Good morning, and welcome to The Epoch Times News Brief for Friday, Nov. 8, 2024. I’m Bill Thomas, we have some very compelling stories to share with you right now, and here’s what’s going on.
Former First Lady Melania Trump comments on her husband’s comeback victory in this week’s election, the Obamas share their thoughts regarding the outcome of Tuesday night’s contest, and President Joe Biden makes an important speech from the White House Rose Garden.
Also, the Federal Reserve makes an important move concerning interest rates, and one North American country goes up against a popular social media app.
Melania Trump Issues First Statement Since Trump’s Win
Melania Trump promised that both she and her husband, President-elect Donald Trump, will “safeguard the heart of our republic,” which she called “freedom” itself.She posted her message on social media, and in that post, she said that the “majority of Americans have entrusted us with this important responsibility.”
She looked forward to the American people “rejoining” in their commitment to each other, and she also hoped that the country’s citizens would rise above their different beliefs “for the sake of individual liberty, economic prosperity, and security.”
Melania Trump added that this country’s “energy, skill, and initiative” will bring together the very best minds to propel the nation forward into the future.
Earlier this week, she appeared on stage with her husband in Florida when he declared his victory in front of a number of supporters, friends, and family members.
During his speech, the president-elect thanked his “beautiful wife,” saying that she’s done a great job and that she works very hard to help people. However, Melania Trump did not speak during that event.
By the way, Donald Trump will be just the second president in American history, after Grover Cleveland in 1892, to win the nation’s highest office after losing an initial attempt for reelection.
Obamas Issue Statement on Trump’s Victory
In a social media post, the Obamas congratulated both Trump and his running mate, Vice President-elect JD Vance, on their victory.They said they were clearly hoping that Vice President Kamala Harris would have won the contest, because of their “profound disagreements with the Republican ticket on a whole host of issues.”
However, they said that “living in a democracy” is about recognizing that “our point of view won’t always win out,” and they said that people must be “willing to accept the peaceful transfer of power.”
In their message, the Obamas said that they’re proud of Harris, whom they both campaigned for, along with her running mate, Minnesota Gov. Tim Walz, as well as all of the staff members and volunteers who worked hard for their candidates.
They went on to say that America “has been through a lot over the last few years,” pointing to the “historic pandemic,” the price hikes that took place as a result, and the significant number of people who feel like they’re “treading water.”
The Obamas noted that those conditions have created significant headwinds for democratic incumbents all over the world, and they said Tuesday’s election showed that “America is not immune” from these problems.
They concluded their message with a positive note, saying that all of these pressing issues can be resolved if “we listen to each other” and stick to the fundamental “constitutional principles and democratic norms that made this country great.”
Biden Vows Peaceful Transfer of Power
Biden said he spoke with Trump after his victory in Tuesday’s election, and he assured Trump that there will be a peaceful and orderly transition of power.The president said that “campaigns are a conflict of competing visions,” that the country “chooses one or the other,” and that “we accept the choice.”
During his remarks, Biden praised his administration, and he asked the American public not to “forget all that we have accomplished” during his term in office.
The commander-in-chief also complimented the “great character” of Vice President Kamala Harris, along with her entire campaign team, for their wholehearted efforts in the race.
Before concluding his remarks, Biden told Democrats that “we need to stay engaged,” and he assured his supporters that “we’re going to be OK.”
Following his speech, Biden did not respond to requests from reporters for his comment on the presidential election result.
By the way, Trump is on track to become the first Republican presidential candidate in 20 years to win the national popular vote.
Federal Reserve Cuts Interest Rates for 2nd Straight Meeting
The Fed just voted unanimously to cut the interest rate by a quarter-point, as officials continue to loosen the central bank’s tight monetary policy.The move follows up the Fed’s half-point rate cut, which was made a couple of months ago, and it brings the benchmark federal funds rate to around 4.5 percent or slightly higher.
In a statement, the Fed said that “recent indicators suggest that economic activity has continued to expand at a solid pace.” They also noted that labor market conditions have generally eased since earlier this year, that the unemployment rate remains low, and that inflation has made some progress toward a desired 2 percent goal.
By the way, future market data also suggests that traders expect another similar reduction to the federal funds rate next month.
One chief financial analyst at Bankrate pointed out that the Fed “continues to lift the foot off the brake pedal” and acted as expected, and that the “solid pace of economic growth” means that the agency can take a “more deliberate approach” with rate cuts now and in the future.
Chair of the Federal Reserve Jerome Powell told reporters that Trump’s election win will not affect the Fed’s outlook. However, he did note that any adjustments made by any administration could affect monetary policy.
So you know, Powell’s term expires in 2026, and Trump said earlier this year that he would not fire the Fed chair, but noted that he would not reappoint him, either.
Ottawa Orders Canadian TikTok Offices to Close
The Canadian government has ordered TikTok to close up its offices throughout the nation, although it has not banned the app for users.Earlier this week, the country’s minister of Innovation, Science, and Industry said the decision was the result of a “multi-step national security review process,” and that it involved “rigorous scrutiny by Canada’s national security and intelligence community.”
He said the government was taking action over “specific national security risks” related to TikTok’s Chinese parent company, ByteDance Ltd., and that the move was based on “information and evidence” collected by Canada and its government partners.
However, the country did not ban the TikTok app itself, and said that the choice regarding whether or not to use the app is a personal decision that each Canadian citizen will have to make for themselves.
Government officials reminded people that it’s important for Canadians to adopt good cyber security practices and to assess the possible risks of using social media platforms, including how their information is likely to be shared by foreign actors.
So you know, last year, the Canadian government banned TikTok from all of the government’s communication devices, saying that the app presented a risk to both privacy and security.
The U.S. government has gone a step further. It says that TikTok will be banned from all mobile app stores and web-hosting services unless the app’s China-based parent company sells TikTok to an American company by early next year.
TikTok is challenging that order in court, and the company also says it will launch a legal challenge against this latest Canadian mandate.
And now, it looks like our time is just about up for today, so we’re going to call it a wrap for the Friday edition of The Epoch Times News Brief.
Don’t forget the News Brief Motto: We’re portable, affordable, and always on-demand.
And finally, as we do each and every day on this program, we wrap everything up with a very notable quote, and this one comes to us from Louisa May Alcott, who said: “I am not afraid of storms, for I am learning how to sail my ship.”
Louisa May Alcott was an extraordinary novelist, short story writer, and poet.
For all of us here at The Epoch Times News Brief, I’m Bill Thomas.
The Epoch Times News Brief program is written each day by David Ross.
Thank you for making us your one-stop source for a concise, accurate, and unbiased daily synopsis of many of the news stories you need to know about.
Enjoy the remainder of your day, and we’ll see you right back here tomorrow for the Saturday edition (the weekend edition) of The Epoch Times News Brief.
For now, let’s all continue to watch out for one another, and have an absolutely superb day today. Bye for now.
