Author

admin

Browsing

Vice President Kamala Harris gave a ringing speech that fired Democrats up to close the Democratic convention and this more or less picture-perfect convention came to an end. Harris will likely continue to strengthen in the polls as is typical after a convention and there is no doubt that the Democrats are in better shape now than they were if they had kept with President Joe Biden as their candidate. 

More than anything, what Harris has done was to bring back core Democratic constituencies including Black voters, young voters, women and elites and this returned the race to at least even. 

The second thing that the convention did was to make it appear that former President Donald Trump was the incumbent president responsible for the last four years and not the Biden-Harris team. The future is Harris, and the past is Trump in their messaging, and there was little to no attempt to justify the last four years — they simply didn’t exist.  

Perhaps the surprise of the night was Harris’ clear statement that she would defend Israel and would be prepared to defend against Iran. These elements had been missing from virtually every speech at the convention and were absent from Biden’s remarks.  

The huge, feared protests against Israel did not materialize and in their place were a few thousand extremists whose leaders called for the destruction of Israel and who should never have been dignified by Biden. Harris did not repeat that mistake. 

For all the pounding that Trump takes every time he criticizes Harris, the vice president and most of the major speeches attacked Trump in highly personal terms, and frequently distorted his views. The speech called for national unity and then slashed away.  

Trump is not for a national ban on abortion, nor did the Supreme Court issue one. Nor did he support Project 2025. The immigration bill that Trump opposed would allow 5,000 migrants to cross into the United States a day before shutting down the border or allow about 2 million entries a year into the United States, which is about the same as now. 

Other than promising lower prices, Harris did not outline any real plan for dealing with inflation or the economy. Earlier in the day, her campaign said she backed all the Biden tax increases in the budget and then some, which would be the largest tax increase in history, eliminating the capital gains tax, taxing unrealized gains, and moving top federal rates to about 45% with combined rates in big states nearing 60%.  

These massive increases could essentially kill innovation and capital markets, discouraging investments of all types and tanking 401(k)s. 

Harris avoided the issue of energy altogether and left open whether she continues to support the green new deal. She stayed away from divisive social issues, though she clearly rallied women around reproductive freedom.  

‘Coach’ Tim Walz turned out to be more of a liability than an asset as questions about his military record and how far left he really is have emerged to underscore that she likely would have been better off with Pennsylvania Governor Josh Shapiro, but vice presidents rarely matter that much. 

Trump called into Fox News after the speech, ignoring the rule in politics that you don’t answer artillery with a pop gun, and it underscored the challenge he is facing to get through. 

Just a few weeks ago, the Democrats were facing a death spiral, and Trump was consolidating support nationally. The Democrats have turned it around and installed a new team, new messaging and revived their chances.  

The challenges for the Trump campaign are to define differences in issues and leadership that matter to voters in their everyday lives when it comes to war and peace, inflation, taxes, crime and immigration and to pin Harris as equally responsible for four unhappy years.  

Almost two-thirds of the voters believe the country has been headed in the wrong direction, and oppose open borders, want tougher laws on crime, and believe the administration was responsible for the inflation that is in effect a huge tax increase on all Americans. Nevertheless, the Harris bandwagon rolls on. 

This post appeared first on FOX NEWS

Independent presidential candidate Robert F. Kennedy, Jr. on Friday dropped his White House bid and announced support for former President Donald Trump, issuing broadsides against the Democratic Party’s handling of the primary election and media censorship.

‘…I’ve made the heart-wrenching decision to suspend my campaign and to support President Trump. This decision is agonizing for me because of the difficulties it causes me, and my children and my friends,’ said Kennedy.

Kennedy charged in an event in Phoenix, Arizona that the Democratic Party ‘waged continual legal warfare against both President Trump and myself,’ and ‘ran a sham primary.’

‘In an honest system, I believe I would have won the election,’ he argued. ‘I no longer believe that I have a realistic past of electoral victory in the face of this relentless, systematic censorship and media control.’

Kennedy’s campaign is asking swing states to remove his name from the ballot because he does not want to be a ‘spoiler,’ he said. He will remain on the ballot in states that he considers ‘red’ or ‘blue,’ he said. ‘If you live in a blue state, you can vote for me without harming or helping President Trump or or Vice President Harris,’ Kennedy said. ‘In red states, the same will apply.’

