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How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
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Brazil: Lessons from a Disaster
By Antonio Martins (Outras Palavras) Defeats become deeper and more prolonged when we misunderstand what caused them, avoid correcting course, and embrace “solutions” that only compound our mistakes. Lula’s government and the Brazilian left suffered a disaster in Sunday’s election. Contrary to every poll, the president finished the first round 2.2 million votes behind Flávio Bolsonaro—and, more significantly, 3.4 million votes below his total four years ago, when the machinery of the state was working against him and in favor of his opponent. His vote share declined in 98 percent of Brazil’s municipalities. The PL, the main party of the far right, elected 121 deputies and 28 senators, becoming the largest caucus in both houses of Congress. The parties aligned with the Centrão—Brazil’s bloc of transactional center-right parties—were somewhat diminished, but will still hold roughly 250 seats in the Chamber of Deputies and 35 in the Senate. That will make it easier to assemble the majorities needed to amend the Constitution or impeach Supreme Federal Court justices. If elected, Flávio Bolsonaro could appoint four members of the Court, substantially altering its internal balance of power. What produced these results? How can the far right be prevented from consolidating them into a prolonged political hegemony? And what is the essential change of direction the left now needs? Explaining the Disaster Across the commercial media and the exuberant chaos of digital platforms, interpretations are multiplying. Some focus on specific episodes: Lula’s absence from the Globo debate, his very close relationship with Alexandre de Moraes, or his emphasis on issues supposedly remote from most people’s everyday concerns, such as rare earth minerals. Among the more systemic interpretations, three seem especially questionable. One argues that the principal defeat was not the left’s, since its congressional representation declined only slightly. The decisive movement captured at the ballot box, according to this view, was a shift within the right itself—from the more moderate and transactional forces of the Centrão toward the more ideological and radicalized forces of the PL and Novo. A second interpretation holds that the nature of electoral and political processes has changed. The material interests and aspirations of society, it argues, no longer play the central role they once did; they have given way to forms of subjective self-identification that the left has yet to understand. And a third concludes that, because of these two developments, we should expect a political winter: a prolonged period in which the far right and the broader right dominate Brazilian political life. There are important elements in all three interpretations. The problem lies in what they deny or leave out: Lula’s third government was a small-bore government. It offered the majorities that elected it neither a clearly better life nor reasons to believe again in politics and its power to transform society. These failures flowed from two fatal accommodations, which I will examine below. As a result, the government suffered a slow but steady erosion of support. And, as has happened in so many Western countries, it gave the far right the opportunity to present itself as anti-system and to benefit from popular frustration and distress. The interpretation that emphasizes the migration of votes from the center-right and traditional right toward the far right has been advanced, among others, by the courageous journalist Leonardo Sakamoto. In his UOL column on Monday, October 5, he highlights the miserable behavior of the traditional conservative parties. Over the past four years, they repeatedly joined forces with the “neo”-fascists, helping to “normalize” them—a criticism that could equally be directed at almost the entire corporate media. Believing they could use the far right as a stepping stone, they instead ended up partly devoured by it. This was especially true in the Senate, where the PL’s gain of 13 senators and Novo’s gain of two came at the expense of the PSD, which lost nine; the MDB, which lost two; the PSDB, which lost two; and the PP, which lost one. Sakamoto’s observation is accurate and necessary, but it leaves uncomfortable questions unanswered. Why did the erosion of the Centrão benefit the far right rather than, for example, producing growth for the left—as has happened so many times before, both in Brazil and elsewhere? The answer is not difficult. Throughout its four years in office, Lula’s third government was almost invariably associated with the Centrão. Here lies its first accommodation: accepting the limits imposed by conservative institutions; avoiding, as much as possible, any attempt to strain those limits through popular pressure; and believing only in the modest changes that could be squeezed through openings in Congress. The failure of the campaign to end the six-day workweek is emblematic. Lula could have electrified the presidential race by pairing it with a popular campaign for passage of the measure. Instead, he chose to place his hopes in the hands of Senate president Rodrigo Alcolumbre. He generated no mass mobilization, did not force his opponents onto an uncomfortable defensive, and won no victory. In September 2025, the government squandered the greatest of its many opportunities to shake up conservative power in Congress. Popular opposition to the so-called Shielding Amendment—which, if approved, would have restricted criminal proceedings against members of Congress—brought crowds into the streets, mobilized primarily by artists and social movements. This opened the possibility for a broader political education: a campaign that could begin exposing the limits and dysfunctions of Brazil’s political system while putting Bolsonaro’s movement on the defensive for its predictable support of political privilege. The amendment was defeated. But the executive branch then backed