Podcasts about Lockheed Martin

P.M. Edition for Sept. 17. Yesterday's interest rate increase from the Fed seemed to some like an assertion of the central bank's independence. But afterward President Trump revealed that he and Warsh had a conversation before the decision was announced. WSJ Washington bureau chief Damian Paletta discusses what we know and what this could mean for the future of the Fed. Plus, House Speaker Mike Johnson sent lawmakers home early this week ahead of the November election, despite criticism that Congress isn't doing its job. We hear from Journal reporter Maya Davis about what the data show about how much Congress is getting done. And Mastercard becomes the latest credit card company to roll out the option for AI bots to do your everyday shopping. But, as reporter Ben Glickman notes, many consumers aren't yet ready to hand over their cards to a bot. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Plus: General Motors is supplying missile components to Lockheed Martin. And U.S. housing starts fell last month, missing economists' expectations. Alex Ossola hosts. Sign up for WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A.M. Edition for Sept. 16. The EU top's executive proposes making Canada the bloc's first associate member as traditional U.S. allies forge stronger ties in the face of tensions with the Trump administration. Plus, WSJ correspondent Jared Malsin details how the U.S. is burning through its interceptors to counter Iran. And, we tee up one of the most consequential Fed rate decisions in recent memory. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Keith welcomes back macroeconomist Richard Duncan of Macro Watch to examine where mortgage rates are headed and what's driving them there.  Duncan explains how the U.S. shifted from capitalism to what he calls "creditism" after the dollar left gold in 1971, and why today's AI investment boom, rising defense spending, and a $40 trillion national debt are all pointing inflation and interest rates in the same direction.  He also makes the case for rental property on land as a long-term inflation hedge, and answers a question many have asked: if the government can print currency, why does it collect taxes?  Episode Page: GetRichEducation.com/623 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Join Mid South Home Buyers' one-time, free live webinar featuring Keith Weinhold on September 30 at GetRichEducation.com/MidSouth to learn how Memphis' economic expansion could create new real estate investment opportunities, and have your questions answered in real time. Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host Keith Weinhold. You're going to get a good idea of where future mortgage rates are headed as we're talking to one of the world's most brilliant macroeconomists today. Will AI be more inflationary or deflationary? And the profundity of how we're on the brink of moving into a completely new economic system today on Get Rich Education. What if I told you that one of America's strongest cash flow real estate markets is also becoming the new brains and brawn behind AI? That city is Memphis, believe it or not. In September 30th, we're going to show you why the smart money is paying attention now, along with an investing opportunity you won't want to miss. Join me, Terry Kerr and Matthew Van Horn of Mid South Home Buyers, the largest turnkey company in Memphis with more than 6000 homes under management, for a free live webinar the likes of which I've never done before. We're going to look at what billions in new investment could mean for jobs, housing demand, neighborhood appreciation, and your portfolio. Everyone who attends live will also get exclusive access to the best deal terms Mid South has ever offered. Reserve your free seat at getricheducation.com/midsouth again. that september 30. Don't say we didn't tell you. Save your spot at getricheducation.com/midsouth.   Speaker 1  1:34   You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education.   Keith Weinhold  1:50   Welcome to GRE from Lancaster, Pennsylvania, to Lancaster, California, and across 188 nations worldwide. I'm Keith Weinhold. You're listening to Get Rich Education, and I really appreciate that you're here. Yes, those two cities, though spelled the same, are pronounced differently. Framing this entire episode today with our brilliant guest, you'll learn which direction future mortgage rates are probably going to move, and it's decidedly either going to be higher or lower. You'll get a clear answer. Now I've said that trying to predict mortgage rates definitively is foolish. We're only talking about probabilities today. Look, have you ever wondered if the government can just print its own currency? Then why do they have to collect taxes from us. We're going to get that answer today. Back in 1971, the U.S. economy left a system of capitalism, in fact, and embarked on a journey of creditism as defined by today's guest. Well, now we're about to leave creditism. You'll learn what is poised to replace it, and it is an AI-fueled answer. You know, to prep you with some context today, I've said it here before. But when you start talking about the enormity of a national economy, the words billion and trillion start to get thrown around a lot. A trillion seconds ago, you know how long ago that was. That takes you further back than the Roman Empire, because a trillion seconds is 31,700 years. Well, 31,700 years ago, that is just about as far back as when the plains of Europe were being roamed by Neanderthals. Yeah, that was a trillion seconds ago. Coming up on the show here, the man who wrote the book on the Pareto principle 30 years ago. That's the 80-20 principle, where 20% of your effort yields 80% of the results. We'll talk to him and learn how those insights can improve your life on a different upcoming episode.   Keith Weinhold  4:08   Here, the book Rich Dad Poor Dad was originally written by two authors. One of those two was Robert Kiyosaki. We had Kiyosaki on the show here with us in June, and by the way, the New York Post recently wrote an article, and they cited the Get Rich Education podcast in how Kiyosaki revealed on the show here that he is 1.2 billion dollars in debt. You can find that in the September 1st edition of the New York Post. That's the June 1st episode of the Get Rich Education podcast that they're citing. Well, a lot of people they don't know who the other author of Rich Dad Poor Dad is, but we're going to have her here with us on the show soon. So some really fascinating episodes coming up. Let's meet today's guest. Returning this week is one of the foremost macroeconomic minds in the world. He was this show's first ever guest nearly 12 years ago on episode seven. A prolific author, he publishes the popular video series Macro Watch at RichardDuncaneconomics.com, and he's really influential. For example, not long ago, he presented his economic policy proposals to congressional members of the House Ways and Means Committee. Hey, it's a warm Get Rich Education. Welcome back to the incomparable Richard Duncan.   Richard Duncan  5:39   Thank you, Keith. Thank you for having me back on.   Keith Weinhold  5:42   I don't know if you and the audience are ready for this. This is some perspective. It recently made news when the U.S. hit its national public debt milestone of $40 trillion. When Richard made his GRE debut here in November of 2014, it was $18 trillion. That national debt has more than doubled since you were first here, Richard.   Richard Duncan  6:07   That's right. The government has been playing probably the leading role in keeping the economy growing, and a couple of times since then has played the sole role in preventing a new Great Depression in the aftermath of the crisis of 2008 and during COVID, it's the massive government budget deficits, often more than a trillion dollars a year. Last couple of years, it's been 1.8 trillion dollars. That's been driving the economy, and whenever it needs some additional support, the Fed steps in and creates a few trillion dollars here and there, and combined they've been keeping the economy growing and, in fact, booming. And wealth has absolutely exploded as a result of the government spending and the Fed money creation. In 2008, the total wealth of all the Americans net worth $60 trillion. Now, it's tripled to $180 trillion. That that is a direct result of the government's intervention through budget deficits and paper money creation by the Fed.   Keith Weinhold  7:14   I will call that the world's least desirable investment portfolio minus 40 t. That is one way to think about it, but when you bring up interventionism, you know something I shared with the audience about a month ago, Richard. It is just remarkable to think about all the crises we've had just since 2020. We had COVID, we had Russia's invasion of Ukraine, we had Israel, Gaza. We had tariffs. Now we've got the war in Iran, and what is the result of all this? Largely due to government interventionism. Oh, both the stock market and real estate market in the U.S. are near all-time highs.   Richard Duncan  7:54   Who would have imagined? But things work very differently now than they did in the old days when money was backed by gold, and the Fed and the government played a much smaller role in the economy. It's a different world now. That was capitalism. This is creditism. Our new economic system is driven by credit growth, and whenever necessary, the government steps in with massive budget deficits, and the Fed steps in with massive money creation to make sure that credit keeps expanding and the economy keeps growing, because if credit doesn't keep expanding, if it even dips a little bit like it started to in 2009, then the whole bubble implodes and we repeat the 1930s Great Depression, probably followed by what happened in the 1940s.   Keith Weinhold  8:39   This is interesting. When you were first here 12 years ago. You talked about how society isn't so much capitalism that it's creditism, and you expounded on that. And before we're done, I know that we have now morphed into a new ism, post-creditism that Richard is going to share with us, it's fascinating. But Richard, since you were last here, the Iran War is new. It's been going on for over six months now. So I'd like to get your thoughts on that, and principally, if the Iran War is going to create lasting inflation or only a temporary energy spike. What are your thoughts?   Richard Duncan  9:20   Let's broaden this out. I know that your listeners are very interested in in real estate, and of course that's very impacted by interest rates. And interest rates are impacted, of course, primarily by inflation. So it is true that the Iran war is pushing up energy prices, and that's pushing up inflation. It's not just Iran alone. Before that, we had trade tariffs, and that's pushing up inflation. And on top of that, we've simultaneously got this extraordinary AI investment boom, and the investment by the hyperscalers is just mind-boggling. The four biggest hyperscalers-Amazon, Alphabet, Microsoft, and Meta-they're expected just the four of them to invest something close to $750 billion this year. 750 billion, just four of them. Now, to put that into perspective, the U.S. military, in one year, the most recent year, only spends half that much on procurement and research and development, roughly 320 billion. You've got these four hyperscalers spending twice as much as the U.S. military does on procurement and research and development. That is just hard to wrap your mind around, and of course, that's pushing up everything from the cost of memory chips to electrical equipment, the cost of electricity itself, power generation equipment, and all the kinds of materials that go into building data centers. So that's another source of inflation. And then there is this wealth effect that I just referred to a minute ago. Wealth has tripled from $60 trillion to $180 trillion since 2008. All that wealth is giving a lot of rich people a lot of money to spend on a very large scale, and that also is inflationary. So all of those things are inflationary, and none of them seem to be going away in the immediate future. Now, on top of that, the inflation is not the only thing that is affecting the interest rates. Other things are affecting the interest rates as well. For instance, the budget deficit this year looks like the U.S. budget deficit is going to be quite close to $2 trillion. So that will be $2 trillion of government borrowing, and this doesn't look like it's going to go down anytime soon either. President Trump is requesting $1.5 trillion for the total defense budget in fiscal year 2027, which starts in October. That's up from just $900 billion in fiscal year 2025, so that's a huge increase in military spending, which makes the percent-   Keith Weinhold  9:20   Increase plus, y   Richard Duncan  10:52   Going to keep growing, and that spending will be inflationary as well. But so the government is going to have to borrow, so the demand for money from the government is enormous, and as I've just mentioned, because of the AI boon, the hyperscalers and many of the other companies in the AI industry or related to the AI industry, they're also tapping the bond market on a very large scale. So demand for borrowing from these AI-related companies, the demand is pushing up interest rates. This is not directly related to inflation, so you've got a lot of demand for borrowing from the government and from the private sector related to artificial intelligence primarily. So that's on the demand side for money, and on the supply side, well, the United States is not making a lot of new friends these days. We seem to be losing friends pretty quickly, and many of the people who were very enthusiastic about buying American government bonds in the past are becoming increasingly reluctant to do so. Most of them still are. Most of them don't really have any viable options, but on the margin, there are fewer friendly buyers of our debt, and so fewer people willing to buy the debt also puts upward pressure on U.S. interest rates. So recently, the 30-year U.S. government bond hit a 19-year high at 5.33% That's a very high number, and this has spooked the Treasury Department. Treasury Secretary Besant has begun doing some very unusual things that suggest that he's very concerned. He has helped stop the yen from weakening by selling some euros that the U.S. government owned and buying yen. He did this to make the yen stronger, and this meant that Japan wouldn't have to sell its U.S. government bonds in order to have dollars to use to buy yen to make the yen stronger. So that was a strange move.   Richard Duncan  9:20   And then more recently, he's announced that the Treasury Department is going to start buying twice as many long-dated bonds as it has been doing. Each operation now, the Treasury Department has been buying $2 billion worth of bonds at the long end and financing it with short-term borrowing. So borrowing at the short end, the say two-year bonds, which have a much lower interest rate, and using that money to buy 10 or 30-year bonds that have a higher interest rate, in order to push up the bond prices and push down the bond yields at the long end, to try to hold down the 30-year bond yield and the 10-year bond yield, which of course directly affects the mortgage. This is beginning to seem like there's some degree of, well, let's call it perhaps not panic, but deep concern in the Treasury about how high interest rates in the U.S. are going, and just moving forward with this idea, all of these pressures, the inflationary pressures are not likely to go away anytime soon. The demand for borrowing is not going to go away anytime soon. So there's going to continue to be this upward pressure on interest rates. And I think ultimately, what we are going to see is another big round of quantitative easing from the Fed. The Fed is going to have to step back in and announce that it's going to create a great deal of money one more time, and use that money that it creates to buy government bonds to push up their price and to drive down their yield. And we shouldn't forget that already the Fed is currently printing, creating money. It launched a new program. What is it called? Reserve management purchases. This was a program they announced in December last year, where they were just going to create some money and inject bank reserves into the financial system, so that they could manage reserves at a good level, so everyone would have plenty of liquidity. Just since December, they have created $210 billion. This is kind of going under the radar, but $210 billion since December is not an insignificant amount of money.   Richard Duncan  14:49   If the budget deficit this year turns out to be 2 trillion, then that's financing 10% of the government's budget deficit, right? More than 10% So we've already got a significant amount of money creation by the Fed going on currently, and that's not enough to prevent the yields from moving sharply higher. So I think what we're going to get is another much bigger round of quantitative easing in the not too distant future, and that's going to have a lot of ramifications.   Keith Weinhold  17:00   That's a really interesting insight, and Richard, one word keeps popping into my head as we have this discussion. Okay, inflationary pressure correlates with higher interest rates, sure, but how much are these high bond yields, which flow right over to our mortgage rates, a result of an erosion in trust. I'm thinking about trust   Richard Duncan  17:24   to some degree, yes, but not overwhelmingly. The reality is, at the end of the day, there is a certain amount of money in the world that has to be invested somewhere, and that is the most important fact to understand. There is a pool of money; it keeps getting larger, and it has to go somewhere. And U.S. government bonds are considered the safest place for it to go. For instance, the United States has a very large trade deficit with the rest of the world. For the last two years, the current account deficit, which is more or less the trade deficit, has been 1.2 trillion dollars a year. It's easier to understand it as a trade deficit. That's been throwing off 1.2 trillion dollars into the surplus countries. The surplus countries sell things in the United States, countries like China and Vietnam and all the others. They sell things in the United States that they make at home. They get paid in dollars. They take their dollars back home to China and Vietnam and all the other countries, and what do they do with the dollars? They own dollars. They've got to do something with those dollars. They're getting 1.2 trillion more dollars every year. Now, the thing they do with it primarily is they buy treasury bonds with it, and so there is an inherent and growing demand for treasury bonds. You may be thinking, okay, they could take those dollars and they could convert them into euros. That's true, they could, but whoever they buy the euros from, they then own dollars, and they would need to buy U.S. dollar-denominated assets with them. The main driver behind the buying of Treasury bonds is just the fact that there are so many dollars in the world, an increasing amount of dollars outside the United States that need to be invested in U.S. dollar-denominated assets. People can lose confidence in "quote unquote, but what are they going to do with their dollars? It has to go somewhere, and so it ultimately ends up going round and round, and an enormous amount of it ends up in U.S. Treasury bonds, and that's not going to change so long as the U.S. has a very large trade deficit with the rest of the world. The rest of the world is going to keep accumulating dollars for that reason, and they're going to keep accumulating Treasury bonds for that reason.   Keith Weinhold  19:44   Well, what do these effects mean for real estate, Richard? I mean, which force you think will ultimately win for housing here with this increased inflationary pressure? Is it more of a damaged affordability problem, or do we see rising? Placement costs that continue to help float real estate values up.   Richard Duncan  20:05   Real estate prices, home prices, have not been performing very well over the last year to two. Pretty flat, unlike in prior years, immediately after COVID when they were booming. I suppose that's what we're going to continue to see for some time. If interest rates remain high, the affordability is not there. But if we do get this new round of quantitative easing, which I think is a real possibility, then that will effectively push down the interest rates, making home affordability better. And at the same time, by creating more money, that does push up asset prices across the board. So over the long run, I do believe that real estate is a very good investment, and also it can be a very good investment from the point of view of providing diversity in your portfolio. I'd like to focus in particular on it can be an inflation hedge. So, if you buy a house and use a say a 30-year fixed mortgage, and then we or a 15-year fixed mortgage to pay for a significant part of that purchase, and then we do get inflation, then the inflation eats away your mortgage. Your mortgage evaporates because of the inflation, so in that way you're somewhat protected from the risk of future inflation by having inflation destroys your debt. In other words, so that helps. So I do believe that buying houses, I think rental income is a very good investment, particularly houses on a piece of land buy the house with a fixed rate mortgage. You rent out the house, and over 10 to 15 years, the house pays for itself, and it keeps appreciating in value over time. Decade after decade, it will become increasingly valuable over the long run, and you'll have also a supply cash flow, and you'll have this inflation hedge that I just described. So I think owning rental property that is on land, I'm not so keen on buying condos. There's no limit as to how many condos can be built in the air, but there is a limited amount of land in the world, and so land is as good as gold because if gold goes up; the land will also go up for the same reasons. So I think owning rental property is a very important part of having a broadly diversified portfolio, which is usually the best thing for most people to do to have a broadly diversified investment portfolio.    Keith Weinhold  22:37   Yeah, in this era of both war and increased interventionism, yeah, we still have a resource here, real estate that is scarce, that is necessary, and is built with this basket of goods and commodities constituting that replacement cost.   Richard Duncan  22:53   I agree.   Keith Weinhold  22:55   Well, Richard and I have a lot more to talk about when we come back, including what phase of the economy that we're in post-creditism and a lot more. You're listening to Get Rich Education. Our guest is the publisher of Macro Watch, Richard Duncan. I'm your host, Keith Weinhold.   Keith Weinhold  23:12   What if you got your mortgage loans the same place I get mine? You sure can at Ridge Lending Group NMLS 42056. They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Caeli Ridge while it's on your mind. Start at ridgelendinggroup.com. That's ridgelendinggroup.com. Let me ask you something: If you've worked hard to build wealth, is your money positioned to actually support your goals? A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. It's a straightforward approach built on real assets, not speculation. In full disclosure, I'm an investor myself. What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed. But with a track record of consistent, on-time investor payouts, they built real credibility. Go to freedomfamilyinvestments.com to book a clarity call, or text family 266866. That's family 266866.   