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Why This Disgusting Robinhood Dumpster Fire Has Me Furious, H3H3, Mia Khalifa, DHS Warnings, & More - YouTube
Channel: Philip DeFranco
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- So no cutesy intro, we're
jumping straight into the news
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and the dumpster fire that is this AMC,
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GameStop, Robinhood story.
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Do you know how much you have
to have messed up to get AOC,
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Dave Portnoy, Ted Cruz
and Donald Trump Jr.
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on the same side?
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And the answer is a lot, a ton.
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If you tried to quantify it,
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it would sound like a made up number
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that a child came up with,
like eleventy gajillian.
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So while this is still
a developing situation,
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in part what I'm talking about here,
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is that Robinhood today decided to make it
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so that you could not buy a new stock
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for GameStop, AMC, Blackberry, Nokia,
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Bed, Bath and Beyond and more.
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And that move comes as the stock market
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has been heavily upended
by a group of Redditers
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from the sub-reddit Wall Street Bets.
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We've been covering the story this week
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where you have people on Wall Street Bets
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and kind of just retail
investors in general,
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leveraging a process
known as short squeeze
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into forcing hedge funds to
take a massive loss in stocks.
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And while short squeezing
is by no means a new tactic,
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their efforts were just
wholly unprecedented.
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For example, GameStop share
price surged to $470 today,
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but just half a year ago, it was only $4.
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So that's why this week
we've seen so many people
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just buying and buying
and buying this stock up,
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until Robinhood users like
myself logged in this morning
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and found they could no
longer buy new stock.
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Instead, only allowing us
to sell off existing shares
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of the select stocks.
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And so notably this one-way pipeline meant
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that Robinhood in effect
only allowed moves
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that would continue to
push the stock back down.
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With Robinhood citing in a
statement, "Recent volatility,"
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saying that it also
raised margin requirements
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for certain securities.
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And so this loss of Robinhood
was a massive setback
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for many Wall Street Bets traders.
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And with this we saw many
of the stocks plummet,
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though, it is a developing situation.
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Some have gone back up, some,
it's all over the place.
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Well, Robinhood is not the only company to
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make this call, right?
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More traditional brokerages
like TD Ameritrade
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and Charles Schwab have also restricted
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some forms of trading.
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It just feels worse with Robinhood.
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I mean, they've built their whole identity
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around this idea of
democratizing finance for all.
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So that's why a lot of people,
including myself, are pissed.
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Which is why I'll say one, as a long-time
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Robinhood customer, I'm fucking furious,
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I'm moving my money.
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And two, in the past, they've
actually had spots on my show.
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And so let me make this very clear.
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I'm not suspending future Robinhood spots.
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I am completely canceling them
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and I don't care how
much money I got offered.
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I'm not taking them back on.
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Right, many people, including myself,
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understood the inherent risk of investing
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into a number of these stocks.
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It was high volatility. I
might lose all my money.
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The market is the market,
but when you make it
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so that people can only
sell, you're widely seen
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as the brokerage for the everyday person.
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And this whole movement has been charged
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by the everyday person.
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What the fuck do you expect to happen
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when on that app, you make
it so people can only sell?
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And all of that is why
we're seeing people like
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representative Rashida Tlaib speaking out,
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saying, "This is beyond absurd.
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The Financial Services
Committee need to have a hearing
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on Robinhood's market manipulation.
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They're blocking the ability to trade
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to protect Wall Street hedge
funds, stealing millions
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of dollars from their
users to protect people
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who use the stock market
as a casino for decades."
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It wasn't just the Joe
Blows and the politicians
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speaking out, we saw a
number of internet creators
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chiming in and hitting on that same note,
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like Ethan Klein, who wrote,
"Why the fuck do we protect
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hedge funds? They are
parasitic money blackholes
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that provide no value to society.
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They've been shorting stocks for years
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knowing it has the potential to backfire.
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They made a dangerous
bet, now live with it."
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As well as Mia Khalifa
tweeting, "English isn't
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my first language, but this
isn't what I thought "free
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and open market" meant, Robinhood."
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On top of that, we're
also seeing in the news
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that Robinhood is now beginning to be hit
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with class action lawsuits.
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And here's the thing, I'm
filming this right at the top
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of the morning, this is
still a developing situation.
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I would not be shocked
if we see other apps
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and brokerages join in, in limiting.
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But there's also an
understanding that many of those
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are probably smaller, and
once someone like a Robinhood
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makes this move it's likely very hard
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for these smaller guys
to do anything different.
