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‘They’ve Never Been Down 1,000 Points’: Fox Business Host Left Stunned By Wall Street Sell-Off

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From the Daily Caller News Foundation

By HAROLD HUTCHISON

The NASDAQ fell on open on Monday, down over 1,000 points, recovering slightly to around 500 points in the first two hours of trading, while the Dow Jones Industrial Average dropped over 1,000 points in that same time frame, according to Yahoo Finance. Simonetti, who co-hosts “Varney and Company” with Stuart Varney, reacted with shock as Varney ran down the opening numbers from Wall Street, calling the drop “history in the making.”

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“They’ve never been down a thousand points, ever, not even intraday on the NASDAQ,” Simonetti said after Varney listed the market changes, prompting him to ask her, “Is that true?”

“That is true,” Simonetti responded.

The S&P 500 was down over 120 points in the first two hours of trading, Yahoo Finance reported. Stocks also tumbled Friday following the release of a disappointing jobs report, with only 114,000 jobs being added in July and the unemployment rate climbing to 4.3%. Previously reported jobs numbers for May and June were also revised down.

The Federal Reserve did not cut its federal funds rate on Wednesday from its 23-year high, but chairman Jerome Powell left open the possibility of a rate cut later in the year. The vast majority of investors now predict that the Federal Reserve will cut interest rates by 0.5% in September as the economy shows signs of softening and recession concerns circulate, according to CME Group’s FedWatch tool.

Inflation has also been an issue dogging the U.S. economy, with prices having climbed by over 20% since President Joe Biden took office, even as the Consumer Price Index rose by 3.0% year-over-year in June, slightly below economists’ expectations, two years after inflation hit a recent high of 9% in June 2022.

Ahead of the American stock open, Japan’s Nikkei stock index dropped 12.40% in Monday’s trading, while Taiwan’s TSEC index lost 8.35% and South Korea’s KOSPI index fell 8.77% in Monday trading.

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Automotive

‘Gross Overreach’: Energy Groups Urge Congress To Throw Biden-Harris Admin’s ‘EV Mandate’ Overboard

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From the Daily Caller News Foundation 

By Nick Pope

Energy-focused organizations called on lawmakers to scrap the Biden-Harris administration’s electric vehicle (EV) “mandate” in a Thursday letter.

More than two dozen energy groups sent the letter to every lawmaker in Congress, urging them to push through Congressional Review Act (CRA) proceedings against the Environmental Protection Agency’s (EPA) tailpipe emissions standards for light-duty vehicles. The CRA enables legislators to effectively overturn federal regulations provided a resolution targeting a specific rule can pass both chambers of Congress and gets signed by the president, or if lawmakers can manage to override a presidential veto, according to the Congressional Research Service.

“This EPA rulemaking is clearly beyond the scope of the regulatory power granted to the agency by Congress,” the letter states. “While this overreach will be litigated in the courts, a positive CRA decision now would ensure that consumers are protected today, rather than wait years for the issue to work its way through the court system.” CRA Tailpipe Coalition Letter Final by Nick Pope on Scribd

Specifically, automakers could come into compliance with the EPA’s rules if EVs make up 56% of their new car sales by 2032, with an additional 13% of sales being plug-in hybrids, according to The Associated Press. While the Biden-Harris administration maintains that the regulations are not an EV mandate, critics say that the rules will effectively force manufacturers to increase EV production to such an extent that they amount to a de facto mandate.

The Biden-Harris administration has set a target of having 50% of all new car sales be EVs by 2030 as part of its broader green energy and climate agenda. Despite billions of dollars of spending and stringent regulation, American consumers remain hesitant to switch over to all-electric models while manufacturers are losing large amounts of cash on their EV product lines and starting to back off of ambitious short-term production goals.

“In a move that shocks no one, the Biden-Harris EPA has once again overstepped its authority with their EV mandate. By prioritizing politics over personal freedoms, this Administration is destroying the cornerstone of our economy — consumer choice,” Tom Pyle, president of the American Energy Alliance, said. “What the Biden-Harris Administration is trying to do with his mandate is deceptive, ill-advised, and a gross overreach of power. While it will undoubtedly be litigated by those who stand on the side of consumer choice and economic freedom, passage of the CRA resolution will ensure consumers are protected today.”

Beyond the American Energy Alliance, other signatories include Americans for Prosperity, the Western Energy Alliance, Heritage Action, the Competitive Enterprise Institute and Always On Energy Research.

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Business

Feds blow $2.7 million on global film festivals

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From the Canadian Taxpayers Federation

Author: Franco Terrazzano 

At the 2024 Cannes Film Festival in France, bureaucrats spent $9,930 on “umbrella stand coordinator services”

The Trudeau government blew more than $2.7 million on high-profile film and music festivals around the world, where they made taxpayer cash rain throwing expensive parties.

All that spending occurred for events that took place during a 16-month period, between January 2023 and May 2024, according to government records obtained by the Canadian Taxpayers Federation.

Bureaucrats attended the Oscars, the Cannes Film Festival in France, the Berlinale film festival in Germany, and the South by Southwest music and film festivals in Austin, Texas and Australia – all on the taxpayer dime.

“Government bureaucrats spent $175,000 a month partying it up at international film and music festivals,” said Franco Terrazzano, CTF Federal Director. “In what world does it make sense for bureaucrats to blow millions of taxpayer dollars on festivals when the government is more than a trillion dollars in debt and record numbers of Canadians are lining up at food banks?”

During South by Southwest festivals, bureaucrats spent $35,000 on plant and furniture rentals for a “Canada House” event, as well as $5,000 on “DJ services” and “animation services.”

An additional $15,000 was spent on a “social media champion” for the Canada House. Food and drink catering costs for a reception, as well as an “opening party” came to $11,700.

The 2023 South by Southwest festival in Australia also had a “Canada House,” with costs totalling at least $97,000. Bureaucrats also expensed $17,000 for an “event coordinator.”

At the 2024 Cannes Film Festival in France, bureaucrats spent $9,930 on “umbrella stand coordinator services.”

During the Berlinale festival, the rental fee for a “Canada Pavilion” came to $74,000.

Additional expenses at the festivals included professional photographers and hundreds of thousands of dollars spent on decoration services.

“Maybe government bureaucrats should figure out how to do basic things, like answering taxpayers’ phone calls, before trying to DJ international parties,” Terrazzano said. “Taxpayers are giving this international film festival party junket two big thumbs down.”

The spending happened at the ministries of Global Affairs Canada and Canadian Heritage, with money also spent by the National Film Board.

All told, the cost to taxpayers came in at $2,798,719, according to the records. The events all occurred during a 16-month period. That means the average spending on the festivals was $174,919 per month.

The government has already earmarked spending for future film and music festivals, with bureaucrats indicating the “plan is to continue to support Canadian talent at these world-class markets,” according to the records.

The details were released in response to an order paper question submitted by Conservative MP Michelle Rempel Garner (Calgary Nose Hill).

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