Bloomberg Politics

Warsh Can't Push Cuts 'At This Stage:' Christopher Smart

May 15, 2026Center

Christopher Smart, Managing Partner and Founder of the Arbroath Group, says incoming Fed Chair Kevin Warsh cannot "credibly" argue for rate cuts "at this stage," as energy prices surge and inflation pressures build. He says the Trump-Xi summit was "good symbolically" but warns investors should be "particularly skeptical" of US trade announcements China does not confirm. Smart also says trading by the president and members of Congress undermines "credibility in markets" and government. He speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)

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Big Oil heads for biggest profits in years as Trump pushes for lower gas prices

New York Post

2 hours ago

Big Oil heads for biggest profits in years as Trump pushes for lower gas prices

President Trump is ramping up pressure on the industry to lower gas prices ahead of November’s midterm elections.

Right

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Europe Has Replaced Most US Cuts Within NATO, Top Commander Says

Bloomberg Politics

5 hours ago

Europe Has Replaced Most US Cuts Within NATO, Top Commander Says

European NATO allies have mostly replaced the assets that the US has cut from its rescue plans in case of a war in Europe, Deputy Supreme Allied Commander Europe Sir John Stringer said in an interview.

Center

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Pay-to-play cycle behind GOP's corporate tax cuts exposed in new report

Raw Story

6 hours ago

Pay-to-play cycle behind GOP's corporate tax cuts exposed in new report

Major American corporations that benefited from tax cuts enacted last year by President Donald Trump and congressional Republicans are donating to the campaigns of GOP lawmakers who made the windfall possible.A report published Friday by Unrig Our Economy spotlights seven House Republicans who voted for the sprawling and unpopular GOP budget package, which extended tax breaks for corporations and wealthy Americans while inflicting unprecedented cuts on Medicaid and federal nutrition assistance—with disastrous consequences for millions of low-income families across the country.Rep. Mariannette Miller-Meeks (R-Iowa), one of the lawmakers featured in the new report, has received campaign donations from corporate PACs representing 3M, Amazon, Walmart, AT&T, and other companies that collectively received billions of dollars in tax breaks from the Republican law, which restored a provision allowing businesses to immediately write off new investments.Amazon saw its US income taxes fall by more than half last year due to the GOP law, even as the company’s profits grew. Unrig Our Economy noted that Amazon, whose PAC donated thousands to the Republicans spotlighted in the new report, has an effective federal tax rate of 1.37% following enactment of the budget law.Miller-Meeks, who has received at least $57,000 in donations from the PACs of companies that benefited from the 2025 law, issued a statement Thursday bragging about supporting “the largest tax cuts in American history,” not mentioning that the benefits will disproportionately flow to profitable corporations and the richest people in the country.“Thanks to the Republican tax law, corporations are receiving tax breaks, House Republicans are getting campaign cash, and working families are getting stuck with the bill,” the report states.Another Republican lawmaker featured in the report, Rob Bresnahan of Pennsylvania, received $2,500 in campaign donations from the PAC of FirstEnergy, which reaped $500 million in depreciation deductions thanks to the GOP tax law.“Bresnahan voted to give FirstEnergy hundreds of millions in tax breaks even after the company raised utility prices for his constituents,” Unrig Our Economy’s report observes.The report also points out that Bresnahan “owned stock in every single one” of the companies who contributed PAC money to his campaign following passage of the Republican budget package last summer.“This comes after Bresnahan has already faced scrutiny for dumping stock in Medicaid providers and selling off bonds in Pennsylvania hospitals before voting to slash Medicaid and put rural hospitals at risk,” the report notes.Leor Tal, Unrig Our Economy’s campaign director, said in a statement that “one year ago, House Republicans ripped away healthcare and food assistance from millions of Americans, so that corporations could get massive tax breaks.”“Now, many of those companies are dishing out PAC money to the Republicans listed in this report,” said Tal. “Republicans in Congress sold out many of their own constituents to help corporations get even richer. It’s time that House Republicans step up, do the right thing, and start fighting for working Americans—not giant corporations.”

Far Left

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Hegseth reportedly pulled plug on troop cuts in europe

BizPac Review

8 hours ago

Hegseth reportedly pulled plug on troop cuts in europe

Secretary of War Pete Hegseth reportedly pulled the plug on plans to reduce U.S. troop counts in Europe, The Wall Street Journal reported. Hegseth’s plans were cancelled […]

Far Right

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Journalist Karen Hao on Sam Altman, OpenAI & the "Quasi-Religious" Push for Artificial Intelligence

Democracy Now!

11 hours ago

Journalist Karen Hao on Sam Altman, OpenAI & the "Quasi-Religious" Push for Artificial Intelligence

As part of our July Fourth special broadcast, we continue our extended interview with Karen Hao, author of Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI. The book documents the rise of OpenAI and how the AI industry is leading to a new form of colonialism. “One of the things that you really have to understand about AI development today is that there are what I call quasi-religious movements that have developed within Silicon Valley,” says Hao. “The concept of artificial general intelligence is not one that’s scientifically grounded.”

