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Vice President Kamala Harris plans to outline in greater detail Wednesday an economic philosophy rooted in her own biography, attempting to contrast her vision with Donald Trump’s and win over voters in a crucial swing state who so far have viewed her skeptically on a driving electoral issue.

Harris, speaking at the Economic Club of Pittsburgh in what her campaign is billing as a major address, is expected to focus on the middle class, while also outlining the ways in which she views herself as a capitalist who believes there are limitations of what government can do, according to a senior campaign official. She will describe her economic philosophy as “pragmatic,” advisers say, stressing that her policies are practical and not “bound by ideology.”

Parts of the speech will highlight her personal history, pointing to past efforts in her career to partner with the private sector and outlining a middle-class upbringing that includes memories of her mother sitting late at night at their kitchen table, a pile of bills in front of her.

Those scenes, reminiscent of how President Joe Biden has long described his own middle-class upbringing, are designed to provide a contrast with Trump, who grew up wealthy and has made a career of showcasing his lavish lifestyle.

“For Donald Trump, our economy works best if it works for those who own the big skyscrapers. Not those who build them. Not those who wire them. Not those who mop the floors,” Harris plans to say Wednesday, according to campaign officials.

During the speech, The Washington Post reported Tuesday, Harris is expected to call for new federal incentives to encourage domestic manufacturing, according to two people familiar with her plans who spoke on the condition of anonymity to describe matters not yet made public.

Harris will point to Pittsburgh as essential to the rise of American manufacturing as well as the labor movement. She hopes to make a sharp distinction between her plans to spur production with targeted tax incentives and Trump’s plans to impose trillions of dollars in new tariffs, aides say.

It is unclear how specific Harris will get about her proposals Wednesday, but her advisers have eyed tax benefits to bolster advanced domestic manufacturing such as biotechnology, shipbuilding, semiconductors, data centers and clean energy production beyond the incentives in Democrats’ 2022 climate law.

Harris is also expected to express support for proposals to provide universal child care and support paid family leave. On Sunday, Harris signaled backing for cryptocurrencies at a fundraiser with New York City donors, but that subject is not expected to come up in her speech.

Reviving domestic manufacturing has been a key aim of the Biden administration, with hundreds of billions of dollars pumped into various industries through the Inflation Reduction Act and the Chips and Science Act, both of which passed in 2022.

Trump has also emphasized his intent to boost domestic manufacturing, but with a focus on tax cuts and trade restrictions. He has proposed trillions in tariffs to insulate U.S. firms from foreign competition and earlier this month proposed cutting the corporate tax rate from 21 percent to 15 percent on “companies that make their product in America,” although he has said little to define that plan.

Given the compressed nature of the race — Harris became the likely nominee in late July — her advisers acknowledge that voters know relatively little about her vision for the economy. While the vice president has rolled out a series of economic policies, her aides believe it is more crucial to persuade voters that she shares their broad values.

The vice president’s trip to Pennsylvania comes as polls remain tight in all the major battleground states. She heads to Arizona on Friday and Nevada on Sunday.

Trump has argued that his success as a businessman is proof that he can improve the economy for all Americans. In response, Harris has cited economists and other experts who endorse her economic plans.

On Tuesday, Mark Cuban, the billionaire businessman and Dallas Mavericks minority owner, gave his public approval to Harris’s policies and said Trump does not have a consistent economic philosophy.

“He says things off the top of his head that tend to often be ridiculous, if not insane,” Cuban said on a call with reporters, citing Trump’s plans for a 200 percent tariff on John Deere tractors and a proposed cap on credit card interest rates.

Cuban, who has endorsed Harris, acknowledged that many Americans remain deeply concerned about inflation. But he predicted that will change.

“Obviously when you go into a grocery store and everything is more expensive or smaller, it still strikes home, right? You still feel bad,” Cuban said. But he added, “I think over time, you know, the current prices, with inflation really moderating, will normalize, and people won’t feel that way.”

This post appeared first on washingtonpost.com

Good morning and welcome to this week’s Flight Path. Equities saw the “Go” trend remain strong with an uninterrupted week of strong blue “Go” bars. Treasury bond prices remained in the “Go” trend as well but we saw weaker aqua bars as the week ended. U.S. commodities returned to a “Go” trend but the indicator painted weaker aqua bars this week. The dollar held on to its strong “NoGo” trend with purple bars.

$SPY Hits New Highs in “Go” Trend

The GoNoGo chart below shows that this week the “Go” trend remained strong as we saw blue bars all week. Price rallied from the last low to set a new higher high which is a good sign for the bulls. GoNoGo Oscillator remained in positive territory and volume increased as we saw it climb further from the zero line. Now, with a “Go” trend in place and momentum in positive territory but not yet overbought, we will look to see if price continues higher.

The longer time frame chart tells us that the “Go” trend is still very much in place. With another strong blue bar and a higher weekly close we can now see the drop in August as a higher low. GoNoGo Oscillator is in positive territory at a value of 3 so not yet overbought. We will look for price to consolidate at these highs and provide a base of support going forward.

“NoGo” Trend Continues on Weaker Pink Bars

Treasury bond yields rose from a new low at the beginning of the week and painted a string of weaker pink “NoGo” bars as price rallied. After setting a new lower low, we will watch to see if price rolls over this week and we see a new lower high. GoNoGo Oscillator is testing the zero level from below and this will be helpful in informing us as to whether the discussed scenario will play out. If the oscillator gets rejected and falls back into negative territory, we will know that momentum is resurgent in the direction of the “NoGo” trend and we will look for trend continuation to the downside.

