Here is the reality,” said Sen. Bernie Sanders in his analysis of Donald Trump’s strong electoral victory and support from some traditional Democrats: “The working class of this country is angry, and they have reason to be angry. We are living in an economy today where the people on top are doing phenomenally well while 60 percent of our people are living paycheck to paycheck.” Household data spanning 2019-22 support Sanders’ argument. The Federal Reserve found substantial increases in average net worth for all income levels except the poorest 20 percent of families (though the Fed doesn’t adjust these figures for how much of the accompanying federal debt we’ll each bear). In any case, according to the senator, greed was the main culprit. I think a fair portion of the blame lies with misplaced generosity. Greed is ever-present in human affairs, but those years included something unique: Massive government efforts to soften the blows of COVID-19. Paradoxically, this helped the rich get richer and contributed to the 2024 political climate. The government’s stimulus program — much of which ended up as generous but perhaps unintended taxpayer gifts to the wealthy — and Fed interest rate cuts led to rising real estate prices and substantial gains in stock market values. More dollars in the economy meant each dollar was worth less as inflation took off. Higher-income households are less damaged by inflation than working-class people who spend most of their income on goods and services. Meanwhile, contrary to plans, federal programs disproportionately transferred billions to owners and managers of businesses across the nation rather than to hourly workers. On top of that, a lot of COVID-relief money, paid for in no small part by current or future working-class taxpayers, simply got wasted. A review of the situation by Cecilia Rouse, Brookings Institution president and chair of the Council of Economic Advisors from 2021-23, offers a revealing and disturbing analysis. Rouse focuses on both the disastrous effects of the pandemic and assessing the massive $4.5 billion in stimulus packages delivered by the Trump and Biden administrations. Though just four years ago, it bears mentioning that as President Joe Biden took office, some 460,000 Americans had been killed by the pandemic. Before the pandemic’s end, 1.2 million U.S. lives would be taken. The economy’s shutdown brought a devastating disruption to daily life. Rouse points out that in April 2020, “the number of Americans living under stay-at-home orders reached more than 300 million.” Weekly claims for unemployment compensation rose from a typical level of 207,000 in March 2020 to 6,137,000 in April. Stimulus poured in, we learned to better protect ourselves and things quickly started improving. Employment recovered in record time. The nation dealt with one of the most severe, but thankfully short, disruptions in modern times. But given the damaging bout with inflation that followed, was the stimulus too large? Was the waste, fraud and abuse too much? Did working class people get a fair share? Or was the system tilted so that higher-income people gained too much? Rouse examines two specific programs. The $800 billion Paycheck Protection Program (PPP) provided forgivable loans to small businesses and nonprofits to retain workers, meet payroll and insurance costs, and keep the doors open. The Economic Injury Disaster Loan (EIDL) program provided larger loans payable over 30 years. Some 1 million firms received PPP loans and 3.9 million obtained EIDL loans. Researchers show that two-thirds of the PPP’s forgivable loans went to business owners and shareholders, not to employees or wage earners. The General Accountability Office indicates that fraud totaled $64 billion out of the $800 billion. Estimates of fraud under the EIDL program indicate that $136 billion was siphoned off. Other research indicates that PPP loans cost between $169,000 and $256,000 for each job saved, more than twice the annual wage of the workers effected. With owners and executives at the top siphoning off money, protecting workers was neither simple nor affordable. Let us hope that our nation never faces another tragic pandemic. But if it does, let us also hope that our government doesn’t take actions that enable the rich to get richer while the poor get poorer in more ways than one. Should working-class voters be angry about greed, or at those who enabled it?Quinton Byfield scores in 200th career game as Kings hold off KrakenGeoffrey Hinton, the British-Canadian computer scientist widely regarded as the “godfather” of artificial intelligence (AI), has raised alarm bells regarding the potential risks associated with AI development. In a recent interview on BBC Radio 4’s Today programme, Hinton indicated that the likelihood of AI leading to human extinction within the next three decades has increased to between 10% and 20%. Hinton Flags Rapid Advancements in AI Asked on BBC Radio 4’s Today programme if he had changed his analysis of a potential AI apocalypse and the one in 10 chance of it happening, Hinton said: “Not really, 10% to 20%.” Hinton’s estimate prompted Today’s guest editor, the former chancellor Sajid Javid, to say “you’re going up”, to which Hinton replied: “If anything. You see, we’ve never had to deal with