Former President Donald Trump has officially waded into the Texas House Republican primaries with his first endorsement, throwing his support behind House District (HD) 21 candidate David Covey, who is challenging incumbent House Speaker Dade Phelan (R-Beaumont).
In an exclusive interview with The Texan last year, Trump first indicated his intent to endorse Covey, saying, “Well, tell David to get ready,” after slamming Phelan for the House’s role in impeaching Texas Attorney General Ken Paxton.
Now, in a post on Trump’s social media website Truth Social, the former president and leading 2024 GOP presidential candidate made his support for Covey official.
“David Covey is running against Dade Phelan, the speaker of the Texas House of Representatives, who led the Fraudulent Impeachment of the recently re-elected, in a landslide, Attorney General of Texas, Ken Paxton,” Trump wrote. “David is an America First Conservative who will Secure the Border, Restore Election Integrity, Protect our Families, and Military/Vets, and Defend our under siege Second Amendment.”
Covey reacted to the news with a statement, writing that he spoke with Trump and reassured the president that he intends to win the race.
“When I spoke with President Trump, a few minutes ago, I reassured him that for the sake of Texas’s future, we will win this race for President, and my race to unseat liberal Dade Phelan,” Covey said.
Naturally this is big news. Texas House District 21 Republican voters who hadn’t been paying attention to how Phelan has repeatedly thwarted conservative priorities and foolishly impeached Paxton now have no excuse to ignore Phelan’s sins.
EAGLE PASS, Texas (TND) — A convoy seeks to line the southern border with more than 700,000 vehicles and hold several rallies next week to demand action from the Biden administration.
The Take Our Border Back Southern Border Convoy will span from Virginia Beach, Va. to San Diego, Calif. and hold protests urging officials to enforce the Constitution’s amendments and halt human and drug trafficking across the border from Jan.29-Feb. 3.
Fellow citizens and compatriots … I call on you in the name of liberty, of patriotism and everything dear to the American character to come to our aid with all dispatch,” Pete Chambers, one of the coalition’s commanders, wrote. “If this call is neglected, we are determined to sustain ourselves as long as possible and act like soldiers who never forget what is due to our own honor and that of our country.”
The convoy aims to “send a message” to local, state and federal officials and law enforcement that they need to close the border and deport all illegal immigrants in its plan to “shine a spotlight” on open borders. Chambers claims Americans are “besieged on all sides” by evil “dark forces.”
“We have sustained continual bombardments of tyranny and have maintained our honor, prestige and esprit de corps,” Chambers asserted. “The enemy has demanded the surrender of Lady Liberty and her children. Tyrannical actors have tortured and oppressed without cause, without mercy and without reprieve.”
This is a bad idea and a silly story. Before we get to the ideological reasons, let’s explicate a much more basic one: Math.
Since there are three routes, let’s divide that 700,000 into three, which gives us 233,333 each going to Eagle Pass, Texas, Yuma, Arizona and one from California to Yuma (all details from their website).
They say that not just 18-wheelers, but cars, campers, etc. are welcome. So let’s use the average car length of 14.7 feet (rather than an average 18-wheeler length of 70 feet) just to be on the conservative side. There are 5,280 feet to a mile. That yields 359 cars per mile.
That’s 649 miles of cars per convoy.
But wait! It gets worse! According to their route, they are taking 290 through Dripping Springs, Texas on their way to Eagle Pass. 290 is a four-lane state highway (two lanes each way). Dripping (as the locals call it) is a small town of just under 5,000 people that used to be way the hell out in the country and is now in the Austin exurbs.
In April of last year, I went through Dripping on the way to and from a dog rescue event. They were having their Founder’s Day Festival, which they say draws “thousands,” and traffic on 290 slowed to a crawl.
I think there are seven stoplights in Dripping proper, and much more between it and Austin, between Austin and Manor, Manor and Elgin, etc.
There’s no way 649 miles of cars and trucks are passing Dripping in one day. It’s probably pushing it to expect one week.
By contrast, the Canadian trucker protests (for reasons very immediately concerning the truckers themselves) may have had 2,000 trucks join. Even that many would tie up Dripping for several hours.
This is evidently the guy behind it, who I’ve never heard of before:
The Infowars watermark doesn’t give me much confidence.
This is all before we ask why would truckers even go to the border in the first place. To make a wall that illegal aliens could just duck under between your tires? To be seen on TV? Neither are good reasons to massively inconvenience ordinary Texans who are already suffering the worst under Biden’s failure to secure the border.
I’m not sure if this is a false flag or some puffed up idea of a local gadfly. The 700,000 is an impossibility, and I would expect the actual turnout to be a tiny handful. (They might expect the same, which is why the Dripping rallying point is an HEB parking lot.)
