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The second night of the 2024 Democratic National Convention in Chicago featured former president Barack Obama, former first lady Michelle Obama and second gentleman Doug Emhoff, among others, who made thematic speeches that required little fact-checking. Here’s a roundup of three claims that caught our attention, in the order in which they were made.

As is our practice, we do not award Pinocchios for a roundup of statements made during convention events.

“Under Project 2025, a family making just $75,000 a year with just two kids would pay 1,800 bucks more in federal taxes.”

— Malcolm Kenyatta, Pennsylvania House representative

This appears accurate. During the convention, Democrats have been highlighting proposals from a Heritage Foundation report called “Mandate for Leadership,” a 922-page manifesto chock full of detailed conservative proposals that is popularly known as Project 2025. It’s not an official campaign document, and former president Trump has distanced himself from it, but a CNN review found that 140 people who worked in the Trump administration contributed to the report.

One of the proposals would replace the current progressive tax system — which has seven tax brackets, at 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent — with just two brackets: 15 percent and 30 percent. Everyone making less than $168,000 (about the point when Social Security payroll taxes are no longer collected) would be subject to a 15 percent rate. The proposal also would eliminate most deductions, credits and exclusions.

While this would make the system simpler, it could also raise taxes for many people at lower income levels, as they currently pay federal income taxes at 10 percent and 12 percent. The current rate jumps to 22 percent after $94,300 for married couples.

Brendan Duke, senior director of economic policy at the left-leaning Center for American Progress, calculated that a family of four making $75,000 would receive a tax increase of $1,800. “My best guess is that the breakeven point — where a family of four goes from a tax increase to a tax cut — is about $170,000 when using the assumptions most favorable to Project 2025,” he wrote on X.

A Heritage representative did not respond to a request for comment.

“Within two months of taking office, our government did respond. We passed the American Rescue Plan, which provided $1,400 for every man, woman and child in the working class. We extended and expanded benefits for the unemployed. We provided emergency assistance for small businesses to stay open.”

Sen. Bernie Sanders (I-Vt.)

This is half the story. Sanders extols the response of President Joe Biden to the pandemic but skips over the fact that Trump — whose response to the crisis was criticized as stumbling — in March 2020 signed into law bills that included stimulus checks of $1,200 and unemployment benefits. Trump also signed into law a bill in December 2020 that provided $600 checks — though complained they should have been $2,000. The bill signed by Biden made up the difference.

“Let me tell you what a radical agenda is. And that is Trump’s Project 2025. … Putting forth budgets to cut Social Security, Medicare and Medicaid is radical.”

— Sanders

This is misleading. Sanders slips in a mention of Social Security, but the old-age retirement program is only tangentially referenced in the Project 2025 report, and there is no proposal to do anything with it, let alone “cut” it.

The report contains some Medicare recommendations, mainly to promote Medicare Advantage plans, which are managed by insurance companies with federal funds. Just over half of Medicare beneficiaries are enrolled in Medicare Advantage, compared with traditional Medicare, which is run by the government and favored by Democrats. The 2025 proposals could have an impact on Medicare, but there is no call to cut funding.

Medicaid provides health care for the poor. Project 2025 does have a number of Medicaid proposals that could reduce spending, such as tighter eligibility standards and new work requirements.

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This post appeared first on washingtonpost.com

CHICAGO — Former president Barack Obama and former first lady Michelle Obama, two of the Democratic Party’s most popular figures, electrified delegates at the party’s convention Tuesday, saying they saw the same sense of excitement and hope that characterized their own rise to the White House now surrounding Kamala Harris.

“I’m feeling hopeful because this convention has always been pretty good to kids with funny names who believe in a country where anything is possible,” Barack Obama said, a reference to his emergence as a political star at the 2004 convention. “Because we have the chance to elect someone who’s spent her whole life trying to give people the same chances America gave her.”

The former president sought to frame the election as a stark choice.

“We don’t need four more years of bluster and chaos. We’ve seen that movie — and we all know that the sequel’s usually worse,” he said. “America is ready for a new chapter. America’s ready for a better story. We are ready for a President Kamala Harris.”

In her remarks, Michelle Obama delivered a similar message. “America, hope is making a comeback,” she declared.

The former first lady — whose appearance was greeted with particular emotion, even prompting some delegates to cry — also took on Republicans who have disparaged Harris as incompetent, calling her “one of the most qualified people ever to seek the office of the presidency.” And she needled Trump over a recent comment that undocumented immigrants are taking “Black jobs.”

“Who’s going to tell him that the job he’s currently seeking might just be one of those Black jobs?” she said.

