For the first time in more than a decade, the New York Federal Reserve Bank announced Tuesday it was pumping billions of dollars into financial markets to keep short-term interest rates in line with the Federal Reserve's target range. The operations -- one early Tuesday and another scheduled for Wednesday morning -- came on the eve of a Fed decision that economists widely expect will result in a lower target range. The target range influences the cost of borrowing across the financial system.
The Trump administration is poised to revoke California's authority to set auto mileage standards, asserting that only the federal government has the power to regulate greenhouse gas emissions and fuel economy. Conservative and free-market groups have been asked to attend a formal announcement of the rollback set for Wednesday afternoon at Environmental Protection Agency headquarters in Washington. Gloria Bergquist, spokeswoman for the Alliance of Automobile Manufacturers, said Tuesday that her group was among those invited to the event featuring EPA Administrator Andrew Wheeler and Transportation Secretary Elaine Chao.
According to a leaked draft of Michigan’s potential “emergency” anti-vaping rules, it looks like I very well may be going to prison the next time I travel to my home state.According to a piece in the Detroit News -- co-written by Jesse Kelley, a criminal-defense attorney and the government-affairs manager for criminal justice at the right-leaning R Street Institute; and Carrie Wade, the director of harm-reduction policy at the same organization -- the new rules may very well mean serious trouble for adults who choose to vape. Not only do they completely ban all flavored electronic tobacco products, but they also lay out some pretty stiff penalties for those who fail to comply. Specifically, they declare anyone possessing four or more flavored vape products to be “presumed to possess said items with the intent to sell,” an offense that is punishable by a fine and six months of imprisonment per item.In other words: Simply because I happen to enjoy mango-flavored things, the typical contents of my purse could easily result in me being locked up in the slammer.See, as Kelley and Wade note, many e-cigarette systems’ pods -- including the popular Juul pods, which I happen to use myself -- are sold in packs of four. So, basically, having ownership of even a single pack of the pods would be considered license to imprison me for half of a year.Now, it’s not clear exactly what the rules mean when they state “per item.” It’s not clear whether or not you’d be punished for slightly longer than six months if you had, say, five pods on you but not eight, or if the punishments would only be doled out in six-month increments per four pods.In any case, Wade maintains that the rules represent either a lack of knowledge about how pods are sold -- or a well-informed, purposeful plan to allow imprisoning people for the possession of a single pack.“It seems like the people who wrote these rules don’t actually know anything about Juul and how they’re sold,” Wade told me in a phone interview on Tuesday. “Or they do, and picking that number was deliberate.”These rules -- which, no doubt, were drafted under the guise of “public health” -- could quite easily end up having a detrimental effect on the well-being of Michiganders. How? Well, they could lead to people choosing to smoke traditional, combustible cigarettes instead. This isn’t just my personal prediction either. It’s actually also the view of San Francisco’s top economist, who predicted that the city’s vaping ban would have exactly that result for its residents.This is dangerous because e-cigarettes (although not probably not completely harmless) are widely accepted to be safer than combustible ones, with a Harvard study declaring that they are “almost certainly less lethal than conventional cigarettes.” In fact, Wade told me that, according to her research, they are approximately 95 percent less harmful -- citing, specifically, a Public Health England study.Despite these facts, however, many public officials -- including even the president -- have been scrambling to limit the availability of vaping products, often citing that it’s become a crisis among young people. Furthermore, the fight against these items seems to be gaining more support as the media reports more instances of them causing a mysterious lung illness, which has resulted in a reported seven deaths.The truth is, however, the war against flavored nicotine pods in response to these illnesses is rooted more in media hysteria than in actual reality. See, when media report on these illnesses or deaths, they often state in the headlines that they were due to, simply, “vaping” -- without making any mention of what drug the person had been vaping, or how he had obtained the pod or juice. This has resulted in many people being misled to believe that the problems are coming from vaping legal nicotine products, despite the fact that the vast majority of them have come from people vaping black-market THC products containing Vitamin E. Wade took it a step further, telling me that, in her professional opinion, all of the illnesses are almost certainly due to THC.