show 1274 June 13, 2019

Pronk Pops Show 1273 June 12, 2019

Pronk Pops Show 1272 June 11, 2019

Pronk Pops Show 1271 June 10, 2019

Pronk Pops Show 1270 June 6, 2019

Pronk Pops Show 1269 June 5, 2019

Pronk Pops Show 1268 June 3, 2019

Pronk Pops Show 1267 May 30, 2019

Pronk Pops Show 1266 May 29, 2019

Pronk Pops Show 1265 May 28, 2019

Pronk Pops Show 1264 May 24, 2019

Pronk Pops Show 1263 May 23, 2019

Pronk Pops Show 1262 May 22, 2019

Pronk Pops Show 1261 May 21, 2019

Pronk Pops Show 1260 May 20, 2019

Pronk Pops Show 1259 May 16, 2019

Pronk Pops Show 1258 May 15, 2019

Pronk Pops Show 1257 May 14, 2019

Pronk Pops Show 1256 May 13, 2019

Pronk Pops Show 1255 May 10, 2019

Pronk Pops Show 1254 May 9, 2019

Pronk Pops Show 1253 May 8, 2019

Pronk Pops Show 1252 May 7, 2019

Pronk Pops Show 1251 May 6, 2019

Pronk Pops Show 1250 May 3, 2019

Pronk Pops Show 1249 May 2, 2019

Pronk Pops Show 1248 May 1, 2019

Pronk Pops Show 1247 April 30, 2019

Pronk Pops Show 1246 April 29, 2019

Pronk Pops Show 1245 April 26, 2019

Pronk Pops Show 1244 April 25, 2019

Pronk Pops Show 1243 April 24, 2019

Pronk Pops Show 1242 April 23, 2019

Pronk Pops Show 1241 April 18, 2019

Pronk Pops Show 1240 April 16, 2019

Pronk Pops Show 1239 April 15, 2019

Pronk Pops Show 1238 April 11, 2019

Pronk Pops Show 1237 April 10, 2019

Pronk Pops Show 1236 April 9, 2019

Pronk Pops Show 1235 April 8, 2019

Pronk Pops Show 1234 April 5, 2019

Pronk Pops Show 1233 April 4, 2019

Pronk Pops Show 1232 April 1, 2019 Part 2

 

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Story 1: Federal Reserve Will Cut the Federal Funds Target Rate Range in July By .25% or 25 Basis Points If Second Quarter Real Gross Domestic Product Rate of Growth Falls Below 3% — Otherwise No Change in Federal Funds Rate Target Range — Huge Uncertainty Generated By Rapidly Growing Annual Deficits in Federal Government Spending Resulting in Rising National Debt Approaching $23,000,000,000,000 and Unfunded Liabilities and and Obligations Over $230,000,000,000,000! — Bubbles Bubbles Everywhere — Beyond Bubbles — Make It Rain on The Blockchain — Trust and Truth — Videos

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Fed Chair Jerome Powell testifies before Congress

Streamed live on Jul 10, 2019

House Financial Services Committee holds hearing on “Monetary Policy & the State of the Economy.” Fed Chair Powell testifies. All eyes will be on Powell when he testifies before a House panel on monetary policy in the first of his 2-day semiannual testimony to Congress. Investors are looking to Powell for what to expect at the next policy meeting at the end of July. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is the leading business network on television, topping CNBC in Business Day viewers for the second consecutive year. T he network is available in more than 80 million homes in all markets across the United States. Owned by FOX, FBN has bureaus in Chicago, Los Angeles, Washington, D.C. and London.

 

Fed Chair Jerome Powell’s Senate testimony on monetary policy – 07/11/2019

Streamed live on Jul 11, 2019

Federal Reserve Chairman Jerome Powell testifies before Senate Committee on Banking, Housing and Urban Affairs on the monetary policy and the U.S. economy.

Economy can sustain lower jobless rate than we thought, says Fed’s Powell

Larry Kudlow: AOC ‘nailed it’ with questions to Fed chair

Cryptocurrencies rally despite Trump’s rebuke | Money Talks

Fed keeps interest rates steady, signals possible cuts in 2019

Streamed live on Jun 19, 2019

Federal Open Market Cmte announces Fed Funds Interest Rates will remain unchanged.

The Pension Bomb

10 Myths About Government Debt

What Will Cause The Next Recession – Robert Shiller On Human Behavior

Economic Collapse Warning! $222 Trillion Dollar True Size Of Government Debt & Stock Market CRASH!

Dr. Laurence Kotlikoff on the Implications of Rising National Debt

Public Choice Theory: Why Government Often Fails

Howard Marks | The Impact of Debt, Demographics, and Unfunded Liabilities

Santelli Exchange: Underfunded pension liabilities

Bill Bonner Interview: hold on to your cash, the real financial crisis is yet to come

Published on Sep 16, 2015

MoneyWeek’s editor in chief Merryn Somerset Webb talks to Bill Bonner about economic cycles and the ‘cashless society’. Click here to find out how it could affect you: http://pro1.moneyweek.com/434014/

The Upcoming Financial Crisis That Will Dwarf That of 2008 – Expect Civil Unrest

Best Documentary of the Housing Market Crash (of 2019?) | Inside the Meltdown | Behind the Big Short

Exodus out of high tax states with unfunded pensions?

N.J. pension crisis explained with popsicle sticks

A Misalignment of Interests: The Politics of Pension Funding (Pension Pursuit)

A Thunderhead: Pensions and Unfunded Liabilities

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Published on May 10, 2010

Huge budget deficits and record levels of national debt are getting a lot of attention, but this video explains that unfunded liabilities for entitlement programs are Americas real red-ink challenge. More important, this CF&P mini-documentary reveals that deficits and debt are symptoms of the real problem of an excessive burden of government spending. http://www.freedomandprosperity.org

Facebook’s Libra Cryptocurrency

Facebook’s plan to control the global financial system

Bitcoin vs. Gold Peter Schiff debates Max Keiser

Keiser Report: #DropGold: Peter Schiff Responds (E1381)

Digital Currency’s Role in the Future of Central Banks

Christine Lagarde: ‘Central Bank digital currency is coming alive’

Digital Currency Has Real Value — Here’s Why | CNBC

Japan made bitcoin a legal currency – now it’s more popular than ever | CNBC Reports

Blockchain and Crypto: Past, Present, and Future | Douglas Pepe | TEDxRanneySchool

Mr Bitcoin: “I don’t want money, I don’t want fame!” BBC News

Is This Man the Inventor of Bitcoin?

Blockchain Expert Explains One Concept in 5 Levels of Difficulty | WIRED

How does a blockchain work – Simply Explained

Bitcoin: Beyond The Bubble – Full Documentary

Scott Adams’ Guide To Blockchain: The Technology That Will Change Everything

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How the blockchain is changing money and business | Don Tapscott

TED

Published on Sep 16, 2016

What is the blockchain? If you don’t know, you should; if you do, chances are you still need some clarification on how it actually works. Don Tapscott is here to help, demystifying this world-changing, trust-building technology which, he says, represents nothing less than the second generation of the internet and holds the potential to transform money, business, government and society. TEDTalks is a daily video podcast of the best talks and performances from the TED Conference, where the world’s leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design — plus science, business, global issues, the arts and much more. Find closed captions and translated subtitles in many languages at http://www.ted.com/translate

What is Blockchain

Published on Jun 9, 2016

Blockchain explained. Shai Rubin, CTO of Citi Innovation Lab, explains in an easy and simple way the basics of blockchain.

Blockchains: how can they be used?

19 Industries The Blockchain Will Disrupt

How the blockchain will radically transform the economy | Bettina Warburg

Blockchain is Eating Wall Street | Alex Tapscott | TEDxSanFrancisco

How to Use Blockchain to Create a Better Future | Brian Condenanza | TEDxHautLacSchool

Our Lives in a Blockchain-Powered Smart Economy | Eddy Travia | TEDxINSEAD

Is Bitcoin the Future of Money? Peter Schiff vs. Erik Voorhees

The Convergence of Blockchain, Machine Learning, and the Cloud | Steve Lund | TEDxBYU

The Value Revolution: How Blockchain Will Change Money & the World | Galia Benartzi | TEDxWhiteCity

Blockchain Technology Explained (2 Hour Course)

How Bitcoin Works in 5 Minutes (Technical)

How Bitcoin Works Under the Hood

Why crypto regulation is doomed to fail | Marit Hansen | TEDxKielUniversity

Bitcoin scares central banks. Here’s why

George Gilder: Forget Cloud Computing, Blockchain is the Future

Why central banks are experimenting with blockchain

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Why Public Policy Always Ends in Disaster

It’s Hormeggedon! What Happens When Public Policy Passes the Point of No Return

Bill Bonner Interview: hold on to your cash, the real financial crisis is yet to come

Bill Bonner on the financial markets WORLD.MINDS INTERVIEW

Jim Simons on His Formula for Improving Math Education

Billionaire James Simons: Quantitative Investment Strategy, Career and Trading (2019)

Renaissance Man — Jim Simons

Billionaire Mathematician – Numberphile

The mathematician who cracked Wall Street | Jim Simons

James H. Simons: Mathematics, Common Sense and Good Luck

By appearing to buckle to Trump on rates, is the Fed chief creating problems down the road?

By appearing to buckle to Trump on rates, is the Fed chief creating problems down the road?
Federal Reserve Board Chairman Jerome Powell speaks at a news conference in Washington on June 19. (Nicholas Kamm / AFP/Getty Images)

In signaling that the Federal Reserve is almost certain to cut interest rates at the end of this month, Fed Chairman Jerome H. Powell may have given President Trump what he wants.

But the central bank now looks more vulnerable to criticism that it is caving to political pressures that will only grow as the election cycle heats up.

Powell, in testimony to lawmakers Wednesday, essentially argued that heightened uncertainty, from trade tensions and slowing global economic growth, along with low inflation, was enough to justify a cut in interest rates.

Historically, the Fed has lowered rates to ward off recession or when it sees substantial risks of a downturn.

The U.S. economy expanded at a nearly 3% pace last year and, although it has slowed in recent months, the Fed and most private forecasters see growth continuing at a decent rate. The latest jobs report for June showed hiring remains strong, and Trump recently agreed to a ceasefire in the trade war with China, tenuous as it may be.For those reasons, Powell’s remarks Wednesday came as a pleasant surprise to financial markets. Stocks rose to record highs.

Lowering the rate by a quarter point later this month may help borrowers a little. The Fed’s main rate is a benchmark for credit cards, auto loans and other short-term consumer lending, but long-term rates such as mortgages already have dropped in anticipation of a Fed rate cut, meaning it’s unlikely to provide much of a boost to the housing market or the broader economy.

“We’ve already gotten 90% of the benefit; it’s already priced into the market,” said Dean Baker, senior economist at the Center for Economic and Policy Research.

Investors are expecting at least one more quarter-point rate cut after July, and some even two. Powell and his colleagues at the Fed will have their hands full managing investors’ expectations on future rate reductions, so they don’t set themselves up for a sharp fall.

“The issue that the Fed is going to run into … is just like parenting,” said Ryan Sweet, an economist at Moody’s Analytics. “They can’t bend every time the markets throw a tantrum. At some point, you’ve got to put your foot down.”

Market expectations aside, Powell’s bigger challenge is likely to come from Trump. The president has been publicly hammering Powell to lower interest rates. Trump has criticized the Fed for raising rates four times last year, and no one thinks he will be satisfied if the Fed drops its benchmark rate by a quarter point on July 31, as it’s now expected to do.

Trump and his economic team have pressed the Fed to slash rates by a full point, and Trump isn’t likely to stop jawboning the Fed in the coming months.

Some economic experts say Trump already has succeeded in getting into the heads of Fed decision makers.

“Powell does seem to be going a little bit out of his way to reverse the rate hikes made last year,” said Chris Rupkey, managing director and chief economist at MUFG Union Bank in New York. “The president’s like another active member of the Fed board in the room. I wouldn’t tell him no, would you?”

Rupkey and some other Fed watchers say Powell is moving a bit too early in readying rate cuts, especially with job growth still running very strong. Only a few months ago, the Fed’s stance on interest rates was to wait and see.

“Should they cut rates at this time? Absolutely not!” said Bernard Baumohl, chief global economist at Economic Outlook Group. “There is no economic justification to take that step now.

“For one, there is little to suggest this business cycle [is] struggling. The softness we see in some data points have little to do with economic fundamentals. The trade war with China and the havoc it has caused to global supply chain are the primary reasons those sectors have weakened.”

But other analysts argue that there’s good reason for the shift in the Fed’s posture. According to minutes from their last meeting in June, released Wednesday, Fed policymakers were feeling that the downside risks to the economy “had increased significantly over recent weeks.”

And in his testimony Wednesday to the House Financial Services Committee, Powell said that since May, crosscurrents that seemed to moderate earlier in the year “have reemerged, creating greater uncertainty.” Among other concerns, he said, business spending, trade and manufacturing activity have slowed.

“The issue really is more now on the business side where we see business confidence and business investment weakening a bit,” he told lawmakers, adding that there’s rising risk as well to consumer spending, which accounts for 70% of U.S. economic activity. “Household confidence has remained high, but over time uncertainty can cause households to hold back as well.”

Powell, sensitive to the political pressures bearing on the Fed, took pains in his prepared remarks to defend the integrity of the central bank and the basis for its policymaking.

“Congress has given us an important degree of independence so that we can effectively pursue our statutory goals based on objective analysis and data,” Powell said as he began his testimony.

Trump has reportedly considered firing Powell or demoting him, although it’s not clear whether the president has the legal authority to do so. Powell reiterated Wednesday that the law is on his side and that he intends to serve the full four-year term as Fed chair, which he assumed in February 2018.

Lawmakers on both sides of the aisle have cautioned Trump against taking steps to remove Powell as Fed leader. And on Wednesday, Democratic lawmakers sought to drive home that point.

“Mr. Chairman, if you got a call from the president today or tomorrow, and he said, ‘I’m firing you. Pack up. It’s time to go,’ what would you do?” asked Rep. Maxine Waters (D-Los Angeles), chair of the Financial Services Committee.

“Well, of course I would not do that,” Powell responded, to which Waters added, “I can’t hear you,” eliciting laughter.

But the president’s unusually persistent and heavy pressure on the Fed is anything but a laughing matter.

Alan Blinder, a Fed vice chairman in the mid-1990s, said the concern about the bank’s independence stemming from the president’s attacks was such that it could legitimately be a factor in a Fed decision not to raise rates.

Apart from the potential harm to its credibility, a more immediate risk for the Fed in cutting rates is that it could limit the central bank’s arsenal in fighting the next recession. The Fed’s main benchmark rate is less than 2.5%, low by historical standards.

In response to lawmakers’ questioning, Powell said the resumption of trade talks between the United States and China was a “constructive step” but that doesn’t really change the outlook.

“I would say that the bottom line for me is that the uncertainties around global growth and trade continue to weigh on the outlook.”

https://www.latimes.com/business/la-fi-jerome-powell-interest-rates-20190710-story.html

July 10, 2019

Semiannual Monetary Policy Report to the Congress

Chair Jerome H. Powell

Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.

 

Chair Powell submitted identical remarks to the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, on July 11, 2019.

Chairwoman Waters, Ranking Member McHenry, and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to Congress.

Let me start by saying that my colleagues and I strongly support the goals of maximum employment and price stability that Congress has set for monetary policy. We are committed to providing clear explanations about our policies and activities. Congress has given us an important degree of independence so that we can effectively pursue our statutory goals based on objective analysis and data. We appreciate that our independence brings with it an obligation for transparency so that you and the public can hold us accountable.

Today I will review the current economic situation and outlook before turning to monetary policy. I will also provide an update of our ongoing public review of our framework for setting monetary policy.

Current Economic Situation and Outlook 
The economy performed reasonably well over the first half of 2019, and the current expansion is now in its 11th year. However, inflation has been running below the Federal Open Market Committee’s (FOMC) symmetric 2 percent objective, and crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook.

The labor market remains healthy. Job gains averaged 172,000 per month from January through June. This number is lower than the average of 223,000 a month last year but above the pace needed to provide jobs for new workers entering the labor force. Consequently, the unemployment rate moved down from 3.9 percent in December to 3.7 percent in June, close to its lowest level in 50 years. Job openings remain plentiful, and employers are increasingly willing to hire workers with fewer skills and train them. As a result, the benefits of a strong job market have been more widely shared in recent years. Indeed, wage gains have been greater for lower-skilled workers. That said, individuals in some demographic groups and in certain parts of the country continue to face challenges. For example, unemployment rates for African Americans and Hispanics remain well above the rates for whites and Asians. Likewise, the share of the population with a job is higher in urban areas than in rural communities, and this gap widened over the past decade. A box in the July Monetary Policy Report provides a comparison of employment and wage gains over the current expansion for individuals with different levels of education.

Gross domestic product increased at an annual rate of 3.1 percent in the first quarter of 2019, similar to last year’s pace. This strong reading was driven largely by net exports and inventories—components that are not generally reliable indicators of ongoing momentum. The more reliable drivers of growth in the economy are consumer spending and business investment. While growth in consumer spending was weak in the first quarter, incoming data show that it has bounced back and is now running at a solid pace. However, growth in business investment seems to have slowed notably, and overall growth in the second quarter appears to have moderated. The slowdown in business fixed investment may reflect concerns about trade tensions and slower growth in the global economy. In addition, housing investment and manufacturing output declined in the first quarter and appear to have decreased again in the second quarter.

After running close to our 2 percent objective over much of last year, overall consumer price inflation, measured by the 12-month change in the price index for personal consumption expenditures (PCE), declined earlier this year and stood at 1.5 percent in May. The 12-month change in core PCE inflation, which excludes food and energy prices and tends to be a better indicator of future inflation, has also come down this year and was 1.6 percent in May.

Our baseline outlook is for economic growth to remain solid, labor markets to stay strong, and inflation to move back up over time to the Committee’s 2 percent objective. However, uncertainties about the outlook have increased in recent months. In particular, economic momentum appears to have slowed in some major foreign economies, and that weakness could affect the U.S. economy. Moreover, a number of government policy issues have yet to be resolved, including trade developments, the federal debt ceiling, and Brexit. And there is a risk that weak inflation will be even more persistent than we currently anticipate. We are carefully monitoring these developments, and we will continue to assess their implications for the U.S economic outlook and inflation.

The nation also continues to confront important longer-run challenges. Labor force participation by those in their prime working years is now lower in the United States than in most other nations with comparable economies. As I mentioned, there are troubling labor market disparities across demographic groups and different parts of the country. The relative stagnation of middle and lower incomes and low levels of upward mobility for lower-income families are also ongoing concerns. In addition, finding ways to boost productivity growth, which leads to rising wages and living standards over the longer term, should remain a high national priority. And I remain concerned about the longer-term effects of high and rising federal debt, which can restrain private investment and, in turn, reduce productivity and overall economic growth. The longer-run vitality of the U.S. economy would benefit from efforts to address these issues.

Monetary Policy 
Against this backdrop, the FOMC maintained the target range for the federal funds rate at 2‑1/4 to 2-1/2 percent in the first half of this year. At our January, March, and May meetings, we stated that we would be patient as we determined what future adjustments to the federal funds rate might be appropriate to support our goals of maximum employment and price stability.

At the time of our May meeting, we were mindful of the ongoing crosscurrents from global growth and trade, but there was tentative evidence that these crosscurrents were moderating. The latest data from China and Europe were encouraging, and there were reports of progress in trade negotiations with China. Our continued patient stance seemed appropriate, and the Committee saw no strong case for adjusting our policy rate.

Since our May meeting, however, these crosscurrents have reemerged, creating greater uncertainty. Apparent progress on trade turned to greater uncertainty, and our contacts in business and agriculture report heightened concerns over trade developments. Growth indicators from around the world have disappointed on net, raising concerns that weakness in the global economy will continue to affect the U.S. economy. These concerns may have contributed to the drop in business confidence in some recent surveys and may have started to show through to incoming data.

In our June meeting statement, we indicated that, in light of increased uncertainties about the economic outlook and muted inflation pressures, we would closely monitor the implications of incoming information for the economic outlook and would act as appropriate to sustain the expansion. Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook. Inflation pressures remain muted.

The FOMC has made a number of important decisions this year about our framework for implementing monetary policy and our plans for completing the reduction of the Fed’s securities holdings. At our January meeting, we decided to continue to implement monetary policy using our current policy regime with ample reserves, and emphasized that we are prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments. At our March meeting, we communicated our intention to slow, starting in May, the decline in the Fed’s aggregate securities holdings and to end the reduction in these holdings in September. The July Monetary Policy Report provides details on these decisions.

The July Monetary Policy Report also includes an update on monetary policy rules. The FOMC routinely looks at monetary policy rules that recommend a level for the federal funds rate based on inflation and unemployment rates. I continue to find these rules helpful, although using these rules requires careful judgment.

We are conducting a public review of our monetary policy strategy, tools, and communications—the first review of its kind for the FOMC. Our motivation is to consider ways to improve the Committee’s current policy framework and to best position the Fed to achieve maximum employment and price stability. The review has started with outreach to and consultation with a broad range of people and groups through a series of Fed Listens events. The FOMC will consider questions related to the review at upcoming meetings. We will publicly report the outcome of our discussions.

Thank you. I am happy to respond to your questions.

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Last Update: July 10, 2019

Blockchain

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Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain.

blockchain,[1][2][3] originally block chain,[4][5] is a growing list of records, called blocks, that are linked using cryptography.[1][6] Each block contains a cryptographic hash of the previous block,[6] a timestamp, and transaction data (generally represented as a Merkle tree).

By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.[7] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault toleranceDecentralized consensus has therefore been claimed with a blockchain.[8]

Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.[1] The identity of Satoshi Nakamoto is unknown. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications,[1][3] and blockchains that are readable by the public are widely used by cryptocurrencies. Blockchain is considered a type of payment rail.[9] Private blockchains have been proposed for business use. Sources such as Computerworld called the marketing of such blockchains without a proper security model “snake oil“.[10]

Contents

History

Bitcoin transactions (January 2009 – September 2017)

The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.[6][11] They wanted to implement a system where document timestamps could not be tampered with. In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block.[6][12]

The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Nakamoto improved the design in an important way using a Hashcash-like method to add blocks to the chain without requiring them to be signed by a trusted party.[6] The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network.[1]

In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20 GB (gigabytes).[13] In January 2015, the size had grown to almost 30 GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50 GB to 100 GB in size.

The words block and chain were used separately in Satoshi Nakamoto’s original paper, but were eventually popularized as a single word, blockchain, by 2016.

Smart contracts that run on a blockchain, for example ones that “creat[e] invoices that pay themselves when a shipment arrives or share certificates that automatically send their owners dividends if profits reach a certain level.”[1] require an off-chain oracle to access any “external data or events based on time or market conditions [that need] to interact with the blockchain.”[14]

According to Accenture, an application of the diffusion of innovations theory suggests that blockchains attained a 13.5% adoption rate within financial services in 2016, therefore reaching the early adopters phase.[15] Industry trade groups joined to create the Global Blockchain Forum in 2016, an initiative of the Chamber of Digital Commerce.

In May 2018, Gartner found that only 1% of CIOs indicated any kind of blockchain adoption within their organisations, and only 8% of CIOs were in the short-term ‘planning or [looking at] active experimentation with blockchain’.[16]

Structure

A blockchain is a decentralizeddistributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.[1][17] This allows the participants to verify and audit transactions independently and relatively inexpensively.[18] A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests.[19] Such a design facilitates robust workflow where participants’ uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending. A blockchain has been described as a value-exchange protocol.[20] A blockchain can maintain title rights because, when properly set up to detail the exchange agreement, it provides a record that compels offer and acceptance.

Blocks

Blocks hold batches of valid transactions that are hashed and encoded into a Merkle tree.[1] Each block includes the cryptographic hash of the prior block in the blockchain, linking the two. The linked blocks form a chain.[1] This iterative process confirms the integrity of the previous block, all the way back to the original genesis block.[21]

Sometimes separate blocks can be produced concurrently, creating a temporary fork. In addition to a secure hash-based history, any blockchain has a specified algorithm for scoring different versions of the history so that one with a higher score can be selected over others. Blocks not selected for inclusion in the chain are called orphan blocks.[21] Peers supporting the database have different versions of the history from time to time. They keep only the highest-scoring version of the database known to them. Whenever a peer receives a higher-scoring version (usually the old version with a single new block added) they extend or overwrite their own database and retransmit the improvement to their peers. There is never an absolute guarantee that any particular entry will remain in the best version of the history forever. Blockchains are typically built to add the score of new blocks onto old blocks and are given incentives to extend with new blocks rather than overwrite old blocks. Therefore, the probability of an entry becoming superseded decreases exponentially[22] as more blocks are built on top of it, eventually becoming very low.[1][23]:ch. 08[24] For example, bitcoin uses a proof-of-work system, where the chain with the most cumulative proof-of-work is considered the valid one by the network. There are a number of methods that can be used to demonstrate a sufficient level of computation. Within a blockchain the computation is carried out redundantly rather than in the traditional segregated and parallel manner.[25]

Block time

The block time is the average time it takes for the network to generate one extra block in the blockchain. Some blockchains create a new block as frequently as every five seconds. By the time of block completion, the included data becomes verifiable. In cryptocurrency, this is practically when the transaction takes place, so a shorter block time means faster transactions. The block time for Ethereum is set to between 14 and 15 seconds, while for bitcoin it is 10 minutes.[citation needed]

Hard forks

hard fork is a rule change such that the software validating according to the old rules will see the blocks produced according to the new rules as invalid. In case of a hard fork, all nodes meant to work in accordance with the new rules need to upgrade their software.

If one group of nodes continues to use the old software while the other nodes use the new software, a split can occur. For example, Ethereum has hard-forked to “make whole” the investors in The DAO, which had been hacked by exploiting a vulnerability in its code. In this case, the fork resulted in a split creating Ethereum and Ethereum Classic chains. In 2014 the Nxt community was asked to consider a hard fork that would have led to a rollback of the blockchain records to mitigate the effects of a theft of 50 million NXT from a major cryptocurrency exchange. The hard fork proposal was rejected, and some of the funds were recovered after negotiations and ransom payment. Alternatively, to prevent a permanent split, a majority of nodes using the new software may return to the old rules, as was the case of bitcoin split on 12 March 2013.[26]

Decentralization

By storing data across its peer-to-peer network, the blockchain eliminates a number of risks that come with data being held centrally.[1] The decentralized blockchain may use ad-hoc message passing and distributed networking.

Peer-to-peer blockchain networks lack centralized points of vulnerability that computer crackers can exploit; likewise, it has no central point of failure. Blockchain security methods include the use of public-key cryptography.[4]:5 A public key (a long, random-looking string of numbers) is an address on the blockchain. Value tokens sent across the network are recorded as belonging to that address. A private key is like a password that gives its owner access to their digital assets or the means to otherwise interact with the various capabilities that blockchains now support. Data stored on the blockchain is generally considered incorruptible.[1]

Every node in a decentralized system has a copy of the blockchain. Data quality is maintained by massive database replication[8] and computational trust. No centralized “official” copy exists and no user is “trusted” more than any other.[4] Transactions are broadcast to the network using software. Messages are delivered on a best-effort basis. Mining nodes validate transactions,[21] add them to the block they are building, and then broadcast the completed block to other nodes.[23]:ch. 08 Blockchains use various time-stamping schemes, such as proof-of-work, to serialize changes.[27] Alternative consensus methods include proof-of-stake.[21] Growth of a decentralized blockchain is accompanied by the risk of centralization because the computer resources required to process larger amounts of data become more expensive.[28]

Openness

Open blockchains are more user-friendly than some traditional ownership records, which, while open to the public, still require physical access to view. Because all early blockchains were permissionless, controversy has arisen over the blockchain definition. An issue in this ongoing debate is whether a private system with verifiers tasked and authorized (permissioned) by a central authority should be considered a blockchain.[29][30][31][32][33] Proponents of permissioned or private chains argue that the term “blockchain” may be applied to any data structure that batches data into time-stamped blocks. These blockchains serve as a distributed version of multiversion concurrency control (MVCC) in databases.[34] Just as MVCC prevents two transactions from concurrently modifying a single object in a database, blockchains prevent two transactions from spending the same single output in a blockchain.[35]:30–31 Opponents say that permissioned systems resemble traditional corporate databases, not supporting decentralized data verification, and that such systems are not hardened against operator tampering and revision.[29][31] Nikolai Hampton of Computerworld said that “many in-house blockchain solutions will be nothing more than cumbersome databases,” and “without a clear security model, proprietary blockchains should be eyed with suspicion.”[10][36]

Permissionless

The great advantage to an open, permissionless, or public, blockchain network is that guarding against bad actors is not required and no access control is needed.[22] This means that applications can be added to the network without the approval or trust of others, using the blockchain as a transport layer.[22]

Bitcoin and other cryptocurrencies currently secure their blockchain by requiring new entries to include a proof of work. To prolong the blockchain, bitcoin uses Hashcash puzzles. While Hashcash was designed in 1997 by Adam Back, the original idea was first proposed by Cynthia Dwork and Moni Naor and Eli Ponyatovski in their 1992 paper “Pricing via Processing or Combatting Junk Mail”.

Financial companies have not prioritised decentralized blockchains.[citation needed]

In 2016, venture capital investment for blockchain-related projects was weakening in the USA but increasing in China.[37] Bitcoin and many other cryptocurrencies use open (public) blockchains. As of April 2018, bitcoin has the highest market capitalization.

Permissioned (private) blockchain

Permissioned blockchains use an access control layer to govern who has access to the network.[38] In contrast to public blockchain networks, validators on private blockchain networks are vetted by the network owner. They do not rely on anonymous nodes to validate transactions nor do they benefit from the network effect.[citation needed] Permissioned blockchains can also go by the name of ‘consortium’ blockchains.[39][better source needed]

Disadvantages of private blockchain

Nikolai Hampton pointed out in Computerworld that “There is also no need for a ’51 percent’ attack on a private blockchain, as the private blockchain (most likely) already controls 100 percent of all block creation resources. If you could attack or damage the blockchain creation tools on a private corporate server, you could effectively control 100 percent of their network and alter transactions however you wished.”[10] This has a set of particularly profound adverse implications during a financial crisis or debt crisis like the financial crisis of 2007–08, where politically powerful actors may make decisions that favor some groups at the expense of others,[40][41] and “the bitcoin blockchain is protected by the massive group mining effort. It’s unlikely that any private blockchain will try to protect records using gigawatts of computing power — it’s time consuming and expensive.”[10] He also said, “Within a private blockchain there is also no ‘race’; there’s no incentive to use more power or discover blocks faster than competitors. This means that many in-house blockchain solutions will be nothing more than cumbersome databases.”[10]

Blockchain analysis

The analysis of public blockchains has become increasingly important with the popularity of bitcoinEthereumlitecoin and other cryptocurrencies.[42] A blockchain, if it is public, provides anyone who wants access to observe and analyse the chain data, given one has the know-how. The process of understanding and accessing the flow of crypto has been an issue for many cryptocurrencies, crypto-exchanges and banks.[43][44] The reason for this is accusations of blockchain enabled cryptocurrencies enabling illicit dark market trade of drugs, weapons, money laundering etc.[45] A common belief has been that cryptocurrency is private and untraceable, thus leading many actors to use it for illegal purposes. This is changing and now specialised tech-companies provide blockchain tracking services, making crypto exchanges, law-enforcement and banks more aware of what is happening with crypto funds and fiat crypto exchanges. The development, some argue, has led criminals to prioritise use of new cryptos such as Monero.[46][47][48] The question is about public accessibility of blockchain data and the personal privacy of the very same data. It is a key debate in cryptocurrency and ultimately in blockchain.[49]

Uses

Blockchain technology can be integrated into multiple areas. The primary use of blockchains today is as a distributed ledger for cryptocurrencies, most notably bitcoin. There are a few operational products maturing from proof of concept by late 2016.[37] Businesses have been thus far reluctant to place blockchain at the core of the business structure.[50]

Cryptocurrencies

Most cryptocurrencies use blockchain technology to record transactions. For example, the bitcoin network and Ethereum network are both based on blockchain. On 8 May 2018 Facebook confirmed that it is opening a new blockchain group[51] which will be headed by David Marcus who previously was in charge of Messenger. According to The Verge Facebook is planning to launch its own cryptocurrency for facilitating payments on the platform.[52]

Smart contracts

Blockchain-based smart contracts are proposed contracts that could be partially or fully executed or enforced without human interaction.[53] One of the main objectives of a smart contract is automated escrow. An IMF staff discussion reported that smart contracts based on blockchain technology might reduce moral hazards and optimize the use of contracts in general. But “no viable smart contract systems have yet emerged.” Due to the lack of widespread use their legal status is unclear.[54]

Financial services

Major portions of the financial industry are implementing distributed ledgers for use in banking,[55][56][57] and according to a September 2016 IBM study, this is occurring faster than expected.[58]

Banks are interested in this technology because it has potential to speed up back office settlement systems.[59]

Banks such as UBS are opening new research labs dedicated to blockchain technology in order to explore how blockchain can be used in financial services to increase efficiency and reduce costs.[60][61]

Berenberg, a German bank, believes that blockchain is an “overhyped technology” that has had a large number of “proofs of concept”, but still has major challenges, and very few success stories.[62]

Video games

A blockchain game CryptoKitties, launched in November 2017.[63] The game made headlines in December 2017 when a cryptokitty character – an in-game virtual pet – was sold for more than US$100,000.[64] CryptoKitties illustrated scalability problems for games on Ethereum when it created significant congestion on the Ethereum network with about 30% of all Ethereum transactions being for the game.[65]

Cryptokitties also demonstrated how blockchains can be used to catalog game assets (digital assets).[66]

Supply chain

There are a number of efforts and industry organizations working to employ blockchains in supply chain logistics and supply chain management.

