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Fri, 05 Jun 2026 21:20:00 +0000 Trump Tells "Less Shackled" Pulte To Fire Intelligence Officials As Senate Blocks FISA Extension
Trump Tells "Less Shackled" Pulte To Fire Intelligence Officials As Senate Blocks FISA Extension
When has the Senate ever not increased government spy powers? When President Trump installs Bill Pulte as acting DNI and instr
Read more.....
Trump Tells "Less Shackled" Pulte To Fire Intelligence Officials As Senate Blocks FISA Extension
When has the Senate ever not increased government spy powers? When President Trump installs Bill Pulte as acting DNI and instructs him to start kicking hornet nests, apparently.
In a WSJ interview published Friday, Trump revealed he has directed incoming acting Director of National Intelligence Bill Pulte to begin the process of firing a large number of employees as part of a major shake-up of the U.S. intelligence community. Trump described the Office of the Director of National Intelligence (ODNI) as “unnecessary and/or too big” and said he wants it made “much smaller” - and possibly even terminated.
“I’d like to see it smaller. I think there are a lot of people in there that shouldn’t be there ,” Trump said, targeting holdovers from prior administrations. He told Pulte to “start the process” of firings, noting that Pulte’s acting status makes him “less shackled” and gives him more power in the short term to do the “hard work” of downsizing before a permanent director is confirmed. Trump compared the approach to Education Secretary Linda McMahon’s efforts to shrink her department.
This aggressive move comes as the Senate early Friday morning blocked a procedural motion to extend a key provision of the Foreign Intelligence Surveillance Act (FISA) , in a 47-52 vote that saw seven Republicans join nearly all Democrats in opposition. The timing of Trump’s decision to name federal housing finance regulator Pulte as acting Director of National Intelligence played a central role in the backlash.
Senate Majority Leader John Thune acknowledged that "the naming of Pulte to that position, although the timing arguably wasn't the best," still should not derail such a critical national security measure according to AP . However, the backlash proved too strong.
Democrats and several Republicans viewed Pulte's lack of intelligence-community experience and past controversies as disqualifying for leading the 18 U.S. intelligence agencies.Sen. Mark Warner (D-VA), the top Democrat on the Senate Intelligence Committee, said a negotiated "compromise" on a strong FISA bill had been reached with Chair Sen. Tom Cotton - but the "complete irresponsibility of putting forward" Pulte changed the equation.
Warner questioned giving Pulte "the keys to the 18 intelligence agencies."
Sen. Ron Wyden (D-OR) framed the bipartisan vote as a stand against warrantless surveillance of Americans' communications.
Trump himself walked back the move on Thursday, saying Pulte would not be his permanent nominee for the role.
The blocked FISA provision would have extended warrantless collection of foreign-target communications (which can incidentally capture Americans’ data). The dramatic personnel and structural changes Trump is pushing through Pulte at this exact moment intensified opposition and contributed to the Senate’s inability to advance the extension before its June 12 expiration.
Thune indicated the Senate will try again next week, but any deal would still need 60 votes to advance - and the House has its own complications, including disagreements over a central bank digital currency provision.
Pulte's acting appointment, announced at a sensitive moment in FISA negotiations, provided opponents with leverage to slow the process and demand more accountability on both surveillance reform and leadership qualifications.
Tyler Durden Fri, 06/05/2026 - 17:20 Close Fri, 05 Jun 2026 21:00:00 +0000 Rubio Backs Bolivia's Government As Protests Trigger Food, Fuel Shortages
Rubio Backs Bolivia's Government As Protests Trigger Food, Fuel Shortages
Rubio Backs Bolivia's Government As Protests Trigger Food, Fuel Shortages
Authored by Evgenia Filimianova via The Epoch Times,
The United States has pledged additional emergency assistance to Bolivia as protests and road blockades deepen shortages of food, fuel, and medical supplies across the South American country.
U.S. Secretary of State Marco Rubio spoke with Bolivian President Rodrigo Paz on June 4 and discussed efforts to address growing shortages caused by nationwide unrest.
“The Secretary noted the United States is ramping up emergency assistance and logistics operations support in Bolivia to help those facing acute food and medical shortages due to illegal roadblocks intended to destabilize Bolivian society,” U.S. State Department spokesperson Tommy Pigott said on June 4.
Pigott said Rubio reaffirmed “the United States’ unwavering commitment to support Bolivia’s democracy and the Paz Administration” as the country works through a political and economic crisis.