The Dollar Remains in Strong “NoGo”

Although price has moved mostly sideways this past week staying in a longer trading range, GoNoGo Trend continues to paint strong purple “NoGo” bars. If we look at the GoNoGo Oscillator in the lower panel, we can see that it has struggled to move away from the zero level into positive territory, returning quickly to that level. Now, we see a new GoNoGo Squeeze beginning to build and we will watch to see in which direction it breaks. If it breaks back into negative territory then we will expect trend continuation to the downside.

In today’s free DP Trading Room Carl reviews the charts of two new members to the SP500, Dell (DELL) and Palantir (PLTR). Are they poised to break out on this news?

Carl also discussed the inflation on housing prices to open the show. Before going over the signal tables that reveal a clear bull market bias to the market right now.

Carl also gives us his take on the current trend and condition of the market and reviewed key areas of the market like Bonds and Yields, Crude Oil, the Dollar and the recent breakout move in Gold.

The Magnificent Seven are moving in different directions. See which stocks are configured bullishly and which are configured bearishly.

Erin jumps in with a review of sector rotation. How are defensive groups faring and what about big growth areas like Technology and Communication Services?

The pair finish with looking at viewer symbol requests.

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00:57 Housing Inflation

01:45 DP Signal Tables

04:03 Market Overview

13:56 Magnificent Seven

21:35 Two New Stocks in SP500

29:33 Sector Rotation

33:40 Symbol Requests

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Lawyers for Donald Trump on Monday opposed prosecutors’ request to file an up-to-180-page legal brief this week explaining why the former president’s efforts to overturn the results of the 2020 election should not be immune from criminal prosecution, claiming that such a filing would be tantamount to releasing a special counsel report six weeks before the 2024 election.

Prosecutors asked U.S. District Judge Tanya S. Chutkan on Saturday for permission to file the unusually long legal motion, arguing that the Supreme Court in a July ruling on presidential immunity required her as Trump’s trial judge to decide what allegations and evidence against him could be admissible. The filing is a key part of the criminal case alleging Trump illegally attempted to overturn Joe Biden’s electoral victory, and it was expected to reveal new details of the evidence investigators had gathered.

But prosecutors spelled out a plan where the filing could be kept from public view, at least initially, undercutting the Trump legal team’s contention that it would be akin to an election upending special counsel report. They proposed that the filing — which would include up to 90 pages of previously disclosed evidence and newly alleged facts, as well as another 30 pages of footnotes — could be made under seal, and a public version with redactions could be released only later with Chutkan’s approval.

“The Court has been directed to conduct a detailed, factbound, and thorough analysis of the Government’s case to make appropriate immunity determinations,” prosecutors Thomas P. Windom and Molly Gaston wrote in a three-page request. “The Government believes that a comprehensive brief by the Government will be of great assistance to the Court in creating that robust record.”

Trump’s defense urged Chutkan to reject prosecutors’ request, claiming that special counsel Jack Smith’s plan was “fundamentally unfair” and made in service of a “politically motivated agenda.” Trump’s lawyers have argued that as the defendant, the former president should have the right to choose what immunity claims to press — beginning with a bid to toss out a new, trimmed-down indictment prosecutors brought after the Supreme Court’s July 1 decision. They said he should be able to do so in his preferred order, although prosecutors complained that could bog down his case for years in successive appeals.

Trump lawyers John Lauro and Todd Blanche wrote in a nine-page filing that prosecutors’ proposed opening immunity brief “would be tantamount to a premature and improper Special Counsel report,” presenting “legal conclusions contrary to the presumption of innocence [and] privacy concerns for potential witnesses and uncharged parties.”

They said allowing the government to file under seal would create an unfair “closed record,” even as they argued against a public filing. Making parts of the motion public, they asserted, would intrude on the power and authority of the presidency that the Supreme Court ruled must not be violated, aggravate the purported unfairness of a court gag order on Trump’ First Amendment rights to speak about case-related allegations, and breach Justice Department guidelines that generally counsel prosecutors from timing actions that could impact the outcome of an election. Justice Department officials have interpreted these guidelines as asking them not to take overt steps with possible political implications in criminal cases within 60 or 90 days of an election.

“The Special Counsel’s Office is seeking to release voluminous conclusions to the public, without allowing President Trump to confront their witnesses and present his own, to ensure the document’s public release prior to the 2024 Presidential election,” Blanche and Lauro wrote. Prosecutors cannot be permitted to issue “a 180-page false hit piece” that does not respond to a defense motion and risks tainting the proceedings, they said.

Chutkan now must consider whether to stick to a court schedule she set earlier this month requiring the filing by 5 p.m. Thursday, to allow prosecutors to file the longer brief, and whether and when to make some portions public.

This post appeared first on washingtonpost.com

Republican nominee Donald Trump further escalated his long-running bid to discredit federal law enforcement by accusing agencies on Monday of mishandling the investigation of last week’s apparent assassination attempt and demanding Florida officials take over the case.

“OUR JUSTICE SYSTEM IS CORRUPT AND DISCREDITED, especially as it pertains to the 45th President of the United States, Donald J. Trump,” Trump said in a campaign statement on Monday. “LET FLORIDA HANDLE THE CASE!”

Earlier on Monday, prosecutors argued for the ongoing detention of the man accused of bringing a rifle to a golf course where Trump was playing on Sept. 15, presenting new evidence that the suspect allegedly left a note declaring his intent to assassinate the former president. The judge at the hearing agreed to keep the suspect, Ryan Routh, in custody.

Prosecutors said at Monday’s hearing that they intend to bring assassination attempt charges against Routh. In the meantime, he has been charged with two federal gun crimes while the investigation proceeds.

Trump criticized the initial charges as “a slap on the wrist” and accused the Justice Department and FBI of “downplaying” the threat to his life because they “have been coming after me nonstop with Weaponized Lawfare,” a term for alleged political tampering in prosecutions of Trump and his supporters.