In the choreography of the convention, the Obamas played the role of charismatic figures charged with inspiring those at the Democrats’ gathering and beyond to power Harris to victory in the two months remaining before Election Day. Monday featured an emotional tribute to outgoing president Joe Biden, Wednesday will be headlined by vice-presidential nominee Tim Walz, and on Thursday the convention will culminate with Harris’s acceptance speech.

Before the Obamas spoke, the delegates held a roll-call vote for Harris on the convention floor — a colorful, if ceremonial, ritual that reaffirmed Harris’s official nomination, which had taken place in a virtual vote earlier this month.

Harris was then beamed in to greet the Chicago delegates from a rally she was holding in Milwaukee, as she addressed cheering crowds in both cities at once.

“I thank everyone there and here,” Harris said. “This is a people-powered campaign, and together we will chart a new way forward.”

She added, “I’ll see you in two days, Chicago.”

In his remarks, Obama also saluted Biden’s tenure and his accomplishments. The two men have a complicated relationship, one that evolved from a marriage of political convenience in 2008 to a bond shaped by political triumphs and the loss of Biden’s son Beau. “History will remember Joe Biden as a president who defended democracy at a moment of great danger,” Obama said. “I am proud to call him my president, but even prouder to call him my friend.”

Obama selected Biden as his running mate because of his foreign policy expertise and Washington experience, offsetting Obama’s perceived political weaknesses. In the process, he elevated the longtime senator to a new political stature, setting the stage for Biden’s own presidential run in 2020.

Biden and his closest aides, however, have long been frustrated by Obama’s skepticism of Biden’s political prospects, a dispute that dates to the end of Obama’s presidency and that resurfaced in dramatic fashion in recent weeks.

When Biden considered entering the 2016 presidential race, Obama made clear to aides that he believed Hillary Clinton should be the Democratic nominee instead. Obama even dispatched David Plouffe, one of his top political strategists, to reiterate for Biden the long odds he faced if he decided to run. (Plouffe has since joined the Harris campaign as a senior adviser.)

More recently, in the aftermath of Biden’s politically disastrous debate against Trump on June 27, when the president sometimes struggled to complete his thoughts and finish sentences, Obama told allies that Biden needed to seriously consider the viability of his candidacy, irking some of Biden’s closest aides, who thought Obama should have been more supportive — publicly and privately.

While the Obamas were clearly Tuesday’s emotional high point for many delegates, several other speakers also rallied the party. In his remarks, Doug Emhoff, the second gentleman, shared details of his upbringing and his courtship with Harris. Filling a role often ascribed to spouses of political candidates, Emhoff also sought to share a more personal side of Harris and to humanize her.

He talked about the love that Harris, his second wife, has shown to his children and the way the two of them have worked to care for their blended family.

“She comes to synagogue with me for High Holiday services, and I go to church with her for Easter,” he said. “I get to enjoy her mom’s chile relleno recipe every Christmas, and she makes a mean brisket for Passover that brings me right back to my grandmother’s apartment in Brooklyn.”

Emhoff has been elevated to a novel role as potentially the first male spouse of a president. He has also become a leading advocate against antisemitism at a time when attacks on Jews, as well as Muslims, have been rising amid the war in Gaza.

“Kamala has fought against antisemitism and all forms of hate her whole career,” he said. “And she encouraged me, as second gentleman, to take up that fight — which is so personal to me.”

While the convention was underway Tuesday, Harris and Walz were about 90 miles north in Milwaukee for their rally at the Fiserv Forum, the same arena where Republicans gathered last month for their own convention. It was during that rally that the delegates in Chicago held their ceremonial roll call, complete with a DJ and special effects. It began with Delaware — a tribute to Biden — and concluded with California, Harris’s home.

Convention organizers also brought several Republican officials onstage as part of an effort to highlight how Trump’s third campaign continues to splinter his party.

Stephanie Grisham, who worked in the Trump White House before resigning on Jan. 6, 2021, also spoke Tuesday night. Grisham said she had been more than “just a Trump supporter”; she was “a true believer” and “one of his closest advisers.”

“When I was press secretary, I got skewered for never holding a White House briefing,” she said. “It’s because, unlike my boss, I never wanted to stand at that podium and lie. Now, here I am: behind a podium, advocating for a Democrat. Because I love my country more than my party. Kamala Harris tells the truth. She respects the American people. And she has my vote.”

In his remarks, John Giles, the Republican mayor of Mesa, Ariz., assailed Trump and urged Americans “in the political middle” to support Harris.

“Our Grand Old Party has been kidnapped by extremists and devolved into a cult,” he said. “The cult of Donald Trump. Trump doesn’t know the first thing about public service. Like a child, he acts purely out of self-interest.”