Paz’s government faces mounting pressure from labor unions, peasant groups, miners, and supporters of former Bolivian President Evo Morales, who have staged protests and road blockades across the country.
Blockades Disrupt Supplies
The unrest began with a workers’ strike in May and later expanded into road blockades that cut off access to the neighboring cities of La Paz and El Alto, which together are home to about 2 million people.
Protesters are demanding that the government reverse austerity measures and address rising living costs.
Blockades organized by the federation of trade unions representing peasants and miners, the Bolivian Workers’ Central (COB), and other groups have depleted food supplies in La Paz and left hospitals struggling to obtain oxygen.
Women wearing traditional dress known as "cholitas" take part in a march calling for the resignation of President Rodrigo Paz, in La Paz, on May 22, 2026. Aizar Raldes / AFP via Getty Images
The demonstrations have also exposed broader economic tensions, with protesters calling for higher wages, improved fuel supplies, and access to additional mining areas. Public school teachers are separately negotiating for salary increases.
COB in a June 2 statement on Facebook called for Paz’s resignation and said his administration had failed to govern effectively.
The organization also demanded the release of detainees, an end to what it described as persecution against its leaders, and measures to guarantee fuel and food supplies, and called for a permanent state of emergency.
The Bolivian Highway Administration (ABC) reported 84 roadblocks nationwide on June 4, according to a June 5 report by Bolivian newspaper El Deber.
Government Actions
Paz has called for dialogue while also pursuing measures to reopen blocked roads.
On June 3, he appointed Ernesto Justiniano as defense minister following the departure of Marcelo Salinas, who stepped down on June 2.
“The immediate task is to restore normalcy: passable roads, supplies, medical care, work and peace,”
Paz said in a June 3 post on X that Justiniano would help restore stability and improve conditions for Bolivians. The president said he had sent a ?bill ?to congress authorizing joint police ?and military operations to clear roads.
He accused some protesters of attempting to divide the country through “lies, violence, and blockades” while emphasizing his commitment to democracy and dialogue.
People line up to buy gasoline in plastic containers in the Calacoto neighborhood of southern La Paz, Bolivia, on June 2, 2026. Jorge Bernal / AFP via Getty Images
Paz also called for the creation of humanitarian corridors to allow food, medicine, and fuel to reach communities affected by the protests.
On June 4, he said his government remained willing to negotiate with protest groups.
“Today we took another step toward strengthening dialogue, a key tool for finding solutions to conflicts,”
“I repeat it, and I will continue to do so: we have every willingness to listen to and address the demands of the mobilized sectors.”
The crisis has become an early test for Paz, whose October 2025 election ended two decades of left-wing rule in Bolivia.
Bolivian President Rodrigo Paz holds a press conference in La Paz, Bolivia, on May 20, 2026. Claudia Morales/Reuters
Paz, a member of the Christian Democratic Party, took office promising economic reforms and stronger action against corruption and drug trafficking. His government has argued that some demonstrations are politically motivated and designed to destabilize the administration.
Rubio said on May 20 that Washington stood firmly behind Bolivia’s constitutional government and would oppose any attempt by criminals or drug traffickers to remove democratically elected leaders from power.
Tyler Durden Fri, 06/05/2026 - 17:00 Close Fri, 05 Jun 2026 20:40:00 +0000 "Massive Fumble": Chicago Bears Leave Blue State Illinois For Indiana After Century Of Football
"Massive Fumble": Chicago Bears Leave Blue State Illinois For Indiana After Century Of Football
After 106 years of Chicago Bears football in Chicago, the franchise announced it will relocate to pursue a new stadium development about
Read more.....
"Massive Fumble": Chicago Bears Leave Blue State Illinois For Indiana After Century Of Football
After 106 years of Chicago Bears football in Chicago, the franchise announced it will relocate to pursue a new stadium development about 25 miles away in Hammond, Indiana.
"Yesterday, the Chicago Bears Board of Directors met and voted to advance our stadium development project in Hammond, Indiana, with the exact site yet to be selected ," Chicago Bears Chairman George H. McCaskey and President & CEO Kevin Warren wrote in a statement.
The statement continued, "We believe a world-class stadium project in Hammond will transform the region, connecting Northwest Indiana to the South Side of Chicago through the Loop and across neighborhoods and suburbs stretching north of the city. It will bring Chicagoland together and deliver new opportunities to its residents and businesses ."