His statement sought to implicate President Joe Biden and Vice President Kamala Harris, picking up on other recent remarks blaming them for failing to protect him. There is no evidence that Biden or Harris were involved in any security decisions leading up to the apparent assassination attempts, and Biden has since ordered the administration to provide the Secret Service with every available resource and asked Congress for more funding.

The Harris campaign and a Justice Department spokeswoman declined to comment. The White House did not immediately respond to a request for comment.

Prosecutors, in the court filing on Monday, also alleged that Routh’s note promised money he did not have to anyone who killed Trump if he failed. Rep. Jim Banks (R-Ind.), who is running for Senate, mischaracterized that allegation as prosecutors “leaking” a “bounty,” in a social media post promoted by Trump’s co-campaign manager, Chris LaCivita.

Trump’s statement said Florida Gov. Ron DeSantis had “already agreed” to lead the prosecution. DeSantis’s office and the Florida Department of Law Enforcement did not immediately respond to requests for comment.

Trump’s outburst followed weeks of public and private clashes with federal authorities tasked with protecting the former president and investigating threats to his campaign, from assassination attempts to hacking by Iranian spies.

In the statement, Trump proceeded to recite a long list of legal problems that he attributed to his political opponents, using shorthand familiar to his fans, including:

  • “Russia, Russia, Russia,” meaning special counsel Robert S. Mueller III’s investigation of Russian interference in the 2016 election
  • “Impeachment Hoax Number One,” again meaning the 2019 impeachment, for which the Senate acquitted him; and “Impeachment Hoax Number Two,” meaning his 2021 impeachment for inciting the Jan. 6 attack on the U.S. Capitol, again resulting in acquittal
  • “the Lawless Documents Hoax,” meaning the court-authorized search of his Mar-a-Lago estate as part of a federal prosecution for mishandling classified documents, which a Trump-appointed judge dismissed in July
  • “the January 6th Hoax” and “the J6 Unselect Committee,” meaning the House investigation into the attack on the Capitol
  • “the Manhattan D.A.’s Zombie Case,” meaning his conviction in May on 34 felony counts of falsifying business records in a 2016 hush money scheme
  • “the New York A.G. Scam,” meaning New York Attorney General Letitia James’s lawsuit accusing Trump’s businesses of fraud, resulting in a $450 million judgment in February

Trump said his distrust stemmed from the prosecutions against him brought by a federal special counsel and local district attorneys, calling them “FAKE CASES” and claiming without evidence that they were centrally controlled by “the Biden/Harris DOJ/FBI.” His sentencing in New York is scheduled for Nov. 26. Special counsel Jack Smith is appealing the dismissal of the documents case and pressing forward with a separate prosecution for Trump’s efforts to overturn the 2020 election results. A separate case accusing Trump of interfering in the election results in Georgia, brought by Fulton County District Attorney Fani T. Willis, was also delayed until after the Nov. 5 election.

“The DOJ and FBI have a Conflict of Interest since they have been obsessed with ‘Getting Trump’ for so long,” he said on Monday. He also complained that FBI Director Christopher A. Wray, who Trump appointed, testified to Congress in July that he was not certain what struck Trump’s ear at the July 13 rally in Butler, Pa. The FBI quickly clarified that Trump was injured by a bullet or a fragment.

Before the Butler shooting, the Secret Service repeatedly denied requests from the Trump campaign for more security measures at campaign events, four people familiar with the matter said. An internal review released Friday identified multiple mistakes by the Secret Service, including failing to detect a drone that the shooter flew over the rally in advance, failing to notify Trump’s detail that police were searching for a suspicious person, and never directing snipers to cover the roof from which the gunman fired.

Trump’s mistrust of federal agencies has complicated the investigation into Iran’s cyberattack on his campaign. When a technology firm first discovered the breach, campaign aides huddled to discuss what they should do. After hours of discussions in July, they decided they trusted the software experts to handle the matter and did not call the FBI. Co-campaign manager Susie Wiles, whose email account was targeted, was among those who questioned whether they could trust the Justice Department. The fears centered on giving federal officials access to campaign email servers and whether they would leak information out publicly.

Trump has been generally satisfied with how the FBI has handled the hacking case so far, but there has not been much contact, according to advisers. Some top campaign officials have also expressed frustration privately that they don’t know more about Iran or U.S. government intelligence on what the country is doing.

The campaign’s transition is not expected to use space provided by the General Services Administration, partially because they do not trust the federal government, people familiar with the matter say.

And in August, when the U.S. Army asked the campaign not to bring cameras into Arlington National Cemetery’s most sacred ground — Trump aides ignored the order and then criticized the military official who tried to block the cameras, alleging with no evidence that she had suffered from a mental health episode.

The Trump team has also been unimpressed with Ronald L. Rowe Jr., the acting director of the Secret Service, highlighting both his briefings and the fact that he wanted a photographer to follow him on Trump’s golf course after last week’s apparent assassination attempt. The briefings, Trump’s team says, have been generally useless, and they believe the Secret Service still needs to do more to protect Trump. The former president has said he wants more people on his detail, according to a campaign official.

The Secret Service did not immediately respond to a request for comment.

Trump and allies have made clear that in a second term he would assert more direct control over federal law enforcement, with Trump going so far as to name individual critics whom he wants to prosecute.

This post appeared first on washingtonpost.com

INDIANA, Pa. — Donald Trump repeatedly cast himself as the “protector” of women, who polls show heavily favor his Democratic rival, declaring they will “no longer be abandoned, lonely, or scared.” He suggested some critics of the Supreme Court “should be put in jail,” and compared them to the late college basketball coach Bobby Knight working the referees. And he reprised baseless suggestions of forthcoming election interference from bad actors, threatening to “go after them harder than anyone’s ever been sought before.”

