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Tue, 26 May 2026 20:40:00 +0000 Reuters Peddles Fake News After Defense Contractor Misuses Civilian Starlink Terminals
Reuters Peddles Fake News After Defense Contractor Misuses Civilian Starlink Terminals
Reuters Peddles Fake News After Defense Contractor Misuses Civilian Starlink Terminals
Reuters dropped another misleading article today - this time attempting to manufacture drama between the Pentagon and SpaceX over Starlink usage during the Iran conflict.
The story framed routine commercial contract discussions and terms-of-service enforcement as major "tensions" and growing Pentagon reliance giving Elon Musk undue leverage.
Reuters' version of events was that SpaceX used wartime urgency to raise the price of Starlink connections on U.S. drones from roughly $5,000 to $25,000 per terminal , forcing the Pentagon to pay up while exposing how dependent the military has become on Musk-controlled infrastructure.
The reality, according to Musk, is that the dispute centered on a more basic issue: a drone manufacturer or contractor allegedly used civilian Starlink terminals on military weapon systems, including drones, in violation of Starlink's commercial terms of service, when the proper government and defense product is Starshield. In other words, Reuters framed the episode as a price-gouging and leverage story, while SpaceX and the Pentagon framed it as a contract-compliance story involving the misuse of civilian satellite service for weapons applications.
Musk was clear in multiple posts that this is a longstanding policy. Commercial Starlink is not authorized for weapons applications and is shut down when discovered.
The Pentagon also pushed back on the story.
Pentagon officials have emphasized the strong partnership with SpaceX, which provides critical capabilities through its Starshield military variant. Starshield terminals are designed for secure government and defense use, connecting to both commercial and dedicated secure constellations.
The Reuters piece, of course, relied on anonymous sources and selectively presented pricing discussions while ignoring the core issue of contract compliance. Musk has consistently maintained that commercial Starlink terms prohibit weaponization, a point he has reiterated across multiple conflicts.
Tyler Durden
Tue, 05/26/2026 - 16:40 Close
Tue, 26 May 2026 20:20:00 +0000 Defending The Fourth Amendment To Protect Gun Owners
Defending The Fourth Amendment To Protect Gun Owners
Defending The Fourth Amendment To Protect Gun Owners
Authored by John Velleco via Gun Owners of America ,
All gun owners fully understand the vital importance of preserving the Second Amendment. But right behind that Constitutional Amendment in importance is the need to uphold the Fourth Amendment’s protection against unreasonable searches and seizures.
After all, without robust Fourth Amendment rights, we will never have much of a Second Amendment right. For that reason, both Gun Owners of America and Gun Owners Foundation have regularly filed amicus briefs to guard against erosion of Fourth Amendment rights. We recently filed such an amicus brief in the U.S. Supreme Court, asking the High Court to ensure that law enforcement not abuse the investigative technique known as “knock and talk.”
As more and more states seek to ban more and more classes of previously legal firearms, gun confiscation has become an ever-greater threat. Historically, the Fourth Amendment’s protections have been greatest when applied to the home, which also happens to be where most guns are kept. The Supreme Court has discussed the right of a man to retreat into his own home and there be free from unreasonable governmental intrusion.
However, the courts have recognized that police have the right to “knock” on the door of your home, and “talk” to you - if you agree to speak. In Florida v. Jardines , 569 U.S. 1 (2013), the U.S. Supreme Court ruled that all visitors - including the police - have an “implicit license” to “[i] approach the home by the front path, [ii] knock promptly, [iii] wait briefly to be received, and then (absent invitation to linger longer) [iv] leave.” That rule seems entirely reasonable - but it is astonishing how police have come to abuse that “implicit license.”
In a recently decided case from North Carolina, State v. Reel , 297 N.C. App. 205 (N.C. Ct. App. 2024), the police broke every one of the rules, but the search was upheld . The officers suspected drug dealing was going on at a house, so they parked on a side street and crossed the defendant’s side yard - not the front yard. They followed a visitor to the front door, and when the defendant opened the door for the visitor, tried to force their way in behind her. The police never actually knocked. And, they never actually talked - except to demand the door be opened so they could rush in, claiming to have smelled marijuana. When the defendant refused and shut the door, another officer kicked in the door, searching for and seizing drugs. Thus, “knock and talk” was used as a pretext to conduct a warrantless search and seizure in a home. Nevertheless, North Carolina’s two highest courts approved.
GOA’s amicus brief urged the U.S. Supreme Court to impose a “bright-line” rule for law enforcement, so officers would know their limits, and judges would have a clear rule to enforce. We argue that since the “implied license” was based on the fact that any visitor - such as trick-or-treaters or girl scouts - to a house could “knock and talk,” the police could do the same. So we took that justification and suggested it be made the rule – a clear limitation on what the police could do. We proposed the rule to be:
The right of a police officer to conduct a “knock-and-talk” is no greater than a Girl Scout has to approach a house to sell cookies.
Since a Girl Scout cannot walk around your house to the back yard to the back door, neither can the police. Since a Girl Scout cannot come to your house in the middle of the night, neither can uninvited police. No peering through windows. No forcible entry. No hanging around without invitation from the occupant. No repeated trips back to harass the occupant. No surveillance devices. And, the occupant must have the right to refuse to talk, and to revoke the “implied license” for the police to remain and talk whenever he chooses.
The police have a tough enough job. Fuzzy rules of procedure not only jeopardizes the peoples’ liberties, but also law enforcement safety.
Gun owners must be especially vigilant where Fourth Amendment rights are concerned, because the threat of warrantless police sweeps to take guns from law-abiding citizens is not merely theoretical. Not long ago, Texas politician Beto O’Rourke boldly claimed: “Hell yes, we’re going to take your AR-15, your AK-47, and we’re not going to allow it to be used against your fellow Americans anymore.” And the anti-gunners seem to get far more militant every year. Thus, any weakening of the Fourth Amendment jeopardizes the Second Amendment.
