'Dem voter: Biden is lying about the sham Democratic primaries'

 In his two-page letter defending his candidacy to congressional Democrats this week, President Biden made no attempt to address any of the important questions regarding his age, his mental competence, his disastrous debate performance or recent polling that 74 percent of all Americans — including 59 percent of Democrats — believe he is too old to serve another term.

Instead, his letter led with the argument that, “We had a Democratic nomination process and the voters have spoken clearly and decisively. I received over 14 million votes, 87 percent of the votes cast across the entire nominating process.…This was a process open to anyone who wanted to run…..Do we now just say this process didn’t matter? That the voters don’t have a say?”

This argument is absurd. Biden, his campaign team and the Democratic National Committee conspired to make sure that the presidential primaries were a totally meaningless process.

Party leaders repeatedly argued that anyone who chose to challenge an incumbent president would weaken Biden’s candidacy and increase the probability of a Trump victory in November. It was well understood that any candidate who stepped forward to mount a meaningful challenge to the incumbent would be viewed as a disloyal Democrat and would have no future within the party.

In March 2023, almost a year before the first primary, the DNC declared its full support for Biden, despite 58 percent of Democrats and Democratic-leaning voters preferring someone else, according to a poll from the previous month.

The deep bench of attractive potential Democratic candidates all fell into line, and the only challengers who appeared on any state ballots were Rep. Dean Phillips (D-Minn.), Marianne Williamson and Jason Palmer, none of whom had a national profile.

Further, the DNC refused to sponsor a single presidential primary debate, despite polls showing that 80 percent of Democrat voters supported debates.

It is a classic case of gaslighting to claim that this was a “process open to anyone who wanted to run” and that “voters have spoken clearly and decisively” when the president and the DNC manipulated the process to ensure that there would be no serious challengers and no debates.

When evaluating elections in other countries, political scientists define a “sham election” to be one that is held purely for show; that is, without any significant political choice or real effect on the results of the election. The Democratic Party primaries were sham elections, pure and simple.

In his letter, Biden also states “How can we stand for democracy in our nation if we ignore it in our own party?”

On this one point, Biden got it exactly right.

Jeff Alson is a Democratic voter in Scio Township, Michigan.

https://thehill.com/opinion/campaign/4761192-biden-is-lying-about-the-sham-democratic-primaries/

3 states file emergency Supreme Court petition to halt Biden student loan repayment program

 A trio of GOP-run states filed an emergency petition on Monday with the Supreme Court to halt President Biden’s Saving on Valuable Education (SAVE) income-driven student loan repayment program.  

South Carolina, Texas and Alaska petitioned the court to halt the plan after the 10^th Circuit allowed the administration to start a significant portion of it. 

The SAVE plan was set to slash monthly student loan payments from 10 percent of discretionary income to 5 percent this month. It would also begin offering student loan forgiveness to certain groups of borrowers.  

The 10^th Circuit halted the loan forgiveness but said the lower monthly payments could proceed, leaving the states to appeal to the Supreme Court, which last year struck down Biden’s previous attempt at universal debt relief.

By default, Monday’s motion was sent to Justice Neil Gorsuch, who handles emergency appeals arising from the 10th Circuit.  

But Gorsuch could refer the matter to his colleagues for a vote. And even though the Supreme Court is on its summer recess, the justices still act on emergency applications. 

The case has thrown student loan borrowers into another round of uncertainty as Republicans continue to fight against Biden’s efforts at student loan forgiveness.

The Biden administration has taken action to put borrowers in forbearance while the legal challenge plays out in court.  

“While we are frustrated by the continued legal challenges brought to limit borrower relief, we are pleased to see the Department of Education take quick and decisive action by placing 3 million borrowers in an administrative forbearance,” said Natalia Abrams, president of Student Debt Crisis Center.

https://thehill.com/homenews/education/4762340-biden-student-loan-forgiveness-debt-relief-supreme-court-texas-alaska-south-carolina/

‘Actors tied to Iran’s government’ helping finance anti-Israel protesters: US intel head

 The director of national intelligence warned Tuesday that “actors tied to Iran’s government” have “opportunistically” co-opted some anti-Israel protests in the U.S., supporting and financing some work.

Avril Haines said in the first of what she said will be consistent threat updates about Iran and other U.S. adversaries abroad that Iran is “becoming increasingly aggressive in their foreign influence efforts.”

“In recent weeks, Iranian government actors have sought to opportunistically take advantage of ongoing protests regarding the war in Gaza, using a playbook we’ve seen other actors use over the years,” she wrote. “We have observed actors tied to Iran’s government posing as activists online, seeking to encourage protests, and even providing financial support to protesters.”

Haines made clear that the anti-Israel protest movement is not created by Iran-linked actors, and much of the speech is authentic from Americans.

Protests against the Israeli government and the Biden administration response to the Israel-Hamas have become commonplace across the country in recent months. The movement has been most visible on college campuses, where thousands of students and activists took over campus areas to protest the war.

