Rep. Byron Donalds: Kamala Harris Cast Tie-Breaking Vote That Triggered This Inflation

 During an appearance on "The Breakfast Club," Rep. Byron Donalds made the case that Kamala Harris casting the tie-breaking vote in the Senate to pass the "American Rescue Plan" is largely responsible for the massive wave of inflation gripping the country now:

REP. BYRON DONALDS: I would argue we're not really thriving right now. This inflation, which by the way, was brought to us by Kamala Harris, has really slowed down people from being able to excel.

CHARLAMAGNE: By Kamala?

REP. BYRON DONALDS: Yes, she's the vice president. Charlamagne, listen man, when Joe Biden wanted to do his American Rescue Plan, Kamala Harris was the tie-breaking vote in the U.S. Senate. She broke the tie that started this inflation, that has hurt so many people in our country. Everybody listening to your show--

ANGELA RYE: That's not true.

REP. BYRON DONALDS: It's not true? You sure you want to go there?

ANGELA RYE: It is true that it's the tiebreaking vote--

CHARLAMAGNE: He's got notes, Angela Rye!

ANGELA RYE: That's fine, I have notes too.

REP. BYRON DONALDS: I'm going to give it to Charlamagne. I don't even want to hold it. Go to the third page, the highlighted portion.

ANGELA RYE: For every infrastructure project in your community, you should thank Joe Biden and Kamala Harris and the Congress that voted for the American Rescue Plan, that's what should happen.

REP. BYRON DONALDS: Larry Summers wrote an op-ed back in 2021. Larry Summers was the Treasury Secretary for Bill Clinton and an economic advisor for Barack Obama. He said that the American Rescue Plan, that Joe Biden wanted and Kamala Harris cast the tie-breaking vote in the Senate, would create a massive inflation that we have not seen in a generation. Well, guess what? Larry Summers was correct.

You know who also was correct? i was. Cause I was in the Budget Committee when they brought the bill, and I said in that committee it is going to cause massive inflation. That's what happened.

So the problem we have in our economy today is that prices have gone up massively. Wages, adjusted for inflation, are down, peoples' pocketbooks are hurting.

You can watch the full interview here:

https://www.realclearpolitics.com/video/2024/10/02/rep_byron_donalds_kamala_harris_cast_the_tie-breaking_vote_that_triggered_this_inflation.html

Nationwide Push to Lower Surgical Standards Puts Americans’ Eyesight at Risk

 As a physician, state lawmaker, and former Air Force fighter pilot, I’m incredibly concerned about dangerous policies under consideration in recent years throughout dozens of statehouses and within the U.S. Department of Veterans Affairs (VA) that threaten Americans’ eyesight.

If implemented, these policies would lower standards for surgical eye care by allowing people who have never been to medical school to perform delicate eye surgery with lasers, scalpels, or needles. To everyone but the bill supporters, it’s clear that this change jeopardizes patient safety and ignores decades of established medical guidelines.

In 2024, at least 13 states, including my own state of Kansas, introduced legislation that would have drastically threatened the standards for safe surgical eye care. Unfortunately, South Dakota’s recent enactment of House Bill 1099 is emblematic of that threat. This new law allows optometrists—who are not medical doctors or trained surgeons and are primarily trained in routine vision care—to perform delicate surgeries on and around the eye. The South Dakota legislature’s support of watering down patient safety protocols marks a concerning shift away from expertise and safety guardrails in healthcare. This vast scope expansion passed despite strong opposition from patients, health policy experts, and medical experts, including those who know the risks of ocular surgery best: ophthalmologists.

Ophthalmologists are medical doctors and trained eye surgeons. They amass thousands of hours of training through medical school, internships, residencies, and fellowships to master the intricacies of ocular surgery. An optometry school curriculum is not comparable by any objective measure. But bills across the country suggest that a 32-hour training course would equip optometrists to use lasers and scalpels like ophthalmologists. Optometrists play an important, trusted role on the eye care team servicing Americans’ needs for annual vision exams and fittings for corrective lenses. However, optometrists incorrectly believe that they are adequately trained to determine who requires surgery—and to perform it themselves.

More concerning is that optometrists are willing to test their skills on patients despite only training with videos, lectures, and practice on models and props, not live patients under supervision of surgical experts. In fact, of the nation’s 24 optometry schools, only two are in states that even allow optometrists to perform laser surgery, meaning that for roughly 95% of optometry students nationwide, it is unfathomable to undergo the necessary training, which includes performing actual surgeries on real patients under direct supervision by an attending surgeon, as is required for ophthalmologists.