In just over 90 minutes here Monday night, the Republican presidential nominee swerved repeatedly in remarks he used to try to shore up his political weaknesses, lash out his detractors and delve into digressions. Trump’s rally here in a key battleground state offered a glimpse of the often unfocused pitch he is making to voters with about six weeks left until Election Day — one that his most loyal fans revel in but is a less proven winner with swing voters.

He complained that Fox News follows his appearances with “horrible commercials.” He brought up Oprah Winfry, who supports Vice President Kamala Harris, multiple times, reminiscing that “she used to love me until I decided to run for politics.” He claimed to get “much bigger crowds” than Winston Churchill. He namechecked Shakespeare. He brought up Johnny Carson and insulted Jimmy Kimmel, without naming him. He called himself “cognitively very strong.” And he made false or misleading claims in attacking his Democratic rival.

Trump’s appearance in Pennsylvania, where he won in 2016 but lost to Joe Biden in 2020, underscored the importance of the state for both parties’ electoral math this fall. A recent Washington Post poll showed Trump and Harris essentially tied. Harris will campaign in Pittsburgh on Wednesday.

While much of Trump’s speech echoed remarks he has been giving for much of this election cycle, his comments about women were a recent addition to his stump speech, a detail that didn’t go unnoticed by attendees at the rally. Trump recently posted similar comments on his social media site: “WOMEN WILL BE HAPPY, HEALTHY, CONFIDENT AND FREE! YOU WILL NO LONGER BE THINKING ABOUT ABORTION, BECAUSE IT IS NOW WHERE IT ALWAYS HAD TO BE, WITH THE STATES.”

Polling shows a pronounced split in the electorate along gender lines, with some surveys and analysts suggesting a wider divide than recent elections is in the offing.

Democrats are campaigning heavily on the issue of abortion, seeking to build on their success in recent elections with women and other voters following the Supreme Court overturning Roe v. Wade, which had established a constitutional right to the procedure. They have pointed out Republican opposition to abortion rights and Trump’s appointment of three justices who helped overturn the decision.

“You will no longer be thinking about abortion,” Trump said Monday, pointing to the role states play in establishing abortion laws in the post-Roe era.

Trump has bragged about appointing the justices who backed overturning Roe and has falsely claimed that “every legal scholar” wanted to leave abortion rights up to the states. He has also offered confusing answers on the topic. Trump said he opposed a ballot initiative in Florida that would make abortion legal until fetal viability, one day after he said the state’s six-week abortion ban was too restrictive.

He continued to praise the Supreme Court Monday, saying the justices were “very brave.”

“They were very brave, the Supreme Court, very brave, and they take a lot of hits because of it, it should be illegal what happens,” Trump said. “You have these guys like playing the ref, like the great Bobby Knight, these people should be put in jail the way they talk about our judges and our justices trying to get them to sway their vote, sway their decision.”

Trump also repeatedly touched on the issues of immigration and border security, where polls show he has a decided advantage over Harris. He once again decried an “invasion” by undocumented immigrants, a term experts have disputed and immigrant advocates have roundly criticized. He mentioned the town of Springfield, Ohio, which Trump has previously singled out with false claims and racist tropes about immigrants eating pets, though he did not repeat that allegation Monday.

“Do you think Springfield will ever be the same,” he said. “The fact is, and I’ll say it now, you have to get them … out.”

The crowd immediately began to chant: “Send them back!”

And Trump once again cast doubt about the election results, echoing a statement he made earlier this month threatening to jail people “involved in unscrupulous behavior,” which prompted criticism from election officials who warned such rhetoric could provoke violence.

During the rally Monday, he continued to mispronounce Harris’s first name and mischaracterized her record. He said that Harris was “in charge of the border.” (Biden directed Harris to tackle the enduring root causes of migration, like poverty and violence, in Central America but she was not put in charge of the border.) And he blamed her for crime re-categorizations that were approved by California voters.

“Isn’t it nice to have a president that doesn’t have to use a teleprompter?” Trump said at one point in his speech.

This post appeared first on washingtonpost.com

Former president Donald Trump continued attacking the immigrant population in an Ohio town during a campaign rally Monday in Pennsylvania, saying, “You have to get them the hell out.”

As Trump spoke in Indiana, Pa., the crowd chanted, “Send them back!”

For weeks now, Trump has singled out Springfield, Ohio, over its Haitian population, echoing baseless claims that immigrants are eating pets and calling the immigrants illegal, despite their legal status. His attacks have upended life in the small town, where the Republican mayor has pleaded for civility amid bomb threats and event cancellations for security reasons.

Trump made his latest comments about Springfield at Monday’s rally while accusing Democrats of wanting to “inundate Pennsylvania communities” with migrants, “changing the character of small towns and villages all over our country and changing them forever.”

“Do you think Springfield will ever be the same?” Trump said. “The fact is — and I’ll say it now — you have to get them the hell out. You have to get them out. I’m sorry. Get them out. Can’t have it. … They’ve destroyed it.”

Trump’s campaign promoted a video clip of Trump’s comments on X.

After the chants, Trump added: “It’s terrible to say, and it’s a tough thing to do.”

Trump has long promised mass deportations in his 2024 campaign for the White House, though he has not provided much detail. And his comments Monday appeared to continue conflating the situation in Springfield with concerns about illegal immigration.

“What’s going on in Springfield is just fundamentally different,” Ohio Gov. Mike DeWine (R) said in a recent TV interview. “These people are here legally. They came to work. These are good people.”

DeWine previously said the bomb threats the city faced were “unfounded” and that many came from overseas. They nonetheless disrupted daily life in Springfield, forcing evacuations and lockdowns in schools, hospitals and city hall. DeWine dispatched state troopers to beef up security at Springfield schools, saying they will “help ease some of the fears caused by these hoaxes.”

