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Friday, October 28, 2022

Wake-Up Call: U.S. Economy Grew 2.6% in Third Quarter


The American economy is showing surprising strength, with gross domestic product increasing 2.6 percent in the third quarter after two quarters of negative growth. The numbers from the U.S. Bureau of Economic Analysis confirmed a slowdown in housing, but consumer spending and government spending both rose during the quarter. Treasury Secretary Janet Yellen, in an interview on CNBC yesterday, said she did not see signs of a recession in the near term. She said the new GDP report underscored the strength of the U.S. economy.

➤MORTGAGE RATES TOP 7 PERCENT: Mortgage rates topped 7% for the first time in 20 years, the latest milestone in a rapid climb that has all but paralyzed the housing market. The rate on a 30-year fixed mortgage averaged 7.08% this week, according to a survey of lenders by mortgage giant Freddie Mac. Just seven weeks ago, the rate was below 6%. A year ago it was just over 3%. The last time mortgage rates were this high, the dot-com bubble had recently burst. Rates were on the way down. They were in the middle of a four-decade stretch in which they mostly fell, underpinning the growth of the modern mortgage market and boosting the rate of homeownership.

🛢SHELL OIL PROFITS HAVE DOUBLED:  President Joe Biden blasted Shell plc on Thursday for funneling profits to shareholders rather than lowering gas prices, after the British oil giant said it would boost its dividend and buy back shares.  Shell earlier on Thursday said its third-quarter profit was a near-record $9.45 billion, as it sharply boosted its dividend by 15% and announced plans to buy $4 billion more of stock over the next three months.

Having already lied about gas prices being down compared to when he took office, he was asked by a reporter about the 8.2 percent inflation America is currently dealing with. The reporter from News Nation asked: 'You've referred to the midterm election as a choice rather than a referendum. Given record inflation, why should voters choose Democrats?' Biden replied: 'Because it's not record inflation anymore, I'm bringing it down. Look what we inherited.'

➤TWO OUT OF THREE AMERICANS SAY THEY GO TO WORK SICK DUE TO INFLATION: Your co-worker may be at work with the flu this fall. Americans are placing rising costs above their health, information from a survey conducted by OnePoll reveals. Out of 2,000 U.S. adults, 67% say inflation concerns make them unlikely to take an unpaid sick day. 41% say they always or often work while sick. Workers are also afraid of criticism from their bosses for taking sick days. "Our research continues to show that many Americans are still not taking the proper time to rest and recover when they’re sick due to financial barriers," Sameer Rabbani said.


➤ELON MUSK TAKES OVER TWITTER: Elon Musk, founder of electric carmaker Tesla and the world’s richest man, has officially taken over the social media site Twitter. He celebrated his takeover by firing several of the website’s top executives, including the CEO. Musk has given himself the title “Chief Twit” on his Twitter profile. He calls himself “a free speech absolutist” and has said he would reverse the lifetime Twitter ban on former president Donald Trump for inciting violence in his posts.


➤CAPITOL RIOTER GETS 7-PLUS YEARS: A man from Tennessee who dragged a policer officer into a mob of rioters during the January 2021 assault on the U.S. Capitol has been sentenced to more than seven years in prison. Judge Amy Berman Jackson said the man, whose name is Albuquerque Cosper Head, was responsible for “some of the darkest acts committed on one of our nation’s darkest days.” Head grabbed Officer Michael Fanone as he guarded a Capitol entrance and dragged him into the crowd where he was beaten and tased until he lost consciousness. Fanone suffered a heart attack and a brain injury.



➤HOT MIC: Senate Majority Leader Chuck Schumer (D-NY) was caught on a hot mic telling President Biden Thursday that Democrats are “in danger” in at least one Senate race and admitting that the party is “going downhill” in the closely-watched Georgia contest.  “That seat, we’re, we’re in danger in that seat,” Schumer could be heard telling the president on the tarmac at Syracuse Hancock International Airport. It’s unclear to which seat Schumer was referring.  “But you know, it looks like the debate didn’t hurt too much in Pennsylvania as of today, so that’s good … basically, we’re picking up steam in Nevada,” Schumer continued, referencing Pennsylvania Senate candidate John Fetterman’s poor showing in his first and only debate with GOP opponent Dr. Mehmet Oz.  Biden could be seen crossing his fingers as Schumer delivered his assessment that Fetterman’s debate performance didn’t end his chances. The president exchanged some words with Schumer as well but it was unclear what he was saying.   Seconds later, Schumer updated Biden on the state of play in the Peach State, where the latest average of polls from RealClearPolitics shows Republican Herschel Walker leading incumbent Democratic Sen. Raphael Warnock by 0.6 percentage points.


🏊NOW SWIMMING IS RACIST: John Fetterman's wife has revealed she believes swimming is 'very racist' and turned the pool at the lieutenant governor's residence in Pennsylvania into public facility to teach water safety to minority children. Gisele Fetterman (right), wife of Democratic Pennsylvania Senate candidate John Fetterman, appeared on the iGen politics podcast on Thursday and discussed her work as Second Lady of the state. Her appearance came just days after her husband faced Republican candidate Dr Oz in a TV debate in which he frequently garbled his words - an issue widely attributed to a stroke he suffered five months ago.

➤SANTA FE DISTRICT ATTORNEY RECEIVES ‘RUST’ SHOOTING POLICE REPORT: Deadline reports that the Santa Fe Sheriff’s Department has finished its investigation into the fatal Rust shooting that resulted in the death of cinematographer Halyna Hutchins, more than a year after the shooting took place. The report has been sent to New Mexico District Attorney Mary Carmack-Altwies. A statement from the DA’s office reads, “The District Attorney and her team of investigators and prosecutors will now begin a thorough review of the information and evidence to make a thoughtful, timely decision about whether to bring charges.” The statement continues: “As with all cases that the District Attorney handles, her focus will be on upholding the integrity of the process, enforcing the laws of the state of New Mexico, and pursuing justice.”

🏫STUDENT SUSPENDED FOR COMPLAINING ABOUT TRANS: Vermont high school student Blake Allen, 14, and her father Travis Allen, are suing the school district alleging they were punished for complaining about a trans pupil being in the girls locker room. They appeared on Tucker Carlson Thursday night after filing a lawsuit against the school district. 'I was suspended because I voiced my opinion that a man shouldn't be in the women's locker room,' Blake said on the show. 'A lot of my classmates were supportive, I think most people and the school are, they are just too scared to speak up because they see all the backlash I'm getting for it.'

🤧COLD AND FLU SEASON IS UPON US: The winter cold and flu season is upon us, and it looks like it’s a nasty one. Various viruses are on the rebound because, health officials say, we’re going out more and wearing masks less than we did during the height of the COVID pandemic. Specifically, there are the fairly mild viruses that we call the common cold, plus the flu and something called respiratory syncytial virus, or RSV. We’ll be hearing more about that. It’s a common bug that can be serious for infants and older adults. Meanwhile, COVID has not actually gone away, so we’re facing a “tri-demic” of flu, COVID and RSV.

➤CANCER DEATHS CONTINUE TO DROP: The number of Americans surviving cancer is continuing its steady decline, according to a new report from the U.S. National Cancer Institute. Overall deaths from cancer decreased by 2.1 percent every year from 2015 to 2019. The biggest declines were in lung cancer and melanoma. The institute credits better prevention, detection and treatment for the improvements.

🍬HALLOWEEN CANDY PRICES UP: If you’re handing out Halloween candy this year, you’re going to pay a little more for those fun-size Snickers bars or KitKats. Prices for bags of the most popular candy brands are up from six percent to 42 percent over their prices just a year ago. You might not notice the change right away because your favorite candy might be suffering from “shrinkflation” rather than inflation. That is, the price will be the same, but the bag will be smaller.

🏈RAVENS 27, BUCS 22: The Baltimore Ravens defeated the Tampa Bay Buccaneers last night 27-22. Yahoo Sports notes that this was Tampa Bay quarterback Tom Brady’s first three-game losing streak since 2002, when Ravens quarterback Lamar Jackson was five years old.

Tom Brady (right) suffered the first straight three-game loss of his career as his father watched from the stands. The hits keep coming for the Tampa Bay Buccaneers quarterback amid reports he and his supermodel wife Gisele Bündchen have hired divorce lawyers 13 years after saying, 'I do.' It emerged this week that Bündchen reportedly gave Brady an ultimatum that threatened to end their marriage. Brady and his team returned home Thursday to play the Baltimore Ravens after a tough loss to the Carolina Panthers last week. Bündchen was nowhere to be seen. The couple, who share two children, have been living separately since reportedly having an huge fight over Brady's announcement he wasn't going to retire, with many speculating that's what prompted their ongoing rift.

🏈BENGALS’ CHASE IS OUT WITH HIP INJURY: Cincinnati Bengals wide receiver Ja’Marr Chase is expected to miss four to six weeks while recovering from a hip injury. He may wind up on the injured reserve list.

🏈GIANTS’ TONEY TRADED TO CHIEFS: The New York Giants have traded wide receiver Kadarius Toney to the Kansas City Chiefs in return for conditional third- and sixth-round picks, according to ESPN. Toney was a first-round pick in the 2021 draft but has been plagued by injuries since turning pro. He is currently dealing with a hamstring injury.

🏈CORMANI MCCLAIN COMMITS TO MIAMI: Promising young cornerback Cormani McClain committed to the Miami Hurricanes yesterday. Ranked as the top cornerback in the 2023 class, McClain chose the University of Miami over Alabama’s Crimson Tide and the Florida Gators.
 
⚾AND NOW FOR SOME WORLD SERIES TRIVIA: The World Series matchup between the Philadelphia Phillies and the Houston Astros is the biggest mismatch in 116 years at least by one reckoning, according to Yahoo sportswriter Justin Verlander. Back in 1906, the Chicago Cubs got to the World Series with 116 wins only to be defeated by the White Sox, who had won 23 fewer games during the regular season. In 2022, the Astros steamrolled their way to 106 wins in the regular season, while the Phillies won 87.


⚾THE WORLD SERIES SCHEDULE: Game 1 between the Houston Astros and the Philadelphia Phillies starts at 8:03 pm ET tonight in Houston. Game 2 is tomorrow night, same time, same place. Game 3 and 4 are next Monday and Tuesday at 8:03 pm ET in Philadelphia. If that doesn’t end it, game 5 will be Wednesday, November 2nd, at 8:03 p.m. ET in Philly and Game 6 on Friday, November 4th , same time in Houston. The decisive game seven would be played in Houston on Saturday, November 5th. All games will air on Fox and FoxSports.com.



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