WASHINGTON (AP) — Special counsel Jack Smith moved to abandon two criminal cases against Donald Trump on Monday, acknowledging that Trump’s return to the White House will preclude attempts to federally prosecute him for retaining classified documents or trying to overturn his 2020 election defeat. The decision was inevitable, since longstanding Justice Department policy says sitting presidents cannot face criminal prosecution. Yet it was still a momentous finale to an unprecedented chapter in political and law enforcement history, as federal officials attempted to hold accountable a former president while he was simultaneously running for another term. Trump emerges indisputably victorious, having successfully delayed the investigations through legal maneuvers and then winning re-election despite indictments that described his actions as a threat to the country's constitutional foundations. “I persevered, against all odds, and WON," Trump exulted in a post on Truth Social, his social media website. He also said that “these cases, like all of the other cases I have been forced to go through, are empty and lawless, and should never have been brought.” The outcome makes it clear that, when it comes to a president and criminal accusations, nothing supersedes the voters' own verdict. In court filings, Smith's team emphasized that the move to end their prosecutions was not a reflection of the merit of the cases but a recognition of the legal shield that surrounds any commander in chief. “That prohibition is categorical and does not turn on the gravity of the crimes charged, the strength of the Government’s proof, or the merits of the prosecution, which the Government stands fully behind,” prosecutors said in one of their filings. They wrote that Trump’s return to the White House “sets at odds two fundamental and compelling national interests: on the one hand, the Constitution’s requirement that the President must not be unduly encumbered in fulfilling his weighty responsibilities . . . and on the other hand, the Nation’s commitment to the rule of law.” In this situation, “the Constitution requires that this case be dismissed before the defendant is inaugurated,” they concluded. Smith’s team said it was leaving intact charges against two co-defendants in the classified documents case — Trump valet Walt Nauta and Mar-a-Lago property manager Carlos De Oliveira — because “no principle of temporary immunity applies to them.” Steven Cheung, Trump's incoming White House communications director, said Americans “want an immediate end to the political weaponization of our justice system and we look forward to uniting our country.” Trump has long described the investigations as politically motivated, and he has vowed to fire Smith as soon as he takes office in January. Now he will start his second term free from criminal scrutiny by the government that he will lead. The election case brought last year was once seen as one of the most serious legal threats facing Trump as he tried to reclaim the White House. He was indicted for plotting to overturn his defeat to Joe Biden in 2020, an effort that climaxed with his supporters' violent attack on the U.S. Capitol on Jan. 6, 2021. But the case quickly stalled amid legal fighting over Trump’s sweeping claims of immunity from prosecution for acts he took while in the White House. The U.S. Supreme Court in July ruled for the first time that former presidents have broad immunity from prosecution, and sent the case back to U.S. District Judge Tanya Chutkan to determine which allegations in the indictment, if any, could proceed to trial. The case was just beginning to pick up steam again in the trial court in the weeks leading up to this year’s election. Smith’s team in October filed a lengthy brief laying out new evidence they planned to use against him at trial, accusing him of “resorting to crimes” in an increasingly desperate effort to overturn the will of voters after he lost to Biden. In asking for the election case to be dismissed, prosecutors requested that Chutkan do it “without prejudice,” raising the possibility that they could try to bring charges against Trump again after he leaves office. But such a move may be barred by the statute of limitations, and Trump may also try to pardon himself while in office. The separate case involving classified documents had been widely seen as legally clear cut, especially because the conduct in question occurred after Trump left the White House and lost the powers of the presidency. The indictment included dozens of felony counts accusing him of illegally hoarding classified records from his presidency at his Mar-a-Lago estate in Palm Beach, Florida, and obstructing federal efforts to get them back. He has pleaded not guilty and denied wrongdoing. The case quickly became snarled by delays, with U.S. District Judge Aileen Cannon slow to issue rulings — which favored Trump’s strategy of pushing off deadlines in all his criminal cases — while also entertaining defense motions and arguments that experts said other judges would have dispensed with without hearings. In May, she indefinitely canceled the trial date amid a series of unresolved legal issues before dismissing the case outright two months later. Smith’s team appealed