Springfield’s mayor, Rob Rue, said Monday that residents are “still feeling anxiety from what their city has been put under since” the Sept. 10 debate in which Trump falsely claimed that Haitian immigrants there are “eating the pets.”

“We’ve asked before — and we’ll continue to ask — we need help, not hate,” Rue told MSNBC in an interview. “We need peace, and I’m asking the leaders on the national stage to speak well of our city and to understand the weight of their words and the impact it has had on our city.”

Growing emotional later in the interview, Rue said it has “been a very stressful time.”

This post appeared first on washingtonpost.com

Earlier this month, Pennsylvania state Sen. Camera Bartolotta (R) repeatedly found herself challenging anti-immigrant rhetoric from the leader of her party and his allies.

Donald Trump, the Republican nominee for president, had isolated Charleroi, Pa., in Bartolotta’s district as an example of the sort of place under threat from Haitian immigrants. Responding on Facebook, Bartolotta rejected that idea, noting that the immigrants had “escaped horrific events in Haiti” — a place Trump has disparaged — and were “here LEGALLY to WORK , and pay taxes, and raise their children, and be part of the community.”

Then Libs of TikTok, a social media account that has gained notoriety by mocking the left, promoted a misleading video of Haitian immigrants in the town. Bartolotta again weighed in.

“I follow you & repost but you are playing into the hands of people who are jeopardizing the safety of innocent children in our local school,” she wrote. “These Haitians are working hard, sending their children to school and opening businesses. They are here legally. They did not cross our border. Many are professionals who escaped horrific conditions in their home country.”

The Libs of TikTok account responded by accusing her of having “blasted Trump” by pointing out that his rhetoric was wrong.

Trump was similarly unchastened. At a rally in nearby Indiana, Pa., on Monday, he again singled out Charleroi as an example of the putative perils of immigration.

“Charleroi, Pennsylvania, has seen a 2,000 percent increase in the population of their town,” he said. “Do you know that, right?” He turned his attention to several people in the audience who had cheered at the mention of their town. “Has your town changed slightly?” he asked them with cynical understatement, receiving an affirmative reply.

Speaking of Springfield, Ohio, at another point in his comments — a city that had been the target of baseless claims disparaging Haitian arrivals by him and his running mate Sen. JD Vance (R-Ohio) — Trump outlined the fate that awaits these immigrants should he win this November’s election.

“Kamala has illegally flown in more than a half a million migrants,” he said, referring to his Democratic opponent, Vice President Kamala Harris. This claim isn’t true; there is a program through which migrants who meet certain requirements can be sponsored for entry to the U.S. on flights they pay for themselves.

Trump turned away from the teleprompter.

“Right? When she was saying, no, no, we don’t want to do that,” Trump said to the audience. “These guys actually want these people in our country. It’s not even believable.”

Back to the teleprompter: “— working with left-wing nonprofits to inundate Pennsylvania communities, changing the character of small towns and villages all over our country and changing them forever.”

“They will never be the same,” he said, again speaking off the cuff. “They will never be. Do you think Springfield will ever be the same? I don’t think —”

A man in the audience yelled out: “Send them back!”

“The fact is,” Trump continued, “and I’ll say it now: You have to get ’em the hell out. You have to get them out. I’m sorry.”

The crowd cheered. Trump claimed that “they’ve destroyed it.” The crowd broke out into a chant: “Send them back! Send them back!”

Again, these are immigrants who are in the country legally, and, as Bartolotta noted, people simply seeking new lives and new opportunities in safety. But Trump calls for these legal arrivals to be deported simply because they are “changing the character of small towns” — a phrase that reflects his political focus on halting America’s slowly changing demography. It’s a phrase, too, that reflects his implicit position that White conservative America is the real America and the one worth defending.

The challenge is that many such places are withering. In her response to Libs of TikTok, Bartolotta made this point explicitly.

“There was no workforce in Charleroi a few years ago when a business owner desperately needed them,” she wrote on X. “He advertised and looked for workers for a long time. Before shutting down completely, he hired an agency that connected immigrants who were vetted and LEGAL to work in his facility. Instead of closing, he now has three shifts working around the clock.”

This is a pattern in a lot of small communities in the United States: The population is disproportionately old, aged out of the workforce. There are relatively few young people who can fill now-vacant jobs, causing employers to shrink. This shift in age is a central reason foreign-born workers have seen higher job growth recently, something else that Trump frames in exaggerated, apocalyptic terms.

We can see how this shift affects Trump-voting areas more heavily thanks to data from the Census Bureau. In counties that voted for Joe Biden in 2020, the median age is 39.1 years. In counties that voted for Trump four years ago, it’s 42.2. In Biden counties, an average of about 17 percent of the population is age 65 or over, compared to a fifth of Trump-voting counties.

There’s also a metric that looks at the ratio of elderly to working-age residents. In Biden-voting counties, there are about 29 people age 65 and over for every 100 people of working age. In Trump-voting counties, it’s nearly 36 — meaning more people who are drawing down on resources than paying income taxes.

In rural Republican-voting counties, the numbers are more stark. The average age is slightly higher and there are slightly more people age 65 and over. The same holds for Washington County, Pa., where Charleroi sits: It is older and has a higher elderly-to-working-age ratio than other Republican-voting counties on average.

Immigrants can — and, as Bartolotta notes, do — fill that gap. But not often. Analysis published by Bloomberg this month showed that immigrants to the United States predominantly settle in blue counties with vibrant economies. That’s in part because of those economies and in part because immigrants have long been drawn to cities with large communities from their home countries.

Trump’s pledge to deport the immigrants who defy that trend, settling in small towns in economically struggling area, is obviously toxic and demagogic. His campaign is centered on presenting immigrants as dangerous and antithetical to America (which history quickly reveals as false). It’s part of his broader focus on stoking his supporters’ fear of change in any form, particularly change that overlaps with race.

