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Trump, Bankman-Fried and Musk are the monsters of American capitalism | Robert Reich

For them, and for everyone who still regards them as heroes, there is no morality in business or economics. The winnings go to the most ruthless

If this past week presents any single lesson, it’s the social costs of greed. Capitalism is premised on greed but also on guardrails – laws and norms – that prevent greed from becoming so excessive that it threatens the system as a whole.

Yet the guardrails can’t hold when avarice becomes the defining trait of an era, as it is now. Laws and norms are no match for the possibility of raking in billions if you’re sufficiently ruthless and unprincipled.

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Wild winter storm envelops US, snarling Christmas travel

MISSION, Kan. (AP) — A wild winter storm continued to envelop much of the United States on Saturday, bringing blinding blizzards, freezing rain, flooding and life-threatening cold that created mayhem for those traveling for the Christmas holiday.

The storm that arrived earlier in the week downed power lines, littered highways with piles of cars in deadly accidents and led to mass flight cancellations.

The storm was nearly unprecedented in its scope, stretching from the Great Lakes near Canada to the Rio Grande along the border with Mexico. About 60% of the U.S. population faced some sort of winter weather advisory or warning, and temperatures plummeted drastically below normal from east of the Rocky Mountains to the Appalachians, the National Weather Service said.

Freezing rain coated much of the Pacific Northwest in a layer of ice, while people in the Northeast faced the threat of coastal and inland flooding.

The frigid temperatures and gusty winds were expected to produce “dangerously cold wind chills across much of the central and eastern U.S. this holiday weekend,” the weather service said, adding that the conditions “will create a potentially life-threatening hazard for travelers that become stranded.”

“In some areas, being outdoors could lead to frostbite in minutes,” it said.

Adding to the woes were power outages that by late Friday were still affecting more than a million homes and businesses, according to the website PowerOutage, which tracks utility reports.

As millions of Americans were traveling ahead of Christmas, more than 5,700 flights within, into or out of the U.S. were canceled Friday, according to the tracking site FlightAware.

Multiple highways were closed and crashes claimed at least six lives, officials said. At least two people died in a massive pileup involving some 50 vehicles on the Ohio Turnpike. A Kansas City, Missouri, driver was killed Thursday after skidding into a creek, and three others died Wednesday in separate crashes on icy northern Kansas roads.

In Canada, WestJet canceled all flights Friday at Toronto Pearson International Airport, as meteorologists there warned of a potential once-in-a-decade weather event. While in Mexico, migrants camped near the U.S. border in unusually cold temperatures as they awaited a U.S. Supreme Court decision on pandemic-era restrictions that prevent many from seeking asylum.

Forecasters said a bomb cyclone — when atmospheric pressure drops very quickly in a strong storm — had developed near the Great Lakes, stirring up blizzard conditions, including heavy winds and snow.

Even people in Florida were braced for unusually chilly weather as rare freeze warnings were issued for large parts of the state over the holiday weekend.

Activists were rushing to get homeless people out of the cold. Nearly 170 adults and children were keeping warm early Friday in Detroit at a shelter and a warming center that are designed to hold 100 people.

“This is a lot of extra people” but it wasn’t an option to turn anyone away, said Faith Fowler, the executive director of Cass Community Social Services, which runs both facilities.

Emergency weather shelters in Portland, Oregon, called for volunteers amid high demand and staffing issues as snow, freezing rain, ice and frigid temperatures descended upon the area.

South Dakota Gov. Kristi Noem said she was deploying the National Guard to haul timber to the Oglala Sioux and Rosebud Sioux tribes and help with snow removal.

“We have families that are way out there that we haven’t heard from in two weeks,” said Wayne Boyd, chief of staff to the Rosebud Sioux president.

On the Pine Ridge Indian Reservation, Harlie Young was huddled with five children and her father around a wood stove as 12-foot (3.6-meter) snow drifts blocked the house.

“We’re just trying to look on the bright side that they’re still coming and they didn’t forget us,” she said Friday.

Calling it a “kitchen sink storm,” New York Gov. Kathy Hochul declared a state of emergency. In parts of New York City, tidal flooding inundated roads, homes and businesses Friday morning.

In Boston, rain combined with a high tide, flooded some downtown streets on Friday.

