TV News LIES

Donald Trump’s media company – which owns the Truth Social platform favored by the US president – posted a $238m loss in the second quarter.

Trump Media & Technology on Monday reported that losses in the three months through June came as the company branched into new ventures including crypto. The company’s new chief executive, Kevin McGurn, announced at a conference call about the earnings that after a yearlong effort to expand into online betting and crypto, the company would be refocusing on social media.

“We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives,” McGurn said. “We will say no to things or change course as warranted.”

One key to the company’s new approach will be a a service called Truth API which will sell early access to Truth Social posts by Trump and other top users to Wall Street trading firms – allowing them to profit from the moves in stocks, bonds and interest that often follow major policy announcements from Trump on the platform.

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US employers unexpectedly lost 23,000 jobs in July and gains for the previous two months were revised down sharply by a combined 103,000 jobs, painting a weaker picture of the labor market than past data indicated.

US employers unexpectedly lost 23,000 jobs in July and gains for the previous two months were revised down sharply by a combined 103,000 jobs, painting a weaker picture of the labor market than past data indicated.

The unemployment rate, however, held steady at 4.1%. Economists had projected an unchanged unemployment rate and 83,000 new jobs for the month.

The latest data from the Bureau of Labor Statistics illustrates the continued summer slump in job growth amid ongoing conflict in the Middle East. Pressure has been mounting within the US Federal Reserve to raise interest rates to combat persistently high inflation, but July’s job report and its latest revisions may cool those expectations at the central bank’s next meeting.

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The long legal battle to erase the debts of nearly half a million federal student loan borrowers who say they were defrauded by their colleges is finally coming to an end, after a recent court ruling in a lawsuit that has spanned three presidential administrations.

The class-action suit, originally filed against the first Trump administration seven years ago, centered on a federal rule known as borrower defense. The rule is supposed to allow borrowers to petition the U.S. Education Department to erase their debts if a school has lied to them — about things like their job prospects, their credits' transferability or their likely salary after graduation.

During Trump's first term, thousands of borrowers who claimed they had been ripped off by predatory schools waited years to have their borrower defense claims reviewed. Finally, advocates sued, arguing that, under then-Education Secretary Betsy DeVos, the department had deliberately and illegally stopped processing claims and wrongfully denied others without considering the merits of their cases.

The suit has endured long enough to bear the names of three different education secretaries: from Sweet v. DeVos in 2019 to Sweet v. Cardona during the Biden administration, and now Sweet v. McMahon for Trump's second term.

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Amazon said this week that it received hundreds of millions of dollars in refunds from President Trump’s tariffs and pledged to return some of the profits to its customers.

This follows a Supreme Court decision earlier this year that many of the Trump administration’s tariffs were illegal, prompting the U.S. government to start a process to refund billions of dollars in import taxes to affected companies.

Brian Olsavsky, the chief financial officer of Amazon.com, Inc., said during a Thursday earnings call that the company is “participating in the tariff refund process” and received an amount of $600 million in its second financial quarter.

Olsavsky noted that the company worked on the front end to avoid tariff costs and noted that Amazon is “not the importer of record for the large majority of items sold in our store.”

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Gas prices are up almost a dollar a gallon since the day Donald Trump took office; mortgage rates just hit their highest level in nearly a year, and over the weekend a prominent economist said the Iran war is costing the average US household more than $1,200.

Americans are struggling through a deepening affordability crisis caused largely by Trump’s ill-fated war against Iran. They are in need of a boost, something to lift the spirits. Perhaps the president could give a speech, letting the people know that we are all in this together.

Or, he could give a speech announcing that the White House has just ordered 250 brand new Cadillac Escalades, giant SUVs which have a suggested retail price of more than $90,000 each and cost significantly more to customize for secure uses.

“We ordered 250 Escalades. That’s how we look sharp in those cavalcades, you know,” Trump said during a rambling, hour-long address at a General Motors facility in Michigan.

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The board game Monopoly has always taught some important economic lessons: The benefits of owning real estate. The profit potential of railroad mergers. The value of a get-out-of-jail-free card.

Now a special edition of the board game is teaching a new lesson—about how hard it is to make things in the USA.

The game is being marketed by the WS Game Company, which produces most of its high-end board games in China, just like almost every other toy maker.

After getting hit with a seven-figure tariff bill last year, CEO Jonathan Silva decided to see if it was possible to produce a profitable board game in the United States.

He opted for a custom version of Monopoly, pegged to the country's 250th birthday. But the experiment almost didn't pass go. One big problem: No dice.

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