If you wanted to do something equally stupid and counterproductive, but at least have the satisfaction of irritating the actual targets of your ire, a rolling roadblock of the Beltway and all the arteries into and out of D.C. for days on in, blowing your horns like they did in Canada, that would at least piss off the people responsible…
If you’ve been reading this blog for any length of time, then you’ve already familiar with some of how the Homeless Industrial Complex operates. Here’s a somewhat naive look at some of those problems.
There are some decent nuggets in here, but there are several big parts of the problem this piece ignores.
“America has a homelessness crisis as record numbers of people are ending up on the streets in a few concentrated city centers.”
“Cities are spending billions of dollars on failing projects to try and solve this problem, which has attracted a growing list of companies happy to provide their services for a price.”
“Helping the homeless has become a lucrative business, with multi-million dollar government contracts awarded every day. But if there’s so much money to be made, do these companies really want a long-term fix?”
Austin: “49 apartments for the homeless built at a whopping $739,000 a unit.”
“The annual budget for the Los Angeles Homeless Services Authority Rose from $63 million in 2015 to $808 million in 2022, a 1,300% increase in just 7 years. And what did the hardworking taxpayers of Los Angeles get for their money? The number of homeless people went up by 56%.”
“Everybody deserves the right to Affordable comfortable shelter.” False. Shelter is a good. Rights are God-given and Constitutionally guaranteed, not material goods.
LA: “The Inside Safe Homelessness Reduction Policy [was] to have social workers offer hotel rooms to homeless individuals while they sought out longer term housing arrangements data collected by the City and compiled by local news outlet The Center Square found that the plan had cost $250 million over just one year the program only served 1,463 individuals, which works out to be $17,000 per individual per month, that is over $200,000 every year being spent on one individual.”
“The homeless industrial complex is actually a combination of bad management structures, bad incentives, and bad market conditions.”
“The Los Angeles Homeless Services Authority is a joint Powers Authority that gets funding from federal, state, county and city budget budgets, but it doesn’t actually do any of the work itself.”
“According to the authority’s own website, the LHSA offers funding programs, design outcomes, assessment and technical assistance to more than 100 nonprofit partner agencies that assist people in experiencing homelessness achieve independence and stability in permanent housing.” Or so they say. How much of the money given to those 100 programs is siphoned directly to the pockets of leftwing activists?
“The organization that only runs a few programs of their own has over 750 employees, primarily dedicated to liasing with their nonprofit partners overseen by highly paid executives, including the CEO of public Va Licia Adams Kellum, who is paid a base salary of $430,000 per year.” Nice work, if you can get it. And that $420K doesn’t include any money that might be kicked back to her…
“According to SalaryCube and the Bureau of Labor Statistics, this is roughly double the pay of the average CEO for organizations of this size in the private sector.”
“Most of the money entering this program goes to nonprofit partners, but since each of them are contracted for niche roles across dozens of different programs the real work is bogged down an endless siloing of responsibilities and overhead.” No, harvesting the graft to leftwing activists and causes via the overhead is the intended result.
“Even though these are nonprofit organizations, they all want to protect their role so their people can keep their jobs and they frequently get into turf wars over whose responsibility is what. They also don’t have a direct line of communication to one another since all report reporting goes back through the LHSA.”
“The Housing Authority isn’t even the central authority within Los Angeles. Within just this one city, different homeless issues are handled by the LHSA, the chief of Housing and Homeless solutions, county homeless services, the California Department of Housing and Community Development, the federal inter-agency Council of homelessness, in addition to federal, state, city, and local police departments.” The more red tape and bureaucracy, the more palms that get greased.
“A senior adviser on homelessness to Governor Gavin Newsom defended the state of California spending $17.5 billion that much money would have been enough to just pay rent at market rates for every homeless person in the state with around $4 billion left over.”
I think I’m done critiquing this video. Despite having some useful numbers, he’s not looking in the right places. “Addiction” and “mental illness” each receive one mention (besides the counselor accused of identity theft fraud), but no mention of how that’s the primary driver of keeping people on the street, and only one mention of “housing first,” and no analysis of why it’s a disastrous policy. Nor has he looked to see if the principles receiving fund are passing that money on to Democratic candidates and causes.
In a followup to this post, I am happy to report that the St. Pancras station piano has now been freed from Chinese commie oppression.
And pianist Brendan Kavanagh had a few things to say about the CCP:
He displays a Winnie the Pooh doll and picture because “Pooh has been banned by the CCP as being subversive, and apparently if you have Winnie the Pooh, your videos won’t be shown in the Chinese Mainland. This shows the power of the arts to undermine authoritarianism.”
The original video has “taken particularly off in Hong Kong, in Taiwan, and anyone who suffered from oppression.”
“We all know who [the oppressors] are: They are living Western lifestyles, but having a Communist authoritarian ideology.”
