News Oil 

A judge threw out another climate suit against Big Oil. But the real battles lie ahead.

“This would challenge Keenan’s ruling, which said that greenhouse gases affect every inch of the globe, so federal politicians must deal climate change damages” writes Mark Kaufman for mashable.com. Federal judges, in fact, might decide that climate change is even better suited to state courts.The second is if climate damages fall under the purview of federal laws that already exist, like the decades-old Clean Air Act. Source: mashable.com Share This:

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News 

Trump promised to remake the courts. He’s installing conservative judges at a record pace.

“Oldham’s confirmation precedes what promises to be a contentious U.S. Supreme Court confirmation hearing for District circuit judge Brett Kavanaugh” writes Deanna Paul for sun-sentinel.com. Oldham, a staunch conservative jurist, was confirmed by the Senate Wednesday as a 5th Circuit court judge by a very tight margin of 50-49.Media attention has largely focused on Trump’s Supreme Court appointments, but he came into the presidency with an uncommon number of vacancies for judges to federal appeals courts, who receive lifetime appointments. Source: sun-sentinel.com Share This:

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News Regulators 

An ugly economic lesson from the Nixon era proves why Trump’s criticisms of the Fed are so worrying

“The released Nixon tapes revealed numerous conversations between the president and Burns in which Nixon pressures the Fed chair to keep rates low” writes Bob Bryan for businessinsider.com. Nixon pressured the new Fed chairman to keep interest rates low to help maintain lower unemployment. “While inflation expectations are currently well anchored, history shows us that a pervasive lack of central bank independence can rapidly, and without warning, lead to rising inflation and economic instability.”.  Source: businessinsider.com Share This:

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News Regulators 

US Treasury yields higher despite Trump’s criticism of the Fed

“ET, while the yield on the 30-year Treasury bond was higher at 2.9709 percent” writes Silvia Amaro for cnbc.com. Bond yields move inversely to prices.The yield on the benchmark 10-year Treasury note was higher at around 2.8508 percent at 2:05 a.m.Treasury yields edged lower on Thursday after Trump told CNBC in an exclusive interview that he was “not thrilled” to see the Federal Reserve raising interest rates. “I am not happy about it. Source: cnbc.com Share This:

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News 

In reversal, Pentagon now says it backs GOP measure against protecting Western birds

“Rob Bishop inserted the endangered-species language into the defense policy bill, arguing that federal conservation efforts for the imperiled birds and the beetle undermine military training and readiness” writes The Associated Press for seattletimes.com. The birds have become flashpoints in an ongoing battle over whether they warrant federal protection that hinders mining and other development from Kansas to California. Source: seattletimes.com Share This:

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News 

NCAA to study possible effects of widespread legal wagering

“INDIANAPOLIS (AP) The NCAA plans to study how the expansion of legalized betting could affect college athletics and member schools” reports foxsports.com. The Supreme Court opened the door for states to have legal wagering on sporting events when it struck down a federal ban in May.The NCAA announced Thursday it will create a working group of ”subject matter experts” to assess areas such as officiating, NCAA rules, federal and state laws, and the use of integrity services.NCAA leadership has already called for federal regulation on sports betting. Source: foxsports.com Share This:

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Markets News 

Gold slips for sixth session as dollar firms

“Gold eased for a sixth straight session on Friday, having slipped to a one-year low in the previous session, as the U.S. dollar firmed” writes unknown author for cnbc.com. Spot gold was down 0.2 percent at $1,219.28 an ounce at 0127 GMT. In the previous session, it fell to its weakest since early July last year at $1,211.08 an ounce.The dollar index, which measures the greenback against a basket of six major currencies, was 0.1 percent higher at 95.129.Fed Chairman Jerome Powell in a two-day congressional testimony said he believed…

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STANLEY DRUCKENMILLER: It’s time to give real capitalism a chance

“For years now a mix of financial repression and central bank intervention has made long-term interest rates largely determined by government fiat” writes Simon Black for businessinsider.com. Now, the irony of this is over the last 700 years inflation has averaged barely over 1% and interest rates have averaged just under 6%.But there’s a link to the full speech at the bottom: Can we try capitalism?. But, after he was elected, I was at least hopeful that it would represent an inflection point in the trend away from capitalism. Source: businessinsider.com…

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Drilling in Alaska National Wildlife Refuge to get fast review

“The Interior Department has commissioned an expedited environmental review of the impact of leasing part of the Arctic National Wildlife Refuge for oil and gas drilling, according to a document released under the Freedom of Information Act” writes Steven Mufson Covers for washingtonpost.com. Normally, an agency doing an environmental impact statement would have the option of recommending no action, but that is not an option under the legislation.Mack said that makes the process “a little different,” and added it is unclear how federal officials will address that contradiction.That gives the…

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News Regulators 

Trump’s stunning comments about the Federal Reserve could actually backfire

“But JPMorgan economist Michael Feroli advanced an interesting alternate theory: Trump’s comments may inspire the Fed to go the other direction” writes Bob Bryan for businessinsider.com. “Even if the remaining nominee were a ‘like-minded low interest rate guy,’ that person would be but one out of a Committee of 12.”.  Source: businessinsider.com Share This:

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