Robert Helms  24:44   Hey everybody, it's Robert Helms of the Real Estate Guys Radio Program. So glad you found Keith Weinhold and Get Rich Education. Don't play your daydream.   Keith Weinhold  25:04   Welcome back to Get Rich Education. I'm your host Keith Weinhold. We're talking with Richard Duncan. Check out him and his work at RichardDuncanEconomics.com. So much interesting stuff has happened in the macroeconomic world since we last had him here with the Iran War, with the AI arms race heating up, and with hitting that milestone of $40 trillion in total public national debt. Which, by the way, that $40 trillion-that is more than the combined debt of Germany, Japan, France, Italy, the UK, and Canada. That's basically the entire rest of the G7 just to try to get your head wrapped around that $40 trillion number, and you know, Richard, when it comes to the government, their income and their expenses and their assets in their debt, some wonder, including me, if the government can just print its own currency, then why must they collect taxes from us?   Richard Duncan  26:04   Okay, well, to understand the answer to that question, it's necessary to understand that it wasn't always possible for the government to print its own currency. Up until 1968, 1971, the Fed was legally required to back the dollars it created with gold, and the United States had the obligation to allow other countries to convert the dollars they accumulated into U.S. gold. So up until then, that wasn't a possibility for the government to finance its spending by money printing. And so, over the centuries that preceded, the government would tax the people to obtain the money that it needs for spending. So imagine today: here we are. The government now is spending about $7 trillion a year, and its tax revenues are about $5 trillion a year. So if it suddenly said, "Okay, we're not going to tax anyone anymore, that would mean that people would have an extra $5 trillion to spend, and if the people started spending $5 trillion, we would have hyperinflation, because there's only a limited amount of industrial capacity in the United States, or even in the world for that matter. It couldn't absorb a $5 trillion of additional spending from households and businesses, so it's not that they can't technically create the money as much money as they want to pay for everything they want. The constraint is not money creation technically; it's the inflation that it would produce if they just stopped taxing everyone and just created money instead. So that's the reason they can't.   Keith Weinhold  27:46   Just slowly taper it away and give people some income tax relief. Why can't they do that?   Richard Duncan  27:52   Well, that's what they've been doing. Taxes are far lower now than they were under when President Reagan took office, and that's one of the reasons we have $40 trillion in debt.   Keith Weinhold  28:03   Okay, but that is how the income and expenses look on an annual basis, right, Richard? This is how I think of it. Like the United States basically has 5 trillion in annual income, much of it from personal tax collection, and 7 trillion in annual expenses. That's how we get to the annual deficit of about 2 trillion, which rolls into that $40 trillion of overall debt.   Richard Duncan  28:30   That's right. What you said is correct. But we would have much more than $5 trillion income from taxes had the government not reduced the tax rate so often and so radically, starting in the early 1980s under President Reagan, if taxes hadn't been cut so sharply, we wouldn't have a two-trillion-dollar budget deficit, $40 trillion of government debt. So they've already been tapering the amount that they tax by cutting tax rates very sharply over the last decades,   Keith Weinhold  29:02   I guess a lot of people, admittedly me included, haven't been thinking about it that way. Maybe because it's painful, and I do write checks to the IRS. But when we talk about this propensity for continued inflation, one component of this is what's happening with the AI arms race, and I know you've looked at this closely. You know, because one thing I think about is, well, wait, will the AI arms race actually be deflationary over time because it lowers production costs and makes us more efficient, or is it going to be inflationary because it requires enormous capital and electricity and infrastructure in the building of these data centers. So you know I can see it going either way with the AI arms race, inflationary or deflationary. But since you studied it a lot, including talking about it on macrowatch, tell us more about the AI arms race and what this all means, Richard.   Richard Duncan  29:59   So yes. On your point that you just made, in the short term, it looks like the AI boom is going to be inflationary. Yeah, it's driving up electricity prices, land prices, and all of the things that we discussed before. Everything that goes into making artificial intelligence intelligence, including memory chips, which drive up the cost of your iPhone and iPad. So it's inflationary in the short run, but over the long run, it could probably and probably will be quite disinflationary or even deflationary. I think that's several years away. Now, moving on to the next question, the AI arms race. I think it's very helpful to understand the world around us by putting it in the context of how our economic system has evolved since dollars ceased to be backed by gold. 1968, the Fed was no longer required to back dollars with gold. 1971, President Nixon said, "Sorry, Europe, we we said we would let you convert your dollars into gold, but we changed our mind and you can't. So after that, there was no longer any gold backing for the dollar, and here are a list of things that have happened as a result of that change. Our huge trade deficits couldn't have happened if the dollars were backed by gold. The huge budget deficits that we have couldn't have happened. The Fed couldn't have created trillions of dollars through quantitative easing. Inflation rate has fallen from the 1980s, from the the mid teens to well below the Fed's 2% inflation target for most of the last 20 years, and wealth in the United States has exploded, as I mentioned, from 60 trillion to 180 trillion. That wouldn't have happened if dollars had remained backed by gold because credit has exploded. Total debt or total credit, two sides of the same coin. Total debt in the U.S. It's government debt, household debt, corporate debt, Fannie Mae, Freddie Mac debt, all the debt. It first went through $1 trillion in 1960. Now it's 110 trillion. So 110 times increase in my lifetime in total debt. That wouldn't have happened if dollars had remained backed by gold, and because of all of that credit expansion and the massive trade deficits we had with the rest of the world through globalization occurred, and that allowed Asia to industrialize, and Asia wouldn't be industrialized as it is now. China wouldn't be an economic superpower as it is now had dollars remained backed by gold, because it wouldn't have been able to grow through export-led growth. And so, China, instead of looking like it does today, it would look like it did in 1970, basically being a very poor third world country, and globalization has pulled hundreds of millions of people out of poverty.   Richard Duncan  32:47   They would still be in poverty had dollars remained backed by gold. The Soviet Union probably would still be around because the U.S. under President Reagan wouldn't have been able to to spend so much on the military that it bankrupted the Soviet Union trying to keep up with us, and finally, China wouldn't be the national security threat that it's become now because it wouldn't have had a trade surplus and it wouldn't have had any economic growth to speak of for the last 50 years. That's the world that we're living in now. The world we live in now is the direct result of dollars no longer being backed by gold, and to understand the world around us, you have to understand that that's the starting point. Now, coming to your question, this explosion of wealth that has been created under the system that I call creditism-we did have capitalism. It was driven by saving and investment, Capital accumulation, hence capitalism and investment that drove capitalism. That's not how our system works. Our system is driven by credit creation and consumption, and more credit creation and more consumption. That's creditism. It used to be driven by private sector credit growth, but the private sector became too heavily indebted in 2008, and they blew up, and that almost resulted in the complete collapse and bankruptcy of every bank in the United States and probably most of the banks around the world as well. So the government had to step in, and since that time, it's been government borrowing primarily.   Richard Duncan  34:17   This driven creditism and kept credit expanding with the help of the Fed, so this has been the evolution of creditism and has produced extraordinary amounts of wealth. So it's had two consequences that we need to focus in on now. For one, I've mentioned already, it turned China into an economic superpower, which is now on the verge of overtaking us, not just economically, but also technologically and militarily, it's become an extreme national security threat to the United States. But the second thing that has occurred, the creation of all of this wealth has provided the funds that have allowed a. Technological revolution to occur so quickly, this AI revolution that we're now living through, that is the direct result of the ample liquidity that has been created and flowing around the world, originating largely from the Fed's printing press and the government's budget deficits. That's created trillions and trillions and trillions of dollars of wealth that wouldn't have existed otherwise, and that wealth has gone into funding this development of data centers and the technology that's created the artificial intelligence. Now we are experiencing this AI revolution, and it's become quite apparent to everyone that whoever wins the AI arms race is going to rule the world. We're on the verge of machines becoming more intelligent than humans, and then after that point, through self-training and self-improvement, going on 24 hours a day, they're going to become exponentially more intelligent than humans very quickly, so whoever wins this race is going to have dominance of every other country in the world. So, as creditism has evolved, it has created a national security threat in China and has created artificial intelligence. And as a result of the two combined, we now have this artificial intelligence arms race with the United States that must win. That's why President Trump is calling for a 1.5 trillion dollar defense budget.   Richard Duncan  36:30   So this is one of the main themes that MacroWatch has been focused on this year. I've done a series of videos on the new defense spending boom, looking in one video at the traditional titans of defense like Lockheed Martin, RTX, Boeing, in another video looking at the new up-and-coming Silicon Valley challengers in the defense industry, companies like Andrel, Palantir, and most important of all, SpaceX. This is now the driving force in the economy. the The absolute necessity of winning this AI arms race is going to require much greater government spending on the military, and it's going to require what we're seeing extraordinary amounts of money being invested in developing artificial intelligence because whoever gets there first wins, and whoever doesn't is going to be subjugated by the winner. So that's where we are. So that brings us up to we've been discussing the change from capitalism into creditism, and we've seen how creditism has evolved from being first driven by private sector credit to later being driven by government sector borrowing and spending, now leading to this AI arms race, which I think we're now moving toward a different kind of economic system beyond creditism. So let me back up just a minute and say that economic systems are best defined by the constraints that limit what they can do. So we've been talking about capitalism. Capitalism's main constraint was the requirement that money be backed by gold, and when that constraint, when that gold-backed money constraint was removed, the constraint was gone. The economic system evolved into a different kind of economic system. Creditism has created extraordinary amounts of wealth and growth since early 1970s. This is not the first time economic systems have evolved. If you look back through history, there have been many different kinds of economic systems. They've all been defined by the constraints that binded what they could do. If you go back to hunter-gatherer economic system, that economic system was constrained because the people didn't have tools for cultivation or any way to store the food that they created for long-term storage, but once they developed that those tools and the ability to store food, those constraints were removed and they evolved into a different kind of economic system. Ultimately, into feudalism. Feudalism was an economic system that was constrained by very poor roads, so there was very little transportation. There were no banks, so no banking system or credit, and there was very limited legal social mobility.   Richard Duncan  39:28   But eventually, cities developed, and because of cities, trade flourished, and that removed the constraints that had defined feudalism. Okay, so fast forward, capitalism was constrained by gold-backed money. When gold was removed, we moved into creditism. Now here we are in creditism, late-stage creditism, and we're seeing this phenomenal expansion of artificial intelligence. So every economic system throughout history has. Had two constraints in common. There have been labor constraints, a limited labor supply, and there has been the constraint of limited human intelligence. We're now, thanks to artificial intelligence, on the verge of removing those two constraints that have limited every economic system up until today, when artificial intelligence is embedded in humanoid robots, that's going to remove the labor constraint. We will no longer have any labor constraint. Robots will be able to produce all the labor and then some that's required. So there goes the labor constraint, and when we hit superintelligence, that's going to remove the constraint of human intelligence that has bound economic systems. So those have been the two primary binding constraints on every economic system so far, and they're just now about to be removed by artificial intelligence. We're moving into a new era without intelligence constraints and without labor constraints, and this is going to radically change everything. When those constraints are removed, creditism is going to evolve into an economic system that's no longer driven by credit creation. It's going to be driven by intelligence creation, knowledge creation, or an explosion of cognition. So I call the new system that we're moving toward cognitism, because rather than being driven by credit as creditism is, it's going to be driven by exponential expansion of intelligence or cognition, and it's probably going to create undreamt of wealth, but it's going to completely change from bottom to top everything about the world and society and social relations that exist today, and that is what we're very quickly moving into over the next 10 to 20 years. That that's where we're going to go, and I believe it deserves a new name. So I've coined the term cognitism to describe this new economic system. The post-creditism world is cognitivism.   Keith Weinhold  42:12   Wow, this is massive. Ever since we met, you talked about creditism, and really, that's the economic system that we live in, not capitalism, so we're on the brink again of moving from creditism into cognitivism, because oftentimes these forces and their change are defined by having the constraints removed, and we're on the brink of removing the labor constraint and the human intelligence restraint from creditism to move us into cognitivism over the next 10 or 20 years. I'm just reviewing what you said as I'm thinking this through, Richard. Talk to us at least a little about what the ramifications are for us, just everyday people and investors with this cognitimism economic system.   Richard Duncan  43:02   It's very difficult to guess what the consequences are going to be. They're going to be not only economic, but they're going to very quickly become political, and the political consequences are difficult to guess how they will play out. But it does look like when robots can do all the manual labor, and machines can do all of the intellectual work on a much more accurately, much more rapidly, much more flawlessly than humans can. There won't be any need for humans to have work unless legislation is in place to ensure that they do, and if they don't have work, then they're going to not have any income. And if they don't have any income, they're going to start being very unhappy, and they're going to start rioting, and governments are going to begin to fall, and we don't know how that's going to play out. So there's going to have to be arrangements made to ensure that people do have enough income to benefit from all of the extraordinary wealth that could be created through limitless labor and limitless intelligence, but to work in a way that can satisfy our wildest dreams and beyond our wildest dreams is going to be a matter of restructuring the political economy, if you will, to ensure that people benefit from this technological revolution that is now speeding up.   Keith Weinhold  44:30   Yeah, I would say all we do know is we don't know and how it's going to turn out. But you know whether it's been tractors replacing horses or whether it's been the advent of the assembly line, or whether it's been the advent of the internet, people always say it's going to destroy net jobs, and historically, it really hasn't.   Richard Duncan  44:53   You're right, but the replacement of horses with automobiles didn't really work out so well for the horses.   Keith Weinhold  45:00   So, is there any way we can think about this in order to stay nimble as investors and everyday people, Richard? As we move into cognitism.   Richard Duncan  45:10   Absolutely, everyone needs to subscribe to Macro Watch, and they'll be able to follow it very closely there as I map it out as it unfolds from month to month.   Keith Weinhold  45:22   They should, and it's fascinating, and you've really been on the cutting edge of that. Tell us more about subscribing to Macro Watch, something that a lot of listeners should be interested in.   Richard Duncan  45:33   So my background is has been in finance. I started working in Hong Kong in 1986 as a securities analyst, I later on became an economist and then a strategist. I worked for the World Bank for a couple of years in Washington. I was the head of global investment strategy in London for ABN AMRO Asset Management. So my background is in finance, and I have spent most of my career living in Asia for the last 40 years, primarily in Asia. Along the way, I've written four books. The first one was the Dollar Crisis back in 2003. The most recent one was The Money Revolution in 2023. So my background is in finance. But 13 years ago, I launched Macro Watch. Macro Watch is a video newsletter. Every couple of weeks, I upload a new video. It's essentially me making a PowerPoint presentation discussing something important happening in the global economy and how that's likely to impact asset prices. So it's essentially become a compendium of the global economy. Essentially, everything that has happened in the last 13 years at the macro level that matters is discussed in these macro watch videos. For instance, there is a complete history of everything the Federal Reserve has done since it was founded in 1913. There is a complete description of government debt from the beginning, the increase in government debt and budget deficits. It explains things like how the Fed actually creates money, what are bank reserves, what is Japanese monetary policy, what is European monetary policy. All the major macroeconomic developments are described there and are available to subscribers every two weeks. They upload a new video, and so if your listeners would like to check it out, my website is richarddunkeneconomics.com. That's richarduneconomics.com, and if they'd like to subscribe, hit the subscribe button. And I'd like to offer everyone a 50% subscription discount.   Keith Weinhold  47:36   Thank you.   Richard Duncan  47:36   They'll be prompted to put in a discount coupon code if they use the discount code GRE, like Get Rich Education, they can subscribe at a 50% discount. They'll find it very affordable, and at the very least, they can sign up for my free blog while they're there, and they can follow my work that way.    Keith Weinhold  47:57   It is fascinating the AI arms race poised to have us completely change economic systems from criticism to cognitism. Richard, is there any last thing that you would like to leave us with? Whether it has something else to do with AI, maybe I didn't think about asking you, or something with the Iran war and the inflation, or anything else in the economy. Any last thought for what we should do or be aware of?   Richard Duncan  48:24   One thing, of course, I think is very important is for everyone to learn to use AI as much as they possibly can. It's easy to use, and it will teach you how to use it. And as we evolve into this new world is going to be crucial to make use of this most important tool humanity has ever had-the ability to use AI. This suddenly gives you access to all the world's knowledge. All you have to do is ask, and it will tell you in a very friendly way. So, by being able to use AI, you'll be in a much better position to survive the transition and prosper in the decade ahead.   Keith Weinhold  49:09   That is an actionable way to stay on top of it, Richard. It's been valuable as always. Thanks so much for coming back onto the show.   Richard Duncan  49:16   Thank you, Keith. I've enjoyed it.   Keith Weinhold  49:24   Yeah, keen insights from Richard as always. Yeah, the U.S. sure has been making enemies the past couple years. That could make other nations less likely to buy our debt, and then in turn, it takes higher interest rates in order to attract bond buyers. Well, that in turn increases mortgage rates. But to some extent, other nations have to buy our debt. Richard says that a bigger round of future QE is a distinct possibility. That is code for money printing. That's clearly. Inflationary, but few seem to know we've already been involved in liquidity operations since last December. Whether that's called QE or something else, it is taking more government spending to keep up with the AI race. That's inflationary too. What about that? When horses were replaced with cars. How did it work out for the horse? I don't know if that made it better or worse for the horse. Maybe horses were out of work, but then they got to live free. Will AI make that very predicament apply to humans? Nobody knows. The economic system will have moved from creditism to cognitism when the economy is no longer driven by credit creation but intelligence creation, from RichardDuncanEconomics.com, you can hit the subscribe to MacroWatch button and enter the discount code GRE for a 50% discount. Just about everything that you heard today is poised to drive mortgage rates higher, not lower. Big thanks to Macro Watch Mastermind Richard Duncan today. Next week it's a more real estate centered show. I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 2  51:21   Nothing on this show should be considered specific, personal, or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.   Keith Weinhold  51:49   The preceding program was brought to you by your home for wealth building, getricheduceducation.com  