The Blockchain in Transport Alliance (BiTA) works to develop open standards for supply chains.[citation needed]

Everledger is one of the inaugural clients of IBM’s blockchain-based tracking service.[67]

Walmart and IBM are running a trial to use a blockchain-backed system for supply chain monitoring — all nodes of the blockchain are administered by Walmart and are located on the IBM cloud.[68]

Hyperledger Grid develops open components for blockchain supply chain solutions.[69][70]

Other uses

Blockchain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, tracking digital use and payments to content creators, such as wireless users[71] or musicians.[72] In 2017, IBM partnered with ASCAP and PRS for Music to adopt blockchain technology in music distribution.[73] Imogen Heap‘s Mycelia service has also been proposed as blockchain-based alternative “that gives artists more control over how their songs and associated data circulate among fans and other musicians.”[74][75]

New distribution methods are available for the insurance industry such as peer-to-peer insuranceparametric insurance and microinsurance following the adoption of blockchain.[76][77] The sharing economy and IoT are also set to benefit from blockchains because they involve many collaborating peers.[78] Online voting is another application of the blockchain.[79][80]

Other designs include:

  • Hyperledger is a cross-industry collaborative effort from the Linux Foundation to support blockchain-based distributed ledgers, with projects under this initiative including Hyperledger Burrow (by Monax) and Hyperledger Fabric (spearheaded by IBM)[81]
  • Quorum – a permissionable private blockchain by JPMorgan Chase with private storage, used for contract applications[82]
  • Tezos, decentralized voting.[35]:94
  • Proof of Existence is an online service that verifies the existence of computer files as of a specific time[83]

Types

Currently, there are at least four types of blockchain networks — public blockchains, private blockchains, consortium blockchains and hybrid blockchains.

Public blockchains

A public blockchain has absolutely no access restrictions. Anyone with an Internet connection can send transactions to it as well as become a validator (i.e., participate in the execution of a consensus protocol).[84][self-published source?] Usually, such networks offer economic incentives for those who secure them and utilize some type of a Proof of Stake or Proof of Work algorithm.

Some of the largest, most known public blockchains are the bitcoin blockchain and the Ethereum blockchain.

Private blockchains

A private blockchain is permissioned.[38] One cannot join it unless invited by the network administrators. Participant and validator access is restricted.

This type of blockchains can be considered a middle-ground for companies that are interested in the blockchain technology in general but are not comfortable with a level of control offered by public networks. Typically, they seek to incorporate blockchain into their accounting and record-keeping procedures without sacrificing autonomy and running the risk of exposing sensitive data to the public internet.[citation needed]

Hybrid blockchains

A hybrid blockchain[85] simply explained is a combination between different characteristics both public and private blockchains have by design. It allows to determine what information stays private and what information is made public. Further decentralization in relation to primarily centralized private blockchains can be achieved in various ways. Instead of keeping transactions inside their own network of community run or private nodes, the hash (with or without payload) can be posted on completely decentralized blockchains such as bitcoin. Dragonchain uses Interchain[86] to host transactions on other blockchains. This allows users to operate on different blockchains, where they can selectively share data or business logic. Other blockchains like Wanchain use interoperability mechanisms such as bridges.[87][88] By submitting the hash of a transaction (with or without the sensitive business logic) on public blockchains like bitcoin or Ethereum, some of the privacy and blockchain concerns are resolved, as no personal identifiable information is stored on a public blockchain. Depending on the hybrid blockchain its architecture, multicloud solutions allow to store data in compliance with General Data Protection Regulation and other geographical limitations while also leveraging bitcoin’s global hashpower to decentralize transactions.

Academic research

Blockchain panel discussion at the first IEEE Computer Society TechIgnite conference

In October 2014, the MIT Bitcoin Club, with funding from MIT alumni, provided undergraduate students at the Massachusetts Institute of Technology access to $100 of bitcoin. The adoption rates, as studied by Catalini and Tucker (2016), revealed that when people who typically adopt technologies early are given delayed access, they tend to reject the technology.[89]

Energy use of proof-of-work blockchains

External video
 Cryptocurrencies: looking beyond the hypeHyun Song ShinBank for International Settlements, 2:48[90]
 Blockchains and Cryptocurrencies: Burn It With Fire, Nicholas Weaver, Berkeley School of Information, 49:47, lecture begins at 3:05[91]

The Bank for International Settlements has criticized the public proof-of-work blockchains for high energy consumption.[92][90][93]

Nicholas Weaver, of the International Computer Science Institute at the University of California, Berkeley examines blockchain’s online security, and the energy efficiency of proof-of-work public blockchains, and in both cases finds it grossly inadequate.[91][94]

Journals

In September 2015, the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research, Ledger, was announced. The inaugural issue was published in December 2016.[95] The journal covers aspects of mathematicscomputer scienceengineeringlaweconomics and philosophy that relate to cryptocurrencies such as bitcoin.[96][97]

The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers.[98]

See also

References …

Further reading

  •  Media related to Blockchain at Wikimedia Commons

https://en.wikipedia.org/wiki/Blockchain

What is Blockchain Technology? A Step-by-Step Guide For Beginners

Ameer Rosic

3 years ago
Was ist Blockchain-Technologie

What is Blockchain Technology? A Step-by-Step Guide For Beginners

[Updated – Mar 01 2019]

Is Blockchain Technology the New Internet?

The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?

By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currencyBitcoin, (Buy Bitcoin) the tech community has now found other potential uses for the technology.

In thisguide, we are going to explain to you what the blockchain technology is, and what its properties are that make it so unique. So, we hope you enjoy this, What Is Blockchain Guide. And if you already know what blockchain is and want to become a blockchain developer please check out our in-depth blockchain tutorial and create your very first blockchain.

What is Blockchain Technology?

What is Blockchain Technology? A step-by-step guide than anyone can understand“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors Blockchain Revolution (2016).

A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).

So, what is so special about it and why are we saying that it has industry disrupting capabilities?

The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.

Blockchain Explained

A blockchain carries no transaction cost. (An infrastructure cost yes, but no transaction cost.) The blockchain is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner. One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history. Falsifying a single record would mean falsifying the entire chain in millions of instances. That is virtually impossible. Bitcoin uses this model for monetary transactions, but it can be deployed in many others ways.

Blockchain is the most disruptive invention since the Internet itself

Think of a railway company. We buy tickets on an app or the web. The credit card company takes a cut for processing the transaction. With blockchain, not only can the railway operator save on credit card processing fees, it can move the entire ticketing process to the blockchain. The two parties in the transaction are the railway company and the passenger. The ticket is a block, which will be added to a ticket blockchain. Just as a monetary transaction on blockchain is a unique, independently verifiable and unfalsifiable record (like Bitcoin), so can your ticket be. Incidentally, the final ticket blockchain is also a record of all transactions for, say, a certain train route, or even the entire train network, comprising every ticket ever sold, every journey ever taken.

But the key here is this: it’s free. Not only can the blockchain transfer and store money, but it can also replace all processes and business models which rely on charging a small fee for a transaction. Or any other transaction between two parties.

Here is another example. The gig economy hub Fivver charges 0.5 dollars on a 5 transaction between individuals buying and selling services. Using blockchain technology the transaction is free. Ergo, Fivver will cease to exist. So will auction houses and any other business entity based on the market-maker principle.

Even recent entrants like Uber and AirBnB are threatened by blockchain technology. All you need to do is encode the transactional information for a car ride or an overnight stay, and again you have a perfectly safe way that disrupts the business model of the companies which have just begun to challenge the traditional economy. We are not just cutting out the fee-processing middle man, we are also eliminating the need for the match-making platform.

Because blockchain transactions are free, you can charge minuscule amounts, say 1/100 of a cent for a video view or article read. Why should I pay The Economist or National Geographic an annual subscription fee if I can pay per article on Facebook or my favorite chat app. Again, remember that blockchain transactions carry no transaction cost. You can charge for anything in any amount without worrying about third parties cutting into your profits.

Blockchain may make selling recorded music profitable again for artists by cutting out music companies and distributors like Apple or Spotify. The music you buy could even be encoded in the blockchain itself, making it a cloud archive for any song purchased. Because the amounts charged can be so small, subscription and streaming services will become irrelevant.

It goes further. Ebooks could be fitted with blockchain code. Instead of Amazon taking a cut, and the credit card company earning money on the sale, the books would circulate in encoded form and a successful blockchain transaction would transfer money to the author and unlock the book. Transfer ALL the money to the author, not just meager royalties. You could do this on a book review website like Goodreads, or on your own website. The marketplace Amazon is then unnecessary. Successful iterations could even include reviews and other third-party information about the book.

In the financial world the applications are more obvious and the revolutionary changes more imminent. Blockchains will change the way stock exchanges work, loans are bundled, and insurances contracted. They will eliminate bank accounts and practically all services offered by banks. Almost every financial institution will go bankrupt or be forced to change fundamentally, once the advantages of a safe ledger without transaction fees is widely understood and implemented. After all, the financial system is built on taking a small cut of your money for the privilege of facilitating a transaction. Bankers will become mere advisers, not gatekeepers of money. Stockbrokers will no longer be able to earn commissions and the buy/sell spread will disappear.

How Does Blockchain Work?

Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.

Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.

To go in deeper with the Google spreadsheet analogy, I would like you to read this piece from a blockchain specialist.


What is Blockchain Technology? A step-by-step guide than anyone can understand“The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once.That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again).With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.

Imagine the number of legal documents that should be used that way. Instead of passing them to each other, losing track of versions, and not being in sync with the other version, why can’t *all* business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow. You don’t need a blockchain to share documents, but the shared documents analogy is a powerful one.” – William Mougayar, Venture advisor, 4x entrepreneur, marketer, strategist and blockchain specialist

The reason why the blockchain has gained so much admiration is that:

  • It is not owned by a single entity, hence it is decentralized
  • The data is cryptographically stored inside
  • The blockchain is immutable, so no one can tamper with the data that is inside the blockchain
  • The blockchain is transparent so one can track the data if they want to

The Three Pillars of Blockchain Technology

The three main properties of Blockchain Technology which has helped it gain widespread acclaim are as follows:

  • Decentralization
  • Transparency
  • Immutability

Pillar #1: Decentralization

Before Bitcoin and BitTorrent came along, we were more used to centralized services. The idea is very simple. You have a centralized entity which stored all the data and you’d have to interact solely with this entity to get whatever information you required.

Another example of a centralized system is banks. They store all your money, and the only way that you can pay someone is by going through the bank.

The traditional client-server model is a perfect example of this:

What is Blockchain

When you google search for something, you send a query to the server who then gets back at you with the relevant information. That is simple client-server.

Now, centralized systems have treated us well for many years, however, they have several vulnerabilities.

  • Firstly, because they are centralized, all the data is stored in one spot. This makes them easy target spots for potential hackers.
  • If the centralized system were to go through a software upgrade, it would halt the entire system
  • What if the centralized entity somehow shut down for whatever reason? That way nobody will be able to access the information that it possesses
  • Worst case scenario, what if this entity gets corrupted and malicious? If that happens then all the data that is inside the blockchain will be compromised.

So, what happens if we just take this centralized entity away?

In a decentralized system, the information is not stored by one single entity. In fact, everyone in the network owns the information.

In a decentralized network, if you wanted to interact with your friend then you can do so directly without going through a third party. That was the main ideology behind Bitcoins. You and only you alone are in charge of your money. You can send your money to anyone you want without having to go through a bank.

blockchain

Pillar #2: Transparency

One of the most interesting and misunderstood concepts in blockchain technology is “transparency.” Some people say that blockchain gives you privacy while some say that it is transparent. Why do you think that happens?

Well… a person’s identity is hidden via complex cryptography and represented only by their public address. So, if you were to look up a person’s transaction history, you will not see “Bob sent 1 BTC” instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”.

The following snapshot of Ethereum transactions will show you what we mean:

Ethereum transactions

So, while the person’s real identity is secure, you will still see all the transactions that were done by their public address. This level of transparency has never existed before within a financial system. It adds that extra, and much needed, level of accountability which is required by some of these biggest institutions.

Speaking purely from the point of view of cryptocurrency, if you know the public address of one of these big companies, you can simply pop it in an explorer and look at all the transactions that they have engaged in. This forces them to be honest, something that they have never had to deal with before.

However, that’s not the best use-case. We are pretty sure that most of these companies won’t transact using cryptocurrencies, and even if they do, they won’t do ALL their transactions using cryptocurrencies. However, what if the blockchain technology was integrated…say in their supply chain?

You can see why something like this can be very helpful for the finance industry right?

Pillar #3: Immutability

Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with.

Can you imagine how valuable this will be for financial institutes?

Imagine how many embezzlement cases can be nipped in the bud if people know that they can’t “work the books” and fiddle around with company accounts.

The reason why the blockchain gets this property is that of cryptographic hash function.

In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like bitcoin, the transactions are taken as an input and run through a hashing algorithm (bitcoin uses SHA-256) which gives an output of a fixed length.

Let’s see how the hashing process works. We are going to put in certain inputs. For this exercise, we are going to use the SHA-256 (Secure Hashing Algorithm 256).

hashing

As you can see, in the case of SHA-256, no matter how big or small your input is, the output will always have a fixed 256-bits length. This becomes critical when you are dealing with a huge amount of data and transactions. So basically, instead of remembering the input data which could be huge, you can just remember the hash and keep track.

A cryptographic hash function is a special class of hash functions which has various properties making it ideal for cryptography. There are certain properties that a cryptographic hash function needs to have in order to be considered secure. You can read about those in detail in our guide on hashing.

There is just one property that we want you to focus on today. It is called the “Avalanche Effect.”

What does that mean?

Even if you make a small change in your input, the changes that will be reflected in the hash will be huge. Let’s test it out using SHA-256:

blockchain hashing

You see that? Even though you just changed the case of the first alphabet of the input, look at how much that has affected the output hash. Now, let’s go back to our previous point when we were looking at blockchain architecture. What we said was:

The blockchain is a linked list which contains data and a hash pointer which points to its previous block, hence creating the chain. What is a hash pointer? A hash pointer is similar to a pointer, but instead of just containing the address of the previous block it also contains the hash of the data inside the previous block.

This one small tweak is what makes blockchains so amazingly reliable and trailblazing.

Imagine this for a second, a hacker attacks block 3 and tries to change the data. Because of the properties of hash functions, a slight change in data will change the hash drastically. This means that any slight changes made in block 3, will change the hash which is stored in block 2, now that in turn will change the data and the hash of block 2 which will result in changes in block 1 and so on and so forth. This will completely change the chain, which is impossible. This is exactly how blockchains attain immutability.

Maintaining the Blockchain – Network and Nodes

The blockchain is maintained by a peer-to-peer network. The network is a collection of nodes which are interconnected to one another. Nodes are individual computers which take in input and performs a function on them and gives an output. The blockchain uses a special kind of network called “peer-to-peer network” which partitions its entire workload between participants, who are all equally privileged, called “peers”. There is no longer one central server, now there are several distributed and decentralized peers.

Why do people use the peer-to-peer network?

One of the main uses of the peer-to-peer network is file sharing, also called torrenting. If you are to use a client-server model for downloading, then it is usually extremely slow and entirely dependent on the health of the server. Plus, like we said, it is prone to censorship.

However, in a peer-to-peer system, there is no central authority, and hence if even one of the peers in the network goes out of the race, you still have more peers to download from. Plus, it is not subject to the idealistic standards of a central system, hence it is not prone to censorship.

If we were to compare the two:

Image courtesy: Quora

The decentralized nature of a peer-to-peer system becomes critical as we move on to the next section. How critical? Well, the simple (at least on paper) idea of combining this peer-to-peer network with a payment system has completely revolutionized the finance industry by giving birth to cryptocurrency.

The use of networks and nodes in cryptocurrencies.

The peer-to-peer network structure in cryptocurrencies is structured according to the consensus mechanism that they are utilizing. For cryptos like Bitcoin and Ethereum which uses a normal proof-of-work consensus mechanism (Ethereum will eventually move on to Proof of Stake), all the nodes have the same privilege. The idea is to create an egalitarian network. The nodes are not given any special privileges, however, their functions and degree of participation may differ. There is no centralized server/entity, nor is there any hierarchy. It is a flat topology.

These decentralized cryptocurrencies are structured like that is because of a simple reason, to stay true to their philosophy. The idea is to have a currency system, where everyone is treated as an equal and there is no governing body, which can determine the value of the currency based on a whim. This is true for both bitcoin and Ethereum.

Now, if there is no central system, how would everyone in the system get to know that a certain transaction has happened? The network follows the gossip protocol. Think of how gossip spreads. Suppose Alice sent 3 ETH to Bob. The nodes nearest to her will get to know of this, and then they will tell the nodes closest to them, and then they will tell their neighbors, and this will keep on spreading out until everyone knows. Nodes are basically your nosy, annoying relatives.

What is Blockchain Technology? A step-by-step guide than anyone can understand
So, what is a node in the context of Ethereum? A node is simply a computer that participates in the Ethereum network. This participation can be in three ways

  • By keeping a shallow-copy of the blockchain aka a Light Client
  • By keeping a full-copy of the blockchain aka a Full Node
  • By verifying the transactions aka Mining

 

However, the problem with this design is that it is not really that scalable. Which is why, a lot of new generation cryptocurrencies adopt a leader-based consensus mechanism. In EOS, Cardano, Neo etc. the nodes elect leader nodes or “super nodes” who are in charge of the consensus and overall network health. These cryptos are a lot faster but they are not the most decentralized of systems.

So, in a way, cryptos have to make the trade-off between speed and decentralization.

Who Will Use The Blockchain?

As web infrastructure, you don’t need to know about the blockchain for it to be useful in your life.

Currently, finance offers the strongest use cases for the technology. International remittances, for instance. The World Bank estimates that over $430 billion US in money transfers were sent in 2015. And at the moment there is a high demand for blockchain developers.

The blockchain potentially cuts out the middleman for these types of transactions. Personal computing became accessible to the general public with the invention of the Graphical User Interface (GUI), which took the form of a “desktop”. Similarly, the most common GUI devised for the blockchain are the so-called “wallet” applications, which people use to buy things with Bitcoin, and store it along with other cryptocurrencies.

Transactions online are closely connected to the processes of identity verification. It is easy to imagine that wallet apps will transform in the coming years to include other types of identity management.

What is Blockchain? And What New Applications Will It Bring Us?

The blockchain gives internet users the ability to create value and authenticates digital information. What new business applications will result from this?

#1 Smart contracts

Distributed ledgers enable the coding of simple contracts that will execute when specified conditions are met. Ethereum is an open source blockchain project that was built specifically to realize this possibility. Still, in its early stages, Ethereum has the potential to leverage the usefulness of blockchains on a truly world-changing scale.

At the technology’s current level of development, smart contracts can be programmed to perform simple functions. For instance, a derivative could be paid out when a financial instrument meets certain benchmark, with the use of blockchain technology and Bitcoin enabling the payout to be automated.

#2 The sharing economy

With companies like Uber and Airbnb flourishing, the sharing economy is already a proven success. Currently, however, users who want to hail a ride-sharing service have to rely on an intermediary like Uber. By enabling peer-to-peer payments, the blockchain opens the door to direct interaction between parties — a truly decentralized sharing economy results.

An early example, OpenBazaar uses the blockchain to create a peer-to-peer eBay. Download the app onto your computing device, and you can transact with OpenBazzar vendors without paying transaction fees. The “no rules” ethos of the protocol means that personal reputation will be even more important to business interactions than it currently is on eBay.

#3 Crowdfunding

Crowdfunding initiatives like Kickstarter and Gofundme are doing the advance work for the emerging peer-to-peer economy. The popularity of these sites suggests people want to have a direct say in product development. Blockchains take this interest to the next level, potentially creating crowd-sourced venture capital funds.

In 2016, one such experiment, the Ethereum-based DAO (Decentralized Autonomous Organization), raised an astonishing $200 million USD in just over two months. Participants purchased “DAO tokens” allowing them to vote on smart contract venture capital investments (voting power was proportionate to the number of DAO they were holding). A subsequent hack of project funds proved that the project was launched without proper due diligence, with disastrous consequences. Regardless, the DAO experiment suggests the blockchain has the potential to usher in “a new paradigm of economic cooperation.”

#4 Governance

By making the results fully transparent and publicly accessible, distributed database technology could bring full transparency to elections or any other kind of poll taking. Ethereum-based smart contracts help to automate the process.

The app, Boardroom, enables organizational decision-making to happen on the blockchain. In practice, this means company governance becomes fully transparent and verifiable when managing digital assets, equity or information.

#5 Supply chain auditing

Consumers increasingly want to know that the ethical claims companies make about their products are real. Distributed ledgers provide an easy way to certify that the backstories of the things we buy are genuine. Transparency comes with blockchain-based timestamping of a date and location — on ethical diamonds, for instance — that corresponds to a product number.

The UK-based Provenance offers supply chain auditing for a range of consumer goods. Making use of the Ethereum blockchain, a Provenance pilot project ensures that fish sold in Sushi restaurants in Japan has been sustainably harvested by its suppliers in Indonesia.

#6 File storage

Decentralizing file storage on the internet brings clear benefits. Distributing data throughout the network protects files from getting hacked or lost.

Inter Planetary File System (IPFS) makes it easy to conceptualize how a distributed web might operate. Similar to the way a BitTorrent moves data around the internet, IPFS gets rid of the need for centralized client-server relationships (i.e., the current web). An internet made up of completely decentralized websites has the potential to speed up file transfer and streaming times. Such an improvement is not only convenient. It’s a necessary upgrade to the web’s currently overloaded content-delivery systems.

#7 Prediction markets

The crowdsourcing of predictions on event probability is proven to have a high degree of accuracy. Averaging opinions cancels out the unexamined biases that distort judgment. Prediction markets that payout according to event outcomes are already active. Blockchains are a “wisdom of the crowd” technology that will no doubt find other applications in the years to come.

The prediction market application Augur makes share offerings on the outcome of real-world events. Participants can earn money by buying into the correct prediction. The more shares purchased in the correct outcome, the higher the payout will be. With a small commitment of funds (less than a dollar), anyone can ask a question, create a market based on a predicted outcome, and collect half of all transaction fees the market generates.

#8 Protection of intellectual property

As is well known, digital information can be infinitely reproduced — and distributed widely thanks to the internet. This has given web users globally a goldmine of free content. However, copyright holders have not been so lucky, losing control over their intellectual property and suffering financially as a consequence. Smart contracts can protect copyright and automate the sale of creative works online, eliminating the risk of file copying and redistribution.

Mycelia uses the blockchain to create a peer-to-peer music distribution system. Founded by the UK singer-songwriter Imogen Heap, Mycelia enables musicians to sell songs directly to audiences, as well as license samples to producers and divvy up royalties to songwriters and musicians — all of these functions being automated by smart contracts. The capacity of blockchains to issue payments in fractional cryptocurrency amounts (micropayments) suggests this use case for the blockchain has a strong chance of success.

#9 Internet of Things (IoT)

What is the IoT? The network-controlled management of certain types of electronic devices — for instance, the monitoring of air temperature in a storage facility. Smart contracts make the automation of remote systems management possible. A combination of software, sensors, and the network facilitates an exchange of data between objects and mechanisms. The result increases system efficiency and improves cost monitoring.

The biggest players in manufacturing, tech and telecommunications are all vying for IoT dominance. Think Samsung, IBM and AT&T. A natural extension of existing infrastructure controlled by incumbents, IoT applications will run the gamut from predictive maintenance of mechanical parts to data analytics, and mass-scale automated systems management.

#10 Neighbourhood Microgrids

Blockchain technology enables the buying and selling of the renewable energy generated by neighborhood microgrids. When solar panels make excess energy, Ethereum-based smart contracts automatically redistribute it. Similar types of smart contract automation will have many other applications as the IoT becomes a reality.

Located in Brooklyn, Consensys is one of the foremost companies globally that is developing a range of applications for Ethereum. One project they are partnering on is Transactive Grid, working with the distributed energy outfit, LO3. A prototype project currently up and running uses Ethereum smart contracts to automate the monitoring and redistribution of microgrid energy. This so-called “intelligent grid” is an early example of IoT functionality.

#11 Identity management

There is a definite need for better identity management on the web. The ability to verify your identity is the lynchpin of financial transactions that happen online. However, remedies for the security risks that come with web commerce are imperfect at best. Distributed ledgers offer enhanced methods for proving who you are, along with the possibility to digitize personal documents. Having a secure identity will also be important for online interactions — for instance, in the sharing economy. A good reputation, after all, is the most important condition for conducting transactions online.

Developing digital identity standards is proving to be a highly complex process. Technical challenges aside, a universal online identity solution requires cooperation between private entities and government. Add to that the need to navigate legal systems in different countries and the problem becomes exponentially difficult. E-Commerce on the internet currently relies on the SSL certificate (the little green lock) for secure transactions on the web. Netki is a startup that aspires to create an SSL standard for the blockchain. Having recently announced a $3.5 million seed round, Netki expects a product launch in early 2017.

#12 AML and KYC

Anti-money laundering (AML) and know your customer (KYC) practices have a strong potential for being adapted to the blockchain. Currently, financial institutions must perform a labour intensive multi-step process for each new customer. KYC costs could be reduced through cross-institution client verification, and at the same time increase monitoring and analysis effectiveness.

Startup Polycoin has an AML/KYC solution that involves analysing transactions. Those transactions identified as being suspicious are forwarded on to compliance officers. Another startup Tradle is developing an application called Trust in Motion (TiM). Characterized as an “Instagram for KYC”, TiM allows customers to take a snapshot of key documents (passport, utility bill, etc.). Once verified by the bank, this data is cryptographically stored on the blockchain.

#13 Data management

Today, in exchange for their personal data people can use social media platforms like Facebook for free. In future, users will have the ability to manage and sell the data their online activity generates. Because it can be easily distributed in small fractional amounts, Bitcoin — or something like it — will most likely be the currency that gets used for this type of transaction.

The MIT project Enigma understands that user privacy is the key precondition for creating of a personal data marketplace. Enigma uses cryptographic techniques to allow individual data sets to be split between nodes, and at the same time run bulk computations over the data group as a whole. Fragmenting the data also makes Enigma scalable (unlike those blockchain solutions where data gets replicated on every node). A Beta launch is promised within the next six months.

#14 Land title registration

As Publicly-accessible ledgers, blockchains can make all kinds of record-keeping more efficient. Property titles are a case in point. They tend to be susceptible to fraud, as well as costly and labour intensive to administer.

A number of countries are undertaking blockchain-based land registry projects. Honduras was the first government to announce such an initiative in 2015, although the current status of that project is unclear. This year, the Republic of Georgia cemented a deal with the Bitfury Group to develop a blockchain system for property titles. Reportedly, Hernando de Soto, the high-profile economist and property rights advocate, will be advising on the project. Most recently, Sweden announced it was experimenting with a blockchain application for property titles.

#15 Stock trading

The potential for added efficiency in share settlement makes a strong use case for blockchains in stock trading. When executed peer-to-peer, trade confirmations become almost instantaneous (as opposed to taking three days for clearance). Potentially, this means intermediaries — such as the clearing house, auditors and custodians — get removed from the process.

Numerous stock and commodities exchanges are prototyping blockchain applications for the services they offer, including the ASX (Australian Securities Exchange), the Deutsche Börse (Frankfurt’s stock exchange) and the JPX (Japan Exchange Group). Most high profile because the acknowledged first mover in the area, is the Nasdaq’s Linq, a platform for private market trading (typically between pre-IPO startups and investors). A partnership with the blockchain tech company Chain, Linq announced the completion of it its first share trade in 2015. More recently, Nasdaq announced the development of a trial blockchain project for proxy voting on the Estonian Stock Market.

Ian Khan, TEDx SpeakerAs revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.” – Ian Khan, TEDx Speaker | Author | Technology Futurist

https://blockgeeks.com/guides/what-is-blockchain-technology/

Making sense of bitcoin, cryptocurrency and blockchain

Bitcoin, cryptocurrency, blockchain… So what does it all mean?

Some of the noise is hype, but some of it points to important forces in the financial services industry. To help you make sense of it, we’ve pulled together content explaining why a lot of industry observers are paying close attention.

Let’s start with some quick definitions. Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.

A look at blockchain technology

What is it?

The blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting and many other issues.

blockchain how it works
blockchain cyrptocurrency
blockchain benefits

 

Blockchain also has potential applications far beyond bitcoin and cryptocurrency.

Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the internet without the need for a centralized third party.

From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.

Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance.

For an overview of cryptocurrency, start with “Money is no object.” This paper, from PwC’s Financial Services Institute, focuses on cryptocurrency. We explain where it came from, how much consumers know about it and use it, what it will take for the market to grow and what the regulators think. We also look at how market participants, such as investors, technology providers and financial institutions, will be affected.

For some quick background on blockchain, take a look at our Top Trends in Financial Services page on Blockchain, where we discuss some of the ways FS firms are using blockchain, and how we expect the blockchain technology to develop in the future.

For a deeper dive into blockchain’s implications, read “A strategist’s guide to blockchain.” This article, from strategy+business, examines the potential benefits of this important innovation—and also suggests a way forward for financial institutions. Put simply, proceed deliberately. Explore how others might try to disrupt your business with blockchain technology and how your company could use it to leap ahead instead. In all cases, link your investments to your value proposition and give your business partners and your customers what they want most: speed, convenience and control over their transactions.

For a peek into the application of blockchains for smart contracts, check out “Blockchain and smart contract automation”. This short series of articles explore how blockchains, both public and private, have triggered a global hunt for ways to remove friction from transaction-related processes, including the process of reaching contractual agreements. Learn about the precursors, challenges and future outlook of implementing smart contracts. We also chat with Gideon Greenspan of Coin Sciences to learn about his views on the legal ramifications of public blockchains and why companies are seeking alternatives.

