Zero Rss

Anduril Unveils Tiltrotor Killer Drone Straight Out Of 'Terminator'

Palmer Luckey's defense company Anduril Industries unveiled Thunder, an autonomous aircraft designed to deliver missiles, drones, electronic-warfare systems and cargo into heavily contested airspace.

"In this new era of maneuver warfare, we need eyes for what's ahead and a shield for what we can't afford to lose," Anduril wrote in a tweet.

Thunder is a Group 5 autonomous attack rotorcraft, meaning it weighs more than 1,320 pounds, as shown in the UAS classification chart below, courtesy of Piper Sandler.

Anduril noted, "A first of its kind for attack aviation. A thunderous step forward for maneuver dominance."

Thunder's modular payload bays can carry configurations including 10 air-to-ground missiles, 16 Altius-600 launched effects, or 76 70mm rockets, plus 12 counter-drone interceptors.

Pairing three Thunders with a single Apache helicopter could triple the formation's available munitions without putting additional human pilots at risk.

Anduril added, "Mass is only achievable if the platform delivering it is producible and affordable. The common dual-use baseline behind Thunder drives the economies of scale, expanded demand, and broad supply chains critical to drive down costs and de-risk the pathway to large-scale production."

X users are pointing out that Anduril just made the "tilt rotor version of the Terminator Hunter Killer drone."

So you made the tilt rotor version of the Terminator Hunter Killer drone. I guess I need to brush up on my counter Terminator skills because that reality is happening. What could possibly go wrong. pic.twitter.com/hFdmaXETj2

— John Cooke (@Marslauncher) July 20, 2026

Other folks said...

It's game over when Anduril figures out the Ornithopters pic.twitter.com/hkdtmVbkXK

— Nathan (@higgsyxh) July 20, 2026

Read:

• "Only The Beginning": How To Profit From The Asymmetric Warfare Boom

Key drone players to follow: 

Professional subscribers can find more war tech notes at our new Marketdesk.ai portal.

Tyler Durden Mon, 07/20/2026 - 17:20

Trump's Taking On 'Right To Repair': What Does It Mean?

Authored by Jacob Burg via The Epoch Times,

Questions persist over what it means for drivers to have the right to repair their cars and trucks after President Donald Trump's recent memorandum, which aims to open up access to aftermarket vehicle repairs.

Rivian R2 SUVs move down the assembly line at the manufacturing plant in Normal, Ill., on May 19, 2026. The R2 produces zero direct tailpipe emissions as a fully electric vehicle. Scott Olson/Getty Images

The June 29 memorandum impacts a slice of the controversy between auto makers, car owners, and independent workshops over who can technically and legally conduct certain auto maintenance and repair jobs. The memo specifically targets emissions components that are strictly regulated by the Environmental Protection Agency (EPA) under the federal Clean Air Act.

Automotive and legal experts who spoke to The Epoch Times explained what types of repairs the memorandum impacts, what this means for vehicle owners, and some of the potential consequences for the industry as a whole.

"What Trump's trying to do here is figure out, is there an alternative to let people basically work on their cars if it's something relating to emissions?" Joe Luppino-Esposito, federal policy director of the Pacific Legal Foundation, told The Epoch Times.

Narrow Slice Of Vehicle Regulations

Rather than establishing a national right-to-repair policy for a wide variety of aftermarket vehicle parts, the memorandum specifically homes in on components used in automotive emissions systems.

The Clean Air Act prohibits drivers from tampering with emissions systems, including intentionally removing or bypassing a catalytic converter on a vehicle that was originally equipped with one.

Additionally, if an independent repair shop wants to use a non-original equipment manufacturer part in a vehicle's emissions system, the mechanic must receive legal certification from the California Air Resources Board (CARB).

The California board is currently the only organization allowed to certify aftermarket parts under the Clean Air Act's guidelines. In many cases, the certification process can take more than a year.

Armen Hareyan, founder and editor-in-chief of the automotive industry media platform Torque News, explained that the California board is essentially the "only widely recognized way" to prove an aftermarket emissions component adheres to the Clean Air Act.

This creates a bottleneck for certifications as the board is a "state agency with limited staff handling applications from manufacturers across the entire country, not just California," Hareyan told The Epoch Times.

"That backlog has created supply shortages, driven up costs, and slowed down innovation, while also limiting how many affordable parts consumers can actually buy," he said.

"For a small aftermarket parts company, waiting over a year and paying for testing before you can legally sell a single unit is a real barrier to entering the market," Hareyan added.

The memorandum directs the EPA to issue guidance within 30 days on what actions vehicle owners can take regarding emissions repairs or modifications while staying consistent with the Clean Air Act.

Luppino-Esposito said the memorandum may result in federal guidance that allows vehicle owners some leeway with "fine-tuning" or improving their exhaust or emissions systems, for example, in ways that wouldn't violate federal law but might otherwise be restricted unless working with a dealership under the current certification process.

Existing 'Right To Repair' Laws

Some states have existing laws that provide drivers with broader right-to-repair access.

Massachusetts and Maine are the only two states that currently have comprehensive right-to-repair laws for car owners.

Under a law enacted in 2012, Massachusetts allows car owners and independent mechanics to have access to the same diagnostic data and repair information as dealers, including wireless telematics data.

Maine voters approved a similar law in 2023 that mandates standardized access to diagnostic systems and establishes a system for allowing vehicle-generated data to be shared through a secure platform authorized by owners.

Those two laws essentially give "car owners and independent shops the same access to diagnostic tools and data that dealerships get," Hareyan said.

Five additional states have broader right-to-repair laws that do not extend to motor vehicles: California, Colorado, Minnesota, New York, and Oregon.

Colorado's law applies to agricultural equipment, while the remaining four affect consumer electronics more narrowly. In California, manufacturers must give consumers access to parts, tools, and documentation for appliances and electronics, but not vehicles.

There's also the separate federal-level REPAIR Act that was introduced to Congress early last year.

Still under consideration, the REPAIR Act would give vehicle owners "access to data relating to motor vehicles of the consumers and critical repair information and tools for such motor vehicles, to provide such consumers with choices for the maintenance, service, and repair of such vehicles," according to the text of the bill.

Certification Monopoly

The memorandum also directs the EPA to "encourage the submission of, expeditiously consider, and act on any requests from organizations capable of testing aftermarket parts for conformance with the [Clean Air Act]" so that CARB is not the only organization issuing certifications.

It's not clear how this would play out or which organizations could fill the gap.

Hareyan said the Specialty Equipment Market Association, which is the leading group representing the specialty automotive aftermarket parts industry, has been advocating for years to have additional boards conduct compliance certification under the Clean Air Act.

While the association could possibly step in to become an additional certifier, the memorandum just directs the EPA to "start accepting applications from anyone qualified," Hareyan said.

"The honest answer is, we do not yet know who steps into that role, only that the door is now open," he said.

Whichever organizations are considered for compliance certification, they must have a "proposed certification process for aftermarket-emissions parts [that meets] the requirements of the [Clean Air Act] and relevant EPA regulations," the memorandum states.

Clarification Of Regulatory Policy

The last prong of the memorandum focuses on civil enforcement.

The document directs the EPA to "consider deprioritizing civil tampering enforcement actions against anyone who, in good faith, attempts to fix his or her own vehicle to its original configuration."

However, this appears to be merely regulatory guidance and likely would not serve as a legal shield to those who attempt to modify their vehicle emissions systems without the proper certification approvals under the Clean Air Act.

Rather, that section is more about changing the government's civil enforcement priorities, Luppino-Esposito said.

He compared it to the Obama-era Department of Justice changing its civil enforcement priorities over the prosecution of marijuana crimes, despite federal law remaining consistent.

"It's definitely not going to be a shield to anybody,'" Luppino-Esposito added, referring to a potential vehicle owner modifying an emissions system before getting certification approval but otherwise following federal law.

Potential Unintended Consequences

What types of repairs the EPA will eventually allow following the 30-day guidance period is unclear, especially since any policy changes must still adhere to the Clean Air Act. Repealing or altering the federal law would require an act from Congress.

It also remains to be seen if the potential federal policy changes will significantly broaden what owners can do with their vehicles, beyond ending California's effective monopoly on the certification process.

California Gov. Gavin Newsom (C) speaks as California environmental protection agency secretary Jared Blumenfeld (L), California Air Resources Board chair Mary Nichols (2nd R), and California Attorney General Xavier Becerra (R) look on during a news conference about the Trump administration's changes to vehicle emissions standards, in Sacramento, Calif., on Sept. 18, 2019. Justin Sullivan/Getty Images Tyler Durden Mon, 07/20/2026 - 17:00

"Americans Deserve To Know": State Dept. Report Details Cuban Espionage, Subversion, And Role In Rise Of Far Left

The State Department has released a new 100-page report, "Cuba: The Capital of 21st Century Communism," which is likely to land as a bombshell for much of the public. However, for ZeroHedge readers who have been paying attention, its findings are far less surprising.

"For more than six decades, the Cuban regime has been the leading sponsor of radical leftism and Third Worldism in the United States. The State Department is exposing the full history of Cuban espionage and subversion in our country," Secretary Marco Rubio wrote on X, adding, "The American people deserve to know."

For more than six decades, the Cuban regime has been the leading sponsor of radical leftism and Third Worldism in the United States.

The State Department is exposing the full history of Cuban espionage and subversion in our country.

The American people deserve to know.…

— Secretary Marco Rubio (@SecRubio) July 20, 2026

The report details Cuba's historical support for guerrillas, terrorist organizations, and revolutionary movements across the Americas. It cites Havana's relationships with the Weather Underground, Puerto Rican militant groups, Black Power organizations, and fugitives, including Assata Shakur.

It also highlights some of Cuba's most alarming penetrations of the U.S. government, including former diplomat Victor Manuel Rocha, former Defense Intelligence Agency analyst Ana Belén Montes, and former State Department official Walter Kendall Myers.

According to the report, Cuban intelligence favors ideologically motivated recruits and develops assets over decades, often beginning with students at liberal universities.

At the center of the influence network is the now-sanctioned Cuban Institute of Friendship with Peoples, known as ICAP. The organization claims more than 2,000 affiliated solidarity groups across 150 countries.

Former Cuban intelligence agents cited in the report allege that roughly 90% of ICAP personnel are connected to Cuban intelligence operations.

Recall that six and a half months ago, we identified the ICAP as a central node in Cuba's foreign subversion apparatus. We assessed that ICAP functions as the intake valve - political cover for intelligence operations designed to cultivate long-term assets rather than short-term spies.

And even created this graphic:

The DSA appears to be a "partner" of now-sanctioned ICAP.

It should now make sense why DSA leaders are promoting "destroying America from within," and that the way to do it appears to be through subversion networks empowering overeducated, useful liberal idiots.

About two weeks ago, Mark Penn, the former Clinton adviser and White House pollster, used a Wall Street Journal op-ed to sound the alarm over the rise of DSA.