Send us Fan MailFor decades, we've thought about space as a place where we put satellites. But what happens when space itself becomes infrastructure - when we can move spacecraft around, refuel them, repair them, and even have robots build enormous structures in orbit? We're entering a very different era of space.Today we're joined by someone who has spent more than three decades at the intersection of space, national security, aerospace, defense, and geopolitics.John Rood is Chairman and CEO of Momentus ( https://momentus.space/ ), a U.S. commercial space company developing the infrastructure needed to move, deploy, operate and ultimately service spacecraft in orbit.But John's background is almost as fascinating as the technology he's now helping build.Before entering the commercial space industry, he served as Under Secretary of Defense for Policy, where he was the Pentagon's principal advisor on defense policy and helped oversee issues ranging from national defense strategy and missile defense to space, nuclear weapons, cyber policy and America's relationships with allies.Earlier in his government career, he served at the National Security Council and the State Department, including as Acting Under Secretary of State for Arms Control and International Security, and he has also held senior business-development and international leadership positions at Lockheed Martin and Raytheon.Today, at Momentus, he's working on a very different - but increasingly important - frontier: building the infrastructure of the space economy.Momentus operates spacecraft such as its Vigoride Orbital Service Vehicle, which can transport and support satellites and hosted payloads in orbit. The company is also moving toward more ambitious capabilities involving orbital infrastructure, servicing and in-space manufacturing.And perhaps most fascinatingly, Momentus is involved in a DARPA program investigating whether large structures can actually be assembled in space by autonomous robotic systems - potentially laying the groundwork for enormous communications antennas, manufacturing platforms and other infrastructure that would be extremely difficult or expensive to launch from Earth in one piece. DARPA describes the current demonstration as an autonomous robotic assembly of a lightweight truss in low Earth orbit.Today we're going to talk about the rapidly changing economics of space, the rise of commercial space infrastructure, why national security is becoming increasingly dependent on space, what it means to actually build things in orbit - and ultimately, what the infrastructure of a civilization beyond Earth might look like.#Space #SpaceX #SpaceEconomy #SpaceInfrastructure #CommercialSpace #SpaceTechnology #Aerospace #SatelliteTechnology #OrbitalInfrastructure #SpaceExploration #SpaceInnovation #NASA #DARPA #MissileDefense #GoldenDome #NationalSecurity #DefenseTechnology #SpaceRace #Robotics #InSpaceManufacturing #SpaceServicing #SatelliteServicing #Vigoride #Momentus #JohnRood #FutureOfSpace #FutureOfTechnology #STEM #ProgressPotentialAndPossibilitiesSupport the show

Send us Fan MailThe battlefield of the future may look almost nothing like the battlefield of today. AI could make decisions at machine speed. Autonomous drones could operate in enormous numbers. Electronic warfare could turn the electromagnetic spectrum into a battlefield. And quantum sensors could eventually allow military systems to navigate and operate even when GPS is completely denied. So what does warfare look like when all of these technologies converge?Our guest today is Matt Milas, President of Defense & Space at Honeywell Aerospace ( https://www.honeywellaerospace.com/us/en/company/leadership/matt-milas ), where he leads a global business generating more than $7 billion annually across electronic solutions, navigation and sensor systems, engines and power systems, software and connected technologies, microelectronics, electronic warfare capabilities, satellite systems, launch vehicles, and human spaceflight programs serving U.S. and allied customers around the world.Over the course of a remarkable two-decade career, Matt has held leadership roles at Honeywell, L3Harris, Raytheon Technologies, Collins Aerospace, Spirit AeroSystems, and Lockheed Martin, contributing to some of the world's most sophisticated aerospace and defense ecosystems, including the F-35 Joint Strike Fighter and advanced space systems.Known for driving organizational transformation and operational excellence, Matt has built a reputation for turning complex challenges into scalable solutions-  leading global supply chains, integrating breakthrough technologies, and helping position next-generation platforms across autonomous systems, sixth-generation aircraft, electronic warfare, and space infrastructure.At a time when artificial intelligence, autonomy, cyber resilience, advanced sensing, and the growing importance of space are reshaping both national security and modern civilization itself, Matt finds himself at the center of one of the most consequential technological transitions in history.Today, we explore the future of aerospace and defense, the evolution of autonomous systems and space infrastructure, the changing nature of industrial resilience, and what the next several decades may hold for the technologies that protect and connect our world.#AI #ArtificialIntelligence #DefenseTechnology #MilitaryTechnology #Aerospace #Defense #FutureOfWarfare #Drones #AutonomousSystems #ElectronicWarfare #QuantumTechnology #QuantumSensing #QuantumNavigation #Hypersonics #MissileDefense #GoldenDome #SpaceTechnology #NationalSecurity #DefenseInnovation #ArsenalOfDemocracy #HoneywellAerospace #Honeywell #Technology #Innovation #FutureTechnology #ProgressPotentialAndPossibilitiesSupport the show

Cybersecurity has survived cloud, mobile, and a dozen other "biggest disruptions of our lifetime," and each one felt unprecedented in the moment. In this episode, Ron sits down with Alyssa "Dr. Jay" Abdullah, Deputy CISO at MasterCard, who started her career as a radio DJ and has since worked inside the White House, Lockheed Martin, Stryker, and Xerox before landing in payments security. Ron and Dr. Jay trace her path from spinning records to securing global payment infrastructure, and dig into why she'd argue cloud, not AI, was the real turning point in her career. They cover what convergence actually looks like when AI, cloud, and synthetic identity start overlapping, why curiosity matters more than fast answers, and what it means when employees start bringing their own trained AI agents to work. The conversation closes on something most teams haven't fully reckoned with yet: AI agents that carry their own identity, independent of the humans who built them, and what that shift demands from the people responsible for securing them. Impactful Moments 00:00 - Introduction 02:25 - Busting the AI hype myth 04:40 - From radio DJ to Dr. Jay 06:10 - A day in the life as Deputy CISO at Mastercard 07:25 - Why AI hasn't disrupted her world 08:50 - White House tech through the decades 12:30 - Smartphones, wearables, and what's next 13:30 - Defining convergence for 2026 14:50 - When AI meets quantum computing 17:20 - Bring your own AI agent to work 19:00 - Negotiating salary in tokens 21:05 - Teaching curiosity over answers 23:50 - Overhype equals overtrust 27:10 - The future of tier one and autonomous SOC 29:50 - Hot take: AI in the SOC 31:35 - Predictions: AI identities and the human outside the loop Links Connect with Alissa "Dr. Jay" Abdullah on LinkedIn: https://www.linkedin.com/in/dralissajay/  –  Check out our upcoming events: https://www.hackervalley.com/livestreams    Love Hacker Valley Studio? Pick up some swag: https://store.hackervalley.com    Become a sponsor of the show: https://hackervalley.com/work-with-us/ 

Tonight's guest is joining us from Florida, Kyle Knopp, a former U.S. Air Force aircraft mechanic who later worked for Lockheed Martin and now works with the U.S. Space Force. In late 2017, while driving to a night shift at Hurlburt Field, Florida, Kyle witnessed a silent black triangular craft hovering at treetop height near the flight line. He later reported the sighting to AARO and was formally interviewed about the encounter.MORE ON THIS EPISODEVisit the episode page for additional information, links and material:https://ufochroniclespodcast.com/episode/ep-402-the-triangle-over-hurlburt/SHARE YOUR ENCOUNTERHave you witnessed a UFO, experienced something paranormal, or had an encounter you cannot explain?You can share your experience or apply to be a guest on the podcast here:https://ufochroniclespodcast.com/share-an-encounter/SUPPORT UFO CHRONICLES PODCASTIf you enjoy the podcast and would like to help support the show:Ko-fi:https://ko-fi.com/ufochroniclespodcastPatreon:https://patreon.com/UFOChroniclespodcastPodcast Merchandise:https://www.teepublic.com/user/ufo-chronicles-podcastFollow and subscribe on X:https://x.com/UFOchronpodcast/All podcast links:https://linktr.ee/UFOChroniclesPodcastThank you for listening and supporting UFO Chronicles Podcast.If you enjoy the show, please follow, rate and share the podcast. Sharing episodes on social media helps the show reach new listeners and, importantly, more witnesses with experiences to tell.Keep Watching The Skies.Become a supporter of this podcast: https://www.spreaker.com/podcast/ufo-chronicles-podcast--3395068/support.

Tonight's guest is joining us from Florida, Kyle Knopp, a former U.S. Air Force aircraft mechanic who later worked for Lockheed Martin and now works with the U.S. Space Force. In late 2017, while driving to a night shift at Hurlburt Field, Florida, Kyle witnessed a silent black triangular craft hovering at treetop height near the flight line. He later reported the sighting to AARO and was formally interviewed about the encounter.MORE ON THIS EPISODEVisit the episode page for additional information, links and material:https://ufochroniclespodcast.com/episode/ep-402-the-triangle-over-hurlburt/SHARE YOUR ENCOUNTERHave you witnessed a UFO, experienced something paranormal, or had an encounter you cannot explain?You can share your experience or apply to be a guest on the podcast here:https://ufochroniclespodcast.com/share-an-encounter/SUPPORT UFO CHRONICLES PODCASTIf you enjoy the podcast and would like to help support the show:Ko-fi:https://ko-fi.com/ufochroniclespodcastPatreon:https://patreon.com/UFOChroniclespodcastPodcast Merchandise:https://www.teepublic.com/user/ufo-chronicles-podcastFollow and subscribe on X:https://x.com/UFOchronpodcast/All podcast links:https://linktr.ee/UFOChroniclesPodcastThank you for listening and supporting UFO Chronicles Podcast.If you enjoy the show, please follow, rate and share the podcast. Sharing episodes on social media helps the show reach new listeners and, importantly, more witnesses with experiences to tell.Keep Watching The Skies.Become a supporter of this podcast: https://www.spreaker.com/podcast/ufo-chronicles-podcast--3395068/support.

All Home Care Matters and our host, Lance A. Slatton were honored to welcome Diana Matasci the Director of Marketing for Crayon Cards.   About Diana Matasci, Director of Marketing for Crayon Cards:   Diana Matasci is a technology and marketing professional with a career spanning software engineering, systems administration, and creative brand development. She began her career as a software engineer with Lockheed Martin, where she worked as part of a team developing software for a graphic simulation system. Her early experience in technology gave her a strong foundation in problem-solving, systems thinking, and translating complex ideas into practical solutions.   After stepping away from her career to raise her family, Diana returned to the professional world at Santa Clara University as a Systems Administrator, where she managed software applications supporting a wide range of university operations, including point-of-sale systems, access control, student housing, and resident life. Today, she brings together her technical background, systems expertise, and passion for storytelling as Director of Marketing for Crayon Cards, where she is helping shape the brand and its vision of creating meaningful opportunities for people and families to revisit the moments that matter most.   About Crayon Cards:   Crayon Cards is a personalized coloring book store that turns your own photos into custom coloring books. Here's how it works: you upload your favorite photos, our system converts them into line-art illustrations, and a printed book is shipped to your door.   A Photo Coloring Book becomes a Reminiscence of the past with the fun of coloring.   The product is for seniors, particularly as a memory and cognitive engagement tool in remembrance of their life's accomplishments or a Family album. And for children, as a creative, screen-free activity using their own family photos, birthdays or vacations.

In this episode of Behind the Impact, Angie Ruddell, Social Impact Manager at Lockheed Martin, shares lessons from her journey from the nonprofit sector to corporate social impact, including how practitioners can build influence across the organization, connect their work to business priorities, communicate impact more effectively, and develop the curiosity and entrepreneurial mindset needed to navigate an evolving field.

Test is where new military hardware goes to wait.Mike sits down with Jenn Wilson, Head of Federal at Nominal, to talk about test and evaluation, the least glamorous gate between a program and the warfighter.Nominal builds test data infrastructure for hardware. Founded in 2022 by Anduril, Palantir, and Lockheed Martin alumni, it reached a $1 billion valuation in March.Jenn's take is that acceleration comes from optimizing what you test for. Cutting test points is the wrong lever.Topics include:Test and evaluation as a mission enablerHigh rate, multimodal test dataReal-time telemetry and closing the test loopDARPA CIPHER Forge and digital twinsClosing the sim to real gapThe F-35 crowdsourced flight data programKnowledge parity between primes and government testersLinksSign up for the newsletter! https://www.themerge.co/Support us on Patreon! https://www.patreon.com/the_mergeNominal homepage https://nominal.io/Nominal careers https://nominal.io/careersNominal LinkedIn https://www.linkedin.com/company/nominal-inc/Jenn LinkedIn https://www.linkedin.com/in/jennifer-t-wilsonFollow us on...LinkedIn https://www.linkedin.com/company/themergeInstagram https://www.instagram.com/merge_newsletter/X https://x.com/MergeNewsletterFacebook https://www.facebook.com/themergenewsWebsite https://www.themerge.co/Chapters: 00:0000:32 intro01:47 why this, why now02:32 test is not sexy03:47 test as an afterthought05:40 more data, less insight07:18 where the name comes from07:54 the founding story10:43 Mike is a user11:16 streaming telemetry in real time13:14 design of experiments15:17 the Fid Labs acquisition16:31 DARPA CIPHER Forge19:35 closing the sim to real gap20:21 the commercial side23:31 lessons from Ukraine25:00 F-35 crowdsourced flight data27:15 fleet bugs found in days29:07 combined test force31:50 experimental operations unit32:34 speeding up test33:09 the pilot taking fire34:21 knowledge parity with the primes35:18 a billion dollar valuation36:03 hiring at Nominal#defensetech #podcast #military #testandevaluation #flighttest #digitaltwins #darpa #f35 #autonomy #nationalsecurity #airforce #dualuse #militarytechnology

Anshel Sag and Mike Dano return for episode 257 of the 6G Podcast and recap Sag's visit to Qualcomm's 6G event, highlighting Qualcomm's view that 6G standards will remain global, real ISAC drone/car sensing demos, Giga-MIMO results (up to 16 Gbps downlink), a push for 400 MHz bandwidth, and an “AI-native” 6G approach including a compute card for the RAN while arguing GPUs aren't required. Dano summarizes Ookla's fixed wireless access report showing U.S. FWA holding up well with T-Mobile's median downloads over 200 Mbps and seasonal foliage effects, plus AT&T speed gains tied to EchoStar mid-band spectrum. They discuss MobileX being mostly acquired by Charlie Ergen's Connex, Starlink's stated plan to build a U.S. terrestrial network, Lockheed Martin's Verizon 5G-powered drone detection service Netsense launching next year, and expectations around a possible foldable iPhone at Apple's September 9 event.00:00 Welcome Back and Catch Up01:01 Qualcomm 6G Vision02:58 ISAC and Giga MIMO Demos04:41 AI Native 6G and GPU Debate11:06 Fixed Wireless Performance Report15:16 MobileX Acquisition and MVNOs18:44 Starlink Terrestrial Network Plans25:50 Lockheed Netsense Drone Detection29:37 Apple Event Foldable iPhone Buzz31:30 Foldables Demand and Tradeoffs39:58 Wrap Up and Where to Follow

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This interview is disseminated on behalf of NioCorp Developments Ltd.NioCorp (NASDAQ: NB) Executive Chairman, President, and CEO Mark A. Smith joins Stocks to Watch to discuss the company's updated feasibility study for the Elk Creek Critical Minerals Project in Nebraska.Mark highlights the project's expanded eight-mineral production strategy, updated economics, progress toward EXIM financing, and NioCorp's potential role in strengthening U.S. critical mineral supply chains. He also discusses scandium applications and the company's recent MOU with Lockheed Martin.Learn more: https://www.niocorp.comWatch the full YouTube interview here: https://youtu.be/c-jP_yoMWDQAnd follow us to stay updated: https://www.youtube.com/@stockstowatchofficial 

On this week's Defense & Aerospace Report Business Roundtable, sponsored by Bell, Dr. “Rocket” Ron Epstein of Bank of America Securities and Richard Aboulafia of the AeroDynamic advisory consultancy join host Vago Muradian to discuss a down week on Wall Street after Treasury Secretary Scott Bessent's effort to curb rising bond yields backfired, startling investors and driving yields up; investors warn Britain's chancellor of the exchequer, John Healey, to limit borrowing amid a bond sell off as he prepares a new budget for release Oct 28; Iran and the United States failed to formally end hostilities as more energy makes it through the Strait of Hormuz thanks to the US Navy and payments to Tehran for safe passage; trade war between Canada and the United States with 50 percent tariffs on $20 billion in lumber and dairy products from Canada as Ottawa moves to impose reciprocal tariffs on US steel, electronics, dairy, appliances, agricultural equipment, as well as pulp and paper; India's order for another 114 Rafale fighters from Dassault Aviation and plans to replace Hawk trainers by BAE Systems and Antonov 32 transport planes; the US Air Force award to GE Aerospace and Kratos to adapt their 800-pound thrust GEK800 jet engine for Lockheed Martin's Joint Air-to-Surface Standoff Missile; and Boeing's contingency plans if 17,000 of the company's engineers and technicians who belong to the Society of Professional Engineering Employees in Aerospace ‌voted to give the union the power strike absent a deal when their contract expires Oct. 6.