When a technology moves so quickly, it’s dangerous to sit on the sidelines. We’re watching blockchain move from a startup idea to an established technology in a tiny fraction of the time it took for the internet or even the PC to be accepted as a standard tool. Blockchain technology could result in a radically different competitive future for the financial services industry. These articles will help you understand these changes—and what you should do about them.

https://www.pwc.com/us/en/industries/financial-services/fintech/bitcoin-blockchain-cryptocurrency.html

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The Pronk Pops Show 1282, June 27, 2019, Story 1: Radical Extremist Socialist Democrats (REDS) Pass The Torch — Burn Baby Burn Burn Biden Burn — Democrat Demolition Disco Debate — REDS Party Line: Government Single Payer Medicare (Socialized Medicine) For All Including 30-60 Million Illegal Aliens Given Citizenship To Vote For Democrats! — Lying Lunatic Leftist Losing REDS Line — Never Vote For REDS If You Like Your Employer Provided Health Care,Want To Keep Your Babies Alive, Want A Job, Raise Your Standard of Living and Love Your Country — Staying Alive —  Born to Be Alive — Videos

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The Pronk Pops Show Podcasts

Pronk Pops Show 1282 June 27, 2019

Pronk Pops Show 1281 June 26, 2019

Pronk Pops Show 1280 June 25, 2019

Pronk Pops Show 1279 June 24, 2019

Pronk Pops Show 1278 June 20, 2019 

Pronk Pops Show 1277 June 19, 2019

Pronk Pops Show 1276 June 18, 2019

Pronk Pops Show 1275 June 17, 2019

Pronk Pops Show 1274 June 13, 2019

Pronk Pops Show 1273 June 12, 2019

Pronk Pops Show 1272 June 11, 2019

Pronk Pops Show 1271 June 10, 2019

Pronk Pops Show 1270 June 6, 2019

Pronk Pops Show 1269 June 5, 2019

Pronk Pops Show 1268 June 3, 2019

Pronk Pops Show 1267 May 30, 2019

Pronk Pops Show 1266 May 29, 2019

Pronk Pops Show 1265 May 28, 2019

Pronk Pops Show 1264 May 24, 2019

Pronk Pops Show 1263 May 23, 2019

Pronk Pops Show 1262 May 22, 2019

Pronk Pops Show 1261 May 21, 2019

Pronk Pops Show 1260 May 20, 2019

Pronk Pops Show 1259 May 16, 2019

Pronk Pops Show 1258 May 15, 2019

Pronk Pops Show 1257 May 14, 2019

Pronk Pops Show 1256 May 13, 2019

Pronk Pops Show 1255 May 10, 2019

Pronk Pops Show 1254 May 9, 2019

Pronk Pops Show 1253 May 8, 2019

Pronk Pops Show 1252 May 7, 2019

Pronk Pops Show 1251 May 6, 2019

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Pronk Pops Show 1249 May 2, 2019

Pronk Pops Show 1248 May 1, 2019

Pronk Pops Show 1247 April 30, 2019

Pronk Pops Show 1246 April 29, 2019

Pronk Pops Show 1245 April 26, 2019

Pronk Pops Show 1244 April 25, 2019

Pronk Pops Show 1243 April 24, 2019

Pronk Pops Show 1242 April 23, 2019

Pronk Pops Show 1241 April 18, 2019

Pronk Pops Show 1240 April 16, 2019

Pronk Pops Show 1239 April 15, 2019

Pronk Pops Show 1238 April 11, 2019

Pronk Pops Show 1237 April 10, 2019

Pronk Pops Show 1236 April 9, 2019

Pronk Pops Show 1235 April 8, 2019

Pronk Pops Show 1234 April 5, 2019

Pronk Pops Show 1233 April 4, 2019

Pronk Pops Show 1232 April 1, 2019 Part 2

Pronk Pops Show 1232 March 29, 2019 Part 1

Pronk Pops Show 1231 March 28, 2019

Pronk Pops Show 1230 March 27, 2019

Pronk Pops Show 1229 March 26, 2019

Pronk Pops Show 1228 March 25, 2019

Pronk Pops Show 1227 March 21, 2019

Pronk Pops Show 1226 March 20, 2019

Pronk Pops Show 1225 March 19, 2019

Pronk Pops Show 1224 March 18, 2019

Pronk Pops Show 1223 March 8, 2019

Pronk Pops Show 1222 March 7, 2019

Pronk Pops Show 1221 March 6, 2019

Pronk Pops Show 1220 March 5, 2019

Pronk Pops Show 1219 March 4, 2019

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Story 1: Radical Extremist Socialist Democrats (REDS) Pass The Torch — Burn Baby Burn Burn  Biden Burn — Democrat Demolition Disco Debate — REDS Party Line: Government Single Payer Medicare (Socialized Medicine) For All Including 30-60 Million Illegal Aliens Given Citizenship To Vote For Democrats! — Lying Lunatic Leftist Losing REDS Line — Never Vote For REDS If You Like Your Employer Provided Health Care,Want To Keep Your Babies Alive, Want A Job, Raise Your Standard of Living and Love Your Country — Staying Alive —  Born to Be Alive — Videos

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The Trammps – Disco Inferno

Burn Baby Burn, Disco Inferno

Disco Inferno

The Trammps

To my surprise, one hundred stories high
People getting loose y’all, getting down on the roof
Folks are screaming, out of control
It was so entertaining when the boogie started to explode
I heard somebody say
disco inferno
(Burn baby burn) burn that mother down
(Burn baby burn) disco inferno
(Burn baby burn) burn that mother down
Satisfaction came in a chain reaction
(Burnin’)
I couldn’t get enough, so I had to self-destruct
The heat was on, rising to the top
Everybody going strong, and that is when my spark got hot
I heard somebody say
disco inferno
(Burn baby burn) burn that mother down y’all
(Burn baby burn) disco inferno
(Burn baby burn) burn that mother down
Up above my head
I hear music in the air
That makes me know
There’s a party somewhere
Satisfaction came in a chain reaction
(Burnin’)
I couldn’t get enough, so I had to self-destruct
The heat was on, rising to the top
Everybody going strong, and that is when my spark got hot
I heard somebody say
disco inferno
(Burn baby burn) burn that mother down
(Burn baby burn) disco inferno
(Burn baby burn) burn that mother down
burn that mother down
(Burn baby burn) disco inferno
(Burn baby burn) burn that mother down
when my spark gets hot
(Just can’t stop) when my spark gets hot
when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
When my spark gets hot
when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
(Just can’t stop) when my spark gets hot
disco inferno
(Burn baby burn) burn that mother down
(Burn baby burn) disco inferno
(Burn baby burn) burn that mother down
(Burn baby burn)
(Burn baby burn) burn that mother down
(Burn baby burn) disco inferno
Source: LyricFind
Songwriters: Leroy Green / Tyrone Kersey
Disco Inferno lyrics © Reservoir Media Management Inc

Democratic Presidential Debate – June 27 (Full) | NBC News

The Five reacts to the Dems debate as far-left policies take center stage

Tucker: 2020 Democrats all agree on immigration

Everything Marianne Williamson Said During the Democratic Debate | NBC New York

Ted Cruz rips Democratic debate: ‘The clown car is broken’

Live Stream: The Debate Postmortem and America Meets Marianne Williamson

Live Stream: Dems Will Soon Realize That After the Dust Has Settled There’s Nothing But Dust

The New American Story | Marianne Williamson | TEDxBerkeley

Marianne Williamson Wants to Heal the Country By Running for President

‘Conversation with the Candidate’ with Marianne Williamson: Part 2

Why Oprah’s Spiritual Guru Marianne Williamson Joined the 2020 Race | NowThis

Author Marianne Williamson On Why She’s Running For President

Kate McKinnon Perfectly Impersonates Marianne Williamson at the Democratic Debate

Gaetz slams Democrats’ Nazi Germany comparisons

Why are some top Democrats suddenly embracing reparations for slavery?

Votegasm 2020: The Democratic Debates, Night Two | The Daily Show

Watch Highlights From The First Democratic Debate, Day Two | NBC News

After first Democratic debate night two, recapping the highs and lows l Nightline

Democratic Debate: Kamala Harris Blasts Joe Biden Over Busing Stance | NBC New York

Democratic Presidential Debate – June 27 (Full) | NBC News

4 Hours of the Democratic Debates in 5 Minutes — Best Moments | NowThis

Bee Gees – Stayin’ Alive [Version 1] (Video)

Stayin’ Alive

Bee Gees

Well, you can tell by the way I use my walk
I’m a woman’s man, no time to talk
Music loud and women warm, I’ve been kicked around
Since I was born
And now it’s alright, it’s okay
And you may look the other way
We can try to understand
The New York Times’ effect on man
Whether you’re a brother or whether you’re a mother
You’re stayin’ alive, stayin’ alive
Feel the city breakin’ and everybody shakin’
And we’re stayin’ alive, stayin’ alive
Ah, ha, ha, ha, stayin’ alive, stayin’ alive
Ah, ha, ha, ha, stayin’ alive
Well now, I get low and I get high
And if I can’t get either, I really try
Got the wings of heaven on my shoes
I’m a dancin’ man and I just can’t lose
You know it’s alright, it’s okay
I’ll live to see another day
We can try to understand
The New York Times’ effect on man
Whether you’re a brother or whether you’re a mother
You’re stayin’ alive, stayin’ alive
Feel the city breakin’ and everybody shakin’
And we’re stayin’ alive, stayin’ alive
Ah, ha, ha, ha, stayin’ alive, stayin’ alive
Ah, ha, ha, ha, stayin’ alive
Life goin’ nowhere, somebody help me
Somebody help me, yeah
Life goin’ nowhere, somebody help me, yeah
I’m stayin’ alive
Well, you can tell by the way I use my walk
I’m a woman’s man, no time to talk
Music loud and women warm
I’ve been kicked around since I was born
And now it’s all right, it’s okay
And you may look the other way
We can try to understand
The New York Times’ effect on man
Whether you’re a brother or whether you’re a mother
You’re stayin’ alive, stayin’ alive
Feel the city breakin’ and everybody shakin’
And we’re stayin’ alive, stayin’ alive
Ah, ha, ha, ha, stayin’ alive, stayin’ alive
Ah, ha, ha, ha, stayin’ alive
Life goin’ nowhere, somebody help me
Somebody help me, yeah
Life goin’ nowhere, somebody help me, yeah
I’m stayin’ alive
Life goin’ nowhere, somebody help me
Somebody help me, yeah
Life goin’ nowhere, somebody help me, yeah
I’m stayin’ alive
Life goin’ nowhere, somebody help me
Somebody help me, yeah
Life goin’ nowhere, somebody help me, yeah
I’m stayin’ alive
Life goin’ nowhere, somebody help me
Somebody help me, yeah
Life goin’ nowhere, somebody help me, yeah
I’m stayin’ alive
Source: LyricFind
Songwriters: Maurice Ernest Gibb / Robin Hugh Gibb / Barry Alan Gibb
Stayin’ Alive lyrics © EMI Music Publishing, Sony/ATV Music Publishing LLC, Warner/Chappell Music, Inc, Universal Music Publishing Group

Bee Gees Stayin Alive (Extended Remaster)

Patrick Hernandez – Born to Be Alive – Official Video (Clip Officiel)

Patrick Hernandez Born to be alive

Born to Be Alive

Patrick Hernandez

We were born to be alive
We were born to be alive
Born, born to be alive
(Born to be alive)
Yes we were born
Born
Born
(Born to be alive)
People ask me why
I never find a place to stop
And settle down
Down
Down
But I never wanted all those things
People need to justify
Their lives
Lives
Lives
Yes we were born, born
Born to be alive
(Born to be alive)
Yes we were born
Born
Born
(Born to be alive)
It’s good to be alive
To be alive
To be alive
It’s good to be alive
To be alive
To be alive
IT’S GOOD TO BE ALIVE!
Time was on my side
When I was running down the street
It was so fine
fine
fine
A suitcase and an old guitar
It’s all I need to occupy
A mind like mine
Yes we were born, born
Born to be alive
(Born to be alive)
Yes we were born
Born
Born
(Born to be alive)
Yes we were born, born
Born to be alive
(Born to be alive)
Yes we were born
Born
Born
(Born to be alive)
Yes we were born, born
Born to be alive
(Born to be alive)
Yes we were born
Born
Born
(Born to be alive)
Yes we were born, born
Born to be alive
(Born to be alive)
Yes we were born
Born
Born
(Born to be alive)
Born born to be alive
Source: Musixmatch
Songwriters: P. HERNANDEZ
 Former Vice President Joe Biden
Some Joe Biden loyalists said they thought it was misleading of Sen. Kamala Harris to attack him on civil rights. | Scott Olson/Getty Images

2020 ELECTIONS

‘Her ambition got it wrong about Joe’: Harris faces debate backlash

Biden supporters lash out against Kamala Harris.

SAN FRANCISCO — Kamala Harris might be reveling in her sudden burst of attention after roasting Joe Biden over racial issues on the debate stage last week, but a backlash is already brewing.

Biden supporters and Democrats who have attended the former vice president’s events in the days after the first nationally televised debate, are describing Harris’ assault on Biden as an all-too-calculated overreach after she knocked him on his heels in a grilling over busing and his remarks on segregationist senators.

One major Biden supporter from California who declined to be named for publication said Harris’ direct attack on Biden was a mistake that would haunt her.

“It’s going to bite her in the ass,” the supporter noted. “Very early on there was buzz … Biden-Kamala is the dream ticket, the best of both worlds.’’

After this week, “That shit ain’t happening.”

The criticism of Harris over her rough treatment of Biden is among the first signs of backlash — including in her home state — against the California Democrat who had a breakout moment in the first presidential debate. It’s also a sign of the goodwill and loyalty that many still feel toward that the vice president, who has managed to keep many of his backers in his camp, even amid criticism of what was roundly viewed as a subpar debate performance. Indeed, sources say Biden walked away with a $1 million haul after two fundraisers in San Francisco alone this weekend.

“We can be proud of her nonetheless, but her ambition got it wrong about Joe,” said former Illinois Sen. Carol Moseley Braun, the first African American woman to serve in the Senate who has endorsed Biden in the 2020 primary. “He is about the best there is; for her to take that tack is sad.”

Harris stunned Biden in the debate, knocking him back on his heels by noting his past “hurtful” efforts to work with segregationists and what she defined as his opposition to school busing. Harris’ emotional recounting of her own experience in the Berkeley school district as a child who was bused to more segregated schools — “that girl was me,’’ she said — became a defining debate moment, and bruised Biden’s status as the Democratic front-runner.

But one of Biden’s supporters called the attack by Harris “too cute by half” after her campaign tweeted out — and quickly began merchandising — a photo of Harris as a young girl. “Couldn’t they at least pretend that it was semi-organic?” the Biden supporter asked, referring to the planned nature of Harris’ debate night ambush.

Some Biden loyalists said they thought it was misleading of Harris to attack Biden on civil rights, given what they said was his lifelong advocacy on that front.

White, who is African American, said of the underlying segregationist issues Harris attacked: “I thought it was old news.”

Sam Johnson, a Columbia, S.C.-based public affairs consultant who represents many minority clients, accused Harris of “desperately overreaching.”

“I don’t think a lot of folks are saying, ‘well, there’s a lot of credibility of her going after Biden,’” said Johnson, who has not backed a 2020 candidate. “I don’t think it was received by the majority of folks as an attack that is going to move the needle. Most folks aren’t looking at that as something where, hey, ‘Biden was against civil rights carte blanche.’”

“It was planned, and it was staged and it was rehearsed — and they were ready to raise money on it,’’ another Bay Area Biden supporter said of Harris’ roundhouse punch.

But former San Francisco Mayor Willie Brown — whose patronage of Harris helped put the then-Alameda County assistant district attorney on the political map in her early years — bridled at the suggestion that Harris may have muddled her political future with her attack on Biden. He told POLITICO that the vice president has no one to blame but himself for a lackluster and unprepared performance.

“They better hope she would accept [a VP nomination],’’ he said. “Otherwise, he’s a guaranteed loser.”

“At this point, she may be the only life raft he has,’’ he added, “because, as of this moment, he’s on the Titanic.”

Biden, in comments to supporters this weekend, appeared to acknowledge the possibility that his quest may not end in success — an unusual departure from the script of most presidential candidates who confidently toss off phrases like “as your next president.”

Speaking to about 150 backers in the bay-side Marin County community of Belvedere, Biden dismissed the idea that he was making a sacrifice to run for president, but said that he felt an obligation at a time when the country is at a crisis point with the Trump presidency.

“My family and I believe very strongly that you kind of have certain things fall in your wheelhouse,” he said. “It doesn’t mean I’m going to win, doesn’t mean I’m the only person who can be a good president, I’m not saying that.”

He told two different audiences that civil rights is a lifelong “passion’’ and also made reference to his Democratic competitors. While never mentioning Harris by name, he appeared to address her sharp criticism about working with segregationists, pushing back at the notion that reaching across the aisle is an outdated notion.

“I know I’m criticized heavily by my qualified contenders who are running,” he said, “when I say, ‘folks, we’ve got to bring the country together.’”

“Some will say, ‘well, that’s old Joe, they’re the old days,’’ he said. “[But] if that’s the old days,’’ he told supporters, “we’re dead … that’s not hyperbole.”

Former San Francisco Supervisor Leslie Katz, who has known the former San Francisco district attorney for years and is a member of Harris’ finance committee, defended the senator’s approach.

“She was giving him a chance to address the issues that would plague him. … She was gracious, and she personalized it: She said she didn’t think he was a racist,’’ Katz said. “What stunned me was that he wasn’t prepared for that topic, and he needs to figure that out, sooner rather than later.”

Debbie Mesloh, a longtime Harris adviser, also defended Harris’ question to Biden as on the mark — and entirely fair. “She was ready, and she was bold, and she delivered,’’ she said. “She really showed what she can do.”

Harris, meanwhile, was met in her hometown of San Francisco like a conquering hero post-debate, facing a sea of ebullient supporters at a packed #LGBTQ fundraiser during San Francisco’s PRIDE weekend.

But after reveling in the moment, Harris also delivered a reality check about the long campaign still ahead.

“It will be tough. It will be excruciating. It’s going to be a long haul,’’ she told them.

“We’re going to have good weeks. We’re going to have bad weeks. It’s not going to be given to us … but we are going to be joyful about this,’’ she said. “As much success as we’ve had — there’s still much to do.”

https://www.politico.com/story/2019/06/30/kamala-harris-joe-biden-2020-1391212

Who Won the Democratic Debate, Night 2? Experts Weigh In

Senator Kamala Harris impressed campaign veterans across the board with her confrontation with Joseph R. Biden Jr.CreditDoug Mills/The New York Times
Senator Kamala Harris impressed campaign veterans across the board with her confrontation with Joseph R. Biden Jr.
CreditCreditDoug Mills/The New York Times

When the candidates took the stage in Miami on Thursday for the second night of Democratic primary debates, former Vice President Joseph R. Biden Jr. and Senator Bernie Sanders were the stars. By the time they walked off, all eyes were on Senator Kamala Harris.

Twitter is a bad gauge for public opinion, but a decent source for the assessments of professional observers, including some who know the stakes of debates best: veteran campaign strategists and consultants from both parties. Here is a sampling of responses from them, and from some activists and writers.

From beginning to end, Ms. Harris dominated the debate, starting with a pithy applause line — “America does not want a food fight; they want to know how we are going to put food on the table,” she said, as her rivals shouted over one another — and culminating with a deeply personal exchange in which she confronted Mr. Biden over his record on race and desegregation.

“She proved that she can go after a male opponent without suffering the gender stereotype of appearing overly aggressive or overly ambitious. She looked like a winner, plain & simple.” — Patti Solis Doyle, adviser to the 2008 Obama campaign

“Hell of an exchange on race between Joe Biden and Kamala Harris. If Kamala Harris becomes president, it will be because of this moment.” — Frank Luntz, Republican consultant and pollster

“Harris directly confronting Biden on busing/segregationists was historic, powerful, and unimaginable on a presidential stage until very recently, which is itself symptomatic of a world Biden is struggling to defend.” — Rebecca Traister, writer-at-large for New York magazine

“Here are my #demdebate2 rankings: 1. Kamala.” — Zerlina Maxwell, senior director of progressive programming at SiriusXM

A debate watch party in Manhattan.
CreditSarah Blesener for The New York Times

[Mr. Biden is a fragile frontrunner, Ms. Harris has a chance to build momentum: What we learned from watching the debates.]

 

Pete Buttigieg received some tough questions, including one about a police officer’s fatal shooting of a black man in South Bend, Ind., where Mr. Buttigieg is mayor. He has been off the campaign trail for much of the week dealing with the crisis. But his response at the debate, when asked why the South Bend Police Department has not added more black officers during his time in office, impressed some strategists and activists.

“Because I couldn’t get it done,” he said, before adding: “I could walk you through all of the things that we have done as a community, all of the steps that we took, from bias training to de-escalation, but it didn’t save the life of Eric Logan. And when I look into his mother’s eyes, I have to face the fact that nothing that I say will bring him back.”

“I can’t stop thinking about Pete Buttigieg’s answer to that question. It was completely unexpected. Vulnerable, honest, heartfelt, and not one bit of cowardice in it. It was a leader’s answer.” — Charlotte Clymer, spokeswoman for Human Rights Campaign

“Once again, he took responsibility for his failure as mayor to fully address the underlying issues. But he also spoke of the incident in very human terms; of the man who was killed, his family and the impact on his community.” — David Axelrod, former senior adviser to Barack Obama

“If anyone is teaching media training classes for how to speak in English about complicated topics on television—@PeteButtigieg is masterful at it. Never mentions bills, never mentions DC garbely gook.” — Jen Psaki, former spokeswoman for Mr. Obama

Early in the debate, Mr. Biden got some praise from analysts.

“Very smart for @JoeBiden to stick to who he is, what he stands for and not back away from it.” — Jen Psaki

But once he started tangling with Ms. Harris, things went downhill fast. There was little dispute that she came out of their exchanges victorious, and Mr. Biden bruised.

“There are very few candidates who are able to connect on an emotional and personal level with voters the way Joe Biden typically does. But in that exchange with Harris, when she looked at him and gave an intensely personal anecdote, he fell far short of doing so.” — Mo Elleithee, executive director of the Georgetown Institute of Politics and Public Service

Pete Buttigieg, Mr. Biden and Senator Bernie Sanders during a commercial break on Thursday.CreditDoug Mills/The New York TimesI
Pete Buttigieg, Mr. Biden and Senator Bernie Sanders during a commercial break on Thursday.
CreditDoug Mills/The New York Times

“If you are the Biden folks tonight, you have two hopes: 1. The poor reviews convince your principal he needs to listen and come to next debate better prepared. 2. Next round of polls don’t register a huge drop, and you can try to act like Harris’s knock-out was a Twitter phenomenon.” — Brian Fallon, former aide to Hillary Clinton and Chuck Schumer

“Later debates could be more important. But this debate won’t help Biden.” — Laura Belin, Iowa political commentator

[Read more about Mr. Biden’s night.]

Mr. Sanders is one of the highest-polling candidates in the race, with one of the most committed followings. But on Thursday, he struggled to command attention.

“It’s amazing to me how little a factor (outside of the first few minutes) Bernie has been in this debate.” — Mo Elleithee

Senator Kirsten Gillibrand didn’t make as much of a mark as Ms. Harris or Mr. Buttigieg, but she did get good reviews.

“@SenGillibrand is excellent at explaining her evolution from her previous positions — she says she was wrong, she listened, she learned, she changed. That’s what we need to hear from Joe Biden tonight.” — Jess McIntosh, executive editor of Shareblue Media

“Kirsten at her best. Prepared. Committed. Clear.” — Ilyse Hogue, president of Naral

Representative Eric Swalwell was not as well received.

“Good God. I thought nobody could attempt more irritating interruptions than De Blasio last night. But Swalwell is giving him a run for his money.” — Ana Navarro-Cárdenas, Republican strategist

 

Democratic Debate Night 2 Viewership Hits All-Time Debate High For Party Of FDR, JFK & HRC – Update

The 2nd & last of the 1st face-off between the men & women who want Donald Trump’s job was much more punchy, on stage & in the numbersAP

UPDATE, 12:01 PM: Looks like the viewership estimations for the second Democratic debate were as conservative as frontrunner Joe Biden.

With 18.1 million tuning in to see Sen. Kamala Harris school the former VP, the simulcast across NBCMSNBC and Telemundo is officially the most watched debate that the party of FDR, JKF, Barack Obama and Hillary Clinton has ever had.

Topping the previous high of the CNN-hosted and Hillary Clinton and Bernie Sanders-led yakfest of October 2015 by 2.6 million, last night’s debate also had 9 million viewers and 14 million video views across all platforms such as NBCNews.com, MSNBC.com, Telemundo.com, NBC News NOW on OTT devices, Facebook, Twitter and YouTube.

Democratic Debate Night 2 Review: Joe Biden Takes A Beating But Keeps On Tickin’, Kamala Harris Comes Out Swinging On NBC Stage

Which means, CNN better get its engines roaring for the next set of Dems debates that it is hosting in Motor City next month

PREVIOUSLY, 8:39 AM: The second night of the first Democratic debate of the 2020 presidential election season was certainly punchier and snappy than the previous evening.

Kamala Harris came out of her corner Thursday intending to belt and bruise frontrunner Joe Biden, and California’s junior senator did just that – which means the NBC, MSNBC and Telemundo simulcast was also much better TV than Night 1.

Building off the night before, the dust-up was also more of a magnet to viewers in comparison to Wednesday’s rather decorous affair with Sen. Elizabeth Warren and nine other candidates you’ve already forgotten, with the scrimmage scoring a 14.2/26 in metered markets across the trio of outlets. Remarkably steady with the Donald Trump jet-fueled Fox News Channel-hosted first GOP debate of the 2016 campaign, last night’s 9-11 PM ET event jumped 16.4% over Night 1 in the early metrics.

In fact, if the audience of 15.3 million that the 10 candidates drew Wednesday with moderators Savannah Guthrie, Lester Holt, Chuck Todd, Rachel Maddow and José Diaz-Balar is a fair indication, it’s reasonable to predict that last night’s hootenanny could snare just over 17 million viewers.

Still far behind the 24 million that tuned in for the former Celebrity Apprentice host and his fellow Republicans’ first debate almost four years ago, last night would exceed the 16 million that Hillary Clinton, Bernie Sanders (who was on stage in Miami with Harris, Biden and seven other contenders last night) and a trio of other hopefuls got in the first Dems debate of the last POTUS campaign back in October 2015.

Right now, in the unadjusted fast affiliates, Night 2 is looking at around 8.83 million viewers on NBC alone. That number will of course change as is the case with all live events like debates, sports and award shows. We’ll update with the final numbers and more of what else was on the small screen last night when they come in.

By then, there may likely be another swipe from the current POTUS against some of his would-be successors:

Donald J. Trump

@realDonaldTrump

I am in Japan at the G-20, representing our Country well, but I heard it was not a good day for Sleepy Joe or Crazy Bernie. One is exhausted, the other is nuts – so what’s the big deal?

56.5K people are talking about this

In the meantime, the metered market breakdown for last night is an 8.1/15 on NBC itself, 5.3/10 for MSNBC and a 0.8/1 for Telemundo. It’s worth noting that Night 2 saw far fewer Spanish speaking candidates on stage in contrast to Night 1 with ex-cabinet secretary Julian Castro, former Congressman Beto O’Rourke and Garden State Sen. Cory Booker.

The debate dominated the night to give NBC a victory overall in total viewers and the adults 18-49 demographic. ABC’s Holey Moley (0.9, 4.26M) at 8 PM was the night’s top-rated entertainment program, though it was edged by a Young Sheldon rerun on CBS in total viewers. CBS finished the night with the series finale of Life In Pieces(0.6, 3.77M) and a new Elementary (0.4, 3.13M).

Fox was second overall in the demo for the night thanks to MasterChef (0.7, 2.89M), even with last week, and Spin the Wheel (0.6, 2.54M), off two tenths from its series premiere. Still, the latter edged ABC’s Family Food Fight (0.5, 2.53M) at 9 PM. ABC’s Reef Break (0.3, 1.99M) at 10 also dipped two tenths from a week ago.

The CW aired the season finale of In the Dark (0.2, 610,000), which followed an original iZombie (0.2, 670K). Both were flat compared with a week ago.

‘Girlfriend, you are so on’: Marianne Williamson stuns with bizarre performance at Democratic presidential debate as she vows to ‘harness love’ to defeat Donald Trump

  • Self-help author Marianne Williamson stunned onlookers during Dem debate
  • Spiritual guru promised to ‘harness love’ to defeat President Donald Trump 
  • Declared that ‘chemicals’ are to blame for many health issues in the US 
  • Vowed first act as president would be to call the Prime Minister of New Zealand
  • Said she’d say: ‘Girlfriend, you are so on’, after PM Arden said NZ is best for kids
  • Some fans declared her a ‘Wine Aunt’ whom they’d enjoy drinking with

Author and spiritual guru Marianne Williamson has confused viewers as well as attracted new fans with her bizarre performance at the Democratic presidential primary debate.

In a memorable moment, Williamson declared that her first act as president would be to call the Prime Minister of New Zealand and declare the United States a better country to raise children.

‘Girlfriend, you are so on,’ Williamson said she would tell Prime Minister Jacinda Arden, who has said that New Zealand is the best place in the world to raise a child. 

Relegated to the outside left podium, Williamson didn’t speak for the first 30 minutes of the debate, until jumping into an argument about healthcare policy.

Democratic presidential hopeful US author Marianne Williamson speaks during the second Democratic primary debate of the 2020 presidential campaign season

Democratic presidential hopeful US author Marianne Williamson speaks during the second Democratic primary debate of the 2020 presidential campaign season

Williamson was relegated to the far-left podium, polling the lowest of the field along with Congressman Eric Swalwell at the far-right podium

Williamson was relegated to the far-left podium, polling the lowest of the field along with Congressman Eric Swalwell at the far-right podium

Williamson confusingly dismissed the other candidates’ health policy positions as ‘superficial fixes’ and said that President Donald Trump won without a plan just by repeating ‘Make America Great Again.’

She went on to say that Democrats need to ‘go deeper’ and that ‘chemicals’ are to blame for many health problems in the U.S.

In her concluding statement, Williamson declared that she was going to ‘harness love for political purposes’ to defeat Trump.

Her unusual performance drew did however draw praise on social media, where many compared her to a ‘Wine Aunt’ with ‘healing crystal energy.’

‘If the standard for the candidate is who you would want to split box wine with, Marianne Williamson won,’ one Twitter user wrote.

 

Williamson speaks as former Colorado governor John Hickenlooper looks on during the second night of the first Democratic presidential debate on in Miami

Williamson speaks as former Colorado governor John Hickenlooper looks on during the second night of the first Democratic presidential debate on in Miami

‘Marianne Williamson is all of my mom’s friends when the wine kicks in,’ wrote another.’

‘When asked why they voted for President Marianne Williamson, more than 30% of Americans said that she was the kind of woman they could go to a wine bar with,’ another quipped.

Singer Katy Perry felt a kindred spirit in Williamson, writing: ‘not gonna lie i sound like Marianne Williamson after a few glasses of red.’

Williamson’s signature campaign proposal is a call for $100 billion in reparations for slavery to be distributed over 10 years, though she has also thrown out $200 and $500 billion as possible reparations figures.

https://www.dailymail.co.uk/news/article-7191021/Marianne-Williamson-stuns-bizarre-performance-Democratic-presidential-debate.html

 

Marianne Williamson

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Marianne Williamson
Marianne Williamson - 33252886458 (cropped).jpg

Williamson in February 2019
Personal details
Born
Marianne Deborah Williamson

July 8, 1952 (age 66)
HoustonTexas, U.S.

Political party Democratic
Independent (2014)
Children 1
Education Pomona College
Signature

Marianne Deborah Williamson (born July 8, 1952)[1] is an American author, lecturer, and activist. She has written 13 books,[2] including four New York Times number one bestsellers within the “Advice, How To and Miscellaneous” category.[3][4][5][6] She is the founder of Project Angel Food, a volunteer food delivery program that serves home-bound people with AIDS and other life-threatening illnesses.[7] She is also the co-founder of the Peace Alliance, a nonprofit grassroots education and advocacy organization supporting peace-building projects.[8]

In 2014, as an independent, Williamson ran unsuccessfully for the seat of California’s 33rd congressional district in the United States House of Representatives elections in California. On January 29, 2019, she announced her campaign to seek the Democratic nomination for the 2020 United States presidential election.[9]

Contents

Early life and education

Williamson was born in Houston, Texas, in 1952.[10][11][12] She is the youngest of three children of Samuel “Sam” Williamson, an immigration lawyer,[12][13] and Sophie Ann (Kaplan), a homemaker.[14][15] Her family is Jewish, and she was raised in Conservative Judaism.[13][16] Her father’s original surname was Vishnevetsky.[17] After graduating from Houston’s Bellaire High School, Williamson spent two years studying theater and philosophy at Pomona College in Claremont, California.[14]

Writing and speaking career

Williamson dropped out of college her junior year in 1973 and moved to New York City, intending to pursue a career as a cabaret singer.[14][13]

In 1979, after delving into A Course in Miracles, she returned to Houston, where she ran a combination metaphysical bookstore and coffeeshop.[14][18]

In 1983 she moved to Los Angeles. She began regularly lecturing on A Course in Miracles in Los Angeles and New York City, and eventually in other cities in the U.S. and Europe as well.[18][19]

She published her first book, A Return to Love: Reflections on the Principles of A Course in Miracles, in 1992.