GOA will always lead the fight to defend the “right to keep and bear arms,” as well as those other constitutional rights essential to protect guns, and that most definitely includes the Fourth Amendment.
John Velleco is the Executive Vice President of Gun Owners of America.
Tyler Durden
Tue, 05/26/2026 - 16:20 Close
Tue, 26 May 2026 19:40:00 +0000 Lavrov Warns Rubio: Get Diplomats & Americans Out Of Kiev Ahead Of 'Systematic Strikes'
Lavrov Warns Rubio: Get Diplomats & Americans Out Of Kiev Ahead Of 'Systematic Strikes'
Russia has again warned Washington to evacuate embassy staff in Kiev as it prepares to launch "systematic strikes" against the Ukrainian capital
Read more.....
Lavrov Warns Rubio: Get Diplomats & Americans Out Of Kiev Ahead Of 'Systematic Strikes'
Russia has again warned Washington to evacuate embassy staff in Kiev as it prepares to launch "systematic strikes" against the Ukrainian capital, in apparent retribution for last week's deadly Ukrainian drone attack on a college dorm in Starobelsk, in Russian-controlled Luhansk Oblast.
It is further and more broadly warning all foreign persons to exit the Ukrainian capital, which has already been getting pounded at various intervals, stretching back days. Russia's foreign ministry slammed the college dorm attack, which killed and wounded dozens - the "last straw" and that the military will initiate "systematic strikes" on assorted targets across the Ukrainian capital from now on.
The statement condemned the Zelensky government, which "deliberately targets civilians and does not hesitate to murder children in cold blood" - and warned that serious escalation is imminent.
AFP/Getty Images
"This was the last straw . Under these circumstances, the Russian Armed Forces will be launching systematic strikes against the Ukrainian military-industrial complex in Kiev, including locations where UAVs are designed, manufactured, programmed, and prepared for use,” the ministry said.
The Russian military will no go after "decision-making centers and command posts" - the statement featured in state media continued.
In Kiev, city residents and bystanders must stay away from the " military and administrative infrastructure facilities of the Zelensky regime" - the statement additionally warned.
Most significantly, the Kremlin didn't just stop at this general public announcement, but directly notified the US State Department and Secretary of State Marco Rubio himself :
Russia said on Tuesday its government has warned U.S. Secretary of State Marco Rubio to evacuate diplomats and American citizens from Kyiv , as Moscow plots fresh strikes on the Ukrainian capital.
Foreign Minister Sergei Lavrov “officially informed” Washington that Russia would be launching “systematic and consistent strikes” against Ukrainian military facilities and what Moscow called “decision-making centers,” in a call with Rubio on Monday , according to the Russian government.
...The call came after the Russian government issued a statement urging foreign citizens, diplomatic personnel, and international organizations to leave Kyiv, warning that it was preparing to target the capital, with a focus on facilities for designing, manufacturing, and programming drones.
At this moment, there's been little or nothing in the way of any official White House condemnation of the imminent new attacks on the Ukrainian capital.
The fact that Lavrov so bluntly informed his American counterpart is somewhat unprecedented, even after over four years of war. Russia seems to be stating ahead of time that if there's 'collateral damage' against foreign embassies or consulates, that it cannot be blamed.
Tyler Durden
Tue, 05/26/2026 - 15:40 Close
Tue, 26 May 2026 19:20:00 +0000 NYC Mayor Mamdani's Housing Plan Sparks Property-Rights Alarm Over Forced Transfers To Nonprofits
NYC Mayor Mamdani's Housing Plan Sparks Property-Rights Alarm Over Forced Transfers To Nonprofits
Mamdani Releases "Block by Block: The Housing Plan for A New Era"
NYC socialist Mayor Zohran Mamdani releas
Read more.....
NYC Mayor Mamdani's Housing Plan Sparks Property-Rights Alarm Over Forced Transfers To Nonprofits
Mamdani Releases "Block by Block: The Housing Plan for A New Era"
NYC socialist Mayor Zohran Mamdani released "Block by Block: The Housing Plan for a New Era," which presents a sweeping, deeply troubling blueprint to tackle the metro area's deepening housing crisis.
Mamdani told the crowd:
When necessary, we will take aggressive legal action to remove negligent owners and property managers. And for buildings that have suffered chronic neglect, we work to transfer ownership to responsible stewards. Stewards include community land trusts, nonprofits, or even the tenants themselves .
X user Difficult Froyo outlined what he described as the obvious playbook by the socialist mayor:
Rent control so landlords cannot raise rent to properly maintain the property. NYC takes the property and gives it to his political friends that donate to him. This is all going to be a theft scheme.
Another X user asked :
"Insane. If this isn't communism, I don't know what is. Has America really reached the point of communism ?"
Mamdani's backdoor property-seizure strategy will likely spook lenders, insurers, and small landlords. That's because it caps landlord income, allows residential buildings to become distressed, then uses the city's enforcement to push properties into nonprofit, community land trust, or tenant ownership.
Via Inconigto...
The carveout that Mamdani has to allow one-time rent hikes on certain vacant units already shows that Mamdani's team understands that a rent freeze creates financial stress for some affordable-housing owners.
Ahead Of Speech: Mamdani To Carve Out Struggling NYC Landlords From Rent Freeze Experiment
NYC socialist Mayor Zohran Mamdani is expected to announce on Tuesday that certain distressed landlords will be excluded from his proposed rent freeze , offering relief to apartment owners squeezed by debt, rising insurance costs, utilities, and repair bills in the increasingly unaffordable metro area.