the decision, but now has given up that effort. Trump faced two other state prosecutions while running for president. One them, a New York case involving hush money payments, resulted in a conviction on felony charges of falsifying business records. It was the first time a former president had been found guilty of a crime. The sentencing in that case is on hold as Trump's lawyers try to have the conviction dismissed before he takes office, arguing that letting the verdict stand will interfere with his presidential transition and duties. Manhattan District Attorney Alvin Bragg's office is fighting the dismissal but has indicated that it would be open to delaying sentencing until Trump leaves office. Bragg, a Democrat, has said the solution needs to balance the obligations of the presidency with “the sanctity of the jury verdict." Trump was also indicted in Georgia along with 18 others accused of participating in a sprawling scheme to illegally overturn the 2020 presidential election there. Any trial appears unlikely there while Trump holds office. The prosecution already was on hold after an appeals court agreed to review whether to remove Fulton County District Attorney Fani Willis over her romantic relationship with the special prosecutor she had hired to lead the case. Four defendants have pleaded guilty after reaching deals with prosecutors. Trump and the others have pleaded not guilty. Associated Press writers Colleen Long, Michael Sisak and Lindsay Whitehurst contributed to this story.
Former President Jimmy Carter has died at the age of 100. The 39th president of the United States was a Georgia peanut farmer who sought to restore trust in government when he assumed the presidency in 1977 and then built a reputation for tireless work as a humanitarian. He earned a Nobel Peace Prize in 2002. Carter died Sunday, coming up on two years after entering hospice care, at his home in Plains, Georgia. At age 52, Carter was sworn in as president on Jan. 20, 1977, after defeating President Gerald R. Ford in the 1976 general election. Carter left office on Jan. 20, 1981, following his 1980 general election loss to Ronald Reagan. Here's the latest: United Nations Secretary-General António Guterres on Sunday praised Carter for his significant contributions to international peace through the Camp David Accords, the SALT II Treaty and the Panama Canal treaties. “President Carter’s commitment to international peace and human rights also found full expression after he left the presidency,” Guterres said in a statement. "He played a key role in conflict mediation, election monitoring, the promotion of democracy, and disease prevention and eradication. These and other efforts earned him the Nobel Peace Prize in 2002 and helped advance the work of the United Nations. “President Carter will be remembered for his solidarity with the vulnerable, his abiding grace, and his unrelenting faith in the common good and our common humanity,” Guterres said. King Charles III joined leaders from around the world in issuing their condolences and sharing their reflections on the former president. “It was with great sadness that I learned of the death of former President Carter," the king said in a public statement. “He was a committed public servant, and devoted his life to promoting peace and human rights. His dedication and humility served as an inspiration to many, and I remember with great fondness his visit to the United Kingdom in 1977." President Joe Biden broke from his family vacation in the U.S. Virgin Islands to remember Carter, recalling his predecessor as a role model and friend. America and the world lost a “remarkable leader” with Carter’s death, Biden said, adding that he had spoken to several of the former president's children and was working with them to formalize memorial arrangements in Washington. Speaking for roughly 10 minutes, Biden remembered Carter as a humanitarian and statesman, someone he couldn't imagine walking past a person in need without trying to help them. He represented “the most fundamental human values we can never let slip away,” Biden said. The president repeatedly praised Carter's “simple decency” and his values, saying some will see him as a man of honesty and humility from a bygone era. “I don’t believe it’s a bygone era. I see a man not only of our time, but for all times,” Biden said. “To know his core, you need to know he never stopped being a Sunday school teacher at that Baptist church in Plains, Georgia.” Egyptian President Abdel-Fattah el-Sissi said on X that Carter's significant role in achieving the peace agreement between Egypt and Israel "will remain etched in the annals of history.” He went on to say Carter's “humanitarian work exemplifies a lofty standard of love, peace, and brotherhood.” Carter will be remembered as “one of the world’s most prominent leaders in service to humanity,” el-Sissi said. President Joe Biden will speak about Carter Sunday evening. The president will make his address from a hotel in St. Croix, from the U.S. Virgin Islands, where he is on a holiday vacation with his family. Jimmy and Rosalynn Carter had one of the great love stories and political partnerships in U.S. presidential history. The former president sometimes called his wife, who died Nov. 19. 