Monthly Archives: July 2022

McMahons WWE Retirement Marks End of An Era Amid Tempestuous Allegations – Wrestling Headlines

Posted: July 27, 2022 at 11:52 am

Welcome to WrestleMania.

More than any other phrase Vince McMahon ever said, perhaps aside from in any event, those three words are synonymous with him, the era and the period in which we closely identify as wrestlings big boom. That same boom period saw many smaller promotions padlock their doors, while also opening new doors for pro wrestlings most well known eras as WrestleMania itself became an entertainment phenomenon. That many of us watch wrestling in any form is largely due to what McMahon accomplished after purchasing the company from his father.

At the time, or looking back at it now depending on how old you are with the benefit of hindsight, it was both the worst and greatest era as WWF excelled to the detriment of promotions like AWA, WCCW, the NWA or many smaller Canadian promotions like Jack Tunneys Maple Leaf Wrestling or the Harts Stampede Wrestling in Calgary the deal with Tunney effectively crippled the Canadian landscape much like in the U.S. The ripple effect of McMahons success as WWFs promoter is part of his legacy and understanding the duality at that base level is critical to seriously understanding him professionally and much more so personally as much one can. The latter birthed the former and educated how he would initially grow WWF while stamping other promotions out under his soles, with the byproduct being the rise of the promotion almost completely responsible for younger generations getting into wrestling in the first place at varying times over the last 30-40 years to all others detriment.

As a businessperson, Vince McMahon is the epitome of a professional wrestling fan, promoter and monopolist who married the three together to fuel his desire to take professional wrestling from a regional sideshow to a national showcase and beyond as the company bloomed into an international conglomerate en route to moving from a private business to publicly-traded company. Whether he deserves full credit for their rise or not, he is responsible for the thriving of wrestlings greatest eras be they centred on Hulk Hogan, Steve Austin, John Cena and everyone else in between.

For that aspect, as clich as it is, a thank you Vince, is somewhat in order. For better and worse, we are where we are because of him. He set the conditions for wrestling to thrive, for competition to rise in the wake of all others downfall, and ultimately many of the counter-culture promotions in North America like ECW, TNA (for a time), ROH and to a lesser degree now-AEW (whose much more in the realm of a WCW than the latter three). Professionally, he set the table for wrestling at large to feast upon. Its important to acknowledge that when discussing his legacy. Otherwise, you cant have the full picture of that legacy.

While McMahon is responsible for wrestlings boom, as the sole entity left standing hes also responsible for the landscapes downward spiral over the last decades away from its heights in the late 90s. WWE became formulaic, his ideas recycled and over time he over-exposed himself in odd situations that didnt need to occur; an underhanded lothario, sleezy businessman and womanizing slimeball on-screen, and obviously former two-time world champion who also defeated God. Its almost comical now in hindsight considering his supposed belief his son overbooked himself at Royal Rumble 2022, but you know what they say about apples and trees. Whats clear however is that over time McMahon developed tastes for what he thought worked on a wrestling/entertainment show in the episodic format and thats not particularly debatable anymore if we use the the contrast between main roster WWEs reception from roughly 2014 onward against HHH-run NXT. The lack of synergy between them highlighted what they both lacked against the other, with HHH bringing in the most talented workers outside WWE into the fold, while Vince continued to play favourites and book his larger than life archetypes into favourable positions. So while NXT gained momentum because it was fresher, newer and more up-to-date with modern trends seemingly favoured by fans, McMahon stayed the course and booked many of the NXT darlings lesser to how they were positioned in developmental.

McMahon was a victim of his own success, and Id argue that to the point of O2 deprivation. For someone to be as successful professionally as he was in wrestling, he had to favour a set of guidelines for his promotion that would position it to succeed. As he found his templates for success to be fruitful, he tried to repeat the same basic methods over the decades to try and replicate that past success even as the shows viewership declined throughout the last two decades (catching lightning in a bottle twice or thrice). And without competition serious competition until AEW he had no reason to change, which naturally clashed with how NXT talent was portrayed in developmental versus on Raw or Smackdown. Some of that may have been simple resistance to changing from his standard course, and while weve seen small advancements in the product as it relates to the portrayal of women or people of colour in prominent positions, it hasnt nearly broken from the mold hed clung to from his entire run as owner and later CEO serving the Board.

Theres a reason why, while some fans stick with the company through thick and thin, others grow tired of the sameness of the product and look elsewhere and thats on him as the defacto then-head of the company. We cant only attribute professional successes to him, and ignore in turn where he fell short or dramatically overstepped his boundaries in storylines over the years that you could equate to being in poor taste. Thats again the duality of Vince McMahon the professional that we have to accept he was a success, and also despite making billions a critical dud when were discussing growing his audience which he did not do since the Attitude era. The numbers dont support a contradicting argument when you look at the year-over-year viewership decline were very familiar with by this point.

Vince McMahon cultivated an environment of success on his terms, with a show that catered to himself, his likings and if you liked that programming you were pleased with it week-to-week. Otherwise, you complained, moved on, or did both and hate-watched WWE like a commonplace weirdo. Regardless, what we cannot do is analyze only part of his story and apply that positive association toward resounding hero worship as though he didnt come up short as much as he perceptively succeeded and only hold him in high regard because he gave us warm and fuzzy memories as fans. That isnt realistic, adult-like in analysis, or all-together healthy. The complete picture of him is much less rosy, despite being ripe in the disposition that for better and worse he did what he wanted, when he wanted and coupled that with the egoism that he will because he could. Up to and including his response to his sexual misconduct allegations.

No.

