ZeroHedge News

Binance Investigates Possible Hack After Billions Transferred Out; Tether And Circle Freeze Stablecoins

Tyler Durden — Thu, 29 Oct 2026 23:00:00 +0000

Binance Investigates Possible Hack After Billions Transferred Out; Tether And Circle Freeze Stablecoins

Binance said Thursday it is investigating a "potential security issue" after billions of dollars in crypto left its exchange wallets, and the issuers of the two largest dollar stablecoins say they have frozen well over $1 billion of it. The exchange has not said how much was taken, how, or whether it was a hack.

"Our teams are aware of reports of a potential security issue and are actively investigating," Binance said in a post on X. "User funds are completely safe." FinanceFeeds, which reviewed the post's edit history, reports that Binance changed it twice. The first version said the exchange had "not confirmed any impact to user funds"; at 21:24 UTC that sentence came out, and at 21:29 UTC "User funds are completely safe" went in.

Our teams are aware of reports of a potential security issue and are actively investigating. User funds are completely safe.

Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have… pic.twitter.com/ATR4YdzmHV
— Binance (@binance) October 29, 2026

Binance's founder was less guarded. Changpeng Zhao, who says he no longer manages the exchange, wrote: "It does look like a hack on Binance." As a shareholder, he said, he expects "all user funds will be fully covered."

User funds are safe!

It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).

I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered. https://t.co/oufpyNChxI
— CZ 🔶 BNB (@cz_binance) October 29, 2026

The freezes came from the stablecoin issuers.

Tether CEO Paolo Ardoino said the company froze more than 1.567 billion USDT "related to a potential Binance exchange hack." Circle CEO Jeremy Allaire said Circle froze more than 800 million USDC "in coordination with law enforcement." Those are the issuers' own figures. Zhao thanked Tether for about $971 million and Circle for about $823 million, and Decrypt counts 975.1 million USDT and 823 million USDC frozen in the main receiving wallet, about $1.8 billion. The posts do not say which addresses were frozen, so the totals do not reconcile.

Tether froze more than 1.567B USDT related to a potential Binance exchange hack.

Protecting the industry and our partners is our main priority.

Stay safe everyone.
— Paolo Ardoino 🤖 (@paoloardoino) October 29, 2026

Circle is closely tracking reports of a potential exploit involving Binance. In coordination with law enforcement, we have frozen more than 800M USDC associated with the incident and will continue supporting the investigation.
— Jeremy Allaire (@jerallaire) October 29, 2026

Billions?!

Nobody has a confirmed loss figure. Decrypt's on-chain tally is at least $5.57 billion across Ethereum, Bitcoin and Tron: $3.51 billion on Ethereum, $1.44 billion in 18,270 BTC and $630 million on Tron. The Block reports that Conor Grogan, a Coinbase senior director, put the total at up to $5.8 billion, while the security firm Blockaid is looking at about $3.3 billion in suspicious outflows from Binance hot wallets on Ethereum, Arbitrum and Avalanche. The tallies come from different trackers and may overlap, and Binance has confirmed none of them.

Glassnode also suggested over $5 billion worth of crypto assets moved.

It looks like Binance was just hacked for around $5.3 billion worth of assets.

The largest pieces:
$1.66 billion in USDT
17,985 $BTC, about $1.45 billion
$767m in USDC

ETH and dozens of smaller tokens follow.

The total is still a small part of what Binance holds on-chain. pic.twitter.com/qaQUybMMlm
— glassnode (@glassnode) October 29, 2026

Decrypt says the first Ethereum transfer, at 20:24 UTC, moved 167,464 ETH and 63 token transfers, including 1.615 billion USDT, to a new address. About three minutes earlier, an address funded through the Tornado Cash mixer had submitted an EIP-7702 delegation for a Binance hot wallet, a mechanism that lets a wallet hand its execution to outside contract code. Decrypt does not establish that as the cause, and how the attacker got the required signature is unknown.

Markets reacted.

Bitcoin tumbled back below $80,000...

Decrypt has BNB down about 7% to roughly $699 and bitcoin below $79,000, and The Block says on-chain data shows Aave froze lending markets to stop the suspected hacker from borrowing, though Aave has issued no statement.

If confirmed at anything near Decrypt's figure, it would be more than triple the roughly $1.5 billion Bybit theft of February 2025, the previous record. Binance lost 7,000 BTC, about $40 million at the time, in a 2019 hack. It has promised updates "through official Binance channels."

Tyler Durden Thu, 10/29/2026 - 19:00

Alaska Gov. Orders Criminal Investigation Into Peltola Campaign

Tyler Durden — Thu, 29 Oct 2026 22:40:00 +0000

Alaska Gov. Orders Criminal Investigation Into Peltola Campaign

Alaska Gov. Mike Dunleavy on Wednesday ordered an investigation into whether Democratic Senate candidate Mary Peltola's campaign should face criminal charges or civil penalties for recruiting a candidate who shares the name of Republican Sen. Dan Sullivan, less than a week before Alaskans finish voting in one of the country's closest Senate races.

Gov. Mike Dunleavy discusses proposed education legislation at a news conference on Jan. 31, 2025. (Photo by Corinne Smith/Alaska Beacon)

Senior Peltola advisers and aides at the Democratic Senatorial Campaign Committee helped recruit Dan J. Sullivan, a retiree from a small Alaska fishing village, because his first and last name match the incumbent's, according to The New York Times. Text messages the Times reviewed show the Peltola campaign and the DSCC discussed the recruitment for months. Both Sullivans, Peltola and Gerald Heikes will appear on Tuesday's ballot.

Incumbent Dan S. Sullivan and challenger Daniel J. Sullivan Jr. on a sample election ballot in Alaska.(Haven Daley / Ap Photo/haven Daley)

"Alaskans have a fundamental right to vote for the candidate they actually intend to support. Deliberately tricking voters into casting their ballots for someone else strikes at the integrity of our elections," Dunleavy, a Republican, wrote on X. "Anyone or any organization found to have broken the law must be held accountable."

Peltola's former campaign manager, Elisa Rios, described the plan to the Times. The campaign pushed Rios out in an August staff shake-up. She told the paper that Peltola did not take part in the recruitment herself but was "definitely aware" of it.

"Alaskan voters need to know," Rios said, adding that voters "should get the full picture."

Peltola and the DSCC denied any involvement before the report. Speaking at a rally Wednesday, Peltola called the revelations "just another distraction."

A spokesman for Sen. Sullivan said Peltola and her campaign "have spent months gaslighting Alaskans, denying a scheme they were running all along."

President Trump addressed the story Wednesday at Joint Base Andrews before leaving to campaign for Republicans in Ohio. He said Peltola should leave the race and face prosecution.

"Mary Peltola should resign from the race. I think she should be prosecuted criminally for what she did," Trump told reporters.

"They said they didn't do it, and they did do it, and they got caught," the president said, describing the effort as "a plot by the Democrat Party" and adding, "To me, that's voter fraud at the highest level."

Trump also called for removing Dan J. Sullivan from the ballot and said any Peltola allies who helped recruit him should face criminal charges. Peltola herself said back in August, "It should be a criminal offense to lie or mislead the electorate."

🚨Mary Peltola in August:

"It should be a criminal offense to lie or mislead the electorate. YES!" pic.twitter.com/oemOFQJxKZ
— Senate Republicans (@NRSC) October 28, 2026

Fox News reported that the Justice Department is conducting an "aggressive criminal investigation" into how Dan J. Sullivan reached the ballot and expects to issue subpoenas within days. Investigators have told cell phone companies to preserve texts and emails. The U.S. Attorney's Office in Alaska opened the probe months ago and stepped it up after the Times report. Possible charges involve depriving Alaska voters of their rights.

The Alaska Supreme Court has already rejected an effort to remove Dan J. Sullivan from the ballot, ruling that neither state law nor the U.S. Constitution authorized it to judge a candidate's motives. Dan J. Sullivan has said he voted for Democrats in the last three presidential elections and for Peltola in her 2022 and 2024 House races.

Last week, at Trump's direction, the Justice Department sued to block Alaska from certifying a Peltola victory if Dan J. Sullivan stays on the ballot. The lawsuit said his purpose was to "dupe Alaska's voters into believing that he is Senator Sullivan." The filing cited no specific illegal activity and sought an investigation only if the incumbent lost.

Alaska moved to dismiss the case. The state said its elections division had worked to distinguish the two Sullivans. It argued that "the United States lacks authority to intervene in state elections at all, much less in support of a favored candidate." Election officials list Sen. Sullivan as the incumbent and print each candidate's initials on the ballot.

Mary PeltolaPhotographer: Nathaniel Wilder/Bloomberg

Chief U.S. District Judge Sharon Gleason approved an expedited schedule and gave the Justice Department until Thursday afternoon to respond to the motion to dismiss. In her order, Gleason noted the administration filed suit after Alaskans had begun voting and nearly four months after the state Supreme Court ordered Dan J. Sullivan onto the ballot. She could rule as early as Friday night.

Democrats tried to defend the tactic by comparing it to past Republican efforts to boost minor Democrat and third-party candidates in other races - a tactic both parties have used, and even actively recruiting a candidate with the same name to confuse voters isn't new.

In John F. Kennedy's first House race in 1946, his campaign paid a 27-year-old janitor named Joe Russo to get on the ballot and split the vote of Joseph Russo, a well-known Boston city councilor.

Peltola is the only Democrat on the four-person ballot after Democrats pressured David Leslie, who had also advanced from the primary, to drop out.

Murkowski, who endorsed Peltola in past races and backs Sen. Sullivan this year, condemned the scheme.

"While some may try to write this off as just how politics works now, ballot-stacking should have no place in our electoral process," Murkowski said. "Alaskans deserve the honest truth from Mary and her campaign - what has been revealed is a pattern of lies and coverups and a culture of deception."

Tyler Durden Thu, 10/29/2026 - 18:40

41,000 Homeland Security Employees And Undercover ICE Agents Exposed In Data Leak, Hackers Say

Tyler Durden — Thu, 29 Oct 2026 22:20:00 +0000

41,000 Homeland Security Employees And Undercover ICE Agents Exposed In Data Leak, Hackers Say

Authored by Jill McLaughlin via The Epoch Times,

An internal database with personal information identifying more than 41,000 employees at the Department of Homeland Security (DHS) - including undercover immigration officers - was hacked by activists and published online, the group claimed Wednesday.

A Homeland Security spokesperson said the department was aware of the security breach.

"DHS is aware of a potential breach and is actively working to address the situation swiftly and effectively," the spokesperson told The Epoch Times.

"We take all security threats against our employees and officers seriously and will work to ensure all are properly protected. We will update the public when more information is available."

Data captured by the hackers includes email addresses, phone numbers, field offices, and other work-related information for employees of several DHS departments, including U.S. Customs and Border Protection (CBP), Federal Protective Service (FPS), DHS headquarters, Immigration and Customs Enforcement (ICE), and Homeland Security Investigations (HSI).

A group known as the Department of Peace allegedly hacked the database and provided copies to Distributed Denial of Secrets (DDoSecrets) and maia arson crimew, a Swiss hacktivist, according to a statement by DDoSecrets.

Crimew created an online search tool and published the data on a database it calls "Icepick," according to DDoSecrets, an online group that hosts leaked or hacked documents.