The abrupt move follows years of stalled stadium talks in Illinois, where the Bears explored several land development options across the Chicago metro area but failed to secure the public funding needed for a new venue. Recently, Indiana swooped in and passed a funding bill in less than 60 days, providing the team with incentives to build in Hammond.
The Bears currently play at Soldier Field, the NFL's oldest and smallest stadium, with a lease running through 2033.
The NFL team made no mention of whether state tax policy played a role in the move, nor whether violent crime was a factor.
Here's what X users are saying:
But it certainly appears the Chicago Bears voted with their feet, leaving a chaotic blue state for a more business-friendly red one . This trend is similar to what corporations across the country have been doing. Samsung was the latest to move from left-wing-controlled New Jersey to Texas .
Tyler Durden Fri, 06/05/2026 - 16:40 Close Fri, 05 Jun 2026 20:20:00 +0000 Questions & Answers
Questions & Answers
Questions & Answers
Authored by James Howard Kunstler,
"I’m the look-around candidate. All you have to do to understand why I’m surging in the polls is just look around. . . ."
- Spencer Pratt
Just watch in wonder and nausea as California’s mail-in ballots dribble in, providing a real-time demonstration of the “Our Democracy” party spitting in the country’s face again, since everybody knows exactly what’s going on.
Meanwhile, the Senate voted down the SAVE Act again this week by 52 to 48 for. . . reasons . But, hey, cheer up, it’s Pride Month. At the same time that California was queering its own “jungle primary,” a troupe of drag queens swanned and capered around New York’s City Council Chamber in what was called a “Pride Ball” (actually more of a show than a ball ).
And what it really showed is that the party running New York City has no shame. How, exactly, does mental illness intersect with the public interest , you might ask? Historians of the future, roasting armadillos-on-the-half-shell over their campfires, will probably figure it out. For now, you must pretend that no such question even exists. Don’t bother asking. Just go along with the gag.
Here’s a scene you might like to see: As you know by now, the president has nominated Acting Attorney General Todd Blanche to be the Senate-confirmed full-on, bona fide AG. But Senator Thom Tillis (R-NC) says he would require Mr. Blanche to declare that the Jan 6, 2021, Capitol riot was “an insurrection.” Wouldn’t it be fun to hear Mr. Blanche reply by saying, “Can’t do that, sir, because the DOJ has an ongoing case that involves dozens of federal officers from several agencies instigating the events of that day in collusion with members of Congress and the US military, and, well, I can say no more about that at this time. . . .”
Similarly, election fraud. Just days ago, Mr. Trump, told Miranda Divine of The New York Post , “We had a rigged election [2020], we can’t have rigged elections. We know who rigged the election. We know everything now. . . we have information that nobody thought was possible. . . . Let’s see what happens.”
Hmmmm. . .. Wouldn’t that prompt you to suspect that the DOJ has a case, or multiple cases, involving 2020 election fraud cooking on its stove? Recall that not long ago the FBI seized 700 boxes of evidence from the Fulton County Election Hub in Union City, GA. And another truckload out of Maricopa County, AZ. Do you think they’ll discover some, er, irregularities in all that? Perhaps eye-wateringly blatant?
Would it not then be urgent to seek indictments of actual persons, if any are deserved, well before November, so that measures could be taken to preclude more fraud and cheating in the midterm election — measures like . . . passing the SAVE Act!
How might Majority Leader John Thune explain his intransigence on the matter in the face of all that? Or, like New York’s City Council, does he have no shame?
In another momentous development this week, the new management at CBS-News cashiered 60-Minutes star Scott Pelley for apparent insubordinate behavior in a confab with the show’s newly-hired Executive Producer Nick Bilton and Mr. Bilton’s boss, Editor-in-Chief Bari Weiss. They had already sacked the querulous Sharyn Alfonsi a week earlier. Of course, 60-Minutes , with its giant audience following NFL games, was one of the main units in the Deep State’s gaslighting apparatus, and Mr. Pelley burned brightest there for years, flaring out one lying-ass narrative after another from the Russia Collusion hoax to 2020 election fraud to the Jan 6 fake “insurrection,” with the same burnished arrogance he showed his new bosses. Gone now. . . buh-bye. Next up, Lesley Stahl (“Sir!!! Sir !!!”), and the self-important prick Bill Whitaker. Fire them all!
If you seek to understand why the American public is so deeply bamboozled, it is largely the utter failure of the news business. You can trace that to a couple of signal changes of policy. One was the 1987 repeal of the FCC’s “Fairness Doctrine,” which required TV stations holding federal licenses to cover controversial public issues in a “fair and balanced manner.” The other was the 2013 “modernization” (under Barack Obama) of the Smith-Mundt Act (1948), which had prohibited the US government from “propagandizing” its own citizens — and after “modernization” turned squishy on that.