Trump, meanwhile, continued his pattern of holding a campaign event every day of the Democratic convention with remarks at a sheriff’s office in Howell, Mich. He falsely accused Harris of orchestrating a “vicious, violent overthrow” by replacing Biden at the top of the Democratic ticket.

Trump went on to defend those who assaulted the U.S. Capitol on Jan. 6, 2021, wrongly claiming that “nobody was killed.” Four people died in the attack, three from medical problems and one who was shot by a police officer. One officer who fought the mob died of a stroke the next day, and four more officers died by suicide in the days and months that followed.

In Chicago, where Democrats have largely been united since Biden dropped out of the race, a rare mention of one of the biggest fissures in the party — the war in Gaza — came from Sen. Bernie Sanders (I-Vt.), though only briefly.

“We must summon the courage to stand up to wealth and power and deliver justice for people at home and abroad,” Sanders said in his remarks from the stage. “We must end this horrific war in Gaza, bring home the hostages and demand an immediate cease-fire.”

But in the end, it was a night highlighted by a one-two punch from the Obamas, who both delivered blistering takedowns of Trump, defining the election as a fight over the essence of America.

“That’s the America Kamala Harris and Tim Walz believe in — an America where ‘we the people’ means everyone,” Barack Obama said.

And Michelle Obama concluded: “No one has a monopoly on what it means to be an American. No one.”

She added, “Kamala has shown her allegiance to this nation — not by spewing anger and bitterness, but by devoting her life to service.”

This post appeared first on washingtonpost.com

Kamala Harris’s campaign and the Democratic National Committee raised three times as much as Donald Trump’s campaign and the Republican National Committee in July, and ended the month with a cash advantage that positions the newly minted Democratic presidential nominee to air more ads and maintain a larger payroll than her Republican opponent in the final months of the race for the White House.

Those results, which are based on federal filings released Tuesday and Wednesday, do not capture the full fundraising picture because several committees that support the candidates will not report their quarterly tallies until October.

But the Harris campaign and her allied committees said they raised more than $300 million last month in total and had $377 million on hand heading into August. Much of that money came in during the days after July 21, when President Joe Biden withdrew from the race and endorsed Harris to succeed him at the top of the ticket, her aides have said.

The Trump campaign and his allied committees said they raised nearly $139 million in July and had $327 million in cash on hand heading into August. That four-week fundraising total was less than the $200 million that the Harris campaign said it raised during the first week after Biden ended his reelection bid. Because the parties’ allied committees won’t report until October, The Washington Post was unable to independently verify either effort’s claimed fundraising totals.

Harris’s main committee and the DNC entered August with a $286 million war chest that exceeds the $250 million bankroll Trump’s committee and the RNC reported, according to Tuesday’s filings.

Harris’s huge haul reestablishes a fundraising lead that Democrats had held before Trump’s May 30 conviction on 34 felony charges in New York led to a surge in online donations to the Republican’s campaign. By the end of May, Trump had essentially erased the cash advantage that Biden and the DNC had held over Trump and the RNC for much of this year. But Democrats’ swift embrace of Harris, who reversed Biden’s downward trajectory in key swing-state polls, upended that equation, re-energizing the party’s donors.

During the early months of this year, Biden and Harris’s cash advantage allowed them to build an extensive campaign operation with more than 280 offices and more than 1,600 aides, and to make plans to scale up to 2,000 staff members by Election Day. The Trump campaign, which has declined to share the size of its staff, has made the unusual and electorally risky decision to outsource much of its voter turnout operation to third-party groups such as America First Works, America PAC and Turning Point Action.

Harris campaign officials have said that two-thirds of the people who have given to her campaign since she became a presidential candidate are new donors. The campaign has said it has booked $370 million in ads for the period after Labor Day — with $200 million of that spending devoted to digital advertising.

But the super PACs aligned with Trump remain well funded. Make America Great Again Inc., a super PAC that has aired tens of millions of dollars in ads on behalf of Trump, raised $54 million in July, driven by a $50 million gift from reclusive billionaire Timothy Mellon. The largest donor to MAGA Inc. has been Mellon, who has given $126.5 million since late 2022, including a staggering $100 million over the past three months.

Both the Future Forward super PAC, which has aired ads supporting Biden and Harris, and MAGA Inc. reported about $124 in cash on hand at the end of July. Future Forward raised less than MAGA Inc. It brought in $29.7 million during the period, driven by a $20 million donation from its affiliated nonprofit, Future Forward USA Action, which is not required to disclose donors.