“It would surprise me if any of this was nicotine,” she said.Wade explained her reasoning to me, saying that people may be simply “hesitant to admit” to the CDC that they had been using a marijuana product, especially if they are minors. She added that, due to the differences in chemical properties between nicotine and THC, she doesn’t “see a need for [the problematic] type of chemical to be in a nicotine product” period.Basically, it seems as though most of the issues are clearly due to prohibition -- and yet, the ever-wise government has decided to respond with . . . more prohibition? Honestly, I can’t even begin to try and wrap my head around how stupid that is.In any case, when it comes to Michigan specifically, there may still be some hope. As Kelley and Wade note, the new, draconian rules have yet to be finalized -- and hopefully, they never will be. Hopefully, government officials in the state will remember the importance of things like “personal freedom” and “harm reduction,” and reject things like “regulation in response to media hysteria.” Hopefully, Michigan governor Gretchen Whitmer (who claims to be doing this for the sake of keeping “kids safe”) will remember that in her state, 17-year-olds are tried as adults, and realize that, in most cases, a kid is going to be less safe in prison than he’d be at home with a Juul pod.If not? Well, then I guess I hope all of you will come visit me when I wind up behind bars.
(Bloomberg) -- Adobe Inc. gave a revenue forecast for the current period that fell short of Wall Street estimates, signaling slower sales growth for its newer marketing products.Revenue will be about $2.97 billion in the period ending in November, the San Jose, California-based company said Tuesday in a statement. Analysts projected $3.02 billion, according to data compiled by Bloomberg.Chief Executive Officer Shantanu Narayen has made several acquisitions in the past two years for marketing and e-commerce products to boost revenue, which has climbed at least 20% each quarter since 2015. While the company has put more emphasis on corporate applications to compete with rivals Salesforce.com Inc. and Oracle Corp., it also recently unveiled new augmented reality and 3D-imaging technology to maintain its advantage as the leader in creative software such as its flagship product, Photoshop.Sales from Adobe’s experience cloud division, which includes marketing, analytics and e-commerce tools, are projected to increase 23% in the current period after climbing 34% in the fiscal third quarter. Executives said products gained from its 2018 acquisition of Marketo aren’t growing as fast as anticipated. Adobe plans to invest more money to boost sales in the unit, according to prepared remarks from Chief Financial Officer John Murphy.Murphy said Adobe also has had challenges generating bookings for its Analytics Cloud, which sits atop a new Experience Platform meant to connect clients’ data. The company believes the ongoing global introduction of the software platform will lift revenue, he said.Adobe’s shares declined about 3% in extended trading after closing at $284.69 in New York. The stock has climbed 26% this year after a 29% gain in 2018.Profit, excluding some items, will be $2.25 per share in current quarter, the company said. Analysts estimated $2.30 a share.In the period ended Aug. 30, sales jumped 24% to $2.83 billion from a year earlier. Adjusted profit was $2.05 a share. Analysts projected profit of $1.97 a share on revenue of $2.82 billion.Sales in the creative cloud division, which includes Photoshop, jumped 22% to $1.96 billion in the quarter and are projected to increase 20% in the current period.(Updates with additional details on experience cloud’s slower growth in fifth paragraph.)To contact the reporter on this story: Nico Grant in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Andrew Pollack, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bank of England Governor Mark Carney could be asked to extend his term if Brexit is delayed again, according to the report. Ministers are not likely to meet the British government's deadline of announcing Carney's successor this autumn, the report added. The process of the choosing the next governor is going "very slowly" and an expected election in November or December makes it likely that the appointment will not be made until a new government was in place, according to the report.
A judge cleared the way Tuesday for OxyContin maker Purdue Pharma to stay in business while it pursues bankruptcy protection and settlement of more than 2,600 lawsuits filed against it in a reckoning over the opioid crisis. At the first court hearing since the Chapter 11 filing late Sunday, Purdue lawyers secured permission for the multibillion-dollar company based in Stamford, Connecticut, to maintain business as usual — paying employees and vendors, supplying pills to distributors, and keeping current on taxes and insurance. The continued viability of Purdue is a key component of the company's settlement offer, which could be worth up to $12 billion over time.