Penn warned: "Lawmakers, law-enforcement agencies and journalists should investigate the DSA to see if it is being funded by foreign governments and interests."

Only last week, Secretary of State Marco Rubio, White House Deputy Chief of Staff Stephen Miller and Treasury Secretary Scott Bessent addressed 65 nations in Washington, declaring and posturing that the fight has begun on the radical left that seeks to destroy the West.  

NEW: Secretary of State Marco Rubio calls for the civilized world to unite against an "encroaching darkness," urging nations to defend what they have built and fight back against those who seek to destroy it.

"It is easy to destroy great things. It is far more difficult to make… pic.twitter.com/G14GjBSIXE

— Fox News (@FoxNews) July 16, 2026

 The report reinforces our December 2025 report, "Is There A 'Cuba Connection' Behind The Radicalization Of America's Nonprofit Left?" It lends new weight to concerns that foreign influence intersects with the US-based nonprofit sphere, far-left activist organizations, and socialist movements.

More importantly, the report shows that the State Department's counterintelligence focus is dramatically shifting toward suspected foreign subversion networks that could be embedded in dark-money-funded NGOs and far-left groups. 

 

One of the State Department's assessments is that people should not confuse Cuba's economic collapse with its ability to run foreign subversion operations. The report describes the island as a node where Russian, Chinese, and Iranian interests converge with intelligence and activist networks operating inside the U.S. 

Tyler Durden Mon, 07/20/2026 - 16:40

Democrats Dismiss Our Constitutional Traditions As 'Nostalgia'

Authored by Jonathan Turley,

Below is my column in The Hill on the latest spin from the left to convince Americans to abandon core constitutional institutions and values as part of a radical agenda in the upcoming elections. Those who defend our traditions, on the 250th anniversary of our Republic, are now being accused of being “nostalgic” rather than progressive. It is a nostalgia that will take on a truly tragic element if professors, pundits and politicians are successful in this effort.

It appears that the Madisonian democracy has joined shackets and combat boots as embarrassingly outdated for many on the left. In calling for radical changes to our constitutional system, leading Democrats are now calling the lingering loyalty to our traditions as mere “nostalgia.” To be nostalgic in today’s parlance is to be a dupe of the oligarchs and an enemy to reform.

“Nostalgia” has become the new coded term for reactionaries among Democratic figures, who are trying to convince Americans to accept radical changes to our republic after 250 years.

Kamala Harris recently insisted that opposition to ideas like packing the Supreme Court is mere “nostalgia” for a system that is no longer working. “I would caution us against talking about rebuilding with any sense of nostalgia about how things work, because even before, they weren’t working so well for a lot of folks,” she said. That “nostalgia,” according to Harris, is preventing us from doing things like packing the Supreme Court with an instant liberal majority.

California Gov. Gavin Newsom (D) last week also declared that “nostalgia is not working” and, while refusing to embrace socialism, added that “capitalism as we know it doesn’t work.”

Morris Katz, a political strategist for Zohran Mamdani, spoke to CNN’s Dana Bash about looking beyond the label of democratic socialism and instead simply to accept that “our government does not work.” They are joining socialists who have long promised revolutionary changes without “introspection, nostalgia or regret.”

It is an all-too-familiar pitch. Sixty years ago, a call to break free of “old ideas, old culture, old customs, and old habits” revolutionized a nation. That call was heard in a Chinese paper that would help lay the foundation for Mao Zedong’s bloody Cultural Revolution. Marxists had long rejected calls to preserve institutions and citizens’ rights as “nostalgia” and “sentimentality,” standing in the way of needed progress.

For the Democratic Socialist of America organization, nostalgia stands in the way of getting rid of the Senate, presidency, and the Supreme Court to fundamentally change the republic.

The effort is to condition Americans to adopt radical changes to our core institutions that professors and pundits say will guarantee Democrats never lose power again.

That is not an easy task for a people who have benefited from the oldest and most prosperous democracy for 250 years. They have to be very angry or very afraid to take such a radical course.

The Soviets understood that about the U.S. After Yuri Bezmenov, a KGB agent working in the media, defected in 1970, he revealed the four stages by which the Soviets hoped to bring about revolutionary change in the U.S. It began with undermining our institutions and values, with the help of journalists and academics.

With establishment figures lining up behind radical changes, including packing the Supreme Court, the public is hearing a constant drumbeat of how our system is broken.

Even Democratic judges are joining the chorus. Indeed, some appear to be auditioning for the slots promised by Democratic leaders to take over the court with a reliable liberal majority.

This week, the Hawaii Supreme Court issued an unhinged diatribe against the U.S. Supreme Court that abandoned any semblance of judicial restraint or decorum. It declared the majority as effectively racists, saying that “The Roberts Court sees only white.” It portrayed the court as a rogue institution that “overrides what Congress passed. It overrides what the people chose. All to serve its own ends.”

It is an opinion that would make an MS NOW host blush. But it follows a pattern on the left to get people to turn against our institutions and even against the Constitution itself.

Others are telling the public that they are being repressed by the Constitution, which must be scrapped. In a New York Times op-ed — “The Constitution Is Broken and Should Not Be Reclaimed” — law professors Ryan Doerfler of Harvard and Samuel Moyn of Yale called for the nation to “reclaim America from constitutionalism.”

In yet another New York Times editorial, Jennifer Szalai denounced  “Constitution worship” and claimed that “Americans have long assumed that the Constitution could save us. A growing chorus now wonders whether we need to be saved from it.”

Berkeley Dean Erwin Chemerinsky insists that it is time to trash the Constitution in favor of “radical changes.”

These voices are seeking to remove all of the moderating elements of our system —the safety features that have produced the world’s most successful and stable republic. They are the very constitutional elements protecting us from the tyranny of the majority, protecting us from ourselves.

Without those protections, we will unleash the self-destructive forces that have been tearing apart other democratic systems since Athens. It is our constitution that spared us from that fate. As James Madison observed, “Had every Athenian citizen been a Socrates, every Athenian assembly would still have been a mob.”

Of course, history has shown that such radical proposals ultimately produce not democracy, but what the Framers called mobocracy. If we let that happen, many Americans will indeed look back at the last 250 years with a tragic sense of nostalgia.

Jonathan Turley is a law professor and the New York Times bestselling author of “Rage and the Republic: The Unfinished Story of the American Revolution.“

Tyler Durden Mon, 07/20/2026 - 16:20

Federal Prosecutors Probe Guggenheim, Billionaire Dem Donor Walter's Insurers

Federal investigators are taking a closer look at billionaire Mark Walter's financial empire, with criminal and regulatory inquiries now spanning Guggenheim Partners and two life insurance companies under his control, according to Bloomberg.

The investigation, which began last year, initially focused on Guggenheim's $362 billion asset management business before expanding to Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., according to people familiar with the matter.

Bloomberg writes that both insurers revealed in recent regulatory filings that they were served with grand jury subpoenas in February.

Prosecutors are examining whether the companies properly disclosed private credit investments tied to affiliated businesses within Walter's network. The companies also said the Justice Department's investigation is proceeding alongside a separate SEC probe.

People familiar with the matter said the FBI seized at least one mobile phone under a search warrant last September, although it isn't clear which part of the broader investigation the device was connected to. No allegations have been filed, and investigations of this type can conclude without criminal charges or civil enforcement.

Following the subpoenas, the insurers launched an internal review that identified financial reporting "errors." Delaware Life subsequently revised its disclosures, revealing roughly $16 billion in additional affiliated private credit investments. The change increased related-party holdings to at least $17 billion, representing about 39% of invested assets, versus roughly $1.4 billion, or 3%, previously reported.

The disclosure led S&P Global Ratings to revise Delaware Life's outlook from stable to negative, while leaving its A- financial strength rating unchanged.

"TWG is aware of and cooperating with the investigation," the company said. Group 1001, the parent of Delaware Life and Clear Spring, also said:

"Our capital position and liquidity remain strong, and our financial strength ratings are unchanged."

Finally, we note that Walter has historically supported Democratic candidates and causes through his campaign contributions. Walter's personal contributions include support to the Democratic National Committee and to Barack Obama’s reelection campaign in 2011.

Tyler Durden Mon, 07/20/2026 - 15:45

Trump Orders Review Related To Climate Guidance For Federal Judges

Authored by Melanie Sun via The Epoch Times,

President Donald Trump has ordered federal officials to review conduct related to climate guidance included in a scientific reference manual for federal judges, which he described as politically biased and based on discredited science.

President Donald Trump speaks at the White House in Washington on July 6, 2026. Anna Moneymaker/Getty Images

"These Manuals have been totally discredited," Trump said in a June 19 post on Truth Social.

He was referring to a February decision by the U.S. federal judiciary to withdraw the climate science chapter of the newest edition of its "Reference Manual on Scientific Evidence."

The manual is published by the judiciary's research arm, the Federal Judicial Center, in cooperation with the National Academies of Sciences, Engineering, and Medicine, which includes the National Academy of Sciences. The National Academy of Sciences is an independent nonprofit organization chartered by Congress in 1863 that receives federal funding to provide scientific advice to the government.

The manual, in its fourth edition, was released in December.

Judges rely on the manual "in identifying issues commonly in dispute and to help judges reach an informed and reasoned assessment of those issues based on expert evidence that is faithful to the law and within the boundaries of scientifically sound knowledge," according to the Federal Judicial Center's website.

The guidance is not binding but can help federal judges and others in handling complex scientific and technical evidence.

"Our Nation's Federal Judges deserve Facts and Science, not Political Fraud and False Science on Climate," Trump wrote. "Our Taxpayers should not be funding Climate Fraud, and Judges should never have relied upon it."

The president said the manual would be reviewed by federal suspension and agency debarment officials for political bias.

Political Bias

The decision to withdraw the chapter titled "Reference Guide on Climate Science" was in response to complaints by 27 Republican state attorneys general, who argued the guidance was not "independent" or "impartial" as it declared that "only one preferred view is 'within the boundaries of scientifically sound knowledge.'"

In their Jan. 29 letter, the attorneys general - led by West Virginia Attorney General JB McCuskey - argued the chapter "places the judiciary firmly on one side of some of the most hotly disputed questions in current litigation: climate-related science and 'attribution.'"

They said the authors, Jessica Wentz and Radley Horton, limited their expert consultations to those who aligned with their conception of consensus, citing experts from the U.N.'s Intergovernmental Panel on Climate Change (IPCC) but not experts from the U.S. Department of Energy.

"By predetermining scientific underpinnings, the Manual effectively prejudges federalism questions that should be resolved through litigation. That sounds nothing like a 'dispassionate guide,'" they said.

"If the Center can predetermine scientific questions in climate cases, what prevents it from doing the same for pharmaceutical liability, election disputes, or Second Amendment cases? The precedent is dangerous regardless of one's views on climate change."