This particular argument, though, is also damaging to those supporters. The handful of rally attendees from Charleroi might be anguished by seeing Black immigrants around town, but their state senator, at least, recognizes how the town benefits from those immigrants’ presence. Even setting aside the basic issues of empathy, having immigrants who want to keep local industries open is better for a region than having those industries close because there aren’t enough people to fill the positions.

Unless, of course, you’re Donald Trump and you are trying to win an election by portraying dark-skinned immigrants as dangerous and divisive, pledging to uproot them. His supporters might cheer as the recent legal arrivals seeking a new, better life are forced to return to Haiti. They might then wonder, a few months later, why their dying towns continue to hollow out.

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The Federal Trade Commission said Friday that it is suing three drug middlemen, accusing them of inflating insulin prices.

The FTC accused the ‘Big Three’ pharmacy benefit managers (PBMs) — UnitedHealth Group’s Optum Rx, CVS Health’s Caremark and Cigna’s Express Scripts — of ‘engaging in anticompetitive and unfair rebating practices that have artificially inflated the list price of insulin drugs, impaired patients’ access to lower list price products, and shifted the cost of high insulin list prices to vulnerable patients.’ Around 8 million Americans rely on insulin in the U.S., per the FTC.

PBMs work with insurance companies to negotiate discounted prices from drug companies in exchange for including the drugs in their coverage. In theory, they are supposed to save patients money.

Also included in the lawsuit are the PBMs’ group purchasing organizations, which include Zinc Health Services, Ascent Health Services and Emisar Pharma Services.

The ‘Big Three’ oversee around 80% of all prescription drug plans in the U.S., according to the complaint, which alleges that they created a rebate system prioritizing high rebates from drug manufacturers, which led to the inflated insulin prices.

‘This perverse system results in billions of dollars in rebates and fees for the PBMs and their health plan sponsor clients — but does so at the expense of certain vulnerable diabetic patients who must pay significantly more out-of-pocket for their critical medications,’ the FTC said in a news release.

In a statement, CVS Caremark said the FTC’s allegations are ‘simply wrong’ and blamed drug manufacturers for hiking up the price of the drugs.

‘CVS Caremark has led the way in driving down the cost of insulin for all patients: insured, uninsured, and underinsured,’ the company said. ‘Our members on average pay less than $25, far below list prices and far below the Biden Administration’s $35 cap. Further, we also provide access to $25 insulin to every American, whether insured or uninsured, through our ReducedRx program at every one of our 67,000 network pharmacies and more than 9,000 CVS pharmacies.’

Cigna’s Chief Legal Officer, Andrea Nelson, said the FTC’s lawsuit continues its ‘troubling pattern’ of ‘unsubstantiated and ideologically driven attacks on pharmacy benefit managers,’ including a report the commission released in July accusing the PBMs of hiking up the drug prices. Cigna filed a lawsuit against the FTC on Tuesday requesting that they withdraw the report.

‘Once again, the FTC — a government agency funded by taxpayer dollars — is proving that the FTC does not understand drug pricing and instead is choosing to ignore the facts and score political points, rather than focus on its duty to protect consumers,’ Nelson said in a statement. ‘The fact is that in the unlikely event the FTC succeeds in its suit and forces PBMs to include drugs on formulary even if they have higher net costs for plan sponsors — and regardless of whether they are clinically necessary — the FTC will drive drug prices higher in this country. This will hurt consumers and those who provide their prescription drug benefits — including employers, labor unions, and the federal government itself.’

UnitedHealth Group did not immediately respond to requests for comment.

The FTC said that insulin medication was previously more affordable, using the example of Humalog, a medication manufactured by Eli Lilly, that cost about $21 in 1999. The drug was priced at $274 in 2017, as a result of the PBMs rebate system strategy, the FTC said.

‘Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,’ said Rahul Rao, the deputy director of the FTC’s Bureau of Competition.

It’s not only the PBMs that are responsible for the skyrocketing prices, the FTC said, but also drug manufacturers like Eli Lilly and Novo Nordisk, which the commission says “should be on notice” because they may be sued in the future.

In a statement, White House Press Secretary Karine Jean-Pierre said they do not have any comment on the lawsuit, but ‘have made clear that no one should pay higher prices because of corporate greed.’

‘The President and Vice President have been taking on profiteering by Big Pharma and pharmaceutical middle-men to lower the costs of healthcare and prescription drugs—from giving Medicare the power to negotiate lower drug prices, to lowering prices for insulin, inhalers, EpiPens and hearing aids by increasing competition,’ Jean-Pierre said. 

National Community Pharmacists Association supported the FTC’s lawsuit against the PBMs in a statement released Friday.

‘One of the many ways that PBMs manipulate the system against patients, taxpayers, and small pharmacies is the rebate game,’ said B. Douglas Hoey, the association’s chief executive officer. ‘The PBMs determine which drugs are covered by health insurance plans. They get bigger rebates for the most expensive drugs. Naturally, the most expensive drugs end up on the formularies even when there are cheaper alternatives. Patients end up paying more. Employers end up paying more. Taxpayers end up paying more. And more small business pharmacies are driven out of business. The rebates create a powerful incentive for higher drug prices, which is completely upside-down.’

In July, Democratic and Republican lawmakers blamed executives from Caremark, Express Scripts and Optum Rx for sky-high prescription drug prices in the U.S. during an oversight committee hearing.

“On one hand we have PBMs claiming to reduce prescription drug prices, and on the other hand we have the Federal Trade Commission, we have major media outlets like The New York Times and we have at least eight different attorneys generals, Democrats and Republicans, who all say PBMs are inflating drug costs,” Rep. Raja Krishnamoorthi, D-Ill., said. 