The former Democrat spoke a couple of hours before Trump was scheduled to hold a campaign event in nearby Glendale, Arizona. The Trump campaign on Thursday advertised that the former president would be joined by a ‘special guest,’ which further sparked speculation of a Kennedy endorsement of the Republican 2024 presidential nominee.

The announcement ends the presidential run by the longtime environmental activist and high-profile vaccine skeptic, who is the scion of the nation’s most storied political dynasty.

Kennedy launched his long-shot campaign for the Democratic presidential nomination in April of last year, but last October the 70-year-old candidate switched to an independent run for the White House.

While Kennedy had long identified as a Democrat and repeatedly invoked his late father Sen. Robert F. Kennedy and his uncle, President John F. Kennedy, who were both assassinated in the 1960s, Kennedy in recent years has built relationships with leaders on the right. Kennedy repeatedly invoked his father and uncle Friday in Phoenix.

President Biden’s campaign and the Democratic National Committee for months repeatedly slammed Kennedy as a potential spoiler whose supporters could hand Trump a presidential election victory in November.

 

But Kennedy remained a thorn in Biden’s side from last year through the president’s announcement last month that he was ending his re-election bid and endorsing Harris.

According to Kennedy, ‘Vice President Harris declined to meet or even to speak with me.’

The Trump campaign, which had cheered on Kennedy when he was running against Biden as a Democrat, also started taking aim at him after he switched to an independent run, labeling him a member of the ‘radical left,’ and criticizing him for his environmental activism.

Kennedy described the modern Democratic Party as ‘the party of war, censorship, corruption, big pharma, big tech, big ag, and big money.’

‘The DNC waged continual legal warfare against both President Trump and myself,’ said Kennedy. ‘Each time that our volunteers turned in those towering boxes of signatures needed to get on the ballot, the DNC dragged us into court, state after state, attempting to erase their work and disappear with the will of the voters, which signed those petitions.’ 

‘It deployed DNC-aligned judges to throw me and other candidates off the ballot, and to throw President Trump in jail.’

The Kennedy-Shanahan ticket has faced uphill battles nationwide to earn a spot on the presidential ballot in November. New York State recently blocked ballot access to the independent campaign altogether on August 12.

According to running mate Nicole Shanahan, the campaign is facing no fewer than nine lawsuits from the Democratic Party. The campaign faces uphill legal climbs with suits in Nevada, North Carolina, Delaware and New Jersey. Trump, Shanahan said, faces 6 legal battles brought on by Democrats at the same time. 

And the DNC battled Kennedy and his supporters at nearly every step as he worked to place his name on the ballot in all 50 states. ‘What the Democrats consider common course to win elections is the kind of ‘normalcy’ that leads to famine, sickness, and civil war. The country is ready for an administration that represents unity,’ Shanahan said in a social media post.

Democrats consistently have attacked both Donald Trump and Robert F. Kennedy Jr. as anti-democracy candidates, for which RFK Jr. lambasted them in his remarks Thursday.

‘….Trump won’t hold autocrats accountable — because he wants to be an autocrat,’ said Vice President Harris at the DNC in Chicago.

Following criticisms of Biden’s ‘bullseye’ commentary after the assassination attempt on former President Trump, which the president admitted he should not have said, he claimed ‘I’m not the guy that said, ‘I want to be a dictator on day one.’ I’m not the guy that refused to accept the outcome of the election.’ Biden was referring to a comment in which Trump joked to Fox News’ Sean Hannity that he would be a ‘dictator for one day’ to close the border and ‘drill, baby, drill’ to rebuild America’s energy leadership. Biden enacted dozens of executive orders during his first days in office on both the border and energy. 

The relationship between Kennedy and Trump started warming earlier this year, and the two spoke last month after the assassination attempt against Trump and met in person the following day. 

‘In a series of long, intense discussions, I was surprised to discover that we are aligned on many key issues and those meetings,’ said Kennedy of the meetings.

Earlier this week, Kennedy running mate Nicole Shanahan sparked headlines by saying in a podcast interview that the campaign was considering whether to ‘join forces’ with Trump to prevent the possibility of Vice President Kamala Harris winning the 2024 election.

‘If he endorsed me, I would be honored by it. I would be very honored by it. He really has his heart in the right place,’ Trump said on Thursday in an interview on ‘Fox & Friends.’

And the former president’s running mate, Sen. JD Vance of Ohio, said Wednesday in an interview on ‘Fox & Friends’ that he hoped Kennedy ‘endorses the president, gets on the team, because this is about saving the country.’

