Aggregator

It’s likely enough to keep oil in the high $70s to low $80s for the rest of the year – but there’s very little room for error, according to experts.

Sip happens.

“I broke down completely. She was back with me. A piece of my heart was back with me,”  Vanessa Antonino said of her reunion with the now 16-year-old pooch.

Truths And Omissions As US Hits $40 Trillion In Debt

Authored by Veronique de Rugy via The Epoch Times,

The U.S. national debt just crossed the $40 trillion threshold, doubling in less than a decade. Washington politicians have responded with their favorite fiscal game: blaming the other party. Democrats say Republican tax cuts are the culprit. Republicans say Democratic spending is the root cause. But both parties are responsible, with both hiding behind a lie of omission. And if we let them, they'll keep driving us into the same wall together.

Sen. Patty Murray (D-Wash.) recently called Republican tax cuts "the single biggest driver" of the debt across the last 25 years. The number uses an unrealistic 2001 baseline that projected endless surpluses, as if the late-1990s revenue windfall would last forever. The Brookings Institution's Jessica Riedl makes a more honest comparison by lining up the actual budget in 2000 against 2026. Tax cuts have reduced revenue by roughly 2 percent of gross domestic product. Spending rose by 5.7 percent, nearly three times as much.

Tax cuts can be great, especially when structured to move us toward a better overall tax code. But they are not free and often do not pay for themselves, largely because they come with lots of nonproductive handouts to special interests.

Yet the fact of the matter is that despite every tax cut since 2001, revenue today sits near its long-run average as a share of the GDP. With spending climbing nearly six points, we know exactly where the problem lies.

The Congressional Budget Office projects federal spending to rise further, from 23.3 percent of GDP this year to 24.4 percent in 2036. For those paying attention, the drivers won't come as a surprise: entitlement programs and interest payments. Discretionary spending, defense included, is poised to shrink relative to GDP. Revenue holds near its average.

But while Republicans blame Democrats for expanding spending, they have joyfully participated. As David Stockman documented in his 1986 book, "The Triumph of Politics," the Reagan Revolution failed to truly reform welfare and entitlement spending because Republicans were active in their expansion in the decades before.

More recently, Republicans who spent years complaining about Obamacare have failed to abolish it, let alone reform its finances. Today, you don't hear a peep out of Republicans about reforming Social Security and Medicare, though they have made some cosmetic adjustments to Medicaid and SNAP as they were cutting taxes.

This is not new. About 26 years ago, Social Security's trustees were already projecting the trust funds to run dry in 2037, after which payroll taxes would cover only 72 percent of benefits. Today, the trustees expect the old-age fund to be depleted by around 2032, covering about 77 percent of benefits thereafter. And we have always known why: longer lives, lower birth rates, fewer workers per retiree. Maintaining these benefits without crushing taxes was always going to mean a lot of debt.

Medicare's Hospital Insurance fund is estimated to run dry around the same time. But as the Hoover Institution's Tom Church notes, Medicare's real fiscal problem is that we now rely on general revenue to cover more than half of its outlays. This amounts to roughly $10 trillion over 2026-2035, mostly from Part B (a medical insurance program for outpatient and doctors' visits). That's huge, but it's not news, either.

All of this has frustrated me for years. Those of us warning about debt have been dismissed as primitives. When interest rates were low, debt was cheap. We were assured that if growth beat the borrowing rate, we could roll it over almost for free. The reality is that even low rates on explosive debt aren't cheap, and there was little chance that rates would stay low forever.

Here's what the low-rate crowd never understood, and what this decade's inflation should have taught everyone: Government debt is a promise to run future surpluses. The market expects no less, and thus, the debt's real value depends on whether investors believe that promise.

When Washington dropped roughly $5 trillion in pandemic dollars into the economy with no plan to pay for any of it, investors reappraised this promise and the price level adjusted. The inflation of 2021 and 2022 was not an unlucky storm. It was the market's response to a government taking on debt it didn't have fiscal backing for. Higher interest rates followed, and we are still living with them.