Books

Williamson’s first book, A Return to Love, was featured on The Oprah Winfrey Show in 1992 and remained on The New York Times bestseller list for 39 weeks in the ‘Advice, How To and Miscellaneous’ category.[20] She has published 12 other books, seven of which have been on the same New York Times bestseller list and four of which have been #1.[3][4][5][6] She has sold more than 3 million copies of her books.[21] In 2018, she published a 20th anniversary revised edition of Healing the Soul of America.[22]

Healing the Soul of America

In 1997 Williamson published her book Healing the Soul of America (hardcover originally titled The Healing of America) and began a more robust political engagement. In this book, she laid out plans to “transform the American political consciousness and encourage powerful citizen involvement to heal our society”.[23]

She wrote in the book,

It is a task of our generation to recreate the American politeia, to awaken from our culture of distraction and re-engage the process of democracy with soulfulness and hope. Yes, we see there are problems in the world. But we believe in a universal force that, when activated by the human heart, has the power to make all things right. Such is the divine authority of love: to renew the heart, renew the nations, and ultimately, renew the world.[24]

Patricia Holt of the San Francisco Chronicle called it “A huge and wondrous surprise…. The Healing of America somehow makes us proud to be Americans, because every hope for democracy seems newly within our grasp.”[25]

Television and media appearances

She has been a guest on television programs such as The Oprah Winfrey ShowGood Morning America, and Real Time with Bill Maher. In December 2006, a Newsweek magazine poll named her one of the 50 most influential baby boomers. She bases her teaching and writing on A Course in Miracles, a nonreligious self-study program of spiritual psychotherapy.[26]

Social activism

HIV/AIDS advocacy

Centers for Living

In response to the HIV/AIDS crises in the 1980s, Williamson founded the Los Angeles and Manhattan Centers for Living, which served as a refuge and non-medical support for people with HIV/AIDS. There they could connect with a variety of psychological and emotional resources, as well as community of support. She has said of that time that “there was so much love, because there was nothing to hold onto but love.”[27]

Project Angel Food

In 1989, she launched Project Angel Food to build off the work of the Centers for Living. Originally launched to support HIV/AIDS patients, Project Angel Food expanded its outreach and currently cooks and delivers more than 12,000 meals each week, free of charge, to the homes of men, women and children affected by various life-threatening illnesses.[28] The organization’s food and nutrition services, including medically tailored meals and nutritional counseling, help under-served people throughout Los Angeles County who are too sick to shop or cook for themselves. In 2017, Project Angel Food served its 11 millionth meal.[29]

Women’s advocacy

She has worked on behalf of women’s empowerment issues for decades. In 1993 she published her #1 NYT bestseller, A Woman’s Worth.[30] Publishers Weekly said of the book: “Williamson gives sound, empowering advice on relationships, work, love, sex and childrearing.”[31]

In 2010, she launched a series of Sister Giant conferences, trainings, and events to support individuals – particularly women – who want to increase their efficacy as activists and/or run for office. On the initiative she has said, “I want to be a cheerleader for women who have never even considered running for office or being involved in a campaign, but who in the quietness of their hearts might think, ‘Why not me?’” The events have focused on how to better address many social issues, including: child poverty, low levels of female representation in office, campaign finance reform, high levels of mass incarceration, among other issues.[32][33]

Peace-building

In 2004, she co-founded The Peace Alliance, a nonprofit grassroots education and advocacy organization focused on increasing U.S. governmental support of peace-building approaches to domestic and international conflicts. She has said of the need for this work: “You don’t just wait until there is a violent eruption and then just try to throw people in jail or just wait until there is a violent eruption and then try to bomb an entire country, there’s just a limit past which this is not workable. Rather, you proactively seek to cultivate the conditions of peace…so we can have a much more sophisticated analysis of what it will take to create a more peaceful world.”[34]

Poverty alleviation

For years Williamson was a member of the Board of Directors and remains a public supporter of RESULTS, an organization aiming to create the political will to end hunger and poverty around the world. It lobbies public officials, does research, and works with the media and the public to addresses the causal issues of poverty. RESULTS has 100 U.S. local chapters and works in six other countries.[35][32]

Love America Tour

Starting in the winter of 2018, she began touring the United States as part of her Love America Tour, discussing how she believes “a revolution in consciousness paves the way to both personal and national renewal.” Of the tour she said: “Our own disconnection from the political process, lack of knowledge of how our system operates, lack of understanding of our history, and confusion about many of the issues that confront us now, have led in too many cases to a dangerous emotional disconnection between our country and ourselves.”[36][37]

Political career

2014 U.S. House of Representatives campaign

Williamson campaigning in 2014

In 2014 Williamson ran, as an Independent, for the seat of California’s 33rd congressional district (in westernmost Los Angeles County) in the United States House of Representatives elections. Regarding her motivation for running, she has said, “America has gone off the democratic rails. A toxic brew of shrinking civil liberties and expanded corporate influence are poisoning our democracy.” Her core message was that “humanitarian values should replace economic values as the ordering principle of our civilization.”[38]

Prominent elected and public officials endorsed her campaign, including former governors Jennifer Granholm and Jesse Ventura; former representatives Dennis Kucinich and Alan Grayson; and Van Jones, among others.[39] Alanis Morissette wrote and performed Williamson’s campaign song, “Today”.[40]

She campaigned on a broad array of progressive issues, including: greater access to high-quality education and free college; child poverty; economic justice; climate change & renewable energy; campaign finance reform; universal health care; criminal justice reform; ending perpetual war and increasing investments in peacebuilding; women’s reproductive rights; and LGBTQ equality among others.[41][42][43]

She finished fourth out of 16 candidates,[44] with 14,335 votes for 13.2% of the vote. Williamson said of the process and its outcome: “This conversation of a politics of conscience, a politics of the heart, is much bigger than any one woman winning a congressional seat. And if that woman loses, the conversation goes on. My losing the congressional seat is small; what’s big is the larger conversation … you impact the ethers, and that energy goes somewhere.”[45]

2020 presidential campaign

Williamson in New Hampshire in January 2019

On November 15, 2018, Williamson announced the formation of a presidential exploratory committee in a video in which she acclaimed that there was a “miracle in this country in 1776 and we need another one” which would require “a co-creative effort, an effort of love and a gift of love, to our country and hopefully to our world”.[46] Visiting New Hampshire in early January, she said that she “received enough positive energy to make me feel I should take the next step”,[47] and subsequently hired Brent Roske to lead her operation in Iowa.[48]

Roske, a film producer who also contested the same 2014 primary for the seat now represented by Ted Lieu,[49][50] maintained a wide network of connections in Iowa due in part to his previous involvement in the state, working on a political television show about the 2016 caucuses.[50] In response to the Iowa Democratic Party‘s proposed creation of “virtual caucuses” in the 2020 race, Williamson’s campaign announced that it would appoint 99 “Virtual Iowa Caucus Captains” (each assigned to a single county) to turn out supporters in both the virtual and in-person caucuses.[51]

Williamson officially launched her presidential campaign in Los Angeles on January 28, 2019,[52] in front of an audience of 2,000 attendees, and appointed Maurice Daniel, who served alongside Donna Brazile in Dick Gephardt‘s campaign for the Democratic nomination in 1988, as her national campaign manager,[49] with her campaign committee, “Marianne Williamson for President”, officially filed on February 4.[53] Following her Los Angeles announcement, she held her Iowa kickoff in Des Moines on January 31.[54]

On February 16, in addition to scheduling another trip to New Hampshire, Williamson’s campaign announced the appointment of former Congressman Paul Hodes, who represented New Hampshire’s 2nd congressional district from 2007 to 2011, as New Hampshire state director and senior campaign advisor.[55] Former Georgia state assemblywoman Gloria Bromell Tinubu, who returned to South Carolina in 2011 to run for Congress in the state’s 7th districtand later joined Phil Noble‘s bid for governor in 2018 as his running mate, served as South Carolina state director and national senior advisor to the Williamson campaign,[56] but later ceased working with the campaign.[57]

On May 9, Williamson’s campaign announced that she had received enough contributions from unique donors to enter the official primary debates,[58] having raised $1.5 million in the first quarter of 2019, during which the campaign received donations from 46,663 unique individuals.[59] She subsequently met the polling criteria, with three unique polls at 1% from qualifying pollsters, on May 23.[60] In June, Williamson confirmed that she moved to Des Moines, Iowa in advance of the 2020 caucuses.[61]

Political positions

Williamson claims to be a “pretty straight-line progressive Democrat”, supporting an increase of the federal minimum wage to $15 per hour, reducing income inequality, addressing climate change, and tackling student loan debt.[62] She backs a “Medicare for All model”, Deferred Action for Childhood Arrivals (DACA) and a pathway to citizenship for undocumented immigrants without a “serious criminal background”, and says that the U.S. needs to be an “honest broker” in the Israeli–Palestinian conflict.[63]

She ranks climate change as “the greatest moral challenge of our generation” and backs the Green New Deal.[64] She has called for the establishment of a Department of Peace to expand global diplomacy, mediation, and educational and economic development.[65] She also voices support for stricter gun control, criminal justice reform, improving public education, free college tuition, raising the top marginal tax rate to a point where high earners pay “their fair share of taxes”, describing her policies as a “renovation” of a “sociopathiceconomic system” focused on “short-term profit maximization”.[49] She appeared to oppose mandatory vaccinations when she described them as “Orwellian” and stating “To me, it’s no different than the abortion debate.”[66] She later stated that she misspoke, and “I support vaccines. Public safety must be carefully balanced with the right of individuals to make their own decisions.”[67] According to the Los Angeles Times, she “has a history of skeptical comments about vaccinations.”[67][68]

Her signature campaign promise is a call for $100 billion in reparations for slavery to be distributed over 10 years by a group of black leaders for selected “economic and education projects”,[49][69] and later suggested distributing $200 to $500 billion on The Breakfast Club,[70] a sum far greater than any other primary contenders support. In doing so, Williamson became the only candidate in the Democratic field to submit a detailed plan for reparations for black Americans, though fellow Democratic presidential candidates Elizabeth Warren and Kamala Harris later pledged support for reparations in late February 2019.[71]

Personal life

Williamson was briefly married.[13] In 1990, she gave birth to a daughter, India Emma.[72]

Bibliography

References …

External links

https://en.wikipedia.org/wiki/Marianne_Williamson

 

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The Pronk Pops Show 1278, June 20, 2019, Part 1– Story 1: President Trump: “Iran made a very big mistake” — Option A: Strong Message and Done , Option B: One Missile Attack and Done, Option C: Total War With Iran and World Recession Due To Spike in Oil and Gas Prices — Videos — Story 2: Federal Reserve Board Votes To Keep Federal Funds Target Range of 2.25% to 2.5% Waiting For July 2019 Jobs Report and Second Quarter Real GDP Growth Rate Number — Videos — Story 3: Creepy, Sleepy, Dopey Joey Biden in Praise of Civility of Democrat Segregationist Senators — Radical Extremist Democrats (REDS) Attack Biden — Videos — Part 2– Story 4: President Trump Pushes All The Right Buttons in 2020 Stump Speech in Orlando, Florida — Boom Boom Boom — Send Them Home — MAGA MAGA MAGA — Lock Them Up — Four More Years — Keep America Great — Win Win Win — Videos

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The Pronk Pops Show Podcasts

Pronk Pops Show 1278 June 20, 2019 

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Pronk Pops Show 1247 April 30, 2019

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Pronk Pops Show 1232 April 1, 2019 Part 2

Pronk Pops Show 1232 March 29, 2019 Part 1

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Story 1: President Trump: “Iran made a very big mistake” — Option A: Strong Message and Done, Option B: One Missile Attack and Done, Option C: Total War With Iran and World Recession Due To Spike in Oil and Gas Prices — Videos —

Tucker: Washington is war-hungry

Pentagon releases footage of US drone being shot down by Iran

LIVE: President Trump first comments after Iran shoots down US Drone | June 20th 2019

US is bringing the Iranian economy to its knees: Nile Gardiner

Oil prices rise after Iran shoots down US drone

40% Chance of 2020 U.S.-Iran Military Conflict: Eurasia CEO

Iran shoots down US drone as tensions escalate

Video shows Iran shooting down US drone

Iran says it shot down US drone ‘violating Iranian air space’ amid growing tensions

Iran Shot Down U.S. Drone to Disrupt Trade in Persian Gulf, Senior U.S. Military Official Says

President Trump makes first comments after Iran shoots down U.S. Drone | ABC News Special Report

Iran says it’s ‘ready for war’

Iran shoots down US military spy drone | DW News

Iran says it will breach nuclear deal ‘in days’ as its uranium stockpile limit nears

Is The U.S. Going To War With Iran? | AJ+

Iran’s foreign minister accuses US, Mideast of provoking conflict

Iran’s Zarif thrashes Trump, “US driven by pathological obsession” (Munich Security Conference 2019)

Can air strikes take out Iran’s nuclear facilities?

Did Trump Just Blink or Bluff in Standoff With Iran?

Anthony Halpin

Bloomberg

Was it all a bluff? After news leaked that President Donald Trump approved and then called off U.S. airstrikes on Iran last night, it emerged he’d warned Tehran about an imminent attack while insisting he was against a war.

Today, as airlines began re-routing flights away from the Strait of Hormuz, Iran’s Foreign Ministry called in the Swiss ambassador, who also represents U.S. interests, for talks.

Was the outreach why Trump abandoned the strikes? Or was this the latest example of the whipsaw approach from a president who’s twice attacked Syria but also backed away from using force after lashing out at Iran and North Korea?

The leak of Trump’s about-face also speaks volumes about the battle for influence in the White House. Hardliners clearly thought they’d convinced him to back a tough response to Iran’s downing of a U.S. Navy drone. Yet Trump was elected on a pledge to pull out of Middle East wars.

The president, who governs with the cliffhanger style of his Apprentice TV show, thrives on keeping supporters hooked on dramatic twists.

But as his 2020 re-election campaign gains steam, the stakes now include the prospect of armed conflict and instability in a region that supplies a third of the world’s oil.

Global Headlines

Biden’s burden | Democratic front-runner Joe Biden is encountering the same pitfalls as other seasoned politicians who’ve found their experience and record can be a liability. The former Delaware senator’s struggles to defend his remarks this week about finding common ground with two segregationists is an early sign of the trouble he could have explaining a complicated voting record and his nostalgia for a Washington collegiality that has steadily diminished since he was first elected in 1972.

Border control | Trump praised Mexico’s efforts to crack down on migrants crossing the border into the U.S. after the two countries entered an agreement aimed at stemming the flow of people entering Mexico from Central America. Mexico will take greater control of its southern border and ask foreigners to register their arrival.

Osaka drama | Before Trump, Group of 20 summits were dull if worthy affairs. This year’s gathering in Osaka, Japan next week promises to be anything but, as the U.S. president holds talks with China’s Xi Jinping after threatening to escalate their trade conflict. The best-case scenario would be a pause in new U.S. tariffs and a resumption of negotiations that broke down in May. The worst-case would be a new Cold War between the two largest economies.

Favorites flushed | European Union leaders cast aside the candidates who’ve dominated the race to head the next EU Commission and will start from scratch less than two weeks before a self-imposed deadline. The decision at a summit in Brussels extends gridlock that has left investors in the dark over a series of critical posts including the next president of the European Central Bank.

Bad air | As climate change tops political agendas from Washington to New Delhi, there’s no solution in sight for the bad air choking Europe’s poorest countries. While the EU has focused mostly on stability in the volatile Balkans, health problems and lost productivity from air pollution cost the continent more than 10 billion euros a year. Obsolete coal plants and cars spew smog and hundreds of thousands of people burn tires, wood and trash to stay warm.

What to Watch

Boris Johnson and Jeremy Hunt will go head-to-head in the contest to become the U.K.’s next prime minister as they seek votes from the Conservative Party’s 160,000 grassroots members over the next month. Ukraine’s Constitutional Court threw out a challenge to a decree by President Volodymyr Zelenskiy ordering early parliamentary elections. The ruling confirmed a vote will take place next month and a new government should be in place by the fall. Turkey reruns the election for mayor of Istanbul on Sunday, pitting former prime minister and ruling AK Party candidate Binali Yildirim against opposition challenger Ekrem Imamoglu, who was stripped of his narrow victory in the March 31 ballot.

And finally…The U.K. is poised to generate more energy from low-carbon sources than from fossil fuels for the first time since the Industrial Revolution. Wind, solar, hydro and nuclear plants provided 48% of the nation’s power in the first five months of this year. The U.K. has gone without burning coal, the dirtiest fossil fuel, for the equivalent of 80 days so far in 2019, including one stretch of 18 days in a row.

–With assistance from Kathleen Hunter and Daniel Ten Kate.

https://news.yahoo.com/did-trump-just-blink-bluff-100815556.html

Trump says Iran made ‘big mistake’ by taking down US drone

today

President Donald Trump speaks during a meeting with Canadian Prime Minister Justin Trudeau in the Oval Office of the White House, Thursday, June 20, 2019, in Washington. Trump declared Thursday that “Iran made a very big mistake” in shooting down a U.S. drone but suggested it was an accident rather than a strategic error. (AP Photo/Evan Vucci)

WASHINGTON (AP) — President Donald Trump declared Thursday that “Iran made a very big mistake” by shooting down a U.S. surveillance drone over the Strait of Hormuz but suggested it was a foolish error rather than an intentional escalation of the tensions that have led to rising fears of open military conflict.

Asked about a U.S. response, the president said pointedly, “You’ll soon find out.”

The downing of the huge, unmanned aircraft , which Iran portrayed as a deliberate defense of its territory rather than a mistake, was a stark reminder of the risk of military conflict between U.S. and Iranian forces as the Trump administration combines a “maximum pressure” campaign of economic sanctions against Iran with a buildup of American forces in the region.

The drone — which has a wingspan wider than a Boeing 737 — entered Iranian airspace “despite repeated radio warnings” and was shot down by Iran, acting under the U.N. Charter which allows self-defense action “if an armed attack occurs,” Iran’s U.N. Ambassador Majid Takht Ravanchi said in a letter to the U.N. secretary-general.

Donald Trump is playing down Iran's downing of an American drone, saying that it might have been a mistake executed by someone just being "loose and stupid." He said it was a "new wrinkle" in escalating tensions between the U.S. and Iran. (June 20)

Trump, who has said he wants to avoid war and negotiate with Iran over its nuclear ambitions, appeared to play down the significance of the shootdown.

He cast it as “a new wrinkle … a new fly in the ointment.” Yet he also said that “this country will not stand for it, that I can tell you.”

Shortly before Trump spoke, Air Force Lt. Gen. Joseph Guastella, commander of U.S. Central Command air forces in the region, took a more pointed view of the shootdown in an area where Trump has blamed Iran for attacking shipping vessels.

“This attack is an attempt to disrupt our ability to monitor the area following recent threats to international shipping and free flow of commerce,” he said.

The Trump administration has been putting increasing economic pressure on Iran for more than a year. It reinstated punishing sanctions following Trump’s decision to pull the U.S. out of an international agreement intended to limit Iran’s nuclear program in exchange for relief from earlier sanctions.

The other world powers who remain signed on to the nuclear deal have set a meeting to discuss the U.S. withdrawal and Iran’s announced plans to increase its uranium stockpile for June 28, a date far enough in the future to perhaps allow tensions to cool.

Citing Iranian threats, the U.S. recently sent an aircraft carrier to the Persian Gulf region and deployed additional troops alongside the tens of thousands already there. All this has raised fears that a miscalculation or further rise in tensions could push the U.S. and Iran into an open conflict 40 years after Tehran’s Islamic Revolution.

“We do not have any intention for war with any country, but we are fully ready for war,” Revolutionary Guard commander Gen. Hossein Salami said in a televised address.

The paramilitary Guard, which answers only to Supreme Leader Ayatollah Ali Khamenei, said it shot down the drone at 4:05 a.m. Thursday when it entered Iranian airspace near the Kouhmobarak district in southern Iran’s Hormozgan province. Kouhmobarak is about 1,200 kilometers (750 miles) southeast of Tehran.

The first U.S. reaction was Trump’s Thursday morning tweet of six forceful words: “Iran made a very big mistake.”

But later, while meeting with Canadian Prime Minister Justin Trudeau, Trump said, “I would imagine it was a general or somebody that made a mistake in shooting that drone down.

He said the American drone was unarmed and unmanned and “clearly over international waters.” It would have “made a big, big difference” if someone had been inside, he said.

“I find it hard to believe it was intentional, if you want to know the truth,” Trump said. “I think that it could have been somebody who was loose and stupid that did it.”

Taking issue with the U.S. version of where the attack occurred, Iranian Foreign Minister Mohammad Javad Zarif tweeted that his country had retrieved sections of the military drone “in OUR territorial waters where it was shot down.” He said, “We don’t seek war but will zealously defend our skies, land & waters.”

U.S. Gen. Guastella disputed that contention, telling reporters that the aircraft was 34 kilometers (21 miles) from the nearest Iranian territory and flying at high altitude when struck by a surface-to-air missile. The U.S. military has not commented on the mission of the remotely piloted aircraft that can fly higher than 10 miles in altitude and stay in the air for over 24 hours at a time.

One U.S. official said there was a second American aircraft in the area that was able to get video and imagery of the drone when it was shot down.

Congressional leaders came to the White House for an hour-long briefing in the Situation Room late Thursday with top national security officials including Secretary of State Mike Pompeo, CIA Director Gina Haspel, Joint Chiefs Chairman Gen. Joseph Dunford acting Defense Secretary Patrick Shanahan and Army Secretary Mark Esper, whom Trump has said he’ll nominate as Pentagon chief.

The Senate’s top Democrat called the downing of the American drone “deeply concerning” and accused the administration of not having an Iran strategy and keeping Congress and the rest of the nation in the dark.

“The president needs to explain to the American people why he’s driving us toward another endless conflict in the Middle East,” said Sen. Chuck Schumer of New York.

House Speaker Nancy Pelosi said she didn’t think Trump wanted war with Iran and the American people have “no appetite” for it either. She said the U.S. needs to be “strong and strategic” about protecting its interests but “cannot be reckless.”

Talking tougher, Republican Sen. Lindsey Graham of South Carolina called Iran a “murderous regime” and said, “If they’re itching for a fight they’re going to get one.”

“We’re a lot closer today than we were yesterday, and only God knows what tomorrow brings,” said Graham, a Trump ally who talked with the president by telephone.

The senator also focused on the issue of Iran’s nuclear ambitions, saying its leaders have refused to negotiate after Trump withdrew the U.S. from the international agreement to limit Iranian development of nuclear weapons.

Graham said it’s imperative that the U.S. clearly tell the Iranians that any attempt to increase uranium enrichment will be seen as a “hostile act against the United States and our allies in Israel and will not go unanswered.”

Another factor: This all comes as Trump is launching his re-election campaign. He ran for president promising to bring American troops home from the Middle East and Afghanistan and has repeatedly said he wants to keep America out of “endless wars.”

Ari Fleischer, who was press secretary for President George W. Bush, cautioned against thinking about politics when weighing any response to Iran.

“I suspect a successful limited counter-strike, such as taking out the missile battery that fired at the drone or the sinking of an unmanned Iranian vessel, would be seen as a well-calibrated show of resolve and discipline,” Fleischer said in an interview. He added that “if we do nothing, Iran may strike again thinking it has impunity.”

https://apnews.com/84ad15edb7324472bb867852059a0a7a

Iran shoots down US surveillance drone, heightening tensions

29 minutes ago

In this Oct. 24, 2018, photo released by the U.S. Air Force, members of the 7th Reconnaissance Squadron prepare to launch an RQ-4 Global Hawk at Naval Air Station Sigonella, Italy. Iran’s Revolutionary Guard shot down a U.S. RQ-4 Global Hawk on Thursday, June 20, 2019, amid heightened tensions between Tehran and Washington over its collapsing nuclear deal with world powers, American and Iranian officials said, though they disputed the circumstances of the incident. (Staff Sgt. Ramon A. Adelan/U.S. Air Force via AP)

TEHRAN, Iran (AP) — Iran’s Revolutionary Guard shot down a U.S. surveillance drone Thursday in the Strait of Hormuz, marking the first time the Islamic Republic directly attacked the American military amid tensions over Tehran’s unraveling nuclear deal with world powers.

The two countries disputed the circumstances leading up to an Iranian surface-to-air missile bringing down the U.S. Navy RQ-4A Global Hawk, an unmanned aircraft with a wingspan larger than a Boeing 737 jetliner and costing over $100 million.

Iran said the drone “violated” its territorial airspace, while the U.S. called the missile fire “an unprovoked attack” in international airspace over the narrow mouth of the Persian Gulf and President Donald Trump tweeted that “Iran made a very big mistake!”

Trump later appeared to play down the incident, telling reporters in the Oval Office that he had a feeling that “a general or somebody” being “loose and stupid” made a mistake in shooting down the drone.

AP Graphic

The incident immediately heightened the crisis already gripping the wider region, which is rooted in Trump withdrawing the U.S. a year ago from Iran’s 2015 nuclear deal and imposing crippling new sanctions on Tehran. Recently, Iran quadrupled its production of low-enriched uranium to be on pace to break one of the deal’s terms by next week while threatening to raise enrichment closer to weapons-grade levels on July 7 if Europe doesn’t offer it a new deal.

Citing unspecified Iranian threats, the U.S. has sent an aircraft carrier to the Middle East and deployed additional troops alongside the tens of thousands already there. All this has raised fears that a miscalculation or further rise in tensions could push the U.S. and Iran into an open conflict 40 years after Tehran’s Islamic Revolution.

“We do not have any intention for war with any country, but we are fully ready for war,” Revolutionary Guard commander Gen. Hossein Salami said in a televised address.

The paramilitary Guard, which answers only to Supreme Leader Ayatollah Ali Khamenei, said it shot down the drone at 4:05 a.m. Thursday when it entered Iranian airspace near the Kouhmobarak district in southern Iran’s Hormozgan province. Kouhmobarak is about 1,200 kilometers (750 miles) southeast of Tehran.

Iran’s Revolutionary Guard commander Gen. Hossein Salami. (Sepahnews via AP)

The drone took off from the southern Persian Gulf and collected data from Iranian territory, including the southern port of Chahbahar near Iran’s border with Pakistan, the Guard said in comments that appeared aimed at showing it could track the aircraft.

The U.S. military has not commented on the mission of the remotely piloted aircraft that can fly higher than 10 miles in altitude and stay in the air for over 24 hours at a time.

Iran used its air defense system known as Third of Khordad to shoot down the drone — a truck-based missile system that can fire up to 18 miles (30 kilometers) into the sky, the semi-official Fars news agency reported.

Iranian state TV later broadcast video it described as the moment the Guard launched the surface-to-air missile that struck the U.S. drone. Chants of “God is great!” could be heard as a fireball appeared in the darkened sky.

Typically, militaries worldwide call out to errant aircraft entering their airspace before firing. It’s unclear whether Iran gave any warning before opening fire. The U.S. military says Iran fired on and missed another drone last week near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which 20% of all global oil moves.

The U.S. has been worried about international shipping through the strategic waterway since tankers were damaged in May and June in what Washington has blamed on limpet mines from Iran, although Tehran denied involvement.. On Wednesday in the United Arab Emirates, the U.S. Navy showed fragments of mines that it said bore “a striking resemblance” to those seen in Iran

The RQ-4 Global Hawk was at least 34 kilometers from Iranian territory when it was shot down by an Iranian surface-to-air missile, said Air Force Lt. Gen. Joseph Guastella, commander of the U.S. Central Command. He said it was an attempt to disrupt U.S. efforts to monitor the Persian Gulf region.

But Salami, speaking to a crowd in the western city of Sanandaj, described the American drone as “violating our national security border.”

“Borders are our red line,” the Revolutionary Guard general said. “Any enemy that violates the borders will be annihilated.”

Iran’s Foreign Ministry also said the drone entered Iranian airspace, and Foreign Minister Mohammad Javad Zarif tweeted it would take its case to the U.N. He later tweeted that Iran retrieved parts of the drone in its territorial waters.

Russian President Vladimir Putin urged caution, warning any war between Iran and the U.S. would be a “catastrophe for the region as a minimum.”

Israeli Prime Minister Benjamin Netanyahu urged support for U.S. efforts to halt what he called escalating Iranian provocations.

“In the last 24 hours, Iran has intensified its aggression against the United States and against all of us,” he said.

U.N. Secretary-General Antonio Guterres expressed concern and urged all parties to “avoid any action that could inflame the situation,” said U.N. spokesman Stephane Dujarric.

America stations some RQ-4 Global Hawks at the Al-Dhafra Air Base in the UAE, near the capital of Abu Dhabi. Associated Press journalists saw the drones on the base’s tarmac during a March 2016 visit by then-Vice President Joe Biden. The U.S. military occasionally publishes images from there of the drones, which have a distinctive hump-shaped front and an engine atop the fuselage.

Iran has claimed to have shot down U.S. drones before. In the most famous incident, in December 2011, Iran seized an RQ-170 Sentinel flown by the CIA to monitor Iranian nuclear sites after it entered Iranian airspace from neighboring Afghanistan. Iran later reverse-engineered the drone to create their own variants.

Elsewhere in the region Thursday, Saudi Arabia said Yemen’s Iranian-backed Houthi rebels fired a rocket at a desalination plant in al-Shuqaiq, a city in the kingdom’s Jizan province. The state-run Saudi Press Agency quoted military spokesman Col. Turki al-Maliki as saying it caused no damage or casualties.

The Yemeni rebel Al-Masirah satellite news channel earlier said the Houthis targeted a power plant in Jizan, near the kingdom’s border with Yemen, with a cruise missile.

A coalition led by Saudi Arabia, a key U.S. ally, has been battling the Houthis since March 2015 in Yemen, the Arab world’s poorest nation now pushed to the brink of famine by the conflict. In recent weeks, the Houthis have launched a new campaign sending missiles and bomb-laden drones into Saudi Arabia.

https://apnews.com/e4316eb989d5499c9828350de8524963

 

 

Story 2: Federal Reserve Board Votes To Keep Federal Funds Target Range of 2.25% to 2.5% Waiting For July 2019 Jobs Report and Second Quarter Real GDP Growth Rate Number — Videos

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Trump slams Fed over interest rate policy

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S&P 500 closes at new record as Wall Street bets Fed will lower rates, Dow surges nearly 250 points

VIDEO02:12
The S&P 500 just closed at a record high — Here’s what four experts say to watch

Stocks rallied on Thursday, led by strong gains in tech and energy shares, as Wall Street cheered the possibility that the Federal Reserve will cut interest rates next month.

The S&P 500 surged 1% to 2,954.18, a record close. The broad index also hit an intraday record of 2,958.06. The Dow Jones Industrial Average closed 249.17 points higher at 26,753.17. The Nasdaq Composite gained 0.8% to end the day at 8,051.34.

The yield on the 10-year Treasury fell below 2% for the first time since November 2016. Investors cheered the decline in the benchmark for mortgage rates and corporate bonds.

The energy sector rose more than 2% to lead all 11 S&P 500 sectors higher as oil prices jumped. Tech gained 1.4% after shares of Oracle surged more than 8% on stronger-than-forecast earnings. General Electric’s 2.8% rise pushed the industrials sector up more than 1.6% on the day.

“Markets are based on numbers and perception. If the perception is rates are getting cut, that’s going to drive markets higher,” said Kathy Entwistle, senior vice president of wealth management at UBS. “UBS’ stance up until yesterday was we wouldn’t see any rate cuts this year. Now we see a much larger chance of a 50-basis-point cut.”

The Fed said Wednesday it stands ready to battle growing global and domestic economic risks as they took stock of intensifying trade tensions and growing concerns about inflation. Most Fed policymakers slashed their rate outlook for the rest of the calendar year by approximately half a percentage point in the previous session, while Chairman Jerome Powell said others agree the case for lower rates is building.

Policymakers also dropped “patient” from the Fed’s statement and acknowledged that inflation is “running below” its 2% objective.

Market participants viewed the overall tone from the U.S. central bank as more dovish than expected. Traders are now pricing in a 100% chance of a rate cutnext month, according to the CME FedWatch tool.

With Thursday’s gains, the market has now erased the steep losses recorded by the major indexes in May, which were sparked by trade fears. The S&P 500 and Dow both fell more than 6% while the Nasdaq lost 7.9% last month. The three indexes were up more than 7% for June.