“This piano has become a CCP free zone. Yesterday, there was people from Hong Kong here. God bless Hong Kong, glory be to Hong Kong, and the people who put on the Hong Kong video. Their YouTube channel was immediately deleted.”
“I completely support the arts to undermine authoritarianism.”
“Winnie the Pooh has the ability to undermine authoritarian cultures. It’s not just political activism it’s actually the arts which they are afraid of.
“XiXi is frightened of Winnie, can you believe it? The Red Army is frightened of Winnie the Pooh because what they were doing they were comparing XiXi to Winnie. They said he looked a bit similar. XiXi’s feelings were hurt, and so he banned Winnie the Pooh completely from mainland China. So Winnie the Pooh has also become a symbol of free artistic expression in the face of unjust authoritarians.”
“It it was the Streisand Effect effects par excellence, this video.”
“I totally support Taiwan, and I totally support artistic expression.”
“The little pinks tried to shut us down they failed miserably.”
“This piano has become a CCP little pink free zone! God bless you all, thank you for supporting the video!”
A tiny, technical correction: The Communist Chinese are totalitarians rather than authoritarians, as they seek to control every aspect of life, not just rule an existing social structure. See Jeanne Kirkpatrick’s Dictatorships and Double Standards.
The biggest story right now is that Abbott isn’t backing down from securing the border, and a whole bunch of states are backing him in his high-profile fight with the federal government.
As the standoff continues between the Biden administration and the state of Texas over the crisis at the southern border, Gov. Greg Abbott says Texas will continue to push back against the invasion.
At the center of the current controversy is a recent U.S. Supreme Court order that allows federal agents to remove concertina wire and other barriers placed along the Rio Grande by the Texas National Guard and the Texas Department of Public Safety.
Ground Zero of that battle is Shelby Park in Eagle Pass, where state forces have taken over a park along the border and have thus far prevented federal officials from entering.
Abbott says the state is taking action because of a failure from the Biden administration.
“The federal government has broken the compact between the United States and the States. The Executive Branch of the United States has a constitutional duty to enforce federal laws protecting States, including immigration laws on the books right now. President Biden has refused to enforce those laws and has even violated them,” said Abbott. “The result is that he has smashed records for illegal immigration. Despite having been put on notice in a series of letters—one of which I delivered to him by hand—President Biden has ignored Texas’s demand that he perform his constitutional duties.”
He went on to say the U.S. Constitution allows for states to push back against invasions:
James Madison, Alexander Hamilton, and the other visionaries who wrote the U.S. Constitution foresaw that States should not be left to the mercy of a lawless president who does nothing to stop external threats like cartels smuggling millions of illegal immigrants across the border. That is why the Framers included both Article IV, § 4, which promises that the federal government “shall protect each [State] against invasion,” and Article I, § 10, Clause 3, which acknowledges “the States’ sovereign interest in protecting their borders.”
To that end, Abbott cited an executive order issued by him in November 2022 to “invoke Texas’s constitutional authority to defend and protect itself.”
“President Biden and his Administration have left Americans and our country completely vulnerable to unprecedented illegal immigration pouring across the Southern border. Instead of upholding the rule of law and securing the border, the Biden Administration has attacked and sued Texas for stepping up to protect American citizens from historic levels of illegal immigrants, deadly drugs like fentanyl, and terrorists entering our country.
“We stand in solidarity with our fellow Governor, Greg Abbott, and the State of Texas in utilizing every tool and strategy, including razor wire fences, to secure the border. We do it in part because the Biden Administration is refusing to enforce immigration laws already on the books and is illegally allowing mass parole across America of migrants who entered our country illegally.
“The authors of the U.S. Constitution made clear that in times like this, states have a right of self-defense, under Article 4, Section 4 and Article 1, Section 10, Clause 3 of the U.S. Constitution. Because the Biden Administration has abdicated its constitutional compact duties to the states, Texas has every legal justification to protect the sovereignty of our states and our nation.”
Signatories include: Governor Kay Ivey (AL), Governor Mike Dunleavy (AK), Governor Sarah Sanders (AR), Governor Ron DeSantis (FL), Governor Brian Kemp (GA), Governor Brad Little (ID), Governor Eric Holcomb (IN), Governor Kim Reynolds (IA), Governor Jeff Landry (LA), Governor Tate Reeves (MS), Governor Mike Parson (MO), Governor Greg Gianforte (MT), Governor Jim Pillen (NE), Governor Joe Lombardo (NV), Governor Chris Sununu (NH), Governor Doug Burgum (ND), Governor Mike DeWine (OH), Governor Kevin Stitt (OK), Governor Henry McMaster (SC), Governor Kristi Noem (SD), Governor Bill Lee (TN), Governor Spencer Cox (UT), Governor Glenn Youngkin (VA), Governor Jim Justice (WV), and Governor Mark Gordon (WY).
Moreover, documents prove that Biden’s assault on America’s border security was intentional.
