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Every day I carry a copper coin in the pocket of my uniform.
Stamped across it are three Latin words: sic semper tyrannis — thus always to tyrants.
Life is crowded with things that demand our time, our attention, and our lives. Many of them feel urgent. Far fewer of them are actually important. We miss the important work not because we are lazy, but because we are busy putting out the next fire, answering the next email, finishing the next report.
This coin is a reminder: do not let the urgent become the tyrant over the important.
There will always be another briefing to give.
There will always be another email you could draft.
There will always be another task, another deadline, another pressing matter at work.
Those things are real. They matter in their place. But when they push out time with your spouse, your children, or the neighbor who could use a hand or a listening ear, you have lost the plot.
The urgent is a poor master. It never finishes. It never says “enough.” It will take everything you give it and still ask for more.
Kill the tyrant. Guard the relationships that actually last. Keep first things first.
Never let the urgent become the tyrant over the important.
I used to provide sunlight for ants with a big glass lens...
JUST IN: A California space startup has illuminated a section of desert near Mount Whitney at night, demonstrating how future satellites could deliver sunlight to Earth on demand.
Reflect Orbital conducted the October 10 test using powerful ground-based spotlights to simulate sunlight redirected from orbit by large reflective mirrors.
Working with China Lake Mountain Rescue, the company illuminated terrain across roughly three miles, allowing rescue teams to conduct nighttime searches, stretcher carries and other emergency-response exercises.
Reflect Orbital ultimately wants to deploy satellites capable of directing sunlight toward specific areas on Earth after sunset, potentially supporting emergency operations and extending electricity generation at solar farms.
The company received FCC authorization in July for its first experimental satellite, Eärendil-1, which will use an 18-meter reflector to test the concept from orbit.
The October demonstration used ground-based lighting. No orbital mirror has yet demonstrated the proposed capability.
Hand of God retweeted
El Niño weather events have pulsed through the world's oceans for millennia. They are not new, nor are they a modern abnormality.
There have been around 27 El Niño events since 1900, each following broadly similar patterns of intensity. There is no sound reason to expect the current cycle to be any different. Treating a routine, well-understood natural oscillation as an artificial aberration ignores the long-established history of planetary rhythms.
Predicting exact rainfall distribution weeks or months ahead remains virtually impossible. No one can dictate atmospheric behavior in advance. Yet we have become accustomed to a style of forecasting that frames every routine shift - no matter how minor - as an unprecedented crisis.
El Niño is a foundational component of the global climate engine, balancing heat across the Pacific, the largest ocean on Earth. Rainfall drives agriculture, fills reservoirs and sustains life. Extended cold and aridity, by contrast, carry far greater risks to human society.
Earth's climate moves in recurring cycles. As seasons change and ocean currents shift, each El Niño varies slightly in character, but they all fit comfortably within the baseline of natural variability - a system that has experienced these exact fluctuations countless times over centuries.
While modern thermal modeling can detect shifts in sea surface temperatures months in advance, it can't map local rainfall with certainty. The actual weather an El Niño delivers - be it gentle, drought-breaking rain or an intense storm sequence - only becomes clear in real time. True measurement belongs in the aftermath, not the preamble.
El Niño is not a sudden anomaly; it is a recurring chapter in Earth’s seasonal story. Forecasting serves us best when it treats the climate for what it is: a complex, living system that reveals its true nature in its own time.
IMAGE: The Pacific Ocean in motion: a vast, complex thermodynamic system balancing Earth’s energy through deep-time natural rhythms.
$FNMA $FMCC Fannie and Freddie shareholders are on the lips of @SecScottBessent once again.
Lloyd in New York: "Thanks so much for hosting and having the secretary on the program. I think it's fantastic. As you guys had mentioned, one of the issues confronting all Americans, young, old, Democrats, Republicans, is housing and affordability. Critical, critical issue. On the campaign trail and over the course of the last eight years, if not 10 years, the president's referenced on many occasions the critical role that Fannie Mae and Freddie Mac play within the economy and the mortgage market and has acknowledged their success. Yet for 18 years, they remain in conservatorship and for over 14 years, they've been subject to the net worth sweep that was implemented by the Obama administration and deemed illegal by the decision in the Fairholme case. The taxpayers would benefit, the shareholders would benefit, the economy writ large would benefit from an exit from conservatorship. And I'm wondering if there is a plan to address this issue and take the shareholders out of purgatory and benefit all people within the economy in the process."