Mamdani is expected to make the announcement at Powerhouse Arts in Gowanus, Brooklyn, where he will unveil a plan that would allow eligible owners of apartments financed or regulated by city housing agencies to impose a one-time rent increase on vacant units, even if a broader rent freeze is enacted later this year, according to The Wall Street Journal .
The 34-year-old socialist campaigned on the promise of free bus rides and government-run grocery stores, as well as freezing rents on the city's nearly one million rent-regulated apartments throughout his four-year term, which would offer relief to about 2.4 million residents.
The exemption could apply to roughly 300,000 apartments , about one-third of the city's rent-stabilized stock, though officials expect only hundreds of vacant units to use the rent-increase tool. The move reflects the political and financial pressure Mamdani faces after campaigning on a four-year rent freeze for roughly one million regulated apartments, a pledge that alarmed landlords already squeezed by debt, insurance, utilities, and repair costs.
This rent-freeze exemption will only apply to vacant apartments in the city that are already financed and regulated by the city's housing agencies. Rent increases will be limited by the income caps set by the city. -WSJ
WSJ noted that City Hall has also created a new $5 million loan program to help landlords cover tenants' overdue rent and avoid evictions.
The move comes just ahead of the nine-member Rent Guidelines Board, which is set to vote in June, supporting increases of 0% to 2% on one-year leases and 0% to 4% on two-year leases for rent-stabilized apartments.
The New York Times estimates the median rent-stabilized studio apartment goes for about $1,360 a month, and a two-bedroom rents for about $1,530. The median rent for a market-rate studio is north of $2,000, and for a two-bedroom it's about $2,200.
Last year, the Rent Guidelines Board approved increases of 3% for one-year leases and 4.5% for two-year leases, despite the housing affordability crisis in the metro area.
Related:
These policies are part of Mamdani's long-awaited housing plan, which also includes new efforts to build multi-family buildings and expand tenant protections. He has laid out a goal of building 200,000 new residences.
"When communities don't build new housing, rents stay high, housing choice stays limited, and many New Yorkers are locked out of neighborhoods where their families can thrive," Mamdani's team wrote in a section of the new plan shared with POLITICO reporters ahead of the release.
Mamdani is trying to balance his pro-tenant rent-freeze campaign promise with the reality that parts of the city's affordable housing network are in financial shambles .
Tyler Durden
Tue, 05/26/2026 - 15:20 Close
Tue, 26 May 2026 19:00:00 +0000 Elon Musk Welcomes American Airlines To The Starlink Family
Elon Musk Welcomes American Airlines To The Starlink Family
American Airlines shares jumped on Tuesday after the carrier Read more.....
Elon Musk Welcomes American Airlines To The Starlink Family
American Airlines shares jumped on Tuesday after the carrier announced a sweeping modernization of its narrow-body in-flight experience, with plans to install Starlink satellite internet terminals across 500 of its narrow-body jets in Q1 2027.
The modernization effort signals the end of slow, unreliable internet for a large portion of American's domestic and short-haul fleet. Passengers will soon be able to stream, work, monitor markets via the Bloomberg Terminal, or check X in real time at speeds far beyond current in-flight internet speeds.
Elon Musk welcomed American Airlines to the Starlink family earlier on Tuesday.
Starlink is becoming a leading airline internet provider, with deals already in place at United, Southwest, and Alaska Air:
"Starlink is widely regarded as the world's most advanced satellite constellation using a low Earth orbit to deliver broadband internet capable of supporting inflight streaming, online gaming, collaborative meeting tools and more," American wrote in a press release, adding, "With thousands of satellites in low Earth orbit, Starlink can deliver multigigabit connectivity to aircraft using its Aero Terminal, which can support up to 1 Gbps per antenna."
Shares of AAL jumped nearly 6% in late-afternoon trading. Year to date, shares are marginally lower by around 4%.
Some airline passengers are already prioritizing bookings with carriers that offer Starlink, as fast, reliable in-flight internet becomes a deciding factor for streaming, gaming, or simply remote work at 36,000 feet.
The announcement comes just weeks before SpaceX is set to IPO. Read the latest here .
Tyler Durden
Tue, 05/26/2026 - 15:00 Close
Tue, 26 May 2026 18:20:00 +0000 Can Spencer Pratt Win?
Can Spencer Pratt Win?
Can Spencer Pratt Win?
Authored by Mike McDaniel Via AmericanThinker.com,
The Los Angeles mayoral race provides illuminates Democrat party thinking.
There is non-politician, normal American Spencer Pratt running against Communist, Castro-admiring, current Mayor and black woman, Karen Bass, and Indian - the country - woman, and LA Council member, Nithya Raman.
Graphic: X Post
The only debate thus far was a self-inflicted disaster for Bass and Raman, and Bass is refusing to debate again. Asked--yes or no—whether illegal aliens should vote, Pratt answered “no,” and Bass and Raman, looking like cockroaches caught in the open when the kitchen lights came on, sputtered versions of: “well, it depends…” Pratt is the law and order, clean out the insanely violent homeless, no disease-infested discarded needles, no human feces everywhere, sane, fiscally responsible candidate. Bass and Raman are California democrats, which is to say the opposite of Pratt and sane Californians, many of whom have already fled to red states, leaving only people likely to vote for Bass, the woman who can’t imagine any need for rational anti-wildfire policies, like keeping reservoirs filled with water.
In a rational state—California is currently on fire again—Pratt should be a shoo-in.
His political ads are brilliant, influencing future ads. He’s out-fundraising Bass, but this is California.
Kurt Schlichter is a high-powered lawyer, retired army officer, and best-selling author who still lives in California. He grew up there and lived the California dream, seeing California in its glory days when anything was possible. He remains because he’s one of the well-off elite able to weather California’s current, unlivable horrors. And, most importantly, he doesn’t live in LA:
Nope, Los Angeles is not my problem, and I’m not going to give it another moment of thought. If it wants to drown in a cesspool of hobo dung, it can dive in. Spencer Pratt is absolutely right about everything he says, from the fires to the junkies to the gross incompetence.