As President Joe Biden’s immigration crisis overwhelms the United States and wreaks havoc on the state’s resources, confidential documents suggest the president’s open border policies were intentional.
The Immigration Reform Law Institute (IRLI) filed a lawsuit against Biden’s Department of Homeland Security (DHS), claiming the agency halted the 287(g) program, which assists in the deportation of illegal migrant child rapists, attempted murderers, assailants, carjackers, and other known criminals.
In August 2023, Immigration and Customs Enforcement (ICE) revealed that the government ended the program in January 2021— right after Biden entered office. However, the compromised agency gave no reason why the government did that.
The 287(g) program allows local law enforcement agencies to work closely with ICE to capture illegal aliens who have committed crimes. They were then able to turn the migrants over to federal officials for arrest and deportation.
Expenditures on one of the most controversial federal programs aiding the millions of illegal immigrants and refugees from Afghanistan, Cuba, and Haiti have skyrocketed more than $2 billion in two years, according to a new report by a non-profit government spending watchdog.
Spending on the Office of Refugee Resettlement (ORR) in the Department of Health and Human Services (HHS) jumped from $8.9 billion in 2022 to more than $10.9 billion last year, auditors at OpenTheBooks.org (OTB), the Hinsdale, Illinois-based watchdog, found.
Most of the ORR spending explosion came in grants under ORR’s Refugee and Entrant Assistance program that provides a lengthy list of services to such individuals, including emergency housing assistance, work authorizations, public assistance benefits, medical screening, school enrollment, employment, and mental health referrals, and legal assistance.
Such spending was $33.4 million in 2021, the first year of President Joe Biden’s administration. But it hit $404.5 million the next year and then increased to $616.6 million last year, according to federal data obtained by OTB under the U.S. Freedom of Information Act (FOIA).
Much of the funding went to seven social service organizations, including the U.S. Conference of Catholic Bishops ($66.5 million), the International Rescue Committee ($66.4 million), Lutheran Immigration and Refugee Services ($66.2 million), Church World Service ($64.9 million), U.S. Committee for Refugees and Immigrants ($64.6 million), HIAS (originally the Hebrew Immigrant Aid Society)($56.4 million), and the Ethiopian Community Development Council ($51.6 million).
Trump says he’ll reverse all this:
NEW: Donald Trump says illegals shouldn't get too comfortable because they will be going home, pledges to work with Abbott and Texas to stop the invasion pic.twitter.com/i9dPyBglaA
1. More Democrats voted for Haley than Republicans.
Much like the morning after a drunken hookup with that salad-phobic dude from the IT department, the sun rose to reveal Darling Nikki’s reality. It turns out that a whopping 70% of Haley’s votes were grudge votes from Democrats according to exit polls.
I’m surprised Haley didn’t dump a bucket of Gatorade over herself Tuesday night as she celebrated another shattering loss. More importantly, either Haley doesn’t know a bunch of patchouli ghoulies voted for her, or she doesn’t care.
According to my calculator, 70% of her 136,461 votes is 95,522. Do the subtraction and Haley received a paltry 40,938 Republican votes compared to Trump’s 172,202. In other words, Trump got well over four times as many Republican votes, and Haley got hammered like Thor for the second time.
And yet Haley still got more votes than Biden…
Things that make you go Hmmm: “U.S., Chinese Researchers Wanted to Engineer Virus Similar to Covid One Year before Pandemic Outbreak, Internal Docs Show.”
In an editorial fit for The Onion or the Babylon Bee, Los Angeles Times’ letters editor Paul Thornton wrote a column this week entitled “If you want to leave, fine. But don’t insult California on the way out.”
The column acknowledges an exodus from the state, but sees the problem as former Californians sharing their experiences about what drove them from the Golden State.
It is like Captain William Bligh asking the mutinous crew of the Bounty for a reference as they head for the lifeboats.
Thornton wrote that “more than 800,000 Californians moved away in 2022, and many thousands more left last year. Often, the departees, cash in hand from the sale of their $1-million bungalows, feel the need to express disdain for their home state, and even some anger too.”
He then begs them to keep mum about their reasons for leaving the state, which commonly range from rising crime to high taxes to runaway spending.
And speaking of the LA Times, 115 staffers were just laid off. Sucks to be you. I would suggest learning some Python, but with so many startups shutting down, it probably wouldn’t help. Instead, maybe they should learn to weld. (Hat tip: Legal Insurrection.)
“Senate Candidate Says Fraudulent Donation to Speaker Phelan Made in His Name…Jace Yarbrough, an attorney and Air Force veteran, was shown on a recent campaign finance report as having sent a $75 donation to Phelan on December 24, just days after he filed to run for the open Senate District 30 seat. Yarbrough, however, has categorically denied making any donation to Phelan…He also emphasized his role as counsel to State Sen. Angela Paxton (R–McKinney) during the impeachment trial of her husband Attorney General Ken Paxton that was championed by Phelan.”