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And hey, as far as the whole situation,
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maybe there's this better,
amazing explanation,
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but overall, it just feels
like the wrong people
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were losing money.
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Which actually, to that
point, but in a different way,
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just as I finished today's
show, I was ready to upload,
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we got this update, we
have Robinhood now saying
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that they'll resume what they call
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limited trades starting tomorrow.
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It makes me wonder how
much of that decision was
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them not wanting to join the
people that were losing money.
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Also a quick update to that whole Ted Cruz
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and AOC being on the same
side thing, in response
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to Ted Cruz saying they fully
agreed with an AOC tweet,
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AOC also responded, "I am
happy to work with Republicans
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on this issue where there's common ground.
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But you almost got me
murdered three weeks ago,
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so you can sit this one out.
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Happy to work with almost any other GOP
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that aren't trying to get me killed.
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In the meantime, if you want
to help, you can resign."
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So there was all of that.
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Then in other news about a
company facing class action
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lawsuits and investigations,
let's talk Nintendo.
[267]
Though it was a less alarming
situation than the first story
[269]
out of this because The
European Consumer Organization
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is calling for an
investigation into Nintendo's
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Joy-Con drift issues.
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The drift occurs when Joy-Cons
don't communicate properly
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with the console base,
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or when they begin controlling themselves.
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And it is a very annoying issue
[282]
that users have been complaining about
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since the Switch came out
nearly four years ago.
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Though it is a problem I've
only had to deal with once,
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since my children have destroyed
four Nintendo Switches,
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mostly with water, but
sometimes just brute force.
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Little boys are just drunk cavemen.
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But I just got lucky
number five last night.
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Oh my God, I forgot how fun Hades is.
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Keep getting sidetracked with this story.
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But this Joy-Con issue is a big one.
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In fact, there've been several
class action lawsuits filed
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in the United States over the matter.
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The specific way the European
Consumer Organization
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submitted this complaint of
your shit breaks too easy.
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So they submitted a complaint
to the European Commission
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for premature obsolescence
and misleading omissions
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of key consumer information.
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That is because it has received
nearly 25,000 complaints
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from consumers across Europe
about faulty controllers
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and added, according
to consumer testimonies
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in 88% of cases the game controllers broke
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within the first two years of use.
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With the group saying that
they were very concerned
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about Nintendo continuing
to sell a product
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that was continuously reported to Nintendo
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and in the media by consumers
as failing prematurely.
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But for now we have to kind
of wait and see what happens.
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You had the European
Commission kind of releasing
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a vague statement about
next potential steps.
[344]
Know if and when that other shoe drops,
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I'll let you know. But from
that, I want to take a second
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to thank the fantastic sponsor
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As many of you know,
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Then we should talk about
[423]
the Department of Homeland
Security publishing
[425]
a rare bulletin yesterday,
warning of a continued threat
[427]
from domestic extremists in the weeks
[429]
following Biden's inauguration.
[430]
Now notably, the bulletin did
not cite any specific threat
[433]
and in a statement to the
media, DHS officials said
[435]
they didn't have information implying
[437]
there was a specific credible plot,
[439]
but the announcement did
note that there could be
[441]
continued violence from
some ideologically-motivated
[443]
violent extremists with objections
[445]
to the exercise of governmental authority
[447]
and the presidential transition,
as well as other perceived
[449]
grievances fueled by false narratives.
[451]
But the DHS appearing to say
that these threats could come
[453]
from across the political spectrum.
[455]
Second, the threats range
from a variety of issues
[456]
including anger over
COVID-19 restrictions,
[459]
the 2020 election results
and police use of force.
[462]
And that last point seems
to point at left wing groups
[464]
that set fires, smashed
windows and had standoffs
[466]
with police in Portland and Seattle
[468]
following the inauguration.
[469]
But also experts have
said that the main focus
[470]
of the warning was on
racist extremist groups.
[473]
Pointing to some specific language
[474]
that the agency use as well as the fact
[475]
that it's specifically
mentioned the 2019 mass shooting
[478]
in El Paso that targeted Hispanics.
[480]
And you know, despite the
seemingly vague wording here,
[482]
this bulletin is incredibly
significant for two reasons.
[484]
First of all, while DHS
issues a few of these warnings
[486]
a year, they are almost always focused
[488]
on international terrorism threats.
[490]
In fact, according to reports records show
[492]
that there have not been any
bulletins warning Americans
[494]
about violence from domestic
extremists in recent years.
[496]
And second, this is
the first time that DHS
[498]
has publicly said that the
US faces a growing threat
[500]
from violent extremist following
the capital insurrection.