Vince McMahon, aside from his professional wrestling-centric exploits, has been at the centre of serious allegations (see: El Gringo Loco Vince McMahon: The Rise and Fall for additional reading). The present allegations against him, detailed in documents compiled by the WWE Board, allege he paid millions in hush money to women he allegedly had a sexual relationship with over the last two decades. Thats further punctuated by a report released July 25, 2022, that found not only was $14M+ paid out by McMahon, but it was unrecorded in WWEs corporate quarterly financials and should have been declared as corporate expenses. This has resulted in the company having to recalculate its reports dating back to 2019. Those recalculated results are set to be released on Aug. 9 along with the companys Q2 report, according to a CNBC article dated July 25, 2022.

Wading into McMahons legal history is murky at best with nothing even formally falling upon him legally speaking, most notably stemming from rape allegations (no formal filings and it couldnt be proven), the Steroid trial and any alleged cover-up in the death of Jimmy Snukas then-girlfriend. Because of that theres very little you can say beyond McMahon potentially being ethically compromised, a cheat and steroid user with him admitting the latter two both during the steroid trial and in an interview in 2002 respectively.

In accepting the latter, acknowledging the potentiality of him possessing lowered ethical character in the former, and acknowledging that given his alleged involvement in these present hush money allegations which appear more damning by the day that its enough to at least ponder whether hes a person that is worth supporting. That maybe hes not worth a Thank You, Vince, no matter how much his family loves and cheerleads him and less so the fans hes been responsible for entertaining since the early 1980s. Is he worth that degree of worship now? Even if we discard the possibilities of any alleged involvement or association with past situations, what were faced with now and what appears to have catalyzed his stepping away from his post on the WWE board is very serious to such a degree he will not likely ever return in any capacity to the behind-the-scenes professional sphere and much less on television. If these new allegations prove true, hes become as much a liability professionally as you could argue he had become creatively in past years.

The Then, Now, Forever, Together, tagline that now adorns the openings of WWE programming paint an image of generations of fans being connected by their shared memories, and the ones passed down from grandparents and parents to their children not unlike WWE itself being passed down through the McMahon family from its earliest promotional days. It binds us and makes us extended family by simple association whether you grew up with WWE and still follow it devoutly, or have become the pretentious cousin everyone hates whos gone independent or dived into counter-culture wrestling, with the people caught in the crossfire just wanting everyone to get along and just appreciate the craft. That bond people share as wrestling fans does not however mean that when someone does something morally bankrupt they get a pass and are deserving of a thank you when they step aside as though because they entertained us and not even directly at that, that falls on the wrestlers themselves who put themselves in the line of fire and risk injury they are resilient from being held accountable for wrongdoing, or even being rightly and justly criticized.

Whats before us is serious, its not a joke and if found guilty he should be reprimanded and not showered with praise because he uttered some promotional taglines at the beginnings of shows for the last 40 years (or mere weeks ago on his final TV appearance), or took a bedpan to the head and allowed himself to be embarrassed on television infinitely during Steve Austins heyday. That doesnt dismiss the equally-odd behaviours or angles that he shepherded onto television as the companys creative chief or that he was directly involved in on TV himself. What makes him worthy of that degree of worship? Yes, thank him for his contributions to wrestling and entertainment, but in the same breath we need to also acknowledge that these allegations are very real and serious enough to prompt his stepping aside from the business. We have to acknowledge that while he gave us so many memories that our parents passed down, that we experienced ourselves and will be able to pass on to new fans as we share the present, that he may not be a good person. That he may not be worth idolization.

Vince is a human first, and that makes him fallible by nature like the rest of us, and because of that he shouldnt be treated any differently for the sake of entertainment, nor because of our memories of him. It holds less value weighed against these new allegations. When we discuss notions of legacy, or in this case his, with athletes we tend to look at how they came into leagues, how they played, how they responded to adversity early on, how they develop, and ultimately measures of success like stats, victories and championships. We look at the totality of it, and even more so them as a person and how they carry themselves when their careers are over as much as we do during them. Im specifically thinking of Michael Jordan and Kobe Bryant (especially his post-career aspirations). They arrived, They failed. They horribly stumbled, had their vices and made awful mistakes. They also inspired generations to thrive, excel and succeed, using sports as a microcosm example of what we can do with our time, understanding concurrently that they are very flawed and imperfect.

Vince McMahon should not be let off the hook by fans for any of his ethical misdeeds especially now as though its normalized. His legacy is more than what he did on screen, or behind the scenes from week to week for WWE television programs. Its how he carried himself when the cameras were off just as much, the deals he made, and the totality of how he treated those who worked for him and were contracted to him. Thats what we need to consider before making the decision to stand up and cheer for him.

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NASA’s Lunar Orbiter spots comfortably warm ‘pits’ all over the Moon – The Register

Posted: at 11:49 am

Data from the Lunar Reconnaissance Orbiter (LRO) has led scientists to conclude that the Moon hosts around 200 "pits" that offer stable and human-friendly temperatures.

The pits "always hover around a comfortable 63F/17C, NASA stated on Wednesday.

A steady 17C contrasts markedly with the rest of the Moon's surface, which fluctuates between 127C/260F to -173C/-280F across a full Lunar day.

Coping with those temperatures vastly complicates lunar exploration, for machines and humans.

Warm spots on the Moon are therefore hot property.

Since the discovery of pits on the Moon by JAXA's SELENE spacecraft in 2009, there has been interest in whether they provide access to caves that could be explored by rovers and astronauts, wrote researchers who published information on the pits in the journal Geophysical Research Letters.

The paper's three authors, UCLA professor of planetary science David Paige, Paul Hayne of the University of Colorado Boulder, and UCLA researcher Tyler Horvath, used data from The Diviner instrument onboard the LRO, which had monitored temps on the lunar surface for more than 11 years.