They also said that the section was "rife with methodology issues," that the authors and Columbia University were supportive of climate-related litigation, and that the chapter "seems intended to ensure that the judiciary will continue to accept their views uncritically."

Trump said in his post that the manuals "were used by Judges to decide massive 'Climate Change' Cases, and have created huge losses across our Country."

Wentz and Horton told the federal judiciary in a Feb. 25 letter defending their chapter: "The anthropogenic origin of climate change is the only scientific finding on climate change that the chapter presents as a 'settled' fact. The chapter does not suggest that other aspects of climate science have been 'unequivocally' established."

They said the chapter acknowledges that there are varying degrees of "scientific uncertainty and confidence with regards to the detection attribution, and projection of different types of climate impacts."

It does not "take a position as to whether specific impacts or injuries (of the sort that would be at issue in a lawsuit) are definitively attributable climate change," they added.

The manual "explains scientific approaches and explores scientific uncertainties and limits," Supreme Court Justice Elena Kagan wrote in the foreword. "It aids in assessing the uses - and the misuses - of scientific and other technical evidence. ... Yet case in and case out, the instruction that the manual offers in scientific principles and methods can improve the quality of judicial decision making."

The National Academy of Sciences did not immediately respond to a request for comment on Trump's statements and the announced review.

Tyler Durden Mon, 07/20/2026 - 15:25

Biden-Appointed Judge Rules Former FEMA CFO's Firing Over Luxury Hotels For Illegals Was Unlawful

Authored by Troy Myers via The Epoch Times,

A federal judge ruled on Friday that a former FEMA chief financial officer was illegally fired by the Trump administration over what it claimed were millions spent by the agency on luxury hotels for illegal immigrants in New York City.

Mary Comans’s termination in February 2025 amidd allegations of misused funds had been amplified by then-head of the Department of Government Efficiency (DOGE) Elon Musk and the Department of Homeland Security (DHS).

Biden-appointed District Judge Michael Nachmanoff decided she is entitled to a name-clearing hearing over the issue.

Nachmanoff, of the U.S. District Court for the Eastern District of Virginia, ordered that lawyers for Comans and the Trump administration confer and within 14 days submit a joint proposal outlining a process for the hearing.

The judge indicated that discovery and a full evidentiary hearing before a federal magistrate judge would be appropriate to address previous statements made by Musk, the Trump administration, and Comans’s allegations of her politically motivated termination without due process.

Lawyers from the progressive nonprofit Democracy Defenders Fund and four other firms who represent Comans called Nachmanoff’s ruling a “landmark” win in a statement.

“Mary Comans is a career public servant who had the courage to challenge the Trump regime’s unlawful termination,” attorney Craig Becker of Democracy Defenders Fund said. “Today’s decision is a resounding victory for the rule of law and our vital civil service. It sends a clear message that no administration is above the law, no public servant should be punished for doing their job with integrity, and no president can erase decades of civil service protections.”

Comans and her attorneys argued she was fired without due process, in violation of the Constitution, depriving her of both property and liberty.

They alleged that her notice of termination stated no official reason and was also in violation of the Civil Service Reform Act, which provides protection for federal employees.

“This is a reminder that our federal courts remain an essential check on executive abuse of power, and we will continue our fight to remedy the full scope of the harm that the president has done to our civil service,” Becker said.

President Donald Trump has fired many government employees during his second term in office. The administration has said Trump’s constitutional ability to fire federal workers cannot be constrained.

In Comans’s firing, the Trump administration said it was allowed to terminate her employment with FEMA under Article II of the Constitution, which endows a president with executive power.

DHS accused Comans and three other FEMA officials of authorizing a $59 million payment to fund housing for illegal immigrants in luxury hotels in New York City.

Homeland Security said the former CFO and others circumvented “leadership to unilaterally make egregious payments.”

The nearly $60 million payment was uncovered by DOGE.

“That money is meant for American disaster relief and instead is being spent on high-end hotels for illegals!” Musk wrote on X at the time.

The Supreme Court ruled last month on the president’s firing power. It could play a role in the upcoming hearing between Comans and the Trump administration.

The justices on June 29 both expanded and limited Trump’s ability to fire heads of federal agencies.

One case before the high court was a victory for Trump, with the justices allowing him to fire a member of the Federal Trade Commission. But in another case, the Supreme Court blocked the president’s firing of a Federal Reserve board member, sending the issue back to lower courts.

FEMA is an agency within Homeland Security, which falls under the executive branch of the federal government.

Neither the Department of Justice, FEMA, nor DHS responded to requests for comment before publication.

Tyler Durden Mon, 07/20/2026 - 14:50

30-Year Fixed-Rate Mortgage Reaches Highest Level In Almost A Year

Authored by Naveen Athrappully via The Epoch Times,

The average weekly rate on a 30-year fixed-rate mortgage is at its highest level in nearly a year, contributing to elevated housing costs and dampening buyer interest.

A home for sale in Alhambra, Calif., on Aug. 28, 2025. Frederic J. Brown/AFP via Getty Images

For the most recent week, the mortgage rate was at 6.55 percent, according to a July 16 statement by Freddie Mac. This is the highest level since the week ending Aug. 27, 2025, when the rate was at 6.56 percent. Since mid-May, rates have consistently hovered around 6.5 percent.

Rates have risen consecutively over the past two weeks, from 6.43 percent for the week ending July 1 to 6.55 percent currently.

Meanwhile, pending home sales in the country declined 2.2 percent for the four weeks ending July 12 compared to the four-week period ending July 5, according to a statement from real estate brokerage Redfin.

First-time homebuyers are facing a "tough time" breaking into the housing market, Christine Kooiker, a Redfin Premier agent in Grand Rapids, Michigan, said in the statement.

"High mortgage rates mean that even homes in the most affordable price point - under $350,000 in the Grand Rapids area - are a stretch for a lot of buyers, and they're hard to find and competitive," Kooiker said.

Many buyers are "sitting on the sidelines, too, because they're locked into low mortgage rates or can't find a new home they love."

Similar findings were made by the National Association of Realtors (NAR), which, in a July 16 statement, reported a 5.4 percent month-over-month dip in pending sales in June.

The decrease was most pronounced in the Midwest, followed by the West, South, and Northeast.

"The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers," NAR Chief Economist Dr. Lawrence Yun said in the statement.

Housing Affordability

Lawmakers have taken action to ease the burdens on prospective homebuyers and make housing more affordable for Americans.

On July 11, the 21st Century ROAD to Housing Act became law. The legislation aims to ensure housing affordability through various measures, such as rolling back permits and regulations, and offering financial support to homebuyers, builders, and state and local governments.

The bill was passed by the House and Senate last month. However, President Donald Trump refused to sign the bill until the election integrity bill, the SAVE America Act, was passed by Congress.

According to Article I of the U.S. Constitution, if a bill is not returned by the president within 10 days after being presented, it shall become law. Trump's deadline to veto the bill was July 10.

The bill "will cut red tape, lower costs, and boost the supply of housing," Rep. Sam Liccardo (D-Calif.) said in a July 13 statement.

"We need to build on this momentum and keep rolling up our sleeves to tackle the housing crisis confronting far too many American families."

Meanwhile, builder confidence in the market for newly built single-family homes declined in July from the previous month, according to a July 16 statement from the National Association of Home Builders (NAHB).

The NAHB/Wells Fargo Housing Market Index was at 36 in July, the 15th straight month it has remained below the 40 level. This is the longest stretch of monthly values below 40 since 2012.

NAHB chief economist Robert Dietz cited housing affordability as the "primary challenge" facing the home building industry.

NAHB chairman Bill Owens said that many potential buyers continue to hesitate to purchase homes as they wait for mortgage rates to come down and for more clarity on inflation and the economic outlook.

While the 21st Century ROAD to Housing Act has some important provisions addressing obstacles faced by buyers and builders, "these reforms will take time to implement," Owens said.

Tyler Durden Mon, 07/20/2026 - 14:05

FBI Calls Incendiary Attack On Manhattan Federal Building An "Anti-Government Attack"

Summary:

• FBI Calls incident "anti-government attack on a federal facility" 
• Suspect had "ICE Off Our Streets" Sign 
• Suspect Arrested 
• FBI New York Joint Terrorism Task Force is investigating the incident
• FBI tells Fox News "an individual deployed an incendiary device" 
• Immigration agents and FBI rushed out, guns drawn, and FPS apprehended the suspect
• Explosion Hits Outside 26 Federal Plaza in Lower Manhattan

For years, left-wing political violence in the US was often treated as isolated and/or a non-issue. The Trump administration is now calling it a domestic terrorism threat.

FBI Assistant Director in Charge James Barnacle described the incident outside 26 Federal Plaza in Lower Manhattan earlier today as an "anti-government attack on a federal facility." 

Watch the suspected left-wing radical attack the federal building, which houses offices for agencies including DHS, ICE, USCIS, the FBI, and the Social Security Administration.

A low IQ suspected left-wing terrorist attempted to set a federal government building on fire before being apprehended. pic.twitter.com/rWTctxtRQd

— Breanna Morello (@BreannaMorello) July 20, 2026

Suspect identified as Andrew Arrabaca ... 

The suspect detained in connection with the incendiary device outside 26 Federal Plaza has been identified as 43-year-old Andrew Arrabaca. pic.twitter.com/r7ZAzX0EUj

— Roberto Gil (@RbtGil) July 20, 2026

Barnacle also said the suspect carried a sign reading "ICE Off Our Streets," which suggests an association with left-wing groups.

Members of the FBI Evidence Response Team collected evidence at the scene where an incendiary device was detonated outside of 26 Federal Plaza in Manhattan, New York, United States on July 20, 2026. Monday morning the incident occurred and federal authorities are investigating… pic.twitter.com/RiXBlvbxop

— Kyle Mazza (@KyleMazzaWUNF) July 20, 2026

Even The Atlantic had to recently admit there was a troubling rise in left-wing terror...

Last week, Secretary of State Marco Rubio addressed delegations from 65 nations about the alarming rise of far-left terrorism across the West.

Socialist NYC Mayor Zohran Mamdani called the incident "deeply disturbing." Yet Mamdani and his unhinged anti-American DSA-ers have pushed an increasingly hostile climate toward federal law enforcement.

Suspect Arrested

BREAKING: Suspect apprehended after incendiary device deployed outside 26 Federal Plaza in NYC, FBI reports pic.twitter.com/7sZxyan0XV

— Fox News (@FoxNews) July 20, 2026 FBI New York Joint Terrorism Task Force Investigating 

The FBI tells Fox News' Bill Melugin:

"This morning an individual deployed an incendiary device outside of 26 Federal Plaza. The individual has been taken into custody and the FBI New York Joint Terrorism Task Force is investigating the incident."

Melugin continued:

NYPD tells FOX there was a "found firearm" in relation to this event, but couldn't confirm if it was found on the suspect.