Story of the Week (DR):L3Harris ousts CEO after investigation into conduct MML3Harris Technologies, the company that overhauled a Qatari plane now used as Air Force One, has replaced Christopher Kubasik as chairman and chief executive after an investigation determined he violated the defense contractor's code of conduct.Kubasik's alleged conduct didn't involve and has no impact on the Melbourne, Fla., company's financial reporting, controls, customer relationships or operational performance, L3Harris said Monday.The company didn't give details on when it received a report of the potential violation. With the aid of independent counsel, the board determined that Kubasik's removal would be in the company's best interest, L3Harris said. He will be allowed to retain and exercise some previously vested stock options but won't receive severance payments, benefits or accelerated stock-based awards.L3Harris Technologies Appoints Sam Mehta, Proven Aerospace and Defense Executive, as President and Chief Executive Officer“The Board determined that the Executive engaged in conduct that was not consistent with the values of the Company as outlined in its Code of Conduct.”Kubasik will still hold onto some of his options that can net him stock worth about $23 million, as well as more than 200,000 shares of stock in L3Harris that he already owns, valued at nearly $57 million. L3Harris has paid Kubasik compensation valued at $66.3 million during the past three years, including $25.6 million in fiscal 2025.The separation disclosure says the L3Harris board decided to reach a deal with Kubasik to get him to leave rather than trying to fire him for cause. Kubasik did not admit to any violation of the company code of conduct, and the deal expressively forbids any of the parties or their representatives from making public statements “inconsistent” with Monday's disclosure.AND THIS:Women at L3Harris Shared Concerns About CEO's Behavior Years Before OusterIt was a warning that was shared among women who worked for Chris Kubasik: Avoid being alone with the executive and be careful on the corporate jet.Multiple women at defense contractor L3Harris Technologies LHX had raised concerns about Kubasik's behavior, including a formal complaint from one woman to human resources that was made around 2023, according to people familiar with the matter. The employee accused the CEO of sexual harassment, the people said.Kubasik stayed on in his role. The woman left L3Harris. Not all L3Harris board members were briefed on the 2023 complaint and it is unclearOusted L3Harris CEO was previously forced out of Lockheed Martin jobChristopher Kubasik's ouster as the L3Harris CEO was not the first time he was forced out of a company amid an allegation of misconduct.In 2012, Kubasik was set to become the CEO of Lockheed Martin when he was forced to resign after an ethics investigation confirmed that he had a close personal relationship with a subordinate employee.Why Do Boards Keep Giving Misbehaving CEOs Second Chances?L3Harris Technologies' LHX chief executive is out because of misconduct allegations, and it isn't the first time: More than a decade ago, Christopher Kubasik resigned from Lockheed Martin because he was accused of having a relationship with a subordinate.The Crucial Moment That Companies Miss After They Oust a CEOIt matters how a company responds to a scandal once it's caught in one, most blow the moment by choosing secrecy over transparency. It's an opportunity to reset the culture that led to the breach in the first place, but instead “your PR team and your legal team tell you ‘Don't dig into these things—it's not good for the company,' so you silence all the debates.”.Meta faces a $1.4 trillion threat that could mean ‘turning in the keys and walking away'—but the stakes of the case reach across techThe trial involves a coalition of 29 state attorneys general in a unified case against Meta that was brought in 2023, and will be argued by lawyers representing California, Colorado, New Jersey and Kentucky. The stakes are enormous as leading government officials across the country push for Meta to be held accountable for allegedly violating federal and state laws, including the Children's Online Privacy Protection Act, or COPPA, and various consumer protection statutes.States accuse Meta of targeting children for Facebook, Instagram addiction: 'The young ones are the best ones'Meta whistleblower told jury the company took a 'don't ask, don't tell' approach to kids' safety‘Harvest their data and hide the truth from the public': Four states seek billions from Meta over child safety practicesSEC says it will stop responding to no-action requests ‘entirely'The Securities and Exchange Commission plans to stop responding to no-action requests “entirely … effective immediately,” the agency said in a statement Friday.The decision comes after the SEC sat out the bulk of the no-action process during the 2025-26 proxy season. Investor advocates have since sued the agency, alleging the change violates the Administrative Procedure Act.AI data center outrage is showing up everywhere from ads to electionsAI data center outrage is showing up everywhere from ads to electionsGOP Begs AI Firms to Fix Data Centers' “Toxic Brand” to Help Midterm Chances As A.I. Data Centers Spread, Pressure Mounts to Share ProfitsThe Data Center Industry's PR Blitz Is BackfiringData center backlash echoes fossil-fuel politicsMajor data center bills advance in California despite industry pushbackThe ‘Country Hicks' Who Refused $26 Million from an AI Data Center Bad news for Jason Kelce: Postal Service rules say you shouldn't mail pee to data centersPoliticians Who Once Championed Data Centers Are Now Bashing ThemPennsylvania Gov. Josh Shapiro cracks down on data centers, says speculators are 'scaring our communities'Data centers are using more electricity than anyone predicted. What happens next?Trump oblivious to voter fury about data centers, saying ‘the jobs are enormous and the money paid, the taxes paid, are just enormous'Politicians Turn Against Data Centers as Anger Over AI SpreadsAmazon is buying rare books and destroying them to train its AI modelsThe team's logo features a dinosaur holding a book.Data center hysteria is the new woke | OpinionBring back the corporate death penaltyMore formally known as judicial dissolution, the corporate death penalty basically happens when the government is so pissed off by the corruption or damage a corporation causes that it yanks away their charter.Andreessen Horowitz Focus of DOJ Probe Over Board DirectorsVenture capital firm Andreessen Horowitz is the focus of a Justice Department antitrust probe over whether its investment partners are improperly serving on the boards of competing artificial intelligence companies, according to people familiar with the matter.The companies at issue include Databricks Inc., one of the most valuable privately held technology companies in the world, and Fivetran Inc., both backed by the VC firm, according to the people, who asked not to be named discussing a confidential matter. Andreessen Horowitz co-founder Ben Horowitz serves on the board of Databricks, and partner Martin Casado is a board member of Fivetran. Both companies help businesses collect, organize and analyze massive troves of data.Goodliest of the Week (MM/DR):MacKenzie Scott gave California public education $461 million—and let the recipients decide how to spend every dollarMM: Andreessen Horowitz Focus of DOJ Probe Over Board Directors DRAssholiest of the Week (MM):Bill Brown and Robert Millard DRNever accountable for anything directorsL3Harris ousts CEO after investigation into conductHistory lesson:Kubasik hired in 2015 after Lockheed disaster firing, hired as COO and PresidentPresiding CEO: Michael Strianese, Chair from 2008, CEO from 2006Board: Claude Canizares (71, MIT physics professor, 2003)Thomas Corcoran (72, Carlyle, consulting, 1997)Ann Dunwoody (64, only woman, US Army Gen, 2013)Lewis Kramer (69, EY accountant, 2009)Robert Millard (66, MIT Chair, Lehman until 2008 collapse, LID, 1997)Lloyd Newton (74, only PoC - token black guy - US Air Force General, 2012)Vincent Pagano, Jr (66, lawyer, Simpson Thacher, chair of nom, 2013)Hugh Shelton (75, US Army Gen, 2011), Arthure Simon (85, accountant, 2001)8 white men, 1 woman, 1 black dude2018, Kubasik named CEO of L3 TechnologiesMichael Strianese retires and Kubasik takes overSame exact board minus Strianese2019, L3 and Harris merge to be L3HarrisKubasik added to L3Harris board, named COO and President of the company under Bill Brown, CEO and ChairSurviving the board merger:Thomas CorcoranRobert Millard - LID, nom memberLloyd Newton - chair of nomLewis KramerAdjacent - Roger Fradin of Carlyle on board, Corcoran also of CarlyleJune 2021, Kubasik becomes CEO and Bill Brown moves to exec chair (obviously)Board:Sallie BaileyBill BrownPeter ChiarelliThomas CorcoranThomas Dattilo (nom) - ex tire CEORober GradinHarry HarrisLewis Hay III (nom) - lawyer, ex CEo of NextEraLewis KramerRita LanRobert Millard (nom) - MIT Chair, LehmanLloyd Newton (nom chair) - generalSo given that the CEOs choose their successors, the nom committees approve them, the rest of the board rubber stamps it… we can thank:Michael Strianese - hires Kubasik, names him CEO at L3, despite Lockheed problemsNom approval: Ann Dunwoody (64, only woman, US Army Gen, 2013), Vincent Pagano, Jr (66, lawyer, Simpson Thacher, chair of nom, 2013), Hugh Shelton (75, US Army Gen, 2011) - a nom committee composed of the ONLY woman, two generals and a lawyer - all of whom are the LOWEST TENURED ON THE BOARD at the timeThen Bill Brown - names Kubasik CEO of combined L3Harris, one year of babysitting as exec chairNom approval: Thomas Dattilo (nom) - ex tire CEO, Robert Millard (nom) - MIT Chair, Lehman, Lloyd Newton (nom chair) - generalFamiliar names: Millard and Newton - see Kubasik all the way throughAnd the CEOs and directors can keep failing… Bill Brown on the Becton Dickinson boardRobert Millard on the Green Dot Corp (nom!), iHeartMedia, Evercore (nom!) boardsBrought on to iHeart board just 3 years after an exec there went on a racial slur rant, the company was sued for gender and wage discrimination, and a radio host of the companies were accused of severe harassment - not sure what will change?Dario Amodei“Public benefit corporation” Anthropic: Anthropic Prepares Supervoting Power for Founders as it Readies for Mega-IPOBoard: Dario Amodei, Daniela Amodei (President, Dario's sister), Yasmin Razavi (VC, crypto and prediction market investor), Reed Hastings (Netflix), Chris Liddell (ex Trump WH Deputy Secretary), and Vas Narasimhan (Novartis) - zero “public benefit” (or even public safety) peoplePublic Benefit Corporation: “A benefit corporation's directors and officers operate the business with the same authority and behavior as in a traditional corporation, but are required to consider the impact of their decisions not only on shareholders but also on employees, customers, the community, and the local and global environment”What is the impact of supervoting shares? AI on society? AI on the environment? Who on this board is even remotely qualified to answer those questions?Paul AtkinsExhausting and perpetual gaslightingSEC says it will stop responding to no-action requests ‘entirely'In order to focus Division resources on the review of Securities Act and Exchange Act filings, including those reviews that are statutorily required, for the protection of investors and facilitation of capital formation, and in light of the extensive body of guidance from the Commission and the staff available to both companies and proponents on Rule 14a-8, the Division has determined to discontinue responding to Rule 14a-8 no-action requests entirely, including those submitted under Rule 14a-8(i)(1),[2] effective immediately, unless and until the Division announces otherwise. It also will no longer respond to notices filed under Rule 14a-8(j) with a letter indicating that it will not object if a company omits a proposal from its proxy materials.From the 1934 House Report about the importance of Rule 14a-8: “Fair corporate suffrage is an important right that should attach to every equity security bought on a public exchange.”“Managements of properties owned by the investing public should not be permitted to perpetuate themselves by the misuse of corporate proxies. Insiders having little or no substantial interest in the properties they manage have often retained their control without an adequate disclosure of their interest and without an adequate explanation of the management policies they intend to pursue. Insiders have at times solicited proxies without fairly informing the stockholders of the purposes for which the proxies are to be used and have used such proxies to take from the stockholders for their own selfish advantage valuable property rights. Inasmuch as only the exchanges make it possible for securities to be widely distributed among the investing public, it follows as a corollary that the use of the exchanges should involve a corresponding duty of according to shareholders fair suffrage. For this reason the proposed bill gives the . . . Commission power to control the conditions under which proxies may be solicited with a view to preventing the recurrence of abuses which have frustrated the free exercise of the voting rights of stockholders.Investors Slam SEC Plan to Remove Best-Price RuleAtkins also is listening to the crypto bros who want to offer “tokenized securities” off exchanges and is hoping to eliminate a really basic rule that says “investors are entitled to the best price available for stocks they buy”Separately, DOJ Withdraws Antitrust Guidance for Proxy Advisory Industry - no antitrust protections for ISS (good!) but still can't do anything about the socialist NFL, MLB, NHL, NBA (bad!)Headliniest of the WeekDR: Popular breakfast chain closes half its restaurantsDR: The man leading Trump's RTO charge for government workers says he filmed a video in front of a blank wall to avoid work-from-home suspicionOffice of Personnel Management (OPM) Director Scott Kupor, the key driver of President Donald Trump's return-to-office agenda, admitted in a hot mic moment that he intentionally filmed a video in front of a blank wall while he was working from home so he wouldn't get blowback over working at home.“I was in my bedroom, but I was trying to find—because I knew someone was going to give me shit if like, they knew, ‘You were out of the office.' …I was trying to find something that was not recognizable as being in my house, basically. So I was just trying to find a plain corner with a white wall, which was not that easy to find.”Kupor was the first employee hired by Andreessen and Horowitz's venture capital firm, Andreessen Horowitz.MM: Flock Says It's “Taking a Break” From Responding to Media RequestsMM: Eric Schmidt is selling his superyachtWho is this headline for? Billionaire yacht buyers? Poor people who hate billionaires with yachts?Who Won the Week?DR: The women at L3Harris Shared Concerns About CEO's Behavior Years Before OusterMM: Joshua Ramer, the CEO at PeopleReturn (one of the last vestiges of diversity data in the US), whose newsletter today did the most Free Float thing I've seen anyone other than us do: they tracked a single Getty Image across SIX different company reportsThe image was called 1325876463 “Young Boy Leaping Into Father Arms In Playground”, mostly for sustainability reports because it's brown peopleThey found it in Danaher, Crown Castle, TD, Capital One, CSL Plasma, and Toyota EuropePredictionsDR: The meritocro-mano-sphere-o hires Christopher Kubasik again without any push back from anything or anyoneMM: We decide that, since everyone is trying to make companies immune from climate change lawsuits, that we just make CEOs personally immune for any behavior

If you haven't been to the National Air and Space Museum in D.C. for a while, you may notice a few things have changed…actually, just about everything in the building, including the building itself, has been completely overhauled. What started as some exterior renovation more than a decade ago became a complete reimagining of our iconic museum. Every exhibit space has been redesigned with 40% more artifacts on display than before. In the fourth and final episode of our limited series “50 Years of Air + Space,” we discuss the history, intentions, and process of this project we call Transformation, and preview the exciting things in store for the decades ahead.Special thanks to our guests in this episode (in order of appearance): Dr. Mike Neufeld, Retired Curator and Smithsonian Historian Beatrice Mowry, Exhibits Design Chair, National Air and Space Museum Chris Browne, John and Adrienne Mars Director at the National Air and Space Museum Dr. Lonnie Bunch, Secretary of the Smithsonian Institution Lisa Young, Supervisory Objects Conservator, National Air and Space Museum Dr. Tina Menendez, Director of the Bezos Learning Center at the National Air and Space Museum Find the transcript of this episode and more information at https://s.si.edu/50YearsE4.Subscribe to our monthly newsletter at https://s.si.edu/airspacenewsletter.AirSpace is made possible through the generous support of Lockheed Martin.