away from the fight. It remained associated with an institutional world widely seen as corrupt, elitist, and indifferent to ordinary people’s struggles. In doing so, it forfeited its credibility as a vehicle for the protest vote. On Sunday, it reaped the bitter fruits. Are We Doomed? Taking a different approach from Sakamoto, the philosopher Moysés Pinto Neto and other writers have drawn attention, in their first analyses of October 4, to the fragmentation of the public sphere produced by Big Tech platforms. Through their algorithms, these platforms present each person with a different view of social reality. As a consequence, it becomes much harder to identify common material problems and demands—for example, the fight for labor rights or for a properly funded public health system. Voters no longer embrace such demands, these authors argue, because they no longer see themselves as part of a collective. Instead, they tend to value the identities assigned to them by neoliberal subjectivity—the role of the entrepreneur, for example. On this interpretation, the left’s possible error lies in clinging to outdated illusions. Moysés’s warning is highly relevant and resonates with arguments such as Naomi Klein and Astra Taylor’s “Apocalyptic Fascism and the Billionaires’ Bet.” Unlike a century ago, the far right no longer promises a radiant future. It concentrates instead on resentment—especially that of young men. “They belong to a generation that fears it may never own a home, but compensates with the pleasure it gets from constantly provoking progressives online. Convinced their future has been stolen, they share memes romanticizing historical authoritarian regimes,” the authors write. But Moysés seems to confuse this danger with inevitability. He fails to see that the left’s answer cannot be adaptation. On the contrary, it must strengthen the possibility of politics as collective action. Nor does he recognize that precisely such a reversal is already becoming possible in some of the most promising mobilizations of the twenty-first century: the election, at the end of 2025, of the young Muslim Zohran Mamdani as mayor of New York, on a platform centered on the intensely material fight for an affordable city; the Left Party’s victory in Berlin two weeks ago, built around the demand to expropriate private real-estate corporations; and the very recent wave of demonstrations in Spain—including an occupation of Madrid’s Puerta del Sol—in which tens of thousands of young people mobilized by the Tenants’ Union have demanded limits on rents. By putting itself in the straitjacket of the “fiscal framework” in the first months of 2022, Lula’s third government adopted the second fatal accommodation of its term. Faced with conservative institutions and a country devastated by four years of Bolsonaro, increased public investment was the government’s remaining weapon for offering a more dignified life to the majority and forging an anti-conservative pact with them. The same state that disburses 1 trillion reais a year to enrich a small class of rentiers could instead spend money to extend the Family Health Strategy to every Brazilian, at a cost of 30 billion reais; provide full-day public schooling and childcare to all adolescents and children—and, especially, relief to their mothers; achieve universal sanitation while cleaning up polluted urban rivers; multiply metro systems; begin transforming the urban peripheries; and undertake many other urgently needed projects. In April 2023, an article in Outras Palavras warned that the fiscal framework could “shrink the Lula government and preserve the forces that condemn the country to inequality and regression.” A year later, another article showed that restraints on public spending were strangling policies vital to ordinary people and undermining the president’s popularity. In November 2024 came a reality check, in the form of the government’s humiliating defeat in the municipal elections. Even then, the fiscal lock was neither removed nor loosened. On the contrary: throughout the government’s four years, fiscal restraint remained central to its political narrative. The administration proudly proclaimed that it had “put the state’s accounts in order,” without grasping either how misleading that phrase was—given the payment of 1 trillion reais in interest—or how badly the message was hurting it politically. Lula finally woke up in September 2026. The increase in Bolsa Família benefits, after four years of being frozen; the announcement that anti-obesity drugs would be offered through Brazil’s public health system; and the ban on online betting showed that the state has the power to act decisively on behalf of the majority when those in government are willing to confront obstacles. The huge marches that closed the campaign in Fortaleza, Salvador, Rio de Janeiro, and São Paulo on the eve of October 4 showed how such initiatives can mobilize activists and the broader public. But it was too late—and too little to change the outcome of the first round. History has not ended The possibility of a turnaround in the three weeks leading up to November 25 cannot be ruled out. It will not be simple or easy. Lula must not only make up a deficit of 2.2 million votes; he must also offset the movement of voters who backed other right-wing candidates in the first round, most of whom are likely to move toward Flávio Bolsonaro. Pulling that off will require a broad, grassroots effort to win over voters, potentially reinforced by new initiatives from Lula. The coming hours and days will be decisive. If Bolsonaro’s movement also wins the presidency, the result will create a high-risk situation for Brazilian sovereignty and democracy. The enormous challenges posed by such an outcome would require the left to reexamine, in depth and with a genuine willingness to engage in self-criticism, its political projects—or its lack of them—and its practices. But would that mean we are condemned to the long winter of far-right hegemony that some analyses are beginning to forecast? It is far too early to say, suggests a recent text by Álvaro García Linera, the