Profit at FedEx fell 11% in its fiscal first quarter, as the package delivery company was buffeted by slower economic growth and the loss of business from retail giant Amazon. FedEx Corp. shares dropped sharply in after-hours trading. FedEx is also raising prices.
Confronted by the 2,246 fetal remains found on the property of the late Dr. Ulrich Klopfer, the pro-choice contingent might, I had hoped, finally wrestle with the gruesome and indefensible reality of the “medical procedure” they so champion.I immediately thought of George Orwell’s “A Hanging,” an essay that has long held a profound, if morbid, charm. Orwell — writing sans pseudonym, as Eric Blair — purports to record a Burmese execution, describing the affair with deft and an almost sordid candor. He depicts the condemned’s resolute and unremarkable saunter as he prepares to ascend the gibbet: “He walked clumsily with his bound arms, but quite steadily, with that bobbing gait of the Indian who never straightens his knees” — Orwell, you’ll forgive, wrote this in 1931 — “And once, in spite of the men who gripped him by each shoulder, he stepped slightly aside to avoid a puddle on the path.” This last observation and its painful ironies — a man, mere footsteps from the gallows where he will meet his demise, making a deliberate effort to avoid a puddle — hit Orwell square, forcing him to make mental retreat from the clinical decorum of state executions:> It is curious, but till that moment I had never realized what it means to destroy a healthy, conscious man. When I saw the prisoner step aside to avoid the puddle, I saw the mystery, the unspeakable wrongness, of cutting a life short when it is in full tide. This man was not dying, he was alive just as we were alive. All the organs of his body were working — bowels digesting food, skin renewing itself, nails growing, tissues forming — all toiling away in solemn foolery. His nails would still be growing when he stood on the drop, when he was falling through the air with a tenth of a second to live. His eyes saw the yellow gravel and the grey walls, and his brain still remembered, foresaw, reasoned — reasoned even about puddles. He and we were a party of men walking together, seeing, hearing, feeling, understanding the same world; and in two minutes, with a sudden snap, one of us would be gone — one mind less, one world less.I had hoped that someone would again consider Orwell’s “what it means to destroy,” but “to destroy,” instead of a wayward Burmese expat, the more than 2,200 preborn infants in Will County. The subject being destroyed, I thought, is far more sympathetic in the latter.But epiphanic moments are not had without obstacle, particularly when decades of well-massaged narratives are at stake. Consider the New York Times’ 516-word (!) write-up, astounding as much for what it said as for what it didn’t. After a few paragraphs providing background information — indeed, there is no further mention of fetal remains after the story’s 180th word — the piece is an examination of ancillary questions about Klopfer’s licensure. The closing words, by intention or not, obscure the reason this is news at all: the extralegal mortuary he housed on his property. The Times first notes that Klopfer’s “license was suspended for failure to keep abreast of current professional theory or practice, according to Indiana state records.” Later, it adds that Klopfer “had a practice in South Bend, Ind., and was also licensed to practice in Illinois but his license to practice there expired in the 1990s, according to state records.” Finally, it parrots a report, by the Journal Gazette of Fort Wayne, Ind., “that Dr. Klopfer received a six-month license suspension in 2016 after a hearing with the Indiana Medical Licensing Board.” A question begged but never asked: Why does the status of Klopfer’s medical license receive nearly the same amount of coverage as the thousands of corpses found on his property?The piece ends with the words of the late Dr. Klopfer — the man on whose property, you’ll recall, police discovered the well-preserved corpses of more than 2,000 preborn infants — at a 2016 hearing:> “Women get pregnant, men don’t,” Dr. Klopfer said during the hearing. “We need to respect women making a decision that they think is best in their life. I’m not here to dictate to anybody. I’m not here to judge anybody.”The story and its equivocal coverage tell us comparatively little about the moral demerits of Ulrich Klupfer. It speaks most pointedly about abortion itself — that the need that media feel to use such evasion and euphemism betrays the barbarity of an act sanctioned by half of the country. Known by all but never stated: These weren’t appendices or malignant tumors on the doctor’s property; they were unmistakably human corpses. This is the one fact in the story that cannot be stated plainly, lest one take Orwell’s transcendent step outside the banality of the moment to ask, What exactly is it I’m witnessing? Could it be that the standard canon of euphemisms — “women’s rights,” “reproductive health,” “choice,” “a woman’s body,” "bodily autonomy” — are just lies?Whatever the latent symbolism in a Burmese expat avoiding a puddle as he makes his last 13 steps towards the gallows, it cannot touch the condensed symbolism of this story. The evasion of the media toward this depraved sight, of thousands of small children mummified in a man’s house like a bookshelved collection of tchotchkes, is itself a perfect simulacrum of abortion in toto.All part, no doubt, of “what it means to destroy” a fetus.