What if everything holding you back as a leader is actually preparing you to lead at a level you cannot yet imagine? This week, Jon Goehring and Coach Jim Johnson welcome Andre Thornton, CEO of Whitman Consulting, keynote speaker, former Lockheed Martin engineer who helped capture over a billion dollars in new business, Division One athlete at VMI in both football and track, and author of Disrupted, for one of the most thought provoking and counterintuitive leadership conversations the Lounge has ever had.Andre opens with a disarming admission: everything he is about to share, he personally wished were not true. As an engineer, he wanted leadership to be logical, diagrams and processes and measurable outcomes. What the research kept telling him instead is that the most important leadership moves are almost always the ones that feel the most unnatural in the moment. That tension between what feels right and what the science says is right is the thread that runs through this entire conversation.The conversation goes deep on vulnerability as a trust building tool, including a powerful contrast between a leader who opened up with something small and a pastor who shared something deeply personal, and what each moment did to the culture of the room. Andre explains the right kind of vulnerability, why it must come from the leader first, and why a Fortune 100 CEO who cried on company all-hands calls created more cultural cohesion than almost any initiative his company could have launched.Andre also introduces the concept at the heart of his book: fall down, grow up. Not bounce back, not get back up, but actually grow from the fall in a way that makes you better than you were before. He shares the story of a $250 million contract negotiation that hit an impasse on day eight and the counterintuitive decision his team made that got it signed on day nine, and explains why loosening control at the hardest possible moment is what great leaders actually do.Jon and Coach also draw out Andre's 1440 method, built on the reality that every person gets 1,440 minutes every day and how we spend our days is how we spend our lives, and his practical framework for moving from spending 20 percent of your time intentionally to 90 percent or more.The episode closes with Andre sharing the personal faith story behind the most important decision of his professional life, leaving an 18 year career at Lockheed Martin on the same month his son was born, and the clarity that made it possible.Whether you are navigating a fall down moment right now, trying to build more trust on your team, or simply looking for a framework to spend your 1,440 minutes with more intention, this episode will challenge you in the best possible way.Connect with Andre: https://www.andrewhitmanthornton.com/Find him on LinkedIn, Instagram, and Facebook Grab Disrupted wherever books are sold or here: a.co/d/0hKC2lvM

What is key right now? Steven Cress says balance and diversification. (0:20) Lockheed Martin for income (4:15) Sandisk for growth (7:25)Show Notes:Navigating Market Turbulence: 6 Top Stocks For Balancing Stability And GrowthAlpha PicksQuant Growth & Income PortfolioEpisode transcriptsFor full access to analyst ratings, stock quant scores and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

On this week's Defense & Aerospace Report Business Roundtable, sponsored by Bell, Dr. “Rocket” Ron Epstein of Bank of America Securities and Richard Aboulafia of the AeroDynamic advisory consultancy join host Vago Muradian to discuss Wall Street's near peak despite worse than expected unemployment figures as US Treasuries hit their highest since August 2001on debt and interest rate worries; US and Iranian forces continue to target Strait of Hormuz traffic as President Trump says US forces can maintain their blockade indefinitely — adding he's considering making the international waterway American territory — but also warns Americans to brace for higher energy prices tops $6 per gallon for premium gas; an unprecedented European heat waves have dried up key rivers to their lowest levels since 2018, impacting trade and nuclear power generation that will undermine European economic growth this year; the Pentagon awards RTX and Boeing contracts to accelerate production of shipborne Standard air defense missiles; Trump orders the Navy to open a fifth government shipyard, acquire warships built overseas and replace the electromagnetic catapults on the Ford-class nuclear powered aircraft carriers with steam ones; M1 Flight Services beats Bell and Lockheed Martin for the US Army's Flight School Next award that is valued at up to $10 billion over the coming 26 years; COMAC's C919 jetliner made its first international commercial flight from Mongolia to Beijing; US investigators find that the Ryanair 737 from which a passenger was nearly sucked out of a window July 10 had suffered four bird strikes over the past year; Applied Aerospace, BETA Technologies, CAE, Elbit Systems, Embraer, Rocket Lab report earnings as GPS pioneer Magellan files chapter 11; Archer Aviation said it would buy Boeing's electric aircraft firm Wisk ​Aero and two other units for a nearly 20 percent stake in the air-taxi maker; and PitchBook's estimate that private equity firms are stuck with more than 33,000 companies they can't sell at the valuations their investors expect.

TABLE OF CONTENTS THE JOHN BATCHELOR SHOW 8-14-2026.Jeff Bliss discusses the severe threats posed by a potential "super El Niño," which could lead to massive coastal erosion, mudslides, and heavy rains in Los Angeles, similar to the damage seen in previous severe weather years. He also reports on active wildfires in California, such as the Timber Fire in Monterey County and the Bug Fire near the Nevada border, noting that humans cause roughly 90 to 95% of these blazes. Shifting to entertainment, Bliss describes the highly anticipated opening of the Lucas Museum of Narrative Art, which features the "Skywalker Grill"—a restaurant causing excitement among Los Angeles foodies for its Michelin-star potential. Additionally, Bliss covers the landmark $12.8 billion purchase of the Los Angeles Lakers by a group involving Jared Kushner and Bob Iger. Finally, he touches on the legal controversy surrounding the Paramount-Skydance merger and David Ellison's threat to move production out of Hollywood. (1)Gene Marks shares insights from White House advisor Kevin Hassett regarding the validity of government economic data, with Hassett favoring durable goods orders and unemployment claims over revised surveys. Marks reports a generally positive outlook for small businesses, citing an uptick in optimism and a four-year high in manufacturing activity driven by the AI and data center explosion. He notes that while tariffs and $4 gasoline remain concerns, many businesses are absorbing costs without significant impact on sales. Marks characterizes the United States as an "entrepreneur's paradise" because of the ease of starting a business and the high availability of capital. He highlights that nearly half a million new business applications are filed monthly, supported by record levels of private debt and venture capital. Marks concludes that despite various uncertainties, the small business sector remains resilient and is continuing to hire. (2)Jim McTague provides a report on the "mixed" economy of Lancaster County, Pennsylvania, observing that retail activity is picking up due to back-to-school shopping despite inflationary pressures. He notes that discount giants like Costco are packed as shoppers seek relief from high prices, while tourism traffic at local hotels and amusement parks has lightened midweek. McTague also highlights local opposition to data centers, making them a contentious political issue for upcoming elections. A central focus is the "Heritage Paris" patisserie at Park City Mall, where a French chef sells premium handcrafted pastries. McTague describes high-end offerings like the "Popcorn Illusion" pastry priced at $17.95, illustrating a market for luxury food even in a cautious economy. He humorously recounts his own difficulty resisting these treats while on a low-carb diet, emphasizing that the shop is a significant draw for local residents. (3)Lorenzo Fiori describes a "disaster" situation in Europe caused by severe drought and record heat, with water restrictions implemented in Swiss towns and critically low levels in northern Italy's Po River. The drought has turned the normally green Alps brown and disrupted lake navigation. Simultaneously, Sicily's Mount Etna has entered a prolonged eruption phase, spewing ash for seven days and forcing the cancellation of 700 flights at Catania airport during the peak tourist season. Fiori notes the chaos caused by tourists seeking "eruption selfies" in dangerous areas. For a cultural reprieve, he recommends the Bernina Express rail journey, which reaches the highest railway point in Europe. He also shares a traditional recipe for polenta with Gorgonzola cheese, paired with local Valtellina wine, though he expresses concern that the drought may soon impact milk production from Alpine cows. (4)Bob Zimmerman details the robotic mission by startup Catalyst to rescue NASA's Swift Space Telescope, utilizing innovative software to maneuver a servicing craft despite thruster failures. He highlights SpaceX's massive Starshipproduction line in Boca Chica, noting that four prototypes are ready for monthly launches and upcoming orbital refueling tests. Zimmerman also discusses Lockheed Martin's strategic investments in rocket startups like Firefly to secure launch capabilities. On the international front, he reports on Poland's successful protest against Starlink roaming restrictions and Vietnam's first satellite contract with an American company, SpaceX, signaling a shift toward U.S. ties. Additionally, Zimmerman covers the State Department's efforts to pull India away from Russian space partnerships and NASA's collaboration with the Department of Energy on nuclear propulsion for Mars. He concludes with breathtaking imagery of stars orbiting the Milky Way's central black hole. (5)Alex Wright, author of Empire of Ink: The Printers, Rogues, and Radicals Who Invented the American Newspaper, Part Two: Wright recounts the history of American newspapers, focusing on the Civil War's impact on journalism. He highlights George Smalley's groundbreaking combat reporting at Antietam, where Smalley wrote a vivid account on a night train to secure the "scoop of all scoops" for the Tribune. Wright also explores "soldier-published" newspapers that provided a slice of camp life and the origins of Stars and Stripes. Moving west, he describes the dangerous life of frontier editors, such as Mark Twain, who carried revolvers to defend against aggrieved readers and occasionally fled town to avoid duels. Wright explains how newspapers became "gold mines" by discovering the revenue potential of patent medicine advertising, which once accounted for half of all ads. He concludes by drawing parallels between the fragmented, anything-goes media landscape of the 19th century and today's digital era of content creators and AI. (6)Henry Sokolski examines the "Golden Dome," a proposed $185 billion space-based missile defense project that mirrors the Cold War-era SDI. He warns that the program's lack of transparency is "suicidal" for its funding, as Congress remains in the dark about its primary mission. Sokolski notes that while technology is closer to practicality than 40 years ago, current threats are often low-cost drones rather than intercontinental missiles. In the energy sector, he highlights Elon Musk's $10 billion "Project Crystal Sun" solar factory in Texas, which Musk frames as capturing the "fusion reactor" of the sun. Sokolski observes that even conservative states are voting with their pocketbooks for renewables as battery storage investments double. Finally, he touches on a mutual defense pact between Saudi Arabia, Turkey, and Pakistan, suggesting a "Sunni NATO" is emerging due to a lack of confidence in U.S. security guarantees. (7)Angela DiFulvio explains a theoretical method for detecting nuclear weapons in low Earth orbit to prevent catastrophes like the 1962 Starfish Prime experiment, which destroyed a third of existing satellites. She describes an "inspector" satellite designed to induce a unique radioactive signature from fissile material using high-energy protons. DiFulvio details technical challenges, such as "pulse shape discrimination," to distinguish weapon-related neutrons from background cosmic radiation in the harsh space environment. She suggests that an international agency like the IAEAmight oversee these inspectors to ensure space remains weapon-free. DiFulvio emphasizes that while tests can occur in classified environments, more research is needed on the survivability of sensing electronics. She warns that a modern orbital nuclear detonation would be catastrophic for global infrastructure, specifically mentioning the vulnerability of massive constellations like Starlink. (8)

Bob Zimmerman details the robotic mission by startup Catalyst to rescue NASA's Swift Space Telescope, utilizing innovative software to maneuver a servicing craft despite thruster failures. He highlights SpaceX's massive Starshipproduction line in Boca Chica, noting that four prototypes are ready for monthly launches and upcoming orbital refueling tests. Zimmerman also discusses Lockheed Martin's strategic investments in rocket startups like Firefly to secure launch capabilities. On the international front, he reports on Poland's successful protest against Starlink roaming restrictions and Vietnam's first satellite contract with an American company, SpaceX, signaling a shift toward U.S. ties. Additionally, Zimmerman covers the State Department's efforts to pull India away from Russian space partnerships and NASA's collaboration with the Department of Energy on nuclear propulsion for Mars. He concludes with breathtaking imagery of stars orbiting the Milky Way's central black hole. (5)

Americké zbrojařské společnosti Raytheon a Lockheed Martin se obávají, že Ukrajina by v případě získání licence mohla zdokonalit protiletadlové střely Patriot a vyrábět je rychleji a výrazně levněji než Spojené státy. Informuje o tom s odvoláním na veřejné činitele list The Atlantic.

On this week's Defense & Aerospace Report Business Roundtable, sponsored by Bell, Dr. “Rocket” Ron Epstein of Bank of America Securities, Sash Tusa of Agency Partners, and Richard Aboulafia of the AeroDynamic advisory consultancy join host Vago Muradian to discuss a slightly up Wall Street despite continuing Middle East tensions, rising energy prices and a dismal jobs report as Tehran demands Washington make more concessions before the Strait of Hormuz is reopened; the Senate passes a continuing resolution to keep the government open until Dec. 11; Deputy Defense Secretary Steve Feinberg gives US defense contractors 21 days to draw up plans to accelerate production of key sensors, platforms and electronic warfare, munitions and space systems; Northrop Grumman's B-21 bomber has been accelerated by 25 percent thanks to $4.5 billion invested in the program in last year's reconciliation measure and Boeing's F-47 fighter is on track for a 2028 fight flight, according to Gen. Dale White who's overseeing B-21, the Sentinel ballistic missile effort, the F-47 and Air Force One; the joint Boeing-Lockheed Martin United Launch Alliance raised $500 million through a bond sale to refinance its debt; BETA Technologies struck a $1 billion deal with the Export-Import Bank of the United States to expand manufacturing and partnered with Lockheed Martin to bring the giant's Matrix autonomy capabilities to BETA's MV250 autonomous aircraft that debuted at the Farnborough International Airshow last month; and BWXT, Honeywell Aerospace, Howmet, Palantir, Redwire, Rheinmetall and SpaceX report earnings.