___

Bleed reported from Little Rock, Arkansas. Associated Press journalists Dee-Ann Durbin in Detroit; Gillian Flaccus in Portland, Oregon; Zeke Miller in Washington, D.C.; and Emily Wagster Pettus in Jackson, Mississippi, contributed to this report.

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China expresses “resolute opposition“ to U.S. defense act – statement

2022-12-24T06:15:26Z

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FILE PHOTO: Chinese State Counsellor and Foreign Minister Wang Yi addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 24, 2022. REUTERS/Eduardo Munoz

SHANGHAI (Reuters) – China’s Ministry of Foreign Affairs on Saturday expressed “strong dissatisfaction and resolute opposition” towards the U.S. National Defense Authozisation Act, which was signed into law by U.S. President Biden the day before.

It charged that the $858 billion military spending measure, which authorised up to $10 billion in security assistance and fast-tracked weapons procurement for Taiwan, contained provisions that “cause serious damage to peace and stability in the Taiwan Strait”.

China considers Taiwan its territory and has never renounced using to force to bring the island under its control.

The bill also contained an amendment restricting U.S. government purchases of products using computer chips made by a specific group of Chinese companies.

“The case ignores the facts to exaggerate a ‘China threat’, wantonly interferes in China’s internal affairs, and attacks and smears the Chinese Communist Party, which are serious political provocations to China,” the ministry wrote.

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Shanghai asks residents to stay in on Christmas as China COVID surges

2022-12-24T01:55:38Z

SHANGHAI (Reuters) -Shanghai authorities urged residents to stay at home this weekend, seeking a toned-down Christmas in the nation’s most populous city as COVID-19 rages nationwide after tough curbs were lifted.

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FILE PHOTO: People are seen at Beijing’s tech hub Zhongguancun, China August 23, 2021. REUTERS/Tingshu Wang

A branch of the Shanghai Municipal Health Commission on Saturday urged young people in particular to avoid crowded gatherings, due to the ease of spreading the coronavirus and low temperatures.

Christmas is not traditionally celebrated in China, but it is common for young couples and some families to spend the holiday together.

The Omicron variant is surging weeks after the authorities abruptly ended their zero-COVID policy, lifting strict testing requirements and travel restrictions as China becomes the last major country to move toward living with the virus.

While many have welcomed the easing, families and the health system were unprepared for the resulting surge of infections. Hospitals are scrambling for beds and blood, pharmacies for drugs and authorities are racing to build clinics.

Shanghai typically hosts a large Christmas-themed market in a luxury shopping area along Nanjing West Road, and restaurants and retailers offer promotions to drum up business.

But the spread of Omicron is dampening celebrations.

Many Shanghai restaurants have cancelled Christmas parties normally held for regulars, while hotels have capped reservations due to staff shortages, said Jacqueline Mocatta, who works in the hospitality industry.

“There’s only a certain amount of customers we can accept given our manpower, with a majority of team members who are unwell at the moment,” she said.

People lamented on social media that they will be staying inside as most of their friends have tested positive for COVID.

“I originally planned to go to Shanghai for Christmas but now I can only lie in bed,” a person wrote on Weibo, China’s Twitter-like social network.

Infections in China are likely more than a million a day with deaths at more than 5,000 a day, in “stark contrast” to official data, British-based health data firm Airfinity said this week.

China’s national health authority on Saturday reported 4,128 daily symptomatic COVID-19 infections, and no deaths for a fourth consecutive day.

Bloomberg News reported on Friday that nearly 37 million people may have been infected with COVID on a single day this past week, citing estimates from the government’s top health authority.

The emergency hotline in Taiyuan in the northern province of Shanxi was receiving over 4,000 calls a day, a local media outlet said on Saturday.

Taiyuan authorities urged residents to call the number only for medical emergencies, saying guidance about COVID “does not fall within the scope of the hotline.”

A health official in Qingdao said the port city was seeing roughly 500,000 daily infections, media reported on Friday.

In Wuhan, the central city where COVID emerged three years ago, media reported on Friday that the local blood repository had just 4,000 units, enough to last two days. The repository called on people to “roll up their sleeves and donate blood.”


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Sen. Susan Collins pressed Ivanka Trump to convince Donald Trump to stop Jan. 6 riot, new transcripts reveal

ivanka trumpIvanka Trump listens during an event in the Eisenhower Executive Office Building on August 4, 2020.

