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Madison County Financial

Madison County Financial Inc is a bank holding company. The company is engaged in providing a full range of banking and financial services to individuals and corporate customers in the areas surrounding Madison, Nebraska. It is involved in attracting retail deposits from the general public in market area and investing those deposits, together with funds generated from operations, and to a lesser extent, borrowings, in agricultural real estate loans; one- to four-family residential real estate loans; agricultural non-real estate loans (secured by crops, livestock and farm machinery) and other commercial non-real estate loans; multi-family and commercial real estate loans; and consumer loans.

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As the week winds down, let&#8217;s take a look back at some of the major stories that shaped the financial world. From warnings about overpriced stocks to debates about inflation and radical tax plans, it was an eventful few days. Here are the highlights:
Peter Schiff Sounds the Alarm on Overpriced Stocks
Renowned economist and financial commentator, Peter Schiff, has expressed concerns about the current valuation of U.S. stocks, particularly the S&amp;P 500 and other major indices. In a recent podcast, Schiff advised investors to be selective in their investments and hire professionals if they can&#8217;t do their own research. <a href="https://www.benzinga.com/markets/equities/24/06/39245115/us-stocks-are-overpriced-warns-peter-schiff-if-you-know-you-cant-do-your-own-homework-then">Read the full article here.</a>
Paul Krugman Reacts to May CPI Data
Nobel Prize-winning economist Paul Krugman expressed optimism about the economy's future following the release of the U.S. Bureau of Labor Statistics&#8217; cooler-than-expected Consumer Price Index (CPI) data. Krugman, along with many economists, prefers core inflation data excluding shelter and energy. <a href="https://www.benzinga.com/top-stories/24/06/39294902/economist-paul-krugman-reacts-to-may-cpi-data-inflation-has-basically-been-defeated">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/06/39284426/google-engineer-says-sam-altman-led-openai-set-back-ai-research-progress-by-5-10-years-llms-have-suc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Engineer Says Sam Altman-Led OpenAI Set Back AI Research Progress By 5-10 Years: &#8216;LLMs Have Sucked</a>
Kyle Bass Skeptical About Trump&#8217;s Radical Tax Plan
Founder of Hayman Capital Management, Kyle Bass, expressed doubt over former President Donald Trump&#8217;s proposal to replace income tax with import tariffs. Bass argues that the gap between the total volume of imports in the U.S. and the revenue from taxes is too large for the plan to be feasible. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39328409/hedge-fund-manager-says-trumps-radical-tax-plan-is-hyperbole-useful-to-kick-the-hor">Read the full article here.</a>
Janet Yellen Contradicts Biden on Inflation
U.S. Treasury Secretary Janet Yellen contradicted President Joe Biden's stance on inflation, attributing it to supply and demand rather than corporate greed. Yellen believes that the inflation burst after the pandemic was due to supply constraints and stresses on supply chains. <a href="https://www.benzinga.com/government/24/06/39314839/janet-yellen-disagrees-with-biden-says-inflation-is-due-to-supply-and-demand-not-corporate-greed">Read the full article here.</a>
Harry Dent Predicts &#8216;Crash Of A Lifetime&#8217;
Financial author and economist Harry Dent warned of an impending crash that might surpass the severity of the Great Recession. Dent remains steadfast in his December prediction of the "crash of a lifetime." He highlighted the uniqueness of the current bubble, comparing it to the natural bubble from 1925 to 1929. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39257592/economist-warns-crash-of-a-lifetime-is-coming-predicts-s-p-500-to-plummet-86-from-t">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/news/24/06/39330319/trumps-niece-says-ex-presidents-white-house-campaign-is-driven-by-revenge-he-hates-all-of-america?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Ex-President&#8217;s White House Campaign Is Driven By &#8216;Revenge:&#8217; &#8216;He Hates All Of America&#8217;</a>
Photo by Sharon McCutcheon on Unsplash
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/navdeep-yadav" target="_blank" rel="noopener">Navdeep Yadav.</a>

Economics

General

Janet Yellen Contradicts Biden On Inflation, Hedge Fund Manager Skeptical About Trump's Radical Tax Plan And More: This Week In Economics

Former President Donald Trump has edged out President Joe Biden by 2 points in a recent Reuters/Ipsos poll, <a href="https://www.benzinga.com/news/24/05/38907865/donald-trump-issues-eyebrow-raising-demand-ahead-of-proposed-debates-with-joe-biden-i-just-wanna-deb">despite facing recent legal troubles.</a>
What Happened: The poll, released on Thursday, shows Trump leading Biden by 2 points, with 41% of registered voters favoring Trump over Biden&#8217;s 39%. Notably, 20% of voters remain undecided or are considering third-party options.
This is a significant shift from a previous Reuters/Ipsos <a href="https://www.reuters.com/world/us/how-are-reutersipsos-us-public-opinion-polls-conducted-2024-05-09/">poll </a>conducted in early June, which had Biden leading Trump by the same margin.
The latest poll comes in the wake of Trump&#8217;s conviction on all 34 felony counts in a hush-money case in New York. Still, about 61% of registered voters indicated that Trump&#8217;s conviction has not influenced their voting plans.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti" target="_blank" rel="noreferrer noopener">Following Trump&#8217;s Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time</a>
Meanwhile, Biden&#8217;s son, Hunter Biden, was found guilty in a federal gun case this week. However, 80% of the adults surveyed also said this outcome was unlikely to affect their vote.
When independent presidential candidate Robert F. Kennedy Jr. was included in the latest poll, about 10% of respondents indicated they would vote for him.
Why It Matters: Trump&#8217;s recent conviction had initially seemed to favor Biden. According to a poll conducted by Yahoo News and YouGov earlier this month, Biden had taken a narrow lead over <a href="https://www.benzinga.com/news/24/06/39241154/trump-vs-biden-hush-money-conviction-signals-good-news-for-one-candidate-in-tight-presidential-race">Trump following the latter&#8217;s felony conviction</a>.
However, a subsequent New York Times/Siena poll noted that, despite a slight dip in support following his conviction, <a href="https://www.benzinga.com/news/24/06/39243021/trump-vs-biden-latest-poll-reveals-clear-impact-of-ex-presidents-conviction-on-voters-in-tightly-con">Trump still held a slight lead over Biden.</a>
The latest Reuters/Ipsos poll underscores the fluidity of voter sentiment as the November elections approach, with legal troubles seemingly having little impact on voter preferences for both Trump and Biden.
Now Read:&nbsp;<a href="https://www.benzinga.com/general/politics/24/06/39127315/latest-poll-of-independents-and-republicans-could-spell-trouble-for-donald-trump-following-his-h" target="_blank" rel="noreferrer noopener">Latest Poll Of Independents And Republicans Could Spell Trouble For Donald Trump Following His Historic Conviction</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Politics