thinker who served as vice president of Bolivia under Evo Morales. His central hypothesis is that this political current will prove short-lived. At a moment when the entire world is once again talking about sovereignty and protecting national economies, the far right offers a stale, recolonizing neoliberalism. Its submission to the United States is as blatant and pathetic as Flávio and Eduardo Bolsonaro’s overtures to Donald Trump. Its project amounts to something like every man for himself: greater inequality, capitalism without limits, devastation, and supremacism. Will it work? In the United States, just two years into his second term, Trump himself is reaching record levels of unpopularity and may be on the verge of losing Republican control of both the House and Senate in November. Every new beginning is difficult. Whatever the outcome of the second round, the defeats of October 4 show how profoundly the Brazilian left will have to rethink and rebuild. But just as it would be foolish to underestimate the seriousness of its mistakes, it would be equally foolish to conclude that rebuilding a political project is no longer possible. History has not ended. The times are moving faster than ever. Originally published in Portuguese by Outras Palavras. English translation by Eric Blanc; I’ve added the subtitles. More We can’t stop the far right at home or abroad without a revitalized labor movement, which is yet another reason why you should become a sustaining supporter of the Emergency Workplace Organizing Committee (EWOC) — one of US labor’s pivotal bright spots. Relatedly, Jacobin published a short piece of mine reflecting on a decade of Bernie Sanders inspiring a whole new generation of young worker organizers.
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October 1 Vallejo/Vacaville Arts-Entertainment Source: Activities
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Data science professor awarded grant to support partnership with Internet Archive, preserve digital history
Alexander Nwala will develop AI models that automatically identify, archive and catalog web resources referenced in U.S. television news in a publicly accessible database.
City of Laurel Encourages Local Businesses to Participate in 2026 Small Business Credit Survey
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The Beclowning of Scott Bessent
One iron law of current politics is that nobody who associates themselves with Donald Trump emerges with a shred of credibility. For some, that’s not a big loss — it’s not as if anyone respected Pete Hegseth even before he decided that the key to military success in an age of drones and AI was more testosterone. For others, however, the costs are real. I’m old enough to remember when Marco Rubio was widely considered a reasonable, thoughtful politician. Right now, however, my candidate for the biggest loser is Scott Bessent, the Secretary of the Treasury. Bessent started out with significant reputation to lose: When Trump selected him, this was the headline in the Financial Times: Jason Furman, Barack Obama’s chief economist, described him as a “credible Treasury secretary who has a real understanding of the global economy”. But Bessent has now transformed himself into the Baghdad Bob of bonds. Three weeks ago, after intervening (for reasons that remain somewhat unclear) to support the Japanese yen, Bessent boasted about his ability to move markets and dared investors to bet against his, declaring “I am the house now.” He then tried to push long-term interest rates down, buying 30-year U.S. Treasuries in a move some have compared to paying down part of your mortgage by running up your credit card balance. Here’s how that’s going so far: To get some perspective on how high interest rates have gone, here’s a longer-term perspective: We haven’t seen interest rates this high since the fading days of the dotcom bubble. Why are interest rates hitting new records? The backdrop, as I argued in last Sunday’s primer, is the huge AI-driven investment boom; more on that next week. But the immediate cause of the latest interest rate spike was Trump’s rejection of an Iranian proposal to end the war. This rejection sent crude oil prices, which for a while had fallen considerably, shooting back up: It’s notable, by the way, that oil prices remain high even though a significant amount of oil is now being shuttled through the Strait of Hormuz by night, on smaller vessels. That’s an interesting story, which has a lot to do with the fact that oil from the Hormuz shuttle runs must be transferred to larger vessels before being shipped to markets in Europe and Asia; around 15 percent of the world’s large crude carriers are now parked off the coast of Oman, waiting to be tanked up. This is creating a shipping crunch: But that’s a topic for another day. For now, the point is that with oil still high and refined products, especially diesel, still close to record levels, inflation will remain elevated. And this in turn means that the Federal Reserve will keep short-term interest rates high, an expectation that is feeding into longer-term rates. Hence Bessent’s bond-market humiliation. The truth is that Bessent might not have been able to get interest rates down even in the best of circumstances. But he certainly won’t get anywhere as long as Trump keeps believing that he can somehow convert his Iran debacle into a triumphant victory. And Trump will keep believing that as long as he is surrounded by sycophants who tell him what he wants to hear. Sycophants like, for example, Scott Bessent, who is predicting the imminent collapse of the Iranian economy, possibly within two weeks. Bessent is right to say that the embargo on Iranian oil exports is placing the country under great economic strain. But his implicit prediction that this will quickly produce a deal that Trump can call victory looks no more plausible than his boasts about the bond market. The big question now is, why would anyone with a reputation to lose work for Donald Trump? As the beclowning of Bessent shows, joining the Trump team won’t just damage your reputation; it will utterly destroy it.