Drew Angerer/Getty Images

  • The January 6 committee released a transcript of Ivanka Trump’s interview.`
  • The transcript revealed that Sen. Susan Collins called Ivanka Trump during the Capitol riot.
  • Collins wanted Trump to get her father to make a statement asking the rioters to go home.
  •  

Amid the chaos of January 6, 2021, Sen. Susan Collins of Maine called Ivanka Trump, urging her to tell her father, then-President Donald Trump, to take more aggressive action to stop the riot. 

The testimony is part of a trove of transcripts released on Friday by the House select committee investigating the January 6, 2021, Capitol riot. 

During Ivanka Trump’s questioning, in which she spoke about how she participated in helping her father to condemn the violence at the Capitol, it was revealed that Collins had called Trump at 3:29 p.m. local time on January 6, moments after her father had released a tweet asking for “everyone at the US Capitol to remain peaceful.”

After being asked about whether she recalls the phone call, Trump responds, saying that she remembers.

“It was a brief conversation,” Ivanka Trump says, according to the transcript. “I recall her saying that the president needed to engage in stopping what was happening, generally speaking, echoing the sentiment of many, that we should all be doing everything that we can.”

Ivanka continued: “I told her that the president had just issued a second tweet, I believe I told her. I know I sent it to her — or I think I sent it to her. So it was a short conversation, but I understood why she was calling me, and I agreed with her sentiment.”

The call was 18 seconds long, according to phone records cited by the January 6 committee, but after the call, Collins texted Ivanka Trump: “The president needs to put out a very strong tweet telling people to go home and stop the violence now.”

The call from Collins is one of a few calls that Ivanka Trump received during the riot. Ivanka Trump also confirmed that Sen. Lindsey Graham called her from the Capitol building as events unfolded. Trump said she did not take the call, instead passing the phone to White House senior advisor Eric Herschmann.

Trump’s testimony also includes dozens of instances of her saying she is unable to recollect details of what transpired on January 6. For example, she did not recall tweets that her father sent out condemning Vice President Mike Pence’s participation in certifying the election.

Ivanka Trump did, however, remember a phone call between Pence and her father in the Oval Office the morning of Jan. 6, which she described as “heated.”

The January 6 committee previously took aim at Ivanka Trump’s testimony in the executive summary of its report, released Monday, writing that she was not “entirely frank or forthcoming” when speaking to them.

Ivanka Trump also spoke about her feelings seeing the riot transpire on television, saying it was the “context” she needed to understand that “something was transpiring that, you know, should not be happening.” 

On Thursday, the January 6 committee released its final report. which included details about how much Donald Trump raised in donations prior to the riot, worried texts between secret service agents, and a voicemail gaffe from lawyer Rudy Giuliani.

The report also detailed Ivanka Trump imploring her father to quell the violence, noting that she appeared“visibly upset” after her father refused to listen to her.

Read the original article on Business Insider
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Russia“s war on Ukraine latest news: Russian troops pull back near Kherson

2022-12-01T14:49:31Z

Fears that the Ukraine war could spill over its borders and escalate into a broader conflict eased on Wednesday, as NATO and Poland said it seemed likely a missile that struck a Polish village was a stray from Ukraine. Kyiv, which has blamed Russia, demanded access to the site. Lucy Fielder has more.

Ukraine’s military said Russia had pulled some troops from towns on the opposite bank of the Dnipro River from Kherson city, the first official Ukrainian report of a Russian withdrawal on what is now the main front line in the south..

* Spain has stepped up security at public and diplomatic buildings after a spate of letter bombs, including one sent to Prime Minister Pedro Sanchez and another to the Ukrainian embassy in Madrid, where an official suffered minor injuries.

* Air raid alerts were issued across all of Ukraine following warnings by Ukrainian officials that Russia was preparing a new wave of missile and drone strikes. “An overall air raid alert is in place in Ukraine. Go to shelters,” country’s border service wrote on Telegram messaging app.

* Ukraine’s military said it had found fragments of Russian-fired nuclear-capable missiles with dud warheads in west Ukraine, and that their apparent purpose was to distract air defences.

* The recently liberated Ukrainian city of Kherson has lost its power supply after heavy shelling by Russian forces, the regional governor said.