The researchers focused on a mostly cylindrical pit inside Mare Tranquillitatis, the same region visited by Neil Armstrong and Buzz Aldrin in 1969, as its thermal environment was more hospitable than any other place on the lunar surface.

The group ran time-dependent 2-D and 3-D models using the data to understand the geometry and heat transfer that could lead to the elevated temperatures.

The researchers concluded that the temperature inside the pit was not only a comfortable temperature, it was very possibly attached to a cave that would also have a similar stable environment.

The Mare Tranquillitatis pit crater. Image: NASA/Goddard/Arizona State University. Click to enlarge.

If a cave extends from a pit such as this, it too would maintain this comfortable temperature throughout its length, varying by less than 1C over an entire lunar day, wrote the researchers, who hypothesized the pit and others like it were created by the ceiling of a collapsed cave.

For long term colonization and exploration of the Moon, pits may provide a desirable habitat: they are largely free from the constant threats of harmful radiation, impacts, and extreme temperatures, wrote the researchers. Thus, pits and caves may offer greater mission safety than other potential base station locales, providing a valuable stepping stone for sustaining human life beyond Earth.

Better still, the boffins have spotted many pits on the Moons nearside, a location that offers the chance for direct-to-Earth communications.

NASA is returning to the Moon with commercial and international partners to both further scientific knowledge and expand human presence in space.

The space orgs Artemis program aims to take humans to the lunar south pole by 2025 in the first crewed lunar landing since 1972s Apollo 17.

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Will 3D Printing Be Used for the First Commercial Mission to Mars? – 3Dnatives

Posted: at 11:49 am

If you have been following along for a while, you certainly know that additive manufacturing is playing an important role in the aerospace sector and especially in space travel. Already it is being used for applications in missions to both Mars and the moon and now there is another we can add to the list. Impulse Space and Relativity Space have announced the first commercial mission to Mars where Relativitys 3D printed launch vehicle, Terran R will be used to deliver Impulses Mars Cruise Vehicle and Mars Lander. The companies note that they hope the partnership will help to rapidly advance their shared goal of a multiplanetary existence for humanity.

Relativity Space is one of the leading companies using additive manufacturing for space travel. They are especially known for their Terran R which is the first entirely 3D printed rocket in the world. Though the Terran R is not expected to launch from Cape Canaveral, FL until 2024, already its younger, partially 3D printed sibling Terra 1 is undergoing testing at Cape Canaveral Space Force Station. The company strongly believes in using 3D printing as a way to make more innovative, optimized rockets for cheaper, allowing for lower-cost space travel.

The Terran 1 (left) and Terran R (right) side by side (photo credits: Relativity Space)

As fellow commercial providers working on more affordable space travel, the partnership between Impulse and Relativity is a logical one. Under the deal, Relativity will launch Impulses Mars Cruise Vehicle and Mars Lander in Terran R from Cape Canaveral, FL until 2029. By working together, the two companies hope to overcome the difficulties in landing on Mars as well as enable research and development on the surface which will help build toward humanitys multiplanetary future. This mission will be the first commercial flight to Mars, a huge step forward for the industry, though it should be noted that commercial launches are already underway through companies like SpaceX for travel to the moon.

The Importance of 3D Printing for Multiplanetary Existence and Travel to Mars

The idea of multiplanetary existence is one that has been around since humanity achieved space flight in the 60s. Whether through speculation over whether other species might be alive somewhere else in the galaxy or if it would be possible for humans to live on another planet, as a species we are consistently fascinated with the idea of space colonization. But it is an idea that is increasingly coming closer to fruition at least partly thanks to 3D printing. In this latest case, Relativitys 3D printed rockets are helping pave the way for Impulse to explore Mars in the coming years.

Though it may seem that the traditional methods of constructing rockets may be preferable, additive manufacturing actually has a number of benefits that are enabling this impressive feat. In order to travel to Mars, rocket designs need to be more complicated in order to include an aeroshell for the necessary glide stage before landing. The more intricate a design, the harder it is to make using traditional methods, whereas additive manufacturing is often used for more optimized, geometrically complex parts. Not to mention, additive manufacturing should enable cheaper production of rockets faster and more efficiently, both key factors in space travel.

Tim Ellis, Cofounder and CEO of Relativity concluded, We believe building a multiplanetary future on Mars is only possible if we inspire dozens to hundreds of companies to work toward a singular goal. This is a monumental challenge, but one that successfully achieved will expand the possibilities for human experience in our lifetime across two planets. With the delivery capabilities of Terran R coupled with Impulses in-space transportation, we are bringing humanity one step closer to making Mars a reality. This is a historic, impactful partnership with Tom and the entire Impulse team through the collaboration of two low-cost commercial providers that will establish and expand our presence on Mars.You can find out more about the mission in Impulse Spaces press release HERE.

What do you think of Relativity Space and Impulse Spaces announcement for the first commercial mission to Mars? Do you think 3D printing is playing a critical role in the future of space travel? Let us know in a comment below or on ourLinkedIn,Facebook,andTwitterpages! Dont forget to sign up for our free weeklyNewsletter here, the latest 3D printing news straight to your inbox! You can also find all our videos on ourYouTubechannel.

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Abe Leaves Behind Complex Legacy in Japan’s Neighborhood – The Diplomat

Posted: at 11:49 am

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The assassination of former Japanese Prime Minister Abe Shinzo, as widely reported, caused a ripple of sadness in public opinion internationally. It also invited thinking into the legacy of Japans longest-serving prime minister. The overwhelming opinion both in Japan and internationally is that Abe, who held the prime ministers office twice in the past two decades, first in 2006-7 and then from 2012 to 2020 succeeded in bringing his country to a prominent position on the global stage.