"On July 17th, [Secretary of Homeland Security] Markwayne Mullin said he was 'turning up the heat.' This is what happens to ICE when you do that," a spokesperson for the Department of Peace said in a press release.

The dataset identifies officials responsible for overseeing covert and undercover operations, the government's hunt for leakers and the failed BlueLeaks investigation, a massive data hack of more than 200 police agencies across the country in 2020, Emma Best of DDoSecrets said.

The DHS data also includes key personnel in DHS's deportation programs, Best added.

More than 21,000 Border Patrol personnel were included in the leak, along with nearly 6,600 ICE agents, according to the information listed on the Icepick site.

In March, the same group breached the DHS website, leaking allegedly stolen documents relating to contracts between DHS, ICE, and more than 6,000 companies, including defense contractors.

Tyler Durden Thu, 10/29/2026 - 18:20

Trump Faces Plot Twist In Ilhan Omar Warrant Fight As Old Foe Reemerges; And What Did Obama's FBI Know?

Tyler Durden — Thu, 29 Oct 2026 22:01:40 +0000

Trump Faces Plot Twist In Ilhan Omar Warrant Fight As Old Foe Reemerges; And What Did Obama's FBI Know?

The same Obama-appointed judge that President Donald Trump once branded a "Radical Left Lunatic" and demanded be impeached is now tasked with deciding whether the public can see what federal agents were searching for when they raided Rep. Ilhan Omar's home.

Rep. Ilhan Omar, D-Minn., listens during a Congressional spotlight hearing on Capitol Hill, Sept. 22, 2026, in Washington. (AP Photo/Mark Schiefelbein, File)

U.S. District Chief Judge James Boasberg is presiding over the legal battle to unseal the search warrant used in the October 12 federal raid on the far-left Minnesota Democrat's Washington, D.C., residence, according to Fox News.

FILE - U.S. District Judge James Boasberg, chief judge of the United States District Court for the District of Columbia. (Carolyn Van Houten/The Washington Post via AP, File)

Federal investigators are examining allegations involving Omar's family immigration paperwork and discrepancies in her financial disclosures.

The investigation includes questions about whether Omar's father misstated her age in immigration paperwork filed in 2000, which could have allowed her to obtain citizenship through him while she was still a minor, the outlet also reported.

The New York Times, conservative watchdog Judicial Watch, and 14 other news organizations are seeking to make the warrant public, arguing that Americans have a right to scrutinize the investigation into the Minnesota congresswoman.

However, U.S. Attorney Jeanine Pirro is fighting to keep the documents sealed, warning that their release could jeopardize an ongoing federal investigation.

"This request sounds rash because it is rash," Pirro argued in a court filing.

Boasberg is no stranger to confrontations with the Trump administration.

In March 2025, Boasberg temporarily blocked deportation flights carrying alleged Venezuelan gang members. Trump blasted Boasberg as a "Radical Left Lunatic of a Judge, a troublemaker and agitator" and demanded his removal from the bench.

"HE DIDN'T WIN ANYTHING! I WON FOR MANY REASONS, IN AN OVERWHELMING MANDATE, BUT FIGHTING ILLEGAL IMMIGRATION MAY HAVE BEEN THE NUMBER ONE REASON FOR THIS HISTORIC VICTORY," Trump wrote on Truth Social. "I'm just doing what the VOTERS wanted me to do. This judge, like many of the Crooked Judges' I am forced to appear before, should be IMPEACHED!!!"

The battle even prompted Supreme Court Chief Justice John Roberts to issue a rare public rebuke of Trump, declaring that impeachment was not an appropriate response to disagreements over judicial rulings.

"For more than two centuries, it has been established that impeachment is not an appropriate response to disagreement concerning a judicial decision," Roberts said at the time. "The normal appellate review process exists for that purpose."

What Did Obama's FBI Know?

Olivier Douliery-Pool/Getty Images

Meanwhile, the The FBI and the Department of Homeland Security investigated Rep. Ilhan Omar's 2009 marriage to Ahmed Nur Said Elmi during the Obama administration and found "some evidence that it was fraudulent," the New York Times reported Thursday, in a story that rests on current and former officials. Omar, a Minnesota Democrat, has denied the allegation, and no one has been charged.

All's I can say is that, if something bad like this about a Democrat appears in the NY Times, the underlying facts must be horrific.

Ilhan Omar has got to be freaking. pic.twitter.com/bDK1b6k5Da
— Paul D. Thacker (@thackerpd) October 29, 2026

The Times said the agencies looked into the marriage in the summer of 2016 on suspicion that it was arranged to win Elmi immigration status, and that prosecutors then concluded the potential felony fell outside the five-year statute of limitations, so no case was brought. The paper's account rests on unnamed officials; the evidence itself has not been made public.

The claim that Elmi is Omar's brother has trailed her for years. She has called it a baseless conspiracy theory, but her answer to the question last week was less categorical. Asked on MS NOW by host Chris Hayes whether there was "some weird kernel of truth" to it, Omar said, "Not to my knowledge."

YIKES: Ilhan Omar was just asked if she married her brother on Live TV

Her answer: “Not to my knowledge…”

WHAT?!

She can’t even say “NO”?!

What other person would answer this question like that?

Things are about to get bad for Ilhan. pic.twitter.com/n8wwJb4puy
— Benny Johnson (@bennyjohnson) October 22, 2026

The Times report lands in the middle of a live federal investigation. As noted above, Homeland Security agents searched Omar's Washington home on October 12 under a court-authorized warrant, and the Trump Justice Department has an open criminal probe into her immigration and naturalization records. We noted at the time that investigators were using DNA and weighing a conspiracy charge, which would not be bound by the same clock; that account also came from unnamed sources.

If the Times account is right, the government had evidence of the allegation a decade ago and brought no case. The current investigation, which Omar has called political intimidation ahead of the midterms, is reportedly looking at her immigration paperwork rather than only the marriage itself.

The political fight is moving as fast. 175 House Democrats demanded a halt to the investigation on October 28. No criminal charges tied to the alleged marriage fraud have been announced.

Tyler Durden Thu, 10/29/2026 - 18:01

Woke California Bakery In Business For 50 Years Shuts Down

Tyler Durden — Thu, 29 Oct 2026 22:00:00 +0000

Woke California Bakery In Business For 50 Years Shuts Down

If woke businesses can't survive in Berkeley, California, then they can't survive anywhere. It's a lesson learned far too late for many companies over the past few years as American society continues to shift away from progressive ideology. The tolerance for "inclusive capitalism" is stretched thin and revenues are drying up fast, even for businesses that have been openly left-wing for a long time.

In most cases, such businesses refuse to admit their ideology contributed to their downfall (leftists rarely admit failure and they always double down). However, in some cases the truth is just too obvious to deny.

After 50 years in operation, Nabolom Bakery & Pizzeria in Berkeley, California, is closing permanently. Co-owners Sabra Stepak and Julia Elliott (who took it over in 2016 after an earlier near-closure) publicly attributed the decision to a mix of factors, but openly admit their political activism was a primary reason for their downfall.

In statements (including a Facebook post), they cited:

Backlash over a “defund the police” mural and a “Teach Palestine” poster and being removed from Instagram after reposting an image of a BART car tagged with an anti-ICE message (“Fuck ICE”). They said this incident alone caused a 20% drop in sales, and Instagram had been their main advertising platform.

They further engaged in opposition to local upzoning, which they said sparked boycott discussions on listservs, Reddit, and WhatsApp.

They noted that their business (which has thin profit margins) depends on customer volume, and with higher prices on ingredients, utilities and labor, the loss of foot traffic has killed their revenues. The establishment is $30,000 in debt and two months behind on rent.

Nabolom has been part of Berkeley’s alternative food culture since 1976, when it opened as a worker collective. It became known for breads and pastries and, for a time, was a popular local mainstay. After the original collective closed the business in 2015, Elliott and Stepak purchased it and reopened Nabolom about six months later.

A common retort among liberals when it comes to closures like this is that "The business was always woke...", therefore their activism was not the cause of the shutdown. What this argument ignores is the rapidly changing culture. Liberalism that was considered quaint in 2006 is now considered dangerous and reprehensible in 2026. As is always the case with leftists, they push the envelope way too far, the mask comes off and they show their monstrous insides to the world.

After the 2020s, wokeness still exists, but it's currently on life support.

The smartest move for any company today, from movies to video games to fast food to nightclubs and even bakeries, is for the owners and employees to keep their mouths shut about their politics, especially in relation to their business operations. Leftists consistently forget that they still have to function within free markets, and in the free market consumers control the discourse.

The message is clear - Stop injecting progressive propaganda into everything, or people will close their wallets to you.

Tyler Durden Thu, 10/29/2026 - 18:00

Tax The Rich: The Promise That Leaves The Middle Class Paying The Bill

Tyler Durden — Thu, 29 Oct 2026 21:40:00 +0000

Tax The Rich: The Promise That Leaves The Middle Class Paying The Bill

Authored by Christian Vezilj via American Thinker,

For more than sixty years, I have listened to politicians repeat the same familiar promise: tax the rich. Every election cycle, the message returns, wrapped in new slogans and delivered with renewed enthusiasm. Millionaires and billionaires, we are told, have more than their fair share. If only government would tax them more aggressively, America could afford an endless assortment of new programs, benefits, and government services. It is a politically attractive argument. After all, who wouldn't prefer someone else to pay the bill?

But this promise has a fundamental problem, one that rarely gets the attention it deserves. The wealthy represent a relatively small population, while the middle class represents an enormous tax base. And when politicians promise expansive government programs funded exclusively by taxing the rich, basic arithmetic deserves more attention than political rhetoric.

Consider the numbers. America has approximately 1,000 billionaires and more than 23 million millionaires, measured by net worth. Yet millions of these millionaires are not extraordinarily wealthy individuals living extravagant lifestyles. They are homeowners, retirees, and working professionals who have spent decades accumulating savings, retirement accounts, and home equity.

More importantly, wealth and taxable income are very different. A billionaire may own billions in appreciating stock while reporting comparatively little taxable income. A middle-class worker earning $100,000, by contrast, has income reported directly to the IRS, with taxes withheld from every paycheck. And herein lies the distinction politicians conveniently overlook.

The wealthy have options.

They employ accountants, tax attorneys, financial advisers, and estate planners who understand every provision of the tax code. They can defer capital gains, restructure investments, use trusts, relocate businesses, and sometimes move their residences to more favorable tax jurisdictions. These strategies are perfectly legal. The tax code itself provides the opportunities.

The average working American enjoys no comparable flexibility. His employer reports his income, deducts his taxes, and sends the money to Washington before he ever sees it.

When government raises taxes on high-income individuals, some will pay more. Others will adjust their financial affairs to reduce their exposure. Some may relocate, while others will change investment decisions or defer realizing income. The degree varies, but the incentive is undeniable.

Meanwhile, the middle-class taxpayer remains exactly where he has always been: working, earning, and paying.

This brings us to the political appeal of today's democratic socialist movement, including candidates associated with the Democratic Socialists of America. Their proposals frequently emphasize expanded government services, public benefits, and programs presented as rights rather than expenses. The familiar financing explanation is that corporations and the wealthy will pay more.

But how much more? And for how long?

Wealthy Americans certainly have greater financial resources. And progressive taxation already requires high-income earners to contribute a disproportionate share of federal individual income taxes. But that does not mean their resources are unlimited, nor that every proposed government program can be financed simply by raising their tax rates.