That's the risk Washington is not pricing into its complacency. The danger of an unreformed entitlement state is about more than interest payments crowding out the rest of the budget. It's that bondholders will stop believing future surpluses will materialize, and the adjustment comes through the price level again. Unfunded Social Security and Medicare promises are, in effect, a standing commitment to more debt and future inflation.

So, the question is whether the politicians who claim to be alarmed by the crossing of this threshold will stand up and turn the tide of red ink heading our way.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.

Tyler Durden Fri, 08/28/2026 - 13:45

Welcome to the California Post’s weekly Dodgers recap, where we review the week that was, hand out very official awards and take stock of the state of the season.

The Los Angeles Rams’ reunion with Tutu Atwell carried an obvious implication: Was the team preparing to be without Puka Nacua? Sean McVay insists the timing was coincidental. The Rams reacquired Atwell, their second-round pick in 2021, from the Miami Dolphins for running back Jarquez Hunter on Thursday amid questions about a potential Nacua suspension...

Your Amazon packages could soon take longer to be delivered and cost more.

Russell Crowe can't be playing Ted Kaczynski, can he?!

Yankees prospect Luis Durango went viral for his unique softball-like style at the plate that was highlighted by his strong start at Double-A Somerset. NY Post’s Tommy Hogan spoke to the 23-year-old outfielder about how he learned that style, what the organization has helped him unlock since being selected in the Rule 5 Draft and...

“Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime,” Secretary Scott Bessent said in a statement. 

The cyclosporiasis outbreak is one of the largest foodborne illness events in recent US history.

GTA 6 Leak, Netflix Preview Ignite Frenzy As BMO Declares "Gaming's Super Bowl Moment" Nears

Ahead of Rockstar Games' first official extended preview of Grand Theft Auto 6 on Netflix on Thursday, which overwhelmed the streaming platform and generated largely positive reactions from players around the world, a person or group operating under the name "Cyberleek" dumped a series of GTA 6 leaks onto social media - which a nontrivial number of people think is a marketing ploy.

Cyberleek published a steady stream of GTA 6 footage over the past week, providing players with an unofficial preview shortly before Rockstar's planned gameplay presentation on Thursday.

Cyberleek lost by forcing Rockstar's hands to release the extended look proving that he has the recent build of the game which looked dogshit https://t.co/Wq2S4AqsLc

— Momoi Saiba Official (@Peach_Fightr) August 28, 2026

The leaks threatened to overshadow the official debut of a video game that players have been awaiting for nearly 13 years. Or did they?

🚨 NOTICIA DE ULTIMO MINUTO 🚨 Cyberleek, el hacker que filtró los gameplays de GTA VI podria ser una campaña de marketing de Rockstar Games.

Vamos con las pruebas 👇

He hecho una investigación exhaustiva 🧵 (con datos REALES, esto no me lo invento)

1/ Repasemos el timeline:… pic.twitter.com/fY19hUNH56

— DannyTheUber (@DannyTheUber) August 25, 2026

CNBC described Rockstar's decision to preview GTA 6 on Netflix as a "rare move." The overwhelming traffic that briefly disrupted the platform indicated high usage levels and provided a positive demand signal for the game.

"Some members briefly experienced an issue accessing Netflix, but we quickly recovered," Netflix told CNBC.

Watch Grand Theft Auto VI: An Extended Look.

Now available on YouTube and the Grand Theft Auto VI official site:https://t.co/ePUmxB65kZhttps://t.co/9koqQnih7a pic.twitter.com/a5rAnaHufK

— Rockstar Games (@RockstarGames) August 28, 2026

Christopher Dring, editor-in-chief and co-founder of analysis firm The Game Business, told CNBC's "Squawk Box Europe" earlier today that he had "never seen Netflix do anything where they put a game on display, and it just shows the power of this particular title. It's in a league of its own."

Morgan Stanley and JPMorgan reiterated their bullish views on Take-Two (Rockstar Games' owner), citing rising interest from institutional and retail investors ahead of what BMO Capital analysts described as "gaming's Super Bowl moment."