Kennedy’s departure from the race comes as his campaign was cratering.

The last public event put on by his campaign came on July 9, in Freeport, Maine. But even before that, his poll numbers – which once stood in the teens – had faded.

The most recent Fox News national poll, conducted August 9-12, indicated Kennedy at 6% support. 

His fundraising was also in a free fall, with campaign finance reports indicating he had just $3.9 million cash on hand as of the start of July, with nearly $3.5 million in debt.

‘The more voters learned about RFK Jr. the less they liked him. Donald Trump isn’t earning an endorsement that’s going to help build support, he’s inheriting the baggage of a failed fringe candidate. Good riddance,’ said DNC Senior Advisor Mary Beth Cahill following Kennedy’s speech.

This post appeared first on FOX NEWS

Independent presidential candidate Robert F. Kennedy, Jr. on Friday dropped his White House bid and announced support for former President Donald Trump, issuing broadsides against the Democratic Party’s handling of the primary election and media censorship.

‘…I’ve made the heart-wrenching decision to suspend my campaign and to support President Trump. This decision is agonizing for me because of the difficulties it causes me, and my children and my friends,’ said Kennedy.

Kennedy said in Phoenix that the Democratic Party ‘waged continual legal warfare against both President Trump and myself,’ and ‘ran a sham primary.’

‘In an honest system, I believe I would have won the election,’ he said. ‘I no longer believe that I have a realistic past of electoral victory in the face of this relentless, systematic censorship and media control.’

Kennedy’s campaign is asking swing states to remove his name from the ballot because he does not want to be a ‘spoiler,’ he said. He will remain on the ballot in states that he considers ‘red’ or ‘blue,’ he said. ‘If you live in a blue state, you can vote for me without harming or helping President Trump or or Vice President Harris,’ Kennedy said. ‘In red states, the same will apply.’

The former Democrat spoke a couple of hours before Trump was scheduled to hold a campaign event in nearby Glendale, Arizona. The Trump campaign on Thursday advertised that the former president would be joined by a ‘special guest,’ which further sparked speculation of a Kennedy endorsement of the Republican 2024 presidential nominee.

The announcement ends the presidential run by the longtime environmental activist and high-profile vaccine skeptic, who is the scion of the nation’s most storied political dynasty.

Kennedy launched his long-shot campaign for the Democratic presidential nomination in April of last year, but last October the 70-year-old candidate switched to an independent run for the White House.

While Kennedy had long identified as a Democrat and repeatedly invoked his late father Sen. Robert F. Kennedy and his uncle President John F. Kennedy, who were both assassinated in the 1960s, Kennedy in recent years built relationships with far-right leaders. Kennedy repeatedly invoked his father and uncle Friday in Phoenix.

President Biden’s campaign and the Democratic National Committee for months repeatedly slammed Kennedy as a potential spoiler whose supporters could hand Trump a presidential election victory in November.

And the DNC battled Kennedy and his supporters at nearly every step as he worked to place his name on the ballot in all 50 states.

According to Kennedy, ‘Vice President Harris declined to meet or even to speak with me.’

 

But Kennedy remained a thorn in Biden’s side from last year through the president’s announcement last month that he was ending his re-election bid and endorsing Harris.

The Trump campaign, which had cheered on Kennedy when he was running against Biden as a Democrat, also started taking aim at him after he switched to an independent run, labeling him a member of the ‘radical left,’ and criticizing him for his environmental activism.

Kennedy described the modern Democratic Party as ‘the party of war, censorship, corruption, big pharma, big tech, big ag, and big money.’

‘The DNC waged continual legal warfare against both President Trump and myself,’ said Kennedy. ‘Each time that our volunteers turned in those towering boxes of signatures needed to get on the ballot, the DNC dragged us into court, state after state, attempting to erase their work and disappear with the will of the voters, which signed those petitions.’ 

‘It deployed DNC aligned judges to throw me and other candidates off the ballot, and to throw President Trump in jail.’

But the relationship between Kennedy and Trump started warming earlier this year, and the two spoke last month after the assassination attempt against Trump and met in person the following day. 

‘In a series of long, intense discussions, I was surprised to discover that we are aligned on many key issues and those meetings,’ said Kennedy of the meetings.

Earlier this week, Kennedy running mate Nicole Shanahan sparked headlines by saying in a podcast interview that the campaign was considering whether to ‘join forces’ with Trump to prevent the possibility of Vice President Kamala Harris winning the 2024 election.