Europe also offers a lesson. Countries operating expansive social welfare systems frequently rely on broad-based consumption taxes, payroll contributions, and income taxes that reach well into the middle class. Their programs are not financed exclusively by billionaires. Ordinary citizens contribute substantially because universal government benefits require an enormous and dependable stream of revenue. Why should Americans assume the mathematics would somehow work differently here?

I believe this is the uncomfortable reality behind the decades-old promise to tax the rich. The political message identifies a small, wealthy minority as the source of funding, while the largest and most dependable potential revenue base consists of ordinary working Americans.

I am not suggesting that every politician secretly intends to raise middle-class taxes. But I am suggesting that voters should demand an honest explanation of how permanently expanding government programs will be financed when projected taxes on the wealthy prove insufficient.

Government cannot escape arithmetic. Spending must ultimately be supported through taxation, borrowing, or reductions elsewhere. Borrowing merely postpones the financial obligation while adding interest costs.

And the more government promises, the more important that arithmetic becomes.

I have heard the same political sales pitch. Tax the rich, expand government, and let someone else pay. Yet the middle class remains the broadest and most accessible population from which government can collect additional revenue.

Perhaps the real question is this: When the wealthy cannot pay for everything politicians promise, who will be left holding the bill? I suspect millions of middle-class Americans and our children.

Tyler Durden Thu, 10/29/2026 - 17:40

Trump Abruptly Cancels High-Stakes Rally In Ominous Sign Ahead Of Midterms

Tyler Durden — Thu, 29 Oct 2026 21:20:00 +0000

Trump Abruptly Cancels High-Stakes Rally In Ominous Sign Ahead Of Midterms

President Donald Trump abruptly canceled a planned campaign rally in Kansas just days before the midterm elections, raising fresh questions about Republicans' prospects of maintaining their grip on the Senate.

President Donald Trump greets Sen. Roger Marshall, R-Kan., during a campaign rally at Heartland Credit Union Arena on Monday in Park City, Kan. (Anna Moneymaker/Getty Images)

Trump was scheduled to appear on Saturday at the Salina Regional Airport to boost Sen. Roger Marshall (R-KS), who is now facing a surprisingly tough reelection fight against Democrat Adam Hamilton.

However, the Kansas Republican Party confirmed Thursday that the rally was off, with the White House announcing that Trump would instead hold virtual campaign events, The Hill reports.

"President Trump will continue connecting directly with Americans nationwide through more than 20 telerallies before Election Day," a White House official told the news outlet. "These events give him the opportunity to highlight his accomplishments and expand his reach across the country."

And it's not about his health:

🇺🇸 Trump absolutely UNLOADED on a Reuters reporter who questioned whether his decision to skip Kansas had anything to do with his health.

“YOU are sick! Put yourself in shape! You look like HELL!

Who are you with?!”

Reporter: “Reuters.”

“Reuters is terrible by the way. Look…
— Mario Nawfal (@MarioNawfal) October 29, 2026

The cancellation coincided with worrying new polling for Marshall. A CNN survey released Thursday showed Hamilton leading the Republican incumbent 49% to 45%, although the four-point advantage fell within the poll's margin of error.

As we reported last week, Republicans are facing the daunting possibility of losing a Kansas Senate seat that Democrats have not won since 1932.

Fox News' latest Power Rankings rate control of the Senate a toss-up, with Democrats favored in 48 seats, Republicans in 46, and six races still up for grabs.

In an interview with Fox Business, Marshall conceded he's facing a tough reelection fight and blamed soaring energy costs as his biggest hurdle.

Photograph by Kyle Rivas / Getty

"Well, no, I think it's the price of gasoline," Marshall told Fox Business when asked why the race remained so competitive. "It's that simple."

Marshall also blamed negative media coverage of President Donald Trump for shaping perceptions of the economy.

"The national media, the legacy media has just beat the heck out of President Trump now for, what, 10 years, and despite what's really a pretty strong economy here in Kansas, the legacy media is just telling you the sky is falling," the senator said.

The national polling shows why the senator's concerned.

An ABC News/Washington Post/Ipsos survey found that 71% of Americans consider gasoline unaffordable, compared with 28% in February. A Pew Research Center survey also found that 74% of Americans are very concerned about gasoline and energy prices, up from 43% in January.

Tyler Durden Thu, 10/29/2026 - 17:20

Teachers Unions Spent More Than $930 Million On Political Activism & Lobbying Over Decade, Watchdog Finds

Tyler Durden — Thu, 29 Oct 2026 21:00:00 +0000

Teachers Unions Spent More Than $930 Million On Political Activism & Lobbying Over Decade, Watchdog Finds

Authored by AG News Staff via American Greatness,

Two of America's largest teachers unions spent more than $930 million on political activism, lobbying and progressive advocacy over the past decade, raising questions about how union dues are being used beyond traditional education priorities.

According to investigations by the North American Values Institute (NAVI), the National Education Association (NEA) spent at least $547 million on political activities and advocacy between fiscal years 2016 and 2025.

The spending included $458.9 million officially reported as political activity and lobbying, along with another $88.2 million directed toward progressive advocacy organizations.

The NEA, which represents more than 3 million members, also directed $116.9 million to its super PAC, the NEA Advocacy Fund, according to the watchdog.

NAVI identified another $80.2 million distributed among political intermediaries, including the State Engagement Fund, Strategic Victory Fund and State Victory Fund LLC. The organization warned that such arrangements make it difficult for dues-paying teachers to determine where their money ultimately goes.

The report also found that the NEA contributed $30.1 million to Education International, a global teachers federation that includes a Palestinian teachers union NAVI describes as affiliated with the Palestine Liberation Organization.

Meanwhile, the American Federation of Teachers (AFT), the nation's second-largest teachers union, reported $383.2 million in political activity and lobbying expenditures during the same period.

According to NAVI, the AFT directed $123.35 million to outside political organizations and committees, including $45.7 million to four national partisan political committees.

The union also spent millions supporting ballot initiatives and judicial elections, including campaigns involving redistricting, taxation and Wisconsin Supreme Court races.

NAVI concluded that both unions have expanded their political operations well beyond traditional education issues, financing campaigns involving elections, tax policy and ideological advocacy.

Tyler Durden Thu, 10/29/2026 - 17:00

New York City Sheds 30,000 Jobs As Restaurants Face Mounting Financial Pressure

Tyler Durden — Thu, 29 Oct 2026 20:40:00 +0000

New York City Sheds 30,000 Jobs As Restaurants Face Mounting Financial Pressure

It turns out that more suffocating regulation in one of the most aggressively regulated cities in the U.S. is not helpful to businesses...go figure...

In fact, rising operating costs, bureaucratic delays and persistent inflation are putting growing pressure on New York City businesses, with restaurant owners warning that operating in the five boroughs is becoming increasingly difficult, according to MSN/NY Post.

The strain is now showing up in employment figures. A new report from City Comptroller Mark Levine found that New York City's private sector lost approximately 30,000 jobs in August and September, bringing total losses over the past year to roughly 32,000. September accounted for about 23,000 of those cuts, following another 7,400 in August.

The MSN/NY Post piece says that hospitality and finance were among the hardest-hit industries. Restaurants, hotels and other leisure businesses shed 7,700 positions in September despite a relatively strong tourism season. Employment in the sector has declined by 17,000 over the past year, while financial services companies eliminated nearly 6,000 positions in September.

Business owners say the figures reflect an affordability crisis. Sam Musovic, owner of Upper East Side cocktail bar Sojourn Social, said soaring food prices and rent contributed to his decision to close another restaurant last year, eliminating approximately 100 jobs. Musovic, who immigrated from Montenegro and began his career washing dishes, lamented that opportunities to build a successful business in New York are disappearing.

Greenwich Village's Loring Place faced similar pressures, announcing its closure in July after nearly a decade in business. Owner Dan Kluger cited mounting expenses, including electricity bills that climbed from roughly $8,000 per month to more than $14,000, alongside a 38% increase in health insurance costs this year.

Restaurant operators also blame City Hall's permitting process. George Tenedios, who owns nearly two dozen restaurants across the region, said construction approvals now take 10 to 15 weeks, compared with roughly four weeks two years ago. Other operators argue that these delays leave completed establishments unable to open, postponing hiring and adding unnecessary expenses.

The employment decline comes as New Yorkers continue facing elevated living costs. According to Levine, consumer prices have increased 4.5% over the past year, with rents rising more than 5% and energy costs jumping over 21%. The weakness in local hiring also contrasts with an estimated 3% expansion in national GDP during the latest quarter.

The figures could complicate upcoming budget negotiations in Albany, where lawmakers may consider additional taxes to address municipal deficits. While Gov. Kathy Hochul has pledged not to raise corporate taxes, Mayor Zohran Mamdani continues to advocate higher taxes on wealthy residents. Business groups warn that additional costs could further discourage investment and hiring.

Despite the losses, the city's unemployment rate held steady at 4.8%, while commercial and residential leasing remained strong. Nevertheless, the sharp decline in private-sector employment raises concerns about New York's economic outlook as businesses contend with mounting costs and regulatory obstacles.

Nothing more bureaucracy can't solve right? We're due for another Mamdani task force...

Tyler Durden Thu, 10/29/2026 - 16:40

Amazon Craters As Cash Burn Explodes, Weak Guide

Tyler Durden — Thu, 29 Oct 2026 20:25:00 +0000

Amazon Craters As Cash Burn Explodes, Weak Guide

Earlier today we asked the question every Amazon holder has been asking all year: why does this stock never work? Tonight Amazon (AMZN) answered it with one number: -$33.5 billion.

That is how much free cash flow Amazon burned in Q3 alone. Bloomberg consensus expected an outflow of $7.7 billion; Amazon came in more than four times worse, as quarterly capex exploded to $77.3 billion, up 43% from $54.2 billion in Q2. Trailing free cash flow collapsed to -$42.4 billion, from -$7.6 billion three months ago. To help pay for it, Amazon raised $48.1 billion of new long-term debt during the quarter.

Everything else was a sideshow. AWS grew 39.3%, its fastest in nearly five years, but short of the 42% the buyside was actually looking for; operating income hit a record $28.1 billion, right on the $28 billion whisper; EPS of $1.89 missed the $1.97 consensus; and Q4 guidance came in light on both revenue and operating income.

We had a feeling:

not gonna work this time either

*AMAZON 3Q EPS $1.89, EST. $1.97
— zerohedge (@zerohedge) October 29, 2026

It didn't. The stock tumbled as much as 12.5% after hours to around $223 (and briefly traded down to ~$214), well beyond the 7.5% implied move, wiping out the entire post-Q2 rally and sending the stock back to levels last seen in early April.

Update (flash comment from Goldman Sachs - they are not happy)...

We would expect Amazon’s shares to have an initial negative reaction to its Q3 2026 earnings report as the results painted a neutral to slightly weaker outcome relative to GS/Street estimates across most areas of the business. Most notable were Online Stores revenue & Advertising Services and AWS revenue were ahead of GS/Street estimates but below buyside expectations of 42%+ YoY growth that had been a consistent topic of conversation in the weeks leading up to the earnings report. In Terms of forward commentary, the Q4 revenue range bracketed Street estimates, while the high end of the Operating Income guide was slightly above Street estimates (with commentary around AWS growth rate of +40% for 2027 & 2028). Lastly the company reaffirmed ~$220b of capex for 2026.