Host: "Lloyd, thank you. Mr. Secretary, this is such a complicated one because the status quo ain't great but change is difficult with Congress and some of the debt and other issues. So how do you all see that these issues?"
Treasury Secretary Bessent: "Yeah, and and look, our North Star on this will be, and it's unclear why homeowners or mortgage holders would benefit [from] a change in the arrangement of the shareholder structure. So whatever we do is going to be guided by making sure that the spread on mortgages, on agency mortgages over the Treasury does not increase. So that that's our North Star and you know, I would imagine that next year, [or] the year after, we we will be tackling the ownership structure."
$FNMA $FMCC
God bless "Lloyd from New York" for pressing @SecScottBessent so directly this A.M. on the Fannie Mae & Freddie Mac saga & advocating for shareholders.
Lloyd, you're a legend!
Take some notes, legacy media.
Bessent & the administration are still focused on keeping mortgage spreads in check, so the holding pattern continues.
Not exactly the answer we wanted to hear from Scotty B. But the housing situation is fluid and nuanced.
IMHO, F2 remains to be a focal point for DJT as the groundwork continues to be laid for our path forward & eventual release.
Ever bullish.
GLTA.
Link attached.
youtube.com/live/a3tbSNWI__Q…
*For the record, a "change in shareholder/ownership structure" is not the same as not up-listing these companies. There can be both an uplist after midterms and a restructure (release?) in a year or two. In fact, it's what I believe @BillAckman has been advocating for some time.
$FNMA $FMCC
The modern doctrine of the pre-tribulation “Rapture” (a secret catching-away of the Church before a distinct seven-year tribulation focused on Israel) was systematically developed and popularized in the 1820s–1830s, primarily by John Nelson Darby and the early Plymouth Brethren, rather than being a continuous ancient teaching. It rests on biblical texts but represents a novel interpretive framework.
John Nelson Darby (1800–1882), an Anglo-Irish former Church of Ireland clergyman and co-founder of the Plymouth Brethren, is the central figure in systematizing modern dispensationalism and the pre-tribulation Rapture.
Around late 1826–early 1827, while recovering from a serious horse-riding accident, Darby engaged in intensive Bible study. He later recalled coming to a clear understanding of the Church’s heavenly calling, its distinction from Israel, and Christ “coming to receive us to Himself.”
By the Powerscourt Conferences in Ireland (1831–1833), he was articulating a full dispensational scheme: history divided into successive economies (“dispensations”), the present Church age as a parenthesis not foreseen in the same way by Old Testament prophets, and the Rapture as the event that ends the Church age and precedes Daniel’s 70th week.
Darby taught a sharp Israel/Church distinction that continues into eternity, a literal-futurist reading of prophecy, and the Rapture as an imminent, any-moment event separate from the visible return to earth.
He traveled widely, wrote extensively, and influenced others. The teaching spread among the Brethren and later reached a much wider audience through the Scofield Reference Bible (1909, revised 1917), whose notes popularized dispensationalism in American evangelicalism and shaped 20th-century books, films, and teaching (e.g., Left Behind). The doctrine’s later explosion via the Scofield Bible and American fundamentalism made its 19th-century popularization highly visible.
In short: the pre-tribulation rapture as taught in modern dispensationalism was formulated and popularized by Darby and the Brethren in the late 1820s–1830s. It is an interpretation of biblical texts rather than a pure invention, but it is not the historic majority view of the Church.
On the Fannie Mae and Freddie Mac SPS, warrants, and shareholder rights saga...