Trump Vs. Biden: One Candidate Pulls Ahead In Recent Poll Amid Legal Challenges

<a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> used his 78th birthday celebration on Friday to pledge deeper tax cuts should he win the upcoming U.S. <a href="https://www.benzinga.com/general/entertainment/24/06/39346067/donald-trump-shakes-off-potential-taylor-swift-endorsement-for-joe-biden-why-would-she-endo" target="_blank" rel="noreferrer noopener">election on Nov. 5.</a>
He also made ambiguous forecasts about potential future attacks on U.S. soil following the arrest of Tajik nationals suspected of having ties to ISIS, Reuters reported.
Check This Out: <a target="_blank" href="https://www.benzinga.com/news/24/04/38016471/former-top-general-sounds-alarm-on-rising-isis-threat-to-us-bemoans-bidens-afghanistan-withdrawal" rel="noreferrer noopener">Former Top General Sounds Alarm On Rising ISIS Threat To US, Bemoans Biden&#8217;s Afghanistan Withdrawal</a>
ISIS, or the Islamic State of Iraq and Syria, is designated as a terrorist organization by the U.S. government.
Addressing thousands of supporters at a convention center in West Palm Beach, Florida, the Republican candidate pledged to continue reducing the corporate tax rate that he had previously lowered during his presidency.
Read Next:<a target="_blank" href="https://www.benzinga.com/government/24/06/39337568/trumps-plan-to-kill-income-taxes-whiffs-critics-say-its-a-sure-way-to-hit-low-and-middle-income-amer" rel="noreferrer noopener"> Trump&#8217;s Plan To Kill Income Taxes Whiffs, Critics Say: &#8216;It&#8217;s A Sure Way To Hit Low- And Middle-Income Americans&#8217;</a>
Additionally, he promised to deliver tax relief to the middle class.
Trump, engaged in a tight rematch with President <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden</a>, did not offer detailed specifics.
During his presidency, Trump reduced the corporate tax rate from 35% to 21% and introduced various other tax cuts set to expire next year, Reuters added.
&#8220;I want to make them permanent, and then I&#8217;m going to reduce taxes by still more,&#8221; Trump said, without presenting a strategy to make up for the potential reduction in revenue. &#8220;I want to get it down still further, and especially for the middle income people.&#8221;
Trump, known for his tough stance on immigration during his administration, also reiterated his criticism of Biden&#8217;s efforts to reduce illegal crossings into the U.S.
See This:<a target="_blank" href="https://www.benzinga.com/news/24/04/38135314/trump-wants-immigrants-from-nice-countries-like-denmark-and-switzerland-over-nations-that-are-a-disa" rel="noreferrer noopener"> Trump Wants Immigrants From &#8216;Nice Countries&#8217; Like Denmark And Switzerland Over Nations &#8216;That Are A Disaster&#8217;</a>
He pointed to the recent arrests of eight individuals from Tajikistan in New York, Los Angeles and Philadelphia.
According to a source familiar with the investigation, these individuals were suspected of having ties to the extremist group ISIS, Reuters added.
&#8220;Our country has never been in danger like it is in danger right now,&#8221; Trump claimed, adding, without providing evidence, that thousands of terrorists were entering the United States. &#8220;Our country is going to pay a steep price for many, many years.&#8221;
Read Next:<a href="https://www.benzinga.com/markets/equities/24/06/39345716/benzinga-bulls-and-bears-gamestop-apple-tesla-bitcoin-and-raoul-pals-dogecoin-etf-prediction" target="_blank" rel="noreferrer noopener"> Benzinga Bulls And Bears: GameStop, Apple, Tesla, Bitcoin And Raoul Pal&#8217;s Dogecoin ETF Prediction</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Media

Trump's Birthday Speech On Tax Cuts, Immigrants Raises Eyebrows: 'Our Country Has Never Been In Danger Like It Is In Danger Right Now'

A recent poll has shown a tie between President Joe Biden and former President Donald Trump in Virginia, a state that has <a href="https://www.benzinga.com/news/24/06/39241497/trump-lawyer-notified-about-concerning-facebook-post-that-claimed-prior-knowledge-of-hush-money-verd">been under Democratic control for the last two decades.</a>
What Happened: According to a <a href="https://coefficient.org/vapotus2024-memo/">poll</a> conducted by co/efficient, both Biden and Trump currently have the support of 41% of likely voters in Virginia.
This is a significant departure from the 2020 election results, where Biden secured the state with 54.15% of the vote.
The poll, which was conducted between June 11 and June 12, surveyed 851 likely voters. It revealed that 12% of voters are still undecided and 7% would vote for a third-party candidate.
However, the credibility of the poll has been questioned as polling aggregator FiveThirtyEight has given co/efficient a low rating. Other polls, including a Fox News survey and a Roanoke College poll, have also indicated a tie between Biden and Trump in Virginia.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti" target="_blank" rel="noreferrer noopener">Following Trump&#8217;s Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time</a>
Experts believe that Virginia is one of about eight states that could determine the outcome of the November election. The first of two debates between Biden and Trump is scheduled for June 27 in Atlanta, with the presidential election slated for Nov. 5.
Why It Matters: According to a poll in May, Trump was considered a slight favorite to win the November election, despite significant obstacles. His lead in battleground states such as<a href="https://www.benzinga.com/news/24/05/39021046/donald-trump-is-a-slight-favorite-to-beat-joe-biden-but-these-five-factors-could-significantly-reduc"> Arizona, Georgia, and Michigan has been crucial.</a>
However, there has been a slight decline in Trump&#8217;s support following his recent conviction. Despite this setback, he still <a href="https://www.benzinga.com/news/24/06/39243021/trump-vs-biden-latest-poll-reveals-clear-impact-of-ex-presidents-conviction-on-voters-in-tightly-con">holds a slight lead over Biden</a>, according to one poll. 
The latest poll results from Virginia, a traditionally Democratic state, indicate a potential shift in voter sentiment. This could have significant implications for the upcoming presidential election.
Now Read:&nbsp;<a href="https://www.benzinga.com/general/politics/24/06/39127315/latest-poll-of-independents-and-republicans-could-spell-trouble-for-donald-trump-following-his-h" target="_blank" rel="noreferrer noopener">Latest Poll Of Independents And Republicans Could Spell Trouble For Donald Trump Following His Historic Conviction</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump Vs. Biden: Latest Poll Results In Key State Of Virginia Spells Trouble For One Candidate And His Party

Alyssa Farah Griffin, a former official from the Trump White House, recently disclosed that ex-President Donald Trump had discussions about &#8220;executing&#8221; people in several White House meetings.
What Happened: Griffin&#8217;s revelations came to light during an interview on a new Press Club <a href="https://www.youtube.com/watch?v=84T7lz3fMA4&amp;embeds_referring_euri=https%3A%2F%2Fwww.mediaite.com%2F&amp;feature=emb_imp_woyt">podcast</a>, hosted by Aidan McLaughlin.
During the conversation, Griffin was questioned about former Trump administration officials who initially criticized Trump but later endorsed him. 
This led to her disclosing that a meeting where then-Attorney General Bill Barr claimed he couldn&#8217;t remember if Trump suggested a leaker should be &#8220;executed&#8221; was just one of several such meetings where the topic of executions came up.
&#8220;It's power. I think power is just one of the most enticing things that we have in society. [CNN anchor] Kaitlan Collins, to her credit, interviewed Bill Barr and asked about an anecdote that I had shared about a meeting he and I were both in the Oval Office, where Trump straight up said a staffer who leaked a story should be executed,&#8221; she said.
&#8220;And Bill Barr kind of danced it and said I don't recall that specific instance, but there were others where we talked about executing people. How do you rationalize that is a person fit in sound judgment to be president of the United States?&#8221; added Griffin.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti" target="_blank" rel="noreferrer noopener">Following Trump&#8217;s Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time</a>
She also touched upon the endorsement of Trump by officials like Nikki Haley and Bill Barr, despite their previous criticism. Griffin suggested that the allure of power and the possibility of Trump&#8217;s return to presidency might be influencing their decisions.
&#8220;I really wanted to root for Nikki Haley. I think it was pathetic that she turned around and endorsed him. I think she knows better,&#8221; she added. 
<h3 class="wp-block-heading">Why It Matters</h3>
The revelations come at a time when Trump is seen as a strong contender for the 2024 presidential election. Despite several political hurdles and controversies, Trump is the <a href="https://www.benzinga.com/news/24/05/39021046/donald-trump-is-a-slight-favorite-to-beat-joe-biden-but-these-five-factors-could-significantly-reduc">slight favorite to win the November election.</a>
His lead in battleground states such as Arizona, Georgia, and Michigan has been crucial, while voter dissatisfaction with the economy and internal party conflicts have weighed on President Joe Biden.
Griffin&#8217;s revelations could potentially add to the controversies surrounding Trump and may influence the political landscape ahead of the 2024 elections.
Now Read:&nbsp;<a href="https://www.benzinga.com/general/politics/24/06/39127315/latest-poll-of-independents-and-republicans-could-spell-trouble-for-donald-trump-following-his-h" target="_blank" rel="noreferrer noopener">Latest Poll Of Independents And Republicans Could Spell Trouble For Donald Trump Following His Historic Conviction</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Donald Trump Had Several Discussions About 'Executing' People, Says Ex-Trump Official: 'How Do You Rationalize That Is A Person Fit ... To Be President Of The United States?'