Islam is on the verge of completely taking over Europe, in all ways—at least according to one who should know, Hans-Georg Maaßen, Germany’s top domestic intelligence chief from 2012 to 2018. In a recent interview, he stressed several points that spell the imminent downfall of Europe to Islam.
His warnings are buttressed by disturbing demographic changes. According to conservative estimates from Pew Research, over the next 25 years—meaning most of the current generation’s lifetime—Europe’s Muslim population will triple to a staggering 76 million. In fact, the actual current and future numbers of Muslims appear to be higher, though there are no official tallies. For example, in an earlier, 2011 study, Pew Research found that “The number of Muslims in Europe has grown from 29.6 million in 1990 to 44.1 million in 2010. Europe’s Muslim population is projected to exceed 58 million by 2030.” Clearly 58 million in five years’ time is more significant than 76 million in 25 years’ time.
Not only is mass migration responsible for Islam’s exponential growth in Europe, but once there, the average Muslim woman has significantly more children than the average European woman. “Muhammad” is taking West Europe by storm as the number one name for newborn baby boys.
During his interview, Hans-Georg Maaßen said that these large numbers are intentional, and the work of Europe’s ruling elite. For this intelligence chief, the “great replacement” theory is no myth. The more ideologically mixed a population is forced into becoming, the less able it is to identify itself, much less protect any beliefs:
[O]ur politicians want a different population. The political left follows the course of the anti-German ideology. The more heterogeneous a population, the less able it is to articulate itself and have a democratic say. The more politics accept immigrants from other countries as they see fit and grants them citizenship, the more politics select the people of the state and influence the election results. These migrants then vote differently than the locals.
Journalist who criticized tennis players Novak Djokovic for not getting the jab dies of suddenly.
B-21 Raider officially enters production. Though the B-21 has contained costs better than some Air Force programs, I believe the days of expensive manned bombers has passed.
Director Norman Jewison dead at 97. He directed more popular and critically acclaimed films, but for me he’ll always be the director of the vastly underrated Rollerball. (Previously.) (Hat tip: Dwight.)
America’s largest skyscraper will be built in…Oklahoma City? Yeah, can’t see the economic case there.
The Biden recession and other trends made 2023 a horrible year for startups.
“Big startups are shutting down. According to PitchBook, more than 3,000 private venture backed startups failed in the last year.”
“Of the startups raising money, 19% were funded at a lower valuation than in prior funding rounds.”
“38% of VCs disappeared from dealmaking last year and more than a quarter of a million workers at tech companies were laid off over the same period.”
“US corporate bankruptcy filings closed out 2023 with the most filings since 2010. The year has been described as a mass extinction event for startups in the press.”
Some of the startup failures Boyle namechecks (Hyperloop, Bird) seemed like stupid ideas from the git-go. “Bird the electric scooter rental company—which was also supposed to reinvent public transportation—filed for chapter 11 bankruptcy protection. It was the fastest startup to ever land a billion-dollar valuation, and at its peak was worth two and a half billion dollars. It was delisted from the New York Stock Exchange in September after failing to maintain a market cap of above $15 million dollars for 30 consecutive days.”
“Who would have thought that renting scooters to drunk people for a dollar (who would then throw them in a canal on their way home) would be a money losing business? Bird ran up more than $1.6bn in net losses since 2018 before finally running out of money.”
Smile Direct Club: $8.9 billion valuation at 2019 IPO. “The stock fell in value over time as the company proved to be unprofitable year after year. The company shut down last month $900 million dollars in debt.”
One I never heard of: “The health tech startup Olive AI which reached a peak valuation of $4 billion dollars in 2020 driven by the need for automation in healthcare during the pandemic. The company raised over 900 million dollars from investors. In 2022 the company began laying off staff citing ‘tough economic conditions.’ The company was allegedly trying to raise money when it abruptly shut down in November. Going out of business in 2023 was particularly surprising for a company with AI in its name.” Indeed, AI seems to be the current space where stupid money goes to die.
Another one I never heard of: Zume.
No.
“Zume – the robot pizza delivery company which had raised $445 million dollars in VC funding, the majority of which came from SoftBank in 2018 at a two and a quarter billion-dollar valuation, shut down this summer.” Stupid, but at least I can see why California companies would invest heavily in food automation with that $16 (and rising) minimum wage.
WeWork “set out to revolutionize office real estate – by having an app – which I’m told didn’t work very well, and free beer on tap filed for bankruptcy in November.” I’ve covered WeWork previously.
“WeWork and its founder Adam Neumann were the poster boys of how a blitzscaled business model led by a charismatic founder could apply a veneer of technology to an old business idea and attract venture capital funding to achieve a multibillion dollar valuation.”