Moreover, everybody knows it’s true. But nobody cares. You need to understand something. This isn’t about competence.
When Karen Bass, a black communist mental defective, looks baffled at Spencer Pratt explaining how she’s helped run Los Angeles into the ground, that look of confusion is not because she’s stupid. She is, but it’s because he’s speaking a different language. She’s a literal communist. She’s gone to Cuba and taken notes. Her purpose isn’t to create prosperity and security for the people of Los Angeles. Her purpose, like that of all communists, is to secure power. The same is true of her bizarre, real competitor, some South Asian communist named Nithya Raman.
As is endemic to the Third World, they fetishize power; these Marxists want control. That’s it. It’s not about filling in potholes. It’s not about safe streets. It’s not even about keeping half the city from going up in flames. It’s about control. There is no bottom to Los Angeles. It’s not going to get so bad that people are going to generate some sort of backlash, no matter how clever Spencer Pratt’s ads are, and they are clever. Those ads are only scoring with those of us on the outside. They give us false hope that something can be done. But nothing can be done. The decline is not the point. It’s literally irrelevant to them.
Take Detroit, once also a rich and powerful city. Do you think that at some point, the leftists who control it looked at it and said, “Wow, we have become Detroit. Yikes! Should we try something else”? No. The dysfunction is the function; the squalor doesn’t matter to them. Not at all.
California has the nation’s highest unemployment and the largest illegal population. When its rampant fraud is investigated, it will surely be number one in the nation in that dubious distinction. The streets and freeways are crumbling, crime is out of control, and never-to-be-finished boondoggles like the high-speed rail to nowhere that no one wants , needs or will ride, and an animal and Monarch Butterfly(?) wildlife bridge despoil the landscape.
Schlichter goes on to explain that the remaining Californians will vote for Bass again because they’re Californians and Democrats.
They can’t help themselves:
What’s it going to take to fix Los Angeles, California, and the rest of the blue hellholes?
Gosh, you don’t want to ask that. You’re not going to like the answer.
They will never fix themselves. Never. All the normal people are gone.
You’ve got a few rich leftists and a bunch of welfare cheats, and that’s it. It’s going to take something from the outside to fix them. It would have to be imposed upon them and not gently
That’s not happening anytime soon—if ever.
Tyler Durden
Tue, 05/26/2026 - 14:20 Close
Tue, 26 May 2026 17:40:00 +0000 Private Equity To Be Blocked From Buying Homes?
Private Equity To Be Blocked From Buying Homes?
Private Equity To Be Blocked From Buying Homes?
Authored by Matt Stoller via BIG ,
Based on a vote last week, it seems very likely Congress will ban corporate ownership of most existing single family homes. "People live in homes," said Trump in January . "Not corporations." While Trump has sometimes talked a big game on constraining Wall Street, he generally hasn't followed through. In this case, though, he did. And somehow, a very corporate-friendly legislature came through as well.
It's almost impossible to believe, but here's the relevant provision in the 21st Century ROAD to Housing Act that passed the U.S. House of Representatives on Wednesday, by a 396-13 margin.
And here's the White House's statement supporting the bill.
As called for during the State of the Union, this legislation includes the President's signature priority: banning large institutional investor purchases of single-family homes. Section 1001 delivers a framework that addresses Wall Street's dominance in the single family housing market and protects Main Street homebuyers.
And the House followed the Senate, which in March passed an even more stringent ban, led by Senator Elizabeth Warren. There are some important caveats here, which I'll go into. But it's still a remarkable accomplishment, and a shockingly weird Warren-Trump alliance, that no one would have predicted a year ago.
So what happened?
I wrote up the full account two months ago, when the Senate acted. The short story is that voters were mad about high housing costs in 2024, and voted against the Democrats as a result . In January, Trump realized voters were now mad at him for high housing costs. And so he wanted to do something. But what could he do? He was trying to impose his will on the Federal Reserve, which could lower rates for homeowners. But that wasn't working out because he couldn't get the Supreme Court or the Senate to go along.
And beyond that, mortgage rates aren't the only driver of costs. So what hiking housing prices? There is a split in both parties over that question. One theory comes from a group of Wall Street-friendly liberals and libertarians, known as the "Abundance movement," who argue the problem is that we're not friendly enough to capital, and the solution is to remove zoning limitations . Yet despite the removal of many such limitations in states like California, there hasn't been a spurt of homebuilding.
A different theory comes from anti-monopolists, who believe that the consolidation of financing power and homebuilding capacity led to supply restrictions. That group argued that Wall Street cash was pouring into single family housing as an asset class, driving up prices for ordinary people . And those buyers, as corporate landlords, didn't serve renters particularly well. There is substantial evidence behind this theory.
Institutional ownership is regionally concentrated , with investors buying up properties in particular cities. In Atlanta, for instance , large institutional investors have dominant shares of the market…
In 2024, the Federal Trade Commission under Lina Khan found that Invitation Homes, a spinoff of Blackstone, had engaged in rampant misbehavior. The CEO told one of his subordinates to “juice this hog” and they did so by deceiving renters, unfairly evicting people, charging junk fees, and so forth…
Congressional documents showed that “renters in institutionally-owned SFR homes often experience higher rent increases, inflated fees, and diminishing quality of housing over time.” And Federal Reserve economists wrote a paper observing that such investors “raise rents at 60 percent higher rates than the average increase when first acquiring the property,” and that rents overall go up.
Big builders are now working with Wall Street to construct single family homes that never go on the market, but instead are rented out from the beginning . This "Build to Rent" sector took off , doubling in market share from 2021-2024. And it is now where institutional capital is focused. Build to Rent allows Wall Street to augment an asset class, and it enables control of housing supply to keep prices up.