Apparently, self-driving cars don't know where they shouldn't park Self-driving cars are proving to be remarkably safe on the road and, so far, have demonstrated a better safety record than human drivers in many situations. However, like all technology, they still lack common sense. They may be able to navigate traffic, but they don't always understand where they can and more importantly, cannot park.   Over the past year and a half or so in Austin, Texas, Waymo's fleet of roughly 300 robotaxis has accumulated nearly $10,000 in parking tickets. While autonomous vehicles are doing well when it comes to following maps and traffic laws, they can become confused in situations that require human judgment. Reports indicate they sometimes struggle to follow directions from first responders, stop in places that block traffic, park in handicap spaces, or fail to recognize tow-away zones.   One notable incident in 2025 involved a Waymo vehicle that stopped on the side of a road in northern Austin while blocking an active railroad crossing. Police reportedly weren't sure how to move the vehicle, so they called a tow truck to remove it. There have also been reports of Waymo vehicles stopping in front of parking garage entrances and parking lot access points for no obvious reason, preventing other drivers from entering or exiting.   These issues will likely be resolved as the technology improves. Still, they highlight an important limitation. These robotaxis can process enormous amounts of data and make incredibly complex driving decisions, but it doesn't possess the instinctive common sense that people rely on everyday. For now, that's one area where humans still have an advantage over machines.   Why Interest Rates Could Stay Higher Than Many Expect One of the biggest debates in financial markets today is where interest rates are heading. While recessions can temporarily push yields lower, there are several long-term structural reasons why interest rates may remain elevated compared to what investors became accustomed to after the 2008 financial crisis.   The first and perhaps most important issue is the federal government's fiscal position. U.S. federal debt has climbed to roughly $40 trillion which is about 120% of GDP, a level that is historically very high outside of major wars or national emergencies. For much of the post-World War II period, debt-to-GDP remained well below current levels before accelerating sharply after the financial crisis and again during the pandemic.   Just as concerning is the federal deficit. The government continues to run annual deficits exceeding 5% of GDP, meaning debt is growing faster than the economy itself. As long as Washington continues borrowing at a pace that exceeds economic growth, the debt burden becomes increasingly difficult to stabilize. More Treasury issuance means investors must absorb a growing supply of government bonds, which can place upward pressure on yields unless demand keeps pace.   Another factor is the Federal Reserve's balance sheet. During the financial crisis and the pandemic, the Fed became one of the largest buyers of Treasury and mortgage-backed securities, helping suppress long-term interest rates through quantitative easing.   While the Fed has begun reducing its holdings, its balance sheet remains enormous by historical standards. Federal Reserve assets of about $6.7 trillion are currently equal to roughly 21% of U.S. GDP. Before the2008-09 financial crisis, the Fed's balance sheet averaged only about 6% of GDP, meaning it remains more than three times larger than its pre-crisis norm. Although assets have declined from the April 2022 peak of approximately $9 trillion, or roughly 35% of GDP, the balance sheet is still exceptionally large compared to history. Another comparison that is troubling is Fed holdings currently amount to about 26.5% of all assets held by U.S. commercial banks versus the norm of about 10% before the financial crisis.   Continuing to shrink the balance sheet would allow private markets to play a larger role in determining interest rates while reducing the Federal Reserve's extraordinary footprint in financial markets. A return toward more normal market functioning would likely mean less artificial downward pressure on long-term yields.   History also provides perspective on where Treasury yields could ultimately settle. Since 1958, the 10-year Treasury yield has averaged roughly 1.92 percentage points above inflation. That is simply a long-run average and there have been periods when the spread exceeded 5 percentage points and others when it turned negative, but it does give some guidance on a normalized level for the 10-year treasury.   When it comes to mortgage rates, they are closely tied to Treasury yields as well. Historically, the spread between the 30-year fixed mortgage rate and the 10-year Treasury yield has generally averaged about 1.5%to 2%, reflecting credit risk, servicing costs, and other factors. Post Covid, this spread did spike to over 3%, but that 1.5% to 2% range seems to be pretty consistent going back to 1990. If Treasury yields remain structurally higher because of persistent deficits, elevated debt levels, and a still-large Federal Reserve balance sheet, mortgage rates could also remain above the exceptionally low levels many homeowners became accustomed to.   None of this means rates cannot decline during economic slowdowns or recessions. They almost certainly will at times. But investors expecting a permanent return to near-zero interest rates may be overlooking the structural forces now shaping the bond market. High government debt, persistent fiscal deficits, continued Treasury issuance, and a Federal Reserve balance sheet that remains well above historical norms all suggest that the era of ultra-cheap money may prove to be the exception rather than the rule.   Should You Buy or Sell That Luxury Brand Stock? Luxury brand stocks that sell high-end handbags, jewelry, and other luxury goods have been in a bear market for the past couple of years. After aggressively raising prices during and immediately following the pandemic, it appears the buying frenzy for luxury products has faded.   There may be one bright spot beginning to emerge, particularly in the jewelry category. Richemont, the parent company of Cartier, Van Cleef & Arpels, and Buccellati, reported a 24% year-over-year increase in jewelry sales in its most recent quarter. If you don't recognize those brands, don't worry, the important takeaway is that they sell some of the world's most expensive jewelry, and demand in that segment has remained surprisingly resilient.   Luxury giants, including Kering, the parent company of Gucci, as well as LVMH and Hermès have suffered steep declines over the past few years. LVMH has fallen from more than $900 per share to around $500, while Kering has dropped from over $900 to roughly $300 as Gucci's sales have struggled.   During the pandemic, some consumers even purchased luxury handbags with the expectation that they would appreciate in value. While a handful of extremely rare bags have done just that, those cases are the exception rather than the rule. If you're buying a luxury handbag, buy it because you genuinely enjoy it not because you expect it to become a profitable investment.   The same caution applies to the stocks. My view is that the surge in luxury spending during and immediately after COVID was fueled by an extraordinary amount of stimulus money and excess savings, creating an artificial spike in demand. As those conditions have faded, so has the appetite for expensive discretionary purchases.   While there may be periods of recovery, especially in categories like jewelry, I don't expect the luxury sector to return to the pandemic-era buying frenzy anytime soon. That makes me cautious on both the products themselves as investments and the stocks that depend on that level of consumer spending.   The Paramount deal just can't stay out of the news Next month will mark one year since Paramount began its pursuit of Warner Bros. What started as an unsolicited bid eventually turned into an agreement for Paramount to acquire Warner Bros. in an $81 billion deal. However, the transaction continues to face significant legal hurdles.   Several state attorneys general have raised antitrust concerns, forcing the deal into the court system. In the meantime, Paramount has agreed to pay a $650 million per quarter "ticking fee" if the deal is not completed by September 30. On top of that, the company's legal bill has already reached roughly $160 million, and the case hasn't even gone to trial yet.   The costs only increase from here. If the merger is ultimately blocked or isn't completed by June 2027, Paramount would owe Warner Bros. a staggering $7 billion breakup fee.   Paramount is pushing to begin the trial by November 4, but the attorneys general seeking to block the deal want to delay proceedings until next April. Paramount does have some leverage, as it has major operations and thousands of employees in states such as California, New York, and New Jersey. Even California Governor Gavin Newsom has encouraged the state's attorney general to find an out-of-court resolution.   For investors, this has been an extremely nerve-racking situation. Paramount shares are currently trading around $8, down roughly 41% year to date after starting the year near $13.40 per share. Every delay adds more uncertainty, more legal expenses, and more ticking fees.   There are also strong incentives for the companies involved to get the deal across the finish line. Warner Bros. CEO David Zaslav could reportedly receive compensation worth more than $800 million if the transaction is completed, giving him a significant financial incentive to see the merger succeed.   This will likely continue to test shareholders' patience. As the legal battle drags on, the legal bills and ticking fees continue to pile up. It makes me wonder: Is this deal really worth it for David Ellison and Paramount?   Should U.S. Car Makers Like Ford and General Motors Diversify Their Businesses? It's no secret that the auto industry is highly cyclical, with periods of strong demand followed by inevitable slowdowns. Right now, both Ford and General Motors are generating significant cash flow and posting solid earnings despite paying billions of dollars in tariff costs and writing off substantial losses from their electric vehicle investments. But the question investors should be asking is: when does the party end?   One concern is affordability. New vehicle prices continue to rise, making it increasingly difficult for many consumers, especially younger buyers, to purchase a car. At the same time, younger generations simply don't seem as excited about getting behind the wheel as previous generations were.   The numbers are striking. Today, only about 25% of 16-year-olds have a driver's license, roughly half the percentage from 1980, when about 50% were licensed. Even among 18-year-olds, only around 60% have a driver's license today, compared with roughly 80% nearly five decades ago. Ride-sharing services such as Uber and Lyft have made it easier for young adults to pay for transportation rather than own a vehicle themselves. I also can't help but wonder how that's changed the dating scene compared with past generations.   The auto industry has faced this type of challenge before. During the 1980s, both Ford and General Motors spent billions of dollars diversifying into financial services and defense businesses. Meanwhile, Toyota stayed focused on building reliable, high-quality vehicles that consumers wanted to buy. While Detroit was chasing diversification, Toyota was steadily gaining market share with better products.   I hope today's management teams remember that lesson. Auto manufacturing will always be cyclical, and no business grows every single year. The best long-term strategy may be to focus on building vehicles that customers genuinely want rather than chasing growth in unrelated industries.   That said, there are signs that history could be repeating itself. Ford recently announced Ford Energy, a grid-scale battery storage business, while General Motors continues expanding its military vehicle business and is working with Lockheed Martin on defense-related technologies. These ventures could prove successful, but investors should hope management doesn't lose sight of its core business.   History has shown that the companies producing the best vehicles over the long run are usually the ones that create the most value for shareholders.   A Weak Jobs Report, But There Were a Few Bright Spots There is no sugarcoating it, today's jobs report was weaker than expected and adds to the evidence that the labor market is continuing to cool. Total nonfarm payroll employment fell by 23,000 jobs in the month and May and June saw a combined negative revision of 103,000 jobs. May was revised from 129,000 to 66,000 and June was revised from 57,000 to 20,000.   Even though the report was softer than anticipated, the headline payroll number doesn't tell the entire story. A meaningful portion of the weakness came from government employment as it fell by 53,000 jobs in the month. Local government education jobs were particularly weak with a decline of 50,000 jobs as they can be volatile during the summer because of seasonal adjustments.   There also appear to be temporary distortions related to the FIFA World Cup, which likely shifted hiring patterns. Leisure and hospitality showed a decline of 40,000 jobs and retail trade declined by 19,000 jobs. Those factors don't erase the weakness, but they do suggest the private sector wasn't quite as soft as the headline number implies.   There were still several areas of strength in the report worth highlighting. Healthcare remained a key driver of payroll growth, adding 22,000 jobs. While that was below its 12-month average of 36,000, it continues to be one of the strongest and most consistent sources of job creation. Construction also posted a solid gain, with payrolls increasing by 22,000, suggesting that demand in the sector remains resilient despite elevated interest rates and ongoing affordability challenges.   The unemployment rate remained one of the stronger aspects of the report, falling to 4.1%. By historical standards, that still reflects a relatively healthy labor market. However, there is an important caveat. The labor force participation rate declined again, meaning fewer Americans were either working or actively looking for work.   The participation rate fell to 61.4%, its lowest level in more than five years and, excluding the Covid pandemic, the lowest reading in roughly 50 years. Likewise, the employment-to-population ratio slipped to 58.9%, its lowest level since May 2014. A declining participation rate can make the unemployment rate appear stronger than it actually is because people who stop looking for work are no longer counted as unemployed.   One positive development was wage inflation. Average hourly earnings continued to moderate, with annual wage growth slowing to roughly 3.2%. That's much closer to a pace consistent with the Federal Reserve's inflation target and suggests wage pressures are continuing to ease without collapsing. Slower wage growth should help reduce inflationary pressures while still allowing workers to see income gains.   The next few monthly reports will be important. If private-sector hiring continues to weaken and participation keeps falling, concerns about the broader economy will likely increase. But if today's weakness proves to be exaggerated by temporary factors, the labor market may still be on track for a gradual slowdown rather than a sharp deterioration.   Financial Planning: Understanding Net Unrealized Appreciation (NUA) Employees who have built up significant company stock inside their 401(k) may have a valuable tax planning opportunity called Net Unrealized Appreciation (NUA). NUA allows retirees to move company stock from their retirement plan into a brokerage account and receive long-term capital gains treatment on the stock's growth instead of paying higher ordinary income tax rates. The benefit of NUA can be significant for employees who purchased company stock at a low cost and saw it grow substantially over time. However, the decision involves a tradeoff: the stock's original cost basis becomes taxable as ordinary income in the year of distribution in exchange for the benefit of receiving long-term capital gains treatment on the appreciation when shares are eventually sold. If the cost basis is too large, the upfront tax liability may outweigh the potential tax savings, and keeping the stock inside a retirement account and paying ordinary income taxes on future withdrawals may be the better strategy. Companies: Chipotle Mexican Grill, Inc. (Ticker: CMG)

Cristina Gomez reviews the latest UFO / UAP news and covers new whistleblower claims from Dylan Borland and Ryan Graves, including an allegedly altered federal record, a program code name tied to the Office of the Director of National Intelligence, a Lockheed Martin craft transfer claim, and new efforts to add UAP reporting to a federal aviation safety database. To see the VIDEO of this episode, click or copy link - https://youtu.be/0nVxI6EjGtMVisit my website with International UFO News, Articles, Videos, and Podcast direct links -www.ufonews.co00:00 - Hidden By ICIG00:45 - UFO Program Cover-Up 02:36 - Secret UFO Code Name03:29 - UFO Records Altered05:09 - UFO Craft Transfer Claim06:37 - Pilot's Secret UFO Work07:42 - Navy UFO Warning Email09:57 - UFO Reports Go FederalBecome a supporter of this podcast: https://www.spreaker.com/podcast/strange-and-unexplained--5235662/support.

Mark Sponsler grew up on an avocado farm outside Miami. One day an avocado ricocheted off his window shutters during a storm, and something clicked. He's been obsessed with weather ever since. He graduated from Rollins College in 1980 with a degree in Business Administration, then spent years managing software projects for companies like Rockwell International and Lockheed-Martin. Not exactly the resume you'd expect from the guy who predicts Mavericks swells down to the hour. In 1998, Mark launched Stormsurf. It started as an email thread between local surfers. Now it's the source big-wave surfers actually trust. Stormsurf has consulted on IMAX films, Nightline, 48 Hours, and was the lead forecasting source for the movie Chasing Mavericks. If you dig this podcast, will you please leave a short review on Apple Podcasts? It takes less than 60 seconds and makes a difference when I drop to my knees and beg hard-to-get guests on the show. I read them all. You can watch this podcast on my YouTube channel and join my newsletter on Substack. It's glorious. My first book, ONE LAST QUESTION BEFORE YOU GO, is available to order today. Get full access to Kyle Thiermann at thiermann.substack.com/subscribe

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On this week's Defense & Aerospace Report Business Roundtable, sponsored by Bell, Dr. “Rocket” Ron Epstein of Bank of America Securities, Sash Tusa of Agency Partners, and Richard Aboulafia of the AeroDynamic advisory consultancy join host Vago Muradian to discuss an up week on Wall Street and rising energy prices in the wake of wider conflict in the Middle East; higher Treasury yields in the wake of Federal Reserve Chairman Kevin Warsh's communication stumble on explaining Fed's decision to keep interest rates steady; President Trump call to suspend further Iran strikes pending a quick deal to end the war; despite an uncertain budget future, the Pentagon awarded Lockheed Martin a $58 billion contract for PAC 3 missiles that will also flow to companies like RTX and General Dynamics and HII $76.6 billion in contracts for nine Virginia-class attack subs and four Columbia-class ballistic missile subs; Washington and Tokyo worked together to prop up the yen, with Treasury Secretary Scott Bessent asking the New York Federal Reserve Bank to sell euros to buy yen; Britain's Burnham government will release its budget on Oct. 28 that will include a $32 billion buffer as British bond yields near their post-2008 high after Washington and Jerusalem started their war on Iran; EasyJet says it's got a 5.7 billion pound or $7.7 billion offer from Apollo Global Management; and Airbus, AerCap, Boeing, Bombardier, General Dynamics, Hexcel, HII, Leonardo and Leonardo DRS, Melrose, Safran, and Textron report earnings.

A.M. Edition for July 30. Meta shares fall and Microsoft rallies after the hyperscalers sent very different signals on how they're monetizing their massive AI outlays. Plus, as some people are allowed to return to their homes in southwestern France, WSJ's Ed Ballard says a debate over aging water bombers and the country's readiness ahead of a summer of wildfires is picking up. And DoorDash secures a key certification from the FAA to use drones for deliveries. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A camera built to record a spacecraft's splashdown has become a widely adopted tool in automotive safety testing.

For companies in the defense industrial base, a compliance deadline is not paperwork. It is the difference between winning contracts and watching them stall. In this Brand Feature, Jason LaPointe, Chief Technology Officer at Exostar, and Michael Parisi, Chief Growth Officer at Steel Patriot Partners, walk through what it takes to get FedRAMP ready without cutting corners. Exostar was born out of a consortium that included Boeing and Lockheed Martin, and its FedRAMP-moderate posture lets smaller suppliers keep working on Department of War contracts. How does that work? Instead of moving every server and mailbox into a secure boundary, a supplier inherits roughly 80% of the controls from Exostar, which shrinks the scope of its own CMMC audit considerably. The clock was real. At the time, a November transition date loomed, after which many suppliers could no longer self-attest. That specific timeline has since been paused, but the pressure to prove readiness has not gone away. Exostar needed to show it was FedRAMP-moderate and ready for an audit, and working with Steel Patriot Partners, the team pulled a January target in by nearly three months, not by skipping steps, but by moving with confidence. Why build a new platform instead of retrofitting the old one? Jason LaPointe describes a platform first initiative: build the new compliant home, then migrate customers into it. Trying to modernize inside a live production environment would have been disruptive, so the team built alongside rather than on top, which freed them to re-architect and retool without breaking customers. Michael Parisi frames the engagement as embedding, not staff augmentation. Steel Patriot Partners plugged directly into the product team through daily standups and leadership calls, delivered infrastructure as code and deployment pipelines, and kept the work with US citizens, a requirement once controlled unclassified information is in play. What makes an audit go smoothly? Preparation that extends to how questions get answered. Jason LaPointe compares the audit to a deposition, where an unsolicited comment hands an assessor somewhere new to go. Michael Parisi, who spent years in the assessor's seat and ran the practice for a large C3PAO, explains why knowing the auditors and presenting information cleanly protects the outcome. The business math is unforgiving. Miss the audit window and millions in direct contracts can be exposed, while auditors book out six to eight months. Exostar cleared it with a clean, no POA&M result, and the business is now seeing tailwinds through initiatives like Golden Dome. The lesson Jason LaPointe offers other technology and security leaders is about temperament. Every part of the organization gets touched, from R&D to HR to finance, and the willingness to change quickly becomes the governor on success. Having a clear voice at the table for what good looks like, as Steel Patriot Partners provided, is what accelerates the decisions. This is a Brand Feature. A Brand Feature is a ~30 minute in-depth conversation designed to go deep on a company's story, solutions, and customer success. Learn more: https://www.studioc60.com/creation#feature GUESTS Jason LaPointe, Chief Technology Officer, Exostar Website: https://www.exostar.com/ LinkedIn: https://www.linkedin.com/in/jasonlapointe Michael Parisi, Chief Growth Officer, Steel Patriot Partners Website: https://www.steelpatriotpartners.com/ LinkedIn: https://www.linkedin.com/in/michael-parisi-4009b2261/ RESOURCES Learn more about Exostar: https://www.exostar.com/ Aerospace and Defense solutions from Exostar: https://www.exostar.com/industries/aerospace-defense/ Learn more about Steel Patriot Partners: https://www.steelpatriotpartners.com/ Find Your Path with Steel Patriot Partners: https://steelpatriotpartners.com/find-your-path/ Are you interested in telling your story? ▶︎ Full Length Brand Story: https://www.studioc60.com/content-creation#full ▶︎ Brand Spotlight Story: https://www.studioc60.com/content-creation#spotlight ▶︎ Brand Highlight Story: https://www.studioc60.com/content-creation#highlight KEYWORDS Jason LaPointe, Michael Parisi, Exostar, Steel Patriot Partners, Sean Martin, brand story, brand marketing, marketing podcast, brand feature, FedRAMP, FedRAMP-moderate, CMMC, CMMC 2.0, defense industrial base, DIB, controlled unclassified information, CUI, compliance inheritance, C3PAO, FedRAMP audit, platform modernization, GCC High, Department of War, defense supply chain, cybersecurity compliance Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bonus Episode for July 27. Defense companies Lockheed Martin and RTX report surging backlogs as war increases demand for weapons. Wall Street Journal aerospace and defense reporter Drew FitzGerald discusses how the defense sector is responding to demands from Washington and what to look for as Boeing, General Dynamics and L3Harris report this week. WSJ national security reporter Marcus Weisgerber hosts this special bonus episode of What's News in Earnings, where we dig into companies' earnings reports and analyst calls to find out what's going on under the hood of the American economy. Sign up for the WSJ's free Markets A.M. newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode 437 of The VentureFizz Podcast features Nick LaRovere, CEO & Co-Founder of Pryzm. It seems obvious that selling to the U.S. federal government is complex, especially if you aren't one of the traditional defense prime contractors… but it doesn't have to be that way. Pryzm is out to help companies level the playing field. As I was preparing for this podcast, I learned about things like “J-Books” – the massive justification documents that outline the federal spending budget. While this budget information is public, these documents are notoriously long, dense, and difficult to navigate. This seems like a logical use case for AI. But while many AI tools attempt to simply wrap public data to write proposals, Pryzm goes far deeper. Founded by a team of Colby alumni with backgrounds at Palantir and Lockheed Martin, Pryzm has built an AI-powered command center. The platform unifies market intelligence, relationship insights, and real-time program awareness into a single, actionable view, making it the operating system for federal capture and acquisition. The company recently closed a $12.2M seed funding round led by Andreessen Horowitz (a16z) through its American Dynamism fund, with participation from XYZ Venture Capital, Amplify.LA, and Forum Ventures. Armed with IL5 and FedRAMP High authorizations, Pryzm is actively modernizing the federal procurement industry. In this episode, we cover: 00:00 Introducing Nick LaRovere, CEO & Co-Founder of Pryzm 04:23 Advice for Building a Startup in the DefenceTech sector 08:55 Nick's Background, Early Influences, & Attending Colby 15:36 Getting his career started 20:06 Early Experiences, including Tesla and Palantir 26:48 Founding Prysm and Its Mission 33:42 Details on the Prysm Platform 36:50 Growth and Scaling of Prysm 40:47 Raising funding from Andreessen Horowitz 45:23 The Importance of Storytelling in Entrepreneurship 46:54 Future Growth and Hiring Plans 47:50 3 Essential Apps 50:25 Book / Podcast Recommendations for Entrepreneurs 52:28 Nick's Hobbies Outside of Work Podcast Sponsor: This podcast is brought to you by one of the strongest longtime supporters of the local startup ecosystem, Silicon Valley Bank, a division of First Citizens Bank. With more than 1,500 bankers and relationship advisors and $44B in loans as of Q4 2025 – SVB delivers expert guidance, specialized products and a team that knows the innovation economy inside and out. Learn more at SVB.com.