* European Union governments tentatively agreed on a $60 a barrel price cap on Russian seaborne oil, with an adjustment mechanism to keep the cap at 5% below the market price, an EU diplomat said.

* Russian Foreign Minister Sergei Lavrov said on that big problems had accumulated in the Organization for Security and Cooperation in Europe (OSCE), accusing the West of spurning the chance to make it a real bridge with Russia after the Cold War.

* Lavrov said that discussions with Washington about potential prisoner exchanges were being conducted by the two countries’ intelligence services, and that he hoped they would be successful.

* The European Union needs patience as it sanctions Russia for its invasion of Ukraine, as most measures will only have an impact in the medium and long term, Lithuania’s prime minister said in an interview at  the  Reuters NEXT conference.

* Switzerland has frozen financial assets worth 7.5 billion Swiss francs ($7.94 billion) as of Nov. 25 under sanctions against Russians to punish Moscow for its invasion of Ukraine, the State Secretariat for Economic Affairs (SECO) said.

* Russia said the German parliament’s move to recognise the 1932-33 famine in Ukraine as a Soviet-imposed genocide was an anti-Russian provocation and an attempt by Germany to whitewash its Nazi past.

* Ukraine sacked a top engineer at the Russian-occupied Zaporizhzhia nuclear power plant, accusing him of collaborating with Russian forces, and urged other Ukrainian staff at the plant to remain loyal to Kyiv.

* Russia must withdraw its heavy weapons and military personnel from the Zaporizhzhia plant if the U.N. atomic watchdog’s efforts to create a protection zone are to succeed, Ukrainian Foreign Minister Dmytro Kuleba said.

* In a grim sign of the energy crisis caused by Russian attacks on Ukraine’s electricity grid, nine people have been killed in fires over the past 24 hours as Ukrainians resorted to emergency generators, candles and gas cylinders in violation of safety rules to try to heat their homes after power outages.

* “Remember one thing – the Russians are afraid. And they are very cold and no one will help them, because they do not have popular support,” – Andriy Yermak, chief of Ukrainian presidential staff.

Related Galleries:

Ukrainian servicemen fire a mortar on a front line, as Russia’s attack on Ukraine continues, in Donetsk region, Ukraine, in this handout image released November 20, 2022. Iryna Rybakova/Press Service of the 93rd Independent Kholodnyi Yar Mechanized Brigade of the Ukrainian Armed Forces/Handout via REUTERS

A view shows the city without electricity after critical civil infrastructure was hit by Russian missile attacks, amid Russia’s invasion of Ukraine, in Kyiv, Ukraine November 23, 2022. REUTERS/Vladyslav Sodel/File Photo

Rescuers work at a site of a residential building destroyed by a Russian missile attack, as Russia’s attack on Ukraine continues, in the town of Vyshhorod, near Kyiv, Ukraine, November 23, 2022. REUTERS/Vladyslav Musiienko

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Airlines cancel 5,700 U.S. flights amid fierce winter storms

2022-12-24T05:07:29Z

Passengers arrive for their flight on Southwest Airlines as flight cancellations mount during a cold weather front as a weather phenomenon known as a bomb cyclone hits the Upper Midwest, at Midway International Airport in Chicago, Illinois, U.S., December 22, 2022. REUTERS/Matt Marton/File Photo

Airline cancellations topped 5,700 U.S. flights on Friday as massive winter storms snarled airport operations around the United States and frustrated tens of thousands of holiday travelers.

That followed nearly 2,700 canceled flights on Thursday, while just over 1,000 flights have already been canceled for Saturday, according to flight tracking website FlightAware.

Passenger railroad Amtrak has canceled dozens of trains through Christmas, disrupting holiday travel for thousands.

Highways in the Midwest faced lengthy delays because of snowy weather or crashes and authorities in parts of Indiana, Michigan, New York and Ohio urged motorists to avoid nonessential travel.

The Federal Aviation Administration (FAA) imposed ground stops or delays for de-icing at a number of U.S. airports because of winter weather.

Transportation Secretary Pete Buttigieg told CNN the U.S. aviation system “is operating under enormous strain” with two different storms and high winds affecting airports around the country. About 10% of U.S. flights were canceled on Thursday, Buttigieg said.

Another 10,400 U.S. flights were delayed on Friday – including more than 40% of those operated by American Airlines (AAL.O), United Airlines (UAL.O), Delta Air Lines (DAL.N) and Southwest Airlines (LUV.N) – after 11,300 flights were delayed Thursday.

