Federal agents ransacked Trump’s Florida home, even going through his wife Melania’s wardrobes, in a bid to find classified records Trump allegedly took from the White House.

Trump supporters assert that the boxes recovered during the raid contain files that were already declassified by the time Trump left office.

The raid was carried out after an FBI informant had infiltrated Mar-a-Lago and discovered the precise location of where the files were being kept.

Despite widespread anger at the raid from both Trump supporters and Republicans in general, one former FBI agent tried to language police by insisting that the raid, timed for when the feds knew Trump wouldn’t be home, was not in fact a raid.

“Agents, by the way, don’t like the word raid, they don’t like it,” former FBI Assistant Director Frank Figliuzzi told MSNBC.

“It sounds like it’s some kind of, you know, extra judicial non legal thing. It’s the execution of a search warrant. It’s a court...

In the wake of China's military drills around Taiwan that followed House Speaker Nancy Pelosi's visit to the island, the Biden administration is rethinking its plans to modify tariffs on Chinese goods, according to a Reuters report that cites "sources familiar with the deliberations." 

Biden has been eyeing reduced tariffs as a means of countering U.S. price inflation that remains near 40-year highs. At the same time, the administration has been considering the imposition of new tariffs. Now, however, both kinds of adjustments are getting a new look as the White House is wary of signaling either weakness or escalation in the face of Chinese saber-rattling.  

"After Speaker Pelosi's visit to Taiwan, it's particularly complicated. So the president is weighing his options," Commerce Secretary Gina Raimondo told Bloomberg TV. "He is very cautious. He wants to make sure that we don't do anything which would hurt American labor...

Authored by Richard Rosso via RealInvestmentAdvice.com,

Ivana Trump, the first wife of Donald Trump, was recently found dead in her Manhattan residence. She was 73.

Known throughout her life as a dynamo socialite and dealmaker in heels, her death from a blunt trauma from a fall down the stairs in her multi-story townhome, was a shock to residents who perceived her as vibrant and full of life. So, her passing got me thinking about Ivana Trump’s money lessons for older Americans.

Shares in Sanofi, GSK, and Haleon have lost a combined $40 billion in market cap since Tuesday's close, amid a flurry of US personal-injury lawsuits claiming that Zantac - a once-popular antacid - causes cancer.

The number of Americans filing for jobless benefits for the first time last week was 262k, notably higher than the 248k the prior week. That is the highest since Nov26 2021.

After 27 straight monthly increases, Producer Prices dropped in July (-0.5%), notably colder than the +0.2% expected - the biggest drop since April 2020. But on a YoY basis, PPI remains up a shocking 9.8%...

July was a tremendous month for stocks, it was also a mediocre (at best) month for hedge funds which not only underperform the S&P when stocks slide (as they did during the crashes of 2020 and early this year), but also underperform the broader market during sharp squeezes like the one that took place in July, prompting some to ask just what is the point of paying someone 2 and 20 to some overweight billionaire to always underperform.

The question of hedge fund utility becomes that much more pressing when one reads in the latest Goldman Sachs Prime Services hedge fund weekly report that while the GS Equity Fundamental L/S Performance Estimate rose +0.57% between 7/22 and 7/28 (roughly a third the performance of broader - and free - MSCI World TR +1.74%), this return was driven almost entirely by beta of +0.56% (i.e., market exposure), with alpha of just +0.01%.

In other words, not only can't hedge funds generate alpha, they can't even keep up with the market's...

Only old people experienced real recessions--those in 1973-74 and 1980-82. Recessions since then have been shorter and less systemic.

In the good old days, a recession laid waste to entire industries which never recovered their previous employment. People who were laid off couldn't find another job. Major sectors of the economy dried up and blew away. Jobs were scarce and there was an oversupply of people looking for work.

We're told consumer confidence is in the dumps and everyone expects the worst: recession! Oh Lordy. Interestingly, there isn't much evidence of this near-panic behaviorally. Everyone's tightening their belts and battening down the hatches, but it's not the cliff-dive we see in a real recession.

There's certainly a lot of froth to be scraped off the latte, but what I'm curious about are the armatures of the economy and what I'm seeing is the crowd ignoring key dynamics because they're so busy pushing the Recessionary...