things more intelligent than ourselves before.” Hinton, while raising alarm bells on the influence of AI , added: “And how many examples do you know of a more intelligent thing being controlled by a less intelligent thing? There are very few examples. There’s a mother and baby. Evolution put a lot of work into allowing the baby to control the mother, but that’s about the only example I know of.” Human Intelligence Compared to AI London-born Hinton, a professor emeritus at the University of Toronto , said humans would be like toddlers compared with the intelligence of highly powerful AI systems. “I like to think of it as: imagine yourself and a three-year-old. We’ll be the three-year-olds,” he said. AI can be loosely defined as computer systems performing tasks that typically require human intelligence. Hinton's Resignation from Google Geoffrey Hinton made headlines last year when he resigned from his position at Google , allowing him to speak more freely about the dangers posed by unregulated AI development. He expressed concerns that “bad actors” could exploit AI technologies for harmful purposes. This sentiment aligns with broader fears within the AI safety community regarding the emergence of artificial general intelligence (AGI), which could pose existential threats by evading human control. Reflecting on his career and the trajectory of AI, Hinton remarked, “I didn’t think it would be where we [are] now. I thought at some point in the future we would get here.” His apprehensions have gained traction as experts predict that AI could surpass human intelligence within the next two decades—a prospect he described as “very scary.” Hinton Stresses on Need for Regulation on AI To mitigate these risks, Hinton advocates for government regulation of AI technologies. Hinton argued that relying solely on profit-driven companies is insufficient for ensuring safety: “The only thing that can force those big companies to do more research on safety is government regulation.”
Key posts 4.11am ‘LOL WUT’: Musk, Rogan weigh in on ABC chair’s speech 3.52am Parliament set to pass social media ban for under 16s 3.43am Trump transition says cabinet picks were targeted by bomb threats, swatting attacks 3.31am What’s making headlines Hide key posts Posts area Latest 1 of 1 Latest posts Latest posts 4.11am ‘LOL WUT’: Musk, Rogan weigh in on ABC chair’s speech By Josefine Ganko The world’s biggest podcaster Joe Rogan and the world’s richest man Elon Musk have responded to a National Press Club address given by ABC chair Kim Williams. Speaking in Canberra yesterday, Williams was asked about Joe Rogan’s influence on the US election, and if the ABC should be trying to capture the “bro market”. Williams opened by saying he was not well placed to answer the question because he is “not a consumer or enthusiast of Mr Rogan and his work”. The ABC boss then launched an attack on the popular podcaster: I think that people like Mr Rogan prey on people’s vulnerabilities. They prey on fear. They prey on anxiety. They prey on all of the elements that contribute to uncertainty in society, and they entrepreneur fantasy outcomes and conspiracy outcomes as being a normal part of social narrative. I personally find it deeply repulsive, and to think that someone has such remarkable power in the United States is something that I look at in disbelief. I’m also absolutely in dismay that this can be a source of public entertainment, when it’s really treating the public as plunder for entrepreneurs that are really quite malevolent.” The clip of the attack was shared to X by an account called @wideawake_media, where it caught the attention of Rogan himself. Rogan shared the clip with the caption “LOL WUT”. Musk then weighed in, adding his own message to Rogan’s post. Musk wrote, “From the head of Australian government-funded media, their Pravda”. Pravda was the official newspaper of the Communist Party of the Soviet Union. 3.52am Parliament set to pass social media ban for under 16s Children younger than 16 are all but set to be banned from social media, with federal parliament poised to enact the world-first legislation. The Senate is expected on Thursday to pass the laws that would ban young people from platforms such as Facebook, Instagram and TikTok with bipartisan support. However, there has been concern that the proposal has been rushed through parliament without proper scrutiny, given that Australia would be the first country to implement such a ban. Loading The ban would come into effect one year after the laws pass the parliament, with trials of age-verification technology still being carried out by the federal government. Criticism had been levelled at the ban after an inquiry into the laws ran for just three hours, with people only given one day to hand in submissions and a lack of consultation with young people themselves. While the bill has enjoyed bipartisan support, several coalition members have broken ranks to raise concerns. Tasmanian Liberal MP Bridget Archer crossed the floor to vote against the ban in the House of Representatives, while coalition senator Matt Canavan has also criticised the laws. AAP 3.43am Trump transition says cabinet picks were targeted by bomb threats, swatting attacks A number of President-elect Donald Trump ’s most prominent Cabinet