Considered an astute practitioner of diplomacy, Abe was respected in the West for playing a seminal role in expanding Japans role including its military role as a more forward-leaning defender of the liberal order. The academic journal Telos, well known for its New Left theoretical leanings, has described Abes assassination as an incredible loss for Japan and for the rest of the world.

However, given the Japanese militarys recent history of brutal attacks and war crimes beginning in the late 19th century in China and in the first half of the 20th century in both Korea and China there have been mixed reactions to the assassination and Abes legacy in China and South Korea. In both China and South Korea, public reactions to Abes gruesome killing were heavily marked by the word but. As one Chinese commentator noted, No doubt Abe, especially during his first term as prime minister, did a few things beneficial to China-Japan relations but overall, he was a far-right, staunch anti-China politician.

While far-away foreign leaders rushed to send their sympathies as soon as the news of the brutal killing of Abe spread, Chinese President Xi Jinping and incumbent South Korean President Yoon Suk Yeol reacted relatively slowly. While the two leaders did maintain diplomatic protocols, they took time in conveying condolences and personal sympathies to the aggrieved family. Similarly, while some of Japans closest allies and partner countries observed one day of flying national flags at half-staff to honor the assassinated global statesman, those reactions were starkly at variance in Japans two closest neighboring countries.

Get briefed on the story of the week, and developing stories to watch across the Asia-Pacific.

The lack of reverence for the late prime minister was a reflection of Abes having repeatedly angered the Chinese and Korean people with his visits six in total to Yasukuni Shrine.

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The shrine honors Japanese war dead including 14 designated war criminals and the affiliated museum glorifies the Japanese militarys actions during World War II. Conservative, right-wing Japanese politicians visits to the shrine are perceived in China and the two Koreas as glorifying Japans war of aggression. A visit to Yasukuni Shrine also serves the purpose of reminding China and the Koreas that Japan continues to be proud of its colonial past.

Abes Relations With South Korea

Just as President-elect Yoon Suk Yeol was preparing to send a goodwill delegation to Tokyo in late April, indicative of a potential turnaround and departure from the outgoing anti-Japan Moon Jae-in government, Abe paid a visit to Yakusuni Shrine. At the time, Abe was out of office yet remained the most influential voice in the ruling Liberal Democratic Party. The Korean government expressed regret over the provocative move and urged Japans responsible figures to face up to history and show humble and genuine reflection on history with appropriate actions.

On three contentious issues the people of Korea feel most sensitive about Koreans forced into labor by Japan during the war, Korean women coerced into sexual slavery as comfort women, and Japans adamant, rigid defense of distortion of history in its textbooks Abe unabashedly downplayed the Korean sentiments. While he was prime minister, he not only downplayed the extent to which Japan used Koreans as enslaved labor, but he even suggested that the Japanese colonization helped modernize the Korean Peninsula. Additionally, throughout his tenure, his government denied Japan had forcibly recruited Korean (and other) comfort women or that they were sex slaves.

As a sign of how strongly the Korean people feel about this issue, it is important to recall that, since 1992, a crowd has gathered once every week in front of the Japanese embassy in Seoul, demanding that the government in Tokyo acknowledge that the imperial Japanese military forced Korean women into sexual enslavement during World War II.

Chinas Relationship With Abe

Abe was even more disliked in China than in South Korea. As mentioned, the Abe governments policy of denying Imperial Japans war crimes and refusal to acknowledge the forced recruitment of comfort women and enslavement of hundreds and thousands of Asian men as slave labor caused fury in China as well, as many Chinese were also victims.

Moreover, owing to the century-old feud between China and Japan, few Chinese people felt deeply sad about Abes murder. Some Chinese social media users even welcomed the news of his death with open joy.

However, what did not get mentioned in the international press is that some Chinese intellectuals also cited the Confucian classic Book of Rites and asked fellow citizens to view Abes death with rationality. Furthermore, the news of Japan-based Chinese reporter Zeng Ying crying bitterly while breaking the news of Abes assassination was widely circulated in the Chinese media even though some harshly criticized her for it on Weibo, Chinas largest social media, calling her unpatriotic.

Nevertheless, people in China, in general, are not in mourning over Abes killing, and they rationalize it for the following reasons. First, as one Chinese commentator pointed out, the joy of [some] Chinese toward Abes death shows their true feelings about Japan.

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More specific to Abe personally, he was known to most Chinese as a far-right nationalist closely connected with the Japanese ruling class remilitarization drive. As prime minister, Abe not only did not apologize for Japans war of aggression against China, but he also downplayed the Nanjing Massacre, or Rape of Nanjing (1937-38), when Japanese soldiers rampaged for over a month and a half through the then-Chinese capital city, killing an estimated 300,000 Chinese.

For many Chinese, though, more than Abes defense of Imperial Japans military brutalities, his more recent anti-China belligerence was a cause for concern. Abe challenged the One China policy by working to increase ties with Taiwan and suggesting Japan would become involved in any cross-strait conflict. He advocated introducing U.S. nuclear weapons to Japan in order to thwart the threat posed by China. He also exerted all efforts to achieve constitutional reform in the Diet, including establishing the legality of the Self-Defense Forces (SDF) and the eventual abolition of Article 9, in order to more aggressively coordinate with U.S. war preparations targeting China. While Abe did not succeed at this last point during his tenure, the current government is well-positioned to achieve his dream.

To conclude, Seoul now has a newly elected leader willing to put aside past acrimony toward Tokyo and keen to join a Japan-South Korea-U.S. security alliance aimed at containing China. Yet Abes strain of historical revisionism could still scuttle that. The South Korean government is not willing to interfere in the lawsuit filed against Japanese companies by Koreas wartime forced laborers, as Japan is demanding.