Bodies
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Trump economic advisor says 'it's time' for Powell to leave Fed, calls extended tenure 'unprecedented'
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United Refining Company Chairman and CEO John Catsimatidis discusses high gas and diesel prices. Catsimatidis also weighs in on NYC Mayor Mamdani marketing New York City to businesses.
In brief: 'Reacher' spinoff gets a second season and more
We’ve got an official trailer for NBC’s Newlyweds, the new sitcom starring real-life married couple Tim Daly and Téa Leoni. The show, co-created by Jamie Lee Curtis, follows a later-in-life love story between a free-spirited woman and a professor who marry after a quick courtship. It premieres on Oct. 23 …The Reacher spinoff Neagley is getting a second season, just two weeks after the first season debuted on Prime Video. Maria Sten stars as the fan-favorite character Frances Neagley, a private investigator from Chicago and the former protégé of Jack Reacher, in the action series. The original Reacher series, starring Alan Ritchson, was picked up for a sixth season earlier this week … TNCMS.AdManager.render({region: 'fixed-big-ad-top-asset', slot: 1, fold: "above"}); Bradley Cooper is gearing up to star in Paramount’s new G.I. Joe film. He’ll be playing Duke, the leader of the Joes. Danny McBride is on board to direct. Further details on the project have not yet been revealed …Copyright © 2026, ABC Audio. All rights reserved. Thank you for reading kmaland.comAt KMA, we attempt to be accurate in our reporting. If you see a typo or mistake in a story, please contact us by emailing kmaradio@kmaland.com.
Detroit Lions Catch Massive DOUBLE BREAK vs. Panthers
The Carolina Panthers placed Jaycee Horn and Mike Jackson Jr. on injured reserve ahead of Sunday's Week 4 matchup against the Detroit Lions.
Trump escalates effort to fire Federal Reserve governor Lisa Cook
A commission that will report to the president will assess the mortgage fraud allegations against her and consider evidence from a hearing next month.
Fed's favored inflation gauge cooled in August but remained elevated
The Commerce Department reported that PCE inflation remained elevated in August at a level well above the Federal Reserve's 2% target.
Touchdown machine Cody White promoted to 53-man roster
Wide receiver signed with Jack Bech going on injured reserve
Late-night snacking may affect liver health
New research led by Oregon Health & Science University suggests you should think twice about indulging in a late-night snack if you'd like to preserve liver health.
Saints lose $47M free agent acquisition to injured reserve
Another cornerstone of the New Orleans Saints offense is going on injured reserve. Travis Etienne Jr. must miss at least the next four weeks.
Travis Etienne Jr. placed on Injured Reserve
Saints RB Travis Etienne Jr. on Injured Reserve because of hamstring injury
Evan Williams praises Jonathan Gannon after Packers’ dramatic win
The Green Bay Packers leaned on their defense to preserve a 17-14 victory over the Tampa Bay Buccaneers on Sunday, with Evan Williams delivering a pair of crucial plays during the closing moments. The safety’s performance on Tampa Bay’s last drive also gave him another reason to admire the work of defensive coordinator Jonathan Gannon. [...]
Voters to decide if Montana judiciary needs to be more political
Initiative would preserve Montana’s nonpartisan judiciary in the state constitution following 2025 legislative attempts to change them.
Chang’e-6 lunar soil contains a surprising magnetic time capsule
Scientists studying Chang’e-6 lunar soil have discovered a previously unknown magnetic mineral in natural Moon samples: a form of metallic iron called γ-Fe. Found inside tiny impact-glass particles, the nanoscale iron can preserve a stable magnetic signal, potentially acting like a microscopic fossil of the Moon’s long-lost magnetic field.
Packers place running back Chris Brooks on injured reserve
Packers running back Chris Brooks is headed to injured reserve with an ankle injury, thinning the team's backfield.