The Number That Matters: -$33.5 Billion In One Quarter

Forget AWS for a moment. The number that matters is free cash flow, which peaked at $52.9 billion in mid-2024, turned negative in Q2 at -$7.6 billion, and is now -$42.4 billion. The math for the quarter is brutal in its simplicity: $42.4 billion of operating cash flow against $75.9 billion of net capex.

And then there is the guide. Amazon says it "continue[s] to expect" 2026 cash capex of about $220 billion. With $172 billion already spent (net) in the first nine months, that implies Q4 capex of roughly $48 billion, a 37% drop from the quarter it just reported, right as Jassy says demand still exceeds supply. Either Amazon is about to slam on the brakes in Q4, or Q3 pulled forward a chunk of spending the guide never accounted for. Either way, nobody believes 2027 will be lower: going in, the buyside was looking for $320-375 billion next year, and tonight Amazon gave no 2027 number at all.

Then there’s the guide...

For Q4, Amazon expects revenue of $240-247 billion, a midpoint of $243.5 billion vs. the $244.2 billion consensus. Operating income is guided to $28.5-33.5 billion, a midpoint of $31 billion vs. the Street’s $33 billion, and a full $1.5 billion below the $30-35 billion range the buyside was looking for, at both ends.

That’s even after the roughly $1 billion boost JPMorgan’s Schilsky expected once Amazon Leo goes live and its costs start getting capitalized.

The only line guided up was advertising, which Amazon says will rebound to high-teens growth after Q3’s 12% “timing anomaly.”

Translation: a holiday quarter with less profit than both the Street and the whisper, the same ~$220 billion capex plan, and a promise that ads will bounce back.

Who's Paying? The Bond Market

When the cash doesn't come from operations, it comes from somewhere else. Amazon's balance sheet tells you where:

Long-term debt nearly tripled in nine months, from $65.6 billion at the end of 2025 to $173.1 billion at the end of September, thanks to $115.1 billion of new long-term borrowing year-to-date ($48.1 billion of it in Q3).
Cash fell from $86.8 billion to $55.8 billion.
Interest expense more than tripled to $1.7 billion in Q3, from $0.5 billion a year ago.
"Other long-term liabilities" nearly tripled too, to $99.9 billion from $36.0 billion.

That's on top of Amazon's first-ever sterling bonds and the $8 billion Nvidia chip SPV. And all this a few hours after Microsoft, supposedly the cleanest balance sheet of the bunch, launched a $25 billion bond deal the morning after its "clean" beat. As we put it a few weeks ago, "debt becomes capex, becomes revenue, becomes EPS." Amazon just showed the first step of that chain at scale.

Last week we said the hyperscalers' off-balance sheet tally would cross $4 trillion once everyone reported.

Total Hyperscaler off balance sheet debt as of Oct 21: $3.6 trillion (with META and SPCX reporting). Expect this to cross $4 trillion when the rest report.
— zerohedge (@zerohedge) October 22, 2026

Scorecard: Street Vs. Whisper Vs. Actual

As JPMorgan's Mark Schilsky put it in his "Earnings Preview Bonanza" (available to pro subs), Street estimates were "comically low," so the real bar was the buyside whisper. Here's how Amazon did against both:

Metric	Street	Buyside bogey	Actual
AWS revenue growth	~37% (GS desk: ~41%)	~42%	39.3%
AWS revenue	~$45.4B	-	$46.0B
AWS operating margin	~37%	"low-40s" (UBS)	38.7% (Q2: 39.4%)
Net sales	~$202.1B (guide $197-202B)	$202-203B	$201.9B
Operating income	~$26B (guide $22.5-26.5B)	~$28B	$28.1B (record 13.9% margin)
EPS	$1.97	-	$1.89
Advertising growth	-	-	+12% ex-FX
Q4 sales guide	$244.5B	-	$240.0-247.0B
Q4 op income guide	$33B	top end ~$35B	$28.5-33.5B
Q3 capex	Q2: $54.2B	-	$77.3B gross / $75.9B net
Q3 free cash flow	-$7.7B (Bloomberg)	-	-$33.5B
LTM free cash flow	Q2: -$7.6B	-	-$42.4B
2027 capex	~$280B	$320-375B	Not guided; 2026 still ~$220B
After-hours move	implied ±7.5% (24Q avg realized 6.6%)		as much as -12.5%

The pattern is clear in the chart: Amazon cleared the Street almost everywhere and the whisper almost nowhere. AWS split the difference between the Street's 37% and the buyside's 42%, operating income essentially matched the whisper, and the Q4 guide fell short of both.

AWS: The Best Quarter In Five Years Wasn't Enough

On its own, AWS was strong: revenue rose 39.3% to $46.0 billion, a $184 billion run rate and its fastest growth in nearly five years. Jassy even handed the bulls the line they were waiting for, projecting AWS growth of "over 40%" in both 2027 and 2028. Recall that Schilsky's whole complaint going in was that the Street's 2027 AWS estimate of +35% was "waaay too low."

But the margin went the wrong way, slipping to 38.7% from 39.4% in Q2, against a buyside that wanted the low 40s. And the question we flagged in the preview, how much of the sold-out capacity actually came online given the Nvidia racks collecting dust in warehouses and Amazon walking away from Loudoun County, got no answer in the release.

Retail, Ads And The Missing Anthropic Gain

Retail was fine: North America sales rose 6% and international 8% ex-FX, roughly in line. Advertising was not: growth slowed to 12% ex-FX, which Amazon blamed on Prime Day "timing anomalies" while guiding to high-teens growth in Q4. That will feed straight into the agent debate, after Amazon blocked Meta's Muse and Deutsche warned that agent-led shopping could eat into Sponsored Products. Schilsky "guaranteed" the agent question would come up on the call, and warned that punting "will NOT go over well."

As for the EPS miss, blame the absence of an Anthropic windfall: last year's Q3 included $9.5 billion of pre-tax gains on the stake, while this year non-operating items were a $1.2 billion drag, including that tripled interest bill.

Why This Stock Never Works, Part II

Going in, Amazon was one of the most crowded longs in tech (8/10 on Goldman's TMT desk gauge, 9/10 on UBS's sentiment scale), and JPMorgan's Schilsky had the clearest diagnosis of the problem:

"AMZN has been one of the most frustrating stocks for the largest cohort of investors this year... Street estimates for 2027 AWS are too low. Comically low... As a result, investors across the ecosystem who have been trained to buy major expected KPI revisions see AMZN as an easy beat-and-raise story. But everyone knows that. It's a BIG part of the reason the stock isn't working."

Tonight Amazon delivered the AWS acceleration and even the 2027-28 growth talk, and the stock still fell 12%. Because, as we wrote in our preview this afternoon, the Q3 numbers were always going to be the easy part; the hard part was the bill. The bill came in at $77 billion of capex in one quarter, $33.5 billion of cash burn, and $48 billion of new debt. We'll allow ourselves a modest victory lap.

The stock "never works" because every dollar of AWS upside comes with more than a dollar of new spending attached. Tonight it was closer to four.

Much more in the full JPM "Earnings Preview Bonanza" and Goldman's "US eCommerce Q3'26 Preview", both available to pro subs.

Tyler Durden Thu, 10/29/2026 - 16:25

Why Do They Despise Musk?

Tyler Durden — Thu, 29 Oct 2026 20:15:00 +0000

Why Do They Despise Musk?

Authored by Victor Davis Hanson via American Greatness,

As the midterms approach, the Left has gone nearly berserk in its hatred of trillionaire entrepreneur Elon Musk. Yet its escalating venom would have been almost inconceivable before 2022, when Musk publicly declared that he would be voting Republican.

Before Musk's recent political reversal (he voted for both Hillary Clinton in 2016 and Joe Biden in 2020), he was beloved by the Left as the first successful upstart challenger to the century-long dominance of the Big Three fossil-fuel automakers. Liberals once loved his revolutionary, electrically powered Teslas and drove them proudly as a green virtue signal.

Not now. Far-left podcaster Jennifer Welch has run out of Nazi epithets for Musk. Alexandria Ocasio-Cortez - ironically, given her own limited talents - trashed Musk as "probably one of the most unintelligent billionaires I have ever met or seen or witnessed."

Fellow multibillionaire Bill Gates smeared Musk for supposedly "killing the world's poorest children" by promoting cuts to U.S. foreign aid programs.

Just this week, former Clinton labor secretary Robert Reich even demanded that Musk's SpaceX and Starlink be nationalized and run by the government - a move more associated with Cuba or the old Soviet Union than with the United States of America.

Such unhinged venom can contribute to violence. In early 2025, leftists launched more than 80 attacks against Tesla cars and dealerships - and sometimes even individual Tesla drivers. Similar cases of vandalism and arson have continued into 2026.

So why did the Left go from hailing Musk as the next Thomas Edison to treating him as public enemy No. 1 and targeting him with death threats?

The Left once loved all the tech and Wall Street billionaires who ensured that Democrats always had more money than Republicans.

Billionaire George Soros and his various foundations have channeled well over half a billion dollars to left-wing candidates and causes in just the last six years alone. Billionaires like Reid Hoffman, Tom Steyer, and the now-imprisoned Sam Bankman-Fried gave hundreds of millions to the Democratic Party and its candidates.

But Elon Musk now embodies everything the enraged Left hates.

First and most obviously, Musk no longer endorses Democrats. Instead, in 2024 and 2026, he donated hundreds of millions of dollars to help Republican candidates.

Second, Musk gave lavishly to the hated 2024 Trump campaign, especially in critical swing states. Furious Democrats actually blame him for Trump's victory.

Third, Musk paid billions of dollars to buy the liberal social media company Twitter. He eliminated censorship, renamed it X, and turned it into a free-speech platform that no longer catered to left-wing dogmas.

Fourth, Musk was instrumental in conducting the 2025 DOGE cuts that reduced the federal workforce by some 270,000 employees. DOGE also helped slash USAID programs that had often been involved in politicking abroad to support globalist and left-wing causes.

Fifth, the spurned Left has started hating billionaires as much as it once worshipped them. Its members now talk openly about confiscating wealth, nationalizing private corporations, taxing net worth and unrealized gains, and regulating and suing large companies to drive them out of business.

In 2020, Mark Zuckerberg and his wife, Priscilla Chan, donated some $420 million to help ensure greater Democratic turnout - and they were deified for helping to defeat Trump.

Now Zuckerberg has been talking about fleeing left-wing California if it passes a "billionaire tax" on net worth.

Billionaires like Amazon's Jeff Bezos, Oracle's Larry Ellison, and Palantir's Alex Karp - along with other Silicon Valley magnates such as Marc Andreessen, Ben Horowitz, and David Sacks - have drifted rightward, fearing the new agenda of the Islamist-sympathizing socialist Democratic Party.

Sixth, and perhaps most important, Musk - one of the greatest entrepreneurs of the last hundred years - is not shy about his own talents and spectacular successes, ensuring even more left-wing envy and venom.

Musk not only brought stranded U.S. astronauts home but also helped revive the moribund NASA space program.

This year, his company will launch more satellites than all other countries and private corporations combined. Indeed, by June 2026, it had sent into space more satellites than humanity had launched in total since Sputnik. SpaceX's behemoth Starship, the most powerful rocket in history, dwarfs its Chinese, European, and Russian rivals.

The upstart Tesla has the highest market capitalization ($1.5 trillion) of any car company in the world. Musk's social media platform X may have nearly 600 million monthly active users.