2023, “Rosie,” which is a good way to remember how her name actually is pronounced. It is “ROSE-uh-lyn,” not, repeat NOT, “RAHZ-uh-lyn.” They were married more than 77 years but their relationship went back even further. Jimmy’s mother, “Miss Lillian,” delivered Eleanor Rosalynn Smith at the Smith home in Plains on Aug. 18, 1927. The nurse brought her eldest child back a few days later to visit, meaning the longest-married presidential couple met as preschooler and newborn. She became his trusted campaign aide and White House adviser, surprising Washington by sitting in on Cabinet meetings. Then they traveled the world together as co-founders of The Carter Center. Most of the nation saw the former president for the last time at Rosalynn Carter’s funeral. Jason Carter is now the chairman of The Carter Center’s board of governors. He said his grandparents “never changed who they were” even after reaching the White House and becoming global humanitarians. He says their four years in Washington were just one period of putting their values into action and that the center his grandparents founded in Atlanta is a lasting “extension of their belief in human rights as a fundamental global force.” Jimmy and Rosalynn Carter traveled the world advocating for democracy and fighting disease, but Jason Carter said they weren’t motivated by pity, or arrogance that a former American president had all the answers — they ventured to remote places because they could “recognize these people.” They too were from “a 600-person village” and understood that even the poorest people “have the power ... the ability ... the knowledge and the expertise to change their own community.” As reaction poured in from around the world, President Joe Biden mourned Carter’s death, saying the world lost an “extraordinary leader, statesman and humanitarian” and he lost a dear friend. Biden cited Carter’s compassion and moral clarity, his work to eradicate disease, forge peace, advance civil and human rights, promote free and fair elections, house the homeless and advocacy for the disadvantaged as an example for others. Biden said he is ordering a state funeral for Carter in Washington. Former House Speaker Nancy Pelosi is remembering Carter as a man steeped “in devotion to public service and peace.” The California Democrat said in a statement Sunday that Carter was committed to “honoring the spark of divinity within every person,” something she said manifested in “teaching Sunday school in his beloved Marantha Baptist Church, brokering the landmark Camp David Accords to pave the way to peace or building homes with Habitat for Humanity.” Pelosi also said Carter led “perhaps the most impactful post-presidency in history.” British Prime Minister Keir Starmer noted in a post on X the special contribution Carter made by brokering the Camp David Accords between Israel and Egypt and through his work with the Carter Center. “Motivated by his strong faith and values, President Carter redefined the post-presidency with a remarkable commitment to social justice and human rights at home and abroad,” Starmer said. To commemorate Carter’s death, officials with the Empire State Building said in a post on social media that the iconic New York City landmark would be lit in red, white and blue on Sunday night, “to honor the life and legacy” of the late former president. In a statement issued Sunday, former President Barack Obama and first lady Michelle Obama said Carter’s beloved Maranatha Baptist Church “will be a little quieter on Sunday,s” but added that the late former president “will never be far away -- buried alongside Rosalynn next to a willow tree down the road, his memory calling all of us to heed our better angels.” Noting the “hundreds of tourists from around the world crammed into the pews” to see the former president teach Sunday school, as he did “for most of his adult life,” the Obamas listed Carter’s accomplishments as president. But they made special note of the Sunday school lessons, saying they were catalysts for people making a pilgrimage to the church. “Many people in that church on Sunday morning were there, at least in part, because of something more fundamental: President Carter’s decency.” The longest-lived American president died Sunday, more than a year after entering hospice care , at his home in the small town of Plains, Georgia, where he and his wife, Rosalynn, who died at 96 in November 2023 , spent most of their lives. “Our founder, former U.S. President Jimmy Carter, passed away this afternoon in Plains, Georgia,” The Carter Center said in posting about his death on the social media platform X. It added in a statement that he died peacefully, surrounded by his family. In his 1975 book “Why Not The Best,” Carter said of himself: “I am a Southerner and an American, I am a farmer, an engineer, a father and husband, a Christian, a politician and former governor, a planner, a businessman, a nuclear physicist, a naval officer, a canoeist, and among other things a lover of Bob Dylan’s songs and Dylan Thomas’s poetry.” A moderate Democrat, Carter entered the 1976 presidential race as a little-known Georgia governor with a broad smile, outspoken Baptist mores and technocratic plans reflecting his education