Former Trump campaign manager Corey Lewandowski testified Tuesday before the House Judiciary Committee in a public hearing on presidential obstruction that quickly devolved into chaos, as Democrats and Republicans sniped at both one another and the witness.Lewandowski began his testimony on a combative note, slamming the Committee's investigation into whether there are grounds to impeach President Trump as partisan."Sadly, the country spent over three years and 40 million taxpayer dollars on these investigations. It is now clear the investigation was populated by many Trump haters who had their own agenda — to try and take down a duly elected president of the United States," Lewandowski said during his opening statement. "As for actual 'collusion,' or 'conspiracy,' there was none. What there has been, however, is harassment of the president from the day he won the election."Special Counsel Robert Mueller's report detailed a communication from Trump to Lewandowski, who was fired from the Trump campaign in 2016 but remained close to the president, requesting that Lewandowski ask then-attorney general Jeff Sessions to limit what later became the Mueller probe, a message the former campaign manager never delivered. But Mueller opted not to charge Trump with obstruction of justice over his intended message to Sessions as well as several other communications that caused alarm among critics.Lewandowski exasperated Democratic Committee members by refusing to answer questions about his communications with the president or any matter not included in the Mueller report, per the White House's request. Chairman Jerry Nadler at one point invoked Richard Nixon's impeachment, reminding Lewandowski that the former president was impeached in part on charges of obstructing congressional oversight."Mr. Lewandowski, when you refuse to answer these questions, you are obstructing the work of our committee," Nadler said. "You are also proving our point for the American people to see: The president is intent on obstructing our legitimate oversight. You are aiding him in that obstruction. And I will remind you that Article 3 of the impeachment against President Nixon was based on obstruction of Congress. You are instructed to answer the questions."Nadler also accused Lewandowski of "filibustering" when he asked for a copy of the Mueller report. Minutes later, Representative Doug Collins, the committee's ranking Republican, called a point of order when Nadler spoke past his time limit, but Democrats voted him down.Lewandowski has previously testified twice before the House Intelligence Committee regarding the Committee's Russia investigation.
Google and Apple are among those betting on the country as groups seek trade war haven
China’s tightening grip provokes unrest and hurts the territory’s business reputation
Under new federal rules, pork companies can hire workers to do some tasks currently reserved for federal inspectors in hog slaughterhouses. Critics say it's a move toward privatization.
(Image credit: Bloomberg/Bloomberg via Getty Images)
Facebook has revealed the rules that will govern its "supreme court" - a new 40-person independent board that will make the final decision on controversial questions about the social network's content.
GM's decision to close five North American facilities has left some striking workers worrying if theirs may be next. Plants making cars have been hardest hit.
Company says board will feature ‘controversial voices’
Federal Aviation Administration chief Steve Dickson has invited about 50 aviation safety regulators from around the world to a Sept. 23 informal briefing in Montreal on the status of the grounded Boeing 737 MAX, according to an email seen by Reuters. The FAA has been reviewing proposed software and training changes from Boeing Co