‘If he endorsed me, I would be honored by it. I would be very honored by it. He really has his heart in the right place,’ Trump said on Thursday in an interview on ‘Fox & Friends.’

And the former president’s running mate, Sen. JD Vance of Ohio, said Wednesday in an interview on ‘Fox & Friends’ that he hoped Kennedy ‘endorses the president, gets on the team, because this is about saving the country.’

Kennedy’s departure from the race comes as his campaign was cratering.

The last public event put on by his campaign came on July 9, in Freeport, Maine. But even before that, his poll numbers – which once stood in the teens – had faded.

The most recent Fox News national poll, conducted August 9-12, indicated Kennedy at 6% support. 

His fundraising was also in a free fall, with campaign finance reports indicating he had just $3.9 million cash on hand as of the start of July, with nearly $3.5 million in debt.

‘The more voters learned about RFK Jr. the less they liked him. Donald Trump isn’t earning an endorsement that’s going to help build support, he’s inheriting the baggage of a failed fringe candidate. Good riddance,’ said DNC Senior Advisor Mary Beth Cahill following Kennedy’s speech.

This post appeared first on FOX NEWS

Independent presidential candidate Robert F. Kennedy, Jr. said in a Friday court filing that he will endorse former President Donald Trump, The Associated Press reports.

The Kennedy campaign asked Pennsylvania to remove him from the ballot in the court filing, according to the AP. The filing didn’t say explicitly if he would be suspending his campaign.

The former Democrat is making an announcement in Phoenix a couple of hours before Trump was scheduled to hold a campaign event in nearby Glendale, Arizona. The Trump campaign on Thursday advertised that the former president would be joined by a ‘special guest,’ which further sparked speculation of a Kennedy endorsement of the Republican 2024 presidential nominee.

The announcement is expected to end the presidential run by the longtime environmental activist and high-profile vaccine skeptic, who is the scion of the nation’s most storied political dynasty.

Kennedy launched his long-shot campaign for the Democratic presidential nomination in April of last year, but last October the 70-year-old candidate switched to an independent run for the White House.

While Kennedy had long identified as a Democrat and repeatedly invoked his late father Sen. Robert F. Kennedy and his uncle President John F. Kennedy, who were both assassinated in the 1960s, Kennedy in recent years built relationships with far-right leaders.

President Biden’s campaign and the Democratic National Committee for months repeatedly slammed Kennedy as a potential spoiler whose supporters could hand Trump a presidential election victory in November.

And the DNC battled Kennedy and his supporters at nearly every step as he worked to place his name on the ballot in all 50 states.

 

But Kennedy remained a thorn in Biden’s side from last year through the president’s announcement last month that he was ending his re-election bid and endorsing Harris.

The Trump campaign, which had cheered on Kennedy when he was running against Biden as a Democrat, also started taking aim at him after he switched to an independent run, labeling him a member of the ‘radical left,’ and criticizing him for his environmental activism.

But the relationship between Kennedy and Trump started warming earlier this year, and the two spoke last month after the assassination attempt against Trump and met in person the following day. 

Earlier this week, Kennedy running mate Nicole Shanahan sparked headlines by saying in a podcast interview that the campaign was considering whether to ‘join forces’ with Trump to prevent the possibility of Vice President Kamala Harris winning the 2024 election.

‘If he endorsed me, I would be honored by it. I would be very honored by it. He really has his heart in the right place,’ Trump said on Thursday in an interview on ‘Fox & Friends.’

And the former president’s running mate, Sen. JD Vance of Ohio, said Wednesday in an interview on ‘Fox & Friends’ that he hoped Kennedy ‘endorses the president, gets on the team, because this is about saving the country.’

Kennedy’s departure from the race comes as his campaign was cratering.

The last public event put on by his campaign came on July 9, in Freeport, Maine. But even before that, his poll numbers – which once stood in the teens – had faded.

The most recent Fox News national poll, conducted August 9-12, indicated Kennedy at 6% support. 

His fundraising was also in a free fall, with campaign finance reports indicating he had just $3.9 million cash on hand as of the start of July, with nearly $3.5 million in debt.

This post appeared first on FOX NEWS

Vice President Kamala Harris, urged her supporters to ‘get out there, let’s fight for it,’ as she concluded her presidential nomination acceptance speech at this week’s Democratic National Convention.