His artificial intelligence company, SpaceX Super Intelligence, and its Grok model are among the world's best-known.

Musk's Neuralink may become the first company that allows the paralyzed and the blind to regain their lost abilities.

His Boring Company has created a subterranean transport service in Las Vegas and is building another in Nashville.

Musk is history's first trillionaire. He is a mechanical and business genius, and he may well be one of the most brilliant technological entrepreneurs, not just of the last hundred years but of all time.

So is it any wonder that the new democratic socialist Left, with its insistence on equality of results, despises everything that Musk does and represents?

Tyler Durden Thu, 10/29/2026 - 16:15

Bronx Prosecutors Reportedly Told To Keep Child's Age Out Of Sex-Crime Plea Offenses

Tyler Durden — Thu, 29 Oct 2026 19:50:00 +0000

Bronx Prosecutors Reportedly Told To Keep Child's Age Out Of Sex-Crime Plea Offenses

Authored by David Manney via PJ Media,

A child's age can be central to a sex crime. It helps establish what happened, identify the victim's vulnerability, and determine the consequences for the person responsible.

But a guide for Bronx prosecutors reportedly offered another reason to consider a child's age: keeping it out of the offense a defendant pleads to could help the defendant avoid deportation.

From the New York Post:

Not even cases involving child sex crimes are off-limits - with Clark's office asking assistant DAs in a 2019 guide to "immigration-conscious plea bargaining" to "[o]ffer something that does not have the child's age as an element of the crime."
Meanwhile, in Queens, DA Melinda Katz has told her prosecutors to "exercise extreme caution" and "not get caught up in the label of [f]elonies, [m]isdemeanors" for illegal aliens, according to the report published five months after the committee sent requests for information on the Big Apple's so-called "sanctuary" policies to prosecutor's offices in all five boroughs, as well as the NYPD and Department of Correction.
According to the report, the NYPD has received nearly 10,000 detainer requests from Immigration and Customs Enforcement (ICE) for illegal aliens charged with crimes in the past 12 months - and honored none.

Let that sink in.

A prosecutor's office, entrusted with seeking justice for victims, circulated advice on how to structure a plea so a defendant's immigration problems might become a little less troublesome.

Where, exactly, does the child fit into this calculation?

A House Judiciary Committee report examines immigration-related practices in the offices of New York City's district attorneys. Among the material cited is a 2019 Bronx guide on immigration-conscious plea bargaining. In cases involving children, it advised prosecutors to offer a plea deal on an offense that didn't include the child's age as an element of the crime, according to the article's description of the report.

The distinction is important: The reported guidance concerns the elements of the offense used in a plea. It doesn't establish that prosecutors were instructed to erase a child's age from every document in a case. Nor does publicly available material identify a particular child sex case in which the instruction was used.

Even so, why should avoiding deportation be part of the exercise? Prosecutors have plenty to consider when evaluating a plea: the evidence, the victim, the appropriate punishment, and the chances of securing a conviction. Preserving a defendant's ability to remain in the United States shouldn't be a prize tucked into the negotiations.

The reported Bronx guidance didn't stop there. Prosecutors were also encouraged to keep a domestic relationship out of the record of conviction in domestic violence cases, and to consider stalking charges without certain elements that could bring immigration consequences.

A woman allegedly beaten by her partner might reasonably expect prosecutors to focus on the violence. Instead, the guide reportedly gave them a reason to consider how the relationship appeared in the conviction record.

What a comforting set of priorities.

In Queens, District Attorney Melinda Katz's own office describes what happened in other cases. During her first year in office, it says, she agreed to reduce or vacate the convictions of 21 defendants to avoid immigration consequences that weren't anticipated when they pleaded guilty. Some were allowed to plead again to lesser offenses.

The office doesn't identify the offenses or establish that all 21 defendants were in the country illegally. Those details matter, and New Yorkers deserve to know them. What the office does say is revealing enough: Its actions helped defendants avoid immigration consequences through valid guilty pleas.

Supporters can call deportation a harsh collateral consequence. Victims might call it a foreseeable result of committing a crime while subject to immigration enforcement. Either way, the public should know when prosecutors make avoiding it part of the deal.

Another question: What happens when immigration authorities release people who are then arrested again?

In a separate 2018 review, ICE said nearly 40 people were arrested again by local police after being released from New York City custody. One man was arrested on an assault charge, released, and later arrested on a robbery charge, ICE said.

Each of us, especially New Yorkers, deserves current, case-specific answers. How often were immigration-safe pleas offered? What were the original allegations? How many defendants were later arrested, and for what?

A prosecutor's first responsibility is to seek justice. If officials adjust pleas to help defendants avoid immigration consequences, they owe victims and the public a full accounting.

Tyler Durden Thu, 10/29/2026 - 15:50

Chaos In Florida: Woman (?) In Full Burqa Blasts Islamic Call To Prayer At Pinellas County Meeting

Tyler Durden — Thu, 29 Oct 2026 19:35:00 +0000

Chaos In Florida: Woman (?) In Full Burqa Blasts Islamic Call To Prayer At Pinellas County Meeting

A woman (we think) in a full black burqa walked up to the public-comment microphone at the Pinellas County, Florida, commission meeting Wednesday and played a recording of the Islamic call to prayer instead of speaking. Board Chairman Dave Eggers ordered her removed, and a sheriff's deputy escorted her out. The meeting was streamed live on YouTube, and the clip below starts around the moment she presses play.

She said nothing before the audio started. The recording ran for about a minute before Eggers said, "Stop the tape, ma'am," and then "Just escort out." When she did not stop it, a sheriff's deputy took her from the podium, and her removal set off arguments in the audience until Eggers asked for decorum. County rules call for spoken comments, and he said, "We ask you to come here and make comments, and that was not a comment," Fox News reported.

The Pinellas County Sheriff's Office said the woman left without further incident and will not face criminal charges. Nobody has said why she did it. She gave no statement from the podium, and it is unclear whether it was a protest or a prank.

Residents at the meeting were speaking against the expansion of Masjid Al-Rahman, a mosque at 2577 Keystone Road in unincorporated Pinellas County near Tarpon Springs, and the commission had already approved the land-use change for it, 4-3, according to the Tampa Bay Beacons. The vote moves the 2.69-acre site from Residential Rural to Public/Semi-Public. A companion zoning change limits it to community assembly, and the plans call for a building about 1,000 square feet larger than the current one, with new parking and stormwater work. Forward Pinellas and the county's Planners Advisory Committee both recommended approval unanimously. The next step is site plan review.

Much of the argument at the vote was over a word. County paperwork described the project as a "community assembly facility," and Commissioner Vince Nowicki, who voted no, pressed staff on why it did not say mosque. "It's a mosque, right?" he asked. Long-range planning manager Scott Swearengen answered, "I believe so," and said, "We don't define church, we don't define mosque, we don't define a number of other things." Nowicki later cited six countywide cases from 2021 to 2025 in which the documents for church projects named the religious use outright.

Tyler Durden Thu, 10/29/2026 - 15:35

Greenwald Unpacks Brazil's Political Drama As Bolsonaro Deletes "True President-Elect" Claim

Tyler Durden — Thu, 29 Oct 2026 19:30:00 +0000

Greenwald Unpacks Brazil's Political Drama As Bolsonaro Deletes "True President-Elect" Claim

Brazilian Senator Flávio Bolsonaro briefly declared himself "the true president-elect of Brazil" on Wednesday before deleting the statement.

President Trump said the same day that he would not endorse Bolsonaro's claim, suggesting the Trump administration would limit its support for Bolsonaro's election challenge.

Flávio Bolsonaro issues his first official statement since arriving in the United States, confirming what I reported yesterday about his departure from Brazil and the protection he says he has received.

Here are the key points:

1. Flávio declares himself the legitimate… pic.twitter.com/S1lIiRwC4O
— Simón Levy (@SimonLevyMx) October 28, 2026

Bolsonaro arrived in Miami on Wednesday after leaving Brazil earlier in the week, citing the "politicization of the justice system in Brazil" under left-wing President Luiz Inácio Lula da Silva. His abrupt departure followed a Supreme Court order requiring him to surrender his passport immediately after the runoff election.

Argentina's migration department said Bolsonaro and his family entered Misiones province through a border crossing late Tuesday night using valid travel documents. They immediately boarded a private jet bound for Guayaquil, Ecuador, then flew directly to Miami.

Journalist Glenn Greenwald added more color to Bolsonaro's now-deleted statement:

It seems as Flavio Bolsonaro and his allies just deleted that statement in which Flavio declared himself "the true president-elect of Brazil," and then re-posted the letter without that declaration.
I had just spent 30 minutes speaking to everyone I could trying to understand how it made any sense at all to make this claim -- either in general or the way they did it: so impulsively and suddenly, with no groundwork laid for it -- and nobody could make sense of it. So it seems wise that they removed it.

It seems as Flavio Bolsonaro and his allies just deleted that statement in which Flavio declared himself "the true president-elect of Brazil," and then re-posted the letter without that declaration.

I had just spent 30 minutes speaking to everyone I could trying to understand… https://t.co/jRIo0dY8X6
— Glenn Greenwald (@ggreenwald) October 28, 2026

Greenwald posted a clip of Trump that makes it clear he does not intend to back Bolsonaro's now-deleted claim.

Here's Trump making clear that he does not intend to back Bolsonaro's now-deleted claim that he is the "true president-elect of Brazil." When I called around in the US Govt to try to understand why that statement was issued, nobody understood it:pic.twitter.com/fpoEDJHcbE https://t.co/MoFQIgAFTc
— Glenn Greenwald (@ggreenwald) October 28, 2026

Greenwald continued:

Brazil's Federal Police issues a statement that Flavio Bolsonaro is not considered a "fugitive" from justice because he has not been charged with any crimes and there was no order issued for his arrest when he left Brazil for the US.
Part of the motive here is to explain away the embarrassment that Brazilian authorities had no idea what was going on in their country all day, but it is also true that -- contrary to many prevailing media and political narratives in the US -- Flavio has not been charged with (let alone convicted of) crimes and no arrest order had yet been issued when he left.

Brazil's Federal Police issues a statement that Flavio Bolsonaro is not considered a "fugitive" from justice because he has not been charged with any crimes and there was no order issued for his arrest when he left Brazil for the US.

Part of the motive here is to explain away… https://t.co/d0LyX2Uhnj
— Glenn Greenwald (@ggreenwald) October 28, 2026

To sum up: Bolsonaro has reached Miami to circumnavigate Lula's totalitarian crackdown, but his political endgame remains unclear.

To say that Alexandre de Moraes is an authoritarian tyrant who has repeatedly abused his power to censor, arrrest and otherwise persecute both his critics and Bolsonaro supporters -- or to say that Moraes himself is more implicated in the Banco Master scandal than anyone and thus… https://t.co/nSp9qpcD8Z
— Glenn Greenwald (@ggreenwald) October 28, 2026

His claim to the presidency quickly disappeared off the internet yesterday, and Trump declined to endorse it. Meanwhile, Brazil's own Federal Police undercut the whole fugitive narrative. The battle over legitimacy, judicial power, and Brazil's political future is far from over, as Lula's socialist regime will face immense headwinds in a Senate that has shifted right.

