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Saturday, August 3, 2024

Dimon opines on next US president without endorsing anyone

 JPMorgan Chase CEO Jamie Dimon has outlined his wish list of leadership skills that the next U.S. president should possess, but stopped short of endorsing a candidate.

In a Washington Post op-ed published on Friday titled, "Our next president must restore our faith in America," Dimon emphasized the need for the next leader to unite the nation instead of pandering to extremes.

Dimon, who has run JPMorgan since 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government, including Treasury secretary.

Former U.S. President Donald Trump told Bloomberg in late June he would consider Dimon for treasury secretary if he won the Nov. 5 election.

Separately, Vice President Kamala Harris had lunch with Dimon at the White House in March, according to a source familiar with the situation who declined to be identified discussing the private meeting.

Dimon's op-ed comes after the Republican National Convention in mid-July and before the Democratic National Convention in late August.

While his future plans have long been the subject of speculation, the focus on Dimon's next steps have intensified this year after JPMorgan's board identified potential successors, paving the way for an eventual leadership transition.

Dimon is one of the most prominent voices on Wall Street, but his influence extends well beyond business and the economy. The CEO often weighs in on policy issues such as American leadership, job training and energy security.

Dimon underscored the need for the next presidential administration to have members from both political parties, as well as leaders from the private sector.

"A president should put the most talented people, including those from business and the opposite party, into their Cabinet," Dimon wrote.

He cited Presidents Abraham Lincoln, Harry Truman and Dwight Eisenhower as exemplars who "guided us forward with common sense and pragmatism," Dimon wrote.

Among his several policy recommendations, the CEO emphasized the importance of energy in foreign policy.

   "When our allies are fighting wars to defend their sovereignty and democracies, and desperately need secure and reliable energy sources, delaying long-term liquid natural gas projects in Louisiana and Texas is misguided and self-defeating," he wrote.

And in domestic policy, "we can easily reform our mortgage policies to make homeownership more affordable for lower-income Americans," Dimon wrote.

He also called on the next president to work to earn the support of all voters.

"Do not insult, stereotype, weaponize, scapegoat or gaslight," Dimon said. "And do not attack them. Engage them. This takes bravery."

https://www.marketscreener.com/business-leaders/JAMIE-DIMON-2566/news/JPMorgan-CEO-Jamie-Dimon-opines-on-next-US-president-without-endorsing-anyone-47543113/

Ultragenyx Unit Closes Successful Seed Funding

 GordonMD® Global Investments LP announced today that Amlogenyx Inc. has completed a seed funding round of USD 14 million. Amlogenyx, a subsidiary of Ultragenyx Pharmaceutical, Inc. (NASDAQ: RARE), is researching and developing novel gene therapies for Alzheimer’s disease and other amyloid diseases.

“I am pleased to collaborate with Amlogenyx; its promising Alzheimer’s disease therapeutic has yielded exciting results in pursuing a therapy that has the potential to change the outlook for this disease,” said Dr. Craig Gordon, Founder and Chief Investment Officer of GordonMD®.

“Amlogenyx’s first product candidate is a protease that we developed alongside Sandra D’Azzo Ph.D. at St. Jude Children’s Research Hospital in Memphis,” said Emil Kakkis, M.D., Ph.D., CEO of Ultragenyx. “The study found that the enzyme can break up and degrade efficiently Aβ42, the protein many consider responsible for Alzheimer’s debilitating effects.”

The seed round was led by GordonMD® and associated investors, as well as Ultragenyx.

https://www.businesswire.com/news/home/20240802647087/en

'Trump proposes alternative election debate, Harris says no'

 Harris: "Well, Donald, I do hope you'll reconsider to meet me on the debate stage"

Democratic U.S. Vice President Kamala Harris taunted Republican Presidential nominee Donald Trump last week after he backed out of a debate with her.

Now he has proposed to debate her on Fox News on September 4th.

On Truth Social, he said it would take place in Pennsylvania and include an audience.

But Harris wants to stick to the debate scheduled to run on ABC later next month.

She posted on X Saturday...

It's interesting how "any time, any place" becomes "one specific time, one specific safe space."

I'll be there on September 10th, like he agreed to. I hope to see him there.

On Saturday, Trump said on Truth Social that Harris is "afraid to do it" and that he will see her on Sept. 4, "or, I won't see her at all."

Earlier, he said the ABC debate has been terminated in that President Joe Biden will no longer be a participant and because he is in litigation with ABC.

The debate over the debate comes after Harris on Friday secured the delegate votes needed to clinch the Democratic U.S. presidential nomination.

Party delegates voted virtually this week ahead of the Democratic Convention in Chicago later this month.

While two sources tell Reuters Harris is meeting in person this weekend with the top contenders vying to become her presidential running mate for November's election.