China and the U.S. hiked tariffs on billions of dollars worth of their goods in May. Stocks turned around this month as traders bet the rising trade tensions, coupled with weaker economic data, would lead the Fed to ease its monetary policy stance.

The Fed’s message on Wednesday sent the 10-year Treasury yield to as low as 1.974% before ending the day around 2.02%. The yield stood at 2.8% in January.

“The FOMC reinforced the market’s conviction,” said Steve Blitz, chief U.S. economist at TS Lombard, in a note. “Barring a dramatic turnaround in the data, the next move is a cut – perhaps even a 50bp reduction.”

The dollar also took a hit against other major currencies. The dollar index dropped 0.5% to 96.65, led by a 0.6% slide in the euro. The yen and Canadian dollar also rose against the U.S. currency.

Energy shares got a boost from higher oil prices. The Energy Select Sector SPDR Fund (XLE) climbed 2.2% as shares of Exxon Mobil gained 1.7%. Oil prices surged 5.4% after a U.S. official said a drone was shot down over Iranian airspace.

Meanwhile, Slack shares surged more than 40% in their first day of trading. The stock closed above $38 after setting a reference price of $26.

https://www.cnbc.com/2019/06/20/stock-market-dow-futures-higher-after-fed-raises-rate-cut-hopes.html

Federal Open Market Committee

About the FOMC

Recent FOMC press conference

June 19, 2019

FOMC Transcripts and other historical materials

The term “monetary policy” refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.

The Federal Reserve controls the three tools of monetary policy–open market operationsthe discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.

Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.

Structure of the FOMC

The Federal Open Market Committee (FOMC) consists of twelve members–the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options.

The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.

For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve Systemand chapter 2 of Purposes & Functions of the Federal Reserve System. FOMC Rules and Authorizations are also available online.

2019 Committee Members

Alternate Members

Federal Reserve Bank Rotation on the FOMC

Committee membership changes at the first regularly scheduled meeting of the year.

2020 2021 2022
Members New York
Cleveland
Philadelphia
Dallas
Minneapolis
New York
Chicago
Richmond
Atlanta
San Francisco
New York
Cleveland
Boston
St. Louis
Kansas City
Alternate
Members
New York
Chicago
Richmond
Atlanta
San Francisco
New York
Cleveland
Boston
St. Louis
Kansas City
New York
Chicago
Philadelphia
Dallas
Minneapolis

 †For the Federal Reserve Bank of New York, the First Vice President is the alternate for the President. Return to table

For additional information, please use the FOMC FOIA request form.

https://www.federalreserve.gov/monetarypolicy/fomc.htm

 

Fed holds rates steady, but opens the door for a rate cut in the future

The action sets up a possible confrontation between Fed Chairman Jerome Powell and President Donald Trump, who has been pressuring the Fed to cut rates. Just Tuesday, Trump said “let’s see what he does” at the Fed meeting when asked if he still wants to demote Powell.

At the post-statement news conference, Powell was asked about his future as chairman. “I think the law is clear that I have a four year term, and I fully intend to serve it,” he said.

The strong majority for this month’s decision contrasted with a sharp difference of opinion on what happens next.

The committee provided an important nod to those worried about slower growth: It dropped the word “patient” in  describing its approach to policy. The characterization was a key part of the Fed “pivot” earlier this year that signaled to the market a more dovish approach to rates.

“The Fed didn’t surprise investors with the decision to maintain rates, but the split vote tells us that a cut is on the way and it’s increasingly likely that will be in July, as bond markets have been hoping,” said Neil Birrell, chief investment officer at Premier Asset Management.

“This was probably the compromise decision — it wasn’t shocking and should offer some reassurance,” Steve Rick, chief economist at CUNA Mutual Group, said in a note. “The FOMC will still want to closely monitor the stress fractures from the bond market, middling housing and auto sales numbers, and an increasingly uncertain global economic landscape in the coming months.”

The statement also changed wording to concede that inflation is “running below” the Fed’s 2% objective. In their forecast for headline inflation this year, officials slashed the estimate to 1.5% from March’s 1.8%. Core inflation, which excludes volatile food and energy prices, is likely now to be 1.8% from March’s 2%, according to the quarterly summary of economic projections also released Wednesday.

‘In light of these uncertainties’

The committee changed language from its May statement to indicate that economic activity is “rising at a moderate rate,” a downgrade from “solid.”

In their baseline scenario, FOMC members said they still expect “sustained expansion of economic activity” and a move toward 2% inflation, but realize that “uncertainties about this outlook have increased.”

“In light of these uncertainties and muted inflation pressures, the Committee will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2 percent objective,” the statement said. The “act as appropriate to sustain the expansion” language mirrors a statement from Powell in early June.

Very reasonable to think Fed will cut rates twice this year: Strategist

The committee characterized the labor market as “strong” with “solid” jobs growth, despite May’s disappointing nonfarm payrolls growth of 75,000. The statement further said that household spending “appears to have picked up from earlier in the year.”

The changes came amid what appeared to be little consensus among the committee about where rates go next.

Divided Fed

According to the “dot plot” of individual members’ expectations, eight members favor one cut this year while the same number voted in favor of the status quo and one still wants a rate hike. Bullard and Minneapolis Fed President Neel Kashkari have led the public discussion about the potential for rate cuts, while other members have been less firm.

Into 2020, the Fed consensus was a bit stronger, with nine members wanting a cut to a funds rate around 2.1%. The direction changes, though, in 2021, with indications of an increase of about a quarter-point, culminating in an expected long-run value of 2.5%. The funds rate most recently was trading at 2.37%.

Traders in the thin and volatile funds market had been pricing in a 26% chance of a cut at this week’s meeting. Later in the year, though, the probability for a July easing rose to 82.5% and the chances of a second cut in December were most recently at 60.4%. The market expects a third cut to come around March of 2020.

While the statement language offered some significant changes, estimates in the summary of economic projections, other than inflation, moved little from March. GDP growth is still expected to be 2.1% for the year – it was 3.1% in the first quarter, and the Atlanta Fed is forecasting a 2% gain in the second quarter. The unemployment rate is now expected to hold at a 50-year low of 3.6%, against the March forecast of 3.7%.

https://www.cnbc.com/2019/06/19/fed-decision-fed-leaves-rates-unchanged.html

10-year Treasury yield drops below 2% for first time since November 2016

Federal funds rate

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Federal Funds Rate compared to U.S. Treasury interest rates

2 to 10 year treasury yield spread

Inflation (blue) compared to federal funds rate (red)

Quarterly gross domestic product compared to Federal Funds Rate.

Federal Funds Rate and Treasury interest rates from 2002-2019

In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight, on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions’ reserve requirements. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets.[1][2]

The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is determined by a meeting of the members of the Federal Open Market Committee which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings and implement target rate changes outside of its normal schedule.

The Federal Reserve uses open market operations to make the federal funds effective rate follow the federal funds target rate. The target rate is chosen in part to influence the money supply in the U.S. economy[3]

Contents

Mechanism

Financial institutions are obligated by law to maintain certain levels of reserves, either as reserves with the Fed or as vault cash. The level of these reserves is determined by the outstanding assets and liabilities of each depository institution, as well as by the Fed itself, but is typically 10%[4] of the total value of the bank’s demand accounts (depending on bank size). In the range of $9.3 million to $43.9 million, for transaction deposits (checking accountsNOWs, and other deposits that can be used to make payments) the reserve requirement in 2007–2008 was 3 percent of the end-of-the-day daily average amount held over a two-week period. Transaction deposits over $43.9 million held at the same depository institution carried a 10 percent reserve requirement.

For example, assume a particular U.S. depository institution, in the normal course of business, issues a loan. This dispenses money and decreases the ratio of bank reserves to money loaned. If its reserve ratio drops below the legally required minimum, it must add to its reserves to remain compliant with Federal Reserve regulations. The bank can borrow the requisite funds from another bank that has a surplus in its account with the Fed. The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is set by the governors of the Federal Reserve, which they enforce by open market operations and adjustments in the interest rate on reserves.[5] The target rate is almost always what is meant by the media referring to the Federal Reserve “changing interest rates.” The actual federal funds rate generally lies within a range of that target rate, as the Federal Reserve cannot set an exact value through open market operations.

Another way banks can borrow funds to keep up their required reserves is by taking a loan from the Federal Reserve itself at the discount window. These loans are subject to audit by the Fed, and the discount rate is usually higher than the federal funds rate. Confusion between these two kinds of loans often leads to confusion between the federal funds rate and the discount rate. Another difference is that while the Fed cannot set an exact federal funds rate, it does set the specific discount rate.

The federal funds rate target is decided by the governors at Federal Open Market Committee (FOMC) meetings. The FOMC members will either increase, decrease, or leave the rate unchanged depending on the meeting’s agenda and the economic conditions of the U.S. It is possible to infer the market expectations of the FOMC decisions at future meetings from the Chicago Board of Trade (CBOT) Fed Funds futures contracts, and these probabilities are widely reported in the financial media.

Applications

Interbank borrowing is essentially a way for banks to quickly raise money. For example, a bank may want to finance a major industrial effort but may not have the time to wait for deposits or interest (on loan payments) to come in. In such cases the bank will quickly raise this amount from other banks at an interest rate equal to or higher than the Federal funds rate.

Raising the federal funds rate will dissuade banks from taking out such inter-bank loans, which in turn will make cash that much harder to procure. Conversely, dropping the interest rates will encourage banks to borrow money and therefore invest more freely.[6] This interest rate is used as a regulatory tool to control how freely the U.S. economy operates.

By setting a higher discount rate the Federal Bank discourages banks from requisitioning funds from the Federal Bank, yet positions itself as a lender of last resort.

Comparison with LIBOR

Though the London Interbank Offered Rate (LIBOR) and the federal funds rate are concerned with the same action, i.e. interbank loans, they are distinct from one another, as follows:

  • The target federal funds rate is a target interest rate that is set by the FOMC for implementing U.S. monetary policies.
  • The (effective) federal funds rate is achieved through open market operations at the Domestic Trading Desk at the Federal Reserve Bank of New York which deals primarily in domestic securities (U.S. Treasury and federal agencies’ securities).[7]
  • LIBOR is based on a questionnaire where a selection of banks guess the rates at which they could borrow money from other banks.
  • LIBOR may or may not be used to derive business terms. It is not fixed beforehand and is not meant to have macroeconomic ramifications.[8]

Predictions by the market

Considering the wide impact a change in the federal funds rate can have on the value of the dollar and the amount of lending going to new economic activity, the Federal Reserve is closely watched by the market. The prices of Option contracts on fed funds futures (traded on the Chicago Board of Trade) can be used to infer the market’s expectations of future Fed policy changes. Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in U.S. monetary policy, the CME Group FedWatch tool allows market participants to view the probability of an upcoming Fed Rate hike. One set of such implied probabilities is published by the Cleveland Fed.

Historical rates

As of 19 December 2018 the target range for the Federal Funds Rate is 2.25–2.50%.[9] This represents the ninth increase in the target rate since tightening began in December 2015.[10]

The last full cycle of rate increases occurred between June 2004 and June 2006 as rates steadily rose from 1.00% to 5.25%. The target rate remained at 5.25% for over a year, until the Federal Reserve began lowering rates in September 2007. The last cycle of easing monetary policy through the rate was conducted from September 2007 to December 2008 as the target rate fell from 5.25% to a range of 0.00–0.25%. Between December 2008 and December 2015 the target rate remained at 0.00–0.25%, the lowest rate in the Federal Reserve’s history, as a reaction to the Financial crisis of 2007–2008 and its aftermath. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields.[11]

Federal funds rate history and recessions.png

Explanation of federal funds rate decisions

When the Federal Open Market Committee wishes to reduce interest rates they will increase the supply of money by buying government securities. When additional supply is added and everything else remains constant, the price of borrowed funds – the federal funds rate – falls. Conversely, when the Committee wishes to increase the federal funds rate, they will instruct the Desk Manager to sell government securities, thereby taking the money they earn on the proceeds of those sales out of circulation and reducing the money supply. When supply is taken away and everything else remains constant, the interest rate will normally rise.[12]

The Federal Reserve has responded to a potential slow-down by lowering the target federal funds rate during recessions and other periods of lower growth. In fact, the Committee’s lowering has recently predated recessions,[13] in order to stimulate the economy and cushion the fall. Reducing the federal funds rate makes money cheaper, allowing an influx of credit into the economy through all types of loans.

The charts linked below show the relation between S&P 500 and interest rates.

  • July 13, 1990 — Sept 4, 1992: 8.00%–3.00% (Includes 1990–1991 recession)[14][15]
  • Feb 1, 1995 — Nov 17, 1998: 6.00–4.75 [16][17][18]
  • May 16, 2000 — June 25, 2003: 6.50–1.00 (Includes 2001 recession)[19][20][21]
  • June 29, 2006 — (Oct. 29 2008): 5.25–1.00[22]
  • Dec 16, 2008 — 0.0–0.25[23]
  • Dec 16, 2015 — 0.25–0.50[24]
  • Dec 14, 2016 — 0.50–0.75[25]
  • Mar 15, 2017 — 0.75–1.00[26]
  • Jun 14, 2017 — 1.00–1.25[27]
  • Dec 13, 2017 — 1.25–1.50[28]
  • Mar 21, 2018 — 1.50–1.75[29]
  • Jun 13, 2018 — 1.75–2.00[30]
  • Sep 26, 2018 — 2.00–2.25[9]
  • Dec 19, 2018 — 2.25–2.50[31]

Bill Gross of PIMCO suggested that in the prior 15 years ending in 2007, in each instance where the fed funds rate was higher than the nominal GDP growth rate, assets such as stocks and housing fell.[32]

International effects

A low federal funds rate makes investments in developing countries such as China or Mexico more attractive. A high federal funds rate makes investments outside the United States less attractive. The long period of a very low federal funds rate from 2009 forward resulted in an increase in investment in developing countries. As the United States began to return to a higher rate in 2013 investments in the United States became more attractive and the rate of investment in developing countries began to fall. The rate also affects the value of currency, a higher rate increasing the value of the U.S. dollar and decreasing the value of currencies such as the Mexican peso.[33]

See also

References

  1. ^ “Fedpoints: Federal Funds”Federal Reserve Bank of New York. August 2007. Retrieved October 2, 2011.
  2. ^ “The Implementation of Monetary Policy”. The Federal Reserve System: Purposes & Functions(PDF). Washington, D.C.: Federal Reserve Board. August 24, 2011. p. 4. Retrieved October 2, 2011.
  3. ^ “Monetary Policy, Open Market Operations”. Federal Reserve Bank. January 30, 2008. Archived from the original on April 13, 2001. Retrieved January 30, 2008.
  4. ^ “Reserve Requirements”. Board of Governors of The Federal Reserve System. December 16, 2015.
  5. ^ Stefan Homburg (2017) A Study in Monetary Macroeconomics, Oxford University Press, ISBN978-0-19-880753-7.
  6. ^ “Fed funds rate”. Bankrate, Inc. March 2016.
  7. ^ Cheryl L. Edwards (November 1997). Gerard Sinzdak. “Open Market Operations in the 1990s”(PDF)Federal Reserve Bulletin (PDF).
  8. ^ “BBA LIBOR – Frequently asked questions”. British Bankers’ Association. March 21, 2006. Archived from the original on February 16, 2007.
  9. Jump up to:ab “Federal Reserve issues FOMC statement” (Press release). Board of Governors of the Federal Reserve System. December 19, 2018. Retrieved June 2, 2019.
  10. ^ Tankersley, Jim (March 21, 2018). “Fed Raises Interest Rates for Sixth Time Since Financial Crisis”The New York Times. Retrieved March 22, 2018.
  11. ^ “4:56 p.m. US-Closing Stocks”. Associated Press. December 16, 2008. Archived from the original on July 18, 2012.
  12. ^ David Waring (February 19, 2008). “An Explanation of How The Fed Moves Interest Rates”. InformedTrades.com. Archived from the original on May 5, 2015. Retrieved July 20, 2009.
  13. ^ “Historical Changes of the Target Federal Funds and Discount Rates, 1971 to present”. New York Federal Reserve Branch. February 19, 2010. Archived from the original on December 21, 2008.
  14. ^ “$SPX 1990-06-12 1992-10-04 (rate drop chart)”. StockCharts.com.
  15. ^ “$SPX 1992-08-04 1995-03-01 (rate rise chart)”. StockCharts.com.
  16. ^ “$SPX 1995-01-01 1997-01-01 (rate drop chart)”. StockCharts.com.
  17. ^ “$SPX 1996-12-01 1998-10-17 (rate drop chart)”. StockCharts.com.
  18. ^ “$SPX 1998-09-17 2000-06-16 (rate rise chart)”. StockCharts.com.
  19. ^ “$SPX 2000-04-16 2002-01-01 (rate drop chart)”. StockCharts.com.
  20. ^ “$SPX 2002-01-01 2003-07-25 (rate drop chart)”. StockCharts.com.
  21. ^ “$SPX 2003-06-25 2006-06-29 (rate rise chart)”. StockCharts.com.
  22. ^ “$SPX 2006-06-29 2008-06-01 (rate drop chart)”. StockCharts.com.
  23. ^ “Press Release”. Board of Governors of The Federal Reserve System. December 16, 2008.
  24. ^ “Open Market Operations”. Board of Governors of The Federal Reserve System. December 16, 2015.
  25. ^ “Decisions Regarding Monetary Policy Implementation”. Board of Governors of The Federal Reserve System. Archived from the original on December 15, 2016.
  26. ^ Cox, Jeff (March 15, 2017). “Fed raises rates at March meeting”CNBC. Retrieved March 15, 2017.
  27. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. June 14, 2017.
  28. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. December 13, 2017.
  29. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. March 21, 2018.
  30. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. June 13, 2018.
  31. ^ “Federal Reserve issues FOMC statement”. Board of Governors of The Federal Reserve System. December 19, 2018.
  32. ^ Shaw, Richard (January 7, 2007). “The Bond Yield Curve as an Economic Crystal Ball”. Retrieved April 3, 2011.
  33. ^ Peter S. Goodman, Keith Bradsher and Neil Gough (March 16, 2017). “The Fed Acts. Workers in Mexico and Merchants in Malaysia Suffer”The New York Times. Retrieved March 18,2017Rising interest rates in the United States are driving money out of many developing countries, straining governments and pinching consumers around the globe.

External links

https://en.wikipedia.org/wiki/Federal_funds_rate

The Impact of an Inverted Yield Curve

The term yield curve refers to the relationship between the short- and long-term interest rates of fixed-income securities issued by the U.S. Treasury. An inverted yield curve occurs when short-term interest rates exceed long-term rates.

From an economic perspective, an inverted yield curve is a noteworthy event. Below, we explain this rare phenomenon, discuss its impact on consumers and investors, and tell you how to adjust your portfolio to account for it.

Interest Rates and Yield Curves

Typically, short-term interest rates are lower than long-term rates, so the yield curve slopes upwards, reflecting higher yields for longer-term investments. This is referred to as a normal yield curve. When the spread between short-term and long-term interest rates narrows, the yield curve begins to flatten. A flat yield curve is often seen during the transition from a normal yield curve to an inverted one.

Normal Yield Curve

Figure 1 – A normal yield curve

What Does an Inverted Yield Curve Suggest?

Historically, an inverted yield curve has been viewed as an indicator of a pending economic recession. When short-term interest rates exceed long-term rates, market sentiment suggests that the long-term outlook is poor and that the yields offered by long-term fixed income will continue to fall.

More recently, this viewpoint has been called into question, as foreign purchases of securities issued by the U.S. Treasury have created a high and sustained level of demand for products backed by U.S. government debt. When investors are aggressively seeking debt instruments, the debtor can offer lower interest rates. When this occurs, many argue that it is the laws of supply and demand, rather than impending economic doom and gloom, that enable lenders to attract buyers without having to pay higher interest rates.

Inverted Yield Curve

Figure 2 – An inverted yield curve: note the inverse relationship between yield and maturity

Inverted yield curves have been relatively rare, due in large part to longer-than-average periods between recessions since the early 1990s. For example, the economic expansions that began in March 1991, November 2001 and June 2009 were three of the four longest economic expansions since World War II. During these long periods, the question often arises as to whether an inverted yield curve can happen again.

Economic cycles, regardless of their length, have historically transitioned from growth to recession and back again. Inverted yield curves are an essential element of these cycles, preceding every recession since 1956. Considering the consistency of this pattern, an inverted yield will likely form again if the current expansion fades to recession.

Upward sloping yield curves are a natural extension of the higher risks associated with long maturities. In a growing economy, investors also demand higher yields at the long end of the curve to compensate for the opportunity cost of investing in bonds versus other asset classes, and to maintain an acceptable spread over inflation rates.

As the economic cycle begins to slow, perhaps due to interest rate hikes by the Federal Reserve Bank, the upward slope of the yield curve tends to flatten as short-term rates increase and longer yields stay stable or decline slightly. In this environment, investors see long-term yields as an acceptable substitute for the potential of lower returns in equities and other asset classes, which tend to increase bond prices and reduce yields.

Inverted Yield Curve Impact on Consumers

In addition to its impact on investors, an inverted yield curve also has an impact on consumers. For example, homebuyers financing their properties with adjustable-rate mortgages (ARMs) have interest-rate schedules that are periodically updated based on short-term interest rates. When short-term rates are higher than long-term rates, payments on ARMs tend to rise. When this occurs, fixed-rate loans may be more attractive than adjustable-rate loans.

Lines of credit are affected in a similar manner. In both cases, consumers must dedicate a larger portion of their incomes toward servicing existing debt. This reduces expendable income and has a negative effect on the economy as a whole.

The Formation of an Inverted Yield Curve

As concerns of an impending recession increase, investors tend to buy long Treasury bonds based on the premise that they offer a safe harbor from falling equities markets, provide preservation of capital and have potential for appreciation in value as interest rates decline. As a result of the rotation to long maturities, yields can fall below short-term rates, forming an inverted yield curve. Since 1956, equities have peaked six times after the start of an inversion, and the economy has fallen into recession within seven to 24 months.

As of 2017, the most recent inverted yield curve first appeared in August 2006, as the Fed raised short-term interest rates in response to overheating equity, real estate and mortgage markets. The inversion of the yield curve preceded the peak of the Standard & Poor’s 500 in October 2007 by 14 months and the official start of the recession in December 2007 by 16 months. However, a growing number of 2018 economic outlooks from investment firms are suggesting that an inverted yield curve could be on the horizon, citing the narrowing spread between short- and long-dated Treasuries.

If history is any precedent, the current business cycle will progress, and slowing in the economy may eventually become evident. If concerns of the next recession rise to the point where investors see the purchase of long-dated Treasuries as the best option for their portfolios, there is a high likelihood that the next inverted yield curve will take shape.

Inverted Yield Curve Impact on Fixed-Income Investors

A yield curve inversion has the greatest impact on fixed-income investors. In normal circumstances, long-term investments have higher yields; because investors are risking their money for longer periods of time, they are rewarded with higher payouts. An inverted curve eliminates the risk premium for long-term investments, allowing investors to get better returns with short-term investments.

When the spread between U.S. Treasuries (a risk-free investment) and higher-risk corporate alternatives is at historical lows, it is often an easy decision to invest in lower-risk vehicles. In such cases, purchasing a Treasury-backed security provides a yield similar to the yield on junk bondscorporate bondsreal estate investment trusts (REITs) and other debt instruments, but without the risk inherent in these vehicles. Money market funds and certificates of deposit (CDs) may also be attractive – particularly when a one-year CD is paying yields comparable to those on a 10-year Treasury bond.

Inverted Yield Curve Impact on Equity Investors

When the yield curve becomes inverted, profit margins fall for companies that borrow cash at short-term rates and lend at long-term rates, such as community banks. Likewise, hedge funds are often forced to take on increased risk in order to achieve their desired level of returns.

In fact, a bad bet on Russian interest rates is largely credited for the demise of Long-Term Capital Management, a well-known hedge fund run by bond trader John Meriwether.

Despite their consequences for some parties, yield-curve inversions tend to have less impact on consumer staples and healthcare companies, which are not interest-rate dependent. This relationship becomes clear when an inverted yield curve precedes a recession. When this occurs, investors tend to turn to defensive stocks, such as those in the food, oil and tobacco industries, which are often less affected by downturns in the economy.

The Bottom Line

While experts question whether or not an inverted yield curve remains a strong indicator of pending economic recession, keep in mind that history is littered with portfolios that were devastated when investors blindly followed predictions about how “it’s different this time.” Most recently, shortsighted equity investors spouting this mantra participated in the “tech wreck,” snapping up shares in tech companies at inflated prices even though these firms had no hope of ever making a profit.

If you want to be a smart investor, ignore the noise. Instead of spending time and effort trying to figure out what the future will bring, construct your portfolio based on long-term thinking and long-term convictions – not short-term market movements.

For your short-term income needs, do the obvious: choose the investment with the highest yield, but keep in mind that inversions are an anomaly and they don’t last forever. When the inversion ends, adjust your portfolio accordingly.

Story 3: Creepy, Sleepy, Dopey, Joey Biden in Praise of Civility of Democrat Segregationist Senators Eastland (Mississippi) and Talmadge (Georgia) Who Got Things Done — Radical Extremist Democrats (REDS) Attack Biden — Lying Lunatic Leftist Losers and Big Lie Media Playing Identity Politics and Divide and Conquer — Videos —

Biden’s ties to segregationist senator spark campaign tension

Biden’s ties to segregationist senator spark campaign tension

SUSAN WALSH / AP

Joe Biden was a freshman senator, the youngest member of the august body, when he reached out to an older colleague for help on one of his early legislative proposals: The courts were ordering racially segregated school districts to bus children to create more integrated classrooms, a practice Biden opposed and wanted to change.

“I want you to know that I very much appreciate your help during this week’s Committee meeting in attemptingto bring my antibusing legislation to a vote,” Biden wrote on June 30, 1977.

The recipient of Biden’s entreaty was Sen. James Eastland, at the time a well-known segregationist who had called blacks “an inferior race” and once vowed to prevent blacks and whites from eating together in Washington. The exchange, revealed in a series of letters, offers a new glimpse into an old relationship that erupted this week as a major controversy for Biden’s presidential campaign.Biden on Wednesday night described his relationship with Eastland as one he “had to put up with.” He said of his relationships with Eastland and another staunch segregationist and southern Democrat, Sen. Herman Talmadge of Georgia, that “the fact of the matter is that we were able to do it because we were able to win — we were able to beat them on everything they stood for.”

But the letters show a different type of relationship, one in which they were aligned on a legislative issue. Biden said at the time that he did not think that busing was the best way to integrate schools in Delaware and that systemic racism should be dealt with by investing in schools and improving housing policies.

The letters were provided Thursday to the Washington Post by the University of Mississippi, which houses Eastland’s archived papers. They were reported in April by CNN.

Biden’s campaign late Thursday issued a statement saying that “the insinuation that Joe Biden shared the same views as Eastland on segregation is a lie.”

“Plain and simple. Joe Biden has dedicated his career to fighting for civil rights,” the statement said.

The controversy over Biden’s comments this week have continued to reverberate at a crucial time in the campaign, with matters of race dominating the political discussion ahead of several prominent gatherings, including the first presidential debate next week and a multicandidate event before black voters in South Carolina on Friday. It has emerged as a complex political problem for Biden, who has been trying to campaign as a civil rights champion while explaining past views that are out of step with today’s Democratic base.

Biden’s Wednesday remarks sparked one of the sharpest intra-Democrat exchanges of the campaign, when Sen. Cory Booker of New Jersey, one of his black 2020 rivals, criticized both Biden’s work with segregationists and the language that he used in describing it.

On Wednesday, Biden called Booker. Biden’s campaign also distributed talking points to supporters, emphasizing that Eastland and Talmadge “were people who he fundamentally disagreed with on the issue of civil rights.”

Late Thursday, the former vice president met with a small group that included black members of Congress, one of the participants said.

Divisions also emerged in Biden’s campaign over how he should handle such situations. Aides alternately argued that he simply misspoke in telling the anecdote, that he shouldn’t be telling it at all or that his remarks demonstrate his ability to work with those with whom he disagrees and the words were being purposefully twisted for political gain.

The letters show that Biden’s courtship of Eastland started in 1972, before he had taken office, and that he wrote to the older senator listing his top six committee assignment requests, with Foreign Relations and Judiciary at the top. A few weeks later, Biden thanked Eastland, writing that he was “flattered and grateful” for his help. He also referred to the December 1972 car crash that killed his wife and daughter and injured his two sons.

“Despite my preoccupation with family matters at this time, I intend to place the highest priority on attending to my committee responsibilities,” Biden wrote.

Biden supporters have repeatedly pointed to his efforts on civil rights issues to cast him as a champion of equality. Not only did he share an eight-year partnership with the first black president, he also worked alongside black leaders throughout his career on extending the Voting Rights Act, amending the Fair Housing Act and creating the holiday honoring the Rev. Martin Luther King Jr.et in the debate over the merits of busing as a solution to greater integration, Biden’s avowed stance against it put him at odds with some civil rights leaders.

 

 

It was in that context that he courted the support of Eastland — at the time the chairman of the Senate Judiciary Committee — as well as other senators.

In one letter, on March 2, 1977, Biden outlined legislation he was filing to restrict busing practices.

“My bill strikes at the heart of the injustice of court ordered busing,” he wrote to Eastland. “It prohibits the federal courts from disrupting our educational system in the name of the constitution where there is no evidence that the governmental officials intended to discriminate.”

“I believe there is growing sentiment in the Congress to curb unnecessary busing,” he added. The Senate two years earlier had passed a Biden amendment that prohibited the federal Department of Health, Education and Welfare from ordering busing to achieve school integration.

 

“That was the first time the U.S. Senate took a firm stand in opposition to busing,” Biden wrote. “The Supreme Court seems to have recognized that busing simply cannot be justified in cases where state and local officials intended no discrimination.”

In later letters to Eastland, Biden continued pushing his legislation.

“I want you to know that I very much appreciate your help during this week’s Committee meeting in attempting to bring my antibusing legislation to a vote,” Biden wrote on June 30, 1977.

The next year, he continued to push for antibusing legislation and again wrote to Eastland.

“Since your support was essential to having our bill reported out by the Judiciary Committee, I want to personally ask your continued support and alert you to our intentions,” Biden wrote on Aug 22, 1978. “Your participation in floor debate would be welcomed.”

After Biden’s remarks at the Wednesday night fund-raiser, advisers played down his comments about Eastland as a garbled rendition of a familiar Biden anecdote. In particular, they sought to excuse Biden for saying that Eastland didn’t refer to him as “boy” — an insult leveled at black men — but as “son.”

“He just misspoke,” said one Biden adviser. “The way Biden usually tells the story, he says Eastland didn’t call him ‘senator,’ he called him ‘son,’ ” the adviser said. “Eastland called him ‘boy’ and ‘son’ also. This was Eastland’s way of diminishing young senators.”

In the campaign statement Thursday, Biden’s national press secretary, Jamal Brown, said Biden’s “strong support for equal housing, equal education and equal job opportunities were clear to all Delawareans in the 1970s.”

Biden sought to ensure that black students received “the resources necessary to deliver the quality education they deserved,” he said.

Brown added that throughout his public life, Biden “fought the institutional problems that created de facto segregated school systems and neighborhoods in the first place: redlining, school lines drawn to keep races and classes separate and housing patterns and discrimination.”

Almost the entire Democratic field is set to attend a fish fry Friday night hosted by House Majority Whip James Clyburn, a leading black figure in the state and one who has remained supportive of Biden.

It would be the first public appearance Biden is making with the same Democratic presidential hopefuls who have heaped criticism on him for the comment.

In demanding an apology, Booker said Wednesday that Biden’s “relationships with proud segregationists are not the model for how we make America a safer and more inclusive place for black people, and for everyone.”

Asked about Booker’s remarks by reporters, Biden declined to offer an apology and instead demanded one from Booker. The two men later spoke privately.

“Cory shared directly what he said publicly — including helping Vice President Biden understand why the word ‘boy’ is painful to so many,” said Sabrina Singh, a Booker campaign spokeswoman. “Cory believes that Vice President Biden should take responsibility for what he said and apologize to those who were hurt.”

Biden’s campaign would not elaborate on the call, but it is clear the topic could linger over the coming days.

Biden has scheduled a sit-down interview with MSNBC, his campaign has been sending out talking points to surrogates, and some black supporters are eager to hear the former vice president offer a fuller explanation.