The Senior Preferred Stock (SPS) Certificate of Designation has an amendment provision. Amendments beyond limited housekeeping changes require the consent of holders of at least two-thirds of the outstanding SPS. Treasury holds the SPS, so a consensual FHFA/Treasury restructuring could potentially amend the certificate to create conversion/exchange rights, alter the liquidation preference, or otherwise change SPS economics. Unfortunately, this means the warrants (currently expiring in September 2028) could be bilaterally extended in perpetuity via an amendment to the warrant agreement, should the administration act in bad faith.
Fairholme did not hold that the SPS was void, that FHFA lacked authority to enter the PSPAs, or that future PSPA amendments are prohibited. It was a contract-based implied-covenant case concerning the 2012 Net Worth Sweep. The D.C. Circuit affirmed an $612.4 million jury verdict (which totals roughly $812 million with prejudgment interest), based on the finding that the Sweep violated the implied covenant of good faith and fair dealing owed to shareholders.
Looking forward, @FHFA and @SecScottBessent could agree to an amendment that:
a) reduces the liquidation preference;
b) cancels some or all SPS;
c) exchanges SPS for common, new preferred, debt, or another instrument;
d) treats a negotiated amount as satisfaction of Treasury’s position; or
e) revises dividend and redemption economics.
(or some combination of these)
That would be a negotiated recapitalization, not an automatic legal consequence of prior dividend payments and not a unilateral “deeming repaid” decision.
Here are the most meaningful questions for which common shareholders need answers:
1) What SPS liquidation preference would be retired, reduced, or exchanged?
2) At what conversion/exchange ratio?
3) Would Treasury exercise, extend, amend, cancel, or otherwise restructure the warrants, and on what terms?
4) Would new capital be raised, and at what price?
5) Would junior preferred receive any consideration?
6) Would the deal support a release from conservatorship and compliance with the Enterprise Regulatory Capital Framework?
7) How would Treasury justify taxpayer value and FHFA justify safety-and-soundness outcomes?
Anyway, calling a conversion a “simple amendment” is overly-simplistic. A real transaction would need to address the PSPA, SPS certificate, capital-issuance restrictions, Treasury warrants, regulatory capital, conservatorship-exit process, disclosure, and likely litigation risk. Fairholme does not render the SPS void or prohibit future amendments. It does show that FHFA’s broad statutory authority does not necessarily eliminate contract-based damages exposure where conduct breaches the implied covenant of good faith and fair dealing.
ALL F2 shareholders deserve answers.
Good, balanced perspective from @CaliRefugee1
$FNMA $FMCC @pulte
The current SPS certificate does say the shares have no conversion rights, but it’s just the current terms of a contract between FHFA (acting for Fannie/Freddie) and Treasury. It is not a permanent prohibition.
Under HERA, pretty much all power and rights were conceded to the FHFA as conservator. That means FHFA controls the company side of the PSPA and the certificate of designation. Treasury is the only holder of the senior preferred, so the two of them can amend the terms whenever they mutually agree. They have already done so multiple times (funding commitment increases, the 2012 net-worth sweep, capital reserve changes, etc.). Converting or exchanging the senior preferred into common, or writing down/canceling the liquidation preference, would simply be another amendment of the same kind. The current “non-convertible” language doesn’t prevent future amendments any more than the original fixed 10% dividend language prevented the NWS.
I know somene is going to say "but Fairholme!" That case is not a ruling that the SPS is illegal or that FHFA lacked authority to enter into or amend the PSPA. It is a damages action for breach of the implied covenant of good faith and fair dealing arising out of the 2012 NWS. It is a claim that the way one particular amendment was done violated shareholders’ reasonable expectations, not a holding that the SPS itself is void or that FHFA cannot amend the agreements going forward.
Separately, the Supreme Court in Collins unanimously held that the NWS was within FHFA’s powers and that HERA’s anti-injunction provision prevents courts from restraining those actions.
TL;DR Fairholme may create some financial exposure related to past actions, but it does not freeze the capital structure or strip FHFA and Treasury of the ability to amend the PSPA again. The good news is that cuts both ways including the power to deem the SPS/LP as repain.