Tyler Durden Thu, 10/29/2026 - 15:30

Luxury Hotel In One Of America's Wokest Cities Sells At Shocking 94% Loss

Tyler Durden — Thu, 29 Oct 2026 18:55:00 +0000

Luxury Hotel In One Of America's Wokest Cities Sells At Shocking 94% Loss

A luxury hotel in downtown Portland has sold for 93.6% less than its previous purchase price, according to the Portland Business Journal.

The 221-room Royal Sonesta hotel, located at 506 S.W. Washington St., was purchased for just $6.83 million by an entity linked to Laxmi Hotels Group.

The property last sold for $108.3 million in 2016, a staggering $101.5 million more than its latest sale price.

The bargain-basement deal was part of a larger eight-property hotel portfolio acquired by Laxmi.

The steep markdown comes as downtown Portland continues to grapple with the fallout from years of rampant drug use, crime and deteriorating street conditions.

The upscale hotel sits diagonally across from the Washington Center building, an area that previously became notorious as one of downtown Portland's most prominent open-air drug markets.

Southwest 4th and Washington in downtown Portland, May 6, 2023 (KOIN)

Portland has also long been a hotbed of far-left Antifa activity. During the summer of 2020, rioters repeatedly targeted the federal courthouse amid months of unrest. The turmoil continued in 2025, when anti-ICE demonstrators stormed a federal immigration facility, leaving four officers injured, according to the Department of Homeland Security. Months later, police dismantled a protest encampment outside the same facility following prolonged demonstrations involving Antifa activists.

Portland isn't the only city where a Royal Sonesta hotel has suffered a massive decline in its sale price.

A 360-room Royal Sonesta hotel in Minneapolis recently sold for just $5 million, a roughly 93% discount from its previous purchase price.

Tyler Durden Thu, 10/29/2026 - 14:55

"Tremendously Grateful": Candace Owens Celebrates As Macron Lawsuit Faces Fresh Hurdle

Tyler Durden — Thu, 29 Oct 2026 18:40:00 +0000

"Tremendously Grateful": Candace Owens Celebrates As Macron Lawsuit Faces Fresh Hurdle

Authored by Rachel Roberts via The Epoch Times,

A Delaware judge ruled that French President Emmanuel Macron and his wife, Brigitte, can continue their defamation lawsuit against the companies of American conservative podcaster Candace Owens, but not against Owens herself.

The Macrons sued Owens and two businesses associated with her in July 2025 over her podcast series alleging France's first lady is a male. They allege Owens amplified these claims, which first emerged in France, "to promote her independent platform, gain notoriety, and make money."

Superior Court Judge Sheldon Rennie ruled on Tuesday that his court did not have jurisdiction over Owens, who lives in Tennessee, but that the case against Candace Owens LLC and Georgetom Inc. may proceed because those businesses were registered in Delaware.

The decision means that Owens, who has a following of more than 7.7 million on X and more than 6 million on YouTube, will not be held personally liable if a judge ultimately finds in favor of the Macrons.

Rejecting the claims against Owens as an individual, Rennie said the Macrons failed to establish that she formed her businesses specifically to defame the couple.

Statute of Limitations

Rennie will consider whether to dismiss the lawsuit entirely after lawyers for both sides brief him on whether France's statute of limitations required the Macrons to sue within three months or one year of the alleged defamation.

A three-month deadline could lead to a complete dismissal because the Macrons waited longer to take action, unless the judge decides the alleged defamation is "aggravated," in which case the limitation period is extended to one year.

"We are pleased that the Court rejected Mrs. Owens' attempt to remove the case from Delaware, where her companies continue to publish and monetize her defamatory falsehoods," lawyers for the Macrons said in an emailed statement on Wednesday.

'Legal Overreach'

In an X post following the ruling, Owens said she was "tremendously grateful" to the Delaware courts and to the presiding Judge "for looking at this case objectively."

She called the case "one of the grossest, legal overreaches by a foreign government leader in human history - a sitting President's attempt to personally bankrupt a single podcaster from outside the nation in which he governs."

🚨BREAKING NEWS:

I was just personally dismissed from the Macron lawsuit filed against me in Delaware.

This case represents one of the grossest, legal overreaches by a foreign government leader in human history—a sitting President’s attempt to personally bankrupt a single…
— Candace Owens (@RealCandaceO) October 27, 2026

Owens released an eight-part series, titled Becoming Brigitte, in January 2025. Viewed tens of millions of times across YouTube and other platforms, the series examined the claim that Brigitte Macron was born Jean Michel Trogneux, which is the name of her brother, and that she and her brother are one and the same and that Jean-Michel Trogneux doesn't exist as a separate person.

The lawsuit, however, states that Trogneux lives in northern France and attended both of Emmanuel Macron's presidential inaugurations in 2017 and 2022.

It also accuses the podcaster of alleging that Macron and his wife are blood relatives - her series claimed they are uncle and nephew - and that the president was installed in office by the U.S. Central Intelligence Agency.

'Campaign of Global Humiliation'

The Macrons argue that Owens embarked on a "campaign of global humiliation" that caused "substantial and irreparable damage" to their reputation by repeatedly discussing the theory and claiming that Brigitte Macron had stolen the first lady title.

In January, a Paris court found 10 people guilty of cyberbullying Brigitte Macron by spreading the rumor online that she is transgender.

One defendant was sentenced to six months in prison, and eight were given suspended sentences of between four and eight months. All 10 were ordered to attend awareness training on cyberbullying, which is a separate offense from other forms of harassment under French law.

The court pointed to "particularly degrading, insulting, and malicious" comments about 73-year-old Brigitte Macron, including allegations she is transgender and accusations of pedophile criminality targeted at the first lady, who met her 48-year-old husband when he was a 15-year-old schoolboy and she was his 39-year-old teacher.

The Macrons married in 2007, years after they met at the Jesuit high school in Amiens when she was a drama teacher and a married mother of three known as Brigitte Auzière, according to biographical accounts.

Lawyer Tom Clare, who is representing the couple in their defamation suit against Owens, told the BBC in September 2025 that Brigitte Macron was prepared to present scientific evidence to a court to prove she is a biological woman. He declined to provide further details on the nature of such evidence.

Tyler Durden Thu, 10/29/2026 - 14:40

Man Accused In Cornell Gang Rape Suit Asks Judge To Remove Letitia James From Probe Over Her "We Stand With You" Post

Tyler Durden — Thu, 29 Oct 2026 18:10:00 +0000

Man Accused In Cornell Gang Rape Suit Asks Judge To Remove Letitia James From Probe Over Her "We Stand With You" Post

A lawyer for one of the men accused in a civil rape lawsuit at Cornell University has asked a New York judge to remove Attorney General Letitia James as special prosecutor of the renewed criminal investigation, arguing that her own social media post shows she had already taken the accuser's side. Justice James R. Farrell was due to hear the petition Thursday in Monticello, the Associated Press reported.

Letitia James is fighting an effort to remove her from the Cornell case

The post went up on Sept. 28, on X and Facebook, with a link to a news article about the lawsuit. "What this young woman has been forced to endure is horrific and unacceptable," James wrote. "I'm holding her in my heart and in my prayers. To her, and to all survivors: you're not alone. We stand with you." Three days later Gov. Kathy Hochul signed an order naming James to run the case.

What this young woman has been forced to endure is horrific and unacceptable. I’m holding her in my heart and in my prayers.

To her, and to all survivors: you’re not alone. We stand with you.https://t.co/az4ViQwgy1
— NY AG James (@NewYorkStateAG) September 28, 2026

Hochul's Executive Order 64, dated Oct. 1, takes the matter away from Tompkins County District Attorney Matthew Van Houten, who declined to prosecute in November 2024. The order says he did so "without speaking to Jane Doe," relying at least in part on her sworn statement, and that the special prosecutor's jurisdiction "will displace and supersede" his. Van Houten has defended the decision, UPI reported, saying that statement did not allege she was drugged against her will or gang-raped. After public backlash he announced he was reopening the case.

The challenge before Farrell comes from Gillio Lopes, one of seven men named in Jane Doe's suit, in an Article 78 petition filed Oct. 7. His lawyer, Andrew Miltenberg, wrote that James' post "has unequivocally demonstrated a bias and presumption of guilt against the defendants" named in the suit, and asked Farrell to order Hochul to appoint a prosecutor "who is free from actual or perceived conflicts of interest or bias." Lawyers for a second man named in the suit have filed their own challenge in Tompkins County, where Cornell is located.

The Chi Phi fraternity house at Cornell University in Ithaca, N.Y., Monday, Sept. 28, 2026. (AP Photo/Heather Ainsworth)

James' office calls the petition "procedurally defective and substantively meritless." In its filing, as the AP described it, the office argues that courts have already held the governor may appoint a special prosecutor as she sees fit, and that the petition rests on "the AG's remarks in a single social media post." Assistant Attorney General Kaitlin Vigars wrote that the claimed harms are "speculative and conclusory." James is not expected to attend the hearing.

James has not said much about the post. At the Oct. 2 news conference announcing her appointment, she declined to comment when asked about it. Hochul said she had no qualms: "I have every confidence in our attorney general to do what she has always done: Look at the facts, examine the record, draw the proper conclusions." The governor's office posted the video and transcript.

Jane Doe filed her lawsuit on Sept. 16 in New York County Supreme Court against Cornell and the men. She alleges several of them raped her at a fraternity party in October 2024, and that some pressured her into using ketamine and marijuana while she drank alcohol that left her too intoxicated to consent. The allegations are unproven, and Cornell was also named in the suit.

James is no stranger to high-profile targets. The AP noted that her office has gone after the NRA and Donald Trump, whom she once called a "con man" and "carnival barker," and that a civil investigation she led ended in Andrew Cuomo's resignation. ZeroHedge has followed the fallout around the case, including a high school student punished over a post supporting the "Cornell 7." If Farrell sides with Lopes, Hochul would have to name a different special prosecutor.

Tyler Durden Thu, 10/29/2026 - 14:10

Hilton Says He Can Win California If Every Trump Voter Shows Up

Tyler Durden — Thu, 29 Oct 2026 17:55:00 +0000

Hilton Says He Can Win California If Every Trump Voter Shows Up

Steve Hilton, the Republican nominee for California governor, says he can win on Nov. 3 if the people who voted for Donald Trump in 2024 turn out again. The catch is that a midterm draws far fewer voters than a presidential year, and the latest poll has him 28 points behind Democrat Xavier Becerra.

Hilton laid out his math on Real America's Voice on Tuesday. "I'll need six million votes," he said. "In 2024, President Trump got 6.1 million in California without even really campaigning here." He called turnout "a big ask" because "you don't get a presidential year turnout usually in the midterm," but said, "the point is that we can do it."

Steve Hilton's math for CA: "I'll need 6M votes. In 2024, President Trump got 6.1M in California without even really campaigning here."

The catch: "You don't get a presidential year turnout usually in a midterm... the point is that we CAN do it."@SteveHiltonx pic.twitter.com/rHPXddKwBB
— Andrew Kolvet (@AndrewKolvet) October 27, 2026

The numbers are public. The Secretary of State certified 6,081,697 votes for Trump in 2024, 38.3 percent, against 9,276,179 for Kamala Harris, in a presidential electorate of about 15.9 million. The last governor's race, in 2022, drew 10.9 million votes for its two candidates: Gavin Newsom took 6,470,104 and Republican Brian Dahle 4,462,914.