Far Left

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'Fear and obey': Historian warns Trump and accomplices are pushing US to the brink

Alternet.org

23 hours ago

'Fear and obey': Historian warns Trump and accomplices are pushing US to the brink

According to the renowned fascism historian Ruth Ben-Ghiat, the Supreme Court has become President Donald Trump’s “partner in corruption,” not only working to enrich those who are in on the scam, but reshaping the U.S. as an authoritarian state in which one must “fear and obey” Trump.“This is the summer of corruption,” wrote Ben-Ghiat on Thursday. “Defined as the abuse of power for private gain, corruption can happen in any kind of organization and government, but under authoritarianism it attains a new status: it is how the executive branch operates, expands its power, and recruits elite and grassroots partners. The Supreme Court is one of these partners, as we’ll see below.”The Trump administration and its enablers on the Court, argues Ben-Ghiat, “are providing Americans and the world with a lesson in how corruption can become systemic.” This, she says, is the goal of all authoritarians: they “seek to retool government and the culture to create the conditions to lie, steal and repress people with impunity. That means going after journalists, judges, investigators, opposition politicians and others who expose official wrongdoing. It also means puffing up the leader’s personality cult and inventing narratives, backed by complicit religious institutions, about his selflessness and purity.”She raises the example of Justice Clarence Thomas, who has a well-documented history of “accepting luxury gifts and travel from billionaire GOP donor Harlan Crow,” who in turn “has a garden full of statues of dictators, and collects Adolf Hitler and Nazi memorabilia.” And, according to Ben-Ghiat, “As per the sacred laws of corruption, these ‘gifts’ were likely supposed to be repaid whenever Thomas put on his robes. No matter that the Court, which has no ethical oversight mechanism, finally instituted a code of conduct in November 2023, which states that justices must ‘uphold the integrity and independence of the judiciary’ and avoid actual and apparent impropriety.”Thomas has paid no attention to this code, refusing to recuse himself in cases involving Trump’s election lies, even though Thomas’s wife Ginny was directly engaged in those lies. As Ben-Ghiat muses, “What good would Thomas be as a link in the chain of corruption if he took himself out of the game just when he was most needed?”“And here we arrive at the Supreme Court as a partner in Trump administration corruption, first by giving the President immunity for official acts, and now by upholding his right to dismiss an official on political grounds,” writes Ben-Ghiat. “A landmark ruling in July 2024 gave the president ‘the power of a king,’ as the Brennan Center termed it, conferring upon him absolute immunity (for the exercise of core constitutional powers) and presumptive immunity (for all other official acts). This created the legal space for a lawless individual such as Trump to feel even more emboldened to use corruption and violence to destroy our democracy and make money doing it.”Now, while the Supreme Court has for 100 years upheld that the president does not have the authority to fire heads of independent agencies without cause, Trump’s allies on the court have overturned that precedent, creating conditions for further “systematic corruption.”“We need to see this decision through autocratic eyes,” explains Ben-Ghiat. “Not obeying the Leader, refusing to participate in his corruption, and politicizing the practice of government are acts of negligence and malfeasance in office in the authoritarian world. Such people must be removed from public service, lest they influence others with their moral stances.”The power to fire agency officials at will is exactly what the president needs to shape government to his private agenda. According to Ben-Ghiat, proof of this intention was revealed by the words of Solicitor General John Sauer, who represented the Trump administration in the case, arguing before the court that the president needs to be able to remove officials in the agencies because “the President must have the power to control and…the one who has the power to remove is the one who…is the person that they have to fear and obey.”

Left

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Trump Says Fed’s Warsh Faces Board That’s a ‘Bit Hostile’

Bloomberg Politics

Yesterday

Trump Says Fed’s Warsh Faces Board That’s a ‘Bit Hostile’

President Donald Trump said Federal Reserve Chair Kevin Warsh may not be able to compel his colleagues on the central bank to do what the new chair wants on monetary policy.

Center

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Krugman Calls Labor Market Soft, Disturbed by Warsh's View

Bloomberg Politics

Yesterday

Krugman Calls Labor Market Soft, Disturbed by Warsh's View

Nobel laureate Paul Krugman, a research professor at the City University of New York's Graduate Center, says all jobs data is "noisy" when reacting to the June US employment report. Speaking on "Bloomberg The Close," Krugman also says he is "disturbed" by Federal Reserve Chairman Kevin Warsh's point of view on monetary policy and warns that the Supreme Court's Trump v. Slaughter ruling gives too much discretionary power to President Donald Trump. (Source: Bloomberg)

Center

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Warsh Can't Push Cuts 'At This Stage:' Christopher Smart

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Warsh Can't Push Cuts 'At This Stage:' Christopher Smart

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