No one is saying that they will attempt to convert people are reacting to the assetion it is illegal and tbh those comments are what gives Scott ammo to keep posting this stuff 😉
Hand of God retweeted
💎 🙌
Replying to @JonOksenholt
Any insight on the recent sell off of the twins, Jon? I’d like to hear your opinion a lot more than anyone else on this app. Thank you!
This is good.
Your Bible doesn't say fight sexual immorality.
It says flee.
Run. Not stand your ground. Not manage it. Not install an accountability app and white-knuckle through another Tuesday night.
Flee.
"Flee fornication." 1 Corinthians 6:18
You know why God didn't say fight?
Because the men who tried to fight it are the same men who lost everything.
Samson could kill a lion with his bare hands. Rip city gates off their hinges. Slaughter a thousand men with a jawbone.
He couldn't say no to Delilah. She had his head shaved while he slept on her knees. The strongest man who ever lived ended up blind, chained, grinding grain like an animal.
David killed Goliath as a teenager. Wrote the Psalms. God called him "a man after mine own heart."
He saw a woman bathing and couldn't look away. Nine months later he'd committed adultery, murdered her husband, and buried a son.
Solomon asked God for wisdom and got more than any man in history.
Seven hundred wives. Three hundred concubines. They turned his heart after other gods. The wisest man who ever lived died an idolater.
The strongest fell.
The wisest fell.
The man after God's own heart fell.
"Wherefore let him that thinketh he standeth take heed lest he fall." 1 Corinthians 10:12
You're not stronger than Samson. You're not wiser than Solomon. You're not closer to God's heart than David.
Stop fighting. Start running.
One year ago, the government had already laid out a base expectation for Fannie Mae and Freddie Mac (F2).
Still holding.
Still patient.
Still expecting promises kept.
Know what you hold. 👇
🚨 Fannie Mae and Freddie Mac are going to be released from government conservatorship. There are some broad guidelines already laid out by the administration:
▪️3-6% sale of government stake (Bessent)
▪️$30B is what the government wants to earn (Bessent, Pulte)
▪️$500B-$1T valuation (Trump, Pulte, Bessent)
▪️9.1B shares outstanding combined (Fannie Mae and Freddie Mac)
▪️9.1B shares/1T valuation = $109.89 per share avg (this includes exercised warrants and dilution of 79.9%)
▪️Dividends are unknown, but if established like a REIT, JPS and commons could each take great dividends.
For example, $AGNC currently makes ~14.8% APY, compounded monthly, and they could set up $FNMA and $FMCC similarly, where 10% of the profits are retained and 90% paid out in dividends.
This means massive Sovereign Wealth Fund inflow; great returns for stockholders and taxpayers as well. @BillAckman has laid out some of the clearest fundamentals behind why you should be invested in common shares here: xitter.cf/BillAckman/status/1879…. I highly recommend a watch and follow.
Ciao, Tyler
Hand of God retweeted
Replying to @washingtonpost
70 million abortions in the last 53 years and 100 million in the last 110 years. Almost the same number have died under Marxism. The two deadliest threats to humanity.
Hand of God retweeted
The evidence of history suggests the modern climate agenda is designed to reshape human society, weaken sovereignty and consolidate centralised global control.
The foundational flaw of the climate narrative is the omission of context. We were told current temperatures and CO₂ levels were unprecedented, yet geological history tells the exact opposite story. For the past 34 million years - since the glaciation of Antarctica, and driven by tectonic shifts and changing ocean currents - Earth has been locked in the Late Cenozoic Ice Age.
These conditions intensified 2.58 million years ago into the Quaternary glaciation, characterised by long, brutal glacial periods interrupted by temporary, warmer interglacials, like the Holocene we live in today.
During the past 541 million years of exploding biological diversity (the Phanerozoic Eon) the global temperature has averaged 24°C, ranging from 18°C to 34°C peaks. This is fully 9°C warmer than today’s calculated average of 15°C. We are living in unusually 'cold times' and there is no likelihood of an urgent global warming or climate change facing human society.