She is expected to make her choice by Monday ahead of her first public appearance with the new vice presidential nominee on Tuesday in Philadelphia.

https://www.marketscreener.com/news/latest/Trump-proposes-alternative-election-debate-Harris-says-no-47551302/

Hotez Calls For Police Deployment Against "Anti-Vaxxers"

 by Paul Thacker via The Brownstone Institute,

Social media went a little bonkers last week when an interview of Texas Children’s Hospital’s Dr. Peter Hotez began circulating with the Big Pharma insider calling for the United Nations and NATO to deploy security forces against “anti-vaxxers” in the United States. Dr. Hotez’s statements first appeared on the YouTube channel of an international pediatric conference that took place in Colombia, but the interview then jumped onto X.

The Simposio Internacional de Actualización en Pediatría (International Symposium of Pediatric Updates) later removed the interview from YouTube although photos can still be found on Facebook.

In clips of Hotez’s interview that continue to circulate on X, he claims “anti-vaxxers” caused hundreds of thousands of deaths in the United States. I uploaded one clip to my YouTube channel which you can watch here:

What I’ve said to the Biden administration is, the health sector can’t solve this on its own. We’re going to have to bring in Homeland Security, the Commerce Department, Justice Department to help us understand how to do this.

I’ve said the same with…I met with [WHO general director] Dr. Tedros last month…to say, I don’t know that the World Health Organization can solve this on our own. We need the other United Nations agencies—NATO. This is a security problem, because it’s no longer a theoretical construct or some arcane academic exercise. Two hundred thousand Americans died because of anti-vaccine aggression, anti-science aggression.

And so, this is now a lethal force…and now I feel as a pediatric vaccine scientist…it’s important, just as important for me to make new vaccines, to save lives. The other side of saving lives is countering this anti-vaccine aggression.

Hotez has long been noted for promoting controversial and sometimes false statements about the Covid pandemic and then accusing his critics of “anti-science.”

But this is not the first time Hotez has called for police to deploy against those who disagree with his views on science. Last October, Scientific American platformed Hotez as an expert on “anti-science” and didn’t bat an eyelid when he said support for scientists would require intervention by the Department of Homeland Security and the creation of a federal interagency task force.

Dr. Hotez again called for deploying federal police to support science during a grand rounds lecture he gave in August 2021. A whistleblower at Texas Children’s Hospital sent me the lecture where Hotez said the “disinformation empire” threatened America and would need to be dealt with by the Department of Homeland Security:

The problem is the disinformation empire is so vast and pervasive that until we do something more definitive to get to the source of the disinformation and stop it, it’s not going to have that much of an impact. And that’s where everybody moves away from me.

And I tend to be out on a…out on my own here.

Earlier this year, Time Magazine named Hotez a “Science Warrior” and one of the 100 most influential people in global health.

https://www.zerohedge.com/medical/hotez-calls-police-deployment-against-anti-vaxxers

Pompeo says Harris’s comments on Israel-Hamas war are ‘fueling’ the conflict

 Former Secretary of State Mike Pompeo slammed Vice President Harris for her recent comments on the Israel-Hamas war, claiming the presumptive Democratic nominee’s rhetoric is “fueling” the continued conflict in Gaza.

“The kind of things that Vice President Harris is saying are fueling the continued war and the continued risk,” Pompeo, who served under former President Trump, said Saturday in an interview on Fox News.

“Whenever I hear President Biden or Vice President Harris talk about a cease-fire, what they are really saying is they’re going to allow the horrors of Oct. 7 to happen again,” he added.

While both Harris and Biden have advocated for a cease-fire in the Middle East region, the administration has maintained that a secure Israel is a key priority in the negotiations. 

“I will always ensure that Israel is able to defend itself, including from Iran and Iran-backed militias such as Hamas and Hezbollah,” Harris said in remarks following a meeting with Israeli Prime Minister Benjamin Netanyahu last week

Following the closed-door conversation, the vice president also made a bold and direct statement regarding the toll the conflict had on Palestinian civilians, a slight break from previous administration statements.

“What has happened in Gaza over the past nine months is devastating,” Harris said. “The images of dead children and desperate hungry people fleeing for safety, sometimes displaced for the second, third or fourth time. We cannot look away in the face of these tragedies. We cannot allow ourselves to become numb to the suffering, and I will not be silent.”

Pompeo, a staunch supporter of Israel, alleged that the Iranian regime is in complete control of Hamas behind the scenes. He emphasized a need for force and an uncompromising attitude in dealing with Iran, citing the Trump administration’s decision to assassinate Iranian official Qasem Soleimani.

“The Iranians took note and that deterrence was restored,” Pompeo said. “It is only that strength they’ll understand.”

“They are simply never going to understand ‘Hey, can we all just get along,'” he added.

Over the last week, tensions in the middle east have increased after the assassination of Ismail Haniyah, a top Hamas official, in Iran. Haniyah was in Tehran to attend the inauguration of Iran’s newest president.

While Israel has not taken responsibility for the strike in Tehran, Netanyahu delivered defiant remarks after the death was announced, saying Israel was “achieving its war aims.” Iran has placed blame on Israel and vowed to take revenge, sparking fears that the conflict could evolve into a flow-blown war in the region.

Artillery exchanges between Israel and the Iran-backed group Hezbollah, have also picked up, with the Biden administration urging citizens in Lebanon to “shelter in place” Wednesday. The alerts come after an Israeli airstrike in Beirut killed one of the group’s top leaders late last month.