“At its peak, WeWork was valued in private markets at $47 billion dollars. Softbank alone invested 16 billion dollars into the company. Masayoshi Son, SoftBank’s founder, allegedly invested his first $4.4 billion dollars in the shared office space company after Neumann gave him a 12-minute tour of a WeWork in 2016. With such a short tour, it’s unlikely that the free beer even had an impact.”
“Softbank – run by Masayoshi Son (Japan’s Cathie Wood) was one of the biggest startup investors in the last decade. They invested in all sorts of non tech companies that were made to look like tech in order to attain a sky-high valuation. According to Bloomberg, the SoftBank Vision Fund alone lost $53 billion dollars over the last two years on startup investments.”
“We have seen a very difficult period for startups over the last year or two, but it comes in the wake of probably the best period for VC backed startups in decades. During the decade from 2011 to 2021 VC investment in private start-ups grew more than sevenfold, from 46 billion dollars in 2011 to $345 billion dollars in 2021.”
“In 2022 when the federal reserve began hiking interest rates, this money began drying up as investors lost their taste for unprofitable, but high growth, investments.”
That investment boom was driven by two things: Low interest rates and “a recent history of profitable exits from VC funded startups like Facebook, Google, Whatsapp and Snap meant that investors were suddenly paying a lot of attention to tech startups – hoping to repeat those successes.”
“Venture capital went from being a small asset class run out of offices on Sand Hill Road that had burned investors in the dot com bubble to a massive global asset class like hedge funds or private equity.”
The Flu Manchu lockdowns brought investment from “‘working from home’ companies like Zoom and Peloton.” I always thought of Peloton as a lifestyle luxury brand.
“People were using apps like Uber and DoorDash for food delivery, and booking rentals on Airbnb to get out of big cities now that they no longer had to turn up in the office.”
“While the prior wave of profitable high growth tech stocks had been (one way or another) in the advertising space, or in businesses like cloud computing, the new wave of startups had untested business models—gig economy businesses which attracted a lot of competition and might never flip to profitability—or robot-made pizza which would be cooked on route to a customer’s home.”
“A lot of the VC’s possibly believed in many of the questionable investments that have since gone bust, but a venture capital fund isn’t really there to hold on to these investments until the underlying business flips to profitability. They invest at the idea stage with the goal of selling these businesses on to the public when the hype is at its peak.”
“They did manage to unload a number of the biggest flops like WeWork – but not at the valuations they were hoping for, and have found themselves holding the bag on a lot of investments that they bought into at peak valuation.”
“The huge valuations many of these companies were attaining in the private market may have been more of a function of how much money had flowed into the private tech startup market since 2011 rather than necessarily reflecting the quality of these companies and their business models.”
“According to Erin Griffith at The New York Times, $27.2 billion dollars in VC funding had gone into the 3,200 venture-backed companies that went out of business in the first 11 months of 2023.” And that’s just the firms trackable on PitchBook. The true total is almost certainly higher.
“That 27.2 billion dollar number excluded many of the largest startup failures that went public, like WeWork, or that found buyers at much lower prices than VC investors had invested at.”
“The hype around AI that we have seen in the last year has masked a lot of the losses in the tech space.”
“Meta was up 178 percent last year due to a combination of AI hype and cost cutting within their core business. This covers up the 46.5 billion dollars lost on the Metaverse – which no one will venture into, for fear that they run into Mark Zuckerberg.” I strongly suspect that a lot of those VR losses are actually money siphoned off for something else.
Despite this, stocks like Meta, Microsoft and Nvidia have hit all-time highs.
“One of the negative economic effects of startup shutdowns is that in such an environment it becomes harder for founders with good business ideas to get funding.”
“According to PitchBook, the number of active investors in US Venture Capital, which was defined as firms that made two or more deals in the last year, plummeted by 38% in the first three quarters of 2023 compared to the same period the prior year.”
Many of the startup failures were zombie companies, those that should have failed earlier but were kept alive by VC money and low interest rates.
“No one wants to see firms going out of business, especially startups which are often the most exciting and innovative firms, but if a business model makes no sense, or only works in a zero-interest rate environment, then its disappearance means that capital can again flow in the direction of the best businesses.”
The startup bust has direct negative effects on me personally, as I’m still between technical writing positions, and a lot of the jobs I’ve gotten over the past two decades have been with startups.
And sometimes I post something just because it makes my blood boil. Such is the case with these Communist Chinese tourists traveling in the UK who think they have a right to tell others what they can and can’t do in public spaces.
Pianist and YouTuber Brendan Kavanagh is livestreaming himself playing in the London St. Pancreas Pancras tube station on a piano specifically given to the station by Elton John to promote live impromptu performances for the public, when Communist Chinese tourists imperiously demand he stop filming because they don’t want to be on camera.
