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Happy 4th of July!

Politics

You Gotta Go Joe

Dems are panicking

We’re now 123 days from Election Day and, yet, do we know for sure who will actually be on the ballot? 

In the afterglow of last week’s debate, the discourse has all been surrounding President Biden’s immediate future and if he will actually remain in this race. Bill O’Reilly claimed over the weekend that he will not. In fact, he reported that the decision was already made. 

“The decision has been made that the President will quit the campaign,” O’Reilly tweeted on Sunday. 

And the betting market has followed his lead. On Tuesday, Biden was a -188 favorite to be the Democratic candidate in the election, well ahead of Kamala Harris (+500). But in less than 24 hours, that shifted. As Harris became the favorite on Wednesday, at +110 odds, compared to Biden now at +200. A HUGE Shift. Gavin Newsom, meanwhile, remained lagging behind at +600 (and might be focusing on his new podcast with a former NFL running back instead). 

Additionally, a third of Democrats polled by Reuters this week suggested that Biden should drop out from the race. Plenty of politicians on that side of the aisle have also called for Biden to drop out. Major media outlets have, too. 

And, according to the New York Post, Biden has told those close to him that he WILL drop out if his campaign events don’t go well in the coming days, following his uninspiring performance at last week’s debate. 

Meanwhile, his advisor, in a potential attempt to curb the flames, slammed this notion and claimed that President Biden is “staying in this race.”

If President Biden DOES drop out of the race, if he IS deemed unfit for re-election, then shouldn’t we wonder why he’s even running our country in the first place? Shouldn’t he just step aside all together? The fact that we’ve reached the point where this topic is even debated is probably enough to be concerned about the current leader (if you weren’t already).

Still, some are clinging to his recharged performance in North Carolina the day after the debate, holding onto hope that THAT is the real president. Not what we saw in Atlanta on national TV the night before. But Biden has become like a Clint Eastwood movie - you don’t know who might show up: the good, the bad or the ugly? 

As we celebrate our great nation’s independence, it’s a sobering thought to have to be so concerned with the mental ineptitude of our president. The next two weeks shall be very interesting. 

Business

Trump Loses Liquor License

Can you even golf without a transfusion?

Meanwhile, not only does former President Donald Trump have an election to worry about, but apparently also the booze at his golf courses. 

The liquor licenses for two of his golf courses in New Jersey have not been renewed, as state officials probe whether his conviction in his hush money case affects the holding of these licenses. 

The two golf courses impacted are Trump National Golf Club in Colts Neck and Trump National Golf Club in Bedminster, as their licenses expired this past Sunday, at the end of the month. However, they have been issued interim permits to serve alcohol in the meantime, until a hearing is held on the matter, which is scheduled for July 19th.

That hearing follows Trump’s sentencing, which is scheduled for next week on July 11th. A spokesperson for the Trump Organization called the hearing for the renewal “unwarranted and unjustified.”

The spokesperson also stated that this would affect many workers (i.e. their bartenders) and also people who book special events at the courses (i.e. weddings, Bar and Bat Mitzvahs, etc.). The Trump Organization is also pushing back on this matter with the idea that Trump himself is not the direct holder of these liquor licenses. 

For whatever reason, the division DID renew the license for the Trump National Golf Club Philadelphia, which, despite its name, is actually located in Pine Hill, New Jersey. 

What a time to be alive. Our President may be unfit for re-election. The favored replacement, Gavin Newsom, is starting a podcast with Marshawn Lynch instead. And the betting favorite to win the Election is wrapped up in porn star hush money scandals and golf course liquor licenses. Other than that, how was the play Mrs. Lincoln? 

World News

U.S. on High Alert

Threat Level Charlie

A bit of a concerning update this week, as the U.S. military has had to raise security protection measures at their European bases. In a statement, they claimed that a “variety of factors play into the safety of U.S. military community [sic] abroad.” Which is as broad as you can be. 

In reality, this is due to a combination of events that will be occurring across Europe, such as the Olympics in Paris later this month, the election in France, the ongoing wars in both Ukraine and Gaza, and even the continued UEFA European Soccer Championship. 

However, a U.S. defense official told Fox News that there is “credible intel pointing to an attack against U.S. bases over the next week or so.” They confirmed it was not tied to the French election. 

The military has increased the threat level to “Charlie” which is the second-highest of the five levels. Charlie is instituted “when an incident occurs or intelligence is received indicating that some form of terrorist action or targeting against personnel or facilities is likely.” 

Raising the level to Charlie also means additional security measures will be in place, but it's up to each commander’s discretion to determine what exactly those measures are (again, broad). Right now the bases are on alert, but not lockdown. This is in effect for all bases throughout Europe. Let's hope for a peaceful summer.

Business

Jobless Claims Rise

Bad news for job seekers

Another week and seemingly more bad news in the job market, as jobless claims are back on the rise. Claims for unemployment benefits were higher than Wall Street expected last week, at 238,000. That’s up from the previous week (234,000) and the projection (235,000). The increase is due to more layoffs, which were up 20% compared to the same month last year.

Furthermore, continuing claims of 1.86 million increased by 26,000 from the previous week, which also exceeded expectations (1.84 million). This is now the highest level since November of 2021.

Meanwhile, the Fed is still seeking concrete evidence that inflation is heading back towards their target of 2%, before deciding to cut interest rates. And, theoretically, more unemployment should actually cut down on inflation (less money to spend = lower demand and prices. If you still believe in that kind of thing).

Employment stats will be released tomorrow (Friday), but the labor market continues to cool. Economists predicted 190,000 added jobs for June, which would be a steep decline from the 272,000 jobs added in May. The unemployment rate is projected to be 4%.  

Entertainment

Paramount and Skydance Close to Merger

Shares of Paramount jumped 8% this week after the news of their merger with Skydance. The on-again, off-again courtship seems to be back on, as the two sides reportedly have reached a preliminary merger deal.

Skydance would buy Paramount’s controlling company, National Amusements, and then merge with Paramount, who owns CBS, MTV and its namesake studio and streaming platform (which, as we covered, is increasing their prices).

Initially, National Amusements ended talks last month after Skydance tried to sweeten the pot. But the two sides have evidently worked things out since then.

Paramount has also been looking to sell off BET, as executives have outlined a three-pronged strategy of job cuts, asset sales and streaming partnerships in an attempt to right the ship. BET is valued at $1.6 billion-$1.7 billion, which is much lower than the $3.5 billion media mogul Byron Allen offered last year.

Nathan’s Famous Hot Dogs

Depending on when you actually read this, we might have already crowned a new champion in the world of competitive eating. 

As previously covered, Joey Chesnut was barred from this year’s event following a partnership deal with a Nathan’s Hot Dog competitor. Chesnut is one of the greatest dynasties in sports (typed with tongue firmly planted in cheek), as he has won this event in 16 of the last 17 years. He also set the current record in 2021, when he put away 76 hot dogs. 

You might not care about the hot dog eating contest, but 40,000 people attend it on Coney Island each year, and another 1+ million people watch it on TV annually. And today, they get to see history with the crowning of a new champion - for the first time since 2015. Chesnut is like the Patriots. By now, you want to see someone else get a shot to win the title. 

Yet, Chesnut, always needing the spotlight, will still be competing in a hot dog eating competition today and hopes to eat more dogs in five minutes than any competitor will in the 10 minutes of Nathan’s event. 

How many hot dogs do you plan to consume for the holiday today? According to the National Hot Dog and Sausage Council, 150 million hot dogs will be consumed across the country today. Happy 4th of July! 

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