FBI statement to @FoxNews:

"This morning an individual deployed an incendiary device outside of 26 Federal Plaza. The individual has been taken into custody and the FBI New York Joint Terrorism Task Force is investigating the incident."

NYPD tells FOX there was a "found… https://t.co/bUdDbryRxC

— Bill Melugin (@BillMelugin_) July 20, 2026

The attack at 26 Federal Plaza, which houses offices for agencies including DHS, ICE, USCIS, the FBI, and the Social Security Administration, comes days after Secretary of State Marco Rubio warned of far-left terrorism across the West.

Another view:

From outside my apartment. Saw what looked like a shotgun and people running for cover behind walls. Scary sights pic.twitter.com/geMnremrKD

— DoubleDash_DigitalDash (@DoubleDash_H) July 20, 2026 Explosion Reported Outside 26 Federal Plaza In Lower Manhattan

New footage shows what appears to be a fire and a person being arrested outside 26 Federal Plaza in Lower Manhattan.

"Moment of EXPLOSION that went off outside of the 26 Federal Plaza in NYC around 8:30am this morning, with Immigration agents and FBI Rushing out guns drawn and FPS apprehending the suspect. Sidewalk has been shut down and building evacuated," FreedomNews wrote on X. 

NOW: Moment of EXPLOSION that went off outside of the 26 Federal Plaza in NYC around 8:30am this morning, with Immigration agents and FBI Rushing out guns drawn and FPS apprehending the suspect. Sidewalk has been shut down and building evacuated.

NYPD on scene confirmed it was… pic.twitter.com/aihTqsFpcN

— FreedomNews.Tv FNTV (@FreedomNTV) July 20, 2026

Notably, the building houses several federal agencies, including the Department of Homeland Security, Immigration and Customs Enforcement, the FBI, the Social Security Administration, and U.S. Citizenship and Immigration Services.

There is no additional information at this time.

Tyler Durden Mon, 07/20/2026 - 13:45

Oh My F**king God, They're Doing It Again

Submitted by QTR's Fringe Finance

Assholes who wear Vineyard Vines all summer on Wall Street have once again put those Wharton PhD’s to good use by again “discovering” that assets so toxic and illiquid they make drinking cement taste like Fiji water apparently become safe when you rearrange them, rename them, and place an insurance company between the losses and the people buying them. Sound familiar?

According to Bloomberg, UBS and other firms have been exploring structures that package stakes in private-credit funds into bonds. Because perpetual private-credit vehicles do not fit neatly into conventional ratings models, bankers are looking to add insurance “wrappers” that allow portions of the deals to inherit the insurer’s stronger credit profile. The resulting paper can then be marketed as investment grade, even though the assets underneath remain opaque, illiquid private-market investments.

This is apparently considered innovation. I just hear Anthony Bourdain explaining CDOs during The Big Short over and over again.

An insurer guarantees a tranche against losses, the tranche receives a better rating, and other insurers can buy it while setting aside dramatically less capital. In the example described, an A2-rated tranche could require less than 1% in regulatory capital, compared with a charge that could reach 30% for a direct investment in a private-credit fund.

Nothing says “rock-solid asset” quite like needing several lawyers, a ratings agency, an insurance guarantee and a regulatory-capital loophole to explain why it is safe.

The comparison with 2008 is not merely rhetorical. Before the financial crisis, Wall Street packaged mortgages into residential mortgage-backed securities and collateralized debt obligations. Those securities were divided into tranches, and ratings agencies assigned extremely high grades to senior portions based on assumptions that nationwide housing losses would remain limited and geographically dispersed.

Then Wall Street added another layer of genius: credit-default swaps.

Insurer AIG’s Financial Products division sold enormous amounts of CDS protection on mortgage-related securities. These contracts operated much like insurance, promising payment if the protected securities suffered specified credit losses. AIG collected fees up front and initially posted little collateral because everyone treated the company’s high credit rating as a substitute for cash.

The crucial clarification is that AIG’s traditional state-regulated insurance subsidiaries were not simply writing ordinary homeowners policies and accidentally destroying civilization. The catastrophe grew largely inside AIG Financial Products, an inadequately regulated derivatives business that used the broader AIG organization’s pristine rating to guarantee complex financial bets.

But that rating was the magic wand.

As mortgage values deteriorated and AIG was downgraded, its counterparties demanded tens of billions of dollars in collateral. AIG did not have enough readily available cash to meet those calls. Suddenly, the institution that had promised to insure everyone else’s balance sheet needed the federal government to insure its own. The same rating that had made the contracts appear safe became the trigger for the liquidity crisis once it disappeared.

On September 16, 2008, the Federal Reserve authorized an initial loan of up to $85 billion to keep AIG from collapsing. The government received a 79.9% equity interest in exchange. The support was later expanded and restructured through Treasury investments, additional facilities and special vehicles created to remove mortgage securities and CDO exposures from AIG’s balance sheet.

Total commitments commonly associated with the rescue eventually reached roughly $180 billion. The CFTC later described the intervention as about $600 for every American alive at the time.

AIG had more than $1 trillion in consolidated assets in mid-2008 and sat at the center of a sprawling network involving major banks, retirement plans, commercial-paper markets, municipalities and other insurers. Federal Reserve officials concluded that a disorderly failure could have caused severe losses across financial institutions and further reduced the availability of credit to households and businesses.

In other words, AIG did not merely make bad investments. It sold protection so broadly that its own failure threatened to detonate the institutions that believed they were protected. The insurer had become the bomb.

And now, less than two decades later, Wall Street is again using insurance guarantees to turn difficult-to-rate credit exposure into highly rated securities.

What could possibly go wrong besides the exact thing that already went wrong?

🔥 50% OFF FOR LIFE: Using this coupon entitles you to 50% off an annual subscription to Fringe Finance for life: Get 50% off forever

The modern structures are not identical to AIG’s CDS book. Today’s private-credit wrappers may be smaller, more collateralized and subject to different contractual and regulatory safeguards. There is no evidence that the current market has already created an AIG-sized hole.

But the rhyme is deafening. The underlying private credit assets are dogshit, as I’ve written about on this blog non-stop. The engineering is complicated. Ratings play a central role. Capital requirements become lighter after the transaction is rearranged. Risk migrates from the original lender to insurers, annuity providers, pensions and other institutions promising money to ordinary people decades from now.

The fund-finance market is estimated at somewhere between $1 trillion and $1.75 trillion, up from only a few hundred billion roughly a decade ago. That puts its expansion in the same broad neighborhood as the pre-2008 boom in structured subprime finance.

Private-credit managers need liquidity because exits have slowed, old investments remain stuck, and some borrowers are repaying existing loans with still more debt. Meanwhile, insurers and annuity companies are hungry for yield and attracted to structures that turn higher-risk fund exposure into favorably treated investment-grade paper.

It is a beautiful ecosystem. Private funds need money. Insurers need yield. Banks need fees. Ratings agencies need business. Regulators need to remain comatose. Everyone gets exactly what they want until the whole thing winds up bending over the average taxpayer, saver or retail investor somehow.

One particularly obvious danger is concentration. When an insurer wraps multiple securities, every buyer begins relying on the same corporate balance sheet. A downgrade of that insurer could cause many wrapped tranches to be downgraded simultaneously, potentially triggering forced selling across portfolios at precisely the moment markets are least able to absorb it. It’s like a high school test where everyone copies off of the same person who fails the test, causing the rest of the class to.

The structures also make it increasingly difficult for regulators to trace where the final losses reside. Researchers have warned that repackaging risk adds “structural complexity and opacity” and can amplify contagion when one link fails, as the Bloomberg report notes.

Once again, Wall Street is not eliminating risk. It is relocating it, obscuring it and reducing the amount of capital held against it. And once again, the entire arrangement is encouraged by the understanding that the Federal Reserve will respond to a sufficiently large accident with emergency lending, asset purchases, liquidity facilities and whatever alphabet soup is necessary to keep asset prices from discovering consequences.

This is the lesson Wall Street learned from 2008: not that leverage and opacity are dangerous, but that they should be spread widely enough to qualify for federal protection.

Make a reckless bet by yourself and you go bankrupt. Make the same bet through enough banks, insurers, pensions and retirement accounts and you become systemically important.

The Fed has spent years turning moral hazard from an embarrassing side effect into a rational business model. Every rescue lowers the perceived cost of the next gamble. Every emergency facility teaches markets that liquidity risk is temporary. Every rapid intervention tells executives that the real objective is not avoiding catastrophe, but making sure a catastrophe would be too politically expensive to tolerate.

So the structures get larger. The collateral gets murkier. The ratings get friendlier. The capital cushions get thinner. The chains of counterparties get longer.

Then everyone acts stunned when one downgrade causes twelve institutions to discover they were all holding the same risk.

We are not preventing the next crash. We are steadily assembling the mother of all crashes while congratulating ourselves for distributing the explosives more efficiently. And when it finally happens, the people who designed it will explain that nobody could possibly have seen it coming.

Except, of course, anyone who remembers 2008…or who is unlucky enough to sit next to me at an airport bar when I have 3 hours to kill and feel talkative.

--

QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.

As of May 20, 2026 I am attempting to no longer actively trade (read my story here). My investing/saving is mostly done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.

And all positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

 

Tyler Durden Mon, 07/20/2026 - 13:25

Judge Slaps A 14-Day Timeout On Paramount-Warner Bros. Mega-Merger

A federal judge just threw a wrench into one of the biggest media shake-ups in years. On Monday, U.S. District Judge Araceli Martinez-Olguin (Biden) temporarily blocked Paramount Skydance's $110 billion takeover of Warner Bros. Discovery, giving a coalition of 12 state attorneys general a short-term win in their fight to kill the deal.

The temporary restraining order lasts 14 days - half the 28 days the states had requested - and prevents Paramount from closing the transaction that would combine two historic Hollywood studios, two major streaming services (Paramount+ and Max), and significant news assets under David Ellison, son of Oracle billionaire Larry Ellison.

California Attorney General Rob Bonta, leading the charge, argues the merger would "extinguish competition" in key areas: wide theatrical film releases, big blockbuster distribution, and the market for basic cable channels. The states put numbers on it, alleging the combined company would control 27 percent of wide-release theatrical distribution, 30 percent of anticipated blockbusters, and 27 percent of the basic cable bundle. In plain terms, they say it would mean higher prices, lower quality, and less choice for theaters, cable providers, and viewers everywhere. The states claim it violates Section 7 of the Clayton Antitrust Act, the classic law aimed at stopping deals that substantially lessen competition. All 12 attorneys general are Democrats.

Paramount is firing back hard. The company calls the lawsuit one of the weakest merger challenges in modern antitrust history, notes it already has DOJ clearance plus approvals from places like Australia and China, and vows to fight vigorously. They argue the states are ignoring the brutal competitive realities of today's media landscape, where streaming giants, tech platforms, and cord-cutting have upended everything.