A legal marijuana program could mean substantial revenue for Florida, according to <a href="https://www.benzinga.com/markets/cannabis/24/04/38313915/cannabis-in-florida-the-bellamy-brothers-tell-trulieve-ceo-we-rolled-a-fat-one-when-legalization" target="_blank" rel="noreferrer noopener">Smart &amp; Safe Florida</a>, the group behind the <a href="https://www.benzinga.com/markets/cannabis/24/04/38037079/cannabis-execs-advocates-delighted-with-floridas-supreme-court-ruling-to-allow-legalization-amen" target="_blank" rel="noreferrer noopener">ballot measure to legalize cannabis</a>, otherwise known as Amendment 3, for adults. 
At a roundtable this week in Tampa, the organization quoted economists who estimate that legalizing marijuana could generate between $195 million and $431 million annually in sales tax revenue, proving a significant boost to the state&#8217;s economy. Florida is not unique either. Other legal <a href="https://www.benzinga.com/markets/cannabis/24/05/38712820/legal-cannabis-states-raked-in-20b-since-2014-peaking-at-4b-in-2023-new-report-shows">weed states are doing it</a> to the tune of $20 billion in tax revenue.
Sean Shaw, a local attorney, pointed out that this revenue could address various critical needs. 
"There&#8217;s infrastructure need, there&#8217;s education need, there&#8217;s behavioral studies need, there&#8217;s mental health funding, there&#8217;s juvenile justice issues," he said.
<h2 class="wp-block-heading">Young Republicans Say Yes, DeSantis Says No Way</h2>
Jake Hoffman, a business owner and executive director of Tampa Bay Young Republicans, is also on board with legalizing cannabis for adults in Florida. 
"If this money is able to offset even just a little bit and put more money back directly into the average Floridian&#8217;s pockets, then I&#8217;m for that," he said.
Despite these benefits, Governor Ron DeSantis <a href="https://www.benzinga.com/markets/cannabis/24/04/38102205/desantis-furious-as-legal-weed-abortion-rights-move-toward-november-ballot-calls-amendments-radi">vehemently opposes the initiative</a>, expressing concerns over the broad language of the amendment, its negative societal effects and <a href="https://www.benzinga.com/markets/cannabis/24/03/37588620/gops-desantis-takes-issue-with-cannabis-odor-in-public-places-says-legalization-proposal-should-">the smell</a>.
"If that marijuana passes, this will smell like marijuana. Like when you go outside, it will," he said at a Wednesday press conference. 
The governor drew applause from one faction and derisive remarks from another when he said the following at the same news conference: "I think you&#8217;re going to see people — you&#8217;ll be able to bring what, 20 joints to an elementary school."
Read more: <a href="https://www.benzinga.com/markets/cannabis/24/06/39311053/desantis-blasts-cannabis-legalization-amendment-says-people-will-be-able-to-bring-20-joints-to-a">DeSantis Blasts Cannabis Legalization Amendment, Says People Will Be Able To Bring &#8217;20 Joints To An Elementary School&#8217;</a>
<h2 class="wp-block-heading">Anti-Legalization And Anti-Abortion PAC</h2>
The DeSantis team <a href="https://www.benzinga.com/markets/cannabis/24/06/39279951/desantis-new-freedom-fund-has-2-stated-goals-defeat-cannabis-legalization-and-abortion-amendment">recently launched</a> the so-called Florida Freedom Fund, the stated goals of which are to defeat <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d" target="_blank" rel="noreferrer noopener">marijuana legalization and access to abortion</a>. This is despite a recent <a href="https://www.benzinga.com/markets/cannabis/24/06/39261393/trump-holds-4-point-edge-over-biden-in-florida-rematch-can-cannabis-tilt-the-scale-as-majority-s" target="_blank" rel="noreferrer noopener">Fox News poll</a> showing that 69% of Floridians support the abortion-access initiative and 66% favor legalizing adult-use cannabis.
On April 1, the Florida Supreme Court <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d" target="_blank" rel="noreferrer noopener">approved the marijuana legalization and abortion</a> constitutional amendments, which voters will decide on <a href="https://www.benzinga.com/markets/cannabis/24/03/37992749/florida-supreme-court-shelves-cannabis-ballot-proposal-with-no-explanation-or-provisions-as-apri" target="_blank" rel="noreferrer noopener">in the November 2024 election</a>.
Meanwhile, Smart &amp; Safe Florida is moving ahead with a <a href="https://www.benzinga.com/markets/cannabis/24/06/39194907/most-florida-marijuana-is-illegal-mom-cautions-against-dangers-of-unregulated-weed-in-new-cannab">new round of ads</a> promoting the &#8220;yes&#8221; vote. The advocacy group is partly funded by <a href="https://www.benzinga.com/markets/cannabis/24/04/38077599/cannabis-companies-pony-up-15m-to-support-florida-legalization-amendment-adding-to-trulieves-40m">several cannabis companies</a>, with Trulieve (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) leading the pack with a donation of up to at least $40 million.
Now Read: <a href="https://www.benzinga.com/markets/cannabis/24/06/39336860/unscrupulous-practices-going-on-in-new-york-say-state-senators-about-150m-loan-for-beleaguered-c">&#8216;Unscrupulous&#8217; Practices Going On In New York, Say State Senators About $150M Loan For Beleaguered Cannabis Program</a>
Photo: Benzinga edit with images by&nbsp;<a href="https://www.flickr.com/people/22007612@N05" target="_blank" rel="noreferrer noopener">Gage Skidmore</a>&nbsp;from Surprise, AZ,&nbsp;USA&nbsp;–&nbsp;<a href="https://www.flickr.com/photos/gageskidmore/53299142646/" target="_blank" rel="noreferrer noopener">Ron DeSantis</a>&nbsp;via Wikimedia Commons and&nbsp;<a href="https://unsplash.com/@joseluissp_ph" target="_blank" rel="noreferrer noopener">Jose Luis Sanchez Pereyra</a>&nbsp;via Unsplash

Cannabis

Government

Regulations

Legal

TCNNF

DeSantis Can't Get Past The Odor Of Weed To Smell The Flowers — Specifically, $430M Annually In Cannabis Revenue

<a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a>, the Republican presidential candidate, will reportedly visit <a href="https://www.benzinga.com/topic/detroit" target="_blank" rel="noreferrer noopener">Detroit </a>for a roundtable discussion at a Black church, aiming to sway Black voters from President Joe Biden<a href="https://www.benzinga.com/news/24/03/37457729/trump-supporters-use-ai-generated-fake-images-to-woo-black-voters-report" target="_blank" rel="noreferrer noopener"> before the November election.</a>
The planned visit has sparked strong opposition from local Democrats and the Biden campaign, which cited Trump&#8217;s minimal efforts to improve conditions for Black communities while he was president, Reuters reported.
Check This Out: <a target="_blank" href="https://www.benzinga.com/news/24/02/37301259/donald-trump-claims-mug-shot-indictments-could-appeal-to-black-voters-sparks-controversy-ahead-of-so" rel="noreferrer noopener">Donald Trump Claims Mug Shot, Indictments Could Appeal To Black Voters, Sparks Controversy Ahead of South Carolina Primary: &#8216;That&#8217;s Why The Black People Like Me&#8217;</a>
In the past, Trump has criticized Detroit as &#8220;corrupt,&#8221; yet both he and Biden view Michigan as crucial for victory, with the state&#8217;s vote expected to be as tight as or tighter than in 2016, Reuters added.
Detroit, a Black-majority city, holds significant sway over the electoral results in Michigan.
Despite some areas experiencing economic revival, many neighborhoods still grapple with systemic inequalities and long-standing neglect. Experts emphasize that inflation and economic concerns have weighed heavily on voters&#8217; minds, according to Reuters.
Last month, Trump held a rally in the South Bronx, aiming to attract Black and Hispanic voters by highlighting concerns over cost-of-living and immigration.
Also See: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39021246/trump-attempts-to-court-black-and-latinx-voters-in-south-bronx-campaign-rally-blames-migrants-fo" rel="noreferrer noopener">Trump Attempts To Court Black And Latinx Voters In South Bronx Campaign Rally, Blames Migrants For Economic Struggles</a>
His campaign believes there&#8217;s an opportunity among economically struggling voters, particularly men. Trump claimed, without evidence, that illegal migration disproportionately harms voters of color.
In February, Trump faced criticism for suggesting that Black voters were more supportive of him due to his legal troubles.
His claims of victimization by the justice system have resonated poorly with many Black voters, who argue that African Americans are disproportionately affected by unfairness in the criminal justice system, Reuters noted.
Read Also:<a target="_blank" href="https://www.benzinga.com/news/24/06/39219682/i-see-them-identifying-with-trump-says-50-cent-about-black-men-drifting-toward-ex-president-in-2024" rel="noreferrer noopener"> &#8216;I See Them Identifying With Trump,&#8217; Says 50 Cent About Black Men Drifting Toward Ex-President In 2024 Election</a>
Trump has also faced backlash for making inflammatory and racist remarks over the years.
Following the 2020 election, he labeled Detroit and Philadelphia as &#8220;two of the most corrupt political places&#8221; in the country, Reuters noted.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Equities