The other nemesis comes in the form of CO₂, which is the foundation for photosynthesis, agriculture and the rise of complex life on Earth. Rather than suffering from an excess of CO₂, Earth has been experiencing a long-term carbon decline.
Prior to the industrial era, low CO₂ levels contributed to global aridity, the retreat of biomass and loss of ancient rainforests. An increase in atmospheric CO₂ represents an opportunity for life's biological resurgence, as a fertiliser that stimulates biological growth and expands the planet's agricultural produce.
The natural world has endured genuine, cataclysmic upheavals - but this is not one of them. The great extinction events of the past - such as the Carnian Pluvial Episode or the End-Permian extinction - played out over tens of thousands to millions of years. Yet the biological world survived, adapted and survived.
When the planet experienced sustained, greenhouse conditions, life didn't collapse - it flourished. During the Eocene Epoch 56 million years ago, palm trees grew in the Arctic, ice disappeared from the poles and lush rainforests and endless biology blanketed 85% of the Earth's landmass.
Far from a wasteland, the Eocene was a time of astonishing biological abundance of food and a massive radiation of mammalian life. The lessons of history show us that warmer conditions are not to be feared; they are catalysts for biological resilience and growth.
The brief fluctuations of past decades do not constitute a climate crisis; they are evidence of a temporary, microscopic blip in geological time.
Hand of God retweeted
Sorry Bernie and AOC and Mamdani, we’re all billionaires now. galepooley.substack.com/p/so…
Bernie Sanders says the top 1% owns more than the bottom 93%, that fewer than a thousand billionaires got $2.2 trillion richer last year, and that it's "obscene."
It's the most seductive and most wrong economic argument of our time. Let me explain why.
First, wealth distribution follows a power law. Always. Everywhere. Books, music, startups, followers on X, goals in soccer. A small minority captures most of the value. That's not a bug of capitalism. It's the mathematical signature of every system where value gets created.
So the only question that matters isn't "how big is the rich's slice?" It's "is the cake growing, and is the slice of the poorest growing with it?"
And the answer is yes. In 1990, more than one human in three lived in extreme poverty. Today it's about one in ten. During exactly the period when billionaires multiplied.
Bernie shows you the slice. He never shows you the cake.
Second thing he won't tell you: past a certain level, wealth stops being consumption. It becomes capital allocation.
Elon Musk isn't sleeping on a pile of cash. He owns stakes in Tesla, SpaceX, xAI. Jeff Bezos owns Amazon stock. That "$2.2 trillion" isn't sitting in a checking account. It's factories, rockets, data centers, millions of jobs. Nobody can eat $100 billion. You can only decide where to invest it.
Once you understand that, the whole debate changes. The real question becomes: who allocates capital better?
The people who built Amazon, SpaceX and Nvidia? Or politicians?
A 5% wealth tax isn't "taking money from the rich." It's taking investment decisions away from people who proved they can create value and handing them to people who proved the opposite.
Because the fundamental difference between an entrepreneur and a politician is consequences.
The entrepreneur invests his own money. If he allocates badly, he loses everything. The market corrects him brutally, no appeal. That's why most startups die: the system kills bad decisions.
The politician invests other people's money. If he allocates badly, nothing happens. Worse, he gets a bigger budget to "fix the problem."
Milton Friedman put it better than anyone. There are four ways to spend money. Your money on yourself: you care about price and quality. Your money on others: you care about price. Others' money on yourself: you care about quality. Others' money on others: you care about nothing.
Government is the fourth box. By design.
Perfect example: California high-speed rail. Approved in 2008 for about $33 billion. Current estimated cost: over $100 billion. Passengers carried: zero. No entrepreneur would have survived that. The politicians who pushed it built careers on it.
And when allocation has no consequences, it eventually finds a buyer. A politician who controls billions without accountability becomes the most profitable target in the world for anyone who wants to steer that money.
The irony is that the left that rails against billionaires is itself funded by billionaires. George Soros is one of the biggest Democratic donors in history. The Gates Foundation shapes public health policy across the planet.