picks and appointees have been targeted by bomb threats and “swatting attacks,” Trump’s transition team said Wednesday. The FBI said it was investigating. “Last night and this morning, several of President Trump’s Cabinet nominees and Administration appointees were targeted in violent, unAmerican threats to their lives and those who live with them,” Trump transition spokesperson Karoline Leavitt said in a statement. She said the attacks ranged from bomb threats to swatting, in which attackers initiate an emergency law enforcement response against a target victim under false pretences. The tactic has become a popular one in recent years. President-elect Donald Trump arrives to speak at a meeting of the House GOP conference, followed by Elise Stefanik. Credit: nna\advidler “In response, law enforcement and other authorities acted quickly to ensure the safety of those who were targeted. President Trump and the entire Transition team are grateful for their swift action,” Leavitt said. Among those targeted were Elise Stefanik, Trump’s pick to serve as the next ambassador to the United Nations, Matt Gaetz, Trump’s initial pick to serve as attorney general, and former New York congressman Lee Zeldin, who has been tapped to lead the Environmental Protection Agency. Susie Wiles, Trump’s incoming chief of staff, and Pam Bondi, the former Florida Attorney General whom Trump has chosen as Gaetz’s replacement, were also targeted, according to a law enforcement official who spoke on condition of anonymity amid the ongoing investigation. Wiles and Bondi did not immediately respond to requests for comment. The FBI said in a statement that it was “aware of numerous bomb threats and swatting incidents targeting incoming administration nominees and appointees” and was “working with our law enforcement partners. We take all potential threats seriously, and as always, encourage members of the public to immediately report anything they consider suspicious to law enforcement.” AP Advertisement 3.31am What’s making headlines By Josefine Ganko Good morning and welcome to the national news blog. My name is Josefine Ganko, and I’ll guide our coverage through the early afternoon. It’s Thursday, November 28. Here’s what’s making news this morning. Independent senator Lidia Thorpe was suspended from the chamber for a day for throwing papers at Senator Pauline Hanson in fury, after the latter was accused of spreading hatred by Senator Fatima Payman. Labor and the Coalition have joined forces to rush through changes to political donations in a deal that has outraged Senate crossbenchers. Prime Minister Anthony Albanese has intervened to scupper a deal with the Greens over environmental reform that Labor promised at the last election. Overseas, a number of president-elect Donald Trump’s most prominent Cabinet picks and appointees have been targeted by bomb threats. Latest 1 of 1 Latest Most Viewed in National Loading
TORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) confirmed today that it has successfully closed its previously announced private offering (the “Offering”) of debt subscription receipts (the “Subscription Receipts”) for aggregate gross proceeds of approximately $129.3 million. The Offering proceeds, less the underwriters’ fee and expenses, are being held in escrow pending the satisfaction or waiver of certain conditions, following which, the Subscription Receipts will convert into Notes, as described below. Mattr intends to use the net proceeds of the Offering to pay a portion of the purchase price for the Company’s previously announced indirect acquisition (the “Acquisition”) of all of the issued and outstanding shares of AmerCable Incorporated. Subject to the satisfaction of certain closing conditions, Mattr expects the closing of the Acquisition to occur during the first quarter of 2025. In order to facilitate an orderly settlement of the Offering, the number of Subscription Receipts issued pursuant to the Offering has been modified to 125,000,000 (from the previously announced 125,000). Holders of the Subscription Receipts will be entitled to receive, upon the satisfaction of certain conditions and without payment of additional consideration or further action, a newly authenticated 7.25% senior unsecured note of the Company due April 2, 2031, in a principal amount of $1,000 (collectively for all Subscription Receipts, the “Notes”) per 1,000 Subscription Receipts held. The Notes issued upon the conversion of the Subscription Receipts shall be issued as “Additional Notes” pursuant to the trust indenture dated April 2, 2024, between TSX Trust Company and the Company, as supplemented by a supplemental indenture, such that, following the issuance thereof, $300 million aggregate principal amount of 7.25% senior unsecured notes of the Company due April 2, 2031, will be outstanding. The Subscription Receipts were offered through TD Securities and National Bank Financial Markets. The Subscription Receipts were offered for sale in Canada to accredited investors on a private placement basis, in accordance with Canadian securities laws. The Subscription Receipts were not registered under the U.S. Securities Act, or any state securities laws, and were offered and sold in the United States to qualified institutional buyers only, pursuant to Rule 144A of the U.S. Securities Act, and outside of the United States in accordance with Rule 903 of Regulation S under the U.S. Securities Act. About Mattr Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. Its two business segments: Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure while lowering risk. For further information, please contact: Meghan MacEachern VP, External Communications & ESG Telephone: 437.341.1848 Email: meghan.maceachern@mattr.com Website: www.mattr.com Forward Looking Information This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law. Source: Mattr Corp.New York is feeling sky-high as pot sales near $1B since the launch of legal market: ‘Open for business’