Donald Trump's Planned Visit To Black Church In Detroit Draws Backlash From Critics Who Say He Didn't Do Enough As President

Experts have debunked widespread social media claims about a &#8220;petrodollar&#8221; agreement between the U.S. and Saudi Arabia, which allegedly required the latter to price its crude oil exports in U.S. dollars.
What Happened: Social media platforms were abuzz with rumors about the collapse of a supposed 50-year-old &#8220;petrodollar&#8221; agreement between the U.S. and Saudi Arabia, as <a href="https://www.marketwatch.com/story/reports-of-the-petrodollar-systems-demise-are-fake-news-heres-why-4e712804">reported </a>by MarketWatch on Saturday.
The rumored agreement supposedly mandated Saudi Arabia to price its crude oil exports in U.S. dollars. Its alleged collapse was predicted to significantly impact the U.S. dollar&#8217;s status as the global reserve currency.
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However, experts from Wall Street and foreign-policy sectors have dismissed these claims, asserting that such an agreement never existed. 
&#8220;The evidence for any kind of conspiracy is thin to nonexistent,&#8221; an analyst at Eurasia Group Gregory Brew told MarketWatch on Friday. &#8220;There is a very clear record of both the Americans and the Saudis being concerned in the aftermath of the global oil shock of what Saudi surpluses would do to the global economy.&#8221;
&#8220;It was a very common-sense solution to a mutual problem,&#8221; he added.
It was also rumored that Saudi Arabia is planning to replace the petrodollar with the Chinese yuan, which signal an economic shift towards East Asia and away from the U.S. However, experts have cautioned that the situation is more nuanced, as Saudi Arabia&#8217;s relations with Washington appear to be improving.
In a post on X on Friday, Brew said that the &#8220;rumors regarding the U.S.-Saudi agreement &#8216;expiring,&#8217; triggering the end of dollar dominance, are total nonsense.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I didn&#39;t want it to come to this, but you all have left me no choice: rumors regarding a 50yr US-Saudi agreement &quot;expiring,&quot; triggering the end of dollar dominance, are total nonsense. A thread: <a href="https://t.co/4JbRcwFXzs">pic.twitter.com/4JbRcwFXzs</a>
&mdash; Gregory Brew (@gbrew24) <a href="https://twitter.com/gbrew24/status/1801674058611749152?ref_src=twsrc%5Etfw">June 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Paul Donovan, chief economist at UBS Global Wealth Management, labeled the rumors as &#8220;fake news&#8221; in a blog post published on Friday.
Donovan confirmed with the outlet that an agreement was signed in June 1974, but it was unrelated to currencies. The agreement, known as the United States-Saudi Arabian Joint Commission on Economic Cooperation, was intended to last five years but was repeatedly extended.
Donovan noted that even after the 1974 agreement, Saudi Arabia kept accepting other currencies, like the British pound, for its oil. The most similar arrangement to a petrodollar deal was a confidential agreement from late 1974. This deal had Saudi Arabia investing billions from its oil sales into U.S. treasuries in return for military assistance and equipment.
Why It Matters: Despite recent indications of Saudi Arabia being more open to accepting other currencies for its oil sales, experts believe that the country&#8217;s close economic and military ties with the U.S. will continue to encourage it to seek dollars as its primary form of payment.
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This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

End of Dollar Dominance? Analyst Addresses Rumors Saudi Arabia Will Replace Dollar With Chinese Yuan

Donald Trump&#8217;s lawyers have criticized special counsel Jack Smith&#8217;s gag order request in the former president&#8217;s <a href="https://www.benzinga.com/general/politics/24/05/38657311/trump-unphased-by-gag-order-fines-jail-threats-our-constitution-is-far-more-important-than-jail" target="_blank" rel="noreferrer noopener">classified documents case in Florida.</a>
Trump&#8217;s attorneys suggested the request was an unconstitutional assault on the 2024 Republican candidate and a strategy aimed at aiding Joe Biden&#8217;s re-election campaign, <a href="https://edition.cnn.com/2024/06/14/politics/trump-gag-order-classified-documents-florida/index.html" target="_blank" rel="noreferrer noopener">reported</a> CNN. 
&#8220;In Jack Smith&#8217;s most recent shocking display of overreach and disregard for the Constitution, the Special Counsel&#8217;s Office asks the Court to enter an unconstitutional gag order as one of the release conditions on the leading candidate in the 2024 presidential election,&#8221; Trump&#8217;s attorneys wrote in a new filing, repeating their prior statements against gag orders, CNN added.
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The attorneys further drew parallels, likening the request to the gag order currently imposed on Trump to the hush-money case in New York, adding, &#8220;like Manhattan District Attorney Alvin Bragg, Smith seeks to restrict President Trump&#8217;s campaign speech as the first presidential debate approaches at the end of this month.&#8221;
In late May, Smith&#8217;s attorneys requested the judge to prohibit Trump from making statements that could endanger law enforcement involved in the case, CNN added.
They cited Trump&#8217;s claims about the FBI&#8217;s readiness to shoot him and a &#8220;near-death escape&#8221; during a 2022 search of Mar-a-Lago (despite Trump being in New York at the time of the search).
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Prosecutors emphasized that Trump&#8217;s claims regarding the FBI&#8217;s search plan, which was disclosed to the defense, were completely untrue.
They criticized Trump for misleadingly accusing the FBI of having a special deadly force policy, which they clarified is standard procedure applied to numerous warrants executed by the bureau.
They also noted that both the FBI and Attorney General Merrick Garland have affirmed the normalcy of this policy, highlighting its application during the investigation of President Joe Biden&#8217;s Delaware residence concerning classified information, according to CNN. 
In the filing Friday, Trump&#8217;s attorneys said prosecutors have not presented &#8220;any evidence of threats or harassment resulting from President Trump&#8217;s protected speech.&#8221;
&#8220;Not a single FBI agent who participated in the raid submitted an affidavit, or even an argument, claiming that President Trump&#8217;s remarks put them at risk,&#8221; his attorneys wrote.
Read Next: <a href="https://www.benzinga.com/24/06/39346128/financial-guru-josh-brown-explains-why-investors-should-get-out-of-cash-right-now" target="_blank" rel="noreferrer noopener">Financial Guru Josh Brown Explains Why Investors Should &#8216;Get Out Of Cash&#8217; Right Now</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Trump's Lawyers Blast Special Counsel's Gag Order Request In Classified Documents Case: 'Shocking Display Of Overreach And Disregard For the Constitution'

