DML Morning Briefing July 6

By  Dennis Michael Lynch

Today is July 6. Below are some of the stories grabbing headlines this morning. I hope you share this briefing as doing so will make you the smartest person in the room.

1.Highland Park shooter helped son buy firearm just two months after cops took away his collection of knives when he threatened to ‘kill everyone’
DailyMail – The parents of Highland Park shooter Robert ‘Bobby’ Crimo III, 21, have finally spoken out – and branded their sons actions a ‘tragedy’ – after it emerged the shooter’s dad helped him buy a gun months after cops confiscated his knife collection.

Bob Crimo and his wife, Denise, said in a brief statement: ‘We are all mothers and fathers, sisters and brothers, and this is a terrible tragedy for many families, the victims, the paradegoers, the community, and our own. Our hearts, thoughts, and prayers go out to everybody.’

But it emerged on Tuesday that Bob Crimo had sponsored his killer son’s application for a gun permit in 2020, even after the murderer had threatened to kill himself and his family.

In September 2019, Illinois State Police received a ‘clear and present danger’ report related to Robert Crimo’s family after he threatened to kill himself and his family. They removed knives from the property, but later returned those, The Chicago Sun-Times reported.

Crimo, who was 19 at the time, was not arrested. He was two years under the legal age minimum to apply for the firearm owner’s identification (FOID) card needed to legally obtain a weapon.

But despite the murder-suicide threats, Crimo’s father sponsored him for a FOID card in December 2019, and it was approved a month later, in January 2020.

Officials have since said they approved the permit because there was ‘insufficient basis’ to deem Crimo dangerous, with the only record on his file a 2016 ordnance violation for possession of tobacco.

DML: Unreal! I will be speaking about this today on The Dennis Michael Lynch Podcast.

2.Mortgage demand sinks even as rates drop
CNBC – Mortgage rates dropped for the second week in a row, but that didn’t revive demand from homeowners or potential buyers.

Rates fell 10 basis points last week and have declined 24 basis points in the last two weeks, but total mortgage demand dropped 5.4% from one week ago, according to data from the Mortgage Bankers Association. This week’s results include a holiday adjustment to account for early closings the Friday before Independence Day.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) fell to 5.74% from 5.84%, with points increasing to 0.65 from 0.64, including the origination fee, for loans with a 20% down payment.

DML: The housing market is the last market standing, and it’s about to fall.  When it falls the entire house of cards falls right on top of the Biden presidency.  Sadly, it is you who feels the pain of the crash, not Joe.

3.Crypto lender Voyager Digital files for bankruptcy
(Reuters) – Voyager Digital (VOYG.TO) said on Wednesday it had filed for bankruptcy, a week after the crypto lender suspended withdrawals, trading and deposits to its platform as it sought additional time to explore strategic alternatives.

In its Chapter 11 bankruptcy filing on Tuesday, New Jersey-based Voyager estimated that it had more than 100,000 creditors and somewhere between $1 billion and $10 billion in assets, and liabilities worth the same value

Chapter 11 bankruptcy procedures put a hold on all civil litigation matters and allow companies to prepare turnaround plans while remaining operational.

“The prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now,” Voyager Chief Executive Officer Stephen Ehrlich said in a statement.

DML: As noted above, we are set for a massive fall as each market gets wiped out by Joe.

4.Red states have MORE people in work than before the start of the pandemic as they see faster post-COVID economic recovery than blue counterparts
DailyMail – Republican-led states are continuing to outperform their Democrat rivals economically, and now have more people in work than there were before COVID.

Analysis by Moody’s found that red states – those that have voted for a GOP president in the last two elections – are up 341,000 jobs in total, compared to February 2020.

But it was a different story in blue states, which are still collectively 1.3 million workers down on totals taken just before the pandemic began two-and-a-half years ago.

According to a Moody’s Analytics study, 11 of the top 15 states for economic output, employment, retail sales and new home listings are Republican, with Florida leading the way.

DML: DeSantis 2024. How much more proof do you need.

5.Covid vaccines being thrown away
WSJ – Governments, drugmakers and vaccination sites are discarding tens of millions of unused Covid-19 vaccine doses amid sagging demand, a sharp reversal from the early days of the mass-vaccination campaign, when doses were scarce.

Vaccine manufacturer Moderna Inc. recently discarded about 30 million doses of its Covid-19 shot after failing to find takers.

DML: Well, considering the vaccine doesn’t work as advertised it should come as no shock.  Today, on The Dennis Michael Lynch Podcast, we are going to discuss a chain of paramedics who are screaming out loud about vaccinated people just dropped dead.