Seahawks safety Coby Bryant scored the first pick 6 of his career on Sunday to give Seattle a third-quarter cushion against the Arizona Cardinals. He celebrated with a tribute to one of Seattle's favorite sons — a crotch grab in honor of Marshawn Lynch. It's a move that will surely cost Bryant some money while met with glowing reviews in the Pacific Northwest. The play took place midway through the third quarter as Seattle held a 7-3 lead. Cardinals quarterback Kyler Murray overthrew Michael Wilson on a fourth-and-1 pass from the Seattle 39. Bryant was there to pick it off. He then raced 69 yards down the left sideline to the end zone. When he reached the goal line, he leapt backward and grabbed his crotch a la Lynch to the delight of the home Seattle crowd. HOUSE CALL FOR COBY 🎱 — Seattle Seahawks (@Seahawks) The move was an ode to Lynch, the ex-Seahawks great who made the celebration his own much to the chagrin of the NFL. Lynch first pulled the move while scoring a touchdown in the 2015 NFC championship. The league for the gesture. The celebration has resurfaced multiple times since, with the most recent iteration just last week . Bryant, who's playing on the the third season of his four-year, $4.5 million rookie contract, should expect a fine in the same neighborhood. The Seahawks, meanwhile, are fully embracing Bryant's celebration on social media with a juxtaposition of Bryant's crotch grab next to Lynch's. Art But Make It... Marshawn. — Seattle Seahawks (@Seahawks) Who did it better?
FNA DEADLINE NOTICE: ROSEN, TRUSTED INVESTOR COUNSEL, Encourages Paragon 28, Inc. Investors ...
TURTLE CREEK, Pa., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the “Company”), America’s leading innovator in the design, sourcing, and manufacturing of zinc-based long duration energy storage (LDES) systems, manufactured in the United States, today announced that it has received the first loan advance from the Department of Energy's (DOE) Loan Programs Office in the amount of $68.3 million. The loan advance, which covers 80% of eligible costs incurred to date on the Mon Valley Works expansion project, represents the maximum allowable amount under the program at this time. The loan advance covers both capital expenditures and project associated operating expenses incurred as part of the Company's production expansion plans related to Project AMAZE in the Mon Valley Works. These funds support Eos’ ongoing efforts to enhance its operational capacity and further its strategic growth objectives. “Our first state-of-the-art manufacturing line has been operational since June 2024, and this funding is a significant milestone towards expanding our manufacturing capacity and being able to procure line 2,” said Nathan Kroeker, Eos Chief Financial Officer. “The loan proceeds from the DOE, coupled with our strategic partnership and investment from Cerberus Capital Management, facilitates our growth plans to capitalize on the growing need for long duration energy storage solutions.” This announcement comes on the heels of 616 MWh in new customer orders and an announced partnership with FlexGen to address a preliminary 50 GWh market opportunity, highlighting the growing demand for American-made long duration energy storage. About Eos Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough ZnythTM aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable—and manufactured in the U.S—it's the core of our innovative systems that today provide utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3- to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com . Forward Looking Statements Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, contribution margins, orders backlog and opportunity pipeline for the fiscal year ended December 31, 2024, our path to profitability and strategic outlook, the tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act of 2022, the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds therefrom, the DOE loan and statements regarding the receipt of funds under the DOE loan and the anticipated use of proceeds therefrom, obtaining the requisite approvals from the DOE to receive guarantees under the loan guarantee agreement, our ability to meet the applicable conditions precedent under the loan guarantee agreement, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future, including the discretionary revolving facility from Cerberus; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; uncertainties around our ability to meet the applicable conditions precedent to any funding under the DOE loan; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.