“I think he’s got to address it head on and show people what his line of thinking was,” said Antjuan Seawright, a Democratic strategist in South Carolina who is close with Biden’s team. “I don’t think they need to get off course with their strategy. I just think they have to address it as it comes up and move on.”

Other Biden supporters, however, think he’s taking just the right approach and standing by his long-held beliefs.

I encouraged campaign staff that I know to say: ‘Don’t back off on this. This is precisely why you’re the right guy in the right place at the right time.’ And I was glad to see that he didn’t,” said Dave O’Brien, a longtime Biden supporter in Cedar Rapids, Iowa.

“You know that some of the other issues, he’s got to evolve with the times, which he has,” O’Brien added. “But there are points where you need to make a stand, so I was very glad to see him not back off on this issue.”

https://www.inquirer.com/politics/nation/joe-biden-james-eastland-segregation-democratic-primary-20190621.htmlPosted: June 20, 2019 – 10:59 PM

Biden not apologizing for remarks on segregationist senators

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Democratic presidential candidate, former Vice President Joe Biden, speaks at the Poor People’s Moral Action Congress presidential forum in Washington, Monday, June 17, 2019. (AP Photo/Susan Walsh)

Joe Biden refused calls to apologize Wednesday for saying that the Senate “got things done” with “civility” even when the body included segregationists with whom he disagreed.

His rivals for the Democratic presidential nomination, including the two major black candidates in the contest, roundly criticized Biden’s comments. But Biden didn’t back down and was particularly defiant in the face of criticism from New Jersey Sen. Cory Booker, who said the former vice president should apologize for his remarks.

Biden countered that it was Booker who should apologize because the senator “should know better” than to question his commitment to civil rights.

“There’s not a racist bone in my body,” Biden said. “I’ve been involved in civil rights my whole career.”

Speaking on CNN, Booker responded: “I was raised to speak truth to power and that I shall never apologize for doing that. And Vice President Biden shouldn’t need this lesson.”

The firestorm is quickly becoming one of the most intense disputes of the Democratic presidential primary, underscoring the hazards for Biden as he tries to turn his decades of Washington experience into an advantage. Instead, he’s infuriating Democrats who say he’s out of step with the diverse party of the 21st century and potentially undermining his argument that he’s the most electable candidate in the race.

The controversy began at a New York fundraiser Tuesday when Biden pointed to long-dead segregationist senators James Eastland of Mississippi and Herman Talmadge of Georgia to argue that Washington functioned more smoothly a generation ago than under today’s “broken” hyperpartisanship.

“We didn’t agree on much of anything,” Biden said of the two men, who were prominent senators when Biden was elected in 1972. Biden described Talmadge as “one of the meanest guys I ever knew” and said Eastland called him “son,” though not “boy,” a reference to the racist way many whites addressed black men at the time.

Yet even in that Senate, Biden said, “At least there was some civility. We got things done.”

A pile on from Biden’s rivals quickly ensued. Booker said he was disappointed by Biden’s remarks.

“I have to tell Vice President Biden, as someone I respect, that he is wrong for using his relationships with Eastland and Talmadge as examples of how to bring our country together,” said Booker, who is African American.

New York City Mayor Bill de Blasio, a fellow Democratic presidential candidate and a white man who is married to a black woman, tweeted: “It’s 2019 & @JoeBiden is longing for the good old days of ‘civility’ typified by James Eastland. Eastland thought my multiracial family should be illegal.”

California Sen. Kamala Harris, a black presidential candidate, said Biden was “coddling” segregationists in a way that “suggests to me that he doesn’t understand … the dark history of our country” — a characterization Biden’s campaign rejects.

Former Texas Rep. Beto O’Rourke, another 2020 candidate, said, “For the vice president to somehow say that what we’re seeing in this country today is a function of partisanship or a lack of bipartisanship completely ignores the legacy of slavery and the active suppression of African Americans and communities of color right now.”

The tumult comes at a crucial point in the campaign. Biden is still recovering from controversy he sparked earlier this month when he angered many Democrats by saying he didn’t support federal taxpayer money supporting abortion. He later reversed his position.

He’s among the more than 20 candidates who will descend on South Carolina this weekend to make their case to black voters at a series of Democratic events.

Meanwhile, most Democratic White House hopefuls will again gather in Miami next week for the first presidential debate of the primary season. Biden will almost certainly come under fire there for his comments this week.

He sought to defuse the tension on Wednesday by saying he was trying to argue that leaders sometimes have to work with people they disagree with to achieve goals, such as renewing the Voting Rights Act.

“The point I’m making is you don’t have to agree. You don’t have to like the people in terms of their views,” he said Wednesday. “But you just simply make the case and you beat them without changing the system.”

He has received support from some black leaders. Cedric Richmond, Biden’s campaign co-chairman and former Congressional Black Caucus chairman, said Biden’s opponents deliberately ignored the full context of his argument for a more functional government.

“Maybe there’s a better way to say it, but we have to work with people, and that’s a fact,” Richmond said, noting he dealt recently with President Donald Trump to pass a long-sought criminal justice overhaul. “I question (Trump’s) racial sensitivity, a whole bunch of things about his character … but we worked together.”

Likewise, Richmond said, Biden mentioned Jim Crow-era senators to emphasize the depths of disagreements elected officials sometimes navigate. “If he gets elected president, we don’t have 60 votes in the Senate” to overcome filibusters, Richmond noted. “He could be less genuine and say, ‘We’re just going to do all these things.’ But we already have a president like that. (Biden) knows we have to build consensus.”

Biden also drew a qualified defense from Republican Sen. Tim Scott of South Carolina, the only black senator from his party. Scott said that Biden “should have used a different group of senators” to make his point but that his remarks “have nothing to do with his position on race” issues. Scott said the reaction reflects an intense environment for Democrats in which the desire to defeat Trump means “anything the front-runner says that is off by a little bit” will be magnified.

https://apnews.com/5b57473cfcda44e4b35c8a40759a26fc

The gloves come off in the Democratic primary

This was the week that the battle for the nomination got real.

The tenor of the Democratic presidential primary has verged on courteous from the start: To the extent that Democrats went after Joe Biden, it was usually not by name. And Bernie Sanders and Elizabeth Warren kept their rivalry decidedly civil.

This week, with the first debates of the election season days away, the gentility came to an end.

Biden’s remarks at a New York fundraiser that “at least there was some civility” when he worked with segregationists in the Senate unleashed a torrent of criticism from his rivals and the left. And a story in POLITICO about centrists coming around to Warren as an “anybody but Bernie” alternative set off Sanders and his allies.

“We knew the primary wouldn’t be all puppies and rainbows forever,” said Ben LaBolt, a former adviser to Barack Obama. “And as the debates approach you can see a new dynamic emerging.”

The reaction from Biden’s rivals to his comments was fierce.

New York Mayor Bill de Blasio, whose wife is African American, noted that one of the segregationists Biden invoked, James Eastland of Mississippi, would have outlawed his marriage. Sen. Cory Booker, who is black, took offense that Biden seemed to make light of Eastland calling him “son” but not “boy.”

“You don’t joke about calling black men ‘boys’,” Booker said.

Booker called on Biden to apologize but Biden took a different path. Outside a fundraiser Wednesday night, a defiant Biden said he had nothing to be sorry for and that it’s Booker who should apologize for questioning someone without “a racist bone in my body.”

“He knows better,” Biden said.

The crossfire marked some of the most direct and intense exchanges so far of the 2020 primary campaign. And it signals that with less than a week until the first televised debate, the field is done tiptoeing around.

“Running for president is no tea party. It’s a battle. And it is customary for candidates to begin to engage at this stage. The polite preliminaries are over,” said Democratic strategist and former Obama hand David Axelrod. “And since there is generally broad agreement on issues, if not solutions, the disputes necessarily turn on other things.”

In a separate episode, Sanders dispatched a tweet that was viewed as a sideswipe of Warren.

“The cat is out of the bag. The corporate wing of the Democratic Party is publicly ‘anybody but Bernie,’” Sanders wrote on Twitter, sharing a POLITICO storyheadlined: “Warren emerges as potential compromise nominee.”

Sanders faced his own backlash over the remark.

“If we had a multi-party parliament, it’d be pretty normal for Sanders and Warren to campaign against each other for leadership in a Social Democratic Party. That said, I still find this move pretty dissapointing [sic] and unnecessary. Draw contrasts if you want, but not like this,” tweeted Waleed Shadid, communications director of the progressive group Justice Democrats.

Shadid later noted that Sanders on CNN said his remark was targeted at the moderate think tank Third Way, and not Warren.

Still, the escalating tensions come as Warren is gaining on Sanders in polls. She leapfrogged him in recent surveys in Nevada and California. And a Monmouth University poll released Wednesday showed Warren and Sanders virtually tied for second, with Warren, at 15 percent, gaining five points in one month. Biden still led the field at 32 percent.

“Biden’s numbers have held up higher than expected and a number of challengers are going after his gaffes more aggressively than before,” LaBolt said. “Warren has begun eating into Bernie’s numbers and he is trying to fend her off.”

Still, one Democratic veteran of the 2016 campaign, ex-Sanders adviser Mark Longabaugh, said the current tangles are nothing like what he experienced in that campaign. There’s plenty of time for it to get there, but it hasn’t happened yet.

“I don’t know if the gloves are off. I think the gloves may be getting a little loose — pulling out the fingertips to take the gloves off.” Longabaugh said. “Having been through the 2015-16 experience, I gotta tell ya, that was much more combative than anything you’ve seen in this race — not anything close.”

Not far from anyone’s mind are the first debates in Miami on Wednesday and Thursday next week.

“While this type of engagement is expected,” LaBolt said, “candidates should be careful not to cross any lines that could significantly damage potential nominees for the general.”

https://www.politico.com/story/2019/06/20/2020-election-democratic-primary-1373202

 

 

Part 2– Story 4: President Trump Pushes All The Right Buttons in 2020 Stump Speech in Orlando, Florida –Send Them Home — Lock Them Up — Four More Years — Videos

TRUMP 2020: President Trump Re-Election Campaign Rally – FULL SPEECH

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With Florida rally, Trump aims for a 2020 campaign ‘reset’

Trump to launch 2020 re-election bid in Florida

Orlando preps for huge crowds for Trump rally

Crowds grow for Trump rally in Orlando

People are lining up for President Trump’s event on Tuesday

THE PRESIDENT IS BACK: President Trump Returns From MASSIVE Orlando Rally

The Memo: Can Trump run as an outsider?

President Trump is running for reelection as an outsider candidate. But it’s a knotty challenge for someone who holds the world’s most powerful office.

Trump’s speech in Orlando, Fla., on Tuesday, which officially launched his 2020 bid, was rife with rhetoric portraying himself — and by extension his supporters — as victims of nefarious elites.

The president said that he and his allies were besieged by a “permanent political class” and “an unholy alliance of lobbyists and donors and special interests.”

“Our patriotic movement has been under assault from the very first day,” Trump insisted at one point. Moments before, he told the crowd, “the swamp is fighting back so viciously and violently.”

It’s the kind of language that makes Democrats roll their eyes. Trump, they note, is a billionaire property developer, born into wealth, who won the presidency on his first attempt — yet he portrays himself as the tribune of “the forgotten men and women of our country” whom he invoked in his January 2017 inaugural address.

But Trump’s unconventionality might, in itself, help him retain some kind of outsider cachet in a way that is unusual for an incumbent president.

“For any other president, yes, it is a challenge,” said Alex Conant, a Republican strategist who worked for Sen. Marco Rubio (R-Fla.) in the 2016 presidential primaries.

“But Trump is unlike any other president. Trump has been at war with the establishment since the moment he set foot in the White House,” he said.

It is certainly true that Trump was viewed with suspicion by the Republican Party from the time he began his presidential run — and that his language and attitudes are viewed with distaste by much of the Beltway political class.

But dislike for Trump’s personal antics is hardly confined to D.C. elites.

A Pew Research Center poll in March showed pluralities of the public believing that he was not “trustworthy,” “even-tempered” or “well-informed.”

For all Trump’s supposed concern with less affluent Americans, 56 percent of the respondents in the Pew poll said they did not believe he cared about “people like me,” whereas just 40 percent said he did care.

The GOP has largely made peace with him, with former rivals including Sens. Lindsey Graham (S.C.) and Rand Paul (Ky.) becoming enthusiastic supporters, congressional dissenters such as former Rep. Mark Sanford(R-S.C.) having been defeated in primaries and Trump now in firm control of the party apparatus.

Skeptics also point to both policies and personnel — from the steep cut in the corporate tax rate in 2017 to the 16-month run of the ethically challenged Scott Pruitt as head of the Environmental Protection Agency — as evidence that the swamp has remained undrained under Trump.

But Trump allies are insistent that the president’s feel for the cultural mores of blue-collar America remains a potent and underrated political weapon.

“He is certainly an outsider to the political establishment. They still don’t get him and he is not coming around to their way of thinking,” said Barry Bennett, who worked as a senior adviser to Trump’s 2016 campaign. “He may live inside the gates but he does not live inside the establishment. … I don’t know anyone who believes he has become some kind of Georgetown socialite.”

Michael Caputo, a longtime Trump friend, insisted, “I have never ever met anyone, any Trump supporter, who believes anything else besides the fact that he’s an outsider.”

There is clearly a political dividend to be gained if Trump can hold onto his outsider image.

In the recent past, voters in presidential elections have often chosen the candidate seen as less steeped in the ways of Washington.

Former President Obama won election twice as a change agent, initially winning the White House as the first black president and then securing a second term over GOP nominee Mitt Romney, the personification of a genteel Republican establishment.

Former President George W. Bush had only a tenuous claim to outsider status, given he was the son of a president — yet his campaign was able to paint then-Sen. John Kerry (D-Mass.) as a creature of Washington in the 2004 presidential election.

Before that, former President Clinton used his down-home Arkansas image as a weapon against an incumbent president, Bush’s father, George H.W Bush, and then won a second term over another GOP establishment favorite, then-Sen. Bob Dole (Kan.).

Independent observers acknowledge that Trump’s style, divisive though it is, could help him be seen as much more of a disruptor even than these recent predecessors.

“It’s almost impossible for an incumbent to run as an outsider, but Trump has held onto that credential,” said Tobe Berkovitz, a Boston University professor who specializes in political communications. “He is parlaying that into how he sees himself — running against the Democrats, the media, the elites.”

Republicans, meanwhile, argue that Trump’s outsider image could be especially useful if Democrats pick former Vice President Joe Biden as their nominee.

Biden, in their telling, is much easier to brand as a creature of Washington given his decades in the Senate. There will be a different challenge if Democrats instead choose one of Biden’s rivals who is a fresher face on the national political scene, such as Sen. Elizabeth Warren (D-Mass.) or Sen Kamala Harris (D-Calif.); or more radical, such as Sen. Bernie Sanders(I-Vt.).

Trump, billionaire Manhattanite though he may be, has long used the idea that he is sneered at by a snobbish elite to his own advantage.

On Tuesday, he told his supporters that Democrats “want to destroy you.”

It was a stark and visceral remark even by Trump’s standards.

But, after his 2016 victory, even his critics can’t be so sure it won’t work.

https://thehill.com/homenews/the-memo/449436-the-memo-can-trump-run-as-an-outsider

A Second Term for What?

Trump can’t win by relitigating 2016 and playing only to his base.

President Donald Trump looks on during a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign on June 18.PHOTO: MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

President Trump announced his campaign for a second term at a rally in Orlando on Tuesday evening that recounted his first-term record and 2016 victory before thousands of rapturous supporters. The only thing missing was an agenda for 2020.

The most striking fact of his speech was how backward looking it was. Every incumbent needs to remind voters of his record, Mr. Trump more than most because the media are so hostile.

Donald Trump Launches Campaign

The President is also right that his opponents have refused to recognize the legitimacy of his election. House Democrats may still try to impeach him for not obstructing an investigation into what wasn’t a conspiracy with Russia. His sense of “grievance,” to quote the media meme about his speech, on that point is entirely justified.

Yet Mr. Trump is asking for four more years, and his preoccupation with vindicating 2016 won’t resonate much beyond his core supporters. Most voters have moved on from 2016, which is why a majority opposes impeachment in every poll. They don’t much care about Mr. Trump’s greatest hits about Hillary Clinton, who alas for the President will not be on the ballot in 2020. They want to know why they should take a risk on Mr. Trump and his volatile character for another term.

This is all the more important given the way his first term has evolved on policy. One paradox is that his main policy successes have come from pursuing a conventional conservative agenda. The failures have been on the issues like trade and immigration that are the most identified with Trumpian disruption.

The economy’s renewed growth spurt came from tax reform, deregulation, liberating energy production and ending the anti-business harassment of the Obama years. His remaking of the judiciary and rebuilding of the military unite Republicans of all stripes. Criminal justice reform was the result of years of spade work on the right and left.

Mr. Trump deserves credit for pursuing all of this despite often ferocious opposition that might have intimidated a different GOP President. That’s true in particular of his withdrawal from the Iran nuclear deal and the Paris climate accord, where U.S. Democratic and media opinion is aligned with Europe’s elites.

On immigration, however, the President missed a chance to strike a deal trading more border security (including his wall) for legalizing Dreamers. He must now confront the asylum crisis at the border with no help from Democrats. On trade, Mr. Trump has disrupted global rules but has put nothing new and stable in their place. Asking voters to believe he’ll do better on these issues in a second term isn’t likely to turn many swing voters his way.

The other paradox of the Trump Presidency is his low approval rating despite a stronger economy. The polls show his approval rating on the economy is above 50% but his overall approval is 44.3% in the Real Clear Politics average. The difference is best explained by Mr. Trump’s polarizing behavior, which has alienated in particular college-educated voters and Republican women. In the latest Wall Street Journal-NBC poll, Mr. Trump is underwater with white college-educated women by a remarkable 20 percentage points.

Mr. Trump may figure he can persuade some of those skeptics by making the Democratic nominee even more unpopular than he is. If the Democrats oblige by nominating Bernie Sanders or Elizabeth Warren, that might be possible. But that is making a bet on the other party’s mistake, and a re-election campaign is typically a referendum on the incumbent.

Which is all the more reason to offer voters something more for a second term. He could put Democrats on the spot for high housing prices and homelessness by talking about restrictive zoning for elites and high property taxes. He could offer to reform higher education by making schools responsible for some of the debt of students who can’t repay loans, or invigorate vocational education to help young people who can’t go to college.

He could package health-care proposals to expand choice, reduce prices and make insurance portable; his administration has already proposed some of them. He could advance his theme of “draining the swamp” by offering ideas to reform the civil service. We’d include entitlement reform, but then Mr. Trump has shown no interest and we don’t believe in political miracles.

This is far from an exhaustive list, and Mr. Trump won’t win as a policy wonk in any case. But Mr. Trump also won’t win by relitigating the 2016 election or playing only to his political base. He needs more than he offered voters on Tuesday night.

Opinion: Countering Trump With Reliability, Not Bold Agenda

Opinion: Countering Trump With Reliability, Not Bold Agenda
A Fox News poll has found that Democrats prefer a “steady” candidate to a “big agenda” candidate. But going up against the scale of Donald Trump will be tough, so how do frontrunners Joe Biden, Bernie Sanders and Elizabeth Warren compare? Image: Getty

‘This election is about you. Your family, your future & the fate of YOUR country’: Trump lays it on the line at 20,000-strong Orlando rally as he kicks off 2020 re-election campaign with his entire family and obligatory digs at ‘Crooked Hillary’

  • The president spent the first half-hour of a Tuesday night rally hammering his old foe Hillary Clinton 
  • Trump said his team wondered if it should hold the rally in a venue which can hold 20,000 people
  • ‘Not only did we fill it up, but we had 120,000 requests… Congratulations!’ the president said to cheers
  • The president’s daughter-in-law, Lara Trump, invited the criticism when she wound up an arena of supporters
  • Husband Eric, who spoke after her, had a crowd of more than 20,000 screaming, ‘CNN Sucks!’ 
  • ‘He loves this country and we, as a family, love this country. We’re going to fight like hell,’ Eric said 
  •  Donald Trump Jr. mocked Joe Biden before the rowdy crowd that waited in the heat and rain for hours
  • ‘He gets up on the stump. It’s so stupid,’ he said, claiming the ex-VP has four-person crowds 

President Trump spent a Tuesday night rally he’d advertised as a 2020 kickoff hammering his old foe Hillary Clinton for acid washing her emails and failing to deliver on her pledge to beat him, while Democrats vying for the party’s nomination now escaped his wrath.

Noting that he’s under constant media scrutiny, Trump said that he’d be sent to the slammer if he ordered aides to destroy potential evidence.

‘But, can you imagine if I got a subpoena, think of this, if I got a subpoena for emails, if I deleted one email like a love note to Melania, it’s the electric chair for Trump,’ he claimed in a campaign speech in Orlando.

Trump said subpoenas he’s receiving are not about Democratic claims that his campaign may have colluded with Russia.

‘The Democrats don’t care about Russia, they only care about their own political power. They went after my family, my business, my finances, my employees, almost everyone that I’ve ever known or worked with,’ he argued. ‘But they are really going after you. That’s what it’s all about. It’s not about us, it’s about you. They tried to erase your vote, erase your legacy of the greatest campaign and the greatest election probably in the history of our country.’

U.S. President Donald Trump and first lady Melania Trump arrive on stage to formally kick off his re-election bid with a campaign rally in Orlando. He kicked off first official 2020 rally by claiming 120,000 people submitted requests to attend

U.S. President Donald Trump and first lady Melania Trump arrive on stage to formally kick off his re-election bid with a campaign rally in Orlando. He kicked off first official 2020 rally by claiming 120,000 people submitted requests to attend
First lady Melania Trump speaks as Trump looks on. Trump's first official campaign rally of 2020 opened much the way his 2016 candidacy ended - with his audience chanting 'Lock her Up!' in a slam on former Democratic opponent Hillary Clinton

First lady Melania Trump speaks as Trump looks on. Trump’s first official campaign rally of 2020 opened much the way his 2016 candidacy ended – with his audience chanting ‘Lock her Up!’ in a slam on former Democratic opponent Hillary Clinton

Trump's campaign turned the area outside the arena that can seat 20,000 people into a festival-like atmosphere with music and food trucks to help supporters pass the time

Trump’s campaign turned the area outside the arena that can seat 20,000 people into a festival-like atmosphere with music and food trucks to help supporters pass the time

Michael Boulos, Tiffany Trump, Lara Trump, Eric Trump, Jared Kushner, Ivanka Trump, Kimberly Guilfoyle, and Donald Trump Jr. arrive at a rally for US President Donald Trump

FLOTUS Melania introduces her husband at Trump 2020 rally

The president said, ‘They wanted to deny you the future you demanded and the future that America deserved and that now America is getting. Our radical Democrat opponents are driven by hatred, prejudice and rage. They want to destroy you, and they want to destroy our country as we know it. Not acceptable, it’s not going to happen. Not gonna happen.’

Trump claimed that Democrats as a party would use the ‘power of the law to punish their opponents’ if they’re handed the reigns to the country.

‘Imagine if we had a Democrat president and a Democrat Congress in 2020. They would shut down your free speech, use the power of the law to punish their opponents – which they’re trying to do now anyway – they’ll always be trying to shield themselves,’ he claimed. ‘They will strip Americans of their Constitutional rights while flooding the country with illegal immigrants in the hopes it will expand their political base and they’ll get votes someplace down the future. That’s what it’s about.’

Broad attacks on the Democratic Party and ‘radical socialism’ were the most stringent assaults that Trump would levy all night.

He said, ‘More than 120 Democrats in Congress have also signed up to support “Crazy Bernie Sanders” socialist government takeover of health care.

‘He seems not to be doing too well lately,’ the president said as an aside. ‘They want to end Medicare as we know it and terminate the private health insurance of 180 million Americans who love their health insurance. America will never be a socialist country.’

It was his only mention at the rally of one of his most formidable opponents. Former Democratic President Joe Biden was also a footnote in the speech, earning two mentions, as a part of the ‘Obama-Biden’ duo that Trump said ruined American foreign policy and drove down the nation’s economy.

‘Remember the statement from the previous administration? Would need a magic wand to bring back manufacturing? Well, tell “Sleepy Joe” that we found the magic wand. That’s a sleepy guy,’ the president added.

Trump outlined his vision tweeting: ‘Don’t ever forget – this election is about YOU. It is about YOUR family, YOUR future, & the fate of YOUR COUNTRY. We begin our campaign with the best record, the best results, the best agenda, & the only positive VISION for our Country’s future! #Trump2020’

The Trumps said their family has been under attack since the family patriarch declared his candidacy for president in 2015. Jared Kushner, left, Ivanka Trump arrive for the official launch of the Trump 2020 campaign

The Trumps said their family has been under attack since the family patriarch declared his candidacy for president in 2015. Jared Kushner, left, Ivanka Trump arrive for the official launch of the Trump 2020 campaign

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking leading Democratic candidate Joe Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president. Kimberly Guilfoyle, left, and Donald Trump Jr. pictured

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking leading Democratic candidate Joe Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president. Kimberly Guilfoyle, left, and Donald Trump Jr. pictured

Senior adviser Jared Kushner, Ivanka Trump and Kimberly Guilfoyle, watch as President Donald Trump speaks at his re-election kickoff rally at the Amway Center

Senior adviser Jared Kushner, Ivanka Trump and Kimberly Guilfoyle, watch as President Donald Trump speaks at his re-election kickoff rally at the Amway Center

Trump rails against Democrats, Mueller and ‘fake news’ at 2020 rally
Trump’s first official campaign rally of 2020 opened much the way his 2016 candidacy ended – with his audience chanting ‘Lock her Up!’ in a slam on former Democratic opponent Clinton.

The president’s daughter-in-law, Lara Trump, invited the criticism first. She wound up an arena of supporters with a claim that the media was saying Clinton was going to be the 45th President of the United States days before the election. ‘They have always been wrong,’ she declared.

Attacks on the media as ‘fake news’ and ‘dishonest’ from Lara and her husband Eric, who spoke after her, had a crowd of more than 20,000 screaming ‘CNN Sucks!’ minutes later.

The Trumps said their family has been under attack from one group or another since the family patriarch declared his candidacy for president in 2015.

‘He loves this country and we, as a family, love this country. And guys we are going to fight like hell – our family is going to fight like hell for this country. We will never ever stop fighting, and we will never ever, ever stop winning,’ the president’s son said. ‘And guys, we love you very much. We’re all going to be spending a lot of time in Florida. We’re going to be spending a lot of time in Florida. So we’re going to see you.’

Donald Trump Jr. channeled his attacks to his father’s current opponents, mocking Biden before the rowdy crowd that waited in the heat and rain for hours, and days in some cases, to see the sitting president.

‘I don’t know about you, but I look around this room and when Joe Biden’s putting about seven people in an audience, I’m saying, “I think they may be a little wrong with the polling.” But what they hell do I know?’ he said.

National polls show Biden beating Trump in a general election. A Quinnipiac University survey that came out Tuesday found that the former vice president would beat Trump by nine points, 50 – 41, the newly-released poll showed.

Vermont Sen. Bernie Sanders would win by a similar margin, 48 – 42, while other top Democrats would perform in the poll’s margin of error.

Trump campaign manager Brad Parscale told DailyMail.com inside the rally that Quinnipiac is ‘c**p’ in response to the latest poll showing bad news in a critical swing state for the controversial president.

Trump had already warned the public that this official launch of 2020 campaign would be 'wild,' after supporters camped out in tents for more than 30 hours to save their places at the front of a massive line that would ensure them floor seats

US First Lady Melania Trump greets US Vice President Mike Pence. Trump set the tone for the monster rally in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

US First Lady Melania Trump greets US Vice President Mike Pence. Trump set the tone for the monster rally in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

Lara Trump takes to the stage before her father-in-law United States President Donald Trump arrives on stage to announce his candidacy for a second presidential term at the Amway Center

Lara Trump takes to the stage before her father-in-law United States President Donald Trump arrives on stage to announce his candidacy for a second presidential term at the Amway Center

Donald Trump Jr. throws hats to supporters at the rally. He mocked Joe Biden before the rowdy crowd that waited for hours

Donald Trump Jr. throws hats to supporters at the rally. He mocked Joe Biden before the rowdy crowd that waited for hours

Trump attacks Democrats at his Orlando rally
Don Jr. brushed off the threat from Biden, 76, as he campaigned for his father, 73, on Tuesday in Orlando. He called Biden and his competitors a ‘clown show’ and gave the Democrat a new nickname. ‘Sloppy Joe,’ he called him, as he hit Biden for flip-flopping.

‘He gets up on the stump. It’s so stupid,’ he said. ‘To his group of about four people in the audience, “Government has failed you.” Usually, as he’s groping someone. It ain’t pretty, but there’s something off with that guy.’

The president’s son said he agrees that government is broken and it’s a problem. ‘The problem is Joe, you’ve been in government for almost 50 years. If government failed you, maybe you’re the problem Joe Biden,’ he said. ‘It’s not rocket science.’

Trump warned the public that the campaign rally would be ‘wild,’ and Don Jr. helped him deliver on the pledge.

He mocked Biden’s pledge to cure cancer, asking, ‘Why the hell didn’t you do that over the last 50 years, Joe?’

Don Jr. blamed the media for giving Biden a pass. ‘Why did not one of them say, “Well, Joe, how exactly are you going to do that?” And why didn’t you do that in the last eight years as vice president and the prior 40 years in government and the Senate?’

His father later claimed that he’d cure cancer in remarks that followed. ‘We will push onward with new medical frontiers. We will come up with the cures to many, many problems, to many, many diseases, including cancer and others and we’re getting closer all the time,’ he said.

Attacks on Clinton and media were a common theme throughout the night, with Trump pausing and waiting for his supporters to cheer, ‘CNN SUCKS!’ and ‘Lock her Up!’ as he talked about the former secretary of state’s acid-washed emails and her loss to him in the last election.

‘It was all an illegal attempt to overturn the results of our election, spy on our campaign, which is what they did,’ he complained.

Trump meets fans after stepping off Air Force One upon arrival at Miami International Airport in Miami

Trump meets fans after stepping off Air Force One upon arrival at Miami International Airport in Miami

Vice President Mike Pence, escorted in by Karen Pence, speaks before Trump takes the stage on Tuesday evening

A man holds up a sign as the crowd waits for US President Donald Trump to arrive at a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign

A man holds up a sign as the crowd waits for US President Donald Trump to arrive at a rally at the Amway Center in Orlando, Florida to officially launch his 2020 campaign

Melania's spokesperson Stephanie Grisham speaks with White House senior advisor Kellyanne Conway at the campaign rally

Melania’s spokesperson Stephanie Grisham speaks with White House senior advisor Kellyanne Conway at the campaign rally

President Trump said as he opened the event that he could feel the ‘magic’ in Orlando – a play on the name of the city’s professional basketball team.

He spoke to supporters in the same arena that the team plays in, which is a venue that can hold roughly 20,000 people.

‘You know, I said, “This is a very big arena for a Tuesday night.” I said, “You know, if we have about three or four empty seats, the fake news will say – headlines: he didn’t fill up the arena.” So I said maybe we shouldn’t take the chance, maybe we shouldn’t go to Orlando, maybe we should go someplace else,’ Trump said in his opening remarks. ‘I said, “No, I think we’ll go to Orlando.” And, not only did we fill it up, but we had 120,000 requests. That means you folks have come out very, very good.’

Supporters camped out in tents for more than 30 hours to save their places at the front of a massive line that would ensure them floor seats at Tuesday evening’s show.

Saundra Kiczenski, a Michigan native who works in retail, waited from 7am on Monday. She said she’d been to rallies in support of the president in 15 states. She spent Monday night on the pavement in a sleeping bag.

‘I took the hotel pillow and slept on the ground,’ she told DailyMail.com on Tuesday afternoon as she waited to get in.

The Republican incumbent set the tone for the monster rally in Florida he’d be appearing at in the evening in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour.

‘The Fake News doesn’t report it, but Republican enthusiasm is at an all time high. Look what is going on in Orlando, Florida, right now! People have never seen anything like it (unless you play a guitar). Going to be wild – See you later!’ he tweeted on Tuesday morning.

A cover band with aging rockers who call themselves ‘The Guzzlers’ revved up the crowd under a beating sun at a ‘festival’ the campaign held in an outdoor parking lot, where vendors sold a captive and cramped group sodas, snow cones and Trump umbrellas.