Future Forward plans to spend at least $250 million on television and digital advertising in a major push between Labor Day and Election Day in November, Chauncey McLean, the group’s president, said at a forum hosted by the University of Chicago’s Institute of Politics this week.

This post appeared first on washingtonpost.com

Good morning and welcome to this week’s Flight Path. Equities continue their path out of the “NoGo” correction. This week we saw amber “Go Fish” bars over the second half of the week. GoNoGo Trend shows that the trend in treasury bond prices saw strength with strong blue bars. U.S. Commodities index remained in the “NoGo” trend but continue to show weakness. The dollar as well, saw weak pink “NoGo” bars at the end of the week.

$SPY Rallies and Indicator Paints “Go Fish” Bars

On Thursday, price gapped higher and GoNoGo Trend painted more “Go Fish” bars as the week came to a close. There was much enthusiasm this week and we are fast approaching an interim high. GoNoGo Oscillator has broken away from the zero line and out of a small GoNoGo Squeeze into positive territory. With positive momentum, we will watch to see if this gives price the push it needs to enter a new “Go” trend.

The longer time frame chart tells us that the “Go” trend is still safe for now. The week’s strong rally pushed price higher and away from last week’s lows. We look at the oscillator panel and see that GoNoGo Oscillator tested the zero level for only a bar or two, and was quickly able to find support and bounce back into positive territory. Now we can say that momentum is resurgent in the direction of the underlying “Go” trend and we will look to see if price can climb further from here.

Treasury Remain Suppressed

While there was no new lower low this week, the “NoGo” trend remained in place. We can see that price is painting pink “NoGo” bars, higher than the recent low and lower than the recent high. If we look at the oscillator panel, we can see that GoNoGo Oscillator is testing the zero line from below again. We will watch to see if it finds resistance at this level as it has now for several weeks.

he weekly chart below shows us that the trend remains strongly “NoGo”. This is the second strong purple bar in a row and we can say that there is downside pressure on prices with the weight of the evidence approach. GoNoGo Oscillator is in negative territory but no longer oversold at a value of -3.

The Dollar’s “NoGo” Weakens but Remains

It was an up and down week for the dollar. It fell early in the week then gapped higher before falling again on Friday. We saw GoNoGo Trend move between pink and purple “NoGo” bars. When price gapped higher it was not able to set a new high and as prices fell again on Friday we saw a NoGo Trend Continuation Icon (red circle). GoNoGo Oscillator has been rejected again by the zero line and so we know that momentum is in the direction of the “NoGo” trend.

In this StockCharts TV video, Mary Ellen highlights what drove last week’s sharp rally in the markets – posting their largest weekly gains for the year! She takes a close look at retail and cybersecurity stocks setting up for gains, and shares some of the best ways to participate.

This video originally premiered August 19, 2024. You can watch it on our dedicated page for Mary Ellen on StockCharts TV.

New videos from Mary Ellen premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

Today Carl and Erin discuss the potential of a housing crash as more evidence is coming in that many haven’t thought of. Private Equity firms have become very involved in the housing market, buying up properties on high amounts of leverage. What happens when it’s time to refinance?

The market has reversed its prior bear market trend and so it is time to pivot. Carl displays charts that support a recovering market.

The Magnificent Seven are diverting from each other with some looking bullish and others looking bearish. Get Carl’s current view of these hot stocks.

Erin covers Sector Rotation with an eye toward one sector that is showing weakness. She then finishes up the show with a look at viewer’s symbol requests.

01:21 DP Signal Tables

04:04 Market Overview

12:30 Magnificent Seven

20:10 Potential Real Estate Crash Discussion

26:14 Questions

34:54 Sector Rotation

38:51 Symbol Requests

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Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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In this edition of StockCharts TV‘s The Final Bar, Dave kicks off a five-part series covering ten charts to watch in August 2024, starting with two mega-cap growth stocks testing key resistance levels. Will they power up to new all-time highs into September?

This video originally premiered on August 19, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

One body has been recovered and six people are missing, according to Italian authorities, after a luxury yacht sank off the coast of Sicily.

A tornado hit the vessel around 5 a.m. Monday, according to a spokesperson for Italy’s Coast Guard. The yacht was anchored about a half a mile from the port of Porticello on the Mediterranean island.

Fifteen people have been rescued from the scene and one child was airlifted to the children’s hospital in Palermo. The captain is among the survivors, according to the Coast Guard spokesperson for Italy’s Coast Guard.

The Italian fire brigade said its divers had reached the yacht’s hull 49 meters (160 feet) below sea level, according to a press statement. The brigade also dispatched helicopters to bolster the search operation.

This is a developing story and will be updated.