The DOJ signoff came after its antitrust division closed an eight-month review that examined more than two million documents - concluding the deal could strengthen competition across streaming, traditional television, and theatrical distribution. State attorneys general retain independent authority to sue regardless.

There's real urgency for Paramount: they're on the hook for a "ticking fee" of 25 cents per Warner Bros. share every quarter if the deal doesn't close by September 30. That works out to roughly $7 million a day, or more than $600 million per quarter - serious money.

• Paramount side: 114-year-old studio, Paramount+, CBS, MTV, Nickelodeon, and more.
• Warner side: 116-year-old studio, HBO, CNN, plus iconic franchises like Batman and Superman.

If it goes through, David Ellison would control an entertainment behemoth spanning film, TV, streaming, and news.

This state lawsuit is the biggest threat so far, but it's not the only one. The EU is reviewing it, the UK culture secretary is considering intervention over media concentration worries, the Writers Guild has its own antitrust suit over wages and jobs, and consumers have challenged the streaming combination (though that effort was denied an injunction).

There's also a political undercurrent. Larry Ellison has been an ally of President Trump, who has publicly pushed for new ownership of CNN and recently praised the family. David Ellison has already started shaking things up at CBS News, bringing in Bari Weiss to revamp "60 Minutes" and the evening broadcast.

For now, the merger is in limbo. Expect intense legal wrangling over the next couple of weeks as Paramount pushes to get it back on track and the states try to build their case for a longer block. In an industry already disrupted by streaming wars and cord-cutting, this battle is about who gets to dominate the next era of Hollywood and media.

Tyler Durden Mon, 07/20/2026 - 13:10

RNC Sues To Stop Non-Residents From Voting In Six States

While it seems like common sense that living in a state should be a prerequisite to voting there, the Republican National Committee is suing six states to stop them from doing so.

Fresh off a court win in North Carolina, the RNC has filed lawsuits against Arizona, Nevada, Colorado, New Jersey, Virginia, and Nebraska, each targeting a version of the same loophole. In these states, a person who has never set foot as a resident within their borders can still cast an absentee ballot there, often because a parent or legal guardian once lived in the state decades ago. 

"If you've never lived in a state, you shouldn't be voting in its elections," RNC Chairman Joe Gruters told the Daily Signal.

"The RNC already put a stop to this unconstitutional loophole in North Carolina, and we're taking Nebraska, Colorado, Nevada, and New Jersey to court to do the same," Gruters added,

"We'll keep fighting to ensure elections are only decided by legal residents."

The mechanism behind this quirk traces back to federal guidance for overseas voting. According to the Federal Voting Assistance Program website, "In some states, U.S. citizens who were born abroad—and have never resided in the United States—are eligible to vote absentee." Several states extended that logic further than Congress likely intended, allowing people who were born overseas and never lived stateside at all to vote based on a parent's old address.

The RNC is not coming after military voters or diplomats. The committee says it firmly supports the Uniformed and Overseas Citizens Absentee Voting Act (UOCAVA), the decades-old law that lets service members and foreign service officers vote from wherever the government has stationed them. To secure legal standing in each state, the RNC is partnering with the relevant state party, a candidate, or both.

The North Carolina case set the template. In June, the Wake County Superior Court struck down a state law permitting people born overseas who had never lived in North Carolina to vote there anyway, handing the RNC a win over the state elections board and establishing that these arrangements are vulnerable to a straightforward constitutional challenge.

Nevada is shaping up as the marquee fight of the current round. The RNC has joined the state Republican Party and Republican secretary of state nominee Jim Marchant in challenging a law that allows people who never lived in Nevada, and in some cases never lived in the United States at all, to vote there based solely on a parent's or guardian's past residency. The plaintiffs argue the arrangement violates Nevada's constitution, which requires voters to have "actually, as opposed to constructively" resided in the state. Constructive residency is a fittingly bureaucratic term for a system built on the honor of an ancestor's zip code.

Despite the commonsense nature of the lawsuit, Nevada Secretary of State Francisco Aguilar, a Democrat, called it "an attack on the voting rights of eligible U.S. citizens living abroad" and warned that unwinding the law could hurt military families, even though the RNC made it clear that’s not who their lawsuit is about. "They risk everything to defend our freedoms, including the fundamental right to vote, and Nevada has a responsibility to protect their access to the ballot and the rights of the families who serve alongside them,” he added.

"Children born overseas should not be punished because their parents served, worked, or were stationed outside the United States," Aguilar continued, saying, "Nevada will not turn its back on military families simply because their service took them away from home."

Despite Aguilar’s claims, the lawsuits actually target civilians with no service record and no residency claim beyond a relative's former mailing address, not the men and women stationed abroad under UOCAVA.

“People should have full faith and confidence in the system,” RNC Chairman Joe Gruters said last week. “What we want is to have elections be safe and secure. We want everybody who's eligible to vote to be able to vote. But I don't know why it's so hard. The question is, why do we have 150 lawsuits trying to make sure we protect democracy and try to make sure these elections are safe and secure? It's because the other side knows they'll do everything in their ability to hold on to power and control.”

Gruters added, “And that's why they're allowing tens of millions of illegals into the country, they want them to be able to eventually have voting rights, and so we've stopped, you know, non-citizens from voting. Some of our biggest wins is knocking them off the voting rules. But the work never ends.”

Democrats will do ANYTHING to gain power, including cheating.

That's why the RNC is fighting on the ground and in the courts across the country to secure our elections. pic.twitter.com/AuF7LR7HoC

— Chairman Joe Gruters (@ChairmanGruters) July 16, 2026 Tyler Durden Mon, 07/20/2026 - 13:00

A 28 Item Grocery Order From Target That Cost $64.50 In 2020 Now Costs $158.30

Authored by Michael Snyder via The Economic Collapse blog,

The cost of living has become absolutely suffocating for millions of Americans. For years, the bureaucrats in Washington have been feeding us numbers that show that the rate of inflation is low, but it is obvious to everyone that what they are telling us is simply not true. Many of the items that I regularly purchase at the grocery store have more than doubled in price over the past decade. Some have more than tripled in price. When I get to the register to check out, I feel like asking the cashier which organ I should donate to pay for my groceries.

We have reached a stage where grocery prices are causing extreme financial stress for families all over America. One man recently caused quite a stir on social media when he revealed that a grocery order from Target that cost $64.50 in 2020 is now $158.30 in 2026…

This post has already been viewed a million times.

The reason why it is so popular is because it instantly resonates with people.

Everyone knows that grocery prices have risen to absurd levels, and yet the statisticians in Washington keep assuring us that everything is fine.

I don’t believe them.

Do you?

The Washington Post just conducted a poll that found that 66 percent of Americans consider the cost of groceries to be unaffordable.

That figure has risen by 21 percent just since February…

Americans are feeling worse about the price of groceries than they were before the war with Iran began, a Washington Post-Ipsos poll finds.

About two-thirds, or 66 percent, of Americans say they would describe the cost of groceries as unaffordable, up sharply from the 45 percent who said the same thing in February before the conflict started.

Partisanship continues to play a big role in perceptions, with half of Republicans saying groceries are affordable in the latest poll, compared with about one-quarter of independents and Democrats.

Housing is even worse.

The median price of an existing home in the United States has now surpassed the $440,000 mark…

With a landmark housing affordability bill in political limbo, U.S. home prices have hit an all-time high.

The median price of existing homes in June was $440,660, up 1.8% from $432,700 a year ago, according to new data from the National Association of Realtors (NAR). Home prices have risen for 36 straight months.

“Housing affordability remains low under slowing wage growth and stronger home price growth,” Ershang Liang, an economist with PNC Economics Research, said in a report.

Who can afford to pay that much for a house?

Rental prices have also gone through the roof.

If you can believe it, the average rent on a one bedroom apartment in Manhattan is now a whopping $5,408 a month…

The city’s housing crisis has hit “DefCon 1” — with average rents for a one-bedroom in Manhattan hitting an all-time high of nearly $5,500 last month, and Brooklyn following suit, according to new data and critics.

“We need bold action. This is a crisis,’’ New York City Comptroller Mark Levine posted on X over the weekend, along with a link to the latest figures from the inhabit blog by real-estate giant Corcoran Group.

The dismal June stats reveal that renters paid an average of $5,408 for a one-bedroom in Manhattan, with studio prices not far behind at $4,014.

It isn’t a mystery why most Americans are struggling in this sort of an environment.

Many are turning to debt in a desperate attempt to make ends meet…

Many American families are struggling to make ends meet on their incomes alone and have resorted to credit cards, payday loans, and Buy Now Pay Later (BNPL) options for groceries, according to nonprofit research center Urban Institute.

The findings are based on a survey of 18-to 64-year-old working-age adults conducted in December 2025. About 8.7 percent of adults said they used a credit card for groceries and were unable to make the minimum payment, up from 7.1 percent in 2023, the Urban Institute said in a July 13 report. This suggests “worsening financial distress” among families.

Almost one in 10 used BNPL to pay for groceries, out of which more than a third missed a timely repayment last year.

Unfortunately, when you keep piling up debt a day of reckoning eventually arrives.

Coming into this year, alarmingly large numbers of Americans were getting behind on their credit cards…

And the number of foreclosures in the U.S. is way above the highly elevated pace that we witnessed last year…

Foreclosures across the U.S. ballooned in the first half of the year, a sign of the increasing financial strain facing the nation’s homeowners.

Foreclosure filings reached nearly 228,000 from January to June, up 21% from a year ago and 28% from two years ago, according to data released Thursday from real estate data company ATTOM.

Rising foreclosure rates indicate that more homeowners are in financial distress, Rob Barber, CEO of ATTOM, said in a statement. Homes go into foreclosure when the owner falls behind on mortgage payments, often due to extenuating life circumstances such as a job loss. ATTOM defines foreclosures as default notices, scheduled auctions or bank repossessions.

This reminds me so much of the conditions that we experienced just before the financial crisis of 2008.

Unfortunately, the cost of living is only going to go higher.

The cost of energy directly affects the cost of everything else, and it appears that the Strait of Hormuz is going to be closed for an extended period of time.

The average price of a gallon of gasoline in the U.S. has nearly reached four dollars again, and the average price of a gallon of diesel has already risen above the five dollar mark…

US gas prices have rocketed higher during the on-again, off-again war with Iran.

After a brief respite, the average price for gas has surged 15 cents in a week to $3.94 a gallon and appears headed north of $4 again. Diesel, which shows up in customers’ shipping costs, topped $5 a gallon again Thursday for the first time in 3 weeks, according to AAA.

It serves as a painful reminder of how the military conflict in the Persian Gulf has a direct effect on your wallet.

Of even greater importance is what the closure of the Strait of Hormuz means for the global fertilizer market.