The 1975–1976 (Sen. Frank) Church Committee — the Senate Select Committee to Study Governmental Operations with Respect to Intelligence Activities — documented that the CIA had long-term secret relationships with dozens of U.S. journalists. This is casually referred to as “Operation Mockingbird.” Since the Church Committee, it has only gotten much worse as the Deep State struggles to cover-up layer upon layer of crimes it keeps committing. The nightly news shows now are just anchors and “panelists” shooting their mouths off. The news itself goes mostly unreported. A big reason is that broadcast news now employs nearly zero correspondents in-the-field. Nobody is out there reporting on events. They don’t want to spend the money. So, the news just spins and spins, mostly in the service of manufactured lies.
Also last week, famous New York Time s columnist and fake Nobel economics prize-winner Paul Krugman put out a video calling for the “purging” of MAGA and everything MAGA-adjacent from American life — when his team (the party of “Our Democracy”) comes back to power, as it must.
He didn’t detail whether this process would entail internment camps and crematoriums, but you could infer as much from his tone.
Kinda gives you a clue of where their heads are at.
Tyler Durden Fri, 06/05/2026 - 16:20 Close Fri, 05 Jun 2026 19:40:14 +0000 Ringing The Bell: Meta Plunges On Report It May Sell "Tens Of Billions" In New Stock
Ringing The Bell: Meta Plunges On Report It May Sell "Tens Of Billions" In New Stock
They don't ring the bell at the top, but they sure do sell a lot
With SpaceX, Anthropic and OpenAI look
Read more.....
Ringing The Bell: Meta Plunges On Report It May Sell "Tens Of Billions" In New Stock
They don't ring the bell at the top, but they sure do sell a lot
With SpaceX, Anthropic and OpenAI looking to IPO hundreds of billions in common stock (not counting even more hundreds of billions in lock up expirations that will hit the market soon)...
... coupled with Google's record $80 Billion follow on offering (of which half was a memestock-esque At The Market offering direct to retail), suddenly the cash-incinerating AI companies - already full to the gills with SPV and various other forms of debt - are realizing that if they don't move fast they will miss the boat.
And sure enough, FT reports that arguably the biggest cash burner of the lot, Meta, is considering raising tens of billions of dollars in a stock offering as it seeks new sources of capital to fund Mark Zuckerberg’s vast ambitions in AI, following the launch of Google’s record $85bn share deal this week.
According to the report, company execs have been exploring “creative” ways to raise cash as it prepares to sharply boost its AI-related capital expenditures to as much as $145bn this year and even higher in 2027, according to three people familiar with the plans.
The discussions intensified after the success of Google parent Alphabet’s equity raising this week, which was increased by $5bn after strong investor demand, but - as noted above - GOOGL has a much more viable cash flow profile than Meta, which will be FCF negative this year.
The news sent META stock plunging to the lowest level since early April.
Meta’s decision to consider a fresh share sale comes amid a frenzy of activity in US equity capital markets, with Elon Musk’s SpaceX set to hold its initial public offering next week and AI groups Anthropic and OpenAI also working on plans for massive Wall Street debuts.
Mega tech companies have also tapped debt markets - which as we said last year AI is also now a bubble - as they rush to finance AI infrastructure, including chips and data centers.
Meta CFO Susan Li is leading the talks over the potential share sale alongside Dina Powell McCormick, who moved from Meta’s board to take a more active role as president in January. Powell McCormick has been tasked with overhauling Meta’s approach to AI infrastructure and financing, with a focus on longer-term planning as it enters the most capital-intensive period in its history.
Meta must find new ways to fund the huge data centers needed to train and run advanced AI models to fulfil Zuckerberg’s vision for “personal superintelligence” delivered through Facebook, WhatsApp and Instagram, as well as a family of AI-powered wearables such as smart-glasses and voice pendants.
Meta has not yet hired banks and ultimately may not issue new stock. One person cautioned that it was “premature” to say that the company had decided what to do and all financing options remain on the table. A Meta spokesperson said the share sales talks were “pure speculation”, but added “we’ve been clear that huge opportunities lie ahead in AI, and we’ll continue focusing on raising capital in the most flexible ways to support that”.
