Damage Control

We’re discussing the Biden campaign’s post-debate damage control, the Supreme Court’s rulings on Chevron deference & January 6th obstruction charges, and other top news for Monday, July 1st. Stay informed while remaining focused on Christ with The Pour Over.

Read Time: 5 min 47 sec | Listen to Podcast

─────── July 1, 2024 ───────

Happy Monday!
Chances are you have friends who either hate the news (bury their heads in the sand) or are, uh… over-newsed (anxious & angry about politics). 

Share TPO with 2+ of them before July 4th, and we’ll send you a $5 Chick-fil-A gift card. Don’t forget to ask for extra CFA sauce!

QUOTE OF THE DAY
“Of all things, guard against neglecting God in the secret place of prayer.”
William Wilberforce

ESPRESSO SHOTS

POLITICS

Damage Control

Biden and Co. are trying to right the ship.

After a much-criticized debate performance Thursday night, former Presidents Clinton and Obama both released statements supporting President Biden, praising his candidacy while acknowledging that "bad debate nights happen."

At a rally in NC Saturday, Biden offered a similar explanation, saying: "I don't debate as well as I used to. But I know what I do know: I know how to tell the truth."

This came after multiple prominent Democrats wondered if his campaign could survive, and others, including the New York Times Editorial Board, directly called for Biden to drop out of the race before the Democratic National Convention formally selects him as their nominee in August. Biden has publicly remained committed to reelection but reportedly met with his family at Camp David yesterday to discuss the future.

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ABOVE, ALL LOVE
As the presidential election continues to heat up, there will be a lot of perspectives. You'll have your own. Remember that both your stance and how you take your stance reflect on Christ.

"O Lord, let those who claim your name do no harm to it by their abrasiveness and impatience, but rather, speaking your precious truth in love, let them present your story winsomely that it might be well-loved, and that others might be drawn to your goodness, your beauty."
Every Moment Holy, Volume 3, page 376

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U.S. NEWS

Out with a (Gavel) Bang

The Supreme Court’s nine robed justices handed down a trio of big decisions on Friday.

First up, Chevron deference.
Nope, it has nothing to do with interior design (or gas stations). Chevron is a much-cited 1984 precedent-setting decision that said the courts should defer to administrative agencies’ interpretation of ambiguous laws. 

The Court ruled 6-3 along ideological lines, with the conservative majority saying that legal interpretation is a power of the judicial branch (not the executive).

The ruling is a boon for businesses, but Biden’s administration says it will lead to “policy paralysis” because Congress will have to make extremely specific laws for agencies to take action.

Now, homelessness.
In another 6-3 ideological-line vote, conservative justices upheld an Oregon city’s right to fine people who are homeless for camping on public property. The liberal justices dissented, saying, “sleep is a biological necessity, not a crime.”

And finally, January 6th charges.
After the January 6th riot, hundreds of people were charged with “obstruction of an official proceeding.” On Friday, the Court ruled the charge only applies in cases where evidence or documents are withheld.

Prosecutors estimate the ruling impacts 250 of the 1,400 people charged in January 6th cases, possibly reducing or eliminating their prison sentences. Prosecutors also say it won’t affect charges against former President Trump since his case does involve documents (fake elector ballots). Expect (more) legal battles on that.

What’s next?
The Supremes still have three open cases—including Trump’s presidential immunity case—which are expected to be decided today. They’ll then break until October 7th.

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CHOOSE HUMILITY
Culturally hot topics (like Supreme Court rulings) frequently make people think, speak, and act poorly… including us. We can respect others and represent God better if we are quick to listen and slow to speak.

“My dear brothers and sisters, understand this: Everyone should be quick to listen, slow to speak, and slow to anger, for human anger does not accomplish God’s righteousness.”
James 1:19-20 (CSB) (read full passage)

IN OTHER BREWS…

Hurricane Beryl just became the first Atlantic hurricane to reach category 4 strength in June. The storm is expected to slam Caribbean nations with winds up to 156 mph and a storm surge up to 9 feet this morning. Barbados, St. Lucia, St. Vincent, Grenada, Tobago, Martinique, Dominica, and Trinidad are under hurricane warnings and tropical storm watches.
 

Iowa’s Supreme Court ruled the state’s contested “heartbeat” abortion ban was legal in a 4-3 ruling on Friday. The law reduces the gestational age restriction for abortion in the Hawkeye State from 22 weeks to 6 weeks with exceptions for rape, incest, lethal fetal anomalies, and to protect the life of the mother. It will likely take effect later this summer.
 

Anchors are away on the floating pier in Gaza. The U.S. removed its pier to protect it from weather, but it may not be re-installed unless aid begins reaching the population. The military successfully offloaded desperately needed food, but most of the aid is sitting undelivered in the adjacent, almost full storage yard because distributors have come under attack.
 

U.S. Surgeon General Vivek Murthy declared gun violence a public health crisis, calling for a ban on “assault weapons and large capacity magazines” as well as universal background checks. Enforceable gun regulation would require action from Congress (currently unlikely) or state governments (a mixed bag). Florida Governor DeSantis called the declaration an “unconstitutional power grab.”
 

Swoosh! There goes 20%. Nike stock plummeted 20% on Friday – the biggest one-day drop in company history – after predicting a 10% decline in sales this quarter. The stock is down 30% so far this year. Critics say the company will keep tripping over its laces until CEO John Donahoe resigns, but Nike's founder Phil Knight says Donahue has "his full support."

WHIPPED CREAM ON TOP

Two glass balls colliding (in slow-mo)

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Masterworks Full Disclosure Statement:

The content is not intended to provide legal, tax, or investment advice.

No money is being solicited or will be accepted until the offering statement for a particular offering has been qualified by the SEC. Offers may be revoked at any time. Contacting Masterworks involves no commitment or obligation. 

“Net Annualized Return” refers to the annualized internal rate of return net of all fees and expenses, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Masterworks paintings not yet sold and past performance is not indicative of future results. For additional information regarding the calculation of IRR for a particular investment in an artwork that has been sold, a reconciliation will be filed as an exhibit to Form 1-U and will be available on the SEC’s website. Masterworks has realized illustrative annualized net returns of 17.6% (1067 days held), 17.8% (672 days held), and 21.5% (638 days held) on 13 works held longer than one year (not inclusive of works held less than one year and unsold works).

Past performance is not indicative of future returns. Investing involves risk. See Important disclosures at www.masterworks.com/cd.