As Mike Adams has pointed out, without sufficient quantities of nitrogen fertilizer we won’t even come close to producing enough food for everyone…

Admittedly, I have failed to explain the stakes clearly enough. For months, I have written about fertilizer supply chains, the Haber-Bosch process, and the vulnerability of the Strait of Hormuz. But the gravity of this crisis has not sunk in for most people. Let me put it as plainly as I can: The global population of more than 8 billion people depends on a fragile web of natural gas, oil, and downstream chemistry that took 60+ years to build on this planet. If we lose 25 percent of these critical substances, we lose 25 percent of the population. That is 2 billion people. Here is why that math is inescapable.

As I documented in my article “The Haber-Bosch House of Cards,” the single chemical reaction that fixes nitrogen from the air into fertilizer is responsible for feeding roughly half of humanity [1]. That process requires vast quantities of natural gas. The Persian Gulf region, especially Qatar and Iran, supplies much of that gas. When the Trump administration launched its war on Iran in February 2026 and the Strait of Hormuz was effectively closed, the global fertilizer supply chain began to collapse. This is not a prediction of future famine. The famine is already baked in. But it could still get a whole lot worse depending on how things go from here.

We could be facing multiple years when global food production is at depressed levels.

That means that food prices will go even higher in wealthy countries, and in poor countries there will be shortages.

Famine is one of the major trends that I am tracking, and what we are already witnessing in some parts of Africa is absolutely heartbreaking.

There is no magic button that we can press that is going to make these problems go away.

A crisis of historic proportions is now upon us, and we are still only in the very early stages of it.

Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

Tyler Durden Mon, 07/20/2026 - 12:20

Two Greek Oil Tankers Attacked In Hormuz, Bahrain Pummeled, As Mediators Push 10-Day Ceasefire Summary

• Fresh Strait of Hormuz attacks: Two Greek-owned tankers were hit, further escalating threats to shipping.
• War keeps widening: US airstrikes continue as Iran retaliates with regional attacks, including on Bahrain.
• Casualties rise: Deaths mounting on both sides of the conflict - especially after Iranian attacks on Jordan airbase.
• Desperate ceasefire efforts: Mediators are proposing a 10-day ceasefire and renewed US-Iran talks.
• Houthis escalate: Announce a maritime embargo on Saudi shipping, expanding regional tensions.

//--> //--> //--> Will the U.S. invade Iran before 2027?
Yes 26% · No 75%
View full market & trade on Polymarket

*  *  *

Greek Tankers Hit, Also as Iran Targets Bahrain

Iran's IRGC continues to insist that it along is in control of the Strait of Hormuz, as it continues firing on foreign vessels seeking to traverse the Strait of Hormuz outside of Iran's 'approved' zone and protocol. According to some of the latest developments on this front, via regional media:

• One of two Greek-owned tankers hit by projectiles in the Strait of Hormuz has been abandoned by its crew after fire was reported on the vessel.
• The crew was rescued by a tugboat after abandoning the Maltese-flagged Kavomaleas owned by Greece’s Dynacom Tankers.
• Earlier, UKMTO reported fire onboard the tanker north of Kuzmar, Oman. It had been stranded in the Arabian Gulf after spending months offshore of Saudi Arabia.
• It appeared to exit the Strait of Hormuz on July 2 although its AIS tracking was turned off.

Various locations across Iran meanwhile continued to get pummeled by US aerial attacks. Iran in turn has been heavily targeting Bahrain on Monday.

"The US launched an aerial attack on one of the areas in Shiraz, it resulted in no casualties, and the situation is under control," IRIB reports. Currently, FM Araghchi is said to be en route to Pakistan, as mediators scramble to contain the war.

Air war alone cannot dislodge a large military/regime, hence the dilemma of restraint vs. quagmire and new forever war...

I'm confused.

The USA has the most powerful military on Earth. We've bombed the HELL out of Iran for 4 months. Trump says their Air Force, Navy, and nearly all of their missile capabilities are destroyed.

...so how is Iran still capable of hitting US bases right now???

— Matt Van Swol (@mattvanswol) July 18, 2026

Bahrain statement: "Bahrain’s Civil Aviation Affairs said Monday that an Iranian drone attack targeted civilian air navigation systems used to manage the country’s Flight Information Region as military escalation continues to rage on between Iran and the US."

Casualties Mount on Both Sides

The US military is bombing Iran for what is now the ninth straight day of renewed fighting, in a campaign which has expanded to include both civic and military infrastructure, also as Iranian retaliatory attacks keep up the pressure on the Gulf states, and have reached into Jordan, which deadly effect on an American base there.

Iranian authorities have said at least 50 people were killed and more than 500 after the return to war in the last three weeks. State media has reported that eight were killed in a single bridge strike on Friday.

American deaths have become evident as well, with US soldiers confirmed killed in a Saturday CENTCOM announcement. The Pentagon said Sunday a third US servicemember was killed in northern Iraq Sunday, in what's being described as an accidental death during a "controlled detonation" of a downed Iranian attack drone.

Smoke rises near the oil facility in Mangaf, Kuwait.

The US has identified that Lieutenant Tyler James Feehan, 25, of Ewa Beach, Hawaii, and Private Isabella Gonzales, 19, of Carrollton, Texas, were killed in the Jordan attacks Friday. They were there as part of the ongoing 'counter-ISIS' mission, the Pentagon further indicated.

Proposed Ceasefire, Efforts to Reboot Talks

Despite what has been several days of running escalation, Iran has it has received mediation proposals to restart negotiations with the United States, according to Foreign Ministry spokesperson Esmaeil Baghaei on Monday. Baghaei told state media that the country will continue to defend itself resolutely.

"I emphasize once again that the diplomatic apparatus continues to pursue its tasks jointly and in line with the defenders of the homeland in the armed forces. The proposals submitted through mediators have been communicated to us and have been received," the spokesman said. 

This as a new ceasefire proposal is said to be in the works, with the headline resulting in a drop in oil prices:

MEDIATORS PROPOSE 10-DAY CEASEFIRE BETWEEN IRAN, US: REUTERS

Miscalculation & 'Full-Scale War'

According to more details of the fresh push for regional ceasefire via The Wall Street Journal:

Mediators were working to push the U.S. and Iran into a new ceasefire Monday, fearful the two foes could settle into a pattern where they keep conflict below the level of all-out war but disrupt regional economies indefinitely and run the risk of a miscalculation that escalates the fighting.

The efforts come after the U.S. carried out a ninth straight night of attacks, Iran retaliated against Arab allies including Kuwait and Bahrain, and another vessel in the Strait of Hormuz was hit by a projectile that started a fire and led the crew to abandon ship.

Qatar has floated the idea of a 10-day ceasefire and an end to restrictions on shipping in the strategic waterway, mediators said. It wasn’t clear whether either side was ready to accept a new halt to the fighting after the preliminary peace deal they signed in mid-June collapsed earlier this month, they said. 

Joachim Klement, head of strategy at Panmure Liberum, has newly commented that investors "still think the US and Iran will go back to the negotiation table," and stipulated that "Only once the US is no longer willing to negotiate do we expect markets to price higher oil prices for longer."

However, statements out of Iran do not suggest de-escalation, with President Masoud Pezeshkian having said Monday his country is engaged in a "full-scale war" with the US and that Iranians must be ready accept the repercussions of the conflict.

"The reality is that today the Islamic Republic of Iran is engaged in a full-scale war. We must be realistic and accept the natural consequences of this resistance," Pezeshkian said.

A few days ago, the Qataris submitted a proposal to regulate the Strait of Hormuz.
A response from the leader was supposed to arrive yesterday, but it did not.

The proposal includes establishing a new, designated corridor through which ships could pass, while imposing a…

— Amit Segal (@AmitSegal) July 20, 2026 Pentagon Concealing Extent of Damage, Casualties: NYT

The situation on the ground does suggest this, amid reports that the US side is concealing or downplaying the true extent of damage on its regional bases as casualties mount:

Dozens of US military personnel were wounded and helicopters damaged during three Iranian strikes on American forces in Jordan last week, The New York Times reports.

Citing anonymous US officials, it said the Pentagon did not disclose the casualties and damage inflicted during the attacks, which came before Iran’s strike that killed two soldiers and left one missing on Friday in Jordan.

The total number of US personnel killed in the US-Israel war on Iran now stands at 17 with more than 400 wounded since the war was launched on February 28.

“Central Command is not required to release information about injured service members,” a US military official told the Times as part of the weekend report.

⭕️ Iran FM Araghchi: Wars End Either Through Total Victory or Negotiations…

Foreign Minister Abbas Araghchi:

🔹 A war must be ended precisely at the point when you hold the upper hand on the battlefield. Ending a war is possible either through total military victory or… pic.twitter.com/kHeYhShsXC

— Drop Site (@DropSiteNews) July 20, 2026 Houthi Blockade Against Saudi Shipping

Meanwhile, Yemen's Houthi rebels have announced they are imposing a new maritime embargo against Saudi Arabia in response for a recent attack on Sanaa Airport, and after years of the kingdom leading a blockade of Houthi-controlled Yemeni ports. A military statement by Houthi spokesman Yahya Saree said the maritime ban on all Saudi shipping will be effective immediately in what he declared as an "equation of 'an eye for an eye.'"

However, details of what this 'embargo' will look like, in terms of where or what chokepoints the Houthis might seek to blockade were not given.

Last week the Saudi-led coalition in Yemen attacked the Houthi-controlled Sanaa International Airport, threatening a fragile truce that has been in place since 2022. Saudi jets had prevented an Iranian passenger plane from landing there, after the US-Saudi recognized Yemeni government warned against any Iranian planes entering the divided country's airspace.

Within days of that incident, the Houthis reportedly sent missiles on Saudi Arabia - which was a first after years of relative peace. In addition to unveiling the anti-Saudi embargo, the Houthis spokesman warned that if the Saudi siege on Yemen is not lifted, then Houthi armed forces will move towards a full-scale war.

