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Politics

Historic Trump Trial Ends in Guilty Verdict in New York

Donald Trump, the first U.S. president to be convicted of a crime, was found guilty on Thursday by a New York jury on all 34 counts of falsifying business documents related to a payment made to silence a porn star before the 2016 election. The verdict came after just two days of deliberation. The conviction stems from allegations that Trump approved a $130,000 hush money payment to Stormy Daniels to prevent damage to his election prospects, despite Trump's denials of the encounter.

Trump, who maintained a composed demeanor as the unanimous verdict was read, faces up to four years in prison for these felonies, though sentencing, set for July 11, may result in a lighter sentence such as probation or fines. His conviction does not prevent him from continuing his presidential campaign or from holding office should he win. A prompt appeal is anticipated, focusing on challenging the credibility of Michael Cohen, Trump's former attorney and the prosecution's key witness, and questioning the legal theories used by the prosecutors.

The quick jury decision underscores the strength of the evidence presented during the trial, which included explicit testimony from Daniels about her alleged encounter with Trump, detailed by Cohen's testimony regarding the payments. Despite Trump's labeling of the trial as "rigged" and declaring himself a "political prisoner," the conviction significantly shapes the political landscape as he campaigns to regain the presidency.

The Biden campaign has emphasized the verdict as a testament to no one being above the law, urging voters to keep Trump out of office through the ballot. Meanwhile, Trump's conviction has stirred strong reactions, with his supporters decrying the day as "shameful" for American justice, and his campaign hinting at selecting a female vice-presidential candidate in response to the verdict.

This landmark case, often referred to as the "zombie case" because of its revival by the Manhattan District Attorney after being previously shelved, now sets a profound precedent as Trump faces additional legal challenges, including federal cases regarding the 2020 election and handling of classified documents.

Here’s what Trump had to say after the conviction

Economy / Business

U.S. Consumer Confidence Rebounds in May Despite Economic Uncertainties

Consumer confidence in the U.S. rose in May, according to the Conference Board, a research group that tracks this metric.

They announced this week that after three months of declines, the consumer confidence index rose from 97.5 to 102, despite the expectation of another decline. 

The index measures American’s assessment of the current economic conditions, as well as their outlook for the next six months. Despite detailed concerns over inflation and interest rates, the index still improved. 

Short-term expectations for income, business and the job market, climbed from 68.8 to 74.6, which is still very low. Readings under 80 can typically signal a potential recession in the near future. So buckle up…

In fact, more than two-thirds of respondents to the survey said that they believe a recession is “somewhat” or “very likely” in the next 12 months. Additionally, the number of respondents who said they planned to buy a car rose for the second straight month.

But respondents who said they plan to purchase a home remained at its lowest level since August 2012!

Despite the feelings of those surveyed, data suggests that the economy slowed sharply in the first quarter of this year. The rate of jobs added decreased during the past month, while retail sales remained flat.

Economy / Meme Stocks

GameStop's Stock Soars 25% Amid Renewed 'Meme Stock' Frenzy

It feels like 2021 all over again, with GameStop stock dominating the headlines. 

The stock surged 25% on Tuesday this week, after the video game retailer said it raised nearly $1 billion from its latest equity offering. 

The stock has been labeled a “meme stock”, which is a title for stocks that are bid up due to online buzz. Due to investors' exuberance over these types of stocks, they often become detached from fundamentals, and continue to ride the emotional wave instead, so-to-speak.

The company, for their part, took advantage of such a craze, selling 45 million shares to bring in almost $933 million. GameStop has said that it intends to use the money for “general corporate purposes”, which may include investments and acquisitions. 

Apparently the craze began with the reemergence of the online personality “Roaring Kitty”, who was also the one that started this same craze three years ago.

Movie theater chain AMC Entertainment is also along for the ride, once again. They raised $250M through the sale of 72.5 million shares this month. Their shares rose 1% on Tuesday. 

However, analysts are still warning against investing in these so-called “meme stocks”.