Dillon Gabriel designated to return
The Browns are getting one of their quarterbacks back from injured reserve.
Trump establishes committee to investigate Federal Reserve's Lisa Cook
The inquiry will include a hearing at the White House on Nov. 5
Philadelphia Eagles: Promote RB With Over 1,600 Career Yards
Injuries continue to plague the Philadelphia Eagles‘ running back room. Saquon Barkley suffered a hamstring injury and is reportedly week-to-week, meaning he could miss one game to multiple weeks. Additionally, Tank Bigsby, the second option, recently underwent core muscle surgery, prompting the Eagles to place him on injured reserve, hoping he misses six weeks or […] The post Philadelphia Eagles: Promote RB With Over 1,600 Career Yards appeared first on Gridiron Heroics.
Panthers place both starting cornerbacks on injured reserve
The Panthers are down both starting cornerbacks for at least four weeks.
Sacred pages of 1,000-year-old gospel reveal ancient DNA scientists never expected
1,000-year-old manuscript found to have traces of ancient virus DNA preserved in its parchment pages.
Bioblitz: Lakeshore Nature Preserve utilizes citizen science to document biodiversity
The University of Wisconsin Lakeshore Nature Preserve hosted its second annual Bioblitz event Sept. 26. The goal of the event was to document as many species at the preserve as possible over a 15-hour period, according to Lakeshore Nature Preserve Director Brad Herrick. With this documentation of everything within the 300-acre area, the preserve aims...
Patriots Announce Flurry of Roster Moves Ahead of Raiders Game
New England placed two more players on injured reserve Saturday, adding to a growing list of absences ahead of Sunday's matchup with Las Vegas. How long can the Patriots keep relying on their “Next Man Up” mentality?
Could the future “afterlife” be digital rather than spiritual? Science fiction is starting to look plausible
For most of human history, the idea of continuing after death belonged mainly to religion, philosophy and personal belief. Technology is now creating a very different possibility: a version of you that continues speaking, answering questions and interacting with family long after your biological life has ended. This would not be an afterlife in the spiritual sense. Today’s systems cannot preserve consciousness or prove that a person’s mind survives death. What they can increasingly preserve is d
The Family Business Advantage: Third Quarterly Power Breakfast of 2026 explores how family businesses balance legacy and innovation
Photo by GFBJAnother successful Power Breakfast is in the books. The Greater Fayetteville Business Journal hosted its third quarterly Power Breakfast of 2026 on Tuesday, Sept. 29. Local leaders and decision-makers gathered to network and learn from the panel about how established principles drive long-term stability while allowing for operational evolution. The panel featured Managing Partner of Luigi’s Italian Chophouse & Bar, Nate Ernst; Inside Sales at Hubbard Supplyhouse, Mary Grace Hurley; Chief Operations Officer for Copiers Plus, Drew Smith; and CEO of Holmes Security Systems, Stephen Wheeler. The panel was moderated by Lauren Willets, director of the Family Enterprise Center at UNC’s Kenan-Flagler Business School. Throughout the discussion, the panelists returned to a common idea: family businesses thrive when they preserve the relationships and values at their core while remaining open to change.Each panelist shared personal stories that carried practical lessons. Stephen Wheeler emphasized the role of relationships with customers and employees, saying, “What makes a family business successful today is relationships.” Mary Grace Hurley echoed Wheeler’s sentiment, describing relationships as a lasting inheritance, including a customer connection that began when she was young and continued into her working life. “If something’s given to you, that’s going to cost you too,” added Nate Ernst. He explained this philosophy by sharing that, in his view, earning responsibility builds credibility and confidence.Another hot topic was the idea of tradition versus change. For these businesses that have been around for a century or even more, it can be difficult to escape the “we’ve always done it this way” caveat, but these speakers emphasized how change has been an integral part of their growth and longevity. A family business can honor its history without being bound by it.