On the other hand, the majority of Japanese affairs specialists in China believe Abes passing away will further strengthen the conservative trend in Japanese politics. Pointing out that since stepping down in late 2020 Abe proactively continued his belligerent attitude toward China, Chinese Academy of Social Sciences (CASS) researcher L Yaodong pointed out that Abes visit to Nara [the city near Osaka where he was fatally shot] was to promote the ruling Liberal Democratic Partys constitutional revision program.

After Abes death, some in China might have been quiet simply out of cultural etiquette, recalling the ancient saying: When there is a funeral in the neighborhood, dont sing work songs when pounding rice, and dont sing in the alleys. But there is no denying that in China and South Korea, Abes death evoked little sympathy or empathy for a leader the whole world is eulogizing.

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Trump and his allies outline the economic case for upending DC bureaucracy – Yahoo Finance

Posted: at 11:47 am

Donald Trumps widely expected 2024 campaign which he could formally announce as early as this year appears likely to focus on upending Washington's bureaucracy.

The former president and his allies would put thousands of government employees in their sights who are traditionally insulated from politics. On Tuesday, during a summit in Washington, Trump and his top political allies sketched out an economic component of their attacks on bureaucracy, targeting an old GOP villain: regulations.

Regulations hurt a lot and the regulatory state is one of the reasons the economy has contracted, Larry Kudlow, a former Fox host who worked as director of the National Economic Council in Trumps White House, said during a panel conversation hosted by the Trump-aligned America First Policy Institute.

We need to make it much easier to fire rogue bureaucrats who are deliberately undermining Democracy, Trump added during his speech later in the day, when he strongly implied he would be a candidate in 2024. If those reforms are enacted, Trump vowed, "Washington will be an entirely different place."

Former president Donald Trump speaks during the America First Agenda Summit on July 26 in Washington, DC. (Drew Angerer/Getty Images)

While Republicans have assailed Washington bureaucracy and regulations for generations, the effort this time comes after twin stories from Axios that laid out how far Trump and his allies are preparing to go should voters return them to power.

The articles outlined a plan that if enacted would upend Washington by firing potentially thousands of government employees who are traditionally not replaced after each election cycle.

When taking office, presidents typically have around 4,000 so-called political appointments to make. If Trumps plan came to fruition, that number could balloon to more than 50,000.

Critics say the idea would introduce massive uncertainty into basic government services every time a new president is elected. But Kudlow made the case Tuesday that dramatic actions in 2024 could help spur economic growth.

Story continues

He claimed federal regulations now impose a total economic cost of about $2 trillion per year. That's remarkable, he said. It's like strangling enterprise. He said that Biden had run the economy into the ground and "we're either in a recession or at the front end of the recession."

Larry Kudlow, former Director of the National Economic Council, listens from the side of the stage at the America First Policy Institute America First Agenda Summit in Washington on July 26. (REUTERS/Sarah Silbiger)

Also on Tuesdays panel was Rep. Steve Scalise (R-LA). The Republican Whip picked up on Kudlows comments and listed agencies that he said were guilty of regulatory state overreach from the Environmental Protection Agency to the Departments of Energy and the Interior.

The focus on supposed government bloat and regulation which was also a 2016 and 2020 campaign talking point comes even though the Trump administration added billions in government red tape during his time in office, as the American Action Forum reported. Historically, every president ends up adding to government rules while in office, with Democrats adding more than Republicans.

Trump's focus on 2024 and his likely campaign also come as the former president faces legal and other scrutiny from seemingly all directions. He is the focus of probes from federal prosecutors, the attorneys general of both DC and New York, a district attorney in Georgia, the Securities and Exchange Commission, the House Select Committee on the Jan. 6 Capitol attack, and more.

Trump worked his mention of government workers briefly into an otherwise wide-ranging speech Tuesday that was perhaps his most complete articulation of the likely 2024 message to come. He started the speech by focusing on themes of American carnage. At one point, he called the United States "a cesspool of crime under Joe Biden.

He also mocked transgender athletes, attacked the Jan. 6 committee, and covered a wide range of topics during speech, which lasted about 90 minutes. His mention of being able to fire more government employees echoed similar remarks from over the weekend and appears likely to become a staple in the coming months.

"We have to do so much, we need to save our economy and stop the inflation," Trump added Tuesday.

This week's series of speeches during Trumps first visit to Washington D.C. since leaving office came as part of a summit hosted by the Trump-focused think tank formed to promote the former presidents ideas while President Joe Biden is in the White House.

The group portrays itself as a sort of administration in waiting should Trump return to Washington permanently. Headed by Brooke Rollins, the former head of Trumps Domestic Policy Council, it is populated by an array of former Trump officials from Kudlow to Kellyanne Conway.

The bureaucrats and the elites and ideologues and the fanatics who run Washington have diminished a lot of what is best about our country, Rollins said on Tuesday. The calvary is coming.

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

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Walmart’s earnings whiff ‘humanized’ the toll of inflation, analyst says – Yahoo Finance

Posted: at 11:47 am

Walmart's second earnings warning of 2022 says a great deal about the financial stresses U.S. consumers are increasingly seeing amid sky-high inflation, a bear market in stocks, and lofty gas prices.

The world's largest retailer slashed its second-quarter and full-year profit outlooks late Monday owing to rampant inflation and a consumer retrenchment for discretionary items such as apparel. Walmart now sees full-year earnings tanking 11% to 13% compared to a prior estimate for a 1% drop.

"This pre-release humanized what's happening inside the household in terms of decision-making," Jefferies analyst Stephanie Wissink said on Yahoo Finance Live (video above). "When we see consumers compromising wants to fund their needs because of inflation, that's a real human response."

Walmart shares plunged nearly 8% as of 12:40 p.m. during Tuesday's trading session. The ticker page was the most trafficked on Yahoo Finance, underscoring concerns about what the retailer's commentary means for the economy and markets in the near term.