As a practicing medical doctor and surgeon long before being elected to public office, I deeply respect the strenuous requirements physicians must meet before obtaining the privilege to perform surgery. These requirements are in place to ensure that surgeons are fully capable of handling the procedure and any complications that may arise. Furthermore, it instills the expertise to determine whether surgery is even the proper course of treatment. Ophthalmologists often get referrals from optometrists who say the patient requires a specific surgery when, after further evaluation, it’s either an incorrect surgery that was recommended, or sometimes no surgery is required after all. Think what would happen if the referring optometrist took it upon themselves to perform that surgery on their own. 

Patient care and safety are foundational in modern medicine, and this cannot be changed. Operating on someone’s eyes safely requires intense education and training to prevent serious or irreversible vision-damage. When it comes to surgical care, optometry’s standards fall short of accepted medical ones, which makes it so concerning that they are pushing legislation to gain surgical authority that they are not prepared to have.

Just ask the affected patients who sought treatment in Louisiana or Oklahoma about the permanent vision damage they have suffered after an optometrist performed laser eye surgery on them and it becomes obvious that letting unqualified individuals operate on patients’ eyes is dangerous. Sadly, organized optometry often trivializes opposition to this misguided policy as mere “scare tactics” and “fear mongering.” But those aforementioned patients and others like them are real victims whose lives have been turned upside down due in part to ill-advised legislation that allowed non-medical providers to perform surgeries for which they are significantly undertrained. The stories of these patients are anything but fearmongering.  

Adding to the concerning state-level trend, the VA could soon put veterans like me at risk. The VA has already removed requirements that only ophthalmologists can perform surgery from its Community Care guidelines for eye care. The VA is now considering allowing optometrists to perform eye surgery at its facilities and through the VA's Community Care Program nationwide. Safe surgery has no shortcuts, and America’s veterans deserve the highest quality of care. If implemented, this VA policy could put veterans who risked their lives for our country at risk from being harmed by someone woefully underqualified to operate on their eyes.

I urge policymakers at the VA and my colleagues in statehouses nationwide to oppose any bill or policy that dilutes the qualifications required to perform eye surgery safely. High standards for such sensitive and potentially life-altering procedures are critical to prevent irreversible harm to patients. Fortunately, most state legislatures this year rejected these dangerous bills, including Kansas, where I proudly serve in the statehouse. But troubling legislation is still under consideration in New Jersey and Ohio.

The integrity of eye care is at risk from misguided efforts to broaden optometrists’ scope of practice. Maintaining rigorous medical standards that ensure the safety of eye surgeries is critical to ensuring that all patients—especially U.S. veterans—receive the high-quality care they deserve to protect their eyesight.

The Honorable William Clifford, M.D., MBA, is a practicing ophthalmologist in Garden City, KS and currently serves as Republican member of the Kansas House of Representatives. He is an Air Force veteran and graduate of the United States Air Force Academy. 

https://www.realclearhealth.com/articles/2024/10/03/nationwide_push_to_lower_surgical_standards_1062754.html

Halozyme Expansion of Global Collaboration and License Agreement with argenx

 Four new targets nominated for total of six nominated targets, including FcRn (VYVGART® Hytrulo), for ENHANZE® drug delivery technology

Halozyme to receive total upfront payment of $30 million for exclusive rights to targets

https://www.prnewswire.com/news-releases/halozyme-announces-expansion-of-global-collaboration-and-license-agreement-with-argenx-for-enhanze-302266578.html

Retailers with highest number of shipments into US East Coast ports

 The largest dockworker strike in nearly fifty years has entered its third day at U.S. East Coast ports, threatening shortages of goods ranging from bananas to auto parts and causing a backlog of ships anchored outside major ports.

Major retailers are implementing back-up shipping plans to ensure goods arrive in time for the peak holiday season.

According to bill of lading data from Import Yeti, a data firm, here are some of the top retailers that have been the highest users of East and Gulf Coast ports for importing products between January through August this year. Retailers whose products are bulky, like furniture, typically use more shipping containers.

Retailer Top East Coast ports used Products imported Total

TEUs

(Twenty-

foot

equivale

nt

units/co

ntainers

)

Ikea Supply AG Savannah, GA; Norfolk, Home furnishing products 13080

VA; New York; Newark

area, NJ

RTG Furniture Corp Savannah, GA; Charleston, Household upholstery 5924

SC; Miami, FL furniture, sofas, wooden

furniture

Adidas International Charleston, SC; New York/ Footwear, Adidas branded 5328

Ag Newark area, NJ; Nash custom art sport

Savannah, GA shoes, Adidas branded

eienadt custom art shoes,

goal keeper gloves

Walmart Inc Norfolk, VA; New Apparel ready garment, 4661

York/Newark Area, NJ; home textiles, mill

Savannah, GA cotton recycled

polyester, plush toys

Goodyear Tire & New York/Newark Area, NJ; Tires 3187

Rubber Co Savannah, GA; Charleston,

SC

Raymours Furniture New York/Newark area, NJ, Furniture, sofa, wooden 2874

Company Inc Savannah, GA; New furniture

York/Newark area, NJ;