A person familiar with Meta’s discussions said the group had looked at the structure of Alphabet’s capital raising, which included “mandatory convertible preferred issuance”. This allows it to raise cash immediately, but defers the stock issuance potentially for years.
According to the FT report, Goldman Sachs would be in a strong position to win the Meta mandate considering Powell McCormick spent 16 years at the investment bank. The Wall Street bank led the Google deal announced this week.
As noted above, Meta exces are conscious that they will have to move fast if they decide to raise equity to ensure capacity and investor enthusiasm remain amid a historic glut of activity in US public markets. SpaceX is set to raise as much as $86bn next week in an IPO that would value the group at $1.78tn. Claude maker Anthropic has confidentially filed for its own listing and rival OpenAI is also preparing to go public. Both are expected to raise tens of billions and attract $1tn-plus valuations.
Analysts say that Meta’s Big Tech rivals such as Microsoft and Amazon are also likely to be considering their own stock sales as their data centre spending surges and investors question the impact on their balance sheets.
Meta has already raised fresh capital through new means and innovative structures. The company had less than $10bn in long-term debt as recently as 2022, but borrowed $55bn in globe-trotting deals in recent months. In October, it raised $27bn in a bond sale through a joint venture with private capital firm Blue Owl to build a Manhattan-sized data centre in Louisiana dubbed “Hyperion”. Something we warned would soon become an off balance sheet template for all Mag 7s.
Meta has also been conserving capital by cutting costs and other means. Last month it fired 8,000 people and stopped hiring for 6,000 roles.The company also halted share buybacks in late 2025 after repurchasing its shares regularly since 2017.
Google paused its buyback programme in the first quarter after repurchasing about $45bn last year, according to FactSet data and company filings.
Finally, those wondering why the Mag 7s are rushing to sell stock instead of do much cheaper debt offerings, we gave the answer exactly a month ago: "Banks Are Choking": The AI Debt Bubble Has Started To Burst.
Which only leaves equity sales, and just like that what went up in the past 2 months, is rapidly coming down.
Tyler Durden Fri, 06/05/2026 - 15:40 Close Fri, 05 Jun 2026 19:40:00 +0000 Coinbase To Launch Token-Backed Mortgage Down-Payments This Summer
Coinbase To Launch Token-Backed Mortgage Down-Payments This Summer
Coinbase To Launch Token-Backed Mortgage Down-Payments This Summer
Authored by Turner Wright via CoinTelegraph.com,
Cryptocurrency exchange Coinbase will allow qualified borrowers to pledge digital assets to fund Fannie Mae-backed mortgage apartments beginning this summer.
In a Thursday notice, Coinbase and its partner, Better Home & Finance, said the mortgage structure plan launching “by summer 2026” will allow borrowers to initially use Bitcoin (BTC ) or USDC (USDC ) as collateral for loans to fund down payments for homes. The initiative, first announced in March , represented a significant shift in companies allowing digital assets to be used for financing houses.
“We’re excited to expand access to all qualified borrowers to fix an ongoing issue: buyers who qualify on every measure that matters but cannot clear the down payment hurdle because their wealth isn’t where the system expects to find it,” said Better founder and CEO Vishal Garg.
Garg said in a March post on X:
“This isn’t a niche thing. It’s what everyone is going to do once most financial assets are tokenized. It’s just a better way to buy a house.” The move by Coinbase and Better followed US regulatory agencies under the Trump administration being friendlier to crypto companies and more accepting of digital assets integrated with traditional finance. In June 2025, the US Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to consider crypto as an asset in mortgage risk assessments without requiring a conversion into fiat.
Other mortgage lenders have made similar moves since the FHFA order. In February, Newrez began allowing borrowers to use their cryptocurrency holdings to qualify for a mortgage application.
Source: Bill Pulte
Volatile crypto-backed mortgages scrutinized for political motivations
Although the price volatility of cryptocurrencies like Bitcoin may present challenges to the mortgage plan, some US lawmakers have accused FHFA head Bill Pulte of being “unduly influenced” by President Donald Trump in supporting such policies.
“Expanding underwriting criteria to include the consideration of unconverted cryptocurrency assets could pose risks to the stability of the housing market and the financial system,”
Republican lawmakers, including crypto proponent Cynthia Lummis, have proposed codifying the FHFA order into law. She introduced the 21st Century Mortgage Act in July 2025, saying government agencies “must evolve to meet the needs of a modern, forward-thinking generation.”
