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Read Representative Jerrold Nadler’s Letter

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Read Representative Jerrold Nadler’s Letter

JERROLD NADLER
12TH DISTRICT, NEW YORK
JUDICIARY COMMITTEE
RANKING MEMBER
Congress of the United States
House of Representatives
Washington, DC 20515
NADLER.HOUSE.GOV
December 4, 2024
Dear Democratic Colleague:
It has been the greatest honor of my life to serve as Chairman and Ranking Member of the House Judiciary
Committee these past 7 years. I am grateful to have had the opportunity to help lead our party’s efforts to
preserve the rule of law and to provide for a more just society that respects the civil rights and civil liberties of
all Americans.
Under my leadership, the Committee responded to some of our nation’s biggest challenges. When Donald
Trump and his administration threatened the rule of law and our democratic order, I led the Judiciary
Committee’s efforts to hold him accountable for his various abuses of power, culminating in two historic
impeachments. As the epidemic of gun violences rages on, we advanced historic legislation to keep Americans
safe in their communities, leading to enactment of the Bipartisan Safer Communities Act—the first significant
gun safety legislation enacted in a generation. When the Supreme Court threatened to undermine protections for
same sex marriage, we enshrined marriage equality in the law with passage of the Respect for Marriage Act.
When the nation watched in horror as George Floyd was brutalized by police, we advanced legislation to hold
law enforcement accountable, while also working to ensure that our communities have the tools and resources to
keep our citizens safe. As Republican voter suppression efforts took hold across the country, we passed
legislation named after our beloved late colleague, Rep. John Lewis, to protect this most fundamental right to
vote. We worked to repair our broken immigration system with legislation to protect Dreamers and to prevent
another Muslim ban. We brought forward the Equality Act, the first comprehensive civil rights legislation
protecting the LGBTQ community. We worked to provide justice to victims of the deadly September 11th
attacks and other victims of terrorism. And we worked to preserve access to justice in the federal courts, protect
consumers from corporate abuses, lower prescription drug prices, and preserve a strong intellectual property
system that promotes innovation and drives economic growth.
The Committee also shined a light on critical issues, such as threats to reproductive freedom and bodily
autonomy in the wake of the Dobbs decision, the need for further criminal justice reform and ending mass
incarceration, the ethics crisis at the Supreme Court, and proposals to strengthen our antitrust laws to preserve
and promote healthy competition in the marketplace.
REPLY TO:
WASHINGTON OFFICE:
2132 RAYBURN HOUSE OFFICE BUILDING
WASHINGTON, DC 20515
(202) 225-5635
DISTRICT OFFICE:
201 VARICK STREET
SUITE 669
NEW YORK, NY 10014
(212) 367-7350

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Bears are dropping like flies

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Bears are dropping like flies

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We’ll take $1tn on “things people say at the top of the cycle”, please Alex.

Mega forces are reshaping economies and their long-term trajectories — it’s no longer about short-term fluctuations in activity leading to expansion or recession. 2024 has reinforced our view that we are not in a business cycle: AI has been a major market driver, inflation fell without a growth slowdown and typical recession signals failed. Volatility surged and narratives flipflopped as markets kept viewing new data through a business cycle lens, not one of transformation.

That’s from BlackRock’s 2025 investment outlook, published yesterday. It’s not quite Gordon Brown bragging on the eve of the financial crisis that he’d eliminated boom and bust cycles, but there are uncanny echoes.

However, BlackRock gunna BlackRock. A large investment manager is never going to sound overly negative in its big annual outlook, when the whole point is to entice punters into the building. Or as BlackRock puts it:

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This fundamentally different landscape upends the nature of investing, in our view. We think investors can find opportunities by tapping into the waves of transformation we see ahead in the real economy, with AI and the low-carbon transition requiring investment potentially on par with the Industrial Revolution.

What’s more noticeable is how many permabears are now throwing in the towel. Even Nouriel Roubini is sounding remarkably positive these days, and now David Rosenberg is publishing mea culpas (though he insists that this is not what it is).

Check it out:

The bottom line: One can reasonably debate whether the stock market has risen exponentially but there is no arguing that the surge in the S&P 500 these past two years has been nothing short of extraordinary. And it has clearly gone much further than I thought it would, especially in these past twelve months, and so at this point, it is worth the time and effort to discuss and interpret the message from the market; tip the hat to the bulls who have, after all, been on the right side of the trade, and provide some rationale behind this powerful surge. This is not some attempt at a mea culpa or a throwing in of any towel, as much as the lament of a bear who has come to grips with the premise that while the market has definitely been exuberant, it may not actually be altogether that irrational.