Savannah, GA

QVC Inc Norfolk, VA, Charleston, Miscellaneous 2426

SC, Savannah, GA

Tmall Inc (Alibaba) Savannah, GA; New York/ Sofas, wooden furniture, 2310

Newark area, NJ beds

Tractor Supply Co Savannah, GA, Norfolk, Puppy pads, universal 2264

VA, New York/Newark area, poultry pen, retriever

NJ lodge kennel

City Furniture Miami, FL Savannah, GA; Sofa Wooden, Upholstery 2184

Miami, FL, Savannah, GA Sofa Furniture, Home

Furniture

The Kroger Co Savannah, GA Pasta, Coconut Water, 2123

Foodstuff

Mattel Import New York/Newark Area, NJ Plastic Toys, Barbie 1922

Services Llc Dolls

H&M Fashion USA Inc New York/Newark area, NJ, Perfumery products, 1846

Miami, Fl, Savannah, GA textiles accessories, tee

shirts, bikini tops women

Dollar General Corp Savannah, GA, Norfolk, Plastic spray bottles, 1790

VA, New York/Newark area, holiday decorations

NJ

Ralph Lauren Corp Savannah, GA, Norfolk, Shoes, Knitted Pullover, 1661

VA, New York/Newark area, Shirts

NJ

L'Oreal USA Products New York/Newark area, NJ, Hazardous Cosmetic 1659

Inc Norfolk, VA, Savannah, GA products

Jo-Ann Stores LLC New York/Newark area, NJ, Cotton fabric, hand 1430

Savannah, GA, Norfolk, VA knitting yarn cords, hand

knitting yarn

Levi Strauss & Co New York/Newark area, NJ, Men's pant, men's woven 1200

Norfolk, VA, Charleston, denim pants red tab

SC

Estee Lauder Intl Inc New York/Newark area, NJ, Cosmetic supplies, 1159

Miami, Fl cosmetics

C&J Clark America New York/Newark area, NJ, Footwear 1138

(Clarks) Norfolk, VA, Savannah, GA

https://finance.yahoo.com/news/factbox-retailers-highest-number-shipments-183317510.html

Hims & Hers Plunges After FDA Ends 'Shortage' Status Of Eli Lilly's Weight-Loss Drug

 On Wednesday, the Food and Drug Administration announced that the supply shortages of Eli Lilly's popular weight-loss and diabetes drugs have been resolved. These drugs have been in short supply since the anti-obesity drug craze erupted several years ago. Now, an ample supply of GLP-1 drugs could signal that the 'fat bubble' in equity markets has popped. 

FDA said that Lilly's Zepbound and Mounjaro multi-year shortage is over, adding that there are "legal restrictions on making copies of FDA-approved drugs" when there isn't a shortage. 

FDA said Eli Lilly’s weight-loss drugs are no longer considered to be in shortage in the US,

The Fat bubble has officially popped

— zerohedge (@zerohedge) October 3, 2024

Shares of telehealth firm Hims & Hers Health plunged nearly 12% in premarket trading in New York. The company sells copycat weight-loss drugs. As noted above on X, "The Fat bubble has officially popped." 

Lilly's shares in premarket trading were flat to slightly higher, while Novo Nordisk, the maker of Wegovy, was half a percent higher in Denmark. 

Using Goldman's index of companies with high exposure to GLP-1s, momentum has stalled throughout 2024 as companies at risk from GLP-1s' success have been clawing back losses. 

Eli Lilly Executive Vice President Patrik Jonsson released a statement saying that Lilly has "invested significantly" to expand the manufacturing of GLP-1 drugs and bring new options to the market. WaPo quoted him as saying the reversal in the shortage reflects Lilly's "commitment to providing a steady stream of genuine and safe medicines." 

Lilly and its competitor, Novo Nordisk, which makes the diabetes drug Ozempic and weight loss magic drug Wegovy, have been locked in a vicious battle against the copycat GLP-1s market. Lawyers representing Lilly issued warnings in August to prescribers to cease selling the copycat drugs, WaPo noted. 

Bloomberg cited experts that estimate hundreds of thousands of Americans have used copycat versions of Lilly and Novo weight loss drugs, adding, "The makers of such compounded drugs are bringing in as much as $1 billion a year, according to investment bankers who work with the industry." 

Scott Brunner, CEO of the trade group Alliance for Pharmacy Compounding, told WaPo that the FDA's ending the shortage designation for those drugs could be difficult for consumers who have taken off-brand compounded tripeptides. 