Hilton's threshold sits just under Trump's whole 2024 total. Hilton told Steve Bannon's War Room in May 2025 that he expected a turnout of about 11.8 million and that winning would take 5.9 million votes, the Daily Caller reported. That is 97 percent of Trump's 2024 vote, and it leaves 5.9 million for everyone else, which is fewer votes than Newsom won four years ago. Trump's total was also 1.6 million more than Dahle drew in 2022.

Polling shows no sign of it yet. Emerson College's Oct. 17-19 survey of 1,000 likely voters had Becerra ahead 60 percent to 33 percent, with 7 percent undecided. Pushed to choose, undecided voters moved the margin to 64 to 36. Independents favored Becerra 46 percent to 36 percent. Applied to a 2022-sized electorate, 36 percent would be about 3.9 million votes, roughly 525,000 fewer than Dahle won.

The same poll found 33 percent of respondents approving of Trump's job performance and 63 percent disapproving. On the economy, the top issue for 45 percent, 44 percent blamed Trump for the state of things, up from 27 percent a year earlier, while 38 percent blamed Newsom, down from 51 percent.

Becerra took the plurality in June's open primary with 28 percent, Emerson noted. As ZeroHedge reported in May, Polymarket then gave Hilton a 10 percent chance of winning in November.

Hilton's plan needs a presidential-year Republican turnout in a midterm, in a state where Trump's approval stands at 33 percent.

Tyler Durden Thu, 10/29/2026 - 13:55

Republican Sen. Murkowski Endorses Democrat For Alaska Governor

Tyler Durden — Thu, 29 Oct 2026 17:40:00 +0000

Republican Sen. Murkowski Endorses Democrat For Alaska Governor

Authored by Chase Smith via The Epoch Times,

Sen. Lisa Murkowski (R-Alaska) has endorsed Democrat Jonathan Kreiss-Tomkins for Alaska governor, backing the former state lawmaker over three Republicans ahead of Election Day.

Alaska Democratic gubernatorial candidate Jonathan Kreiss-Tomkins. (Courtesy of JKT for Alaska)

Kreiss-Tomkins, who goes by JKT, is running to replace term-limited Republican Gov. Mike Dunleavy. He faces Republicans Bernadette Wilson, former Anchorage Mayor Dave Bronson, and former state Attorney General Treg Taylor in the Nov. 3 ranked-choice general election.

In a statement released by the Kreiss-Tomkins campaign on Oct. 27, Murkowski said Alaska needs a governor who listens to people with different views and looks for common ground. She pointed to the state's fiscal future, energy costs, and economic growth as problems that require cooperation.

"Our future is too important to be hamstrung by partisan divisions," Murkowski said.

She urged Republicans, independents, and Democrats to look closely at Kreiss-Tomkins and his running mate, Zac Johnson, who is running as a nonpartisan candidate.

Kreiss-Tomkins said he was honored to have her support. He pledged to work with Alaska's congressional delegation, the Legislature, industry, and local communities.

"Alaskans deserve a government that can work through disagreements and make progress on the issues that matter," he said.

Kreiss-Tomkins represented Sitka and other Southeast Alaska communities in the state House from 2013 to 2023. According to his campaign, he served in a bipartisan coalition in the chamber during that time.

The campaign also lists endorsements from three former governors: Tony Knowles, a Democrat; Bill Walker, an independent; and Frank Murkowski, a Republican and the senator's father. It also lists several Republican former state lawmakers and more than a dozen labor unions.

The three former governors also backed Kreiss-Tomkins in an Anchorage Daily News op-ed published on Oct. 27.

Taylor said in a Facebook post that Murkowski's decision to cross party lines and back a Democrat was "particularly disappointing."

He said he was not surprised that Walker and Knowles support Kreiss-Tomkins, arguing that Alaskans faced higher taxes or smaller Permanent Fund dividends under their leadership. He added that his loyalty remains with Alaskans, not any political figure or endorsement.

Wilson, whom President Donald Trump endorsed on Oct. 13, said in an X post that Murkowski "abandoned Alaska values a long time ago."

She accused Kreiss-Tomkins of supporting an income tax and opposing a full Permanent Fund dividend, and said she would work as governor to unseat Murkowski, whom she campaigned against in 2010.

The Republican Governors Association did not respond to a request for comment prior to publication.

The endorsement came days after Trump called Murkowski a "disgrace" to Alaska and the country in a Truth Social post.

Murkowski has broken with her party and Trump before. In 2024, she endorsed then-Rep. Mary Peltola (D-Alaska), who lost her reelection bid. This year, Murkowski is backing Sen. Dan Sullivan (R-Alaska) in his race against Peltola.

That Senate race is also the subject of a federal lawsuit. The Trump administration has asked a court to bar certification of the results if Sullivan loses, arguing that an independent candidate who shares his name could confuse voters.

Alaska officials asked the court on Oct. 26 to dismiss the case, saying the federal government has no authority to intervene in state elections.

A recent New York Times/Siena poll of likely voters showed Kreiss-Tomkins leading the field with 40 percent, followed by Wilson at 20 percent, Bronson at 15 percent, and Taylor at 11 percent.

Tyler Durden Thu, 10/29/2026 - 13:40

Nearly 3 In 10 New-Car Trade-Ins Are Underwater, Edmunds Finds

Tyler Durden — Thu, 29 Oct 2026 17:10:00 +0000

Nearly 3 In 10 New-Car Trade-Ins Are Underwater, Edmunds Finds

Authored by Bill Pan via The Epoch Times,

Almost three in 10 vehicles traded toward a new car are worth less than the amount still owed on their loans, a new report suggests.

In the third quarter of 2026, about 29.1 percent of trade-ins with outstanding loans carried negative equity, according to an Oct. 21 analysis by car-shopping platform Edmunds. That was down from 30.9 percent at the beginning of the year but above 28.1 percent in the same quarter of 2025.

While the share of so-called underwater trade-ins has eased slightly this year, the amount borrowers owe has continued to climb.

Drivers trading in underwater vehicles owed an average of $7,107 more than their cars were worth in the third quarter, the highest third-quarter figure in at least a decade, according to Edmunds.

That was more than $1,800 above typical levels before the COVID-19 pandemic. Between 2016 and 2019, the average deficit generally ranged from about $5,000 to $5,500.

The financial burden grows when drivers roll that unpaid balance into a new car loan.

Consumers who did so in the third quarter financed an average of $57,235, up more than 44 percent from $39,732 in the same period in 2019, Edmunds said. Their average monthly payment climbed to $952 from $646 over that period.

At an average interest rate of 8.1 percent, those borrowers are expected to pay about $16,610 in interest over the life of their loans, nearly 83 percent more than in the third quarter of 2019.

Compared with the average new-car buyer, consumers rolling negative equity into a new loan financed about $12,600 more and paid an additional $165 per month, Edmunds said. More than 91 percent financed their purchases for 72 months or longer.

Longer loans can reduce monthly payments, but they also slow the rate at which borrowers build equity and can leave them underwater for longer.

Pandemic-Era Purchases Come Back to Market

Edmunds said the current trend partly reflects vehicles bought during the pandemic-era supply shortage, when many buyers paid unusually high prices.

"During the pandemic, vehicle shortages and surging used-car values created an unusual window in which many owners found themselves with more equity than expected, even relatively early in their loans," Jessica Caldwell, head of insights at Edmunds, wrote in the analysis.

By early 2022, only 14.7 percent of financed trade-ins were underwater, with the average deficit below $4,300.

However, as new-vehicle production recovered and used-car prices retreated from their peaks, some buyers who financed vehicles at elevated prices were left owing more than their cars were worth.

The problem is expected to continue into the fourth quarter.

A separate report by auto market research firm JD Power forecast that 29.6 percent of trade-ins in October will carry negative equity, up 0.6 percentage points from a year earlier.

Lower trade-in equity is contributing to higher monthly payments even as average new-vehicle prices remain roughly flat, JD Power said.

The average new-vehicle transaction price is expected to be $46,329 in October, down 0.1 percent from a year earlier. But the average monthly finance payment is projected to reach an October record of $823 as the average loan rate rises to 6.81 percent.

Consumers also continue to stretch out their loans to keep monthly payments manageable. JD Power expects 13.3 percent of new-vehicle loans in October to run for 84 months or longer, up slightly from a year ago.

For buyers who need to replace a car before paying off their current loan, higher borrowing costs and longer loan terms can make it harder to escape negative equity without putting additional cash into the transaction, Edmunds warned.

"Keeping a vehicle longer or paying down the existing loan before trading can help reduce negative equity when circumstances allow," Caldwell wrote. "Those who need to replace their vehicle sooner should focus on minimizing additional debt and evaluating the total cost of financing rather than the monthly payment alone."

Tyler Durden Thu, 10/29/2026 - 13:10

Maker Of Wild Turkey And Grand Marnier Tumbles After North American Sales Go Flat

Tyler Durden — Thu, 29 Oct 2026 16:55:00 +0000

Maker Of Wild Turkey And Grand Marnier Tumbles After North American Sales Go Flat

Shares of Italian spirits group Campari, maker of Aperol, Wild Turkey, SKYY vodka, and Grand Marnier, plunged the most in European trading since May after an unexpected decline in third-quarter North American sales.

"In North America, we are still growing, just to be clear, but the overall growth trajectory for this year is being impacted by the US," CEO Simon Hunt told analysts on the company's earnings call.

Third-quarter sales rose 3.2% to 777 million euros, exceeding the Bloomberg Consensus estimate of 761.8 million euros. Strength in Europe and developing markets offset weakness elsewhere, allowing Campari to maintain its full-year organic net sales growth forecast of about 3%.

Dismal performance in its North American market sent Campari shares spiraling as much as 7.5% in Europe. Organic sales in the region fell 2%, versus expectations of a 2.7% increase, according to Jefferies analysts.

Jefferies analyst Edward Mundy said there were "some bright spots," highlighting the performance of aperitifs and the European business.

"However, the group organic print is inline and North America -2.0% misses cons +2.7%," Mundy wrote in a note to clients earlier.

RBC Capital Markets analyst James Edwardes Jones attributed the weakness in North America to the part of the portfolio outside tequila and aperitifs.

Barclays analysts noted, "The US is a tale of two portfolios, and the better half is also the more profitable one. The watch points are US softness outside aperitifs and tequila."

UBS analyst Pilar Rocafort wrote, "FY26 guidance was confirmed, although the regional mix has shifted toward stronger Europe and marginally declining North America. The top-line mix could put some pressure on the shares."

Whether gasoline above $4 a gallon is squeezing spending on premium spirits or weaker demand reflects a broader decline in alcohol consumption among younger Americans, Campari faces a challenge shared across the industry: how to reinvigorate its brands in the US.

Tyler Durden Thu, 10/29/2026 - 12:55

Kamala Harris Warns Democrats Against Impeaching Trump If They Capture Congress

Tyler Durden — Thu, 29 Oct 2026 16:40:00 +0000

Kamala Harris Warns Democrats Against Impeaching Trump If They Capture Congress

Authored by Jack Phillips via The Epoch Times,

Former Vice President Kamala Harris on Tuesday cautioned congressional Democrats from moving to impeach President Donald Trump if they prevail in the midterm elections.

"I think that going in the direction of impeachment is not a good idea, just to be honest with you, just because we have limited resources," Harris told MeidasTouch in an interview published on Tuesday.

"I think the energy and the resources need to be put into accountability, need to be put into investigations," the Democratic 2024 presidential nominee, who lost to Trump, also said. "And that's where the time should be spent."