Tyler Durden Fri, 06/05/2026 - 15:40 Close Fri, 05 Jun 2026 19:00:00 +0000 Ohio State University Reaches $100 Million Settlement With Nearly 300 Sex Abuse Survivors
Ohio State University Reaches $100 Million Settlement With Nearly 300 Sex Abuse Survivors
Ohio State University Reaches $100 Million Settlement With Nearly 300 Sex Abuse Survivors
Authored by Jasper Ward via The Epoch Times ,
Ohio State University has reached a $100 million settlement with nearly 300 former students who had accused the school's campus doctor of sexually assaulting them decades ago, the school and a lawyer for the victims said on Wednesday.
The Ohio State University campus in Columbus, Ohio, U.S., November 25, 2020. Megan Jelinger/Reuters The settlement with 279 of the 280 former students was ratified by the university's board on Wednesday. It followed years of litigation over accusations of decades of abuse by Richard Strauss.
The abuse occurred from 1978 to 1998 , the year he retired from the faculty.
"The mediation and its confidentiality are continuing as the parties work to finalize the details of the settlements, and additional information will be shared as appropriate," the school and a lawyer for the victims said in a joint statement.
In February, the university reached eight additional settlements, bringing the total to 304 survivors and more than $60 million.
Strauss, who killed himself in 2005, was employed by Ohio State's athletic department and medical staff for nearly two decades.
A 2019 report detailing the investigative findings said that Strauss had sexually abused at least 177 men, nearly all of whom were students, and that university staff who knew of the abuse failed to act. The abuse included groping and fondling of the students' genitals and other acts under the guise of a medical examination.
News of the investigation and its findings prompted more than 500 plaintiffs to sue Ohio State, alleging they had been sexually abused by Strauss and that the school had shown deliberate indifference.
Tyler Durden Fri, 06/05/2026 - 15:00 Close Fri, 05 Jun 2026 18:00:00 +0000 Fannie, Freddie Jump After Trump Floats $1 Trillion Valuation
Fannie, Freddie Jump After Trump Floats $1 Trillion Valuation
Fannie Mae and Freddie Mac shares jumped on Friday morning after President Trump said late Thursday that the mortgage giants were "probably wort
Read more.....
Fannie, Freddie Jump After Trump Floats $1 Trillion Valuation
Fannie Mae and Freddie Mac shares jumped on Friday morning after President Trump said late Thursday that the mortgage giants were "probably worth $1 trillion ," reviving Wall Street hopes for a long-awaited exit from government control.
President Trump praised FHFA Director Bill Pulte on Thursday for turning around Fannie Mae and Freddie Mac, saying the mortgage giants "probably have $1 trillion in value ."
Full transcript:
"...a person who's got high integrity. He's done a phenomenal job at Fannie Mae, Freddie Mac. You probably have $1 trillion in value there . When he took over it was much less, and I guess I'm responsible for that too because everybody wanted me to sell it in my first term for 10% of what it's worth right now. If I would've sold it, we would've lost $900 billion. We would've lost. Think about it. It's probably worth $1 trillion. People want me to sell it at $100 billion — a very small percentage of what it's worth now. And he built up a lot. Did a great job. And it's an acting position. He is not going to be permanent because I don't think you'd want to be. But he was a smart guy. You may find out some things about the rigged elections, etc. etc. I think he wants to do it. He's got a lot of energy but will be very good. He's not a permanent position. We're looking at — we are interviewing people right now. But it is somebody just to take over for a little while."
Fannie and Freddie were both up in the early cash session, rising 5% and 3%, respectively. Shares in both mortgage giants tumbled earlier this week after Trump named Pulte as acting Director of National Intelligence , raising concerns that the dual role could delay the sale of the government's stake.
As of Friday morning, Fannie shares are down 34% YTD, while Freddie has slumped 38% YTD, as traders grow uneasy over the pace of the Trump administration's privatization plans. Optimism around potential share sales drove large gains in 2025.
Bose George, managing director at Keefe, Bruyette & Woods (KBW), wrote in a note, "We're comfortable with our most recently published numbers on the valuation—a current combined fair value in the $200–$250 billion range."
Related:
Christopher Maloney, mortgage strategist at BOK Financial, noted, "I don't believe I will ever see Fannie and Freddie released from conservatorship, at least not in my lifetime."