Wells Fargo was more cautious. The bank said the trailer only modestly increased its unit-sales expectations and warned that Take-Two may need positive news about the next version of GTA Online to secure a sustained valuation rerating. A launch delay or weaker-than-expected sales remain the primary downside risks.

BMO Capital analysts summed up the developments around GTA 6, from leaks to the Netflix preview:

GTA VI An Extended Look: Gaming's Super Bowl Moment Is Just Around the Corner

Bottom Line:

TTWO released a 27-minute An Extended Look today at 3 p.m. ET exclusively on NFLX, with a broader rollout on YouTube and other platforms at 9 p.m. ET. The special preview was partially spoiled by widespread gameplay leaks, which we do not expect to adversely impact unit sales. An Extended Look confirmed the high-quality gameplay and transformative cinematic experience that we believe will propel GTA VI to become the biggest video game of all time.

Reiterate Outperform, Top-Pick, and $285 Target Price. We maintain Street-high FY27E Bookings of $10.6B.

Key Points

Leakers Spoiled the Surprise, as An Extended Look Confirmed High-Quality Gameplay

We do not expect recent GTA VI gameplay leaks to adversely impact GTA VI unit sales. Today's GTA VI: An Extended Look underscored high-quality gameplay that exceeded our elevated expectations, delivering a true cinematic experience that should deeply engage audiences. We believe the 27 minutes of gameplay barely scratches the surface of the content available at launch. Notably, we see a deepening relationship between NFLX and TTWO, as well as attractive/synergistic opportunities in transmedia.

Management Has Talked Down Ads, But We See a Real Opportunity Over Time

While management has historically shunned embedding advertisements in paid game experiences, we couldn't help but notice seamless opportunities for brands to be organically embedded in ways that enhance gameplay. We view advertising as a real high-margin call option for TTWO in the longer term.

Our Street-High Estimates Remain Unchanged

Our $10.6B FY27E Bookings estimate is 26% above consensus and 29% above the high-end of guidance, primarily driven by our GTA VI analysis. We model FY27E GTA VI full game unit sales of 55M x $59 ASP = $3.25B in FY27E full game GTA VI Bookings vs. consensus 39M units x $58.25 = $2.27B. Our model assumes GTA Online will contribute ~$0.75B in F2H27E Bookings.

Is TTWO Becoming a Sell-the-News Story?

Investors are increasingly viewing TTWO as a sell-the-news investment thesis, suggesting shares may struggle to meaningfully outperform post-game launch on November 19. We highlight that during the GTA V launch, TTWO shares did not meaningfully outperform until ~6 months post-launch. However, we believe investors with duration should accumulate shares, particularly using any potential sell-the-news events as opportunities to own a best-in-class multi-year growth story.

Tyler Durden Fri, 08/28/2026 - 13:25

“I knew people on the stand,” a 27-year-old receptionist at the Hilton Garden Inn told The Post.

When most people are done eating the sweet, juicy flesh of a watermelon, they toss the rind.

Free Speech Advocates Rally At California Capitol Against 'Stop Nick Shirley Act'

Authored by Jill McLaughlin via The Epoch Times,

Tensions flared at the California state Capitol in Sacramento on Aug. 26 as free speech advocates rallied to overturn a new state law they dubbed the "Stop Nick Shirley Act" signed by Gov. Gavin Newsom last week.

Utah independent journalist Nick Shirley joined Republican state lawmakers and hundreds of supporters speaking out against what they said was a violation of their rights.

🚨 California desperately wants change and transparency when it comes their tax dollars being defrauded and wasted by corrupt politicians.

No more lack of accountability or billions of tax dollars lost and stolen. No more money-laundering schemes through NGOs, nonprofits, and… pic.twitter.com/ws3e6GvTa7

— Nick shirley (@nickshirleyy) August 27, 2026

The legislation signed by Newsom on Aug. 22 expands an existing program created to protect domestic violence victims to include immigrant service workers, making it illegal to post, display, disclose, or distribute the personal information or image of any designated immigration support services provider, employee, or volunteer, or other individuals residing at the same home address, with the intent to harass, dox, or threaten them.