Does any other nation’s tourists act with such entitlement toward the citizens of the country they’re traveling through? (Maybe French Parisians.)
But wait! It gets worse! UK police, rather than telling the Communist Chinese to suck lemons, have now cordoned off the piano with two guards to prevent the piano from being played. Because evidently the precious feels of Chinese Communist tourists trump the rights of the British public.
“You can’t make this stuff up.”
“Let’s keep ourselves able to play to make free music in the free world.”
George Soros has set his sights on Texas yet again.
Newly released campaign finance reports show George Soros in the top ten political donors in Texas.
Texas’ latest campaign finance reports show liberal billionaire George Soros has been pouring money into political action committees rather than funding candidates directly.
Soros contributed a total of $2,562,000 across several PACs between August and December 2023, making him one of the top 10 contributors in Texas.
Receiving over a million dollars from Soros, the Texas Majority PAC boasts the motto “let’s turn Texas blue.” The organization seeks to elect statewide Democrat officials by researching the most effective strategies to accomplish this goal.
Texas Organizing Project PAC received a quarter of a million dollars from Soros. Placing their mission’s emphasis on black and Latino voters, TOP focuses on reaching the minority communities in Texas to shift the state’s political leaning. However, TOP has also been linked in recent years to bailing out hundreds of inmates with severe criminal records.
After TOP was linked to Soros in the past, former candidate for Harris County Judge Alexandra Mealer posted on social media, saying “TOP works year around to elect candidates in favor of dismantling the criminal justice system so no surprise on [Soros donation].”
Soros also contributed to the Hidalgo County Democrat Party, which aims to emphasize elections at all levels rather than only those on a larger scale.
CTX Votes, Dallas County Democratic PAC, Cameron County Democratic Party Executive Committee, and Planned Parenthood Texas Votes PAC all listed Soros as a top contributor, with CTX Votes and Cameron County receiving over 94 percent of their total contributions from Soros.
In addition, Soros was in the top 10 contributors for both First Tuesday and the Texas Justice & Public Safety PAC.
One particularly interesting race is that for Harris County DA, where’s backing a primary challenger to incumbent Kim Ogg, whom he had previously supported.
Vying for her third term as Harris County district attorney, Kim Ogg faces a challenge in the Democratic primary from a former prosecutor who is backed by Harris County Judge Lina Hidalgo and groups funded by billionaire criminal justice reform donor George Soros.
Ogg’s challenger, Sean Teare, worked for the Harris County District Attorney’s Office (HCDAO) until February of last year, most recently as head of the Vehicular Crimes Division. After announcing his candidacy, his campaign raised $785,000 in the first six months of 2023, while Ogg trailed behind at $56,000. According to the most recent campaign finance reports, Ogg took in $282,000 compared to Teare’s $279,000 in the second half of the year.
Official campaign finance reports also show that Teare is receiving assistance from the Texas Justice and Public Safety PAC, a political action committee that has received most of its funding directly from Soros. The PAC, which previously supported the campaigns of Travis County District Attorney Jose Garza and Dallas County District Attorney John Creuzot, provided polling services to Teare.
Teare’s reports also show coordination with the Texas Organizing Project, a criminal justice reform group that often posts bail for suspects and supports candidates who will work to end the cash bail system.
On the campaign trail, Teare has criticized Ogg for “weaponizing the DA’s office” against political opponents.
After an investigation into an alleged bid-rigging scheme for a COVID-19 vaccine outreach contract in 2021, a Harris County grand jury issued felony indictments for three of Hidalgo’s staffers, which Teare and Hidalgo have blamed on Ogg.
A day after news broke in November 2023 that the Texas Rangers had issued new search warrants related to the case, at a press conference Hidalgo accused Ogg of leaking the warrants to the media. She also used the press conference, which took place on county property and was live-streamed on the Office of the County Judge’s official social media accounts, to announce her support for Teare, which drew a new criminal complaint and an ethics complaint against Hidalgo.
For more on ethics complaints against Hidalgo, see here. And here. And here. And here. And here.
In an interview with FOX 26 Houston this week, Ogg lambasted Teare for not revealing that after leaving his post at the HCDAO he went to work for the Cogdell Law Firm, which represents Hidalgo’s indicted former staffer Alex Triantaphyllis. According to Ogg, Teare was still a senior staffer at the HCDAO at the time prosecutors were building the cases against Hidalgo’s staff.
“The notion that I should turn a blind eye simply because it was committed by a Democrat is not just offensive. It’s dangerous,” said Ogg.
That is, in fact, exactly what Soros-backed social justice tools expect
Teare’s campaign website features Hidalgo’s endorsement along with those of state Rep. Gene Wu (D-Houston) and a group of Harris County Democratic Party (HCDP) precinct chairs.
On the Republican side, Dan Simons seems to be running for DA, but his campaign doesn’t have a website up yet. An odd decision, since he filed fr the race over a month ago and primary day is less than two months out.