“I want to be clear that I know Americans who participate in protests are, in good faith, expressing their views on the conflict in Gaza — this intelligence does not indicate otherwise,” Haines said. “Moreover, the freedom to express diverse views, when done peacefully, is essential to our democracy, but it is also important to warn of foreign actors who seek to exploit our debate for their own purposes.”

“Furthermore, Americans who are being targeted by this Iranian campaign may not be aware that they are interacting with or receiving support from a foreign government,” she continued. “We urge all Americans to remain vigilant as they engage online with accounts and actors they do not personally know.”

The protests have mostly demanded Biden back a permanent cease-fire in the conflict and cease sending military aid to Israel. Negotiations between Israel and Hamas on a Biden-backed cease-fire proposal have restarted in recent days, though Israeli Prime Minister Benjamin Netanyahu has shown reluctance to embrace a long-term pause in fighting.

https://thehill.com/policy/defense/4762331-iran-linked-actors-exploit-protests-dni/

Arcutis Update on sNDA for Roflumilast Cream 0.15% for Atopic Dermatitis

  Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today announced that the Company has been in communication with the U.S. Food and Drug Administration (FDA) regarding its supplemental New Drug Application (sNDA) for roflumilast cream 0.15% for the treatment of mild to moderate atopic dermatitis (AD) for adults and children down to the age of 6. The FDA has indicated that they are working to finalize the action letter and have not indicated they would extend the Prescription Drug User Fee Act (PDUFA) goal date of July 7, 2024.

“We would like to emphasize that the FDA has not requested any additional information related to our sNDA. This speaks to the completeness and quality of our submission, as we have worked diligently to provide all necessary data and meet all regulatory requirements,” said Frank Watanabe, president and CEO of Arcutis. “We are in close contact with the FDA and anticipate receiving our action letter soon. Pending approval, we look forward to delivering this new innovative treatment in roflumilast cream to the millions suffering from atopic dermatitis.”

https://www.globenewswire.com/news-release/2024/07/09/2910308/0/en/Arcutis-Provides-Update-on-sNDA-for-Roflumilast-Cream-0-15-for-Atopic-Dermatitis.html

'Veiled Threat' - Saudis Warned G-7 Against Russian Asset Seizure Plan

 In a fascinating geopolitical shift, Bloomberg reports that, according to people familiar with the matter, that Saudi Arabia privately hinted earlier this year it might sell some European debt holdings if the G-7 decided to seize almost $300 billion of Russia's frozen assets.

As a reminder, we noted in May the European Union approved a US-backed plan to use seized Russian assets to generate profits which will in turn help arm Ukraine. 

Associated Press reports that "The 27-nation EU is holding around 210 billion euros ($225 billion) in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. It estimates that the interest on that money could provide around 3 billion euros ($3.3 billion) each year." A first tranche of funds could be available as early as July.

Starting in February, US Treasury Secretary Janet Yellen began getting more vocal on the "moral case" for using Russian assets to aid Ukraine, telling allies they must find a way to "unlock the value" of the hundreds of billions in immobilized Russian assets, also with an eye towards Ukraine's post-war reconstruction.

Previously some Ukrainian officials floated the idea of "reparation bonds" backed by future claims for war damages against Moscow, and utilizing frozen Russian assets. These initiatives have gained steam under US leadership. 

Most of the $300 billion in frozen Russian assets are held in Europe - particularly France, Germany, and Belgium.

Which makes today's report from Bloomberg even more interesting from a geopolitical fissures perspective.

The Kingdom’s finance ministry told some G-7 counterparts of its opposition to the idea, which was meant to support Ukraine, with one person describing it as a veiled threat.

The Saudis specifically mentioned debt issued by the French treasury, two of the people said.

Now, notably, Macron called an election and that election swung wildly to the far-left in the interim, but since these 'talks' happened with the Saudis, French bond yield spreads to Germany have exploded wider...

Just a coincidence, we are sure.

We also note that the G-7 eventually agreed to tap the profits generated and leave the assets themselves alone despite a US and UK push for allies to consider bolder options, including a direct seizure.

Some euro-member nations were against that idea, concerned it could undermine the currency.

Sure enough, the Saudi position changed after G-7 nations went with a proposal that didn’t expropriate the assets, one of the people Bloomberg spoke to said.

We wonder if the Saudi threats influenced this decision and the reluctance of those countries?

Is that what helped relieve the pressure on French spreads?

While Saudi Arabia has maintained strong relations with Moscow, it has also built ties with Ukraine.

Bloomberg concludes by noting that whatever its motive, Saudi Arabia’s move underscores its growing clout on the world stage and the G-7’s difficulty in garnering support from so-called Global South nations for Ukraine in the face of Russia’s aggression.

Finally, we note that this is not the first time that The Kingdom has pre-emptively threatened retaliation for West's actions - they previously hinted at Treasury purchase pullbacks if US authorities allowed citizens to sue the Saudis over 9/11.

https://www.zerohedge.com/geopolitical/veiled-threat-saudis-warned-g-7-against-russian-asset-seizure-plan

What Does Wegovy’s Launch in China Mean as Biosimilar Competition Emerges?