Rosenberg’s über-bear credentials have been well-established for several decades. He’s your favourite bearish analyst’s favourite bear. As recently as last month he was recommending people get into cash because he felt pretty much everything was overvalued. So Rosenberg’s shift is . . . interesting.

His whole argument is worth reading, as some of the thoughtful bearishness still lingers. For example, Rosenberg still reckons that there could be a correction sometime soon, perhaps triggered by a more hawkish Federal Reserve. But he thinks that the response will and should probably be to “buy the dip”.

This bit stood out for us, as FTAV never thought we’d hear Rosenberg unironically say anything like “this time is different”:

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I do hate to ever use the term “new era” or “it’s different this time,” but we do not have a large sample size of data points historically on such major inflection points on the technology curve. But when they do occur, what you do find is what we have on our hands today, which, once again, is an investment community lengthening their investment horizons and rendering classic valuation metrics obsolete (at least for the environment we find ourselves in currently). That’s the major point.

This is the kind of stuff that mostly happens just before major market turns. Thankfully Albert Edwards is as resolutely gloomy as ever, because if he changes his mind all hell will probably break loose.

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Security expert shocked health care CEO didn't have security when he was killed | Fox News Video

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Security expert shocked health care CEO didn't have security when he was killed | Fox News Video
Klein Investigations CEO Philip Klein joined ‘Fox & Friends First’ to discuss why it was ‘completely unusual’ that UnitedHealthcare CEO Brian Thompson didn’t have personal security at the time of the murder as the perpetrator remains on the loose.
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Trump picks Musk ally David Sacks as crypto and AI tsar

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Trump picks Musk ally David Sacks as crypto and AI tsar

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President-elect Donald Trump has named venture capitalist David Sacks as the White House’s artificial intelligence and cryptocurrency tsar, the latest confidant of Elon Musk to receive a top appointment in the new government.

Sacks, who was an early employee alongside Musk at PayPal, is a co-host of the All-In podcast and emerged as one of the earliest and most vocal Silicon Valley supporters of Trump, hosting a fundraiser for the candidate in San Francisco in June.

“David has the knowledge, business experience, intelligence and pragmatism to MAKE AMERICA GREAT in these two critical technologies,” Trump posted on his social media platform, Truth Social.

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“He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US,” he added.

AI and crypto regulation are two of the incoming administration’s most pressing priorities.

Crypto investors and founders hope Trump will take a more favourable approach to the sector than Joe Biden’s administration, after the president-elect offered vocal support for digital currencies during his campaign.

This week Trump nominated Paul Atkins, who is sympathetic to the sector, to head the Securities and Exchange Commission. The price of bitcoin, which has soared since the election, climbed past $100,000 for the first time on Thursday after Atkins’ selection.

Trump’s position on AI is less clear, but in his first term he issued an executive order “committed to strengthening American leadership in AI” and many in the sector anticipate lighter regulation.

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Sacks threw his weight behind the candidate on social media and via his podcast during the campaign. His support earned him a speaking slot at the Republican National Convention in July.

He has been vocal on foreign policy issues as well as tech concerns, including repeatedly criticising President Biden’s approach to Russia’s invasion of Ukraine. Sacks has argued instead for Kyiv to “cut a deal” to ensure a swift ceasefire with Moscow.

His appointment creates another bond between Trump’s Republican party and Silicon Valley, which has historically been a Democratic stronghold.

Musk is the most prominent member of the tech elite to have taken a role in the incoming administration, but other high-profile figures such as venture capital Marc Andreessen have played informal roles such as helping to find candidates for the ‘department of government efficiency’.

Sacks is part of a so-called PayPal mafia, a group of founders and early employees at the payments company that includes Musk, Palantir co-founder Peter Thiel, LinkedIn co-founder Reid Hoffman and Sequoia managing partner Roelof Botha.

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He has deepened his connection to Musk by backing a number of the entrepreneur’s companies, including xAI, X and SpaceX, through his venture capital firm Craft Ventures.

Sacks in May launched his own AI chat platform called Glue.

Sacks’s firm said his new position will not conflict with his existing positions.

“The tsar is an advisory role and has the same government classification as ‘doge’, which does not require David to leave Craft,” the firm said.

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