“Innovation and tradition–they don’t have to be competing with one another,” shared Hurley. She pointed to changes in how businesses operate, including the adoption of computers and new management practices. Ernst stressed that adaptation is essential, while Wheeler described how his family’s electrical contracting business had evolved into a security-focused company. The details of the work may change, but identifying and upholding core values is key to embracing change while maintaining the character of a business. “I think it’s just important to remember why you started in the first place. What was your mission? What are your core values? And to reevaluate those,” shared Drew Smith.In addition to the first-hand accounts and wisdom shared by panelists, Moderator Lauren Willets recommended two novels during the panel for those seeking additional educational resources. Those two novels are “Hug of War: How to Lead a Family Business with both Love and Logic”by Cathy Carroll and “In the Company of Family: How to Thrive When Business Is Personal” by Melissa Mitchell-Blitch. Preparing the next generation requires more than handing over a title or company. Wheeler argued that future leaders need genuine passion and a vested interest in the business. The panelists were in agreement that succession is a process, and there is not one clear answer for how to perfectly prepare for it. Leaders must cultivate readiness, keep communication open and make room for the next generation to earn responsibility while being sure not to neglect the business in the here and now. “Today’s Power Breakfast was one of our best events yet! Between the passion and in-depth knowledge of the panelists, the great audience questions and the guidance and expertise of Mrs. Willets, the conversation was both engaging and informative,” shared GFBJ Publisher Faith Hatton. “A lot of small businesses in Fayetteville are family-owned and grown, and it’s great to be able to spotlight some of the businesses that have stood the test of time by strengthening the next generation of leadership and preparing them for ownership. I hope everyone received some inspiration and ideas that they can bring back to their own businesses and organizations!”We thank everyone who attended this Power Breakfast and hope you’ll all join us for the next Power Breakfast on Dec. 8. Details about the event will be shared on our social media and in future email updates. To learn about becoming a Power Breakfast sponsor, contact the Greater Fayetteville Business Journal at 910.240.9697 or marketing@bizfayetteville.com.
Trump establishes committee to investigate Federal Reserve's Lisa Cook in latest effort to fire her
The inquiry will include a hearing at the White House Nov. 5, President Donald Trump said in a written memo, that Cook “shall” attend to answer questions from the committee.
Sacred pages of 1,000-year-old gospel reveal ancient DNA scientists never expected
1,000-year-old manuscript found to have traces of ancient virus DNA preserved in its parchment pages.
Silage science
Silage can be created from nearly any forage crop, but corn is often used because it is so energy-dense. Putting up silage can preserve forage quality via fermentation if it
Remarkably preserved feathered dinosaur discovered in China reveals new secrets of flying predator evolution
A newly discovered feathered dinosaur named Norellraptor barsboldi had sharply curved teeth and claws, as well as four wings, and it adds evidence to the idea that flight evolved several times in different dinosaur groups.
Tim Patrick returning to practice
Jets WR Tim Patrick has been designated to return from the Reserve/Injured list
Scientists must be trained to work without AI, as well as working ...
As AI and autonomous labs become more capable, human reasoning must be preserved
Paraguay will not renounce friendship with Israel despite political costs, VP tells 'Post'
DIPLOMATIC AFFAIRS: In an exclusive interview, Paraguay's vice president pledged to preserve his country's alliance with Israel, and expand cooperation against Iranian threats.
County preserves to host activities at Ryan Woods
The Forest Preserves of Cook County will host the following events at the Dan Ryan Woods, 87th Street and South Western Avenue.
Seahawks place rookie RB Jadarian Price on Injured Reserve
A brutal setback for Seattle's top pick from the 2026 NFL draft
Is it possible to preserve your memories before dying? The science is moving beyond science fiction
For most of history, preserving someone’s memories after death meant relying on photographs, letters, stories and the recollections of other people. Technology is now pushing that idea much further. Scientists can record parts of brain activity linked to memory, researchers are mapping the neural networks that store experiences, and digital systems can preserve enormous amounts of a person’s voice, writing, images and personal history. That still falls far short of copying a mind. No technology
Euro pummelled by France's debt burden; stocks mixed
By Rae Wee SINGAPORE, Oct 5 (Reuters) - Asian stocks made brisk gains on Monday as investors pared back expectations of a Federal Reserve rate hike this month, while the
Hawai’i Small Businesses urged to complete Federal Reserve Credit Survey by Nov. 13
The Department of Business, Economic Development and Tourism is encouraging Hawai‘i small businesses to take part in the Federal Reserve’s 2026 Small Business Credit Survey, now open through Nov. 13.