On this week's Defense & Aerospace Report Business Roundtable, sponsored by Bell, Dr. “Rocket” Ron Epstein of Bank of America Securities, Sash Tusa of Agency Partners, and Richard Aboulafia of the AeroDynamic advisory consultancy join host Vago Muradian to discuss another down week on Wall Street, what's next for the Iran war and global energy prices as Washington pauses the conflict over concerns that US air defense weapon stocks are dwindling as Tehran strikes nations in the region and its Yemeni Houthi Allie's strike Red Sea shipping to enforce their blockade; Trump administration's use of exiting legislative authorities Including the 1930 Smoot-Hawley Tariff Act; Prime Minister Andy Burnham's new administration; Dassault, Lockheed Martin, Northrop Grumman, RTX and Thales earnings; major defense and commercial aviation story lines at this week's Farnborough International Airshow.

Are you looking to save time, make money, and start winning with less risk? Then head to https://www.ovtlyr.com.Learn more about OVTLYR: https://youtu.be/TUCbD5KovlcEarnings season is here... and that's when the market becomes one giant guessing game. Companies can report incredible numbers and still crash. Others can miss expectations and somehow rally. If you've ever wondered why that happens... this conversation breaks down what's really going on behind those massive overnight moves.This episode dives into the biggest risks and opportunities surrounding earnings season. Why stocks like Tesla, Google, and Netflix can erase weeks—or even months—of price movement overnight. Why institutions often care more about future guidance than the headline earnings numbers. And why fear and greed, not fundamentals alone, are usually what drive those explosive post-earnings reactions.One of the biggest lessons has nothing to do with predicting earnings correctly. It's about understanding risk. The discussion explains why implied volatility crush catches so many options traders by surprise, why overnight gaps make normal stop losses almost useless, and why professional traders often choose to close positions before earnings instead of gambling on the outcome.There's also a great breakdown of order blocks, buy-the-rumor-sell-the-news behavior, option strategies like iron condors and straddles, plus real examples using Tesla, Google, Netflix, American Airlines, Lockheed Martin, and Texas Instruments to show why trading earnings is never as simple as it looks.✅ Why earnings create massive overnight price moves✅ Implied volatility crush and hidden options risks✅ Buy the rumor, sell the news explained✅ Order blocks, gap risk, and professional risk management✅ Real examples with Tesla, Google, Netflix, American Airlines, and moreIf you've ever thought earnings trading was an easy way to make quick money... this episode might completely change the way you approach your next trade.Subscribe to OVTLYR for disciplined trading strategies that actually make sense.

Plus: The FDA is investigating a new outbreak of cyclospora adding to three other active flare-ups. And US stock futures are pointing to a lower open after shares in Alphabet and Tesla slipped off-hours. Luke Vargas hosts. Sign up for WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

As the National Air and Space Museum built its collection and its identity, it also needed to find its footing as a place for science and research. In the third episode of our four-part limited series “50 Years of Air + Space,” we're exploring the history of scholarship at the Museum. We'll dive into early debates over what type of research this new Museum would do and what type of academics would be a part of the team. We also hear the stories of how we came to host the Center for Earth and Planetary Studies, and how the study of the history and culture of aerospace became core to our mission.Thanks to our guests in this episode: Dr. Ted Maxwell, Retired Chair of CEPS Dr. Mike Neufeld, Retired Curator and Smithsonian Historian Dr. Cathleen Lewis, Curator Dr. Tom Crouch, Curator Emeritus and Smithsonian Historian Find the transcript for this episode and more information at https://s.si.edu/50YearsEp3Subscribe to our monthly newsletter at https://s.si.edu/airspacenewsletter.AirSpace is made possible with the generous support of Lockheed Martin.

Welcome to The Daily Wrap Up, an in-depth investigatory show dedicated to bringing you the most relevant independent news, as we see it, from the last 24 hours (7/23/26). As always, take the information discussed in the video below and research it for yourself, and come to your own conclusions. Anyone telling you what the truth is, or claiming they have the answer, is likely leading you astray, for one reason or another. Stay Vigilant. !function(r,u,m,b,l,e){r._Rumble=b,r[b]||(r[b]=function(){(r[b]._=r[b]._||[]).push(arguments);if(r[b]._.length==1){l=u.createElement(m),e=u.getElementsByTagName(m)[0],l.async=1,l.src="https://rumble.com/embedJS/u2q643"+(arguments[1].video?'.'+arguments[1].video:'')+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify([].slice.apply(arguments))),e.parentNode.insertBefore(l,e)}})}(window, document, "script", "Rumble");   Rumble("play", {"video":"v7azbc6","div":"rumble_v7azbc6"}); Source Links (In Chronological Order): (1) The Last American Vagabond on X: "Hope to see you all in Nashville (Franklin, TN) on the 24th where I will be hosting. https://t.co/TB7EZ0l8Ns" / X New Tab (9) Thomas Massie on X: "I was the only Republican to vote for my amendment to cut $3.3 billion of welfare to Israel. The GOP can't seriously claim to be America First. https://t.co/m0BqB5RApz" / X (9) The Solari Report | Catherine Austin Fitts on X: "Actually, @naomirwolf, it is about integrating "the Gaza method" into America. Connect the dots to Flock and ALPR cameras, AI and data centers. And it is about putting a straw to the trillions flowing out the back door of DOD - so consider this an integration with the Treasury as" / X (9) Ryan Grim on X: "If you ever suggested a link between voting and money that was this direct you'd have been censured on the House floor a few years ago. (That actually happened.)" / X New Tab New NDAA (Further) Integrates US and Israeli Militaries & The Ongoing Axios/Iran War Deception Text - S.4615 - 119th Congress (2025-2026): Intelligence Authorization Act for Fiscal Year 2027 | Congress.gov | Library of Congress H.R.8445 - 118th Congress (2023-2024): To amend title 38, United States Code, and the Servicemembers Civil Relief Act to provide for the eligibility of United States citizens who serve in the Israeli Defense Forces for certain protections relating to such service. | Congress.gov | Library of Congress The 2024 IDF Bill and the Question of Extending US Military Protections (9) Ana Escobar on X: "Are you starting to get it yet? https://t.co/NUrzpIf5Qn" / X (9) Evan Kilgore

Tony Bancroft discusses strong earnings from RTX Corp. (RTX) and Lockheed Martin (LMT), highlighting growing backlogs and healthy free cash flow as signs of continued defense spending strength. Tom White then outlines an example options trade for Lockheed Martin.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

P.M. Edition for July 21. Recent AI models from China claim they're just as powerful as some of the most cutting-edge models from OpenAI and Anthropic. Journal reporter Amrith Ramkumar joins to discuss the latest reactions from Silicon Valley and the White House. Plus, General Motors had a strong second quarter as consumers kept buying pickup trucks and SUVs. And New Jersey says a software error led to almost 400 non-citizens voting in elections in the state since 2023. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Landing subcontracts with prime contractors like Boeing, Lockheed Martin, and L3Harris starts long before you ever pick up the phone, and most small businesses skip the steps that actually get them noticed. In this clip, a govcon entrepreneur breaks down the exact sequence he used to move from cold outreach to a signed, ongoing contract with a major defense prime. If you've been stuck trying to get a capability briefing to turn into real work, this is the roadmap. How to register on a prime contractor's vendor or partner portal before ever reaching out to their small business office Why leading with technical jargon in a capability briefing gets you ignored, and what small business POCs actually need to hear instead How to use a specific contract ID and government POC name to open doors that generic capability statements never will Why treating subcontracting as a "side door" instead of a back door builds long-term pipeline, even outside government work The exact process for escalating from a small business contact to the technical lead who controls the actual project   EPISODE CHAPTERS: 0:00 - Introduction and Mindy sponsor message 0:48 - Why calling a prime contractor cold fails 1:17 - Do your research before contacting Boeing or Lockheed 1:29 - Register as a vendor on the prime's portal 2:12 - Attend a capability briefing with the small business office 2:51 - Avoid technical jargon small business contacts cannot use 3:39 - Give small business POCs clear direction, not confusion 4:25 - Use a specific contract ID to open the conversation 5:20 - How referencing a real contract leads to the right department 6:26 - Applying this side door strategy to construction subcontracts 7:02 - Why subcontracting is a side door, not a back door 7:55 - Comparing pricing between GovIQ and DeltekGovWin Mindy gives you the federal opportunities, agency signals, recompete intel, and pursuit briefs that tell you not just what contracts exist, but which ones to chase and how to win them. Sign up for free Daily Alerts and get opportunities delivered to your inbox before the day starts.

In this episode of CounterPunch Radio, Rebecca Maria Goldschmidt speaks with Seungjoon Lee, a maritime activist and filmmaker based on Jeju Island. Having recently returned from attempting to break the siege on Gaza with the Freedom Flotilla Coalition and being kidnapped by the IOF in international waters, Lee shares his thoughts on the radical possibilities for future maritime direct action. They discuss the current situation on Jeju, where activist communities continue their struggle against militarization and development in Korea, including the world’s fourth-largest weapons company, Hanwha, known as the “Lockheed Martin of Asia.” Seungjoon emphasizes the necessity of an activist practice grounded in the spirituality of place and relationality, and the possibilities in centering water as a collective strategy for our movements. The post Sailing To You: On the Possibilities for Maritime Direct Action w/ Seungjoon Lee appeared first on CounterPunch.org.

This podcast is made possible by our listeners and viewers. If this show has brought you value, you can support it by becoming a member of The Way Forward, our platform designed to help you find the health and freedom community (people, practitioners, schools, farms, and more) near you. Your membership directly supports the podcast and the work we do.The global reset is coming, and we need to get prepared.Gregg Braden is a five-time New York Times best-selling author, scientist, and pioneer in the emerging paradigm bridging science, social policy, and human potential.From 1979 to 1991, Gregg worked as a problem solver during times of crisis for Fortune 500 companies, including Martin Marietta (now Lockheed Martin) where he worked as a Senior Computer Systems Designer, and Cisco Systems, where he became the first Technical Operations Manager in 1991.He continues problem-solving today, and his research resulted in the 2003 discovery of intelligent information coded into the human genome and the 2010 application of fractal time to predict future occurrences of past events.Gregg's work has led to 18 film credits, 13 award-winning books now published in over 40 languages, and he was a 2020 nominee for the prestigious Templeton Prize established by Sir John Templeton to honor “outstanding individuals who have devoted their talents to expanding our vision of human purpose and ultimate reality.”He has presented his discoveries in 34 countries on six continents, and has been invited to speak to the United Nations, Fortune 500 companies, and the U.S. military. His newest book, Pure Human, is a direct response to what he sees as a narrowing window to protect what makes us human before it gets outsourced to computer chips, nano sensors, and brain computer interfaces.Our conversation covers the science of DNA as a fractal antenna, why merging with tech is devolution and not evolution, and the alignment ancient artifacts pointed toward the late 2029 to 2030 window.Gregg also opens up about the Knights Templar roots of American sovereignty, the disclosure hearings, and why localized community is the middle ground most people will end up choosing.If you sense the reset is real but haven't found language for what's actually being reset, start here.You'll Learn:[0:00] Introduction[7:48] How the Knights Templar, the Magna Carta, and Freemasons shaped America's founding[19:41] Ancient tablets, a 2030 planetary alignment, and the tech-merger agenda all point to the same reset window[31:04] Your DNA functions as a fractal antenna tuned to divinity[43:25] Why the human body already outperforms computer chips [53:57] What John Mack's abductee research revealed about our future timeline[1:02:22] Information silos are weaponising the differences at your own dinner table[1:09:08] Localised living emerges as the middle ground between all-in tech and total rejection[1:16:16] The six corporations pushing the technocracy and what disclosure really threatensFind more from Gregg:Gregg Braden | WebsiteFind more from Alec:Alec Zeck | Instagram | XThe Way Forward | InstagramDonate to The Way Forward here.The Way Forward is Sponsored By:Want more crypto insights and a community to back you up?Join the Crypto Freedom Academy today. It's 100% free and designed to help you master the markets.

New Sikorsky Marine One helicopters damage the White House lawn, the airports renamed for U.S. presidents, airline consolidation, DCA crash safety recommendations, controversy over ADS-B In regulations, Air France and Airbus manslaughter verdict, passengers sue Delta over turbulence injuries, a Ryanair window ruptures, and a seaplane makes a hard landing in New York's East River. Also, interviews from the Spurwink Farm fly-in. Aviation News Lockheed Martin Is Covering the Cost of Trump's White House Helipad President Trump said that Sikorsky, part of Lockheed Martin, would cover the cost of building a new helipad at the White House. Lockheed Martin confirmed the report. Sikorsky helicopters have been used to transport the president since the 1970s.  The new VH-92A Patriot helicopter has propulsion exhaust vents located toward the rear of the airframe and pointed downward, unlike the VH-3D’s configuration. Also, with much more powerful engines, the VH-92A generates significantly more downwash than the VH-3D. The hot exhaust gets combined with the intense rotor downwash at touchdown, and the combined heat-and-airflow effect scorches the turf and can physically rip sod loose. Airline consolidation now rules the skies. Has it been good for passengers? Continental Airlines, Northwest Airlines, and US Airways are gone. Spirit Airlines is gone as well. Now, the Big Four U.S. airlines control roughly three-quarters of the U.S. market. Has this been good for the flying public? It depends on who you ask. Former governor Chris Sununu, now the head of Airlines for America, said at a Capitol Hill hearing, “We have more competition per route than ever before. When I go to buy a ticket, I have four, five, or six carriers going from Wichita to Dallas. So now they’re all competing on that exact same route.” There are six airlines serving Wichita Dwight D. Eisenhower National Airport, but there’s only one that flies nonstop to Dallas. Past guest Ganesh Sitaraman, a professor at Vanderbilt Law School and the author of the book Why Flying Is Miserable and How to Fix It said, “From the airlines’ perspective, it makes sense. Bigger is better, and it’ll be more efficient for them, even if there’s a lot of drawbacks for communities and passengers.” A Florida airport is officially renamed for Trump. What does he stand to gain? FAA Details First Official Response to DC Crash Safety Recommendations After the January 2025 midair collision near Washington, D.C., that killed 67 people, the NTSB issued nearly three dozen recommendations. As is always the case, the FAA is not obligated to implement the NTSB’s recommendations. Earlier this year, the FAA said it had fully addressed seven of the recommendations and that it would evaluate the others, with further updates to come by May 31, 2027. The Air Current reported that the FAA indicated it is evaluating whether the number of arrivals permitted per hour at DCA is appropriate. This is a key metric that the NTSB said contributed to the airport’s congestion at the time of the crash. Also, any adjustments will be determined after an official analysis in 2027. This $50,000 Safety Fix Is Dividing the Aviation Industry and Washington This could be characterized as a conference-committee fight over how strong an ADS-B In mandate should be, not whether there will be one. ALPA and NTSB are on one side (ROTOR Act), and industry groups like A4A/AOPA/NBAA on the other (ALERT) side.  Senate: ROTOR Act (Rotorcraft Operations Transparency and Oversight Reform Act) Would require all aircraft to be equipped with ADS-B In and repeal certain military exemptions from the technology requirements. Passed the Senate by unanimous consent in December, with strong support, including from ALPA. The House rejected it on February 24, 2026, falling one vote short of the two-thirds majority needed after the Defense Department raised national security concerns House: ALERT Act (Airspace Location and Enhanced Risk Transparency Act) House lawmakers revised the bill to explicitly include an ADS-B In mandate after the earlier version was criticized for failing to clearly require it. The updated version requires that aircraft carry both ADS-B In and ACAS X (Airborne Collision Avoidance System X), integrated so ADS-B In data feeds the alerting function. Opposition: ALPA doesn’t endorse it, arguing that ACAS Xa (the large-commercial-aircraft variant) isn’t yet commercialized, that no integration standards exist, and that the system suppresses alerts below 1,000 feet when situational awareness matters most. The NTSB also declined to support it, saying it falls short of requiring ADS-B In for all aircraft operating in airspace where ADS-B Out is already required, even though it allows compliance via portable receivers with line-of-sight limitations. Air France and Airbus found guilty of manslaughter over 2009 plane crash A Paris Appeals Court found Air France and Airbus “solely and entirely responsible” for the 2009 AF447 accident, which killed 228 people when it crashed into the Atlantic Ocean. The companies were cleared in April 2023 but were found guilty after an eight-week trial. Both Air France and Airbus have denied the charges and say they will appeal. In 2012, French investigators found a combination of technical failure involving ice in the pitot tubes and pilot confusion over faulty air-speed readings. Pilot training has since been modified, and pitot tube sensors have been replaced. 20 Sue Delta Over 2.5 Minutes of Terror on Flight Out of Utah A lawsuit has been filed against Delta Air Lines on behalf of 20 passengers of Delta Flight 56, claiming that pilots “recklessly flew” too close to thunderstorms, where severe turbulence caused multiple injuries. The turbulence lasted 2 1/2 minutes over Wyoming, and the flight was diverted to Minnesota. Twenty-five people were transported to local hospitals. The NTSB said the pilots were caught by surprise. In the lawsuit, the plaintiffs allege that the National Weather Service issued an advisory warning that turbulent conditions were present in the mountains east of Salt Lake City and that thunderstorms were present along portions of the flight path. Apparent engine fan blade failure preceded rupture of Ryanair 737 window The Air Current reports that the rupture of a Ryanair Boeing 737-800 window resulted from a fan blade failure on the right CFM56-7B engine. Fan blade failures are serious but rare. Aircraft engines are designed to contain fan blade failures and are tested during the certification process.  The FAA issued airworthiness directives to mitigate the risk of fan blade failure through inspections and an engine inlet redesign to ensure containment. The FAA set a July 31, 2028, deadline for compliance. Small plane makes hard landing into New York's East River, officials say A Kodiak 100 seaplane with eight people on board made a hard landing in the East River between Brooklyn and Manhattan. There was “substantial damage” to the plane, but there were no injuries. The plane bounced three times, and the pilot subsequently told the passengers that a pontoon had broken. A pattern of progressive porpoise leading to structural failure appears in NTSB seaplane accident reports across various types, including Cessna 206 and 208 Caravan floatplanes, de Havilland Beavers, and Twin Otters on floats. A few East River/urban seaplane-specific factors that might be in play: Wake and chop from harbor traffic (ferries, tour boats) create a much less predictable water surface than open lake/bay operations. Confined approach corridors near Skyport limit go-around and abort options if the pilot senses a bad touchdown developing. The area has had at least one other recent seaplane mishap (a two-seater damaged by a wave three weeks prior), suggesting water-surface conditions have been a recurring operational challenge this season. The NTSB and FAA will be looking at whether this was primarily a pilot technique issue (porpoise recovery), an environmental factor (wake/wave state at touchdown), or a mechanical issue in the float attachment itself. Spurwink Farm International Fly-In From the fly-in, Micah brings us interviews with Spurwink Farm Manager Christina Mitchell, listener Tad Yergey, and Cessna 185 Floatplane Pilot John Hartz. John Hartz, one and a half of his children, and his Cessna 185. Micah at the Spurwink Farm Fly-In, Mentioned Ever wonder if pilots become frightened during an emergency? In the Stories About Flying podcast, Rob looks at the topic through the lens of a near catastrophe: “Aircraft Emergencies and the Saga of Speedbird 009.” NightSide with Dan Rea, WBZ NewsRadion, Not Just A Plane Topic. Hosts this Episode Max Flight, our Main(e) Man Micah, David Vanderhoof, and Erin Applebaum.