as an engineer. After he left office and returned home to his tiny hometown of Plains in southwest Georgia, Carter regularly taught Sunday School lessons at Maranatha Baptist Church until his mobility declined. Those sessions drew visitors from around the world. Former Vice President Al Gore praised Jimmy Carter for living “a life full of purpose, commitment and kindness” and for being a “lifelong role model for the entire environmental movement.” Carter, who left the White House in 1981 after a landslide defeat to Ronald Reagan. concentrated on conflict resolution, defending democracy and fighting disease in the developing world. Gore, who lost the 2000 presidential election to George W. Bush, remains a leading advocate for action to fight climate change. Both won Nobel Peace Prizes. Gore said that “it is a testament to his unyielding determination to help build a more just and peaceful world” that Carter is often “remembered equally for the work he did as President as he is for his leadership over the 42 years after he left office.” During Gore’s time in the White House, President Bill Clinton had an uneasy relationship with Carter. But Gore said he is “grateful” for “many years of friendship and collaboration” with Carter. Former President Bill Clinton and his wife, former Secretary of State Hillary Clinton, remember Carter as a man who lived to serve others. “Hillary and I mourn the passing of President Jimmy Carter and give thanks for his long, good life. Guided by his faith, President Carter lived to serve others — until the very end." The statement recalled Carter's many achievements and priorities, including efforts “to protect our natural resources in the Arctic National Wildlife Refuge, make energy conservation a national priority, return the Panama Canal to Panama, and secure peace between Egypt and Israel at Camp David." After he left office, the Clinton statement said, Carter continued efforts in "supporting honest elections, advancing peace, combating disease, and promoting democracy; to his and Rosalynn’s devotion and hard work at Habitat for Humanity — he worked tirelessly for a better, fairer world,” the statement said.Palantir ( PLTR 0.47% ) has become one of the hottest stocks on Wall Street. Its stock has shot up over 300% in 2024, making it one of the best-performing stocks in the market. As a result, many investors are wondering if this is the best AI stock to buy right now. However, I think there's a much more promising AI company out there, and it has far better growth than Palantir. SoundHound AI ( SOUN 12.60% ) is another stock often touted as a potential AI millionaire maker. But could it outperform Palantir? Let's take a look. SoundHound AI has a far greater chance of making you a millionaire by itself For either of these two stocks to make you a millionaire by itself would require significant growth (although SoundHound would be more feasible). Let's start with an initial investment of $10,000. That would require each stock to rise by 100 times in value. If Palantir did that, it would be worth $15.9 trillion. For reference, the largest company in the world right now is Apple , which is valued at $3.67 trillion. SoundHound AI doesn't have as ridiculous of a path to becoming a millionaire maker, as it would need to be worth $375 billion to turn $10,000 into $1 million. So, a better way to look at these two investments is that they will grow faster than the broader market, accelerating your path to becoming a millionaire. But which one will do it better? Both Palantir and SoundHound AI are deeply involved in the AI game. Palantir builds application-specific programs for each business to deploy AI so that decision-makers can be armed with the most up-to-date information possible. It's also working to integrate generative AI into workflows , so AI isn't a product that's used on the side. SoundHound is centered around a different part of AI. Its software takes audio inputs and plugs them into AI models, allowing sectors like the automotive, restaurant, or financial services industries to automate tasks that humans traditionally do. As SoundHound is a much smaller company than Palantir, it's relatively early on its journey of implementing its software. However, it diversified its business significantly, and no single client makes up more than 12% of revenue, and its largest sector makes up 25%. SoundHound also has a key advantage over Palantir: It's growing much faster. In Q3, SoundHound's revenue grew 89% year over year to $25.1 million. It expects massive growth in 2025, with revenue expected to double from 2024's figure. Palantir is also doing well, but not nearly that well. In Q3, Palantir's revenue rose 30% year over year to $726 million. That means Palantir's revenue is nearly 30 times that of SoundHound's. However, it's not growing nearly as fast, and Wall Street analysts expect Palantir's revenue to rise around 24% next year. As companies get larger, it becomes harder to grow as fast, so it's not surprising to see the upstart exceeding Palantir's growth rate. However, there is one metric Palantir is beating SoundHound at, and it's not a good one. Both stocks are incredibly expensive Every stock has its price, and the more hype and potential it has, the higher