Walmart isn't alone in experiencing a consumer going into financial preservation mode, and its earnings warning also placed pressure on competitors like Target and vendors in the mold of HanesBrands.

In a pre-announcement of its own, grill-maker Weber said it badly missed second-quarter earnings expectations this week. The quarter was so bad that Weber fired its CEO just like what happened at Gap several weeks ago.

We are taking decisive action to better position Weber to navigate historic macroeconomic challenges, including inflationary and supply chain pressures that are impacting consumer confidence, spending patterns, and margins, Weber's non-executive chair Kelly Rainko said in a statement.

Bath & Body Works also warned last week it would see earnings come in below consensus estimates as consumers reined in their spending.

A customer shops for nutrition products in a Walmart Supercenter on July 08, 2022, in Houston, Texas. (Photo by Brandon Bell/Getty Images)

Walmart's primary rival Target kicked off concerns about the retail sector's health in June with a shocking decision to liquidate massive amounts of slow-moving inventory and take a more cautious view on near-term profits.

Story continues

Other retailers such as RH, Bed Bath & Beyond, and Kohl's have issued more cautious outlooks as consumers shift spending away from discretionary categories.

"There is this pivot happening from discretionary and general merchandise into necessities," Wissink said. "The household is having to make discriminate decisions every single week about funding that inflation."

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Brittney Griner poised to testify in Russian court – Yahoo Sports

Posted: at 11:47 am

After several calm days of her legal team calling character witnesses on her behalf and arguing for a lenient sentence, Brittney Griners next appearance in Russian court is likely to be a bit more intense.

The judge is expected to directly interrogate her on Wednesday, her attorney Maria Blagovolina told Yahoo Sports.

Griner faces up to 10 years in Russian prison after she flew into a Moscow airport in February and Russian customs officials allegedly found vape cartridges containing cannabis oil in her luggage. The WNBA star pleaded guilty in court on July 7, arguing that she did not intend to break the law and that she inadvertently brought the vape cartridges into the country because she packed in a hurry.

Experts anticipate that Griners testimony on Wednesday will echo her guilty plea. In a Russian criminal trial, it is common for both the judge and prosecutor to cross-examine the defendant.

Griner was escorted into court in handcuffs on Tuesday wearing a dark hoodie with the slogan Black lives for peace printed on the back. An Associated Press photographer captured Griner holding up images of supporters from the courtroom cage that is used to hold defendants during Russian criminal trials.

The slow-moving trial continued on Tuesday with Griners legal team summoning a Russian narcology expert. Mikhail Tetyushkin, according to reporters who were present in the courtroom, testified that, while marijuana is illegal in Russia, it is used as a medical treatment for athletes in various countries, including the United States.

Brittney Griner holds images standing in a cage at a court room prior to a hearing, in Khimki just outside Moscow, Russia, Tuesday, July 26, 2022. (AP)

At a previous hearing this month, Griners legal team presented the court with an American doctors letter saying that Griner had been prescribed medical marijuana to help her cope with chronic pain from injuries that she sustained during her basketball career. Defense attorneys have also summoned the team captain and team director from Griners Russian basketball club to vouch for her character.

Tom Firestone, the former resident legal adviser at the U.S. Embassy in Moscow, told Yahoo Sports that Griners legal team is doing the right things under the circumstances but admitted that whether or not it will help is hard to say. Doctors notes and character witnesses may not result in a more lenient sentence for Griner if she is truly more political pawn than criminal defendant.

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Griners trial should be considered entirely theater, said Danielle Gilbert, a Dartmouth University foreign policy fellow who specializes in hostage diplomacy. Gilbert contends that the trial is only about Russias efforts to legitimize holding Griner while Russian officials seek to trade her in a prisoner exchange or for some other concession from the United States.

Griners imprisonment comes at a time of renewed hostility and distrust between the U.S. and Russia. Relations between the two nations are at their lowest point since the Cold War as a result of Russias assault on Ukraine and the U.S. joining Western allies in imposing economic sanctions.

The State Department has declared Griner to be wrongfully detained in Russia since May and has described negotiating a deal to secure her freedom as a top priority. Russian officials have bristled at that classification and have demanded that the U.S. respect the laws of their country.

On July 4, Griner sent President Biden a letter urging him to please dont forget about me and the other American detainees.

Im terrified I might be here forever, she wrote.

Efforts to negotiate Griners release may be complicated by Russias apparent asking price in a potential prisoner exchange. Russian state media outlets have linked Griners case to the fate of notorious Russian arms dealer Viktor Bout, who earned the nickname Merchant of Death after smuggling military-grade weapons to rogue leaders and insurgent groups across Africa and beyond.

Griner's attorneys have said they expect her trial to conclude by early August. Blagovolina told Yahoo Sports that she'll have a better idea when sentencing will occur after Wednesday's hearing.

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Netflix’s $200M ‘The Gray Man’ jumps in debut weekend, more than 88M hours viewed – Yahoo Finance

Posted: at 11:47 am

It looks like Netflix's (NFLX) $200 million bet on "The Gray Man" might have paid off.

The action-packed film starring Ryan Gosling, Chris Evans, and Ana De Armas made its debut on the platform on Friday and quickly climbed its way to the top of the streamer's competitive top 10 list, despite lackluster reviews.

According to the company's latest global viewing report, subscribers watched more than 88 million hours of the movie within its first three days on the platform (July 22 - July 24).

For context, "Red Notice" clocked more than 364 million hours of viewing time in its first 28 days, while "Dont Look Up" amassed 360 million hours over that same time period. "The Gray Man" is expected to surpass those figures.

On the heels of those numbers, Netflix unveiled that a "Gray Man" sequel is already in development with Ryan Gosling and directing duo Joe and Anthony Russo all set to return.