 Late last month, China’s National Medical Products Administration approved Novo Nordisk’s blockbuster GLP-1 weight loss drug Wegovy (semaglutide), opening up another multimillion-dollar market for the Danish pharma. However, the approval comes at a time when biosimilar competition in China is ramping up.

Wegovy’s expansion to China is “incrementally positive,” Evan Siegerman, the managing director and senior research analyst at BMO Capital Markets, told BioSpace. According to an analyst report from the Bank of Montreal Capital Markets, the company could generate peak sales of $929 million as China’s obesity rates climb. That’s far less than the revenue Wegovy is generating in the U.S., where sales accounted for some 90% of the $4.5 billion or so the drug brought in last year. Siegerman said the current Chinese sales forecasts for Wegovy are a “loose assumption,” noting unknown factors such as the pricing, availability or the broader dynamics of the market.

Moreover, Wegovy may soon face some stiff biosimilar competition in China. The patent on semaglutide, Wegovy’s main ingredient, is set to expire in less than two years in the country, compared to 2032 in the U.S., according to Reuters.

Novo has started a legal effort to extend its patent, but at least 15 generic versions of semaglutide are being developed in China, with several in late-stage trials. Seigerman said these biosimilars should not threaten Novo’s larger markets in the U.S. and Europe, as he doesn’t see them being sold beyond China or the FDA approving biosimilar products made in China.

Novo’s Manufacturing Push

To support Wegovy’s launch in China, Novo has been making significant investments in its manufacturing apparatus in the country. In March, the pharma announced it was investing ¥4 billion, or over $500 million, into its facility in Tianjin, China. The project, estimated to be completed by 2027, is intended to expand the facility and help meet the demand for its products in China.

Meanwhile, Novo is investing in its U.S. manufacturing foothold, which could further defend its market share against the future loss of patent exclusivity, Siegerman said, as any biosimilar manufacturers would be far behind Novo in terms of manufacturing and unable to supply the market. Already, Novo has announced plans to invest $4.1 billion into its Clayton, North Carolina, site to build another fill-finish facility.

Siegerman noted that these manufacturing investments should eventually bring down the price of Wegovy, and Novo’s semaglutide type 2 diabetes drug Ozempic, which may shore these GLP-1s up against wider biosimilar competition.

“We assume net pricing for Ozempic and Wegovy goes down over time to the point where it’s a couple hundred dollars per patient per month,” he said. “And they can do that because [Novo is] so efficient with their manufacturing.”

https://www.biospace.com/article/what-does-wegovy-s-launch-in-china-mean-as-biosimilar-competition-emerges-/

Fox News host calls out ‘dozens’ of Biden allies not ‘able or willing’ to defend president on show

 Fox News anchor Shannon Bream told viewers Sunday that despite her team’s “around the clock” efforts, they were unable to find an advocate to defend President Biden on her show.

The “Fox News Sunday” host said her team reached out to “dozens of lawmakers and Biden advocates and allies” in the days before the show in search of a Democrat to defend the president’s decision to stay on the ticket.

The Sunday show host said her team reached out to “dozens” of Biden advocates to no avail.Fox News

Biden has confirmed he will stay in the race — during an ABC interview with George Stephanopoulos, in posts to X and during speeches at rallies — following a disastrous debate performance that saw politicians, policymakers and media outlets across the political spectrum calling for the incumbent candidate to bow out of the race.

“We’ve had numerous interactions with the Biden-Harris campaign, but not a single potential guest was either able or willing to join us on today’s show to defend the president and his decision to stay on the ticket,” Bream said, “so we will be having a conversation without that voice, [a circumstance] which we have been working … to avoid.”

Bream then welcomed former Rep. Tim Ryan (D-Ohio), who has been outspoken in his calls for Biden to step out of the race and instead make room for Vice President Kamala Harris to run for the presidency.

“I particularly think Kamala Harris can come in and help us heal,” Ryan said on “Fox News Sunday.” “They don’t like Trump. They don’t like Biden. Let’s give them a candidate they can rally around.”

While Biden defenders did not make an appearance on Bream’s show, Dems did speak in defense of the president on other Sunday news programs.

Sen. Bernie Sanders (I-Vt.), the liberal 82-year-old who led an unsuccessful presidential campaign in 2020, downplayed Biden’s age on CBS’ “Face the Nation” and said voters must focus on the president’s policies.

Biden faces relentless questions about whether he is fit for the Oval Office after an awful debate performance last month against presumptive GOP opponent former President Donald Trump.AFP via Getty Images
On NBC’s “Meet the Press,” Rep. Adam Schiff (D-Calif.) called Biden an “extraordinary president,” though he avoided giving his own opinion on whether the incumbent candidate should exit the race.

Sen. Chris Murphy (D-Conn.) said Biden is one of the most “effective” presidents he has ever worked under on CNN’s “State of the Union.”

https://nypost.com/2024/07/08/business/fox-news-host-slams-dozens-of-biden-allies-for-ducking-her-show/