President Joe Biden is considering a new initiative to grant legal status to undocumented immigrants married to U.S. citizens, potentially <a href="https://www.benzinga.com/government/24/06/39144853/biden-to-sign-executive-order-to-limit-asylum-seekers-crossing-us-mexico-border-report" target="_blank" rel="noreferrer noopener">energizing liberal voters in an election year.</a>
Biden is expected to announce the initiative at a White House event as early as Tuesday in the coming week, Reuters reported, citing sources who spoke on condition of anonymity due to the evolving nature of internal plans.
Biden, a Democrat, is campaigning for a second term in the Nov. 5 election, facing off against Republican challenger <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a>, who is known for his strict stance on immigration.
Biden has faced a surge in illegal crossings at the U.S.-Mexico border and implemented a new asylum ban to curb this, a move criticized by Democrats and immigrant advocates.
Also Read:<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38678379/immigration-rebound-helps-solve-us-inflation-puzzle-goldman-sachs" rel="noreferrer noopener"> Immigration Rebound Helps Solve US Inflation Puzzle: Goldman Sachs</a>
They have urged him to protect long-term U.S. residents without legal status, including spouses, Reuters added.
In April, Reuters reported that the White House was exploring options to grant legal status to spouses.
White House spokesperson Angelo Fernandez Hernandez did not confirm imminent immigration relief but affirmed Biden&#8217;s commitment to reforming the immigration system.
Biden mentioned on June 4 his plans to address immigration fairness and justice in the coming weeks.
The White House event on Tuesday will coincide with the anniversary of the 2012 DACA program, initiated by former President Barack Obama and then-Vice President Biden.
DACA has provided deportation relief and work permits to 528,000 individuals brought to the U.S. as children.
According to sources, the U.S. State Department may introduce new guidance suggesting that DACA recipients should be presumed eligible for non-immigrant visas if they travel outside the U.S., Reuters added.
Representative Nanette Barragan, a Democrat and leader of the Congressional Hispanic Caucus, confirmed she will attend the White House event and urged Biden to protect spouses of U.S. citizens and DACA recipients.
Barragan highlighted Biden&#8217;s opportunity to contrast himself with Trump&#8217;s aggressive deportation stance.
According to advocacy organization FWD.us, an estimated 1.1 million immigrants in the U.S. illegally are married to U.S. citizens.
However, the specifics of how many would be included in Biden&#8217;s potential action remain unclear, Reuters added.
Read Next: <a href="https://www.benzinga.com/news/24/04/38305637/mike-johnson-on-border-criticism-some-of-my-colleagues-want-the-speaker-of-the-house-to-have-a-magic" target="_blank" rel="noreferrer noopener">Mike Johnson On Border Criticism: &#8216;Some Of My Colleagues Want The Speaker Of The House To Have A Magic Wand&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Macro Economic Events

Joe Biden Mulls Legal Status For Undocumented Spouses, Amid Election-Year Focus On Immigration: Report

According to one report, a recent photo of the Group of Seven leaders with Pope Francis has become noteworthy for capturing simmering frustrations, the positioning of unpopular figures in the back and smiles that <a href="https://www.benzinga.com/news/24/06/39329281/g7-summit-wraps-up-china-takes-center-stage-pope-francis-makes-historic-visit" target="_blank" rel="noreferrer noopener">may conceal underlying challenges back home.</a>
In the photo, the forced grins of France&#8217;s president Emmanuel Macron and U.K. prime minister Rishi Sunak, along with U.S. President Joe Biden&#8217;s body language, are clearly visible, <a href="https://www.bloomberg.com/news/articles/2024-06-14/g-7-leaders-gather-for-historic-family-photo-with-pope-francis?srnd=americas-politics&amp;sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reported</a> Bloomberg. 
Indian Prime Minister Narendra Modi, on the other hand, is positioned prominently center stage and away from Biden and Canada&#8217;s Justin Trudeau, amid controversy surrounding the assassination of a Sikh nationalist in North America, the outlet noted. 
Biden&#8217;s Actions Scrutinized
Photo aside, Biden has drawn attention for a series of unconventional actions at this week&#8217;s G7 summit, such as awkwardly saluting Italian Prime Minister and summit host Giorgia Meloni upon greeting her and wandering away from his fellow leaders during a skydiving demonstration, <a href="https://nypost.com/2024/06/14/us-news/bidens-condition-shocks-allies-at-g7-summit-with-one-saying-its-worst-he-has-ever-been-report/" target="_blank" rel="noreferrer noopener">reported</a> the New York Post.
Meloni had to guide Biden back to the group when he suddenly lost focus, according to the newspaper.
In fact, Biden started off on the wrong foot with Meloni before Thursday morning&#8217;s summit by keeping her waiting for 20 minutes, the New York Post added.
When the president finally arrived, Meloni humorously chided him, saying, &#8220;You shouldn&#8217;t leave a woman waiting like this.&#8221;
On Friday, in response to the scrutiny over Biden&#8217;s actions, White House Senior Deputy Press Secretary Andrew Bates highlighted the president&#8217;s &#8220;successful leadership overseas in advancing our national security.&#8221;
Bates also countered reports from media outlets, claiming they misrepresented the video of Biden walking away from the skydiving demonstration. He clarified that the president was actually giving &#8220;a thumbs up&#8221; and congratulating another skydiver off-camera.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Photo: Shutterstock

Photo Of G7 Leaders, Joe Biden's Seemingly Unusual Actions At Summit Draw Scrutiny

<a target="_blank" href="https://www.benzinga.com/topic/robert-f-kennedy-jr-0" rel="noreferrer noopener">Robert F. Kennedy Jr.&#8217;s</a> presidential campaign is <a target="_blank" href="https://www.benzinga.com/news/24/05/38572185/robert-f-kennedy-jr-says-hes-the-one-that-can-beat-trump-urges-biden-to-drop-out-we-only-have-one-ch" rel="noreferrer noopener">reportedly struggling financially.</a>
Kennedy has been gaining attention as a significant third-party contender for decades. Both the Republican and Democratic parties have strongly cautioned that he could divert votes. However, overshadowing all of this is his critical fundraising predicament, <a href="https://www.politico.com/news/2024/06/15/robert-f-kennedy-jr-s-cash-crunch-00163520" target="_blank" rel="noreferrer noopener">reported</a> Politico.
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Kennedy has attempted numerous tactics to boost donations, but months of promoting $10 raffle tickets for experiences like whale watching, the excitement of falconry, and luxury sunset sailing adventures have only yielded disappointing totals in small-dollar donations, according to Politico.
The campaign has sought to increase larger donations through online auctions of Kennedy memorabilia and exclusive benefits, but these initiatives have consistently fallen short of their monthly fundraising targets.
The campaign has now introduced a new strategy: offering supporters 15% of the funds they assist in raising, the report added.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/06/39211388/donald-trump-vets-vice-presidential-candidates-gops-top-contenders-betting-odds" rel="noreferrer noopener">Donald Trump Vets Vice Presidential Candidates: GOP&#8217;s Top Contenders, Betting Odds</a>
If it weren&#8217;t for the $10 million financial injection from Kennedy&#8217;s running mate, Nicole Shanahan, the campaign would be facing debt, Politico added.
Even the super PAC backing Kennedy&#8217;s independent presidential candidacy has struggled to broaden its list of potential donors.
Kennedy&#8217;s financial vulnerabilities raise concerns about his ability to sustain or grow his political backing despite some polls placing him in double digits.
While he stands out as the most prominent independent presidential candidate in decades, Kennedy is unlikely to become any more than a peripheral figure in the general election — which is predicted to be a close contest between former President <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a><a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener"> </a>or President <a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener">Joe Biden</a><a href="https://www.benzinga.com/topic/joe-biden" target="_blank" rel="noreferrer noopener"> </a>— unless he can secure funding for a more robust campaign.
&#8220;I&#8217;ll explain it this way: I have certainly never heard of a Green Party presidential campaign slowing down in terms of fundraising at this point, or at any point. They tend to start small and build up,&#8221; said Ben Manski, the presidential campaign manager for the Green Party&#8217;s Jill Stein in 2012.
However, Kennedy&#8217;s campaign has been facing difficulties for months in raising funds.
The campaign missed its fundraising targets for the auctions in February, March, and April, with April&#8217;s proceeds amounting to only half of its $100,000 goal.
There were no auctions held in May.
Also See: <a target="_blank" href="https://www.benzinga.com/news/24/04/38037966/joe-biden-a-greater-threat-to-democracy-than-trump-says-robert-kennedy-jr" rel="noreferrer noopener">Joe Biden A Greater Threat To Democracy Than Trump, Says Robert Kennedy Jr.</a>
Recently, it introduced a new approach. A few weeks ago, the campaign launched an affiliate program, reminiscent of one initiated by <a href="https://www.benzinga.com/topic/vivek-ramaswamy" target="_blank" rel="noreferrer noopener">Vivek Ramaswamy</a> during the GOP primary last year, Politico reported.
This program encourages supporters to assist in fundraising by offering commissions on donations and merchandise sales. However, Ramaswamy is skeptical that this initiative will resolve Kennedy&#8217;s challenges, the report added.
&#8220;There&#8217;s more to being a presidential candidate than cultivating a vibe. If he wants to copy methods from my campaign, here&#8217;s the most valuable one: adopt actual policy positions,&#8221; Ramaswamy, who is now backing Trump, said in a statement.
Don&#8217;t Miss: <a target="_blank" href="https://www.benzinga.com/news/24/05/39044814/vivek-ramaswamy-boosts-buzzfeed-stock-with-board-letter-what-you-need-to-know" rel="noreferrer noopener">Vivek Ramaswamy Boosts BuzzFeed Stock With Board Letter: What You Need To Know</a>
Meanwhile, American Values 2024, the super PAC, could potentially offer external backing to Kennedy&#8217;s campaign.
However, it currently relies heavily on a sole contributor: GOP megadonor Tim Mellon, who has donated $25 million, approximately half of the PAC&#8217;s total funds.
The PAC&#8217;s second-largest donor, Gavin de Becker, has engaged in a unique &#8220;bridge funding&#8221; arrangement that reduces his substantial $14 million contribution to just $2.35 million after refunds.
In contrast, super PAC donors supporting Trump and Biden are pledging tens of millions to their respective super PACs without seeking significant refunds, Politico added.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39211388/donald-trump-vets-vice-presidential-candidates-gops-top-contenders-betting-odds" target="_blank" rel="noreferrer noopener">Donald Trump Vets Vice Presidential Candidates: GOP&#8217;s Top Contenders, Betting Odds</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Robert F. Kennedy Jr. Is Facing Significant Financial Challenges In His Run Against Donald Trump And Joe Biden: Report