Having seen the devastating toll letting a Soros-backed DA run your county has taken on Harris County thanks to high levels of violence from criminals put back on the street, you would think the Harris County GOP would be doing more to make sure it doesn’t happen again…
Russia laid the groundwork for expanding its soft power across North America and Asia with a new executive order signed by Vladimir Putin last week.
The new order provides funds for the search, registration and legal protection of Russian properties abroad, including land and buildings located on the territory of the former Russian Empire and the Soviet Union.
Among the areas affected by the new decree is Alaska, which was sold to the United States in 1867 and still has communities with close ties to Russia.
Central and Eastern Europe, Scandinavia, and large parts of Asia were once part of the former empire.
However, the Institute for the Study of War (ISW) notes that “it is not clear what Russia’s current or historical assets consist of.”
This first of what promises to be multiple Nelsons
A second Nelson, because one simply wasn’t enough.
Evidently Putin’s continuing inability to conquer Ukraine, a former vassal state laying right next door, wasn’t enough of a humiliation for him, and he needs to pretend he can go toe-to-toe with the world’s only hyperpower to reclaim the 49th state over a century-and-and half old case of buyer’s seller’s remorse.
Another Nelson, just because.
Let’s, for the moment, set aside the distinct possibility that this declaration of suzerainty over former Soviet states not only implicitly threatens the Baltic Nations, but also Georgia, Azerbaijan, Armenia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Turkmenistan.
Basically, all the Stans.
Still, the “just wants to watch the world burn” part of me wants to see Pooty-Poot’s Russia try to conquer Alaska, if only because the American reaction to whatever half-assed misexpedition across the Bearing Strait Russia is able to launch might result in the complete seizure of the Kuril-Aleut oil fields in far eastern Siberia. Indeed, I imagine that it wouldn’t even be a week before American air power completely wrecked the fragile Transiberian Railway and Highway, making Russian forces in the far east completely SOL. At that point, an American air and sea bridge from Alaska would still provide more reliable logistical support than Russia’s long, primitive and fragile Transiberian transport network.
One wonders what purpose these vainglorious, unenforceable pronouncements are meant to serve. It’s like an eight year old building a pillow fort in the middle of the living, loudly proclaiming “Better not come in here! It’s my fort!” Only for his mother to ignore it and pick up the couch cushions because The Price Is Right is on.
Maybe no other reason than puffing up Putin’s fragile ego.
Perhaps Putin should limit himself to one unwinnable “Special Military Operation”” at a time…
Ron DeSantis dropped out of the presidential race Sunday afternoon and endorsed former president Donald Trump, announcing the suspension of his embattled campaign in a video posted to social media just two days before the first-in-the-nation New Hampshire primary.
DeSantis’s departure comes days after his allies began making calls to top donors asking whether the candidate should drop out ahead of the New Hampshire primary.
The campaign continues to tell reporters that their candidate will stay in the race through South Carolina, force rival and former South Carolina governor Nikki Haley to drop out should she lose her home state, and hopefully go toe-to-toe with Trump in the event that she drops out.
But behind closed doors, DeSantis allies are of course mindful of the fact that the Florida governor continues to poll in the single digits in New Hampshire compared with Haley, who is still polling behind Trump but is gaining on him in some surveys. As recently as Tuesday, one day after DeSantis finished roughly 30 points behind first-place finisher Donald Trump in Iowa, the campaign insisted that DeSantis still had a path forward to the nomination.
No one outside of the MSM and desperate NeverTrumpers give a rat’s ass about Haley.
On paper, DeSantis should have been a formidable candidate. The popular governor of a large, thriving state, DeSantis had more impressive credentials than Trump when it came to fighting wokeness, pulling it out root and branch in Florida institutions.
But his campaigning has, alas, been anything but impressive. Indeed, he never gained any traction and all the media attention as the “Trump alternative” has been lavished on Haley.
Usually second place in Iowa is quite a respectable showing (Trump himself came in second to Ted Cruz in 2016, and Ronald Reagan to George H. W. Bush in 1976), one that punches your ticket to later primaries, usually to at least Super Tuesday. But Trump won an absolute majority in Iowa, something that hasn’t happened for a non-incumbent in the last half century. (Maybe longer; online records before that seem spotty.) DeSantis and his team seem to have figured, I think correctly, that he had no path to the nomination.
At this point, Trump looks poised to win every primary on the schedule, including Nikki Haley’s home state of South Carolina, where he currently leads her by 35 points.
Now the only question is whether the NeverTrump rump (and I include National Review here) will swallow both their pride and their shame at refusing to fight over the stolen 2020 election and embrace the overwhelming choice of the Republican Party base, or will they go hunting for another Egg McMuffin to prop up in a desperate bid to spoil Trump’s election chances?