"They are being cut off cold turkey, and their prescription is no longer fillable," Brunner said, noting that pharmacies "must immediately cease preparing and dispensing compounded copies of Mounjaro and Zepbound."

https://www.zerohedge.com/markets/hims-hers-plunges-after-fda-ends-shortage-status-eli-lillys-weight-loss-drug

'Biden says sees progress in US port labor dispute as strike enters third day'

 U.S. President Joe Biden said on Thursday he believed progress was being made in a port labor contract dispute, as dockworkers entered their third day of a strike along the East Coast and Gulf Coast.

The strike, the biggest of its kind in nearly half a century, has blocked unloading of container ships from Maine to Texas, threatening shortages of everything from bananas to auto parts, and triggering a backlog of ships anchored up outside major ports.

No negotiations were scheduled between the International Longshoremen's Association and employers, but the port owners, under pressure from the White House to hike their pay offer to land a deal, signaled on Wednesday they were open to new talks.

"I think we’re making progress," Biden told reporters on Thursday, without providing details. "We’ll find out soon."

At least 45 container vessels that have been unable to unload had anchored up outside the strike-hit East Coast and Gulf Coast ports by Wednesday, up from just three before the strike began on Sunday, according to Everstream Analytics.

"Many seem to have decided to wait it out, possibly in hopes of a prompt resolution to the strike action, rather than taking the proactive decision to divert," Everstream's Jena Santoro said in a video presentation seen by Reuters.

She said the vessel backlog could double by the end of the week if the stoppage continues, and that the resulting congestion could take weeks, if not months, to clear.

The ILA launched the strike by 45,000 port workers from Maine to Texas, its first major work stoppage since 1977, on Tuesday after talks for a new six-year contract with the United States Maritime Alliance (USMX) employer group broke down.

The ILA is seeking a big pay raise and commitments to halt port automation projects it fears will kill jobs. The USMX had offered a 50% pay raise, but the ILA said that was insufficient to address its concerns.

"Reaching an agreement will require negotiating," USMX said late on Wednesday.

"We cannot agree to preconditions to return to bargaining, but we remain committed to bargaining in good faith to address the ILA’s demands and USMX’s concerns," it said.

Biden’s administration has sided with the union, heaping pressure on the port employers to raise their offer to secure a deal and citing the shipping industry's bumper profits since the COVID-19 pandemic.

But it has repeatedly resisted calls from business trade groups and Republican lawmakers to use federal powers to halt the strike - a move that would undermine Democratic support among the unions ahead of the Nov. 5 presidential el ection.

The president needs to take a more aggressive stance here," Republican Senator Shelley Moore Capito told CNBC.

The National Retail Federation on Wednesday, along with 272 other trade associations, have also called on Biden's administration to use its federal authority to halt the strike, saying the walkout could have "devastating consequences."

The strike affects 36 ports - including New York, Baltimore and Houston - that handle a range of containerized goods.

Economists say the port closures will not initially raise consumer prices as companies accelerated shipments in recent months for key goods. However, a prolonged stoppage will eventually filter through, with food prices likely to react first, according to Morgan Stanley economists.

"After the first week, we can expect some impact on perishable products like bananas, other fruits, seafood, and coffee, meaning fewer goods are reaching consumers, potentially driving up prices," said Tony Pelli, global practice director for security & resilience at BSI Americas.

https://finance.yahoo.com/news/ship-queue-grows-us-ports-050556475.html

US CFTC seeks quick appeals hearing on elections betting after earlier loss

 The U.S. Commodity Futures Trading Commission has asked a federal appeals court to expedite a hearing in a case that would determine if Americans can legally use derivatives contracts to bet on the outcomes of U.S. elections.

The filing on Wednesday evening came after the U.S. appeals court earlier that day blocked the CFTC's effort to prohibit derivatives trading platform KalshiEX LLC from listing elections contracts, pending an appeal. A lower court had previously allowed Americans to place those bets.

"The public's interest lies with prompt disposition of this appeal," the CFTC's filing with the Court of Appeals for the D.C. Circuit read.

The agency argued that election contracts are susceptible to market manipulation, and that the contracts could create the perception that the integrity of elections is at risk.

"[This] would put the CFTC in the position of investigating such activities in election markets, well outside of its traditional areas of responsibility," it said.

The agency has asked the court for oral arguments in early December and noted that Kalshi has previously indicated it will oppose the effort to fast-track the appeal.

In dismissing an earlier motion by the CFTC to pause the D.C. District Court's order allowing Kalshi to list and trade election contracts, the appeals court said the regulator failed to show how the agency or the public interest would be harmed by Kalshi's "event" contracts, as it had argued.

That ruling meant that Kalshi - at least for the time being - can offer trading in such contracts, potentially paving the way for other firms to offer such derivatives in the future. The U.S. elections will be held on Nov. 5.

"The [CFTC] has given this court no concrete basis to conclude that event contracts would likely be a vehicle" for distorting the electoral process, the Circuit court wrote on Wednesday.

https://ca.finance.yahoo.com/news/us-cftc-seeks-quick-appeals-165155572.html