Respected financial guru and bestselling author<a href="https://www.benzinga.com/personal-finance/24/06/39299728/im-70-and-only-have-900-to-my-name-caller-asks-dave-ramsey-if-refinancing-mortgage-and-using-equ"> Dave Ramsey</a> has directly addressed a financial issue that could potentially affect many employees, especially those who travel for work and may be asked to advance expenses. Here's what Ramsey said.&nbsp;
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</ul>
During an episode of the Ramsey Show, a listener called in seeking advice on why she and her husband shouldn't take advantage of getting credit card points for travel expenses required for their work but will be reimbursed by their employer. Ramsey responds directly, "So your employer is so poor they require you to advance them for your own travel?"&nbsp;
The caller appears momentarily stumped by Ramsey's blunt answer and laughs nervously before answering no. This did not deter Ramsey, known for his blunt yet fair financial advice, as he continued, "Well, why do they require you to advance them for your own travel?" Ramsey points out the ridiculousness of the caller's employer, saying that the caller is traveling on behalf of the employer, yet they're not paying for this travel in advance. Ramsey asks the caller whether the employer is making them pay for it.&nbsp;
In response, the caller revealed that this was just the established protocol of the business, and they're not sure why either, as no one has ever asked them. Ramsey explains the serious danger of taking on loans on your employer's behalf. He elaborated that if her employer decides not to pay them for one month, their credit cards still need to be paid off, not the employer who is left sitting with that debt. The caller acknowledges this is true.&nbsp;
Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends<a href="https://www.benzinga.com/money/arrived-private-credit-fund"> would you invest in it</a>?
Ramsey tells the caller, "You understand that I'm the guy who's been counseling and coaching people for 35 years." In those years, Ramsey has seen this type of employer debt go sideways and shares that he once had a guy come to him with $11,000 on his Amex that was supposed to be reimbursed. Ramsey explains that when this guy went into the office one day and there was a padlock on the door, the employer had filed for Chapter 11 <a href="https://www.benzinga.com/news/24/06/39305632/nearly-bankrupt-fisker-to-recall-over-18-000-ocean-suvs-across-north-america-and-europe">bankruptcy</a>. The man who had taken on a loan from his employer was now with $11,000 on his credit card. Ramsey revealed that "Amex didn't care if his company went broke. They wanted their money."&nbsp;
Ramsey and the caller agreed that this was a problem, and the caller told Ramsey that they had not experienced the situation that Ramsey had described. Ramsey quipped back, "I know, but you're exposed to the exact same risk," and added, "All for a couple of airline miles that are virtually impossible to use? No, thanks." According to Ramsey, this is an example of how corporate America has conned its employees into taking out loans on their behalf with a promise of repayment, and the employees end up taking on all the risk. Ramsey adds, "These companies act as if operating this way is no big deal. Well, it is a big deal. And it's not a good way to run a business or treat your employees."&nbsp;
Ramsey advises the caller that he wants her and her husband to protect their income as it is their number-one wealth-building tool, as no millionaire has successfully built their wealth on airline miles and credit cards. In closing, he also warned, "If you play with snakes, sooner or later, you'll get bitten."&nbsp;
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Personal Finance

Dave Ramsey Shoots Straight on Taking on Employer Debt: 'So Your Employer Is So Poor They Require You To Advance Them?'

Tesla CEO Elon Musk unveiled details of his interactions with former President<a href="https://www.benzinga.com/news/24/03/37574847/biden-vs-trump-elon-musk-says-he-wont-contribute-to-either-campaign-but-his-social-media-activity-su"> Donald Trump during the company&#8217;s shareholder meeting. </a>
What Happened: During the meeting, Musk revealed his discussions with Trump, stating, &#8220;He does call me out of the blue for no reason. I don&#8217;t know why, but he does.&#8221;
He added that he has been promoting the significance of electric vehicles (EVs) in their conversations, <a href="https://www.foxbusiness.com/politics/musk-dishes-talks-trump-tesla-shareholder-meeting">reported</a> Fox News.
Musk also said that Trump is &#8220;very nice when he calls&#8221; and recalled telling Trump that EVs are &#8220;pretty good for the future&#8221; and that &#8220;America&#8217;s the leader in electric cars.&#8221; 
According to the billionaire entrepreneur, many of Trump&#8217;s friends are Tesla owners and fans. The Wall Street Journal earlier <a href="https://www.wsj.com/politics/donald-trump-elon-musk-alliance-d1fe43e3">reported</a> about the twos &#8220;growing alliance,&#8221; suggesting that Trump could offer Musk an advisory role in the White House if the former regains the presidency. However, Musk has not commented on this speculation.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/03/37768322/in-rambling-speech-donald-trump-issues-grim-warning-if-he-loses-election-if-i-dont-get-elected-its-g" target="_blank" rel="noreferrer noopener">In Rambling Speech, Donald Trump Issues Grim Warning About US Auto Industry: &#8216;If I Don&#8217;t Get Elected &#8230; It&#8217;s Going To Be A Bloodbath For The Country&#8217;</a>
Why It Matters: The relationship between Musk and Trump has been a topic of interest for some time. <a href="https://www.benzinga.com/news/24/01/36625230/is-elon-musk-becoming-more-like-donald-trump-one-report-suggests-so">Earlier this year</a>, The Wall Street Journal drew comparisons between the two, highlighting their shared penchant for controversy and self-promotion. The report suggested that Musk&#8217;s recent actions were reminiscent of Trump&#8217;s approach.
Following President Joe Biden&#8216;s dig at Trump at the White House correspondents&#8217; dinner in April, Musk also reacted with a blunt, one-word response, sparking discussions about his feelings toward Trump and <a href="https://www.benzinga.com/news/24/04/38479082/elon-musk-gives-one-word-response-to-joe-bidens-dig-at-donald-trump-at-white-house-correspondents-di">the current administration.</a>
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/04/38476026/trump-vs-biden-one-candidate-hold-slim-lead-over-other-in-latest-poll" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: One Candidate Hold Slim Lead Over Other In Latest Poll</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Elon Musk Says Donald Trump Calls Him For No Reason: 'I Don't Know Why'

Agios Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGIO#NASDAQ">AGIO</a>), a leader in cellular metabolism and pyruvate kinase (PK) activation pioneering therapies for rare diseases, today presented detailed results from the global Phase 3 ENERGIZE study of mitapivat in adults with non-transfusion-dependent (NTD) alpha- or beta-thalassemia in a plenary session (abstract #S104) at the European Hematology Association 2024 (EHA2024) Hybrid Congress, which is being held June 13-16, 2024, in Madrid, Spain. In a related poster presentation (abstract #P1529), the company presented additional data from the ENERGIZE study highlighting clinically meaningful improvements in health-related quality of life measures and patient-reported outcomes among patients in the mitapivat arm compared to those in the placebo arm.
The ENERGIZE study achieved its primary endpoint, with mitapivat demonstrating a statistically significant increase in hemoglobin response rate compared to placebo. Statistical significance was also achieved for both key secondary endpoints associated with change from baseline in FACIT-Fatigue Score and hemoglobin concentration. These improvements were observed across all pre-specified subgroups.