Trump establishes committee to investigate Federal Reserve's Lisa Cook
The inquiry will include a hearing at the White House on Nov. 5
In brief: '9 to 5' headed back to theaters and more
Pour yourself a cup of ambition and head out to your local movie theater. 9 to 5 is headed back to movie theaters for a special, weeklong run starting on Oct. 9. This will be a newly restored version of the classic satirical workplace comedy starring the late Dolly Parton. Additionally, Disney is set to donate net proceeds from each ticket purchased for the rerelease in the U.S. to the Dollywood Foundation in support of its flagship program, Dolly Parton’s Imagination Library. Disney is the parent company of ABC News ...Off Campus star Ella Bright has found her next gig. The actress confirmed she will star opposite Mason Thames in the movie Narcs in a post shared to her Instagram Story. This marks Bright's first major studio feature role. The upcoming coming-of-age comedy will be made for Sony Pictures. While the movie's plot is being kept under wraps, it will serve as the directorial debut of John Phillips, the writer of No Hard Feelings, Good Boys and Dirty Grandpa ... TNCMS.AdManager.render({region: 'fixed-big-ad-top-asset', slot: 1, fold: "above"}); Did you miss Evil Dead Burn in theaters? Not to worry. The film is set to make its global streaming debut on HBO Max on Oct. 2. Souheila Yacoub, Tandi Wright, Hunter Doohan, Luciane Buchanan, Erroll Shand and Maude Davey star in the film that was directed by Sébastien Vaniček ...Copyright © 2026, ABC Audio. All rights reserved. Thank you for reading kmaland.comAt KMA, we attempt to be accurate in our reporting. If you see a typo or mistake in a story, please contact us by emailing kmaradio@kmaland.com.
Trump to hold inquiry into Fed's Lisa Cook at White House
WASHINGTON, Oct 9 (Reuters) - US President Donald Trump will summon Federal Reserve Governor Lisa Cook to the White House for a hearing on his administration's allegations she made false
That Rare Mastodon Fossil Found in San Mateo Is Now at Stanford
The molar dates back to the Ice Age. Researchers found it submerged in a Bay Area creek at the Midpeninsula Regional Open Space Preserve.
This mysterious hole on the Moon may open into a giant cave
NASA has selected the GIMLI project to investigate whether the Marius Hill Pit opens into a vast underground cave or lava tube. Using radar, seismic sensors, gravity measurements, and cameras, researchers will search beneath the lunar surface and estimate the size of any hidden void. Such caves could preserve clues to the Moon’s volcanic history and potentially provide protected shelters for future astronauts.
[World Class] Sookmyung bets Hallyu’s next stage is academia, not just entertainment
Behind each university’s global ambitions are choices about what to preserve, what to develop and where to go next. In “World Class,” The Korea Herald interview
Warren Brinson on Injured Reserve
Packers DT Warren Brinson placed on IR because of injuries
In brief: 'Stick' season 2 trailer and more
Bill Murray stars in the official trailer for A Course Called Ireland. The six-part documentary series premieres on Paramount+ on Oct. 25. The show follows Murray and his friends as they travel across the island to explore Northern Ireland and the Republic of Ireland's best fairways ...The Die Hard films are getting a brand-new home media release. All five of the movies will be released on physical media in 4K Ultra HD on Dec. 1. Bruce Willis stars as John McClane in all of the Die Hard films. The original movie finds the New York City policeman taking on terrorists after he flies to Los Angeles to be with his estranged wife and two children on Christmas ... TNCMS.AdManager.render({region: 'fixed-big-ad-top-asset', slot: 1, fold: "above"}); The trailer for Stick season 2 is here. Owen Wilson stars as the talented golfer who strives for second chance in the sophomore season. Peter Dager, Timothy Olyphant, Rhea Seehorn, Marc Maron, John Higgins and Billy Zane also make up the cast of the new season. The Apple TV series premieres its first two episodes on Nov. 4. A new episode drops weekly every Wednesday that follows until the season finale airs on Dec. 30 ...Copyright © 2026, ABC Audio. All rights reserved. Thank you for reading kmaland.comAt KMA, we attempt to be accurate in our reporting. If you see a typo or mistake in a story, please contact us by emailing kmaradio@kmaland.com.
How are higher interest rates and rising prices affecting you?
Last month, the Federal Reserve raised interest rates for the first time in more than three years, as it tries to bring inflation under control. But higher rates make borrowing more expensive for consumers and businesses — one reason mortgage rates have climbed to a three-year high in recent weeks.
Vikings Part Ways With Four Players, Including Devin Neal
Minnesota made a series of roster moves Wednesday, releasing three players from its practice squad while waiving cornerback Tyreek Chappell from injured reserve.
Sacred pages of 1,000-year-old gospel reveal ancient DNA scientists never expected
1,000-year-old manuscript found to have traces of ancient virus DNA preserved in its parchment pages.