Biden and Harris made a private call to Netanyahu Thursday, where they expressed concerns about escalation and stressed the need for a cease-fire immediately.

“I had a very direct meeting with prime minister … very direct,” Biden told reporters Thursday night. “We have the basis for a cease-fire. They should move on it, and they should move on it now.”

https://thehill.com/policy/international/4809574-mike-pompeo-kamala-harris-israel-hamas-war/

'Meghan McCain presses Harris to address policy: Insults ‘not going to cut it’'

 Meghan McCain, the daughter of the late Sen. John McCain (R-Ariz.), is putting pressure on Vice President Harris — the presumptive Democratic nominee for president — to address policy issues such as immigration and inflation, instead of leaning on personal attacks

“No matter how much momentum and media love Vice President Harris is getting right now — I don’t know her excuses for our s— inflation and open borders, where literal terrorists are crossing,” she wrote Saturday in a post on social media platform X.

In a separate post, she added, “and some ephemeral answer about hope, change and JD Vance being weird is really not going to cut it.”

Over the past week, Democrats have leaned on attacking Republicans for being “weird,” using the term in everything from stump speeches to interviews.

While the relatively young campaign has launched attacks against former President Trump and Vance — his running mate for 2024 — the team has yet to build out a complete policy agenda. The campaign’s website has not filled out its “issues” page yet, leaving the vice president’s future agenda unclear.

Harris has, however, moved to distance herself from policy positions she outlined in the 2020 presidential primary. For instance, the vice president no longer supports fracking, “Medicare for All,” or a gun buyback program run by the federal government — all positions she took in previous campaigns.

Allies of the campaign have also called for the vice president to drop her “prosecutor vs. criminal” line, in which she leverages her background as a career prosecutor against Trump’s legal battles.

In a letter asking her to disavow the attack, supporters urged her to take on mass incarceration as a topline issue, mentioning her willingness to attend a criminal justice reform presidential town hall held by the Marshall project in 2019.

As Harris crafts her pitch to appeal to a broad swath of voters, Republicans have settled on the economy and immigration as the top issues for their appeal to the American public. 

“These are #1 issues for voters and she has to address how she will fix both,” McCain wrote Saturday.

https://thehill.com/homenews/campaign/4809666-meghan-mccain-kamala-harris-2024-policy-agenda/

Goldman Says Mid-Atlantic Power Prices "Finally Caught Up To AI Data Center Load Growth Story"

 Marylanders and residents in surrounding states should brace for rising power bills due to capacity constraints on the regional power grid and the increasing peak load from new AI data centers (read: here). This combination creates a perfect storm of continued utility bill inflation, which will only pressure cash-strapped households in the years ahead. 

On Friday, Goldman published a note about Tuesday's PJM Interconnection power capacity auction for the 2025-26 planning year (June 1st, 2025, to May 31st, 2026). The note revealed a massive surge in capacity prices: 

"The price across the RTO (see map below) was $269.92/MW- day. This is more than an 800 percent increase from the most recent auction (which cleared at $28.92/MW-day), and also a new record (the previous high was $174.11/MW-day for the 2010- 2011 planning year)."

"In addition to procuring the required capacity across the PJM RTO region, PJM's auction also sets targets for specific zones or LDAs (Locational Deliverability Areas) based on transmission limitations. The auction failed to procure the required level of capacity in two zones (Dominion or "DOM" and Baltimore Gas and Electric or "BGE ") which cleared at the applicable caps of $444.26/MW-day (DOM) and $466.35/MW-day (BGE). PJM has not yet published the extent of the shortfall in the two zones."

The critical point from the report:

"After a series of auction delays and relatively low clears (see chart below), PJM capacity prices appear to have finally caught up with the generative AI data center load growth story that has been central to parts of PJM."

Goldman warned that more power capacity would be needed for grid stability. However, any new capacity could take years to come online, which essentially means, as the analysts point out, "higher prices are here to stay." 

"All else equal, the market expects the next few auctions to all clear at more robust prices, especially since the signal is clear – PJM needs more reliable capacity to manage the potential demand growth. Given the lead time for new-build capacity (4-5 years given current market dynamics and supply chain issues) the expectation is that generally higher capacity prices are here to stay." 

Goldman noted:

"The higher prices are expected to delay retirements, potentially spur more focus on coal-to-gas conversion for units that were at risk of retirement due to carbon related costs, and to also incentivize new construction." 

Meanwhile, as we've previously noted, "Maryland "Can't Import Itself Out Of Energy Crisis" Amid Urgent Need To Boost In-State Power Generation ..."

Let's remember Maryland's power crisis stems from 'green' policies pushed by progressive lawmakers in Annapolis who have banned any new fossil fuel power generation in the state. With AI data centers coming online, the result in the next 3-5 years will be crushing power bill costs to everyday voters. 

Maryland voters need to make leftist lawmakers in Annapolis accountable for failed green policies that sends power costs higher.

https://www.zerohedge.com/markets/goldman-says-mid-atlantic-power-prices-finally-caught-ai-data-center-load-growth-story