A spin-off is also in the works from "Deadpool" screenwriters Paul Wernick and Rhett Reese.

"The Gray Man" (Courtesy: Netflix)

The movie's $200 million budget makes it the most expensive Netflix film to date.

"Movies are a one-time thing and some of these costs have gotten so large," Shawn Robbins, chief analyst at Box Office Pro, told Yahoo Finance.

He described the current streaming landscape as a "Wild West," with platforms scrambling for top-tier content in order to keep up with their competitors.

"Budgets have been getting bigger," Robbins added. "The talent is there. It's just a question of which service is going to streamline the ability to put out quality product consistently and maintain subscribers."

Netflix, which shed nearly 1 million subscribers in Q2 and revealed softer-than-expected guidance for Q3, has battled an uptick in subscriber churn, or the number of customers that drop off the service.

That comes amid increased competition, with some industry watchers warning that a "streaming recession" is on the horizon. The original streaming giant plans to introduce an ad-supported tier next year to ease some of these woes.

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Another monetization opportunity is theatrical partnerships, which is why some industry watchers are questioning why "The Gray Man" did not receive a wider theatrical rollout.

Theatrical "gives you a window where you can make a lot of money on top of your subscriptions that could even pay your cost of some of these franchise tentpole titles," Jon Christian, EVP of digital media supply chain at Qvest, the largest media and entertainment-focused consulting company, previously told Yahoo Finance.

Although Netflix has played some original features in theaters, including 2018 breakout hit "Roma" and the more recent hits "The Irishman" and "Don't Look Up," those debuts (similar to "The Gray Man") had very short theatrical windows with much more limited releases.

"Those movies prove that the quality can be achieved, but they didn't have the same opportunity in theaters and could have done very well," Robbins said, anticipating that the integration of theatrical content with streaming will take time.

Alexandra is a Senior Entertainment and Food Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com

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What Wall Street strategists recommend doing in this bear market – Yahoo Finance

Posted: at 11:47 am

The year has been grueling to those holding almost every type of stock. The S&P 500 (^GSPC) is down 16% year-to-date. The Nasdaq (^IXIC) is down 24% during that same period. Even the energy sector (XLE) the only one positive year-to-date has seen some of its gains evaporate recently.

In a new Yahoo Finance series, we're looking at some of the strategies experts recommend for how to navigate a bear market. To kick things off, we asked them what they think investors should do in an environment of tighter monetary policy and the threat of a recession.

We've seen some rally days over these last couple of weeks. Have the markets bottomed? What should investors do now?

The names that have really benefited since mid-June and the last Federal Reserve meeting have been the highest beta areas of the market. Some of the names that are sort of non-profitable technology would be a way to sum that up," Chris Pollard, Cowen managing director and head of market Strategy told Yahoo Finance Live.

"Those are the names that have had very pronounced movements and this is a way to sort of pair back on those exposures," P added. "I think using this time, this countertrend movement, to raise some cash and to provide yourself some optionality for what should be a push towards new lows, is what we would be advising here."

"The movement that weve seen over the last couple of weeks is unlikely to be durable upside," he noted.

When will capitulation happen?

"That's another way of saying, 'When do I come in and buy'. The real capitulation happens when people say 'don't even talk to me about this anymore,'" Interactive Brokers' chief strategist, Steve Sosnick told Yahoo Finance Live.

"We're still in a bear market and we still are seeing the Fed as a headwind," he said.

The Federal Reserve is expected to raise rates at their next meeting next week. Tighter monetary policy has been a headwind for stocks as liquidity dries up.

"Don't be seduced" by "short, sharp, and ferocious bear market rallies," he advised.

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"You really don't get bottoms unless you see change in fiscal or monetary policy. I don't see that right now," he added.

Should investors hold onto stocks which have lost money?

Some experts say this depends on the company in question and the time horizon of the investor.

"The average bear market for the broader S&P 500 has taken roughly a year to bottom, but this can be much longer for individual equities (if they recover at all)," Ross Mayfield, Investment Strategy analyst at Baird told Yahoo Finance.

"Investors should ask themselves if the investing case for owning the stock has fundamentally changed and what the timeline for the invested money actually is," he added.

He also noted, "Market volatility and selloffs are simply part of the experience for the longer-term investor they occur with regularity but have always eventually ended with the market making new highs. Further, holding cash in an attempt to perfectly time the market bottom is a very risky proposition that can result in someone missing the rally that starts the new bull market."

Bearish scenario in stock market with bear figure in front of red price drop chart.

How do investors prepare their portfolio in light of an economic slowdown, or a recession?

"When we look at the percentage probabilities of whether we're going to tip over into a recession or whether we're just going to see a slowing growth environment. We give a slight edge to the slowing growth environment, simply because of the strength of the consumer coming into this," Kristen Bitterly, CIti Global Wealth head of North American investments told Yahoo Finance.

She recommends "creating some strong diversification within the portfolio across fixed income and equities. And really leaning into quality and being relatively conservative when it comes to stretching for yield, or extending yourself when it comes to credit," she added.

"I think there is a portfolio solution here as an investor, to remain fully invested, but ensuring that you have raised quality across equities and fixed income," said Bitterly.

Valuations have come down significantly.

Allspring Global Investments Senior Investment Strategist Brian Jacobsen told Yahoo Finance that one of the areas he likes is are consumer staples side and the technology.

"It's almost like a barbell approach here where there are a number of names that seem that they probably got thrown under the bus so to speak as people got a little bit more pessimistic thinking that the Fed might induce a recession as they try to tame inflation," he added.

