Good morning, and welcome to The Epoch Times News Brief for Saturday, Aug. 24, 2024. I’m Bill Thomas, we have some really significant stories to share with you right now, and here’s what’s going on.
One presidential candidate has suspended his campaign, the Federal Reserve is changing course on interest rates, and the Biden administration’s Title IX rule changes have been paused in more states. Also, another ruling favors Second Amendment supporters, and a prominent Chinese dissident is arrested for spying.
RFK Jr. Suspends Presidential Campaign, Backs Trump
In a speech from Phoenix, Arizona, yesterday, independent presidential candidate Robert F. Kennedy Jr. said that he’s suspending his campaign and throwing his support behind former President Donald Trump. He said he no longer believes that he has a realistic path to electoral victory due to what he calls, “relentless, systematic censorship and media control.”Kennedy went on to say that Trump asked him to be part of a future Trump administration and that he was surprised to discover that they were aligned on many key issues.
You should know that Kennedy has seen a dip in the polls in recent months, with many surveys showing his support in single digits, and his campaign is also facing financial troubles.
His announcement came amid rising speculation about the future of the campaign after his running mate, Nicole Shanahan, recently said they were looking at possibly dropping out of the race and endorsing Trump.
It’s worthy to note that his remarks came after The Epoch Times obtained a court filing from the Kennedy campaign that referenced a forthcoming “endorsement of Donald Trump for the office of President of the United States.” That document was filed in a case challenging whether Kennedy should be on the November ballot in Pennsylvania and was published ahead of yesterday’s speech.
He says he’s withdrawing his name from the ballots in battleground states where his presence would be a spoiler and is urging voters in those states not to vote for him.
In fact, he officially withdrew from the Arizona ballot on Thursday, and yesterday, he asked to be removed from the Pennsylvania ballot.
Meanwhile, Trump welcomes Kennedy’s support, saying he’s a great guy and respected by everybody, while the Democratic National Committee cheered Kennedy’s dropping out of the race.
Time will tell whether Trump or Harris benefits more from this new development, because for now, it’s just not clear.
Fed’s Jerome Powell Signals Rate Cut: ‘Time Has Come for Policy to Adjust’
Speaking at the central bank’s annual Jackson Hole Economic Symposium, Federal Reserve Chair Jerome Powell gave the green light to lowering interest rates. He said the time has come for monetary policy to change, and the timing and pace of the cuts will depend on incoming data, the evolving economy, and other factors.The Fed chief says since inflation has eased, the job market is “no longer overheated,” and the global supply chain has normalized, now is the time to adjust the rates. However, he’s not saying how much the rates will be cut or when it will happen.
Powell’s speech comes as the Fed’s preferred inflation gauge—the personal consumption expenditure price index—slowed to 2.5 percent. Meanwhile, the unemployment rate rose to 4.3 percent in July, the highest level since October 2021.
By the way, Powell attributes the jump in jobless numbers to more individuals entering or returning to the workforce and a slower pace of hiring.
You should know that the Fed maintains a dual mandate of price stability and maximum employment.
Ted Rossman, senior industry analyst at Bankrate, says the main theme of Powell’s speech was that while fighting inflation has been the Fed’s primary objective over the past couple of years, since it’s easing, now is the time to put more attention on maximum employment. He went on to say while Powell acknowledged a weakening job market, he says it’s still in pretty good shape, and doesn’t want it to get any worse.
You should know that the markets responded favorably to Powell’s speech, and leading benchmark indexes rallied as much as 1.8 percent in response to his remarks.
By the way, the Fed’s next meeting will take place next month.
Federal Appeals Court Blocks Title IX Gender Rules in 4 States
In a 2–1 split decision earlier this week, the Atlanta-based 11th U.S. Circuit Court of Appeals blocked the federal government’s new Title IX protections based on preferred gender identity from taking effect in Alabama, Georgia, Florida, and South Carolina.The justices granted a motion for an injunction pending appeal, ruling that the plaintiffs showed a strong chance of winning the case on the merits, potentially irreparable harm, and that the injunction aligns with the public interest.
This marks another favorable decision for those who argue that the new rules harm protections for women.
So you know, the Title IX revamp gave men who identify as women the right to use female restrooms and locker rooms and join women-only organizations. They also define “harassment” to include the use of pronouns that conform to one’s biological sex rather than one’s chosen gender identity.