Harris noted that she was in the Senate during the last attempt to convict Trump following a House impeachment.

The House requires a simple majority to impeach a president, while the Senate requires two-thirds of the upper chamber to vote.

"The votes aren't there," she added. "Think after the election, we all have to just also agree that our attitude has to be to get stuff done."

Trump was impeached twice: once in late 2019 following a whistleblower complaint over a call he held with Ukrainian President Volodymyr Zelenskyy, and a second time in early 2021, just days after the Jan. 6, 2021, breach of the U.S. Capitol.

Both impeachment attempts failed to meet the two-thirds threshold needed to convict.

In the 2019 attempt, House Democrats alleged Trump engaged in crimes worthy of impeachment over what they claimed was an attempt to pressure Ukraine's government by using military aid in exchange for investigations into then-Democratic former Vice President Joe Biden and his son, Hunter Biden.

The second impeachment was launched after the Jan. 6 incident, when Democrats and a handful of Republicans accused Trump of trying to incite an insurrection with his remarks before the Capitol breach and after the 2020 election.

The remarks from Harris come amid chatter that Democrats, if they capture the House of Representatives during next week's election, could move to impeach Trump or a top White House official.

Democrats Target Hegseth

House Minority Leader Hakeem Jeffries (D-N.Y.) was asked over the past weekend whether he would support an impeachment resolution that was introduced last month targeting Department of War Secretary Pete Hegseth.

"We're going to hold him accountable in the same way that we held Pam Bondi and Kristi Noem accountable," Jeffries, who would be poised to become the next House speaker if Democrats win, told MS NOW on Oct. 24.

He was referring to the Trump administration's previous attorney general and Homeland Security secretary, respectively.

"And Pete Hegseth needs to be pushed aside by the president, or we're going to have to deal with that situation if he is not," Jeffries said, adding that Democrats would attempt to "run him out of town."

When asked whether he would support the resolution, Jeffries did not commit to impeaching Hegseth.

Instead, the House minority leader said he would be inclined to "act consistently with what [he has] said relative to Pete Hegseth from the very beginning," which is calling for his firing.

Rep. Thomas Massie (R-Ky.), who lost his primary bid earlier this year and is leaving the House, introduced a resolution in September to impeach Hegseth and said the conflict with Iran was unlawful, as Congress did not approve it.

Massie also said that the U.S. military engaged in unlawful strikes on boats in the Caribbean and eastern Pacific; an alleged attempt to retaliate against Sen. Mark Kelly (D-Ariz.), a former armed service member; and in other policy initiatives launched by the Pentagon.

In response to the impeachment proposal, a Pentagon spokesperson told media outlets that Hegseth has acted in the interest of the Department of War - the preferred name used by the Trump administration for the Department of Defense.

"Secretary Hegseth has been a transformative leader for the Department of War. Standards and merit are back, our arsenal is stronger than ever before, and morale and recruitment across every service are at all-time highs," the spokesperson said.

"Secretary Hegseth has slashed bureaucracy, unleashed innovation, and delivered for our warfighters every step of the way."

Tyler Durden Thu, 10/29/2026 - 12:40

Major Fast-Food Chain Faces Wave Of Restaurant Closures As Franchise Giant Files For Bankruptcy

Tyler Durden — Thu, 29 Oct 2026 16:25:00 +0000

Major Fast-Food Chain Faces Wave Of Restaurant Closures As Franchise Giant Files For Bankruptcy

Wendy's could see up to 60 more restaurants closed across the United States through mid-November as one of its largest franchise operators battles bankruptcy, according to USA Today.

Meritage Hospitality Group, which filed for Chapter 11 bankruptcy protection on September 17, has already shuttered 33 restaurants since entering bankruptcy proceedings and could reportedly shut down dozens more by November 13.

Meritage previously closed 60 underperforming locations before filing for bankruptcy. Reports differ on whether the 33 closures since the filing count toward the up-to-60 figure, so the total could reach roughly 120 or more.

The restaurant company operated 314 Wendy's restaurants across 15 states when it filed for bankruptcy.

Meritage reported a $31.5 million net loss in 2025, followed by another $23.1 million loss during the first half of 2026, according to QSR Magazine.

The franchisee blamed weak sales, aggressive discounting and what it described as less effective Wendy's marketing under the chain's previous leadership. The financial pressures have been compounded by stubbornly high beef prices, which the Trump administration has struggled to bring down despite aggressive efforts to boost imports.

In February, President Donald Trump authorized an additional 80,000 metric tons of tariff-free beef imports from Argentina. Moreover, the White House in August allowed another 300,000 metric tons of foreign beef trimmings into the country at reduced tariff rates in hopes of lowering hamburger prices. However, the measures have delivered little relief so far. Ground beef prices have climbed over 22% since Trump returned to office.

Meritage's bankruptcy has also triggered a bitter financial dispute between the restaurant company and Wendy's, with the fast-food chain claiming the operator owes approximately $147 million in royalties, fees and other contractual charges.

The latest development has only made Wendy's already difficult few years go from bad to worse. The burger chain has suffered over 300 net restaurant closures since 2024, including 245 during the first half of 2026, according to NRN.

Tyler Durden Thu, 10/29/2026 - 12:25

Netanyahu's Likud Accuses Qatar, Turkey Of Election Interference Aimed At 'Islamizing Israel'

Tyler Durden — Thu, 29 Oct 2026 15:40:00 +0000

Netanyahu's Likud Accuses Qatar, Turkey Of Election Interference Aimed At 'Islamizing Israel'

Via The Cradle

Israeli Prime Minister Benjamin Netanyahu accused Qatar and Turkey of financing the unprecedented success achieved by Palestinian-Israeli parties in the election this week, with his Likud party warning of an "Islamization of Israel" on Thursday.

An election interference probe has reportedly concluded. "After it was revealed that foreign entities tried to take over the Knesset, it is clear that no Zionist party should cooperate with Raam and the Joint List, replace the Knesset speaker through votes bought for cash, and form a government that is dangerous to Israel," Likud said.

via Reuters

Attempts by Qatar and Turkiye to “influence” the vote are “an attack on democracy whose purpose is to lead to a foreign takeover of the Knesset, the Islamization of Israel, and the overthrow of right-wing rule in order to lead to retreat and defeat of the [Israeli army] in all arenas – and primarily Iran.”

Likud believes Qatar and Turkiye paid “get-out-the-vote” groups, according to Channel 12. “The channels used to ostensibly send funds to the organizations closely resemble those used to send money for terrorism in the past,” Times of Israel wrote.

Earlier, Israel’s Central Elections Committee chair Justice Noam Sohlberg requested an official Shin Bet investigation into the matter.

“Serious suspicions have been brought to my attention regarding improper influence on the elections – exerted through funding provided by foreign entities acting against Israeli interests,” Sohlberg said.
“While I cannot attest to the substance of these suspicions, it is my view that – given they involve foreign entities – there is an obligation to investigate them thoroughly,” he added.

He said the Shin Bet must do “everything in your power” to probe the suspicions. “Only in this way can we ensure public trust in the electoral process and the integrity of the democratic procedure.”

Gadi Eisenkot, head of the Zionist Opposition bloc opposed to Netanyahu, warned against political actors exploiting the probe in order to delay the swearing-in of the Knesset.

Polls closed at 10:00 pm on October 27. Netanyahu is leading the opposition parties by several points, but neither side is able to achieve a 61-seat majority because no side is willing to partner with Palestinian-Israeli political factions.

Only one Israeli opposition party, led by Yair Golan, has called for a joining of forces.

“We have no future here if we don’t stop being afraid. And if we don’t stop with the racism. We must no longer accept Netanyahu’s racist division between Jewish votes and Arab votes,” Golan said.

Israel’s voter turnout reached its highest in decades. The Palestinian-Israeli parties specifically won the most seats in an Israeli election ever.

UPDATE: 5 Scenarios in Israel after election
1- Unity gov: Netanyahu+Eisenkot, backed by Trump
2- Eisenkot bloc +Arab parties: Difficult
3- Netanyahu+ Eisenkot bloc defectors: Unlikely
4- Eisenkot minority gov, Arabs out but support: Maybe
5- Another vote https://t.co/ojkwaw1kNN
— Joyce Karam (@Joyce_Karam) October 28, 2026

Palestinian communities in the 1948 territories witnessed massive voting lines. Settlers were deployed to sabotage their votes.

Al Jazeera noted that the Palestinian-Israeli parties, including Raam and Taal, have achieved “a remarkable and historic rise in the representation of Palestinians inside Israel.”

Tyler Durden Thu, 10/29/2026 - 11:40

Now Is The Time To Accumulate Bitcoin, Galaxy Says

Tyler Durden — Thu, 29 Oct 2026 15:10:00 +0000

Now Is The Time To Accumulate Bitcoin, Galaxy Says

Authored by James Van Straten via CoinDesk,

Bitcoin's recovery above its 50-week moving average and reduced speculative exposure suggest June marked the cycle low, according to Galaxy.
Rising government debt strengthens its investment case, although sustained weakness below $76,540 would challenge the firm's technical outlook.

Bitcoin's rally has stalled in recent weeks, leaving prices listless around $80,000. In a market where sentiment shifts quickly, this has led some bears to warn of a renewed price crash.

But Galaxy remains confident in bitcoin's long-term prospects, saying it's time to accumulate.

"We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance," Alex Thorn, head of firmwide research at Galaxy, said in a note titled "Why now is the time to add and hold BTC."

Galaxy Digital is a U.S. financial and infrastructure firm founded in 2018 by billionaire Mike Novogratz. It is headquartered in New York City and trades on Nasdaq under the ticker GLXY.

According to Thorn, the bear market likely ended in June under $58,000, and improving price-chart signals, reduced selling pressure, and mounting fiscal risks make the largest cryptocurrency by market capitalization attractive to accumulate.

He added that bitcoin has entered an accumulation phase resembling periods that preceded previous advances.

Bitcoin traded around $80,000 at the time of the article, up 38% from June lows under $58,000. Still, prices are down approximately 35% from the record high of over $126,000. Returning to that high would require a gain of roughly 53%.

Thorn highlighted bitcoin's bullish recovery above its 50-week moving average after spending 44 weeks below it. Five consecutive weekly closes above that level have strengthened his conviction that the market had bottomed.

Positioning also supports the thesis, Thorn argued. Asset managers' net long exposure through CME bitcoin futures had fallen 57% from the week of the record high, while several major trading firms substantially reduced ETF holdings. That's a sign that fast money has left, leaving the market in much healthier shape.

"The fast money has left, the base stayed, and everything else is priced for perfection," Thorn said.

Other investors have been buying the dip. Galaxy said spot bitcoin ETFs added 87,000 BTC following the June low, suggesting renewed directional demand as arbitrage activity declined.

The firm sees rising U.S. debt, persistent deficits, and rising interest costs strengthening bitcoin's appeal as a fixed-supply asset.

Meanwhile, institutional enthusiasm for stablecoins and tokenization, alongside fading interest in bitcoin, resembles sentiment around previous market lows, according to Thorn.

Galaxy acknowledged risks from broader market declines, AI-related disruption and quantum computing. A weekly close below $76,540, followed by failure to recover within a month, would challenge its technical thesis.

Nevertheless, Galaxy believes conditions favor an eventual recovery.

Tyler Durden Thu, 10/29/2026 - 11:10