AGIO

Agios Announced Earlier Results From Its  Phase 3 ENERGIZE Study Of Mitapivat In Non-Transfusion-Dependent Thalassemia; Study Achieved Its Primary Endpoint

Edward Snowden, the well-known NSA whistleblower, has voiced serious concerns about OpenAI and its <a href="https://www.benzinga.com/news/23/04/31820475/openai-ceo-sam-altman-responds-to-letter-from-elon-musk-and-others-calling-for-pause-on-ai-research">offerings, including ChatGPT.</a>
What Happened: Snowden posted a stern warning about OpenAI on the social media platform X on Friday. Snowden&#8217;s apprehension stemmed from OpenAI&#8217;s recent decision to bring retired U.S. Army general and former NSA head, Paul Nakasone, onto its board of directors.
Snowden referenced a tweet from user @MarioNawfal, which suggested that Nakasone&#8217;s role would be to enhance AI&#8217;s contribution to cybersecurity. However, Snowden interpreted this move as a &#8220;willful, calculated betrayal of the rights of every person on Earth.&#8221;
Snowden told his followers, &#8220;Do not ever trust OpenAI or its products (ChatGPT etc).&#8221; His warning comes at a time when concerns about OpenAI&#8217;s safety culture are escalating.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">They&#39;ve gone full mask-off: 
</blockquote></div></figure>

Social Media

Tech

Edward Snowden Warns Against OpenAI's Latest Announcement: 'This Is A Calculated Betrayal Of The Rights Of Every Person. You Have Been Warned'

<a href="https://www.wonder.fi/">WonderFi Technologies Inc</a> (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WNDR#TSX">WNDR</a>) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/WONDF#OTCQB">WONDF</a>), a regulated cryptocurrency trading and digital asset management company, has made a significant move in the market, launching CoinSquare Alpha, a unique crypto service for institutional clients with large portfolios and volumes.
Why It Matters: WonderFi strategically addresses imbalances in traditional financial systems through key acquisitions, platform integrations and user-friendly sign-on experiences. Its acquisition of platforms like Bitbuy, CoinSmart and Coinsquare has strengthened its global expansion and positioned it to establish one of the largest user bases in the crypto market.
Further, WonderFi delivered on its promise to attract institutional investors this week by launching Coinsquare Alpha, an institutional crypto offer designed to meet the diverse needs of trading firms, advisors, asset managers and more. The features of this service include enhanced trading functionality, 24/7 API connectivity and bespoke custody solutions.
"We saw the launch of the US spot Bitcoin ETFs earlier this year as the official signal that institutions are finally entering the crypto space meaningfully," said Dean Skurka, president and CEO of WonderFi. "We expect institutional interest to move beyond Bitcoin and into other areas of crypto as regulations continue to progress. It&#8217;s critical that WonderFi has institutional-grade offerings, and we are assisting these firms in onboarding to crypto in a safe and regulated way."
What To Watch For Next: WonderFi&#8217;s commitment to regulation and transparency has positioned it as a pillar of stability and innovation, particularly following the volatility that led to the downfall of its larger peers over the past three years.
"It turns out that the bet I made up in Canada was right," early backer Kevin O'Leary said, adding that the slow and steady approach has worked in WonderFi's favor. "I think the Canadians are the shining model of what will happen in other geographies. My auditors and compliance department can mark-to-market positions daily, just like they do in our equity and bond portfolios. Bitbuy, Coinsquare, and CoinSmart are proven platforms with licenses that will attract institutional investors."

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Fintech news covering the emerging Financial Technology services sector

Fintech

TSX:WNDR

WONDF

WonderFi Transforms Market With Launch Of Institutional Crypto Service Coinsquare Alpha

Josh Brown, a prominent financial advisor, has urged investors to &#8220;get out of cash.&#8221;
What Happened: The Ritholtz Wealth Management CEO recently shared his thoughts about holding cash. In an <a href="https://www.youtube.com/watch?v=IDD3i7fJo2w">interview </a>with CNBC on Friday, Brown said that if one has money that isn&#8217;t needed in the near future and it doesn&#8217;t need to be highly liquid, <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37715065/the-mag-7-bench-josh-brown-picks-the-next-magnificent-7-stocks">they should move it out of cash.</a>
&#8220;I have a message for everyone who is watching this. If you want to know what professionals or at least I should be telling clients right now, is very simple. Get out of cash. Get out of cash. If you have money that you&#8217;re not using next year, later this year, tomorrow, and it doesn&#8217;t need to be that liquid, you have. A three-year, five-year, seven-year time horizon on that pool of money, I want you to consider extending duration,&#8221; he said. 
&#8220;I&#8217;m not asking you to take credit risks. You could do this with treasuries, no problem. But you are going to now see rate cuts, softening in the data. The rate cuts will be justified. I&#8217;m not saying you&#8217;re going to see some sort of massive economic turndown, but I think your days of 5.5% yields risk-free are coming to an end,&#8221; Brown added. 
Also Read: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/06/39319489/josh-brown-this-low-key-misunderstood-stock-is-just-waiting-to-be-discovered-as-an-ai-pl">Josh Brown: This &#8216;Low-Key, Misunderstood&#8217; Stock Is Just &#8216;Waiting To Be Discovered&#8217; As An AI Play</a>
Brown mentioned that it was very likely that, looking back five years at a portfolio, the smarter bet would have been to &#8220;extend those durations,&#8221; &#8220;accept less overnight yield,&#8221; and have a longer runway to earn more over time.
&#8220;I don&#8217;t know the exact date. I don&#8217;t predict interest rate moves. But it feels very likely to me that the smarter bet if you look back five years at a portfolio, the smarter bet would have been to extend those durations, accept less overnight yield but have that runway, so that you earn more over time,&#8221; Brown said during the interview.
Speaking about ETFs, Brown said, &#8220;$90 billion came into ETFs in May. That is roughly a third of all of the inflows for the year coming in in one month. Of the $90 billion that went into ETFs, $60 billion went into equities. $30 billion went into fixed income. Because I think the message is starting to hit home that this is not going to be forever. That&#8217;s where we are right now. That would be the thing i would say is my biggest takeaway from what we heard this week and what We heard this morning.&#8221;&nbsp;
Now Read: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38190730/josh-brown-is-ready-to-buy-the-best-performing-stock-in-the-russell-1000-they-make-tons-">Josh Brown Is Ready To Buy The Best Performing Stock In The Russell 1000: &#8216;They Make Tons Of Money&#8217; With AI Advertising</a>
Photo: Shutterstock

Financial Guru Josh Brown Explains Why Investors Should 'Get Out Of Cash' Right Now