Tyler Durden Fri, 06/05/2026 - 14:00 Close Fri, 05 Jun 2026 17:40:00 +0000 University Of Oregon Grapples With Budget Crisis After Years Of Woke Excess
University Of Oregon Grapples With Budget Crisis After Years Of Woke Excess
University Of Oregon Grapples With Budget Crisis After Years Of Woke Excess
Authored by Jonathan Turley,
It appears that being unrelentingly woke means that you need fewer dormitories. The University of Oregon is facing a major budget crisis and will cut $65 million from its budget and close dorms due to low enrollment. That growing crisis, however, did not stop Oregon from burning almost a million dollars fighting against free speech. It also did not induce its faculty to offer greater intellectual diversity and tolerance to prospective students. Oregon is a cautionary tale for a generation of academic social warriors, but also an opportunity for those who want to restore balance in higher education.
Oregon has long been an example of academic orthodoxy. While most state schools begrudgingly yield to First Amendment demands and offer better free speech alternatives to private universities, Oregon is known as a hardened silo for the far left in teaching.
We previously discussed how Portland State University Professor Bruce Gilley, who was blocked from the Twitter account of the University of Oregon’s Division of Equity and Inclusion after tweeting “All men are created equal.” Oregon spent almost a million dollars fighting to bar such speech.
Such controversies have plagued the university for years, with no sign of self-examination by administrators or academics. The university was criticized for its monitoring of social media to punish errant thoughts or microaggressions. The law school’s law review was accused of anti-Israel discrimination .
The school previously gave special recognition to University of California (Santa Barbara) Professor Mireille Miller-Young , who criminally assaulted pro-life advocates on the campus of the University of California at Santa Barbara. At the University of Oregon, she was honored as a featured speaker at the University of Oregon’s Department of Women’s, Gender, and Sexuality Studies. Part of its “black feminist speaker series, ” Miller-Young’s work was highlighted by the College of Arts and Sciences and the Department of English to show “the radical potential of black feminism in the work that we do on campus and in our everyday lives .”
Now, the school is facing declining revenues and enrollments .
President Karl Scholz recently announced that this was due to lower out-of-state first-year enrollment, which means lower tuition revenue, increased costs, and a loss of grant funding.
Strangely, while closing dorms, the school is still building two new dorms.
Putting aside the school’s past budget judgment and discipline, the university’s reputation for intellectual orthodoxy deters many who do not want to pay tuition for their children to be indoctrinated or silenced. Even with plunging trust in higher education , administrators and faculty cannot resist the temptation to exclude opposing voices.
Oregon is not the only school facing such shortfalls. Some woke institutions have closed entirely . The irony is that faculty would seem to prefer to see their institutions die than restore balance to their departments. However, this may offer a real opportunity for legislators and donors to force real changes in the culture of these schools.
As I have previously written , parents and students who value free speech must increasingly look to public universities where faculty are subject to constitutional guarantees. Public universities may be the final line of defense for free-speech advocates.
We now largely have two systems of higher education for those seeking education with a diversity of opinions and viewpoints. Except for outliers like the University of Chicago and other private universities holding the line on free speech, the orthodoxy found at private universities remains a barrier to many conservative and independent thinkers.
If we are to protect these bastions of free speech, legislatures will need to play a more active role in addressing the exclusion of both faculty candidates and speakers on public campuses. Too many faculty members continue to take the view that citizens are a captive audience expected to continue funding their departments, while excluding conservative or dissenting views held by many, if not most, citizens in a given state.
If faculty members want to continue maintaining echo chambers for their own viewpoints, they should have to seek private donors to sustain such intolerance and orthodoxy.
Legislatures can demand evidence that schools are maintaining intellectually diverse faculties in determining the level of continued support from citizens.
When some of us have argued for such campaigns, academics hypocritically claim that we are calling for political litmus tests or hiring based on political parties. It is an absurd argument that I have previously addressed, including in my book “ The Indispensable Right: Free Speech in an Age of Rage .”
The call is for donors and legislators to withhold funding until they see real reforms, including greater diversity on faculties. They are not directing the hiring but looking at the results. The faculty members objecting to such calls have watched passively (or actively supported) the purging of conservative or libertarian faculty from universities and colleges.
When confronted by their own obvious ideological litmus tests, they shrug. Some acknowledge that their departments are overwhelmingly liberal, but insist that they just cannot find “competent” or “intellectually promising” conservatives. A few will admit that they do not believe that conservative views have a place in their departments.
It is impossible to deny the purging of faculties to create an academic echo chamber. If a large corporation effectively eliminated women or minorities while claiming no conscious discrimination, they would be trounced in court.
For years, I have raised concerns about the intolerance in higher education and surveys showing that many departments no longer have a single Republican as faculty members replicate their own views and values. There is no evidence that any faculty members (including those acknowledging the loss of virtually all faculty from the right of center) are honestly willing to reform their schools.