You should know that the decision comes in a lawsuit brought by the four states, along with the Independent Women’s Law Center, Parents Defending Education, and a group called Speech First.
The new Title IX rule changes were set to go into effect earlier this month, and schools that refused to comply with this new rule were at risk of losing essential federal funding and the prospect of lawsuits.
Judge Dismisses Machine Gun Charges Against Kansas Woman, Citing Supreme Court Decision
A judge is dismissing charges against a woman who possessed a machine gun, citing a U.S. Supreme Court decision that shifted the framework for how courts analyze cases dealing with constitutional rights.Since machine guns fall under the U.S. Constitution’s Second Amendment, U.S. District Judge John Broomes says prosecutors must show that the law banning possession of machine guns is rooted in historical firearm restrictions.
Broomes’s decision came after prosecutors charged Tamori Morgan, a Kansas resident, with illegally possessing an Anderson Manufacturing AM-15 .300 caliber machine gun and a machine gun conversation device.
Morgan’s lawyer argued that the charges should be dismissed because the law that she allegedly violated unconstitutionally strips people of their right to possess machine guns.
On the flip side, government lawyers argued that machine guns are not covered by the Second Amendment and, even if they are, banning their possession is consistent with English common law and a 1986 North Carolina law that banned dangerous and unusual firearms.
Broomes sided with the defendant, noting that hundreds of thousands of machine guns are legally possessed because the 1986 law included a grandfather clause.
DOJ Arrests, Charges Prominent Chinese Dissident for Spying for Beijing
A Chinese dissident living in New York City has been charged with allegedly acting as a spy for the Chinese regime’s intelligence agency, according to the Department of Justice.Tang Yuanjun, a 67-year-old naturalized U.S. citizen, was arrested in Queens earlier this week on charges of “acting and conspiring to act in the United States as an unregistered agent” of China and making materially false statements to the FBI.
A U.S. attorney for the Southern District of New York says Tang used his position as a leader among pro-democracy activists in the United States for years. He did so in order to collect information for the Chinese regime and to report on people and events in support of democracy as well as those who were critical of the ruling Chinese Communist Party.
In a sworn deposition, FBI special agent Joshus Willis stated that Tang was a Chinese agent from 2018 to at least June 2023, and during that time, completed “tasks” at the direction of China’s top intelligence agency, the Ministry of State Security (MSS).
He detailed Tang’s path from dissident to spy, stating that based on his investigation, he believes Tang was searching for a way to visit family in mainland China in 2018, and was then recruited to work for the MSS.
Tang allegedly communicated with an officer from the MSS by leaving draft emails and through phone calls, video calls, as well as audio and text messages.
According to Willis, Tang had face-to-face meetings with members of the MSS at least three times, twice in Macau and once in mainland China, and was subjected to a polygraph while sharing information he had collected at least once.
The MSS paid Tang directly and also made payments to Tang’s family members in mainland China.
Interesting to note, a State Department report says that Tang, once recognized as a pro-democracy activist, had participated in the 1989 democracy protests in China. It went on to say that his activism made him a target of the Chinese Communist Party, which “severely punished” prominent pro-democracy activists at the time.
It’s a story with global implications and one that we’re all keeping a close watch on.
And now, looks like our time is just about up for today, so we’re going to call it a wrap for the Saturday edition (the weekend edition) of The Epoch Times News Brief, but before we sign off, a quick market recap:
The Dow ended the week at 41,175, closing up by 462 points, Nasdaq rose by 258 points to close at 17,877, and the S&P 500 was up by about 64, to close at 5,634.
Thanks for checking out the program today, and next time you drop in for a listen, please bring along a friend or two—or three.
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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 Christian D. Larson, who said: “Believe in yourself and all that you are. Know that there is something inside you that is greater than any obstacle.”
Larsen was a writer, a teacher, and by all accounts, a real bright guy.
Before we go, today is National Waffle Day. Celebrate by savoring your favorite kind of waffle. Today is also National Peach Pie Day. Nothing beats peach pie à la mode!
For all of us here at The Epoch Times News Brief, I’m Bill Thomas.
The News Brief program is written each day by the extraordinary Sharon Reardon.
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 Saturday, and we’ll see you right back here next time for another 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.