With both major party national nominating conventions now in the books, the 2024 edition of the race for the White House enters the final sprint.

Both Harris and former President Trump, the Republican Party’s nominee, will be back on the campaign trail in the upcoming week, along with their running mates, making stops across some of the seven crucial battleground states that will likely determine the outcome of the November election.

It’s a process that will be repeated each and every week until Election Day.

The former president, his running mate Sen. JD Vance of Ohio, and their campaign and allied Republicans have repeatedly criticized Harris for not holding a major news conference or sitting for an interview since replacing Biden atop their party’s 2024 ticket over a month ago.

So all eyes will be on Harris to see if she lives up to her promise to do a national news media interview in the week left in the month of August.

There’s just one week left in August, and the end of the month will bring anticipation of the latest fundraising figures from both the Trump and Harris campaigns.

President Biden enjoyed the fundraising lead over Trump earlier this year, but the former president saw his fundraising soar in the late spring and early summer.

But after Biden’s blockbuster move to end his re-election bid and Harris replacing him as the Democrats’ standard-bearer, the campaign and the party’s fundraising surged and Harris walloped Trump in fundraising during July. 

The August numbers, which the campaigns could release as early as September 1, will be closely watched and scrutinized, as fundraising along with polling is a crucial metric.

The first and possibly the only presidential debate between Harris and Trump is scheduled for Sept. 10 in Philadelphia.

The face-off could be the most important evening in the 2024 presidential election, with the power to potentially shift or transform the current margin-of-error race between the vice president and the former president.

Need proof – just look back to the late June debate between Biden and Trump. The president’s disastrous performance fueled questions about whether the 81-year-old president had the mental and physical stamina to handle another four years in the White House. And it sparked calls from within his own party for Biden to drop out of the race. 

Less than a month after the clash in Atlanta, the president was out of the race.

There are 73 days to go until Election Day, but some voters will start casting ballots next month. 

In swing state North Carolina, mail-in voting begins on Sept. 6. And early voting begins on Sept. 16 in Pennsylvania and Sept. 26 in Michigan, two other crucial electoral battlegrounds.

This post appeared first on FOX NEWS

A 37-year-old Memphis-area man was charged with making threats against President Biden, Vice President Kamala Harris and former President Obama, the Justice Department announced Friday. 

Kyl Alton Hall, 37, allegedly posted on X several times last month, threatening to shoot, kill and assassinate Biden and crash his plane and threatening to assassinate Harris and Obama. 

Hall was federally indicted Tuesday and charged with two counts of threats to a sitting president and vice president and one count of a threat to a former president. He was arrested and booked in Mississippi July 30 by the Southaven Police Department.

He could face up to five years in prison on each count if found guilty. 

Earlier this week, an Arizona man who allegedly threatened to kill former President Trump was arrested after a manhunt as the Republican presidential nominee headed to the state for an event on the southern border Thursday. 

Trump’s ear was also grazed in an attempted assassination attempt by a 20-year-old shooter last month while the former president spoke at an outdoor rally. The shooter was killed by law enforcement. 

Multiple U.S. Secret Service agents have been placed on leave as the investigation into the failed assassination attempt continues. 

Fox News Digital has reached out to the DeSoto County Sheriff’s Office and the Justice Department for comment on the charges against Hall. 

This post appeared first on FOX NEWS

Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors. That was the first gain in five months.

Sales were 2.5% lower compared with the same time last year.

Sales saw the biggest gains in the Northeast and were flat in the Midwest. Prices also rose the most in the Northeast.

“Despite the modest gain, home sales are still sluggish,” said Lawrence Yun, NAR’s chief economist, in a release. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”

These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan. Rates began dropping in July and are now hovering around 6.5%.

All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.

The supply of homes for sale continued to move higher in July. At the end of the month, there were 1.33 million homes on the market, an increase of 0.8% from June and 19.8% higher than in July 2023. At the current sales pace, that represents a four-month supply, slightly lower than it was in June.

The increase in supply did not, however, help to cool home prices. The median price of an existing home sold in July was $442,600, an increase of 4.2% year-over-year.

First-time buyers made up 29% of sales in July, unchanged from June but down from 30% in July 2023. Historically, these buyers make up closer to 40% of home sales, but affordability has been hit hard in the last two years due to fast-rising home prices and higher mortgage rates.

With rates now slightly lower, demand is starting to pick up. A separate report from Redfin, a real estate brokerage, found requests for tours and other buying services from Redfin agents rose 4% over the last week to its highest level in two months.