The committee launched an investigation in March 2023 into PBMs’ role in the rise in health care costs. The lawsuit also comes as states — most recently Vermont — have sued PBMs, alleging they drive up drug costs.

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During a recent event celebrating Foot Locker’s 50th anniversary in New York City, it was hard to imagine that the legacy sneaker chain was appearing on bankruptcy watch lists as recently as March.

Grammy-nominated rapper Coi Leray was there to celebrate the company with a special performance of her hit song “Players” as influencers, journalists and handpicked members of the company’s revamped loyalty program sipped on lavender margaritas and champagne cocktails.

Employees — and not just those in the glare of the company’s PR team — gushed about CEO Mary Dillon as Adidas staffers celebrated the company’s new store design, which showcases individual brands instead of mixing them on nondescript shoe walls. 

Foot Locker turns 50 while on a bit of an upswing two years into Dillon’s tenure as CEO. Last month, it released fiscal second-quarter results and full-year guidance that beat expectations, as comparable sales grew for the first time in six quarters.

As Foot Locker revamps its sprawling store footprint, and perhaps benefits from some good timing, it’s making strides in winning back its critical brand partners like Nike and Adidas, the latter of which co-hosted the Monday night party and helped secure Leray’s performance. 

“Our last quarter was a really good indication that the hard work that we’ve been putting into the Lace Up plan is working, and that makes me feel really, really great, because I really see the next 50 years of growth for Foot Locker and our future,” Dillon told CNBC in an interview, referencing the company’s turnaround plan. “I really think that there’s layers of category growth that we can drive by just making sneakers that much more inclusive, that much more fun, that much more easy to access.”

But as Foot Locker stares down the next 50 years, the company is still at a crossroads and must answer some fundamental questions: can it once again be the market leader in sneakers, and can it not just survive, but thrive, as brands rely less and less on wholesalers?

“With the combination of more direct to consumer from the brands, the deepening of specialists like [Dick’s Sporting Goods], the incursion of JD Sports, Foot Locker still looks risky,” said Neil Saunders, a retail analyst and managing director of GlobalData. “In some ways, they’re just a sort of distributor of everyone else’s products.”

Dick’s has a big private-label business and sells other categories like sporting goods, while JD Sports has strong loyalty programs and a robust fashion business, he said.

“Whereas Foot Locker looks vulnerable because it just doesn’t have all these other strings to its bows,” said Saunders. “The truth is that although they’re getting better, there is still this question: Do we need this specialist sneaker retailer?” 

Foot Locker can be traced back to the legendary retailer Frank Winfield Woolworth, whose namesake company branched into footwear in the 1960s and later opened the first Foot Locker in City of Industry, California, in September 1974. 

From the beginning, Foot Locker was a mall retailer. Over the next two decades, it opened thousands of stores in malls across the U.S. and abroad. 

By the turn of the century, it was the world’s largest retailer of athletic footwear and apparel, with a 20% market share in the U.S., according to a 2002 Forbes report. It was the primary place to buy Nike sneakers and was responsible for 26% to 28% of Nike’s total domestic revenue. Nike accounted for more than half of Foot Locker’s total sales at the time.

“It was a simpler retail world. I think in the years that they were initially really experiencing strong growth, it was as simple as being in the mall, having a large mall footprint and having the right brands and they had that footprint,” said Janine Stichter, a retail analyst and managing director at BTIG, who has been covering the retail industry since 2008. “They were the No. 1 partner of Nike. Nike, at the time, was strong and growing, and I think they were really viewed as like the destination in an environment that was a lot less competitive.” 

When Foot Locker’s chief commercial officer, Frank Bracken, joined the company in 2010, the retailer’s relationship with Nike was poised to get even stronger. By the end of the decade, 75% of the products Foot Locker sold were from Nike.

“This was [pre-direct-to-consumer], Foot Locker was definitely ‘most favored nations’ with most of our brand partners at that time, Nike was about to go on a pretty epic run alongside Jordan, and so I actually joined at a really good time,” Bracken said in an interview.

Bracken recalled how from 2012 to about 2018, Foot Locker’s stock rose to record highs as revenue grew at a mid-to-high single-digit compound annual growth rate. But as the 2020s neared, the company got “complacent” and began taking its position as the market leader in sneakers “for granted,” said Bracken. 

″[We] got some weak signals about where the industry was headed, from our partners and from competition, and then Covid, you know, paralyzed everybody momentarily and I think we lost some time, candidly, during Covid,” he said. “Competition used it as an opportunity to invest in technology and capability and the business, and maybe we probably stood a little bit too still at that point in time.” 

As consumers moved online and away from malls, Foot Locker did too little to update its e-commerce capabilities and its real estate footprint, said Bracken. At the same time, competitors were getting bigger and savvier, adjusting their real estate strategies as malls across America sputtered and died. 

In North America, the company let its banners — Foot Locker, Footaction and Champs Sports — overlap too heavily with each other in terms of assortment, location and marketing, and brands “started to take note of that,” said Bracken.

At the end of 2021, Foot Locker was winding down its Footaction business and had acquired WSS — an off-mall athletic apparel retailer that caters to the Hispanic community — to help differentiate itself from competitors.

But by then, it was too late.

Nike, carrying out a new strategy to cut off wholesalers and sell directly to consumers through its own websites and stores, had started reducing the number of sneakers it was selling to Foot Locker, the company said on an earnings call in February 2022. It chose instead to reserve its best products for Foot Locker’s primary competitors: Dick’s and JD Sports. 

For a company that relied almost exclusively on Nike, the change was devastating and posed an existential threat. By the end of fiscal 2022, comparable sales had fallen 7.2% in North America. The declines would only mount in the quarters to come. 