Sports NBA

Celtics Head to NBA Finals, Sparking Debate on League Parity and the Impact of Dynasties

The Boston Celtics have already punched their ticket to the NBA Finals, doing so for the second time in the last three seasons. Ready to kick things off against the Dallas Mavericks in the finals.

With this matchup we will have a sixth different champion in the last six years of the NBA - something that hasn’t happened since the 1970s. In fact, a defending champion hasn’t exceeded the second round since 2019.

And because of that, the NBA is biting its nose to spite its face. 

This is exactly what the NBA wants - parity. They even altered the CBA to reduce “super teams.” However, the last time the league was like this, in the 1970s, it was facing financial ruin. That won’t happen now, but the NBA should still be careful what it wishes for.

Sure, sports fans always complain when the same team keeps winning… but then Fast X, the unnecessary 10th film of The Fast and Furious Franchise, raked in over $700M last year at the box office. You might have even watched Saw X and Scream VI last year, too.

Because we like familiarity. And having the same teams compete for championships provide those same familiar storylines.

Plus, they help create rivalries… like Larry Bird vs. Magic Johnson, which saved the NBA after the 1970s. People weren’t complaining when those two won nearly every title of the 1980s. 

The NBA was never more popular than when Michael Jordan was winning every championship (of full seasons he played in) in the 1990s.

Were you tired of LeBron James and the Golden State Warriors? Because the numbers don’t say so.

At least 16M people watched every one of the games in the 2018 NBA Finals, the last time those two squared off (despite it being a sweep). Since then, no Finals game has exceeded 14M viewers. 

MLB hasn’t been the same since their last dynasty: the New York Yankees. A dynasty that ended in the 2001 World Series, which averaged 24.3M viewers. Last year’s World Series? Averaged 9.1M viewers.

The NFL has been built on dynasties. The league has even reached its apex on the back of the New England Patriots dynasty, and now the dominance of the Kansas City Chiefs. 

You might root for upsets in the opening round of March Madness, but then you check out when it’s Loyola Chicago in the elite eight, instead of Duke. 

We love brands and familiarity. The Celtics are at least a big brand. But the NBA should be careful what they wish for.

Sports MLB

Controversial Umpire Angel Hernandez Retires After 32 Years Amid Criticism and Legal Battles

In baseball, if a batter fails 70% of the time, they’re a Hall of Famer. If an umpire fails 70% of the time, they’re Angel Hernandez. Hernandez, the long criticized umpire, announced his retirement Tuesday, effective immediately, after 32 years on the job. 

He hadn’t worked a game since May 9th, as a financial settlement was being worked out between him and MLB behind the scenes. 

Hernandez had become notorious for his many blown calls… such as the three calls at first base that had to be reversed in one game of the 2018 ALDS. A playoff game!

He also has the honor of the largest miss on a called strikeout in Umpire Auditor history, which occurred in April of this season. Despite the many displeasures surrounding Hernandez, nothing was ever done previously, due to the strength of the MLB Umpire union. 

Hernandez even had the gall to sue MLB, claiming his race (and not poor performance), was the reason why he wasn’t getting assigned playoff games. (Again, we point to that game in the 2018 ALDS…)

The case was quickly squashed, as MLB showed many of Hernandez’s blown calls, explaining that it was strictly performance based.

Weatherman has long been thought of as the job with the ultimate security. It doesn’t matter how often the weatherman is right or wrong, they’re never held accountable. Weather is hard to predict.

Well, apparently, umpiring at the Major League level is the same. You can be wrong all the time and, yet, hold your job for 32 years with little to no punishments along the way. 

Umpires are a lot like offensive lineman. You only know their name, if they screw up. So when baseball fans rejoiced at the news this week, it revealed just how notorious Hernandez had become.

The umpire previously stated that he hated how his wife and daughters would have to see all of the criticism about him. Which is a fair emotion, but one that seems to lack self-awareness. 

Hernandez was always criticized fairly, and with reason. If you didn’t like people being critical of your work, strive to perform better. Hernandez never did and, now, is out completely. 

In the meantime, feel free to relive some of his most memorable missed calls here.

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