This post appeared first on NBC NEWS

The future of Paramount Global is still uncertain.

Paramount’s special committee on Wednesday said it would extend by 15 days an agreed-upon “go shop” period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.

Bronfman initially offered $4.3 billion late Monday for Shari Redstone’s National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid. As part of the bid, Bronfman would acquire a minority stake in Paramount. However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer.

On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said.

The offer looks to supersede Paramount’s merger agreement with Skydance Media, which came in early July and capped off a monthslong negotiation process. The agreement included a 45-day “go shop” period during which Paramount could solicit other offers.

A representative for Bronfman declined to comment.

The special committee on Wednesday confirmed “the receipt of an acquisition proposal from Edgar Bronfman, Jr., on behalf of a consortium of investors.”

“As a result, the ‘go shop’ period is extended for the Bronfman Consortium until September 5, 2024, pursuant to the transaction agreement to which the Company remains subject,” the committee said in a statement. “There can be no assurance this process will result in a Superior Proposal. The Company does not intend to disclose further developments unless and until it determines such disclosure is appropriate or is otherwise required.”

The committee added that during the initial “go shop” period it contacted more than 50 third parties to gauge potential acquisition interest. The go-shop period will still expire before midnight Wednesday for all other parties, the committee said.

The Skydance buying consortium, which also includes private equity firms RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and to acquire National Amusements. The deal gives National Amusements an enterprise value of $2.4 billion, including $1.75 billion in equity.

As part of the Skydance deal, Paramount’s class A shareholders would receive $23 apiece in cash or stock, and class B shareholders would receive $15 per share, equating to a cash consideration totaling $4.5 billion available to public shareholders. Skydance also agreed to inject $1.5 billion of capital into Paramount’s balance sheet.

National Amusements owns 77% of Paramount’s class A shares, and 5% of class B shares. If the Skydance transaction were to close, it would wholly own class A Paramount shares, and 69% of the outstanding class B shares.

Bronfman’s initial bid proposed buying National Amusements in an equity deal valued at $1.75 billion. That offer included a $1.5 billion investment into Paramount’s balance sheet, like the Skydance deal, and also included covering the $400 million breakup fee that Paramount would owe Skydance if it walked away from the deal, according to the person familiar.

The sweetened bid made on Wednesday now includes $1.7 billion for a tender offer that would give non-Redstone, nonvoting Paramount shareholders the option to receive $16 a share, the person added.

Bronfman previously ran Warner Music and liquor company Seagram and has also served as executive chairman of Fubo TV since 2020. Details of his bid were first reported by The Wall Street Journal.

The merger agreement between Paramount and Skydance has drawn scrutiny from shareholders. Money manager Mario Gabelli reportedly filed a lawsuit looking for Paramount to turn over its books related to the Skydance deal — a possible first step toward a lawsuit challenging the deal. Investor Scott Baker reportedly sued to block the deal, arguing it would cost shareholders $1.65 billion.

This post appeared first on NBC NEWS

Peloton on Thursday said it will start charging new subscribers a one-time $95 activation fee if they bought their hardware on the secondary market as more consumers snag lightly used equipment for a fraction of the typical retail price.

The used equipment activation fee for subscribers in the U.S. and Canada comes as Peloton starts to see a meaningful increase in new members who bought used Bikes or Treads from peer-to-peer markets such as Facebook Marketplace. 

During its fiscal fourth quarter, which ended June 30, Peloton said it saw a “steady stream of paid connected fitness subscribers” who bought hardware on the secondary market. The company said the segment grew 16% year over year.

“We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates than rental subscribers,” the company said in a letter to shareholders. 

“It’s also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members,” interim co-CEO Christopher Bruzzo later added on a call with analysts. 

While plenty of Peloton subscribers are avid users of the home workout machines, some have likened them to glorified clothes racks because so many people stop using the equipment. Those people paid Peloton for that hardware originally, but importantly, many of them have canceled their monthly subscription, which is how Peloton makes the bulk of its money. 

The ability to attract new, budget-conscious members from the secondary market who are willing to pay for a monthly subscription is a unique opportunity for Peloton to grow revenue without any upfront cost, on top of the revenue from the original sale. 

Ari Kimmelfeld — whose startup Trade My Stuff, formerly known as Trade My Spin, sells used Peloton equipment — estimates there are around a million Bikes collecting dust in homes around the world that could be a source of new revenue for the company. 