Today's Headlines: Graham Platner still hasn't dropped out of the Maine Senate race despite Bernie withdrawing his endorsement and a second sexual assault allegation — this time from an ex-girlfriend who says he removed condoms during sex without her consent, which is classified as sexual assault in several countries — and his campaign's response was to call it politically motivated and bring up Brett Kavanaugh. Even better, Platner is now reportedly negotiating what he wants in exchange for leaving, including demanding his replacement come from Bernie's political orbit, while the Maine Democratic Party has told his campaign they have no role in the process. Trump is at the NATO summit in Turkey where he's mad at the alliance, mad at Meloni again, wants Greenland again, appeared to fall asleep and needed Erdogan to physically steer him around the room, and seems willing to sell Turkey the F-35 jets Netanyahu specifically asked him not to sell — so the girls seem to be fighting. Meanwhile the Iran war Trump declared over at Versailles last month is very much back on, with Iran attacking three ships in the Strait of Hormuz in the last 24 hours, the US responding with "powerful strikes," and the administration revoking the sanctions waivers that allowed Iran to sell oil, making the memorandum of understanding worth approximately nothing. And Trump announced he's building a granite helipad on the White House lawn, paid for by Lockheed Martin subsidiary Sikorsky, with no timeline for completion, because a helipad is what matters while the world is on fire. Resources/Articles mentioned: WaPo: Ex-girlfriend of Graham Platner says he removed condoms without consent during sex WaPo: Bernie Sanders calls on Graham Platner to drop Senate bid WaPo: Trump's NATO-bashing casts shadow over U.S. pledge to defend allies Axios: Trump signals openness to selling Turkey F-35 fighter jets CNBC: U.S. resumes 'powerful strikes' on Iran after Hormuz Strait ship attacks, CENTCOM says Axios: U.S. revokes Iran oil waivers after attacks in Strait of Hormuz AP News: Trump says he's building a White House helipad for a new, more powerful Marine One Subscribe to the Betches News Room and join the Morning Announcements group chat. Go to: betchesnews.substack.com Morning Announcements is produced by Sami Sage and edited by Grace Hernandez-Johnson Learn more about your ad choices. Visit megaphone.fm/adchoices

Every quarter recently, semiconductor stocks keep churning out incredible numbers. And every quarter, it seems as those companies somehow “miss expectations”. The most recent example was when Samsung Electronics reported a 1,900% increase in profits, the stock dropped so much it halted trading on the Korean composite index. Lou, Matt, and Tyler dig into the expectations game Wall Street is playing and the underlying trends still supporting it. Plus, defense companies are making moves at the NATO summit and investor questions. Have a question? Email us; podcasts@fool.com Want to take the next step in your investing journey? Explore Motley Fool's Epic for our portfolio-centered investing experience, premium research, tools, and guidance: fool.com/epic fool.com/epic Tyler Crowe, Matt Frankel, and Lou Whiteman discuss: - Samsung's big profits and big stock drop - Amazon's $25 billion debt deal - Lockheed Martin goes underwater - Are defense companies ready for the changing landscape? - Mailbag: How to navigate the Sunk Cost Fallacy? Companies discussed: SSLNF, MU, HXSCL, AMZN, GOOG, LMT, NOC, KTOS, AVAV, LHX, BOC, RKLB Host: Tyler Crowe Guests: Matt Frankel, Lou Whiteman Engineer: Dan Boyd Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement. We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode. Learn more about your ad choices. Visit ⁠⁠megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Pratap Chatterjee, executive director of CorpWatch, joins us to discuss their latest report, MAGA Inc., which identifies the Crypto Czars, the Tech Titans and the Prison Profiteers who have bankrolled and benefited the most from Donald Trump's corrupt regime. Then, Ralph welcomes Elliot Negin, executive editor of Money Trail to talk about how Donald Trump is trying to turn Washington DC into a monument to himself.Pratap Chatterjee is an investigative journalist, producer and executive director of CorpWatch, an organization that works to promote environmental, social and human rights by holding multinational corporations accountable for their actions. He is the author of several books, including Verax: The True History of Whistleblowers, Drone Warfare, and Mass Surveillance, Halliburton's Army, and Iraq Inc.: A Profitable Occupation.Palantir is really critical to understanding how the surveillance state works, especially in identifying people to deport and locations and people to kill in Trump's new wars overseas, such as in Iran…Palantir's data analytical capabilities are actually extremely simplistic and terrible. But when it comes to looking for an easy solution, that's what Palantir offers. And they've been able to offer this to the Trump administration—to have them speed up their political plans such as deportation, such as waging war against Iran by giving them easy answers.Pratap ChatterjeeThe biggest company behind the cryptocurrency used by criminals and drug dealers and gun traffickers has come out of the shadows, into the light, thanks specifically to the credibility offered by the Trump administration. And so this is really a sea change.Pratap ChatterjeeElliott Negin, executive editor of the Substack newsletter Money Trail, is an award-winning writer, illustrator and publication designer. Prior to co-founding Money Trail in February 2025, he was the managing editor of American Journalism Review, editor and art director of Public Citizen and Nuclear Times magazines, a news editor at NPR, and a regular contributor to HuffPost and the Union of Concerned Scientists' Equation. His freelance articles have appeared in The Atlantic, Common Dreams, The Hill, L.A. Progressive, The Nation, Scientific American, the Washington Post and other publications.It turns out that there is a government-owned ballroom less than a mile from the White House that would serve the purposes of a state dinner, which is one of the only events that you would need a ballroom for. If Trump builds a ballroom, it will not be used probably 360 days out of the year… To have a building that big that's going to be sitting empty for all that time makes no sense whatsoever.Elliott NeginRight now, the cost of this ballroom has been escalating… And half of it's supposed to be covered by taxpayers. Give credit to Public Citizen. It did a report that found out that more than half the donors that were identified as donating to the project when it was pegged at $400 million (including Amazon, Lockheed Martin, Palantir) have gained contracts with the federal government worth more than $50 billion in the last six months. That's a hell of a return on investment.Elliott NeginNews 7/3/26* Our top stories this week are the Colorado primaries. First, DSA-backed insurgent Melat Kiros successfully ousted 29-year incumbent Democratic Congresswoman Diana DeGette in the state's first congressional district, winning in a surprise blowout of over 13 points. Kiros, a 29-year old Tigrayan-American lawyer and PhD student, was fired from Sidley Austin – a “biglaw” firm in 2023, after she “posted an open letter defending students protesting Israel's war in Gaza from charges of antisemitism,” per Colorado Newsline. Axios reports many House Democrats, speaking anonymously, have bemoaned DeGette's loss, with one accusing Kiros of trafficking in “performative politics,” but Usamah Andrabi, spokesperson for Justice Democrats, one of the main groups that backed Kiros, put it simply when he said “If DeGette didn't deserve a primary, Denverites wouldn't have elected Melat” by double digits.* Also in Colorado, state Attorney General Phil Weiser easily defeated Senator Michael Bennet in the primary to succeed Jared Polis as Governor. While Weiser did run to Bennet's left, the real victory for progressives is that Bennet finishing out his own term means the Colorado Democratic establishment won't be able to appoint someone – likely a centrist member of the House – to replace him, per Axios. Meanwhile, John Hickenlooper, a Colorado Democratic institution won his primary as well, fending off a challenge from his left by state Senator Julie Gonzales. However, Gonzales came within 6 points of Hickenlooper, according to Colorado Public Radio, a tantalizingly close margin. Moreover, not only has Hickenlooper vowed that this would be his final Senate term, many are speculating that Bennet himself won't run when his term ends in 2028. That is all to say, it is possible we have not seen the last of Ms. Gonzales.* Speaking of Gonzales, much has been made of the fact that she “softly” distanced herself from DSA as she launched her primary campaign, per Colorado Pols. Perhaps maintaining that organizational relationship would not have resulted in her victory, but the stunning successes of DSA-backed candidates – including Melat Kiros in Colorado – speaks to the group's impressive organizational muscle. In fact, the group can boast of winning yet another seat in the New York State Assembly, with Maurice “Mo” Brown declaring victory against longtime incumbent Assemblyman Bill Magnarelli in the 129th Assembly District. Magnarelli held the seat for 30 years. Brown won by just over 100 votes after all the absentee and affidavit votes were tallied, according to Syracuse.com. With Brown's victory, DSA will send 16 members to Albany next session, nearly doubling its presence across both chambers of the state legislature.* More impressive than the electoral victories however is the fact that DSA members in office are delivering on their campaign promises. Most notably, in New York City, Mayor Zohran Mamdani has successfully forced a vote through the Rent Guidelines Board to enact a rent freeze for the Big Apple's 1 million rent-stabilized apartments, Time reports. These units make up a whopping 27% of the city's housing stock and house around 2 million people. Mamdani's predecessor, the corporate-friendly Democrat Eric Adams, pushed through rent hikes via the guidelines board, raising the rent by 12.6% over the course of his term in office. Mamdani called this the “relief that working people across our city deserve.” This move has, predictably, drawn the ire of landlords and their industry representatives, but there is no denying that the people of New York City voted for Mamdani in large part for this exact policy and he delivered.* In Congress, another socialist – Alexandria Ocasio-Cortez – is fighting for key amendments to the must-pass National Defense Authorization Act. These run the gamut from prohibiting the transfer of weapons to countries hampering the delivery of humanitarian aid, such as Israel, to demanding that the Secretary of Defense conduct declassification reviews or release unclassified reports on American assistance to the dictatorship in Brazil and the coup in Chile, barring Pentagon funds from being used to enforce sanctions on Cuba, and many more. As the scope of national legislation has narrowed in recent decades, amendments to massive flagship funding bills like the NDAA have become a primary means of getting legislation through the gridlock. It is very encouraging to see AOC take advantage of this mechanism to force votes on these issues.* Of course, the centrists will not simply cede power to the left without a fight. Yahoo reports 13 Democratic House members and candidates have signed onto what they are calling the “Promise to America,” consisting mainly of vague commitments to principles like “Growth, Competition, and Broad Prosperity,” or “Safety, Security, and Human Dignity.” They have also stepped up their rhetoric, saying “there's going to be a war” between themselves and the new crop of progressive and DSA lawmakers, per Fox News. Of course, this all makes one wonder whether the Democrats would be in this position at all if they were this confrontational with the Republicans instead of their own voter base.* Another emerging theater of combat between the center and the left is the Congressional Hispanic Caucus. The CHC is led by the lame duck New York Congressman Adriano Espaillat, who was defeated in his primary by Darializa Avila Chevalier. Both Espaillat and Avila Chevalier – or DAC as she has come to be known – are Dominican, despite Espaillat's last-minute smear campaign calling her Haitian, and she plans to join the CHC once she takes her seat in the House. Yet, POLITICO reports the CHC is divided about admitting DAC. While no member is going so far as to say outright that she should not be admitted, many, such as CHC Whip Sylvia Garcia of Texas, are saying things like if DAC is “aligned with all our priorities and all our legislative programs, we would welcome her.” Of course this raises the question of if she is not, would they still welcome her. The all-Democratic CHC has previously barred the entry of Republican Hispanic Congressman Carlos Curbelo of Florida and the Congressional Black Caucus barred Espaillat himself from joining after a feud between him and former Congressman Charles Rangel. In addition to DAC's accession, the CHC will also have to decide on a new leader with Espaillat gone. The Vice-Chair, Darren Soto of Florida, may lose reelection due to redistricting in Florida, leaving the seat up for grabs.* In more Florida-related news, on June 25th Florida Governor Ron DeSantis formally announced the closure of “Alligator Alcatraz” the immigrant detention facility much hyped in the early days of the second Trump administration. While DeSantis claims that the facility had simply “fulfilled the role it was designed to serve,” there is an alternate story being told in the native community. Native News Online has published a statement by Judith LeBlanc (Caddo), executive director of Native Organizers Alliance, which highlights that the facility was constructed and operated “in violation of the sovereign rights of the Miccosukee Tribe, who took the government to court for illegally constructing the center without their consultation or consent,” and hailed the closure as “a victory for human rights and Tribal Sovereignty.” The statement further decried “The administration's violent crackdown on migrant communities” as “an affront to all we stand for as Native peoples.”* Turning further south, the Guardian is out with a chilling story concerning the death of Monika Silva Koniuszek, a Polish anti-corruption activist, who was supposedly investigating self-dealing within the ruling Noboa family of Ecuador. According to her colleagues, Silva Koniuszek was investigating “Noboa Trading, the fruit conglomerate belonging to the family of the rightwing president, Daniel Noboa.” Specifically, they said she had been pursuing allegations that “several tonnes of cocaine had been seized in Noboa Trading banana containers,” and that “high-ranking Ecuadorian judicial officials were stalling the investigations.” Additionally, “Shortly before she was killed, she told friends that she had delivered a dossier of allegations to the US embassy in Quito.” Koniuszek was found dead with a noose around her neck, and Ecuador's interior minister announced that she had died by suicide even before the autopsy results were released. Once those results came out, they contradicted this claim, finding that her cause of death was “a blow to the head and strangulation.”* Finally, in neighboring Colombia, leftist candidate Ivan Cepeda, who lost the recent presidential election, has called on the people of that country to engage in mass civil disobedience, according to Jorge Bastidas, a Colombian Congressman and member of Cepeda's party. Specifically, Cepeda is demanding that the Colombian people not recognize the presidency of Abelardo de la Espriella unless and until he meets certain demands, including renouncing his U.S. nationality, disproving claims that he is a CIA collaborator, and vowing not to persecute and extradite his political opponents including outgoing President Gustavo Petro. Cepeda has stressed that this mass action, if pursued, will be peaceful.This has been Francesco DeSantis, with In Case You Haven't Heard. Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe