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Friday, January 27, 2023

Wake-Up Call: Economy Growth Slowing


The U.S. economy grew at a 2.9% annual rate last quarter after a year of high inflation. That’s down slightly from a 3.2% annual rate in the third quarter, the Commerce Department said. Consumer spending helped drive the Q4 gain, while the housing market weakened and businesses cut back their spending on equipment. Jobless claims declined last week, pointing to a still-tight labor market even as several large employers—in the tech industry and beyond—announced job cuts.


If the U.S. slips into a mild recession this year, as most economists expect, the entire country will feel it. But some regions would be hit harder than others. USA Today reports The West, in the cross hairs of both the housing and technology slumps, would be most severely impacted, experts say. And the Midwest, relatively insulated from both of those forces, likely would be best positioned to ride out a downturn. The Northeast and South would fight for second and third place on the pain meter, economists say. A sharp banking and finance pullback would be tougher on the Northeast while a deepening housing slide would take a bigger toll on the South, economists say. “The West is most vulnerable and most likely to be hit hardest,” says Adam Kamins, regional economist at Moody’s Analytics.


➤U-S TO SEND TANKS TO UKRAINE...HOWEVER...The tanks the West is sending to Ukraine raise the stakes with Russia. The Kremlin said it sees the weaponry as increasing the direct involvement of Kyiv’s allies in the conflict, despite statements from NATO countries that they aren’t parties to the war. Ukraine is set to receive 14 British Challengers, 31 Abrams tanks from the U.S. and around 100 German-made Leopard 2s. Moscow’s troops probably won’t face them until the spring because the Ukrainians have to learn to operate them. That means time for Russia to prepare, such as strengthening physical defenses like barriers and trenches and pre-emptively attacking Ukrainian positions. Moscow’s tanks are less sophisticated than the Western models, but Russia has many more of them.

➤U-S DOESN'T HAVE TANKS TO SEND: Despite President Biden’s promise to send 31 Abrams M1 tanks to Ukraine on Wednesday, it could take months for the artillery to arrive, according to reports. The NY Post reports that Pentagon spokesperson Sabrina Singh confirmed that the U.S. does not have enough of M1 Abrams tanks in its stockpile to send over to Ukraine at this time. "We just don’t have these tanks available in excess in our US stocks, which is why it is going to take months to transfer these M1A2 Abrams to Ukraine," Singh told the Post. If the tanks were in the Pentagon’s possession, it would take less than a week to get the tanks boxed and shipped. But when using the Ukraine Security Assistance Initiative, or USAI, program, it could take months or years because the government goes through procurement to identify and hire contractors to build the weapons.


➤NAT'L ARCHIVES WANTS EX-PRESIDENT TO LOOK FOR DOCS: The National Archives has asked former U.S. presidents and vice presidents to recheck their personal records for any classified documents following the news that President Joe Biden and former Vice President Mike Pence had such documents in their possession. The Archives sent a letter Thursday to representatives of former presidents and vice presidents extending back to Ronald Reagan to ensure compliance with the Presidential Records Act, according to a copy obtained by The Associated Press. The act states that any records created or received by the president are the property of the U.S. government and will be managed by the Archives at the end of an administration. The Archives sent the letter to representatives of former Presidents Donald Trump, Barack Obama, George W. Bush, Bill Clinton, George H.W. Bush and Ronald Reagan, and former Vice Presidents Pence, Biden, Dick Cheney, Al Gore and Dan Quayle.

➤STATE OF EMERGENCY DECLARED IN ATLANTA: Georgia Governor Brian Kemp declared a state of emergency and activated 1,000 National Guard troops yesterday in response to protests in downtown Atlanta that have been going on for more than a year. The protests outside the $90 million construction site of the Atlanta Public Safety Training Center grew larger and angrier after the shooting death last week of one of the demonstrators. Officials said the man was shot by police after he shot and wounded a state trooper at the scene. A spokesman for the governor said the National Guard activation order was a precautionary measure and the troops have not yet been sent to the scene.


➤NEW YORK BIKE PATH MURDERER CONVICTED: A man who killed eight people by driving a rented truck down a bike path along the Hudson River in New York has been convicted on all counts. The jury will decide next week if Sayfullo Saipov should face the death penalty. Prosecutors allege that his murderous rampage was inspired by the ISIS terrorist organization.

➤CHIPOTLE POSTS 'WE'RE HIRING' SIGN: Chipotle said Thursday it’s looking to hire 15,000 people in North America to ensure its stores are staffed up ahead of its busy spring season. Other chains are also looking for workers: Taco Bell has more than 25,000 listings for crew members posted on its website, while Starbucks has posted more than 10,000 listings for baristas.V U.S. restaurants have added jobs for 24 consecutive months since the height of the pandemic, according to the National Restaurant Association. But restaurant employment is still 3.6% lower than before the pandemic, or the equivalent of 450,000 jobs.

In a November survey of its members, the association found that 62% of restaurant operators said they didn’t have enough employees to satisfy customer demand. Eighty-seven percent of operators said they will hire additional employees in the next year if they find qualified applicants, but 79% said they already have job openings that have been difficult to fill.

FL Gov Ron DeSantis
➤DeSANTIS SAYS GOP NEEDS NEW BLOOD: Florida Governor Ron DeSantis, a potential 2024 presidential contender, is calling for a change in GOP leadership ahead of a bitterly contested election on Friday for Republican National Committee chair. In an interview DeSantis said the party needs a change in direction after disappointing results in the past three federal election cycles. He praised California attorney Harmeet Dhillon, who’s challenging RNC Chair Ronna McDaniel. “We’ve had three substandard election cycles in a row – ’18, ’20, and ’22,” DeSantis told Kirk when asked about the chair election. “I think we need a change, I think we need to get some new blood in the RNC.”

➤RAPPER SINGS PRAISES OF DeSANTIS: Azealia Banks, 31, told The Guardian she left Los Angeles tired of its virtue signaling and crime and moved to Miami because she liked the approach of Governor Ron DeSantis. 'Every which way I turn [in LA] there's a Black Lives Matter sign, and then we're watching swathes of Latino people die every day because they're considered essential workers,' she said. Banks said Miami appealed because people 'mind their f****** business.' She said she feels 'way safer' in Miami than in LA, where she said she needed a gun. The notoriously outspoken rapper said that Florida's success was down to its governor. 'He's focused on the basic s***,' she said.

➤OBAMACARE IS THRIVING: More than 16 million Americans are now getting their health insurance through the federal site known as Obamacare, according to an announcement from the White House. That is a record number, and a 13 percent increase over the numbers a year ago. The website, called HealthCare.gov, allows people to enroll in their choice of four levels of insurance coverage. It automatically attaches subsidies for those who fall below set income thresholds. Variations of the website are available in 33 states that accepted the program.


➤THEY HACKED THE HACKERS: The FBI and its international partners have disrupted the network of a ransomware gang that extorted payments from hospitals and school districts. The gang seized control of their victims’ networks and demanded payments for their release. The Feds turned the tables on the extortionists. “Simply put, using lawful means we hacked the hackers,” said Deputy Attorney General Lisa Monaco.

Daily Mail U-S Composite 1/27/23
➤MEN CHARGED IN DEATH OF COED: New surveillance footage shows the final hours of Madi Brooks, with the 19-year-old seen leaving Reggie's bar in Baton Rouge at 1.50am on January 15. She is seen running across a parking lot to catch up with four men. Out of sight of the surveillance cameras, she then got into their car. Two of the men - Kaivon Washington, 18, and an unnamed 17-year-old - would then allegedly rape Brooks in the car, before dropping her off by a road to get an Uber home. Brooks's blood alcohol level was so high toxicologists said she could have suffered from alcohol poisoning or loss of consciousness. She was hit by a ride-share car at 3am and killed.

➤5 MEMPHIS OFFICERS CHARGED: Five former police officers in Memphis, Tenn., were charged with second-degree murder Thursday in the brutal beating of Tyre Nichols, a 29-year-old Black man, during a traffic stop, authorities said. Former Officers Tadarrius Bean, Demetrius Haley, Emmitt Martin III, Desmond Mills Jr. and Justin Smith, who are Black, were each charged with one count of second-degree murder, two counts of official misconduct, one count of official oppression, one count of aggravated assault while acting in concert, and two counts of aggravated kidnapping in the death of Nichols, according to the Shelby County Sheriff’s Office. “I’m excited. It shows that justice is being served. It doesn’t matter the color of the officers. The fact is, the officers did what they did, and it was unnecessary,” Nichols’ aunt Kandi Green said in an interview with The Times. The encounter occurred Jan. 7 and was captured on police body cameras.

➤MORSE CODE IS MAKING A COMEBACK WITH YOUNG K-POP FANS:  70-year-old Howard Bernstein of Long Island has noticed more young teens joining his club for amateur radio fans, with a strange motivation: To learn Morse Code. Of the 3,500 members in his club, most are over 50. However, 400 members are teens and kids, and that number is growing. Bernstein says he saw a significant increase during lockdown, and K-Pop may be the reason why. South Korean boy bands NU-EST and TXT have both used Morse Code in their music videos and to give clues to fans regarding upcoming releases.

"Parents loved their kids learning it as it was still quite academic," Bernstein said. Morse code was created in 1844 to be used for the telegraph, and some research indicates that using Morse Code can improve brain health.

🏀LEBRON JAMES IS STILL AN ALL-STAR: LeBron James of the Los Angeles Lakers has been named to the NBA All-Star team for the 19th consecutive time, tying a record set by Kareem Abdul-Jabbar. At the moment, James is busy trying to top another record set by Abdul-Jabbar, for number of points in a season.  He’s averaging 29.9 points and is 157 points from tying the record. At this pace, he should break through in the first week of February. 

  • This year’s NBA All-Star Game is scheduled for February 19th in Salt Lake City. The captains are James and Giannis Antetokounmpo of the Milwaukee Bucks. The captains will pick their teammates in the pregame segment on TNT.
🎾RYBAKINA MAKES IT TO GRAND SLAM FINAL: Wimbledon tennis champion Elena Rybakina defeated Victoria Azarenka 7-6 (4) 6-3 at the Australian Open to make it to her second grand slam final there. Rybakina will play Aryna Sabalenka, who is going to the finals for the first time after defeating Magda Linnette yesterday 7-6 (1) 6-2.

⚾ASTROS NAME DANA BROWN AS GM: The Houston Astros have named Dana Brown as the team’s new general manager. He will replace James Click. Brown was most recently vice president of scouting for the Atlanta Braves.

🏈PANTHERS HIRE FRANK REICH AS HEAD COACH: Frank Reich, who was the starting quarterback in the first game played by the Carolina Panthers in 1995, has been named the team’s head coach. The deal should be finalized by Monday, a source told ESPN. Reich was fired as coach of the Indianapolis Colts last November.

 🏀DUQUESNE TIGHTENS UP SECURITY: Duquesne University officials were not all that amused when a prankster posing as an Uber Eats delivery guy walked onto the basketball court with a bag of McDonald's hamburgers in the middle of Wednesday’s game against Loyola Chicago. A university statement says it has tightened up its security measures to prevent further intrusions.



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