He told CNBC he previously met with Peloton executives to discuss ways to collaborate, because every time he sells a used piece of equipment, it could lead to more than $500 in new revenue per year for Peloton. With the new used equipment activation fee, that number could grow to more than $600 for the first year. 

“We save the customer a lot more than $95,” Kimmelfeld told CNBC on Thursday after the new activation fee was announced. “I don’t think it’ll stop or slow down people from buying secondary equipment … because you can get a bike delivered faster and cheaper on the secondary market, even with the $95, let’s call it a tax, from Peloton.” 

Trade My Stuff sells first-generation Bikes for $499, compared with $1,445 new. It offers the Bike+ for $1,199, compared with $2,495 new. It also sells used Treads for $1,999, compared with $2,995 new. 

Since launching his business, Kimmelfeld has worked with people looking to sell their used Peloton equipment and has since sold a “few thousand” Bikes. In 14 cities around the country, including Los Angeles, Denver and New York City, the company offers same- or next-day delivery. Outside of those locales, it provides delivery within three to five days. That compares with a new Peloton purchase, which can take significantly longer to deliver. 

The used equipment activation fee is designed to ensure that new members “receive the same high-quality onboarding experience Peloton is known for,” the company said. Bruzzo said that those who buy a used Bike or Bike+ have access to a virtual custom fitting ahead of their first ride, as well as a history summary that shows how many rides those bikes had before they were resold. 

“We’re also offering these new members discounts on accessories such as bike shoes, bike mats and spare parts,” said Bruzzo. “We’ll continue to lean into this important channel and find additional ways to improve the new member experience, for example, providing early education about the broad range of fitness modalities that we offer and the many series and programs our instructors provide to new members.”

This post appeared first on NBC NEWS

Philadelphia Federal Reserve President Patrick Harker on Thursday provided a strong endorsement to an interest rate cut on the way September.

Speaking to CNBC from the Fed’s annual retreat in Jackson Hole, Wyoming, Harker gave the most direct statement yet from a central bank official that monetary policy easing is almost a certainty when officials meeting again in less than a month.

The position comes a day after minutes from the last Fed policy meeting gave a solid indication of a cut ahead, as officials gain more confidence in where inflation is headed and look to head off any potential weakness in the labor market.

“I think it means this September we need to start a process of moving rates down,” Harker told CNBC’s Steve Liesman during a “Squawk on the Street” interview. Harker said the Fed should ease “methodically and signal well in advance.”

With markets pricing in a 100% certainty of a quarter percentage point, or 25 basis point, cut, and about a 1-in-4 chance of a 50 basis point reduction, Harker said it’s still a toss-up in his mind.

“Right now, I’m not in the camp of 25 or 50. I need to see a couple more weeks of data,” he said.

The Fed has held its benchmark overnight borrowing rate in a range between 5.25%-5.5% since July 2023 as it tackles a lingering inflation problem. Markets briefly rebelled after the July Fed meeting when officials signaled they still had not seen enough evidence to start bringing down rates.

However, since then policymakers have acknowledged that it soon will be appropriate to ease. Harker said policy will be made independently of political concerns as the presidential election looms in the background.

“I am very proud of being at the Fed, where we are proud technocrats,” he said. “That’s our job. Our job is to look at the data and respond appropriately. When I look at the data as a proud technocrat, it’s time to start bringing rates down.”

Harker does not get a vote this year on the rate-setting Federal Open Market Committee but still has input at meetings. Another nonvoter, Kansas City Fed President Jeffrey Schmid, also spoke to CNBC on Thursday, offering a less direct take on the future of policy. Still, he leaned toward a cut ahead.

Schmid noted the rising unemployment rate as a factor in where things are going. A severe supply-demand mismatch in the labor market had helped fuel the run in inflation, pushing wages up and driving inflation expectations. In recent months, though, jobs indicators have cooled and the unemployment rate has climbed slowly but steadily.

“Having the labor market cool some is helping, but there’s work to do,” Schmid said. “I really do believe you’ve got to start looking at it a little bit harder relative to where this 3.5% [unemployment] number was and where it is today in the low 4s.”

However, Schmid said he believes banks have held up well under the high-rate environment and said he does not believe monetary policy is “over-restrictive.”

Harker next votes in 2026, while Schmid will get a vote next year.

This post appeared first on NBC NEWS