Sweltering heat that topped 87 degrees soon turned to pouring rain, giving the umbrellas a dual purpose for supporters like Richard Snowden who chose to remain.

A resident of Las Vegas, Nevada, Snowden said he’d be ‘remiss’ to have skipped the kickoff. He told DailyMail.com from the comfort of a party-style tent his group had pitched that he’d attended 54 rallies since Trump announced his candidacy for office in 2015.

But even Snowden called himself a pragmatist and said of the president’s reelection odds, ‘I don’t think it’s going to be a cakewalk.’

‘The incumbency will help. He won’t catch them flat-footed this time,’ he observed, as he waited for the rally to begin. ‘And he won’t have the dislike of Hillary working in his favor,’ he said in remarks that proved to prescient.

The Republican incumbent set the tone for the monster rally in Florida he'd be appearing at in the evening in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

 

The US President and First Lady Melania Trump are pictured stepping off Air Force One upon arrival at Orlando International Airport in Orlando, Florida Tuesday

The US President and First Lady Melania Trump are pictured stepping off Air Force One upon arrival at Orlando International Airport in Orlando, Florida Tuesday

Special advisor to the US president Jared Kushner and White House Press Secretary Sarah Huckabee Sanders wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport

Michael Boulos and Tiffany Trump wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport in Orlando

Special advisor to the US president Jared Kushner and White House Press Secretary Sarah Huckabee Sanders, left, and Michael Boulos and Tiffany Trump, right, wait for the arrival of US President Donald Trump and First Lady Melania Trump at Orlando International Airport on Tuesday

Donald Trump is putting an advisory on his Orlando rally, saying the official launch of 2020 campaign will be 'wild,' after supporters camped out in tents to save their places in line like they were waiting in line for a free concert with Rihanna

Donald Trump is putting an advisory on his Orlando rally, saying the official launch of 2020 campaign will be ‘wild,’ after supporters camped out in tents to save their places in line like they were waiting in line for a free concert with Rihanna

Supporters of President Donald Trump wait in line hours before the arena doors open for a campaign rally Tuesday

Supporters of President Donald Trump wait in line hours before the arena doors open for a campaign rally Tuesday

Patriotic colors: Trump supporters came in red white and blue for the campaign kick-off

Patriotic colors: Trump supporters came in red white and blue for the campaign kick-off

Determined: The early start was an attempt by the fanatical Trump backers to be at the front of the crowd for the campaign kick-off

Determined: The early start was an attempt by the fanatical Trump backers to be at the front of the crowd for the campaign kick-off

https://www.dailymail.co.uk/news/article-7156179/Trumps-2020-kickoff-features-media-bashing-attacks-Joe-Biden-old-foe-Hillary-Clinton.html

 

Trump, in 2020 campaign mode, calls Democrats ‘radical’

today

President Donald Trump jabbed at the press and poked the political establishment he ran against in 2016 as he kicked off his reelection campaign with a grievance-filled rally focused more on settling scores than laying out his agenda for a possible second term.

Addressing a crowd of thousands at Orlando’s Amway Center on Tuesday night, Trump complained he was “under assault from the very first day” of his presidency by a “fake news media” and an “illegal witch hunt” that had tried to keep him and his supporters down.

He painted a disturbing picture of what life would look like if he loses in 2020, accusing his critics of “un-American conduct” and saying Democrats “want to destroy you and they want to destroy our country as we know it.”

“A vote for any Democrat in 2020 is a vote for the rise of radical socialism and the destruction of the American dream,” he said. Trump made only passing mention of any of the Democrats running to replace him even as he tossed out “radical” and “unhinged” to describe the rival party.

Trump has long railed against the special counsel’s investigation into Russian meddling in the 2016 election and the ongoing probes by House Democrats in the aftermath of Robert Mueller’s report .

President Donald Trump officially kicked off his re-election campaign Tuesday with a grievance-filled Florida rally. "We're going to keep it better than ever before," he declared. (June 18)

The apocalyptic language and finger-pointing made clear that Trump’s 2020 campaign will probably look a whole lot like his run three years ago. Even after two-and-a-half years in the Oval Office, Trump remains focused on energizing his base and offering himself as a political outsider running against Washington.

Republican Party Chairwoman Ronna McDaniel tweeted Wednesday morning that Trump had raised $24.8 million in less than 24 hours for his reelection.

In his speech, Trump spent considerably more time focused on former Democratic rival Hillary Clinton than on his current 2020 challengers, even though she is not on the ballot.

Thousands of Trump supporters began gathering outside the arena on Monday.

“Trump has been the best president we’ve ever had,” said Ron Freitas, a retired Merchant Marine and registered Democrat from Orlando.

Hundreds of anti-Trump protesters clapped and took photos when a 20-foot (6-meter) blimp of a snarling Trump baby in a diaper was inflated. Some members of the far-right hate group Proud Boys were also spotted marching outside the rally.

Trump aides scheduled the kickoff near the four-year anniversary of the day when the former reality television star and New York tabloid fixture launched his longshot campaign for president with a famous escalator ride in front of a crowd that included paid actors.

Trump spoke fondly of his 2016 race, calling it “a defining moment in American history.” He said that in the years since, he had upended Washington, staring down “a corrupt and broken political establishment” and restoring a government “of, for and by the people.”

He never has really stopped running. He filed for reelection on Jan. 20, 2017, the day of his inauguration, and held his first 2020 rally in February, 2017, in nearby Melbourne. He has continued holding his signature “Make America Great Again” rallies in the months since.

Trump asked the crowd whether he should stick with “Make America Great Again” or upgrade his slogan. His new one — “Keep America Great” — was greeted with boisterous cheers.

Trump is hoping to replicate the dynamics that allowed him to take charge of the Republican Party and then the presidency as an insurgent intent on disrupting the status quo. In 2016, he successfully appealed to disaffected voters who felt left behind by economic dislocation and demographic shifts. He has no intention of abandoning that mantle, even if he is the face of the institutions he looks to disrupt.

The president underscored that on the eve of the rally in must-win Florida, returning to the hardline immigration themes of his first campaign by tweeting that next week, Immigration and Customs Enforcement “will begin the process of removing the millions of illegal aliens who have illicitly found their way into the United States.”

That promise, which came with no details and sparked Democratic condemnation, seemed to offer a peek into a campaign that will largely be fought along the same lines as his first bid, with very few new policy proposals for a second term.

Early Democratic front-runner Joe Biden said Trump’s politics are “all about dividing us” in ways that are “dangerous — truly, truly dangerous.”

Another leading Democratic contender, Vermont Sen. Bernie Sanders, said Trump had delivered “an hour-and-a-half speech of lies, distortions and total, absolute nonsense.”

But those involved in the president’s reelection effort believe his version of populism, combined with his mantra to “Drain the Swamp,” still resonates, despite his administration’s ties with lobbyists and corporations and the Trump family’s apparent efforts to profit off the presidency.Critics have pointed out his constant promotion for his golf courses, both at home and abroad, and note that this daughter, White House senior aide Ivanka Trump, made $4 million last year from her stake in the president’s Washington hotel, which has become a favored destination for foreign nationals looking to curry favor with the administration.

Advisers believe that, in an age of extreme polarization, many Trump backers view their support for the president as part of their identity, one not easily shaken. They point to his seemingly unmovable support with his base supporters as evidence that he is still viewed the same way he was as a candidate: a political rebel.

Trump tried to make the case that he had made good on his 2016 promises, including cracking down on illegal immigration and boosting jobs.

Near the rally’s end, Trump ran through a list of promises for a second term, pledging a new immigration system, new trade deals, a health care overhaul and a cure for cancer and “many diseases,” including eradicating AIDS in America.

https://apnews.com/947182a691e6498ca4488e9fc8f9e4b5

President Trump spent a Tuesday night rally he’d advertised as a 2020 kickoff hammering his old foe Hillary Clinton for acid washing her emails and failing to deliver on her pledge to beat him, while Democrats vying for the party’s nomination now escaped his wrath.

Noting that he’s under constant media scrutiny, Trump said that he’d be sent to the slammer if he ordered aides to destroy potential evidence.

‘But, can you imagine if I got a subpoena, think of this, if I got a subpoena for emails, if I deleted one email like a love note to Melania, it’s the electric chair for Trump,’ he claimed in a campaign speech in Orlando.

Trump said subpoenas he’s receiving are not about Democratic claims that his campaign may have colluded with Russia.

 

A sunshine state of mind! Melania and Donald Trump gaze lovingly at one another as they leave the White House hand-in-hand and head to Florida for the president’s 2020 rally

  • Trump, 73, and Melania, 49, departed the White House together on Tuesday to fly to Florida
  • The President will be officially launching his 2020 campaign with a rally at the Amway Center
  • The first lady wore a summery $2,290 white eyelet Andrew Gin dress with a pair of red and white polka-dot heels
  • She grinned at her husband as they walked hand-in-hand to Marine One
  • Melania is not expected to speak at the event, which will include an estimated 20,000 people

Donald and Melania Trump had a rare romantic public moment on Tuesday as the two left the White House for Orlando, Florida.

The President and first lady walked hand-in-hand across the South Lawn of the White House before boarding Marine One on their way to Trump’s 2020 campaign kickoff rally.

Cameras caught the couple sharing a warm smile as they held onto each other, Trump, 73, dressed in a navy suit and red tie and his 49-year-old wife took advantage of the June heat in a $2,290 summery white eyelet dress from Andrew Gin, and red polka-dot heels.

All smiles: Donald and Melania Trump held hands and beamed at one another as they walked across the White House lawn to begin their trip to Orlando, Florida, on Tuesday

All smiles: Donald and Melania Trump held hands and beamed at one another as they walked across the White House lawn to begin their trip to Orlando, Florida, on Tuesday

Ready to get away! The 49-year-old first lady couldn't wipe the smile off her face as she and the president strolled across the South Lawn

Ready to get away! The 49-year-old first lady couldn’t wipe the smile off her face as she and the president strolled across the South Lawn

On their way: They appeared to be in good spirits as they set out for Orlando, Florida+19

On their way: They appeared to be in good spirits as they set out for Orlando, Florida

Hands on: At one point, Trump clasped one of Melania's hands in both of his own+19

Hands on: At one point, Trump clasped one of Melania’s hands in both of his own

The couple isn’t typically much for PDA but shared an intimate smile as they walked passed photographers.

They held each other’s hands, with Trump stopping at one point in order to clasp Melania’s left hand in both of his own.

Melania beat the heat, which is hovering in the mid-to-high 80s in Washington, D.C. today, in a breezy but figure-flaunting white sleeveless dress, which featured a seasonally appropriate eyelet patter with floral cutouts on the top.

She accessorized with a pair of dark sunglasses and red and white pointy-toe pumps. while wearing her brown hair blown out around her shoulders.

The couple, who married in 2005, celebrated their 14th wedding anniversary in January, just one year less than he was married to his first wife Ivana.

The couple grinned as they boarded Marine One and then switched planes for Air Force One at Andrews Air Force Base in Maryland.

Hot out here: Melania wore a summery white eyelet dress for the occasion, as temperatures soared into the high 80s+19

Hot out here: Melania wore a summery white eyelet dress for the occasion, as temperatures soared into the high 80s

Protection: She shielded her eyes behind a pair of sunglasses+19

Protection: She shielded her eyes behind a pair of sunglasses

High heels: On her feet were a pair of red polka dot pointy-toe pumps+19

High heels: On her feet were a pair of red polka dot pointy-toe pumps

Ready to go: The well-coiffed first lady had her hair and nails done+19

Ready to go: The well-coiffed first lady had her hair and nails done

They’re flying down not to Mar-a-Lago but Orlando, where Trump is kicking off his 2020 presidential campaign at the Amway Center in front of an estimated 20,000 people.

Trump’s campaign is transforming the area outside the arena to have a festival-like atmosphere, with music and food trucks to help supporters pass the time.

The most coveted positions are not seats at all, but standing positions near the front of the stage. Backers of the president in that area are likely to get a handshake, a selfie or Trump’s autograph at the event that formally marks the beginning of his campaign for a second term.

All of Trump’s children and his wife Melania will be with him at the event, sources told DailyMail.com, as will the Mike Pence, the president’s running mate and the nation’s vice president.

The first lady does not plan to make formal remarks on Tuesday night, her office said, but given the president’s tendency to call on people to speak, she could end up addressing the crowd.

Donald Trump, Jr., on the other hand is expected to give remarks before the rally.

Beat the heat: Melania kept breezy in the lightweight dress+19

It will likely also serve her well in the Florida heat+19

Beat the heat: Melania kept breezy in the lightweight dress, which will likely also serve her well in the Florida heat

Staying behind: The first lady does not plan to make formal remarks on Tuesday night, her office said+19

Staying behind: The first lady does not plan to make formal remarks on Tuesday night, her office said

Change of plan? The couple's 13-year-old son Barron is also expected to be at the rally, but was not seen traveling with them+19

Change of plan? The couple’s 13-year-old son Barron is also expected to be at the rally, but was not seen traveling with them

Family affair: Trump's adult children — Ivanka, Don Jr., Eric, and Tiffany — are also expected to be there+19

Family affair: Trump’s adult children — Ivanka, Don Jr., Eric, and Tiffany — are also expected to be there

Melania continued to smile at her husband as they switched planes at Joint Base Andrews+19

Melania continued to smile at her husband as they switched planes at Joint Base Andrews

See ya! Trump waved goodbye as they boarded the plane together+19

See ya! Trump waved goodbye as they boarded the plane together

The president’s eldest son is a frequent presence at campaign events — with and without his father — and often serves as a warm-up act for the president’s supporters. He’s also campaigned and raised money for other Republican candidates since his father entered politics.

His girlfriend Kimberly Guilfoyle, a former Fox News personality, is also scheduled to be at the rally. She serves as a senior adviser to the president’s reelection campaign.

Senior advisers and family members to the president Jared Kushner and Ivanka Trump are also expected to be at the rally.

It’s unclear if Lara Trump, wife of Eric Trump, will be in Orlando. She serves as a senior adviser to the president’s campaign, but is also pregnant with the couple’s second child. She made a state trip to the UK in early June.

It will be 13-year-old Barron Trump’s first appearance at a campaign rally since his father took office.

Trump’s youngest daughter Tiffany, who has been less involved than her older siblings in her father’s campaigns and administration, will also be there.

Orlando Trump supporters stakeout spots ahead of rally

Waiting for him: The rally will mark the official launch of 2020 campaign+19

Waiting for him: The rally will mark the official launch of 2020 campaign

Patience: Supporters waited in line hours before the arena doors opened on Tuesday+19

Patience: Supporters waited in line hours before the arena doors opened on Tuesday

Patriotic colors: Trump supporters came in red white and blue for the campaign kick-off

Wild: The Republican incumbent set the tone in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour

President Trump release his 2020 campaign ad for re-election

The Republican incumbent set the tone for the monster rally in Florida he’d be appearing at this evening in a morning tweet that bashed the media and compared the scene outside the Amway Center to a rock tour.

‘The Fake News doesn’t report it, but Republican enthusiasm is at an all time high. Look what is going on in Orlando, Florida, right now! People have never seen anything like it (unless you play a guitar). Going to be wild – See you later!’ he said.

Trump had apparently dropped a claim that ‘thousands’ turned up on Monday, with about 250 people camping overnight. But the numbers grew steadily as temperatures soared in Orlando Tuesday, reaching 87 degrees before an hour-long downpour that soaked a waiting crowd.

A new Quinnipiac poll showed Trump losing Florida to Democratic nemesis Joe Biden. The former vice president would beat Trump by nine points, 50 – 41 per cent, the newly-released survey showed.

Vermont Sen. Bernie Sanders would win by a similar margin, 48 – 42, while other top Democrats would perform in the poll’s margin of error

https://www.dailymail.co.uk/femail/article-7155853/Melania-Trump-smiles-warmly-husband-depart-Orlando-campaign-kickoff-rally.html

 

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The Pronk Pops Show 1272, June 11, 2019, Story 1: President Trump vs. Creepy Sleepy Dummy 1% Biden vs. Radical Extremist Democrats (REDS) (Booker, Buttigieg, Gillibrand, Harris, Klbuchar, O’Rourke, Sanders, Warren) — Videos — Story 2: Trump’s Political Pander to Corn Farmers With Enthanol Policy — Videos — Story 3: Stock Market Heading For Historic High — Videos

Posted on June 11, 2019. Filed under: 2020 Democrat Candidates, 2020 President Candidates, 2020 Republican Candidates, Addiction, Addiction, American History, Barack H. Obama, Bill Clinton, Blogroll, Breaking News, Bribery, Bribes, Budgetary Policy, Cartoons, Central Intelligence Agency, China, Coal, Communications, Congress, Corruption, Countries, Crime, Culture, Deep State, Diet, Disasters, Diseases, Donald J. Trump, Donald J. Trump, Donald Trump, Drugs, Ebola, Economics, Education, Empires, Employment, Environment, European History, European Union, Exercise, Extortion, Federal Bureau of Investigation (FBI), Federal Government, First Amendment, Fiscal Policy, Food, Food, Former President Barack Obama, Free Trade, Freedom of Speech, Freud, Gangs, Government, Government Dependency, Government Spending, Health, Health Care, Health Care Insurance, Hillary Clinton, History, House of Representatives, Human, Human Behavior, Illegal Drugs, Illegal Drugs, Illegal Immigration, Immigration, Independence, James Comey, Japan, Joe Biden, Language, Law, Legal Drugs, Legal Immigration, Life, Lying, Media, Medicare, Mental Illness, Mexico, Middle East, Mike Pompeo, Military Spending, Monetary Policy, National Interest, National Security Agency, Natural Gas, Natural Gas, News, North Korea, Nuclear Weapons, Nutrition, Oil, Oil, People, Philosophy, Photos, Politics, Polls, Progressives, Public Corruption, Public Relations, Radio, Raymond Thomas Pronk, Resources, Robert S. Mueller III, Rule of Law, Scandals, Senate, Social Security, South Korea, Supplemental Nutrition Assistance Program (SNAP_, Tax Policy, Trade Policy, Unemployment, United States Constitution, Videos, Violence, Wall Street Journal, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Story 1: President Trump vs. Creepy Sleepy 1% Biden vs. Radical Extremist Democrats (REDS) (Booker, Buttigieg, Gillibrand, Harris, Klbuchar, O’Rourke, Sanders, Warren) — Videos —

 

MENTALLY WEAK: President Trump SLAMS Joe Biden in BLISTERING News Conference

Trump calls Biden a ‘dummy’ as he heads to Iowa

Trump takes aim at Biden ahead of dueling Iowa rallies

Daily Presidential Tracking Poll

Tuesday, June 11, 2019

The Rasmussen Reports daily Presidential Tracking Poll for Tuesday shows that 49% of Likely U.S. Voters approve of President Trump’s job performance. Forty-nine percent (49%) disapprove.

The latest figures include 36% who Strongly Approve of the job Trump is doing and 40% who Strongly Disapprove. This gives him a Presidential Approval Index rating of -4. (see trends).

Regular updates are posted Monday through Friday at 9:30 a.m. Eastern (sign up for free daily email update).

Now that Gallup has quit the field, Rasmussen Reports is the only nationally recognized public opinion firm that still tracks President Trump’s job approval ratings on a daily basis. If your organization is interested in a weekly or longer sponsorship of Rasmussen Reports’ Daily Presidential Tracking Poll, please send e-mail to beth@rasmussenreports.com.

20-Jan-1705-May-1721-Aug-1706-Dec-1727-Mar-1812-Jul-1825-Oct-1819-Feb-1911-Jun-190%10%20%30%40%50%60%70%80%www.RasmussenReports.comTotal Approve (Trump)Total Approve (Obama)

-420-Jan-1705-May-1721-Aug-1706-Dec-1727-Mar-1812-Jul-1825-Oct-1819-Feb-1911-Jun-1910%20%30%40%50%60%www.RasmussenReports.comStrongly DisapproveStrongly Approve

Some readers wonder how we come up with our job approval ratings for the president since they often don’t show as dramatic a change as some other pollsters do. It depends on how you ask the question and whom you ask.

To get a sense of longer-term job approval trends for the president, Rasmussen Reports compiles our tracking data on a full month-by-month basis.

Rasmussen Reports has been a pioneer in the use of automated telephone polling techniques, but many other firms still utilize their own operator-assisted technology (see methodology).

Daily tracking results are collected via telephone surveys of 500 likely voters per night and reported on a three-day rolling average basis. To reach those who have abandoned traditional landline telephones, Rasmussen Reports uses an online survey tool to interview randomly selected participants from a demographically diverse panel. The margin of sampling error for the full sample of 1,500 Likely Voters is +/- 2.5 percentage points with a 95% level of confidence. Results are also compiled on a full-week basis and crosstabs for full-week results are available for Platinum Members.

http://www.rasmussenreports.com/public_content/politics/trump_administration/prez_track_jun11

 

Right Direction or Wrong Track

40% Say U.S. Heading in Right Direction

Monday, June 10, 2019

Forty percent (40%) of Likely U.S. Voters think the country is heading in the right direction, according to a new Rasmussen Reports national telephone and online survey for the week ending June 6.

This week’s finding remains unchanged from a week ago. Prior to this, that number had been on the decline week-over-week from 43% in early December to 31% by the end of January. It ran in the mid- to upper 20s for much of 2016, President Obama’s last full year in office.

(Want a free daily e-mail update? If it’s in the news, it’s in our polls). Rasmussen Reports updates are also available on Twitter or Facebook.

The national telephone survey of 2,500 Likely Voters was conducted by Rasmussen Reports from June 2-6, 2019. The margin of sampling error for the survey is +/- 2 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

http://www.rasmussenreports.com/public_content/politics/mood_of_america/right_direction_wrong_track_jun10

 

Tldr: Biden leads in Iowa, but Buttigieg and Warren show strength

Our new CNN/Des Moines Register/Mediacom’s new Iowa caucuses poll conducted by Selzer and Co. shows Joe Biden at 24%, Bernie Sanders at 16%, Elizabeth Warren at 15%, Pete Buttigieg at 14% and Kamala Harris at 7% among likely caucusgoers.

It’s the first high quality Iowa poll conducted since Biden entered the race and shows him in a tenuous position. Buttigieg and Warren are doing better than other polls in the state have suggested.

Sanders is not in great shape for someone with near universal name recognition.

Here are a few other takeaways from the poll:

  • This is our first poll taken that weighs in-person and virtual caucusgoers as 90% and 10% of the total respectively. This follows a rule change that allows for caucusgoers to vote virtually.
  • No candidate greatly seems to benefit from this change, though virtual caucusgoers are allotted fewer delegates (10%) than the expected percentage of caucusgoers who say they will virtually caucus at this point (28%).
  • It’s not just the topline that’s good for Buttigieg and Warren. Among those who can form an opinion of a given candidate, both are tied for the best very favorable rating among in-person caucusgoers.
  • Biden’s very favorable rating among caucusgoers is 34% among in-person caucusgoers, which actually trails Warren’s 38%.
  • A look back previous Democratic caucuses (1988, 2004 and 2008) with polling at this point similar to what it is now shows the eventual winner was ahead one of three times. This suggests we have a long way to go.

https://www.cnn.com/politics/live-news/cnn-poll-iowa-joe-biden-2020-democrats/index.html

 

Story 2: Trump’s Political Pander to Corn Farmers With Enthanol Subsidies and Mandates — End All Subsidies and Mandates — Videos

See the source image

President Trump visiting Iowa ethanol plant

Trump Speaks At An Ethanol Production Plant In Iowa | NowThis

After Corn Ethanol’s Crushing Defeat, Will Congress Repeal Mandate?

Can you afford the Ethanol Tax?

Ethanol Pig

Can 100% renewable energy power the world? – Federico Rosei and Renzo Rosei

Renewable Energy Explained in 2 1/2 Minutes

The Renewable Fuel Standard – What is it?

What can we do to fight the ethanol mandate?

Farm State Senators Questioning the White House RFS Strategy

The RFS Hurts Small Businesses

Small Retailers Coalition – RINs, the RFS, and EPA

An Update on the Renewable Fuel Standard

Ten years of the Renewable Fuel Standard

Why We Need The Renewable Fuel Standard, In 60 Seconds

President Trump promised to protect the Renewable Fuel Standard

Is the Renewable Fuel Standard working for America?

Repeal the RFS

WDBJ7: Goodlatte calls for repeal of Renewable Fuel Standard

AMERICA FIRST DINNER: President Trump Full Remarks in West Des Moines, IA

For farmers, record flooding and a wet spring mean many fields can’t be planted

ETHANOL – GOOD OR BAD? – How it Works | SCIENCE GARAGE

Trump’s New $12 Billion Farm Subsidies and My Thoughts

Farmers in Trump country protest Pruitt’s ethanol policies

Clearing the Air on the Ethanol Mandates

Pros and Cons of Ethanol in Motor Vehicle Gas Explored

Inconvenient Fact: Support for Ethanol Mandates Crumbling

Who Gets More Subsidies? | The Ethanol Effect

Ethanol vs Gasoline – Which Type of Fuel is Best for Your Car

Never Go to This Gas Station

The Ethanol Effect

Trump’s ethanol moves: good policy or corn country politics?

Why Ethanol Is Worse Than Gasoline

Is Ethanol Bad For Your Car’s Engine?

Trump Hearts Ethanol | The Ethanol Effect

 

Trump’s ethanol move delivers gift to corn country

Updated 

President Donald Trump ordered the Environmental Protection Agency to expand sales of corn ethanol on Tuesday, delivering a gift to farm state Republicans a month before the midterm elections.

The move ends months of bitter behind-the-scenes fighting between corn backers and the oil industry over Trump’s calls to increase ethanol sales, and it could benefit Iowa’s Republican governor, who is trailing her Democratic challenger in the polls, as well as at least two Iowa House incumbents who are also vulnerable. But the oil industry’s most powerful trade group immediately said it will fight to block the action.

“We want to get more fuel into the system,” Trump told reporters before boarding Marine One to travel to a rally in Council Bluffs, Iowa. “This is great for our farmers, and it’s a promise I made during the campaign, and as you know I keep my promises.”

EPA expects to finish a rule by the beginning of June to allow year-round sales of gasoline with 15 percent ethanol content, an increase over the 10 percent blends that are sold at most gas stations around the nation. The sale of the blends, known as “E15,” is currently prohibited during the summer months in several states because of Clean Air Act restrictions, and corn growers have long sought to expand sales of the higher concentrations.

“This is a big deal,” said Jeff Navin, a Democratic former aide to ex-Senate Majority Leader Tom Daschle of South Dakota and former chief of staff in the Obama administration’s Energy Department. “It’s not something that makes a front page of East and West Coast newspapers, but it’s something that farmers watch closely. I’m sure the political team and elected officials in Iowa told [Trump] he has to do something to staunch bleeding.”

Sens. Chuck Grassley (R-Iowa), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.) and John Thune (R-S.D.), along with Agriculture Secretary Sonny Perdue and Rep. David Young (R-Iowa) joined Trump in the Oval Office for his announcement, which the White House did not publicly broadcast.

“This is a very good victory for agriculture, a very good victory for workers at our 50 ethanol plants in Iowa and other states. it’s a very good victory for the environment and everything about this is good, good, good,” Grassley said in a video posted on Instagram.

Trump has previously called for increased sales of ethanol, which consumes about 40 percent of the U.S. corn crop. He strongly backed the biofuel during the 2016 campaign, a stance that appealed to Midwestern farmers who helped carry him to victory but who have been battered by his trade war and retaliatory tariffs from countries angry over his steel and aluminum tariffs.

But the U.S. oil industry has staunchly opposed increasing ethanol sales, and it has pressed for EPA and Congress to overhaul the federal biofuels mandate that Congress first created in 2005 to help reduce U.S. dependence on imported oil. The mandate requires oil refiners to blend specified volumes of biofuels into the nation’s gasoline supply, and to purchase biofuels credits that are traded in a market that has been plagued by fraud.

Trump has personally sought to mediate the dispute, which has pitted ethanol backers like Iowa Republican Sens. Chuck Grassley and Joni Ernst against Texas Sen. Ted Cruz, who has pressed the president to grant concessions to the oil industry. But despite a half dozen Oval Office meetings with Trump and several months of study by EPA and Agriculture Secretary Sonny Perdue, oil refiners will receive only modest changes in how regulators handle the biofuel credits.

“The president has repeatedly stated his support for the [ethanol program],” the White House official told reporters Monday. “He thinks that it’s good to have domestically produced energy here and he thinks it will be good for the agriculture industry as well as the economy overall.”

The oil industry had benefited from the more than two dozen waivers that former EPA Administrator Scott Pruitt granted to refineries that allowed them to ignore the mandate that they blend the corn-based fuel with gasoline. But that angered farm groups, who said it reduced the requirement for ethanol by billions of gallons.

Now, Trump may be trying to make it up to Iowans and come to the aid of a friendly governor before the 2020 Iowa caucuses. Gov. Kim Reynolds, who took the post after Gov. Terry Branstad became Trump’s ambassador to China, is currently trailing her Democratic challenger, businessman Fred Hubbell, by 3.5 points, according to the RealClearPolitics polling average.

Trump has twice before promised to expand E15 sales, most recently in July, and Tuesday’s move was warmly welcomed by the industry.

“It’s hard to find the proper adjectives to describe how exciting it is to see year-round E15 move forward,” said Monte Shaw, executive director of the Iowa Renewable Fuels Association. “We have worked non-stop on this issue for seven years while the unjustified restrictions hampered retailers from offering E15.”

Most U.S. gasoline sold in the U.S. is E10, meaning it contains 10 percent ethanol, though the 15 percent ethanol is sold by many retailers, particularly in big corn-producing states. Trump, who cannot change the policy through an executive order, has now ordered acting EPA Administrator Andrew Wheeler to issue a waiver to the rules specifically for E15 to allow year-round sales.

The White House sought to mollify refiners by ordering Wheeler to alter the trade of biofuels credits, called Renewable Identification Numbers, that oil processors must purchase to show they are complying with the law. Independent refiners have long looked for ways to lower the cost of compliance and to increase transparency in that market. The new measures include limiting the credit purchases to refiners and ethanol importers, as well as requiring individuals holding more than a certain number of credits to disclose their holdings publicly.

Refiners will also now have to prove compliance with the program quarterly rather than annually, and EPA will limit how long companies other than refiners and importers can hold credits.

“President Trump has made strengthening the Renewable Fuel Standard an important priority of this administration,” EPA spokesman John Konkus said in a statement, referring to the ethanol program by its formal name. “He is fulfilling his promise by providing clear policy direction that will expand opportunities for our nation’s farmers, provide certainty to our refiners and bolster the United States’ role as a biofuels powerhouse. EPA will follow the president’s direction and proceed as expeditiously as practicable.”

Ethanol proponents say the rule will give gas station owners the incentive to install the equipment to sell the higher biofuel blends, which would increase sales of ethanol.

“We’re very excited to hear the president’s upcoming announcement,” Emily Skor, CEO of Growth Energy, an ethanol trade association, said in a statement. “He knows farmers are hurting and they want action on E15 in time for the next summer driving season. Year-round sales of E15 nationwide could deliver demand for two billion bushels of American corn and help restore growth in rural communities.”

Oil companies, who would prefer to see congressional efforts led by Sen. John Cornyn (R-Texas) and Rep. John Shimkus (R-Ill.) develop a comprehensive legislative overhaul to the mandate, believe Trump’s new policy is “wrongheaded” and the transparency policies don’t compensate them enough.

“We just don’t think it rises to the significance of issuing the E15 waiver, and therefore it’s no deal at all, from our standpoint,” said Frank Macchiarola, vice president of downstream and operations for the American Petroleum Institute. “From a legal standpoint, we don’t think EPA has the authority to issue the E15 waiver, [and] we will aggressively be looking at all of our potential options moving forward with respect to challenging this decision.”

https://www.politico.com/story/2018/10/08/trump-ethanol-corn-831493

 

 

Time to Repeal Ethanol Subsidies

The federal government provides an array of subsidies to increase the consumption of biofuels such as corn ethanol. The subsidies include tax breaks, grants, loans, and loan guarantees. The government also imposes a mandate to blend biofuels into gasoline and diesel fuels.

A new study at DownsizingGovernment.org describes the damage caused by these policies. Subsidies and the Renewable Fuel Standard (RFS) harm taxpayers, motorists, consumers, and the environment.