Overnight Developments

• US and Iran engaged in another exchange of strikes after an Iranian attack on Jordan killed two US service members on Friday, while Tehran said it was suspending its commitments under the interim peace deal as strikes ramped up.
• US President Trump said we hit Iran very hard again tonight and hit Iran in honour of probably three patriots who died, adding we are ending any chance of Iran having a nuclear weapon.
• US Central Command announced the ninth consecutive evening of strikes against Iran, in which targets included Iranian military command centres, air defence and coastal surveillance sites, maritime capabilities, missile and drone launch sites, and communication networks, to further diminish Iran's ability to attack commercial vessels and civilian mariners transiting the Strait of Hormuz. CENTCOM also announced it redirected 6 commercial vessels and disabled 1 to ensure full compliance, as of July 19th.
• Explosions were heard in Iran's Tabriz and the city of Jask in the Hormozgan province in southern Iran, while explosions were also reported in Sirik and Khormoj, southern Iran. Furthermore, there were explosions in Delijan in the southern Markazi province and Arak in western Iran, while air defences were activated in Konarak city, Sistan and the Baluchestan province in southeastern Iran.
• Iran launched missiles from its Lorestan province in western Iran towards enemy targets, and blasts were reported at US bases in Kuwait and Bahrain, while explosions were also reported in the UAE's Ras Al-Khaimah.
• US is said to be planning for a wider war, according to a US official familiar with internal administration discussions, cited by The Washington Post.
• US Secretary of State Rubio said the US remains open to a diplomatic resolution regarding Iran, while Rubio also stated that his meeting with the Lebanese President was very positive.
• Iran’s nuclear agency condemned a US attack on the site of the nuclear power plant under construction in Darkhovin, which it said violated international law, according to Mehr News Agency, although it didn’t mention when the strike took place.
• Iran's Deputy Foreign Minister Gharibabadi said the US strike on the under-construction power plant was a dangerous attack on Iran's peaceful infrastructure, and the US must bear full responsibility for any escalation and the resulting insecurity and instability.
• IRGC said it destroyed 20 warehouses used by US forces in the Azraq region of Jordan, resulting in the deaths of dozens of soldiers, according to Al Jazeera Mubasher.
• IRGC said two ships were involved in an “accident” after attempting to transit the Strait of Hormuz via an unsafe route, and that two other vessels abandoned the route, while it warned that vessels influenced by the US and entering unsafe routes will certainly face accidents. It was later reported that IRGC said two oil tankers were blown up after attempting to transit the southern route in the Strait of Hormuz.
• UKMTO said it has received a report of the incident eight nautical miles northwest of Oman's Khumsar, with a vessel on fire, but the cause has not been verified yet.
• Tehran Times noted reports of an unprecedented rise in opposition to the war within various ranks of the US military, while it noted that refusals by US personnel to carry out orders from superiors are increasing at an unprecedented rate, citing multiple intelligence sources.
• Kuwait's Defence Ministry said Iran conducted sustained strikes against civil and critical infrastructure on Kuwaiti territory, which caused multiple fires and severe damage.
• Iranian Foreign Ministry spokesperson Baghaei said negotiations with the US could be pursued based on national interests and that intermediaries have shared messages with Tehran in recent days. Mediators are continuing their efforts to prevent escalation, and we have received proposals from them, but we will not go into details now. He added that they will not abandon talks with the US but Iran's sovereign rights over the Strait of Hormuz are non-negotiable.
• Al Jazeera source in Pakistan's Interior Ministry said the Iranian Interior Minister arrived in Pakistan's capital Islamabad today. Iran and Pakistan will hold extensive consultations on border management, cross-border security and the implementation of the Islamabad MoU, alongside other issues of mutual concern, Journalist Mallick reported.
• The Yemeni Armed Forces said an announcement of an important position to be released at 3pm Sana'a time (13:00BST).
• Explosions were sounded in Isfahan, however reports state they were caused by controlled explosions. Additionally, Iran's Bushehr Governor said Bushehr was targeted twice by the American enemy.
• Unofficial reports indicate that one drone struck the grounds of Kuwait's main power plant, Tasnim reported.

Tyler Durden Mon, 07/20/2026 - 11:55

Buyers Trading In Vehicles With Negative Equity Face Record Monthly Payments: Edmunds

Authored by Rob Sabo via The Epoch Times,

The number of automobile owners trading in vehicles with negative equity continues to rise, with 29.6 percent of trade-ins in the second quarter showing more money owed on existing auto loans than the vehicles were worth, according to automotive insights platform Edmunds’s July 16 vehicle transaction report.

Negative equity also pushed average monthly payments on “underwater” trade-ins to $944 in the quarter, the highest figure on record, the report said.

That’s $167 more per month than trade-ins without negative equity considerations, and those higher loans are expected to account for an additional $16,270 in interest paid over the loan term—another record high that’s nearly $6,500 more than the average new-vehicle loan issued during the quarter.

“Consumers are incurring more debt than ever when trading in vehicles that are underwater,” said Jessica Caldwell, head of insights at Edmunds.

“Buyers who financed at 2022’s peak prices are starting to come back to trade in, and they’re bringing thousands of dollars in old debt with them. With interest rates still elevated, this is creating a costly snowball effect for consumers.”

It’s the highest number of underwater trade-ins recorded in the second quarter since 2020, Edmunds researchers noted. Trade-ins with negative equity eased slightly from the first quarter, when they tallied 30.9 percent, but they were up 3 percent from the second quarter of 2025.

The average amount of negative equity—$6,884—was a record high for the second quarter of any year, though it pulled back from the $7,183 notched in the first quarter, Edmunds researchers noted.

As buyers roll over negative equity into new auto loans, the principal amount owed on their new vehicles swells, Caldwell added. Buyers often rely on longer-term loans to lower their monthly payments, but that coping mechanism only results in a larger total interest paid over the life of the loan.

Paying down negative equity also lengthens the time it takes for automobile owners to reach positive equity in their vehicles, or the financial position where their car is worth more than the principal amount owed, the Federal Trade Commission’s (FTC) consumer advice portal noted.

It’s important for consumers to know their equity position in a vehicle before trading it in, the FTC added. Equally important, the FTC said, is to closely examine new automobile contracts for the amount of negative equity that may be rolled into new loans before signing documents at dealerships.

Negative equity positions have been on the rise since 2022, Edmunds said, when high used-vehicle prices caused by a global shortage of computer chips buffered consumers from rolling over debt from one vehicle to the next.

However, as vehicle prices normalized, more vehicle owners found themselves underwater on their loans as they attempted to upgrade their cars through new-vehicle purchases.

Vehicles with model years 2020 or newer showing the most negative equity include Toyota Tundra (-$8,929), GMC Sierra 1500 (-$8,566), Chevrolet Silverado 1500 (-$8,516), and Ram 1500 (-$,8347). However, Edmunds also lists a handful of sedans and sport utility vehicles with negative equity of $5,000 or more, including the Kia Sportage, Honda Accord, Toyota RAV4, Jeep Grand Cherokee, Nissan Rogue, and many others.

Often, negative equity is more about onerous financing structures than vehicle depreciation, said Ivan Drury, director of insights at Edmunds.

“Some of the biggest dollar losses we’re seeing are on trucks and sedans that traditionally hold their value better than most,” Drury said.

“When historically safe residual value bets are showing up underwater, it’s clear this is a financing problem, not always a vehicle choice problem. These examples are a harsh reminder that a great vehicle choice can still be completely undermined by a punishing loan structure.”

Tyler Durden Mon, 07/20/2026 - 11:40

US Gas Prices Cross Politically Sensitive $4 Level Closely Watched By Trump

The U.S. national average for a gallon of regular 87-octane gasoline has climbed back above the politically sensitive $4 threshold as U.S. military forces and Tehran enter a ninth day of tit-for-tat strikes. This level is significant because it is where fuel costs begin to alter spending and driving behavior among working-poor households, while also weighing more broadly on consumer sentiment, making it a key pressure point closely watched by the Trump administration ahead of the midterm election cycle.

Regular unleaded gasoline climbed above $4 a gallon on Monday, according to new data from the American Automobile Association, ending roughly one month below the politically sensitive threshold after the interim peace deal that temporarily eased Gulf area tensions.

With the U.S.-Iran conflict now caught in an escalation spiral and domestic retail fuel prices rising sharply, pressure on the Trump administration to pursue a diplomatic off-ramp is likely to intensify.

Brent crude futures jumped above $90 a barrel earlier - the highest since early June - but faded in European trading. There were reports earlier that Iran targeted tankers in the Hormuz chokepoint and a Kuwaiti oil facility was attacked.

Let's not forget: last week, the writing was on the wall.

• US Gasoline Prices Could Top $4 Per Gallon Within Days

Readers may recall that we detailed extensively how consumer behavior shifted when gas prices were above $4:

• Here's What Happened Inside Gas Stations When Gas Hit $4
• Here's What Happened Inside Convenience Stores When Gas Hit $4
• Energy Drinks Become Latest Casualty As Fuel Shock Shifts Consumer Behavior

We suggest readers revisit Daan Struyven, Goldman's leading commodity expert, on why gas prices are likely to remain elevated (read the note here).

Tyler Durden Mon, 07/20/2026 - 11:20

400+ Ukrainian Drones Launched On Moscow In One Of Biggest Attack Waves To Date

The Russian capital has been hit with a massive drone wave from Ukraine, which injured at least ten people - including three Chinese citizens - local authorities say.

Moscow Mayor Sergei Sobyanin has stated that more than 400 UAVs were launched toward Moscow and its suburbs overnight in one of the largest single raids since the war's start.

Reuters: Smoke billows after Ukrainian drone attacks in Podolsk, Moscow Region.

He described that most of the inbound drones were intercepted far from the capital, and that another 85 were downed as they got closer, but emerging images suggest there were some big strikes that landed. 

Russia's RT provided the following details, noting that the biggest impact was felt in the Moscow suburbs:

Two women were injured in Podolsk, while an 11-year-old girl in the Odintsovo district was diagnosed with an acute stress reaction but did not require hospitalization.

The main consequences of the raid were recorded in Podolsk, Domodedovo, and the Odintsovo urban district, Vorobyov said. Falling drones damaged several private homes and civilian infrastructure facilities and sparked multiple fires, he added.

In Odintsovo, a car and a private home were damaged, although no injuries were reported. In Podolsk, fires broke out and several civilian infrastructure sites were damaged, along with a private home in the village of Maloye Tolbino. 

Regions bordering Ukraine also came under heavy overnight attack from Ukraine, including Belgorod, Bryansk and Kursk. These oblasts have frequently been targeted throughout the years-long war. Nationwide, at least four people were killed and dozens more injured in the large-scale drone assault.

Ukraine's President Zelensky has long touted the effectiveness of the drone war on Russian oil depots and energy facilities, but by all appearances this fresh drone attack targeted civilian areas as well as general manufacturing centers. According to more from Russian media:

The same wave of strikes hit two logistics centers operated by the Russian online retailer Wildberries in Kotovsk, Tambov Region, and Elektrostal, near Moscow. The attacks killed eight people and injured dozens more, according to regional officials.

Wildberries, often called the Russian version of Amazon, is one of the country’s most popular online retailers. Kiev confirmed that it had deliberately targeted the warehouses, claiming they stored components used in drone and navigation equipment.

Crimea was also once again heavily targeted, with the Russian Defense Ministry saying it intercepted many drones over the peninsula between Sunday night and Monday.

Reuters: damage recorded in Podolsk & other areas of Moscow region...

Russian officials said air defenses repelled a drone attack on Moscow region, with 400 drones reportedly launched overnight and damage recorded in Podolsk and other areas https://t.co/dfaQPHMfFT pic.twitter.com/xmhFivKZlX

— Reuters (@Reuters) July 20, 2026

It seems this was Zelensky's 'answer' to the massive Russian ballistic missile attacks on Kiev of the last days.

While the Kremlin over the weekend boasted of new ground advances along the front lines, the war has been focused in the air of late. As for the Ukrainian capital, emergency crews have been scrambling on an almost nightly basis.