Ines is a markets reporter covering equities. Follow her on Twitter at @ines_ferre

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Chips bill advances in Senate Here’s what’s in the $79B legislation – Yahoo Finance

Posted: at 11:47 am

After more than a year of negotiations, Congress is on the cusp of passing a bill to alleviate the chip shortage and shore up U.S. competitiveness with China in part by giving $50 billion to the semiconductor industry.

The Senate voted 64-32 on Tuesday to end debate on the so-called CHIPS+ bill. This key step, which required 60 votes, now sets the stage for final passage in the coming days.

As the key procedural step got underway, Senate Majority Leader Chuck Schumer (D-NY) said the effort will help "one of the most important struggles of this century."

"The 21st century will be won or lost on the battleground of technological innovation," he added.

The cost of the bill is still being tabulated. A preliminary analysis from the Congressional Budget Office assesses the bill will incur roughly $79 billion in new spending over the coming decade. The bill will also redirect existing government money to the effort; a fuller accounting is expected to be released soon.

Lawmakers had previously passed a more ambitious version of the bill, and for a time legislators discussed a slimmed down version that would only include the direct inducements to the semiconductor industry. But in the end, lawmakers added a host of provisions back into the bill, ballooning the cost.

Here are the highlights from in the bill, which Senator Mark Kelly (D-AZ) recently told Yahoo Finance affects the costs for so many things for Americans from your cellphone, to your vacuum cleaner, to the government weapons systems.

President Joe Biden spoke with CEOs, labor leaders, and members of his economic team on Monday during a virtual meeting on semiconductors. (Anna Moneymaker/Getty Images)

Tuesday's vote came after a full court press from the Biden administration to restart the effort after months of fruitless negotiations.

"America invented the semiconductor its time we bring it home, President Joe Biden said at a virtual White House event on Monday.

Meanwhile, Commerce Secretary Gina Raimondo addressed criticism of the bill by stressing that it doesn't aim to make businesses more profitable but instead seeks to invest in the U.S. economy.

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From the private sector, a host of companies descended on Washington this week to push the bill over the finish line. Gary Cohn, the former Director of the National Economic Council and a current vice-chairman of IBM (IBM), said his company alone was bringing over 60 executives to meet with lawmakers.

The key provision in the bill is the $50 billion for chipmakers. Of those funds, $39 billion are earmarked to build, expand, or modernize domestic facilities for chip-making.

The remainder $11 billion is set aside for research and development. This money appears designed to alleviate a rift that had been developing between semiconductor companies like Advanced Micro Devices (AMD), Qualcomm (QCOM) and Nvidia (NVDA), which had focused on designing but not manufacturing these crucial chips and were worried about being left out.

In any case, Intel (INTC) will be a key recipient of the funds. The company recently postponed the groundbreaking on an Ohio factory because of delays with the bill but promised to move ahead if it becomes law.

Other companies that appear likely to receive funds include Texas Instruments (TXN), Micron Technology (MU), Global Foundries (GFS), and Samsung.

Elsewhere in the bill, another $4.2 billion will help fund other areas of the industry like workforce training, defense initiatives, future innovation, and for the U.S. mobile broadband market. The money for broadband focuses on leap-ahead technologies, including an effort to promote non-Chinese 5G equipment manufacturing.

Another portion is a new Advanced Manufacturing Investment Credit, which creates a new 25% tax benefit for semiconductor manufacturing. Its part of a suite of efforts that, advocates say, will allow the U.S. to catch up in the global semiconductor manufacturing race.

The U.S. role in semiconductor manufacturing has fallen from nearly 40% in 1990 to 12% today, according to a recent report from the Semiconductor Industry Association. The situation is even worse with the worlds most advanced logic semiconductors, 100% of which were manufactured overseas in 2019. The group has applauded progress on the bill.

President Joe Biden holds a semiconductor chip during a 2021 event at the White House. (REUTERS/Jonathan Ernst)

Daniel Clifton, head of Washington research at Strategas, told Yahoo Finance recently that many view semiconductors as "the new oil." If a nation can control oil and chips, you start to control the production of just about anything that's going to happen in the economy and we could see that that's where the long-term trend is, he said.

The bill is also set to restrict semiconductor companies' activities, banning new work in specific countries that present a national security threat to the United States. The language is clearly aimed at China, which has been moving to bolster its semiconductor industry, as well.

The provision is designed to ensure that China doesnt receive any benefits from the new U.S. government funds. We're not going to have to worry so much about the actions of an adversary, meaning China, when it comes to our supply of semiconductor chips, Sen. Kelly said.

On Monday, Biden also noted that the guardrails mean were not going to allow these companies to use these funds to buy back stock or issue dividends.

The bill also includes billions to beef up science training efforts to help the U.S. compete against China. In total, the National Science Foundation, the Department of Commerce, and the National Institute of Standards and Technology will divvy up $52 billion in funding increases over the coming years for initiatives aimed at shoring up U.S. competitiveness in areas like building a STEM workforce

The bipartisan effort has engendered opposition from a swath of Republicans but also one of Biden's own allies. Sen Bernie Sanders (I-VT) called the bill a blank check "at a time when semiconductor companies are making tens of billions of dollars in profits and paying their executives exorbitant compensation packages."

He also savaged the "guardrails" in the package, noting that companies would still be able to outsource some jobs abroad and also use their profits to make stock buybacks if they want.

Despite opposition from Sanders and Republicans on Tuesday, lawmakers were able to nonetheless move to end debate, setting up a vote for likely final passage later this week.

The House of Representatives will then likely consider the bill before they adjourn Friday for their summer recess. Some conservative House Republicans are trying to stop it and have taken to calling it a fake China bill. However, House Minority Whip Rep. Steve Scalise who is charged with counting the votes seemed resigned that it could be headed to Biden's desk by the end of the week.

Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.

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Chips bill advances in Senate Here's what's in the $79B legislation - Yahoo Finance

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