Anyone who violates the law faces a minimum fine of $4,000 and a maximum of three times the damages amount awarded by a jury. The law goes into effect Oct 1, 2027.

Newsom's office denied claims the legislation targeted Shirley and his investigations.

Shirley published his first California-related video on March 16 after his team uncovered over $170 million in alleged fraud tied to a daycare and hospice care system in the state.

Shirley, who joined the rally, said there was no need for the bill.

"Here in California, the politicians instead of going after the fraudsters, they've now gone after those that are going to expose the fraud," Shirley told the crowd.

Some state lawmakers have also come out against the new law, officially titled "Assembly Bill 2624 Privacy for immigration support services providers."

"In America, we have a right to free speech and the freedom of the press," Republican state Sen. Tony Strickland, whose district is mostly made up of Orange County cities, told the crowd.

"And every citizen has a right to challenge how their money is being spent in the state of California."

Republican Assemblyman Carl DeMaio of San Diego County said the law will end up in court.

"I'm asking the U.S. Department of Justice Civil Rights Division to intervene to block implementation of the Stop Nick Shirley Act," DeMaio said in a video on X. "The DOJ can take cases up that infringe on constitutional rights. They can haul California into court and defend our First Amendment rights. One way or another, we're taking this to court."

Newsom's spokeswoman Diana Crofts-Pelayo told The Epoch Times in an email: "The real controversy here is that MAGA Republicans are either lying to create up fake conspiracy theories, or none of them know how to read."

The governor's office and supporters of the legislation claim the bill only allows immigration service providers the ability to hide their personal information from the public to protect themselves from getting exposed or harassed.

Democratic Assemblywoman Mia Bonta, whose district is in the Bay Area, introduced the bill on Feb. 20, one month after Shirley first publicly announced he was targeting fraud in California during a Jan. 21 congressional hearing on Minnesota fraud.

Bonta said she had no idea who Shirley was before she submitted the legislation, telling KRCA in April she didn't "live in the same spaces in social media" where Shirley's people were.

Bonta's husband, California Attorney General Rob Bonta, had already filed lawsuits with Minnesota's attorney general against the Trump administration after millions in fraud were uncovered in Minnesota following Shirley's investigations in December.

Attorney General Bonta has also led an unprecedented legal fight against the Trump administration during President Donald Trump's second term, filing 82 major lawsuits and more than 120 briefs supporting other legal actions.

"Since President Trump returned to office, California has been under attack - and has led the way in fighting back," the attorney general said Aug. 4.

In his remarks Wednesday, Shirley told the crowd that the new law created a protected class of people within state government and gives them special privileges by excluding them from having to disclose their information to the public.

Here is the New York Times realizing they are advocating for a law that would would effect journalism and fraud from being exposed pic.twitter.com/AQ88oUZziu

— Nick shirley (@nickshirleyy) August 27, 2026

Politicians have learned they can use immigrant communities and nonprofits to funnel millions upon millions of tax dollars into nonprofit organizations, Shirley said.

"Now, they want to prohibit people from being able to go and film these locations to expose it," he said.

The Pacific Justice Institute spoke at the rally and said they planned to help challenge the law in court.

"The purpose of this legislation - the goal of it is very clear - is to intimidate you not to investigate. Not to report. To go home in fear," said Brad Dacus, president of the institute.

The institute pledged to defend anyone in court fined by the state under the new law.

Tyler Durden Fri, 08/28/2026 - 13:05

There has been a change of heart.

The ceremony marked the official launch of the 2026 Inc. 5000, with Inc. editor-in-chief Mike Hofman ringing Nasdaq’s Opening Bell.

Costco is now offering delivery for its famous sheet cakes and party platters, giving shoppers a major convenience perk when ordering customizable items.

Alessandro Duico and Lora Fahmy built elephantroom to answer a plain question: will the room actually work when the furniture arrives?

Locals tore down tents, threw migrants’ belongings into the sea and lit a bonfire while waving Spanish flags on a Ceuta beach on August 28th.