Concerning a weekend attack, "The Kyiv government said firefighters were responding to blazes in five different districts after the attack, one of the biggest in recent weeks, hit residential buildings, office and industrial sites, a dormitory and vehicles," The Independent described.

Tyler Durden Mon, 07/20/2026 - 11:00

Houthis Announce Blockade On Saudi Shipping, Threaten Drone & Missile Attacks On Kingdom

Yemen's Houthi rebels have announced they are imposing a new maritime embargo against Saudi Arabia in response for a recent attack on Sanaa Airport, and after years of the kingdom leading a blockade of Houthi-controlled Yemeni ports.

A military statement by Houthi spokesman Yahya Saree said the maritime ban on all Saudi shipping will be effective immediately in what he declared as an "equation of 'an eye for an eye.'"

via Middle East Eye

However, details of what this 'embargo' will look like, in terms of where or what chokepoints the Houthis might seek to blockade were not given.

Last week the Saudi-led coalition in Yemen attacked the Houthi-controlled Sanaa International Airport, threatening a fragile truce that has been in place since 2022. Saudi jets had prevented an Iranian passenger plane from landing there, after the US-Saudi recognized Yemeni government warned against any Iranian planes entering the divided country's airspace.

Within days of that incident, the Houthis reportedly sent missiles on Saudi Arabia - which was a first after years of relative peace. In addition to unveiling the anti-Saudi embargo, the Houthis spokesman warned that if the Saudi siege on Yemen is not lifted, then Houthi armed forces will move towards a full-scale war.

Saree declared, "if Saudi Arabia turns to all-out aggression against Yemen, all of Saudi Arabia's energy facilities and its vital facilities will be targets for missiles and drones."

He described that the blockade of Sanaa airport "is unacceptable and cannot be tolerated" - following the Iran airline incident. Saree vowed to retaliate "to the blockade with a blockade and to respond to all escalation with escalation."

July 13: Yemen's internationally recognized, Saudi-backed government says its forces targeted Sanaa Airport, under Houthi control, to prevent an Iranian aircraft from landing there...

ایرانی طیارے کی لینڈنگ روکنے کے لیے یمنی حکومت کی صنعا ہوائی اڈے پر بمباری

یمن کی بین الاقوامی طور پر تسلیم شدہ حکومت کا کہنا ہے کہ اس کی فورسز نے حوثیوں کے زیرِ کنٹرول صنعا ایئرپورٹ کو نشانہ بنایا تاکہ ایک ایرانی طیارے کو وہاں لینڈ کرنے سے روکا جا سکے۔#Yemen #Iran… pic.twitter.com/N8kugrBrn1

— Independent Urdu (@indyurdu) July 13, 2026

"The Yemeni Armed Forces affirm their complete readiness for all options and any foolish act committed by the reckless Saudi enemy," the statement continued.

"We call upon the people of our great nation to continue the general mobilization and general call to arms, and to be fully prepared for all scenarios and developments, and to support the fronts with fighters."

The "internationally recognized" Yemeni government has long been propped up by Saudi Arabia, the UAE, and the US, after a lengthy half-decade long UAE/Saudi/US coalition air war failed to dislodge Houthi power. The pro-Saudi government operates out of Aden in southern Yemen, after the country's president fled there a decade ago.

Earlier this month there had been an initial attempted Saudi warplane intercept of an Iranian civilian airliner, which was reportedly carrying Yemenis who had been stranded in Iran back to their home country.

BREAKING: Houthis of Yemen announce a a "maritime embargo" against Saudi Arabia, "effective immediately."

Saudi Arabia has until now exported ~4.5m b/d from Yanbu in the Red Sea, most of it heading South throughout the Bab al-Mandab Strait between Yemen and Djibouti-Eritrea pic.twitter.com/c96Apzh9As

— Javier Blas (@JavierBlas) July 20, 2026

The Houthis at the time of the prior incident said it was "breaking the Saudi-American siege on our people and expelling the occupiers."

As we featured previously, since 2015 Saudi Arabia has imposed a blockade on Yemen's land, sea, and air ports, severely restricting vital commercial and humanitarian imports, including fuel and food.

Tyler Durden Mon, 07/20/2026 - 10:25

Texas PUC Approves "Ride-Through" Rules For Data Centers

By Diana DiGangi of UtilityDive,

The Texas Public Utility Commission on Thursday unanimously approved rules that will require large computational loads, like data centers and crypto-mining facilities, within the Electric Reliability Council of Texas footprint to stay stable and connected to the grid through disruptions.

Modern computational loads, Kenteel Engineering said in a June blog, are “engineered to protect extremely sensitive and expensive equipment,” and during a voltage dip are programmed to disconnect or enter momentary cessation.

However, this presents a reliability problem, Kenteel Engineering said, as when “several hundred — or several thousand — megawatts of computational load all detect the same sag and drop simultaneously, the grid experiences a sudden, large loss of demand.”

“As LCLs increase on the ERCOT System, similar events would be expected to increase in magnitude and frequency, leading to frequency instability and other reliability problems absent frequency and voltage ride-through requirements,” the Texas PUC rules state. 

The rules don’t immediately penalize facilities that fail to ride through a qualifying event, Kenteel Engineering noted, but instead put them “on the clock” to investigate and report the root cause within 90 days of ERCOT’s request, “develop a corrective plan within 90 days of completing that investigation, and implement the approved plan within 180 days unless ERCOT grants more time.”

“Overriding all of that, if ERCOT judges that continued operation poses an imminent risk to local or system reliability, it can order the [large electric load] — and keep it disconnected — until the Customer demonstrates compliance to ERCOT’s satisfaction,” Kenteel Engineering said.

In comments, the Data Center Coalition argued that the PUC lacks the statutory authority to “impose the binding and ongoing operational requirements contained in [the rules] directly on retail customers — a category of entity that the Legislature deliberately excluded from ERCOT’s authority.” 

Texas Industrial Energy Consumers made similar comments, writing, “Unlike Market Participants who must agree to comply with and be bound by all ERCOT Protocols as a condition of participating in the wholesale market, pure retail loads have made no such commitment and have no such obligation.”

TIEC also argued that ERCOT lacks the expertise to “develop reasonable operational requirements for complex, costly manufacturing equipment. It is completely inappropriate to give ERCOT the ability to directly regulate businesses who are not participating in the wholesale market and are not otherwise regulated entities.”

In a staff memo from the PUC’s R. Floyd Walker, senior counsel with the commission’s market analysis division, Walker dismissed concerns over the PUC’s authority. Those commenters “seem to be working under the assumption that explicitly statutory authority is required,” he wrote. “Staff respectfully submits that delegated authority is sufficient.”

“There is no debate that voltage and frequency excursions on the transmission network create reliability concerns, which increase with the interconnection of each new large computational load,” Walker said. “Accordingly, if approved by the Commission, the provisions of [the rules] would be within ERCOT’s authority by virtue of that approval.”

Comments from the Texas Blockchain Council argued that proposed mitigation approaches for LCLs, such as the installation of dedicated battery storage, “are neither practical nor economical at scale.”

“While battery solutions have been suggested, we are not aware of any that have been successfully tested or deployed at the scale required for [LCLs],” the group wrote. “Even if pursued, mandating dedicated batteries for each facility would be unlikely to fully resolve the underlying technical challenges and would impose substantial costs, currently estimated at more than $1.6 million per MW, making such an approach economically prohibitive for most operations.”

ERCOT staff approved of the rules, writing in a market impact statement that they provide “necessary requirements to reduce the reliability risk posed by LCLs unexpectedly tripping or transferring to backup generation when frequency and voltage excursions within a specified range occur.”

In official comments, ERCOT wrote that LCL loss wasn’t a hypothetical, and ERCOT “has experienced 28 events involving LCL trips of at least 100 MW due to voltage and frequency excursions since the beginning of 2023. This risk will increase exponentially with the significant growth of LCLs expected in the ERCOT Region.”

Developers have requested studies for more than 438 GW of large load projects within ERCOT’s footprint, and “even if only a small fraction of these projects materialize, this will significantly increase the risk that cascading outages could occur due to LCL failures to ride through typical voltage or frequency disturbances,” ERCOT said.

Tyler Durden Mon, 07/20/2026 - 10:10

"I'm Not Living In Communist America": Bill Maher Blasts Marxist DSA Democrats, Says He May Vote For JD Vance

"I'm not living in Communist America… I've read the quotes from the DSA platform, from their own mouths. Don't tell me I'm not seeing what I am seeing," Bill Maher told ABC News' Jonathan Karl in an exclusive interview that aired on Sunday.

Bill Maher: “I’m not living in Communist America… I’ve read the quotes from the DSA platform, from their own mouths. Don’t tell me I’m not seeing what I am seeing.” pic.twitter.com/grWslcyxD9

— America (@america) July 19, 2026

Karl asked Maher, "Could you see yourself voting for JD Vance?"

Maher responded: "Yes. If this is the Democratic side, yes."

Establishment Democrats are freaking out over the Democratic Socialists of America's attempted hijacking of their party because this anti-American, far-left Marxist movement, with possible ties to foreign subversion, risks dooming the party in the midterms and beyond.

The problem for Democrats is that years of letting socialists and Marxists into their DEI kingdom have only now produced dire consequences. Status quo Democrats are watching their power evaporate as DSA candidates defeat mainstream Democrats in primaries across New York, Colorado, Pennsylvania, and other states.

About two weeks ago, Mark Penn, the former Clinton adviser and White House pollster, used a recent Wall Street Journal op-ed to sound the alarm over the rise of DSA.

Penn warned: "Lawmakers, law-enforcement agencies and journalists should investigate the DSA to see if it is being funded by foreign governments and interests."

Then Jamie Metzl, who served in the Clinton White House, sounded the alarm about DSA in an X post, stating, "Every Democrat and every American should recognize that the DSA represents a fundamental threat to our party and our country."

I am a lifelong Democrat. I served on President Clinton’s National Security Council and in the State Department under Madeleine Albright. I am also a lifelong human rights and civil rights advocate.

But every Democrat and every American should recognize that the DSA represents a…

— Jamie Metzl (@JamieMetzl) July 18, 2026

Why is DSA a liability for Democrats? Well, their agenda is to destroy America:

DSA leaders promote "destroying America from within" ...

Another DSA member says she is totally fine with national socialists. National socialists are commonly known as Nazis.

White DSA Member Inadvertently Exposes Socialist Playbook: "Secret Nazis" Are Fine If They Advance Agenda https://t.co/BqzDHEYQjs

— zerohedge (@zerohedge) July 19, 2026

New polling indicates that Americans across the political spectrum overwhelmingly reject communism, reinforcing the view that the DSA represents a major political liability for Democrats.

The anti-American Marxist movement's growing influence also comes as the State Department intensifies efforts to identify and dismantle far-left extremist organizations seeking to undermine the country in subversion efforts.

Tyler Durden Mon, 07/20/2026 - 09:40