Politicians don't fight billionaires. They pick their own. The ones who fund the state over the ones who compete with it.
So if we actually want fewer poor people, we have to stop judging ideas by their intentions and start judging them by their results. And the results are brutally clear.
China, 1978: Deng Xiaoping opens the economy to markets. More than 800 million people escape extreme poverty. The largest retreat of misery in human history. Not through redistribution. Through the freedom to build.
India, 1991: liberalization. Same movie.
South Korea and North Korea: same people, same language, same starting point in 1953. One became one of the most advanced economies on earth. The other has famines.
Poland and Ukraine: comparable living standards in 1990. Today the average Pole is more than three times richer than the average Ukrainian.
Argentina: a year and a half of liberalization, and the poverty rate falls from over 50% to around 30%.
No country in history escaped poverty by punishing the people who build. Every single one did it by letting them build.
And if you want to see what Bernie's program looks like in real life, you don't have to imagine it. It exists. It's called France. We've been running it for 45 years.
Mass nationalizations in 1981. Two years later, Socialist president Mitterrand has to reverse course into austerity.
Retirement at 60. The 35-hour workweek.
A wealth tax for 35 years. Hundreds of wealthy households left every year for Belgium, Switzerland, London, taking their capital, their companies and their future taxes with them. Macron finally scrapped it in 2018.
Hollande's 75% tax: raised a few hundred million, drove talent out, abandoned after two years.
One of the highest tax burdens in the OECD. Public spending around 57% of GDP, a record in the developed world.
Last balanced budget: 1974. Public debt: over €3.4 trillion. Mass unemployment for four decades.
If taxing the rich and growing the state made people prosperous, France would be the richest country on the planet.
It isn't. GDP per capita in France is barely more than half of America's. It's lower than Mississippi, the poorest state in the US. Not a single global tech giant. Our best engineers build Silicon Valley instead. I've been going back and forth between Paris and San Francisco for years. I see it every week.
And California is about to replay the movie. Prop 40, on the ballot November 3rd, would take 5% of billionaires' net worth. Even Gavin Newsom, a Democratic governor, opposes it. The state's own nonpartisan budget analyst warns that income tax revenue could drop every year if the wealthy leave. Larry Page, Sergey Brin and Peter Thiel have reportedly already started moving their assets out.
You don't fight poverty by shrinking the top. You fight it by growing the cake.
Bernie wants a society where nobody has too much. I want a society where nobody has too little.
The first has been tried everywhere and produces equality in stagnation. The second lifted a billion people out of misery.
Choose.
I have no insider info, but this news is likely responsible for the positive $FNMA and $FMCC sentiment.
While generally positive for us, this decision does not resolve the variables that determine actual value for FNMA/FMCC holders:
The treatment of Treasury’s senior preferred position, Treasury’s warrants, required capital and any future equity raise, dilution of legacy common, preferred conversion, exchange, reinstatement, or continued subordination, nor the timing and terms of any conservatorship exit.
Hand of God retweeted
🚨🇺🇸 A random bystander took down the Oregon school shooter in under three minutes... in a district that BANS guns on campus
Three minutes. That's how long it took police to reach Silver Rail Elementary in Bend after a teenager with a long gun walked in, and by the time they got there he was already dead on the floor, killed by a civilian nobody has named yet.
He'd already murdered a 5-year-old, an 8-year-old, an 11-year-old and their teacher.
A 7-year-old and a 54-year-old teacher are fighting for their lives tonight.
Here's the part the lawyers are going to fight over.
Bend's school district banned every firearm on its property in 2022, permit holders included, and state law says a gun on campus has to be unloaded and locked in a car.
Police won't say where the bystander was standing or whether he was supposed to have a gun at all.
So the system said no guns, the killer brought one anyway, and the only thing that stopped him was someone who may have also broken the rule.
Whatever the circumstances, the person is a HERO.
Source: New York Post / Writer: Daniel
We need some updated numbers, @pulte. We're much better off than last year.