Trump usually has an intuitive understanding of where voters are, even if he often chooses other priorities. And on housing, he got that the public is quite populist . Here’s the New York Times’s latest poll , showing that Democrats by a more than two to one margin blame corporate monopolies over supply restrictions for the price of homes and energy. It’s likely not that different among independents or the GOP.
Trump issued an executive order and a Truth Social post on the need to ban corporate ownership of housing. He even criticized the big homebuilders, saying they were “sitting on 2 Million empty lots, a RECORD.” And he called them similar to the oil cartel OPEC. Here’s what Trump said in his order , and honestly, it would be hard for me to write it any better.
A growing share of single-family homes, often concentrated in certain communities, have been purchased by large Wall Street investors, crowding out families seeking to buy homes. Hardworking young families cannot effectively compete for starter homes with Wall Street firms and their vast resources. Neighborhoods and communities once controlled by middle-class American families are now run by faraway corporate interests. People live in homes, not corporations. My Administration will take decisive action to stop Wall Street from treating America's neighborhoods like a trading floor and empower American families to own their homes.
This policy decision by Trump synced up with a bill that Republican Senator Tim Scott and Democratic Senator Elizabeth Warren had prepared in the Banking Committee to lower housing costs back in July of last year. Their goal was to improve supply, by doing things like encouraging more manufactured housing, speeding up zoning, and providing more public money for homebuilding and cities.
When Trump chimed in with his views, Scott and Warren then included a provision to ban large institutional investors from owning single family homes, setting a limit of 350 homes per investor. They also imposed significant limits on the "Build to Rent" sector. The Scott/Warren bill passed 89-10, an overwhelming majority.
The fly in the ointment was the House of Representatives, notably the Republican Chair of the Financial Services Committee, French Hill. Private equity was pouring in money to help Hill . His goal was to force the Senate to sit down and negotiate something different, removing the institutional ownership caps.
The big question was whether the White House would be able and willing to jam Hill , and force the House to accept the Senate package. It was possible. Trump himself was not particularly focused on housing, as the Iran War, AI, the ballroom, the Federal Reserve and his lawsuit with the IRS were taking up his attention. But if the House Democrats were on board, then the White House could likely swing enough Republican votes to push the Senate bill through.
And that seemed to be doable, even likely. Private equity, especially buying housing, is politically toxic. And the House Democratic lead on the Financial Services Committee is an 87-year old Congresswoman named Maxine Waters, who has traditionally been an assertive liberal icon. So you'd think she'd be supportive, and could cap her long political career with a powerful bill making sure that the American home would be owned by American families.
But Waters, like so many of her generation, just doesn't want to give up power. She's controversial, she's not a good fundraiser, and Democrats are starting to attack the very old leaders who run committees. So instead of shepherding this bill through, she decided to go full pro-industry, and join Hill in opposing the provisions in the bill that would ban corporate ownership. The House majority leader, Hakeem Jeffries, backed her decision, as did much of the "Abundance" world of advocates. The House draft removed the homeownership provisions entirely.
Trump, Warren, and Scott continued to push, and finally they cut a deal with the House. The ban would stay for existing housing stock, but it would not apply if private equity built new housing, aka the "Build to Rent" sector. Corporations that own and rent single family homes would not be forced to sell them, and they can build new ones. But the existing stock of owner-occupied single family homes, roughly 70 million of them , effectively cannot be bought by big business.
There are still some aspects of the bill being negotiated, but in terms of the housing provisions, something akin to what passed the House is likely to be signed into law later this summer. And the legislation, imperfect as it is, will be the most significant housing legislation in decades, and will prevent the acquisition of the existing U.S. housing stock by Wall Street. It will be left to future lawmakers to find ways of letting renters buy out their Build to Rent homes, or further push back institutional capital from owning other parts of the American home. And single family housing isn't enough of a target, one in eight apartments is now owned by private equity.
Still, with this political setup, in this moment, it's a remarkable accomplishment. In some ways, this kind of legislation may have a parallel to Jimmy Carter's deregulatory zeal. Carter wanted to undo FDR's legacy, and fought hard, with a Democratic Congress, to get rid of public utility rules on airlines, banks, telecommunications providers, trucks, and railroads. Torn between the Democratic Party's allegiance to labor and his desire to break that alliance, he was deeply unpopular. But his deregulatory policies stuck. His successor, Ronald Reagan, built on Carter's approach, and it is Reagan, not Carter, who is known as the President that undid the New Deal.
Trump, like Carter, is a fish out of water . Trump's party is not populist, and mostly he has doubled down on support for Wall Street and war. But there are some indications, like this housing bill, that show it's the end for an entire way of doing business. Since Reagan, American policymakers have been aggressive in ensuring that capital can do whatever it seeks in getting the highest return, and the government has sought to turn whatever it can - our houses, our attention, our pain, sports betting - into an asset class for finance. Trump won't end that, just as Carter didn't end the New Deal. But his successor might.
Tyler Durden
Tue, 05/26/2026 - 13:40 Close
Tue, 26 May 2026 17:27:37 +0000 Mediocre 2Y Auction Prices At Highest Yield Since Feb 2025
Mediocre 2Y Auction Prices At Highest Yield Since Feb 2025
With Treasury yields sliding 4 days in a row, today's 2Y auction was not seen as especially concerning (certainly not as much as a week ago, when the 10Y was knocking on 4.7
Read more.....
Mediocre 2Y Auction Prices At Highest Yield Since Feb 2025
With Treasury yields sliding 4 days in a row, today's 2Y auction was not seen as especially concerning (certainly not as much as a week ago, when the 10Y was knocking on 4.70%'s door, vs 4.50% where it trades today). Still, while the auction did have it strong sides, it was hardly stellar.