Southwest canceled 1,238 flights on Friday, 29% of all its scheduled flights, while Alaska Airlines (ALK.N) canceled 507, or 64%, of its flights.

Seattle-Tacoma International Airport had 357 flights, or 63% of departures, canceled Friday. The FAA lifted a ground stop there due to snow and ice but late Friday delays were still averaging nearly three hours.

Nearly half of departing flights at Detroit Metro were canceled, along with 70% at Portland, 38% at New York’s LaGuardia, 29% at Chicago O’Hare and 27% at Boston.

Chicago was facing dangerously cold temperatures with wind chills hitting minus 24 degrees Fahrenheit (minus 31 Celsius).

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Congress approves new election rules in Jan. 6 response

Congress on Friday gave final passage to legislation changing the arcane law that governs the certification of a presidential contest, the strongest effort yet to avoid a repeat of Donald Trump’s violence-inflaming push to reverse his loss in the 2020 election.

The House passed an overhaul of the Electoral Count Act as part of its massive, end-of-the-year spending bill, after the Senate approved identical wording Thursday. The legislation now goes to President Joe Biden for his signature.

Biden hailed the provisions’ inclusion in the spending bill in a statement Friday, calling it “critical bipartisan action that will help ensure that the will of the people is preserved.”

It’s the most significant legislative response Congress has made yet to Trump’s aggressive efforts to upend the popular vote, and a step that been urged by the House select committee that conducted the most thorough investigation into the violent siege of the Capitol.

The provisions amending the 1887 law — which has long been criticized as poorly and confusingly written — won bipartisan support and would make it harder for future presidential losers to prevent the ascension of their foes, as Trump tried to do on Jan. 6, 2021.

“It’s a monumental accomplishment, particularly in this partisan atmosphere, for such a major rewrite of a law that’s so crucial to our democracy,” said Rick Hasen, a law professor at the University of California Los Angeles. “This law goes a long way toward shutting down the avenues Trump and his allies tried to use in 2020, and could have been exploited in future elections.”

On Jan. 6, Trump targeted Congress’ ratification of the Electoral College’s vote. He tried to exploit the vice president’s role in reading out the states’ electors to get Mike Pence to block Biden from becoming the next president by omitting some states Biden won from the roll. The new provisions make clear that the vice president’s responsibilities in the process are merely ceremonial and that the vice president has no say in determining who actually won the election.

The new legislation also raises the threshold required for members of Congress to object to certifying the electors. Before, only one member of the House and Senate respectively had to object to force a roll call vote on a state’s electors. That helped make objections to new presidents something of a routine partisan tactic — Democrats objected to certifying both of George W. Bush’s elections and Trump’s in 2016.

Those objections, however, were mainly symbolic and came after Democrats had conceded that the Republican candidates won the presidency. On Jan. 6, 2021, Republicans forced a vote on certifying Biden’s wins in Arizona and Pennsylvania even after the violent attack on the Capitol, as Trump continued to insist falsely that he won the election. That led some members of Congress to worry the process could be too easily manipulated.

Under the new rules, one-fifth of each chamber would be required to force a vote on states’ slates of electors.

The new provisions also ensure only one slate of electors makes it to Congress after Trump and his allies unsuccessfully tried to create alternative slates of electors in states Biden won. Each governor would now be required to sign off on electors, and Congress cannot consider slates submitted by different officials. The bill creates a legal process if any of those electors are challenged by a presidential candidate.

The legislation would also close a loophole that wasn’t used in 2020 but election experts feared could be, a provision that state legislatures can name electors in defiance of their state’s popular vote in the event of a “failed” election. That term has been understood to mean a contest that was disrupted or so in doubt that there’s no way to determine the actual winner, but it is not well-defined in the prior law.

Now a state could move the date of its presidential election — but only in the event of “extraordinary and catastrophic events,” like a natural disaster.

Hasen said that while the changes are significant, dangers still remain to democracy, noting that in Arizona, the Republican nominee for governor, Kari Lake, was waiting on a ruling Friday in a lawsuit she filed to overturn the victory of her Democratic opponent, Katie Hobbs.

“Nobody should think that passage of this legislation means we’re out of the woods,” Hasen said. “This is not one and done.”

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