Former President Donald Trump returned to Capitol Hill this week to hold meetings with <a href="https://www.benzinga.com/government/24/06/39337568/trumps-plan-to-kill-income-taxes-whiffs-critics-say-its-a-sure-way-to-hit-low-and-middle-income-amer">members of Congress.</a>
Among the topics covered by the former president was global superstar Taylor Swift.
What Happened: Given her massive audience reach and <a href="https://www.benzinga.com/general/entertainment/23/12/36221025/taylor-swifts-eras-tour-shatters-guinness-record-for-highest-grossing-music-tour-how-much-d">record breaking global tour</a>, Swift could impact the outcome of the 2024 election.
While Swift has not publicly endorsed Trump or President Joe Biden, the former president was critical of the singer during a recent meeting, as <a href="https://www.cnn.com/2024/06/13/politics/trump-closed-door-meeting-house-gop/index.html">reported </a>by CNN.
"Why would she endorse this dope," Trump said, referring to Biden. "He doesn't know how to get off a stage."
The latest connection between Trump and Swift comes after the former president reportedly <a href="https://www.benzinga.com/news/24/06/39262544/trump-questions-taylor-swifts-liberal-beliefs-is-it-not-an-act">discussed the singer</a> for a book by author Ramin Setoodeh.
Swift was not the only topic covered during Trump's meetings; items such as abortion, Nancy Pelosi's family, the city of Milwaukee, and more were reportedly discussed by the former president.
The latest visit to Capitol Hill was the first by Trump since he left office in 2021.
Related Link: <a href="https://www.benzinga.com/general/entertainment/24/02/37329441/joe-biden-jokes-about-active-conspiracy-with-taylor-swift-where-are-you-getting-this-inform">Joe Biden Jokes About &#8216;Active Conspiracy&#8217; With Taylor Swift: &#8216;Where Are You Getting This Information? It&#8217;s Classified&#8217;</a>
Why It's Important: In February, Trump <a href="https://www.benzinga.com/news/24/02/37061783/trump-on-taylor-swifts-2024-move-theres-no-way-she-could-endorse-crooked-joe-biden">said there was no way</a> that Swift could endorse Biden.
"I signed and was responsible for the Music Modernization Act for Taylor Swift and all other Musical Artists. Joe Biden didn't do anything for Taylor, and never will," Trump said in a Truth Social post.
Trump added that there was no way Swift "could endorse Crooked Joe Biden.&#8221;
Trump&#8217;s comments came around the time of Super Bowl LVIII, when <a href="https://www.benzinga.com/news/24/01/36858895/trump-supporters-gang-up-on-taylor-swift-ahead-of-super-bowl">his supporters attacked</a> Swift and and started rumors alleging that the singer was in a conspiracy with the NFL and would endorse Biden.  
Swift has not yet endorsed Biden for the 2024 election, but she previously supported and voted for him in the 2020 election.
In February, a Morning Consult survey of registered voters <a href="https://www.benzinga.com/general/entertainment/24/02/37075650/taylor-swift-could-help-joe-biden-2024-election-voter-participation-new-survey-shows">showed that many Swift fans</a> might not vote in the 2024 presidential election.
The survey found that of the Swift fans polled aged 18 to 34, only 51% said they would definitely vote in the 2024 election. A majority (54%) of the Swift fans polled who participated in the 2020 election voted for Biden, compared to 25% who voted for Trump.
Swift has previously publicly encouraged fans to vote. On National Registration Day in September 2023, she made a non-partisan post. That day saw the largest number of people registering in three years, with the number of 18-year-old voters doubling from the previous year, potentially boosted by Swift's campaign. Vote.org saw a 1,226% jump in visits in the hour after Swift's Instagram story was posted.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39240868/gary-gensler-channels-taylor-swift-with-love-story-for-secs-90th-anniversary-mission-is-me">Gary Gensler Channels Taylor Swift With Love Story For SEC&#8217;s 90th Anniversary: &#8216;Mission Is Meant To Last For Evermore&#8217;</a>
Photo: Shutterstock

Entertainment

Donald Trump Shakes Off Potential Taylor Swift Endorsement For Joe Biden: 'Why Would She Endorse This Dope'

Electric vehicle stocks mostly retreated in the week that ended on June 14 despite the<a href="https://www.benzinga.com/markets/equities/24/06/39340719/inflation-cools-in-may-fed-hints-at-slower-pace-of-rate-cuts-stocks-hit-new-record-highs-this-we"> broader market closing just shy of the record high. </a> Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was in the spotlight this week amid its annual shareholder meeting on Thursday. The week also saw British EV startup Arrival (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ARVLF#OTC">ARVLF</a>) confirming its bankruptcy filing.
Here are the key events that happened in the EV space during the week:
Tesla Dodges Bullet: After months of lobbying by Tesla&#8217;s board, C-suite, and CEO Elon Musk, shareholders adopted the resolution to reapprove the billionaire&#8217;s 2018 compensation plan. The move lifted a burden that had been weighing down the stock. With the issue now in the rearview mirror, Musk sounded confident about the way forward for the company.
In a strong statement of confidence, the Tesla CEO said he sees the company&#8217;s market cap swelling to over $30 trillion, with the bulk of the value coming from the humanoid robot, the Optimus. 
Future Fund&#8217;s Gary Black weighed in in response. The fund manager estimates that the market demand for robots will be 1 billion per year. Assuming Tesla captures 10% of the market share and the price of each robot is $20,000, the company can make a $1 trillion in profit after factoring a cost per unit of $10,000. Optimus alone will give Tesla a $20 trillion to $25 trillion valuation, he said.
&#8220;Autonomous vehicles: 100M vehicles market x 10% share = 10M veh/year x $50K price, $30K cost = $200B profit/year x 25x P/E = $5T value Total value $30T,&#8221; he said. &#8221; Who am I to say it can't happen? Elon did it with EVs when skeptics said he couldn't.&#8221;
Fisker Recalls Ocean SUVs: Struggling EV startup Fisker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSRN#NYSE">FSRN</a>), which is teetering on the brink of bankruptcy, said this week it was recalling thousands of Ocean SUVs in North America and Europe. The recall was to address faulty software and non-compliance with safety standards. The recall includes 6,864 Ocean SUVs in the U.S., with an additional 4,056 Oceans being updated in the EU and 281 SUVs in Canada.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Workhorse Announces Reverse Split: Battery electric truck maker Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>) said it will implement a 1-for-20 reverse stock split. Shareholders of the company approved a stock split by any whole number between 1-for-10 and 1-for-20 in an annual meeting on May 14. The shares, which currently trade in penny-stock territory, will begin trading on a split-adjusted basis when the market opens for trading on June 17.
Separately, the company also announced a strategic collaboration with Kingsburg Truck Sales, its certified dealer based in Kingsburg, California, as well as the completion of the previously disclosed divestiture of its Aero business. It said these efforts are aimed at addressing the needs of California&#8217;s commercial truck and small fleet owners amid the enforcement of California Air Resources Board regulations, while also streamlining its business to focus on core strengths.
Faraday Future Starts Phase 2 Deliveries: EV startup Faraday Future Intelligent Electric Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>) said it delivered the latest FF 91 2.0, an electric full-size luxury crossover SUV, to prominent retail investor Jun He. This marks the resumption of the second phase of deliveries that began last year. The company also disclosed plans of an affordable EV. 
&#8220;FF is considering introducing a second brand under our &#8216;US-China Automotive Industry Bridge Strategy&#8217;, which could seek to integrate our high-value solutions and features into vehicles in a more affordable mass market product segment, which would enable more retail investors to enjoy our ‘Ultimate AI TechLuxury' in the future,&#8221; it said.
Ford Eases Dealer Investment Norms: Legacy automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), which has faced a setback in its electrification plan amid slowing adoption of green energy vehicles, is reacting to the softness. The company rolled back some of the stringent norms introduced in 2022 under the &#8220;Model E dealership program&#8221; banner for its dealers selling EVs. The norms for certification as an &#8220;Elite&#8221; or a &#8220;Standard&#8221; dealer required investments of up to $1.2 million. Following not-so-strong participation by dealers and the demand weakness, <a href="https://www.benzinga.com/top-stories/24/06/39321797/ford-to-allow-all-us-dealers-to-sell-electric-vehicles-scraps-model-e-program">Ford now plans to allow all dealers to stock EVs. </a>
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session down 1.05% at $20.10, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF fell 3.83%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/06/39331612/elon-musk-teases-three-new-vehicles-at-teslas-annual-shareholder-meeting-more-affordable-model-incom">Elon Musk Teases Three New Vehicles At Tesla&#8217;s Annual Shareholder Meeting: More Affordable Model Incoming?</a>
EV Stock Performances This Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>+0.30%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>-10.35%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>-11.78%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>-6.38%</td>
</tr>
<tr>
<td>Fisker</td>
<td>-1.52%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-16.67%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>-2.41%</td>
</tr>
<tr>
<td>Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>)</td>
<td>-11.77%</td>
</tr>
<tr>
<td>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</td>
<td>-5.56%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>-7.69%</td>
</tr>
<tr>
<td>Faraday Future </td>
<td>-16.40%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>+2.22%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-0.69%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

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FFIE

FSRN

GOEV

HYZN

KARS

LCID

NKLA

RIVN

TSLA

WKHS

XPEV

Elon Musk's 'Super Difficult' Tesla Goal, Fisker's Troubles Just Got Worse, Faraday Future Eyes Affordable Segment And More: Biggest EV Stories Of The Week

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News

Latest news for Madison County Finl (OTC:MCBK) Stock

Wednesday, May 13, 2015

Monday, December 24, 2012