When Dillon, the former CEO of Ulta Beauty, took the helm of Foot Locker in September 2022, Wall Street breathed a collective sigh of relief. Highly regarded among peers, Dillon was known for her ability to win over brands, and appeared to have the necessary chops to turn Foot Locker around. 

“In a way, she soothed investors … they know that she can deliver and they know that she understands retail and the sector and she’s got good operation control and all the rest of it,” said Saunders from GlobalData. “That’s obviously starting to come through a little bit more now.”

In her first major public event as CEO, Dillon hosted an investor day last March where she touted a revitalized relationship with Nike. She pledged the “fruits of our renewed commitment to one another” would begin to show up in results by the end of the year. 

She outlined her Lace Up turnaround strategy, which focused on four key pillars: better marketing, a new real estate plan, a revamped loyalty program and an emphasis on online sales. 

But as the year wore on, the macroeconomic picture worsened, which hit Foot Locker hard because about half of its customers are considered low income. The company went on to cut its guidance twice, suspend its dividend and delay a key financial target that it outlined at its investor day. 

“As a CEO, it’s hard to go out and make a commitment and have to change it, but because I believe so much in the plan and where we’re heading, I felt confident that it was the right thing to do,” said Dillon. “Now I believe we’ve kind of worked past that.”

Beyond the macro situation, the company likely underestimated the challenges it was facing, and how much the Nike breakup would hurt its business, Saunders and Stichter said. 

“You don’t really know until you do it how impactful that’s going to be and I think that they thought they’d be able to offset more of that loss more quickly,” said Stichter. 

While Foot Locker’s fiscal 2023 turned out worse than it originally anticipated, the company is seeing some of its turnaround efforts start to take hold. While Nike is still its biggest partner, it’s focusing more on other brands, such as upstarts like Hoka and On and legacy incumbents like Birkenstock and Ugg.  

Online sales are growing. Foot Locker plans to relaunch its mobile app at the end of the year, and it recently unveiled its revamped loyalty program FLX, which allows customers to earn discounts, access to product launches and perks like free returns. 

“We know that we only capture a fraction of this annual sneaker spend that our existing customers spend on sneakers,” said Kim Waldmann, Foot Locker’s chief customer officer. ”[FLX] isn’t necessarily about getting you to buy 10 more sneakers per year, it’s an opportunity for us to drive share of wallet consolidation by the fact that you’re getting value back in shopping with us.” 

When Waldmann started in the role last year, she learned from consumer research that customers loved having access to a wide variety of brands at Foot Locker’s stores and enjoyed the product knowledge that its employees, known as “Stripers,” had. 

“The thing that they wanted to see more from us is like we’re just not top of mind. A lot of consumers just hadn’t seen us in a while,” said Waldmann. “And I think that was really the opportunity to take what is an iconic brand and make it influential and top of mind again, and that’s really the work that we’ve been doing.” 

The company is marketing more toward women and has partnered with stars such as Leray, who was part of Foot Locker’s spring style and trend campaign. 

Perhaps most critically, Foot Locker is finally doing the work necessary to overhaul its aging store fleet, which is responsible for about 80% of its sales. Since Dillon took over, she’s closed around 500 stores, opened about 200 new shops and remodeled or relocated another 200 or so doors. Earlier this year, Foot Locker unveiled its “reimagined” store concept and its plans to move away from its traditional format, which tends to be two walls of shoes with a middle section used for trying on sneakers. 

As more and more brands move away from wholesalers in favor of their own stores and website, the strategy change was critical to Foot Locker’s survival. Its business does not work if it doesn’t have the support of its brand partners, which want to ensure that their assortments are showcased individually — not mixed together with competitors. 

“When you talk to a company like On they’re like, yeah, we’re selective about who we sell to, we don’t want to be just another shoe on the wall,” said Stichter. “They’re really investing behind putting more signage and just investing in the displays … that’s what makes the brands want to work with them.” 

Since May, Foot Locker has brought the new design concept to at least 80 of its stores, which it says have better comparable sales and margins compared with the balance of the chain. The company is working to refresh two-thirds of its global Foot Locker and Kids Foot Locker doors by the end of 2025, and said 40% of its North American footprint is now off-mall. 

The new store approach couldn’t come at a better time for Foot Locker. Over the last year, Nike has begun to walk back its direct selling strategy after acknowledging that it went too far in cutting out wholesalers. 

“Nike is our largest partner and they’re the largest in the industry so for us, it’s also about, how do we make sure that we have a really terrific long-term growth relationship with Nike? And I’m proud about the fact that we’re going back to growth [with Nike] starting in the fourth quarter of this year,” said Dillon. “Also … at the same time, Nike has been very public about the role of retailers and the importance of that for them as well so maybe it was good timing, right?” 

As Foot Locker looks ahead to the next 50 years, its ability to survive is still up for debate. Nike is at a low point and is cozying back up to the wholesale partners, but when it rebounds, will it cut off those retailers once again? 

Absent a robust private-label business, Foot Locker’s success is also highly dependent on the performance of its brand partners, which leaves it with less control over its own destiny than other retailers that have recently made big comebacks, such as Abercrombie & Fitch. 

If Nike has a major product launch, it can be a boon for Foot Locker’s sales, but if innovation dries up, Foot Locker will suffer. It has found itself in a similar quandary facing other multi-brand retailers, such as Macy’s, which has also struggled to find itself in a post-mall world. 

When asked if Foot Locker can survive another 50 years, GlobalData’s Saunders said the company is the “most at risk of extinction” of its peers. Stichter disagreed. 

“One thing we’ve learned is that consumers really do want a multi-brand experience. There are people who go to Nike.com or Adidas.com but people really like having that selection, having the service,” said Stichter. “So there is a reason for a concept like Foot Locker to exist. I think it all just depends on, can they execute well and be one of the preferred places for consumers who are looking for choice.”

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