Starting at the top, the $69BN sale of 2Y paper priced at a high yield of 4.071%, up 26bps from 3.812% a month ago, and the highest since Feb 2025. The auction also priced on the screws with the When Issued 4.071%, following three straight tailing auctions, so a modest improvement there.
The bid to cover was 2.640, which was down modestly from 2.653 a month ago, but above the 2.62 six-auction average.
The internals were in line: Indirects (aka foreign buyers) took down 57.6%, up from 56.48% a month ago but below the 57.9% recent average; and with Directs almost flat at 30.1% (down from 31.65% in April, and above the 29.3% recent average), Dealers were left holding 12.30%, up from 11.87% a month ago and just below the 6-auction average of 12.84%.
Overall, this was a forgettable auction with mediocre stats and internals. Then again, with the market trading treasuries and oil as one asset class today (while stocks do their own thing again), and sending sharply much lower on hopes that this time the Iran deal is definitely imminent (unlike all the previous times), it's not like anyone was paying attention to bond market internals today... or frankly anything else for that matter.
Tyler Durden
Tue, 05/26/2026 - 13:27 Close
Tue, 26 May 2026 17:00:00 +0000 Strait Talk
Strait Talk
By Michael Every of Rabobank
Strait Talk
Despite many false dawns, markets remain upbeat on prospects for peace between the United States and Iran. Secretary of State Rubio indicated that the U
Read more.....
Strait Talk
By Michael Every of Rabobank
Strait Talk
Despite many false dawns, markets remain upbeat on prospects for peace between the United States and Iran. Secretary of State Rubio indicated that the US side had thought it would have something to announce on Sunday night, or “maybe today” given that the Sunday deadline has now passed, and it is actually Tuesday. Striking a more cautionary tone, Iranian President Pezeshkian said of prospects that a deal would be made within the day that “nobody could make such a claim”, while President Trump had earlier said that he had urged his representatives not to rush negotiations.
US markets were closed yesterday, but Asian and European equities finished broadly higher with notable gains seen in Japan’s Nikkei (+2.87%), Taiwan’s TAIEX (+3.26%) and the Euro Stoxx 50 (+1.95%). The July Brent crude future tumbled 7.15% to close at $96.14/bbl while WTI traded below $90/bbl before closing the day at $90.88. Bonds were bid across the curve with moves at the short end being especially pronounced.
Al Arabiya reports that it has obtained a copy of the draft memorandum of understanding that reportedly has the support of both sides. Provision of the MOU are said to include:
Extension of the ceasefire for 60 days
?Reopening the Strait of Hormuz to international navigation, guaranteeing free passage of commercial vessels and oil tankers without additional transit fees, with the Iranian side committing to take the necessary technical and security measures to ensure safety of navigation, including the removal of mines.
?Enabling Iran to resume sale and export of oil.
?Continuation of negotiations over Iran’s nuclear program with the aim of reaching a long-term understanding.
?US to ease restrictions on Iranian ports and grant specific sanctions waivers for Iran.
?Ending military operations on all regional fronts, including Lebanon.
?Freedom of navigation to be restored in Hormuz over a period of 30 days, with maritime traffic set to return to pre-war levels by the end of the 30 day period.
?Nuclear issues to be negotiated over 60 days.
?Some Iranian frozen assets to be released during the first phase of implementation.
This looks very like an oil-for-oil agreement, but notably excludes any mention of Iran’s missile program or regional proxies, and kicks the contentious nuclear issue into the long grass to be negotiated over the next two months . Considering that Iran’s nuclear program was core to the rationale for the war in the first place, market participants might direct some thought toward what could happen if agreement cannot be reached on that elusive point.
President Trump said this morning that “The Enriched Uranium will either be immediately turned over to the United States to be brought home and destroyed or, preferably, in conjunction and coordination with the Islamic Republic of Iran, destroyed in place or, at another acceptable location ...” An Iranian response to this claim is not yet forthcoming.
Muddying the waters further, news broke this morning that US forces had carried out strikes against two IRGC ships. A CENTCOM spokesman said that the strikes were defensive, and in response to the ships attempting to lay mines in the Strait – which would certainly run counter to the spirit of the provision for Iran to remove mines that has supposedly been agreed . Iran retaliated by reportedly targeting US planes with surface-to-air missiles, eliciting strikes from the US on missile launchers near Bandar Abbas. Despite the tit-for-tat, US sources say that the ceasefire remains in effect.
Similarly, MOU provisions for ending regional war in Lebanon face strains as Israeli PM Netanyahu says that his armed forces will intensify strikes against Hezbollah to “deal them a crushing blow.” There is also likely to be daylight between the US and Israeli positions on Iran’s nuclear program, as the US appears to be prioritising the re-opening of Hormuz through an oil-for-oil arrangement while Israel views Iranian nuclear enrichment as an existential issue. Netanyahu has previously indicated that Israel reserves freedom to act directly against the Iranian nuclear program and has faced criticism from Opposition Leader Yair Lapid for failing to influence the Americans on this point.
For Trump’s part, peace with Iran is very much being tied to progress on the Abraham Accords that seek to normalize relations between Israel and US-aligned Arab states in the Gulf and elsewhere . Progressing the Abraham Accords would allow the US to make a geopolitical silk purse from the sow’s ear of a closed Strait of Hormuz. Already the importance of this has been demonstrated through the UAE’s (a current signatory) decision to leave OPEC and OPEC+ after having been granted US dollar swaplines and Israeli military aid.