This post appeared first on cnn.com

Indian Prime Minister Narendra Modi will travel to Ukraine, officials said Monday, weeks after he made his first trip to Moscow since Russia launched its full-scale invasion.

His forthcoming visit to Ukraine – also his first since the start of the war – comes at a crucial moment, as Kyiv’s troops push further into Russian territory in a shock military offensive that stunned even Kyiv’s closest allies.

Modi has repeatedly called for a ceasefire in Ukraine, without condemning Russia’s aerial campaign or denouncing the ground invasion. India has also abstained from all resolutions on Ukraine at the United Nations.

India remains heavily reliant on the Kremlin for its military equipment and has ramped up purchases of discounted Russian crude oil, giving Russian President Vladimir Putin’s nation a major financial lifeline as it faces isolation from the West.

Modi visited Putin in July, a sign that the two nations remain close. Images and video showed the two leaders hugging, chatting over tea, riding in an electric vehicle and watching a horse show.

Ukrainian President Volodymyr Zelensky condemned the meeting that coincided with a brazen assault on several Ukrainian cities and a deadly strike on a children’s hospital.

The Ukrainian leader described the meeting as a “huge disappointment and a devastating blow to peace efforts to see the leader of the world’s largest democracy hug the world’s most bloody criminal in Moscow on such a day.”

Modi did not address the strikes directly during his trip, but did say solutions to conflict are unlikely to come through war, but rather peace and dialogue. The remarks appeared to be his most critical comments to date against Russia’s war in Ukraine.

“Whether it’s conflict, war or terror, any person who believes in humanity is troubled when there are deaths, especially when innocent children die,” Modi said while seated alongside the Russian president.

“As a friend, I have always said that peace is necessary for the prosperity of future generations, but I also know that on the battlefield, solutions aren’t easy to come by between guns, bombs and bullets. We have to adopt a path to peace through dialogue,” he added.

This post appeared first on cnn.com

A witty pun about a sailing trip has been crowned the funniest joke told at this year’s Edinburgh Festival Fringe.

Thousands of performers flock to Scotland’s capital each year to entertain and delight crowds at the Fringe.

British entertainment channel U&Dave, owned by British broadcaster UKTV, has handed out the “Funniest Joke of the Fringe Award” for the last 15 years, according to a UKTV news release on Monday.

Despite vast competition, comedian Mark Simmons won with his gag: “I was going to sail around the globe in the world’s smallest ship but I bottled it.”

A panel that included leading UK comedy critics and comedians attended hundreds of shows across the festival and submitted their 10 top gags.

A shortlist of jokes that were anonymized was then presented to 2,000 members of the British public to vote on the one that evoked the most laughter.

“I’m really chuffed to win U&Dave’s Funniest Joke of the Fringe,” Simmons said in the release. “I needed some good news as I was just fired from my job marking exam papers, can’t understand it, I always gave 110%.”

Simmons became a comedian after his friend convinced him to do an open-mic night, and he began performing solo at the Edinburgh Fringe in 2014, according to the release.

This is the first time he has won the top joke prize, with his humorous one-liner being taken from his PHB’s Free Fringe show at Liquid Room Annexe.

The runner-up was this joke by comedian Alec Snook: “I’ve been taking salsa lessons for months, but I just don’t feel like I’m progressing. It’s just one step forward… two steps back.”

Hosted in Scotland’s capital annually, the Fringe is the world’s largest arts festival.

Gags that made the top 10:

1. “I was going to sail around the globe in the world’s smallest ship but I bottled it.” Mark Simmons

2. “I’ve been taking salsa lessons for months, but I just don’t feel like I’m progressing. It’s just one step forward… two steps back.” Alec Snook

3. “Ate horse at a restaurant once – wasn’t great. Starter was all right but the mane was dreadful.” Alex Kitson

4. “I sailed through my driving test. That’s why I failed it.” Arthur Smith

5. “I love the Olympics. My friend and I invented a new type of relay baton: well, he came up with the idea, I ran with it.” Mark Simmons

6. “My dad used to say to me ‘Pints, gallons, liters’ – which, I think, speaks volumes.” Olaf Falafel

7. “British etiquette is confusing. Why is it highbrow to look at boobs in an art gallery but lowbrow when I get them out in Spoons?” Chelsea Birkby

8. “I wanted to know which came first the chicken or the egg so I bought a chicken and then I bought an egg and I think I’ve cracked it.” Masai Graham

9. “My partner told me that she’d never seen the film Gaslight. I told her that she definitely had.” Zoë Coombs Marr

10. “The conspiracy theory about the moon being made of cheese was started by the hallouminati.” Olaf Falafel

This post appeared first on cnn.com