Jalen McMillan placed on IR
Buccaneers WR Jalen McMillan placed on Injured Reserve with knee injury
Matt LaFleur Makes Admission on Learning Saddening Packers Development
For the second season in a row, Green Bay Packers wide receiver Jayden Reed is going to miss a lot of time due to an injury. And this time around, he will be out for the remainder of the season after being placed on the injured reserve with a neck injury. The former Michigan State […] The post Matt LaFleur Makes Admission on Learning Saddening Packers Development appeared first on Gridiron Heroics.
Dolphins activate former first-round pick off IR, release QB
The Miami Dolphins are getting back one of their top young defenders this week, after he missed the first four games on injured reserve.
Trump establishes committee to investigate Federal Reserve's Lisa Cook in latest effort to fire her
President Donald Trump opened another chapter in his effort to fire Federal Reserve Governor Lisa Cook Friday by establishing a “committee of inquiry” to investigate allegations that she made false statements in mortgage applications.
Panthers defense looks to slow down Jared Goff and the Lions
The Carolina Panthers are preparing to face the Detroit Lions without both starting cornerbacks, who are on injured reserve.
NVIDIA Reportedly Ending the RTX 5090, Reserves GB202 Silicon for Workstation GPUs
NVIDIA has reportedly stopped allocating GB202 silicon to the GeForce RTX 5090, according to leaker MEGAsizeGPU (@Zed__Wang) on X. "No more GB202 for 5090, confirmed," the leaker posted, adding in a follow-up that "all future GB202 supplies are RTX Pro exclusive." GB202 is the largest "Blackwell"...
Island Science Day is Saturday at UTMSI
All ages are invited to celebrate 85 years of research and education at the University of Texas Marine Science Institute and 20 years of the Mission-Aransas National Estuarine Research Reserve on Saturday, Oct. 3. Island Science Day will be from 10 a.m. to 2 p.m. at the Patton Center for Marine Science Education, 855 E.
Scientists Discover New Dinosaur Species from Remarkably Complete Fossil — and Its Feathers Are Still Preserved
The 22-inch dinosaur lived more than 100 million years ago, and its complete skeleton and preserved feathers are offering new clues about how flight evolved
Science, resource chief for NPS honored with accesibility award
Steven Kidd, chief of Science and Resource Management at Timucuan Ecological and Historic Preserve in Jacksonville, Fla., was recently recognized with the Accessibility Achievement Award by the National Parks Service.
Mars’ North Polar Ice Is Much Cleaner Than Scientists Thought
Beneath the dusty surface of Mars’ north pole, scientists have uncovered surprisingly clean layers of ice that may preserve a hidden record of the planet’s dramatic climate history. Earth maintains a relatively steady posture in space thanks to the gravitational anchor of a massive moon. Mars lacks that stability. Tugged only by two tiny moons,
Black politics needs more than better voting maps
The modern voting rights movement has become a tool to preserve the Black politician’s job, particularly the establishment Democrat.
How Spurs can make changes while preserving 'delicate ecosystem'
Mitch Johnson must balance the Spurs' starting lineup, player roles and team chemistry to preserve last season's NBA Finals magic.
Powell did not break the law with expensive Fed renovations that incensed Trump, report finds
An inspector general review of the Federal Reserve’s headquarters renovation found no sign that then-Chair Jerome Powell broke the law or committed misconduct in his management of the costly project, even as it sharply criticized him and the bank’s board for allowing the price tag to balloon beyond $2 billion.
Trump's moves to boost diesel supplies have not yet lowered prices
US diesel prices remain at near record highs, up 70% since the US-Israeli war on Iran began despite two high-profile recent moves by President Donald Trump to boost supplies of the fuel: pressuring allies to release emergency reserves and expanding access to tax-exempt red-dyed diesel.
Golden Nuggets: TIL the practice squad has an injured reserve
Your daily San Francisco 49ers news for Thursday, October 8th, 2026
Trump launches new effort to oust Fed Governor Lisa Cook
(CNN) — President Donald Trump is mounting a fresh offensive in his battle to oust Federal Reserve Governor Lisa Cook, forming a committee of his own appointees to investigate allegations
FOX54 News Huntsville
FOX54 News - Huntsville - The FOX54 News Team brings you local and national news, weather, sports, and VERIFY fact-checking on the latest trending topics, from elections to COVID-19 to online scams. Watch the FOX54 News Team Monday-Friday at 5:30 p.m. and every night at 9:00 p.m. We reserve the right to moderate or remove comments that are hateful, contain inappropriate language, or violate YouTube community guidelines. Keep it civil, folks.
Retailers are making returns harder. A carpet seller taught me why that’s a mistake
A standard business practice offsets future costs by funding a reserve for returns – but many small businesses don’t do it