Trump took to Truth Social to say that he is “mandatorily requesting ” that all countries in the region sign the Accords, calling out Saudi Arabia and Qatar specifically and saying that failure to do so would show “bad intention” and should preclude those countries from benefiting from a peace deal. Clearly things are moving very fast but, as we have been flagging for some time now, there is potential for a world on the other side of this crisis where oil flows West, priced in dollars, with its security underwritten by the US navy, and Hormuz gradually becomes less important as a maritime chokepoint.
While issues in the Gulf continue to steal headlines, there are also major developments in the Ukraine War. Russia has reportedly warned Washington to evacuate embassy staff in Kiev as it prepares to launch “systematic strikes” against the Ukrainian capital. This follows confirmation from Russia on Sunday that it had used a nuclear-capable hypersonic ballistic missile against Ukrainian targets for the third time in the war.
The Russian Ministry of Defence said that the strikes will be a response to a Ukrainian drone attack against a student dormitory building in Starobilsk that killed at least 18 people and injured dozens of others . The BBC reports comments from honorary chairman of the Presidium of the Council on Foreign and Defence Policy, Sergey Karaganov, who reportedly said “we need to start punishing Europe for things like this, including with strikes. Symbolic to start with. Then, perhaps, less symbolic.”
Clearly, hoped-for progress in the Strait notwithstanding, geopolitical risk is here to stay and it isn’t necessarily all ‘in the price’.
Tyler Durden
Tue, 05/26/2026 - 13:00 Close
Tue, 26 May 2026 16:50:00 +0000 Iran Vows 'Swift, Decisive' Revenge After Overnight US Port Attack, As Sides Seek Deal Allowing Each To 'Sell Their Narrative'
Iran Vows 'Swift, Decisive' Revenge After Overnight US Port Attack, As Sides Seek Deal Allowing Each To 'Sell Their Narrative'
Summary
CENTCOM denies that US Navy has officially restarted guiding ships thr
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Iran Vows 'Swift, Decisive' Revenge After Overnight US Port Attack, As Sides Seek Deal Allowing Each To 'Sell Their Narrative'
Summary
CENTCOM denies that US Navy has officially restarted guiding ships through Hormuz Strait amid fresh tanker explosion and fuel leak incident.
IRGC says its military shot down an MQ-9 drone and forced an F-35 jet out of Iranian airspace .
Tehran formally accuses Washington of "ceasefire violation" while warning a final deal is not yet imminent , while Pentagon cites "self-defense" strikes in Hormuz overnight.
Ayatollah Hajj message: US will "no longer have a safe haven for mischief & the establishment of military bases in the region."
Teran is demanding "12 billion released now and 12 billion after MOU 30 days runs out to open Hormuz ."
Iran agrees to surrender enriched uranium stockpile by June 30, 2026?
Yes 24% · No 77%View full market & trade on Polymarket
* * *
Trump Again Attacks US Media Over Iran War Coverage
In a fresh Truth Social post, Trump even bashes the Wall Street Journal, which ironically enough has by and large defended Trump and seems 'pro-' Iran war in terms of their general op-ed stance and coverage...
CENTCOM Denies WSJ Report
"Project Freedom has not resumed, and U.S. forces are not currently escorting commercial vessels through the Strait of Hormuz," US Central Command says in a post on X. This comes after WSJ cited US officials to say that that the mission had restarted, but that reporting appeared premature.
Meanwhile on the negotiations front, an insightful line :
Abdulla Banndar Al-Etaibi, a professor at Qatar University, says any negotiation between Iran and the US requires concessions from both parties to secure a deal.
“This is the hard part,” he told Al Jazeera, noting that both Tehran and Washington have realised that they can’t reach their goals through war. “That’s why they’re [moving] towards more diplomacy.”
“At the moment, it’s about the language, and it’s about how both parties can come out and sell a narrative that they want ,” Al-Etaibi added.
'Project Freedom' Officially Back On
While it's questionable to what degree US naval patrols of regional waters ever really stopped, US military officials say the navy has restarted escorts to ensure international vessels can safely cross through the contested Strait of Hormuz . The Pentagon is already touting some successes, according to a Tuesday update in the WSJ :
The officials told The Wall Street Journal that a Greek supertanker laden with two million barrels of crude was guided by the U.S. Navy , as it crossed the waterway off the Omani coast.
The ship was stuck in the Middle East Gulf since early March and is now heading to India to deliver its cargo.
The protection is a renewed push of "Project Freedom," an earlier U.S. initiative to guide ships through the vital shipping corridor that was halted roughly 36 hours into the operation.
The officials said the Navy plans to help about a dozen vessels including supertankers and container ships to cross through the waterway over the coming days .
However, some serious security incidents involving shipping (possibly involving sea mines?) in the narrow waterway are still unfolding, also with reports of a fuel leakage incident into Gulf coastal waters:
Despite all of these developments, and rising tensions and even last night's US-Israel brief airstrike raid on Bandar Abbas port, the Trump administration is still touting that a final draft deal is just 'days' away. "I think there is strong alignment and agreement on what a preliminary draft should look like," Rubio has said in fresh comments. "It's either going to be a good deal or there isn't going to be one." Tehran has vowing retaliation for the overnight US attack incident.
Israeli leaders are meanwhile vowing they'll prevent a 'bad deal' from being finalized...
F-35 Engagement, MQ-9 Shootdown
While diplomats in Washington and Tehran exchange heavily caveated peace drafts and attempt a breakthrough, the actual conflict theater of the Persian Gulf is telling an entirely different story. The fragile reality of the current ceasefire is on full display, given that after late Monday's US-Israeli action against Iranian vessels at Bandar Abbas port, the IRGC says it opened fire on a US F-35 fighter jet and multiple unmanned aerial vehicles after they allegedly breached Iranian airspace . As part of the engagement, Iran says that it shot down a US MQ-9 drone (not for the first time of the war). The IRGC claims its air defense units successfully "shot down an MQ-9" Reaper drone during the encounter, while the remaining American "aircraft were forced to flee."