its valuation. When assessing both companies by the price-to-sales (P/S) ratio , it's clear both stocks are very highly valued. SOUN PS Ratio data by YCharts With Palantir trading at 64.5 times sales and SoundHound trading at 40.5 times sales, it's clear the market values these two businesses highly. Most might even consider them "overvalued." However, it is a real head-scratcher that Palantir is growing at a significantly slower rate than SoundHound, yet it trades at a 50% higher premium. If each company hits Wall Street's 2025 projections, SoundHound would trade for 20 times sales, and Palantir would trade at 47 times. While 20 times sales is probably a reasonable price to pay for SoundHound's stock, 46.5 is still far too high for Palantir. In the battle of these two AI stocks , SoundHound is by far the better option. However, it still has far more risk than many other stocks in the market, so investors need to be aware of that, too.
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Americans are expected to spend a record amount (between $979.5 billion and $989 billion) on holiday gifts and decor in November and December, according to the National Retail Federation. Inflation and high interest rates are important parts of the story, but there’s not much evidence that people are planning to cut back, either. Only 1 in 3 holiday shoppers is planning to spend less this holiday season than they did during the festive period last year, according to Bankrate’s Early Holiday Shopping Survey. The most popular answer (given by 43% of respondents) was “about the same.” And roughly a quarter of holiday shoppers are planning to spend more. Stubborn inflation means that many people planning to spend about the same could still end up paying more this year, due simply to price increases. This could even tip some people who plan to spend less into the spending more camp. Adobe is among the many organizations projecting an increase in holiday spending this year. Its survey focuses on e-commerce, which is expected to grow 8.4% this holiday season — much faster than brick-and-mortar retail. For context, organizations such as the National Retail Federation and Mastercard are expecting total holiday retail sales growth between about 2.5% and 3.5%. Contrary to the past five years, when the market share of the cheapest goods increased 46% and the share of the most expensive goods decreased 47%, Adobe says the share of the most expensive goods will increase 19% this year. Sporting goods, electronics and appliances are leading the trend. The University of Michigan’s popular consumer sentiment index has remained well below pre-pandemic norms despite a host of economic data that has come in much more favorably. For instance, the unemployment rate hit its lowest level in 54 years in 2023. While it has gone up a bit since then, it’s still low, historically speaking. Consumer spending and gross domestic product have been growing, and inflation is coming down without a much-feared and much-forecast recession. Yet people still aren’t feeling great about the economy, mostly because inflation has outpaced wage gains. Normally, when people worry about the economy, they pull back on discretionary spending. But spending has boomed the past few years in discretionary categories such as travel, dining and live entertainment. That’s mostly because of a “you only live once” attitude that emerged from the COVID-19 pandemic. Although that may be starting to change. Half of credit-card holders carry debt from month to month, Bankrate found, which is the highest percentage since early 2020. Among them, 6 in 10 have been in credit-card debt for at least a year (up 10 percentage points from three years ago). People often get into credit-card debt for practical reasons, such as medical bills, car repairs and day-to-day expenses. More than a quarter (28%) of holiday shoppers say they’re stressed about these expenses, and the same percentage says holiday shopping will strain their budgets. If either describes you, it’s clear that you have plenty of company. Consider speaking up and asking what your family members and friends think about buying fewer gifts this year. Another way to celebrate without busting your budget is to give homemade gifts. Are you a good baker or crafter? If so, use those talents to create holiday presents instead of spending money at the mall or on your favorite e-commerce site. If you are going to be shopping, do your best to avoid unnecessary impulse buys by setting limits ahead of time, waiting 24 hours before making an unplanned purchase and unlinking your credit and debit cards. Consider the total cost of ownership, too. Don’t fall into the buy now, pay later trap. It’s easy to trick yourself into thinking a $200 purchase is just four easy payments of $50, but those can add up, particularly if you’re already overextended and in credit-card debt. And when it comes to holiday activities, there are tons of low-cost ways to enjoy the festive period. Driving around the neighborhood looking at holiday light displays is a fun way to get into the spirit and entertain the kids without spending more than a little gas money. Get local news delivered to your inbox!
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