That ideological echo chamber is hardly an enticement for many facing rising tuition costs and relatively little hope of being taught by faculty with opposing views.
A Georgetown study recently found that only nine percent of law school professors identify as conservative at the top 50 law schools — almost identical to the percentage of Trump voters found in the new poll.
There is little evidence that faculty members are interested in changing this culture or creating greater diversity at schools. In places like North Carolina State University a study found that Democrats outnumbered Republicans 20 to 1.
As college and university presidents face these shortfalls, it is time for legislators and donors to demand real proof of diversity in hiring and a change in the culture of these institutions. Otherwise, schools like Oregon will continue to close dorms as they push wokeness over wisdom.
Tyler Durden Fri, 06/05/2026 - 13:40 Close Fri, 05 Jun 2026 17:20:00 +0000 "The Rebirth Of America's Nuclear Industry": Antares Microreactor Goes Critical
"The Rebirth Of America's Nuclear Industry": Antares Microreactor Goes Critical
Antares just did something that has been painfully rare in American nuclear energy: it took a privately developed advanced reactor from concept
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"The Rebirth Of America's Nuclear Industry": Antares Microreactor Goes Critical
Antares just did something that has been painfully rare in American nuclear energy: it took a privately developed advanced reactor from concept to actual criticality on an aggressive, publicly stated schedule.
On June 4th at Idaho National Laboratory (INL), the company’s Mark-0 microreactor achieved initial zero-power fueled criticality under the Department of Energy’s Reactor Pilot Program.
When a reactor goes critical, it is experiencing a self-sustaining chain reaction of fissioning uranium atoms inside of its core. A zero-power fueled criticality means the reactor was taken critical at an extremely low power level to prevent any heat production or significant radiation and facilitate data collection.
It is the first advanced reactor to hit that mark in the program and the first privately developed non-light-water reactor to reach criticality in the United States in more than four decades.
This is not another rendering or licensing milestone:
Fission happened
Ahead of schedule
We have been tracking the microreactor industry’s rapid evolution across multiple articles. The handful of developers positioning under the new DOE fast-track authorities created by President Trump’s May 2025 executive orders .
In early April we detailed Antares securing the first-ever Documented Safety Analysis approval for an advanced reactor under DOE-STD-1271, which is a regulatory green light viewed as equivalent to an NRC license for their test reactor.
We covered their selection for the Air Force’s Advanced Nuclear Power for Installations program at Joint Base San Antonio. And just last week we reported on their groundbreaking multi-year commercial HALEU supply agreement with Urenco, the first long-term commercial contract of its kind, securing fuel for scale beyond limited government allocations.
Today’s criticality is the concrete payoff from that string of updates.
The Mark-0 demonstration validates key reactor physics and overall system performance for Antares’ broader R1 transportable microreactor design. The unit is sized for 100 kWe to 1 MWe, with a targeted refueling interval of more than six years, factory-fabricated modularity, and high-temperature heat pipes.
It uses TRISO fuel fabricated by BWX Technologies, drawing directly on the fuel specification and manufacturing work matured under the Department of Defense’s Project Pele military microreactor program. The U.S. Army was integrated throughout as a future end user.
Energy Secretary Chris Wright called it fitting on the eve of the nation’s 250th anniversary : the first new privately developed non-light-water reactor criticality in America in over 40 years. Assistant Secretary Ted Garrish noted the skeptics who doubted the Reactor Pilot Program could deliver criticality in less than a year. ANS President Mark Peters congratulated the team but correctly framed criticality as “a starting line, not a finish line.”
U.S. Chief Technology Officer Dr. Ethan Klein was a little more enthusiastic ...
Antares CEO Jordan Bramble on making history: “Hitting our commitments is everything to us. Nuclear in America has been defined for too long by delays, by companies that said they would and then didn’t. We said criticality in 2026, electricity production in 2027, and power to the warfighter in 2028. Today is the first of those commitments delivered on the schedule we set .”
The company went from concept to a critical reactor safely in less than 12 months.
Criticality is the starting line. But for the first time in a long time, that line just got crossed on a credible, aggressive timeline rather than a bureaucratic one. The microreactor race has a clear early leader in execution. The question now is whether the rest of the industry and the policy apparatus treat this as the new baseline, or simply another headline before the next round of delays sets in.
Tyler Durden Fri, 06/05/2026 - 13:20 Close
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