This followed immediately on the heels of the United States saying carried out "self-defense" strikes in southern Iran overnight against various targets, including boats attempting to lay mines as well as even missile launch sites. "US forces conducted self-defense strikes in southern Iran today to protect our troops from threats posed by Iranian forces," US Central Command (CENTCOM) spokesperson Capt. Tim Hawkins said.
Ceasefire Violation
Tehran has warned that the the ceasefire with the US is in jeopardy, with the Foreign Ministry on Tuesday having condemned the latest US "attacks on vessels as a ceasefire violation" .
Iran's Foreign Ministry condemns "multiple instances of maritime piracy against Iranian commercial vessels" by the US in the Hormozgan region over the past 48 hours, according to statement. "Hormozgan is the Iranian province that incorporates Iranian ports and waters on the Strait of Hormuz," it said according to Bloomberg, citing state media, in reference to the province which has Bandar Abbas as its capital. Iran "will not leave any acts of wickedness unanswered and will not hesitate in the slightest to defend the sovereignty and territory of Iran," it said.
Prior Planet Labs image of Destruction at Bandar-Abbas amid Operation Epic Fury
Some analysis of what may be behind this latest direct fire flare-up :
"Given where the strikes actually targeted – this is right next to where Iran would want to exert control over the Strait of Hormuz ," Puri told Al Jazeera. "One interpretation of these strikes … is that it is actually the US military demonstrating that Iran will not be able to mass forces exactly at the Strait of Hormuz itself if they want to institutionalize a toll collection and inspection regime and other things."
"Both sides are signaling intent and capability and commitment during these negotiations, and they’re using actions as well as words . Sometimes they’re using actions in place of words," he added.
Ayatollah's New Threat Against US Bases
Following the engagement, an IRGC military spokesperson issued a blunt warning to Washington against future ceasefire violations, declaring that any new aggression against sovereign territory would be met with a "far more severe" response that would structurally extend "beyond the region."
Supreme Leader Mojtaba Khamenei, who has been in hiding, released a fiery written address via his Telegram channel to mark the Islamic Hajj pilgrimage. In the message he put American bases scattered throughout neighboring Gulf nations on notice, declaring that the US will "no longer have a safe haven for mischief and the establishment of military bases in the region."
Khamenei warned regional Arab capitals that playing host to the Pentagon carries with it certain risks. "The nations and lands of the region will no longer be a shield for American bases," Khamenei wrote in the message, even while extending an apparent olive branch of sorts immediate neighbors: "I sincerely and purely invite all Islamic countries and governments to friendship and cooperation."
Meanwhile some latest from Rubio...
Marking the Hajj, the annual Islamic pilgrimage to Mecca, his message included as follows:
Iranian leader Mojtaba Khamenei issued a message on May 26 calling for greater unity across the Muslim world against the United States and Israel, saying that the chants "Death to America" and "Death to Israel" will become the rallying slogans of Muslims and "the oppressed of the world."
Deal Status & $12 Billion Confidence-Building Measure
According to reported leaks detailing the active Memorandum of Understanding (MoU) layout, Tehran's compliance hinges on a strict, phased cash release. A source familiar with the text confirmed that Teran is demanding "12BN released now and 12BN after MOU 30 days runs out to open Hormuz." If Washington refuses to front the initial tranche, the mining operations and blockade in the Strait will remain active. The initial funds release has been described by Iranian officials as a confidence-building measure to move things along toward a final agreement.
The Islamic Republic is further seeking to remind the world that a deal is being pushed forward, but it is not imminent :
An Iranian official says that while "there is no toll" on the Strait of Hormuz, the regime is working to regulate the waterway and that ships wishing to cross will likely be required to make some form of payment.
At a press briefing in Tehran attended by the ABC, the regime issued its first direct response to statements from the United States over the weekend, suggesting a deal to end the war was close and would include opening the Strait of Hormuz.
Iran did say a framework to end the war with the US had been reached, but warned an agreement was not imminent, and its nuclear program was not part of the negotiations.
Lebanon Unravels
In Lebanon, the National News Agency reported at least 12 civilians were killed during a devastating overnight Israeli strike on the town of Mashghara. Concurrently, Israel’s military has issued a sweeping, forced displacement directive for Nabatieh - a city of 80,000 residents - ordering them to clear out north of the Zahrani River.
On Monday Netanyahu made clear that he had ordered a dramatic expanse of the war against Hezbollah in Lebanon. Evacuation orders are once again being issued for southern suburbs of Beirut, portending a return to all-out expanded war in the country, also as Hezbollah drones are being sent on northern Israel.
Status of Talks Through the Weekend
via Newsquawk...
Over the weekend, US President Trump posted that an agreement has largely been negotiated, subject to finalisation between the US, Iran and various Middle Eastern countries, while the final aspects and details of the deal were being discussed, and will be announced shortly.
He followed up by stating that negotiations are proceeding in an orderly and constructive manner, while he informed representatives not to rush into a deal and that time is on their side.
Reuters reported that the proposed framework is broken into three stages: 1) formally ending the war, 2) reopening the Strait of Hormuz and 3) opening an extendable 30-day window for broader negotiations on nuclear issues and sanctions relief.
Axios further reported, citing a US official, that an agreement would involve a 60-day ceasefire extension during which the Strait of Hormuz would be opened, Iran would be able to freely sell oil, and negotiations would be held on curbing Iran's nuclear programme.
However, a US senior official told Axios that the White House doesn’t expect an agreement to end the war with Iran on Sunday and believes it could take several days for the deal’s approval by Iran’s leadership.
Elsewhere, Iran's Foreign Minister Araghchi travelled to Doha for talks with Qatar's PM.
Tyler Durden
Tue, 05/26/2026 - 12:50 Close