The study by Nicolas Loris argues that Congress should end its intervention in the biofuels industry. It should terminate subsidies and repeal the RFS. Individuals and markets can make more efficient and environmentally sound decisions regarding biofuels without subsidies and mandates.

Investor Carl Icahn said that the RFS has created a bureaucratic market in tradable credits full of “manipulation, speculation and fraud” with the potential to “destroy America’s oil refineries, send gasoline prices skyward and devastate the U.S. economy.”

That language is probably too strong, but federal ethanol policies really are stupid. President Trump says that he wants to cut unneeded regulations and wasteful subsidies. The RFS and biofuel hand-outs would be good policies to target.

So for an interesting read illustrating the craziness of special-interest policies in Washington, check out “Ethanol and Biofuel Policies.” The next time you are at the gas station and see that “E10” sticker on the pump, remember that a tag team of D.C. politicians and corn farmers are picking your pocket.

https://www.cato.org/blog/time-repeal-ethanol-subsidies

Downsizing the Federal Government

YOUR GUIDE TO CUTTING FEDERAL SPENDING

Ethanol and Biofuel Policies

  • Nicolas Loris
February 9, 2017

The federal government provides an array of subsidies to increase the consumption of biofuels such as corn ethanol. The subsidies include tax breaks, grants, loans, and loan guarantees. The government also imposes a mandate to blend biofuels into gasoline and diesel fuels. Biofuel supporters said that these policies would reduce gas prices, strengthen the economy, and benefit the environment, but none of those promises have turned out to be true.

The problem is not with the voluntary use of biofuels in the marketplace, but rather policies that mandate and subsidize biofuels. That top-down approach has harmed consumers, damaged the economy, and produced negative environmental effects. Even within the agricultural community, federal biofuel policies have adversely affected livestock producers and other businesses.

Congress should end its intervention in the biofuels industry. It should terminate subsidies and repeal the Renewable Fuel Standard. Individuals and markets can make more efficient and environmentally sound decisions regarding biofuels without subsidies and mandates.

What Are Biofuels?

Biofuels are derived from biological matter. Producers ferment sugar (sugarcane and sugar beets) and starch products (corn and potatoes) to create bioalcohols, and they ferment oilseed crops (soybeans and sunflower seeds) and animal fats to create biodiesel.

Ethanol, the most common biofuel, is mainly made from corn in the United States. Before federal subsidies and mandates were put in place, ethanol was already used as an additive to gasoline, allowing it to burn cleaner and more efficiently. The use of biofuels is not new, and it did not originally stem from government policies. A century ago, Henry Ford had planned for the Model T to run on ethanol, and Rudolf Diesel showcased a diesel engine that ran on peanut oil.1

Today, fuel suppliers mix biofuels into gasoline and diesel at blending stations. Most vehicles can handle gasoline blended with at most 10 percent ethanol (E10). In 2011 the Environmental Protection Agency (EPA) approved a blend of up to 15 percent ethanol (E15) for vehicles in model year 2001 and newer, but that mix is damaging to engines in older vehicles.2 Possible engine harm, automobile warranty concerns, and a lack of infrastructure have delayed adoption of E15.3 A further concern is that higher ethanol blends are harmful to the smaller engines in lawnmowers, motorcycles, and boats.4Another fuel blend is E85, which contains from 51 percent to 83 percent ethanol and is used in flexible-fuel vehicles.5

The federal government distinguishes between conventional (first-generation) biofuels and advanced (second-generation) biofuels, including cellulosic ethanol. Producers create advanced biofuels from nonfood parts of crops and other biomass such as leaves, switchgrass, algae, and woodchips. However, developing commercially viable fuel from these sources has proven to be very difficult.

Federal Biofuel Policies

The federal government has supported biofuels for decades. Republican and Democratic administrations and congresses have put in place a variety of subsidies—including tax credits, import tariffs, grants, loans, and mandates—to increase the production, sale, and use of biofuels.

In response to the oil crisis of the 1970s, Congress passed the first ethanol tax credit in the Energy Tax Act of 1978. Later legislation, including the Biomass Research and Development Act of 2000, the Healthy Forests Restoration Act of 2003, and the American Jobs Creation Act of 2004, introduced or expanded subsidies for biofuels. Farm bills in 2002, 2008, and 2014 also added and expanded biofuel programs. Today, there are at least 11 different federal subsidy programs for biofuels providing loans, grants, and other benefits.6

However, the most important component of federal biofuel policy is the Renewable Fuel Standard (RFS). It mandates that billions of gallons of ethanol be blended into gasoline and diesel fuel each year. The Clean Air Act Amendments of 1990 mandated the sale of oxygenated fuels in some regions of the country, and that “kicked off the modern U.S. ethanol industry growth.”7 Then the Energy Policy Act of 2005 mandated that increasing amounts of renewable fuels be mixed into America’s fuel supplies over time, primarily corn-based ethanol. The Energy Independence and Security Act of 2007 greatly increased the mandated quantities.

Under the 2007 law, there must be 36 billion gallons of biofuels blended into the nation’s fuel supplies by 2022. No more than 15 billion gallons of that can be corn-based ethanol, and 21 billion gallons must be from advanced biofuels. After 2022 the EPA is granted authority to set annual targets.

The RFS is causing major economic and compliance problems. One problem is that cellulosic biofuel is supposed to be 44 percent of the total mandate by 2022, but actual production of these advanced fuels is far below expectations and running into major technical setbacks.8 In 2017 production of cellulosic biofuel will be just 1.6 percent of the 19 billion gallons of the overall biofuels mandated under the RFS.9

A broad range of groups oppose the RFS mandate, including environmental groups, anti-poverty groups, most economists, energy companies, and many farm groups. The RFS is opposed by the National Chicken Council, National Cattlemen’s Beef Association, National Pork Producers Council, National Turkey Federation, Milk Producers Council, and others.10It is also opposed by the American Petroleum Institute, National Resource Defense Council, American Fuel and Petrochemical Manufacturers, Environmental Working Group, and Oxfam.11

Despite the opposition, the biofuel lobbies have so far held sway in Congress. Over time, however, opposition to the RFS has increased as the negative economic, technical, and environmental effects have become more obvious. The RFS is a failed experiment. Congress should recognize its mistake before more damage is done and repeal the mandate.

Such a reform would not end the biofuels industry. Some biofuels are cost competitive with traditional fuels and make a useful addition to gasoline mixed in at small levels. In the year before the government mandated ethanol use, American companies produced more than 81 million barrels of ethanol.12 Used at a modest level, ethanol is a cost-effective oxygenate for gasoline, meaning an additive that improves efficiency and helps meet fuel emissions requirements. A study by the University of Tennessee Institute of Agriculture estimated that with no RFS and no ethanol tax credit, demand for corn ethanol would have been 4.3 billion gallons in 2014, or about 30 percent of actual corn ethanol production that year.13

By ending federal subsidies and mandates, biofuels use would decline to efficient levels that maximized consumer benefits. Agriculture and food markets would benefit from the elimination of distortions that biofuel mandates are creating. The most competitive elements of the biofuels industry would survive and thrive in a free market.

The following sections discuss how current biofuels policies increase costs for drivers, raise food prices, and harm the environment.

Increase Costs for Drivers

Ethanol is not a good substitute for regular gasoline because it contains less energy. Ethanol has only two-thirds the energy content of regular gasoline.14 Drivers get fewer miles per gallon the higher the share of ethanol and other biofuels mixed into their tanks.

During times of high gas prices, ethanol may appear less expensive. But after adjusting for the energy content difference, higher concentrations of ethanol in fuel costs more. As an example, the national average price of regular gasoline in February 2016 was $1.71 per gallon and E85 was $1.52 per gallon.15 But adjusting for E85’s lower energy content pushed the price up to the equivalent of $1.99 per gallon at the time. The Energy Information Administration (EIA) estimates that the overall energy content of fuel at the pump fell 3 percent between 1993 and 2013 as mandated ethanol use increased.16

The additional cost of ethanol varies depending on current ethanol and gasoline prices. But, in general, the higher the ethanol content, the lower is gas mileage, and the more drivers must spend to go the same distance. Motorists can spend hundreds of dollars more per year running common flexible-fuel vehicles on E85 instead of regular gasoline blended with E10.17

Raise Food Prices

Ethanol production uses a large share of America’s corn crop and diverts valuable crop land away from food production. The resulting increases in food prices have hurt both urban and rural families. Families with moderate incomes are particularly burdened by the higher food prices created by federal biofuel policies. Higher corn prices also hurt farmers and ranchers who use corn for animal feed. Higher food prices caused by biofuel policies also hurt low-income families in other countries that rely on U.S. food imports. U.S. corn accounts for more than half of the world’s corn exports.18

Almost 40 percent of the entire U.S. corn crop has been used for ethanol in recent years, up from about 13 percent when Congress mandated the original quota in 2005.19 The remaining 60 percent is used for food, animal feed, and exports. In 2012 the amount of corn used to produce ethanol in the United States exceeded the entire corn consumption of the continent of Africa and of any single country except China.20

The U.S. Department of Agriculture noted that “increased corn prices draw land away from competing crops, raise input prices for livestock producers, and put moderate upward pressure on retail food prices.”21 These negative effects were particularly apparent during the 2012 drought in the United States, which destroyed crops, drove corn prices up 33 percent, and heightened concerns that the RFS was diverting food to fuel.22Since corn is an ingredient in many foods, and an important feedstock for animals, many in the food industry (from cattle and chicken farmers to restaurant associations) complained about the mandate’s effect on food prices.

In 2012 the governors of Arkansas, Delaware, Florida, Georgia, Maryland, New Mexico, North Carolina, Texas, Utah, Virginia, and Wyoming petitioned the EPA for a waiver of the RFS in order to reduce corn prices, but the EPA denied the request.23 Yet according to a study by economists at the University of Nebraska–Lincoln, the drought’s impact on corn prices could have been “fully negated” by reducing the RFS by 23 percent that year.24

A number of studies have examined the link between biofuels policies and global food prices, as well as the adverse consequences on the world’s poorest citizens. The Food and Agriculture Organization of the United Nations, ActionAid, World Resources Institute, Organization for Economic Co-operation and Development, and the World Bank have all identified higher food prices as a negative effect of biofuel policies.25

The magnitude of the RFS’s effect on the prices of corn and other farm products is difficult to determine precisely, but the direction of the impact is clear. The RFS has increased demand for corn and pushed up prices. One study by University of California at Davis economists found that the RFS increases corn prices by 30 percent, while a Heritage Foundation study found the increase to be 68 percent.26 The Congressional Research Service (CRS) reports that economists “are nearly universally agreed that the strong, steady growth in ethanol demand for corn has had an important and sustained upward price effect, not just on the price of corn, but in other agricultural markets including food, feed, fuel, and land.”27

Proponents of the RFS and biofuel subsidies argue that the policies support economic growth in rural communities. Actually, the policies support corn growers at the expense of other rural industries such as livestock production, which use corn as animal feed.

In the future, biofuels may make more economic sense than they do today and become a preferred fuel choice by Americans in open markets. But current policies that mandate the increasing use of biofuels are imposing large costs on motorists, harming food consumers and livestock producers, and damaging the overall economy.

Harm the Environment

Supporters of biofuel subsidies and the RFS claim that the policies create environmental benefits, including a reduction in greenhouse gas emissions. But most evidence now indicates that biofuel policies do not reduce such emissions or benefit the environment overall.

Here are some of the factors to consider regarding biofuels and the environment:

  • Biofuel policies draw additional land into agricultural production. After accounting for this land-use conversion, the additional use of fertilizers, insecticides, and pesticides, as well as the fossil fuels used for production and distribution, biofuel production is quite carbon intensive.28
  • The United Nations Food and Agriculture Organization found that converting noncropland to production of corn ethanol released at least 17 times more emissions than the amount of reduced carbon dioxide emissions by the use of biofuels.29
  • University of Michigan Professor John DeCicco found that even without accounting for indirect land use changes, biofuels increase the amount of carbon dioxide released into the atmosphere compared to regular gasoline.30
  • Despite once hailing biofuels as a tool to mitigate climate change, the United Nations Intergovernmental Panel on Climate Change now acknowledges that biofuels policies negatively affect the lives of the poor, distort land use, and may have negative environmental consequences.31
  • A study by Iowa State University researchers concluded that the increased production of biofuels generated by government policies has led to environmental harm from the use of fertilizers and land-use conversion for agricultural production, which can result in increased soil erosion, sedimentation, and nitrogen and phosphorous runoff into lakes and streams.32

Ethanol does have benefits as a fuel additive to help gasoline burn more cleanly and efficiently. However, in a report to Congress on the issue, the EPA projected that nitrous oxides, hydrocarbons, sulfur dioxide, particulate matter, ground-level ozone, and ethanol-vapor emissions, among other pollutants, would increase at different points in the production and use of ethanol.33

Many types of agricultural production affect the natural environment, both positively and negatively. Almost all industrial output has some unwanted effects, whether air pollutants or discharges into water systems. But those effects are not a reason to eliminate market activities that generate net value overall. The problem with biofuel policies is that they are both harmful to the economy and they have negative environmental effects. Biofuel policies were sold as being “green,” but today’s high levels of subsidized biofuel use does not benefit the environment.

Renewable Fuel Standard

The RFS illustrates the folly of trying to centrally plan energy markets. Current rules require a steadily increasing share of biofuels in gasoline until 2022. In 2016 ethanol exceeded 10 percent of all U.S. gasoline sales for the first time. Petroleum refiners are now coming up against a “blend wall” such that further biofuel increases will begin causing harm to vehicle performance and damage to engines and catalytic converters.

The RFS is also a bureaucratic nightmare. The 2007 law created separate requirements for different classes of biofuels, including conventional, advanced, cellulosic, and biomass. It also created a greenhouse gas accounting system because each fuel generates different lifecycle emission amounts. There are special rules for crops on forested areas and federal land, and there are complex procedures for the EPA to follow in setting each year’s mandated amounts.

For fuel refiners, the RFS has created a complicated system of credits and credit trading. Each refiner in the United States must have a certain percentage of its domestic sales contain blended ethanol, called a renewable volume obligation (RVO).34 But refiners have an option to meet part of their requirement by buying credits rather than blending more ethanol. In order to track this, the EPA requires a renewable identification number (RIN) to account for the amount of biofuel reaching the market and to make sure refiners blend enough ethanol. Refiners can hold on to these credits to meet their RFS requirement or they can purchase RIN credits from other refiners. Different RIN prices exist for different forms of biofuels.

Since refineries now face the blend wall, increased trading for RIN credits has caused the price of the credits to spike from pennies previously to more than a dollar in 2013 and then back up to nearly a dollar in 2016.35 The system also generates abuse as refineries buy fake credits with made-up RINs. Investor Carl Icahn says that “RINs have turned into a $15 billion market full of manipulation, speculation and fraud.”36 A report by a former head of EPA’s criminal investigations, Doug Parker, found that fraud in the RINs market could be as high as $1 billion.37 Parker concluded that the RFS program was “a ripe target for massive fraud and illicit gain.”38

Overmandating—requiring the use of more ethanol than can be blended—and forcing the purchase of RINs, could cost consumers billions of dollars at the pump.39 The consulting firm NERA warned that attempting to hit the original RFS targets in 2022 would result in severe economic harm:

When the required biofuel volume standards are too severe, as with the statute scenario, the market becomes disrupted because there are an insufficient number of RINs to allow compliance. “Forcing” additional volumes of biofuels into the market beyond those that would be “absorbed” by the market based on economics alone at the levels required by the statute scenario will result in severe economic harm.40

Federal mandates to continually increase biofuel use make no sense partly because we do not know the overall level of fuel demand in the future. If fuel demand is flat due to higher vehicle fuel efficiency, the blend wall problem will persist. Flexible-fuel vehicles capable of using E85 offer little economic relief for the blend wall. Demand for these vehicles is very low, and drivers who own flexible-fuel vehicles often fill their tanks with E10 because the energy content is higher than E85.

Proponents of the RFS pointed to oil price volatility as a reason to support federal policies. But in free markets there is nothing wrong with energy price changes, which work to balance supplies and demands. Besides, the passage of the RFS has done little to curb the effects of oil price volatility. And furthermore, ethanol is subject to its own price volatility. As CRS noted of a 2008 price spike, “The experience of $7.00-per-bushel corn, albeit temporary, shattered the idea that biofuels were a panacea for solving the nation’s energy security problems and left concerns about the potential for unintended consequences from future biofuels expansion.”41

While corn-based ethanol has kept up with mandates so far, the production of other biofuels has not. The production of cellulosic ethanol, made from nonfood sources, is nowhere near meeting targets, even though the RFS mandates 16 billion gallons to be used by 2022. High capital costs and difficulty in scaling up cellulosic biofuel conversion plants have prevented advanced biofuels from becoming economically viable.

The EPA has had to reduce Congress’s original annual quotas for cellulosic ethanol because not enough was available on the market. The EPA adjusted Congress’s first cellulosic target from 100 million gallons in 2010 to just 6.5 million. However, even the adjusted mandate was a stretch compared with reality; in fact, zero gallons were produced that year and the following one.42 For 2017 the EPA has set the target for cellulosic ethanol at 311 million gallons and total advanced biofuels at 4.28 billion gallons.43

Refiners have had to pay millions of dollars in waiver credits or surcharges for failure to comply with the EPA’s minimum volume requirements. Refiners pass these costs onto consumers. In January 2013 the Washington, D.C., Circuit Court of Appeals ruled that the EPA “let its aspirations for a self-fulfilling prophecy divert it from a neutral methodology,” and that the RFS target was an “unreasonable exercise of agency discretion.”44 It vacated the cellulosic ethanol requirement required by the RFS for the year 2012. The EPA has since proposed future cellulosic mandates that are equally out of touch with market realities.

The Wall Street Journal reported in 2016 that the RFS was creating big winners and big losers among companies because of the buying and selling of RINs:

Environmental regulations designed to boost the amount of ethanol blended into the U.S. gasoline supply have inadvertently become a multibillion-dollar windfall for some of the world’s biggest oil companies.

Companies including Chevron Corp., Royal Dutch Shell PLC, and BP PLC could reap a total of more than $1 billion this year by selling the renewable fuel credits associated with the ethanol program…

For other companies, especially smaller refiners, the rules have had the opposite effect, forcing them to spend hundreds of millions to buy credits to comply.45

Carl Icahn, who is a part owner of a refinery that is bearing heavy costs, complained that “a shadowy, unregulated trade in electronic credits called Renewable Identification Numbers (RINs) threatens to destroy America’s oil refineries, send gasoline prices skyward and devastate the U.S. economy.”46 Icahn wants policymakers to reform the RFS, but for all the reasons discussed here, it should be completely repealed.

Policy Reforms  

The political tide is turning against ethanol and biofuels as more experts and policymakers are recognizing the shortcomings of federal policies. Biofuel policies promised a lot of benefits, but they have delivered more harm than good. While some farmers and agribusinesses gained, taxpayers, motorists, food consumers, livestock producers, and the environment have been harmed. Furthermore, the federal mandate is generating vast bureaucracy, imposing major losses on some refiners, and generating widespread fraud and abuse.

The administration should work with Congress to:

  • Repeal the Renewable Fuel Standard. Biofuels existed before the RFS, and biofuels would remain after repealing it to the extent that they were economically viable. Repealing the mandate would create a more efficient biofuels market based on entrepreneurial initiative rather than government dependence.
  • Eliminate biofuels subsidy programs. Congress should repeal all the biofuels spending programs that have been included in farm bills and other bills, including grant and loan programs.
  • Allow producers and consumers to drive innovation. Make broad reforms to the energy sector to level the playing field between producers, fuels, and technologies. Congress should allow consumers to choose their favored fuels for transportation and other uses within open and competitive markets.

 


Nicolas Loris is an economist at the Heritage Foundation.

https://www.downsizinggovernment.org/ethanol-and-biofuel-policies

Ethanol fuel in the United States

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Blender fuels pump in 2012 selling the standard E10 ethanol blend together with E15, E30 and E85 in East Lansing, Michigan

Ethanol fuel production by state

The United States became the world’s largest producer of ethanol fuel in 2005. The U.S. produced 13.9 billion U.S. liquid gallons (52.6 billion liters) of ethanol fuel in 2011,[1] an increase from 13.2 billion U.S. liquid gallons (49.2 billion liters) in 2010, and up from 1.63 billion gallons in 2000.[2] Brazil and U.S. production accounted for 87.1% of global production in 2011.[1] In the U.S, ethanol fuel is mainly used as an oxygenate in gasoline in the form of low-level blends up to 10 percent, and to an increasing extent, as E85 fuel for flex-fuel vehicles.[3]

The ethanol market share in the U.S. gasoline supply grew by volume from just over 1 percent in 2000 to more than 3 percent in 2006 to 10 percent in 2011.[1][4][5] Domestic production capacity increased fifteen times after 1990, from 900 million US gallons to 1.63 billion US gal in 2000, to 13.5 billion US gallons in 2010.[4][6] The Renewable Fuels Association reported 209 ethanol distilleries in operation located in 29 states in 2011, and 140 under construction or expansion as of December 2011, that upon completion, would bring U.S. total installed capacity to 15.0 billion US gallons. Most expansion projects are aimed to update the refinery’s technology to improve ethanol production, energy efficiency, and the quality of the livestock feed they produce.[1]

By 2011 most cars on U.S. roads could run on blends of up to 10% ethanol(E10), and manufacturers had begun producing vehicles designed for much higher percentages. However, the fuel systems of cars, trucks, and motorcycles sold before the ethanol mandate may suffer substantial damage from the use of 10% ethanol blends. Flexible-fuel cars, trucks, and minivans use gasoline/ethanol blends ranging from pure gasoline up to 85% ethanol (E85). By early 2013 there were around 11 million E85-capable vehicles on U.S. roads.[7][8] Regular use of E85 is low due to lack of fueling infrastructure, but is common in the Midwest.[9][10] In January 2011 the U.S. Environmental Protection Agency (EPA) granted a waiver to allow up to 15% of ethanol blended with gasoline (E15) to be sold only for cars and light pickup trucks with a model year of 2001 or later. The EPA waiver authorizes, but does not require stations to offer E15. Like the limitations suffered by sales of E85, commercialization of E15 is constrained by the lack of infrastructure as most fuel stations do not have enough pumps to offer the new E15 blend, few existing pumps are certified to dispense E15, and no dedicated tanks are readily available to store E15.[11][12][13]

Ethanol production was expected to continue to grow over the next several years, since the Energy Independence and Security Act of 2007 required 36 billion US gallons of renewable fuel use by 2022. The target for ethanol production from cellulosic feedstocks was 16 billion US gallons a year. The corn ethanol target was 15 billion US gallons by 2015.[14][15] Ethanol industries provided jobs in agriculture, construction, operations and maintenance, mostly in rural communities.[16]

In early 2009 the industry experienced financial stress due to the effects of the economic crisis of 2008. Motorists drove less, gasoline prices dropped sharply, capacity rose and less financing was available.[17][18][19]

Historically most U.S. ethanol has come from corn and the required electricity for many distilleries came mainly from coal. Debate ensued about ethanol’s sustainability. The primary issues related to the large amount of arable land required for crops and ethanol production’s impact on grain supplyindirect land use change (ILUC) effects, as well as issues regarding its energy balance and carbon intensity considering its full life cycle.[20][21][22][23][24][25] Recent developments with cellulosic ethanol production and commercialization may allay some of these concerns.[26]

Contents

History

Typical label at the gas pumps warning drivers of ethanol content up to 10%, used as oxygenate additive instead of MTBEMiamiFlorida.

In 1826 Samuel Morey experimented with an internal combustion chemical mixture that used ethanol (combined with turpentine and ambient air then vaporized) as fuel. At the time, his discovery was overlooked, mostly due to the success of steam power. Ethanol fuel received little attention until 1860 when Nicholas Otto began experimenting with internal combustion engines. In 1859, oil was found in Pennsylvania, which decades later provided a new kind of fuel. A popular fuel in the U.S. before petroleum was a blend of alcohol and turpentine called “camphene“, also known as “burning fluid.”[citation needed] The discovery of a ready supply of oil and unfavorable taxation on burning fluid made kerosene a more popular fuel.

In 1896, Henry Ford designed his first car, the “Quadricycle” to run on pure ethanol.[27] In 1908, the revolutionary Ford Model T was capable of running on gasolineethanol or a combination.[27][28][29] Ford continued to advocate for ethanol fuel even during the prohibition, but lower prices caused gasoline to prevail.[27]

Typical manufacture’s warning placed in the fuel filler of U.S. vehicles regarding the capability of using up to E10, and warning against the use of blends between E20 and E85.

Gasoline containing up to 10% ethanol began a decades-long growth in the United States in the late 1970s. The demand for ethanol produced from field corn was spurred by the discovery that methyl tertiary butyl ether (MTBE) was contaminating groundwater.[27][30] MTBE’s use as an oxygenate additive was widespread due to mandates in the Clean Air Act amendments of 1992 to reduce carbon monoxide emissions. MTBE in gasoline had been banned in almost 20 states by 2006. Suppliers were concerned about potential litigation and a 2005 court decision denying legal protection for MTBE.[citation needed] MTBE’s fall from grace opened a new market for ethanol, its primary substitute.[27] Corn prices at the time were around US$2 a bushel.[citation needed] Farmers saw a new market and increased production. This demand shift took place at a time when oil prices were rising.

The steep growth in twenty-first century ethanol consumption was driven by federal legislation aimed to reduce oil consumption and enhance energy security. The Energy Policy Act of 2005required use of 7.5×109 US gal (28×106 m3) of renewable fuel by 2012, and the Energy Independence and Security Act of 2007 raised the standard, to 36×109 US gal (140×106 m3) of annual renewable fuel use by 2022. Of this requirement, 21×109 US gal (79×106 m3) had to be advanced biofuels, defined as renewable fuels that reduce greenhouse gas emissions by at least 50%.[15][31][32]

Recent trends

U.S. fuel ethanol
production and imports
(2000–2011)[1][33]
(Millions of U.S. liquid gallons)
Year Production Imports Demand
2000 1,630 n/a n/a
2001 1,770 n/a n/a
2002 2,130 46 2,085
2003 2,800 61 2,900
2004 3,400 161 3,530
2005 3,904 135 4,049
2006 4,855 653 5,377
2007 6,500 450 6,847
2008 9,000 556 9,637
2009 10,600 193 10,940
2010 13,230 10 13,184
2011 13,900 160 n/a(1)
Note: Demand figures includes stocks change and
small exports in 2005.
(1) Exports in 2011 reached a record 1,100 billion gal.[1]

Graph of monthly production and net imports of fuel ethanol in the U.S. 1993–2012. Data from EIA

The world’s top ethanol fuel producer in 2010 was the United States with 13.2 billion U.S. gallons (49.95 billion liters) representing 57.5% of global production, followed by Brazil with 6.92 billion U.S. gallons (26.19 billion liters), and together both countries accounted for 88% of the world production of 22.95 billion U.S. gallons (86.85 billion liters).[2] By December 2010 the U.S. ethanol production industry consisted of 204 plants operating in 29 states,[4][6] and 9 plants under construction or expansion, adding 560 million gallons of new capacity and bringing total U.S. installed capacity to 14.6 billion U.S. gallons (55.25 billion liters).[6] At the end of 2010 over 90 percent of all gasoline sold in the U.S. was blended with ethanol.[4]

Production[edit]

Most of the ethanol consumed in the US is in the form of low blends with gasoline up to 10%. Shown a fuel pump in Maryland selling mandatory E10.

Beginning in late 2008 and early 2009, the industry came under financial stress due to that year’s economic crisis. Motorists drove less and gasoline prices dropped sharply, while bank financing shrank.[17][18][19] As a result, some plants operated below capacity, several firms closed plants, others laid off staff, some firms went bankrupt, plant projects were suspended and market prices declined.[17][18][19] The Energy Information Administration raised concerns that the industry would not meet the legislated targets.[17][34]

As of 2011, most of the U.S. car fleet was able to run on blends of up to 10% ethanol, and motor vehicle manufacturers produced vehicles designed to run on more concentrated blends. As of 2015, seven states – MissouriMinnesotaLouisianaMontanaOregonPennsylvania, and Washington – required ethanol to be blended with gasoline in motor fuels.[35] These states, particularly Minnesota, had more ethanol usage, and according to a source at Washington University, these states accumulated substantial environmental and economic benefits as a result.[36] Florida required ethanol blends as of the end of 2010,[37] but has since repealed it. Many cities had separate ethanol requirements due to non-attainment of federal air quality standards.[38] In 2007, Portland, Oregon, became the first U.S. city to require all gasoline sold within city limits to contain at least 10% ethanol.[39][40] Chicago has proposed the idea of mandating E15 in the city limits, while some area gas stations have already begun offering it.[41][42]

Expanding ethanol (and biodiesel) industries provided jobs in plant construction, operations, and maintenance, mostly in rural communities. According to RFA the ethanol industry created almost 154,000 U.S. jobs in 2005, boosting household income by $5.7 billion. It also contributed about $3.5 billion in federal, state and local tax revenues.[16]

The return on investment (ROI) to upgrade a service station to sell E15 is quick given today’s markets. Given ethanol’s discount to gasoline and the current value of RINs, retailers offering mid-level ethanol blends like E15 can quickly recoup their investments in infrastructure. Federal, state and local incentives and grant programs are available in most areas, and would further help reduce the cost of equipment and installation. E15 is a higher octane fuel, it is currently available in 29 states at retail fueling stations. E15 was approved for use in model year 2001 and newer cars, light-duty trucks, medium-duty passenger vehicles (SUVs), and all flex-fuel vehicles (FFVs) by the U.S. Environmental Protection Agency (EPA) in 2012.

E85 vehicles

Typical labeling used in the US to identifyE85 flexible-fuel vehicles. Top left: a small sticker in the back of the fuel filler door. Bottom left: the bright yellow gas cap used in newer models. E85 Flexfuel badging used in newer models from Chrysler (top right), Ford(middle right) and GM (bottom right).

E85 fuel dispenser at a regular gasoline station, Washington, D.C..

FordChrysler, and GM are among many automobile companies that sell flexible-fuel vehicles that can run blends ranging from pure gasoline to 85% ethanol (E85), and beginning in 2008 almost any type of automobile and light duty vehicle was available with the flex-fuel option, including sedansvansSUVs and pickup trucks. By early 2013, about 11 million E85 flex-fuel cars and light trucks were in operation,[7][8] though actual use of E85 fuel was limited, because the ethanol fueling infrastructure was limited.[43]

As of 2005, 68% of American flex-fuel car owners were not aware they owned an E85 flex.[9][10] Flex and non-flex vehicles looked the same. There was no price difference. American automakers did not label these vehicles.[10][44] In contrast, all Brazilian automakers clearly labeled FFVs with text that was some variant of the word Flex. Beginning in 2007 many new FFV models in the US featured a yellow gas cap to remind drivers of the E85 capabilities.[45][46] As of 2008, GM badged its vehicles with the text “Flexfuel/E85 Ethanol”.[47][48] Nevertheless, the U.S. Department of Energy (DOE) estimated that in 2009 only 504,297 flex-fuel vehicles were regularly fueled with E85, and these were primarily fleet-operated vehicles.[49] As a result, only 712 million gallons were used for E85, representing just 1% of that year’s ethanol consumption.[50]

During the decade following 2000, E85 vehicles became increasingly common in the Midwest, where corn was a major crop.

Fueling infrastructure has been a major restriction hampering E85 sales.[43] As of March 2013, there were 3,028 fueling stations selling E85 in the U.S.[14] Most stations were in the Corn Belt states. As of 2008 the leading state was Minnesota with 353 stations, followed by Illinois with 181, and Wisconsin with 114. About another 200 stations that dispensed ethanol were restricted to city, state and federal government vehicles.[43]

E15 blend[edit]

E15 warning sticker required to be displayed in all fuel dispensers selling that blend in the U.S.

2012 Toyota Camry Hybrid fuel filler cap showing a warning regarding the maximum ethanol blend allowed by the carmaker, up to E10 gasoline. The warning label indicates that ethanol blends between E15 to E85 shall not be used in this vehicle.

In March 2009 Growth Energy, a lobbying group for the ethanol industry, formally requested the U.S. Environmental Protection Agency (EPA) to allow the ethanol content in gasoline to be increased to 15%, from 10%.[51] In October 2010, the EPA granted a waiver to allow up to 15% blends to be sold for cars and trucks with a model year of 2007 or later, representing about 15% of vehicles on the roads.