[503]
Which is especially notable because
[504]
neither Homeland Security
nor the FBI issued
[506]
similar bulletins before the attack.
[507]
Despite the fact that
rioters have been openly
[509]
planning the event online
for weeks with many posters
[512]
both calling and planning for violence.
[514]
However, some have also speculated
that yesterday's bulletin
[516]
is just a reflection of
the administration change.
[518]
The DHS under Trump had been long accused
[520]
of failing to publish reports or warnings
[522]
about far right domestic extremists
[523]
and white supremacist groups.
[524]
For example, even after DHS
published a report in September
[527]
of 2019, that specifically
flagged white supremacists
[529]
as a leading domestic terrorism threat,
[531]
you had analysts and
intelligence officials claiming
[533]
that the warning had been
watered down and delayed,
[535]
with some former Trump
administration officials
[537]
even telling reporters
that the White House
[538]
tried to suppress the
phrase "domestic terrorism".
[540]
And also this past September you had a top
[542]
intelligence official accusing
the acting DHS secretary,
[545]
Chad Wolf, and his deputy
of directing him to change
[547]
intelligence reports to make
the threat of white supremacy
[549]
appear less severe while also
including more information
[552]
on left wing groups to align
with Trump's messaging.
[554]
Now Wolf and a second in
command denied those accusations
[557]
but an intelligence official
involved with drafting
[559]
yesterday's bulletin
about domestic extremists
[561]
told reporters that it should
have been issued in November.
[563]
You know, back when Trump
was making false accusation
[566]
after false accusation about the election
[567]
stirring up our right groups.
[569]
Also during that time the
DHS should have been warning
[571]
about the potential for violence,
[573]
Trump was firing department officials
[574]
who he believed were disloyal.
[575]
And while you know many people might think
[576]
that this new bulletin,
it's too little, too late.
[578]
The same intelligence officials all said
[580]
the department decided to
publish this warning now
[582]
because it was concerned that the peaceful
[584]
inauguration might've created
this false sense of security.
[587]
And adding that the intent
to engage in violence
[589]
has not gone away among
far right groups upset
[591]
about the outcome of the election.
[593]
And in fact, I mean, you just
look at the news yesterday,
[594]
there was a man in California charged
[596]
with stockpiling weapons,
including pipe bombs.
[598]
But the FBI saying that
he wrote texts saying
[600]
he wanted to blow up a Democrat building
[602]
and that he intended to go
to war against Democrats
[604]
over Trump's election laws.
[605]
And so for now, we're
gonna just have to keep
[606]
our eyes peeled for anymore
developments on this front,
[608]
as well as any additional warnings
[610]
from intelligence agencies.
[611]
Then in other political
news, we should talk about
[613]
the continuing executive orders that Biden
[615]
keeps pumping out.
[616]
And today, specifically
we're talking about
[617]
the two executive actions aimed
[619]
at expanding health coverage.
[620]
Biden signed them today
with the first action
[622]
being an order that will open
a special enrollment period
[624]
that will allow Americans who
do not have health coverage
[627]
during a pandemic to sign up through
[628]
the Affordable Care Acts
insurance marketplace.
[631]
Under that order, people who do not have
[632]
affordable healthcare
benefits through their jobs
[634]
will be able to apply for
coverage from February 5th
[636]
to May 15th through healthcare.gov.
[638]
Now, normally enrollment
is only open for six weeks
[640]
at the end of the year,
but when the pandemic
[641]
first came into full force last spring,
[643]
tons of people lost the insurance
[644]
that they had through their work.
[646]
And for some reason, despite that,
[647]
Trump refused to reopen
Obamacare enrollment
[649]
to the millions of Americans who suddenly
[651]
didn't have insurance during a pandemic.
[652]
And while a number of the
people who were impacted
[654]
enrolled last month during
the market's annual opening,
[656]
Biden's order is expected to
specifically target people
[659]
who are eligible to receive
benefits under the ACA
[661]
but never knew their options.
[662]
This in part due to the
Trump administrations refusal
[665]
to advertise the ACA as an option
[666]
for struggling uninsured Americans.
[668]
Something that would have been helpful,
[669]
because even reportedly
before the pandemic,
[671]
there was an estimated 28 million people
[673]
who were already uninsured.
[674]
That is even though more than half of them
[675]
were eligible for some form
of coverage under the ACA.
[678]
Also beyond that, the
order will seek to undo
[679]
some of the other actions Trump
took to undermine the ACA.
[682]
This, including directing
federal agencies to
[684]
reconsider work requirement
rules and other policies
[686]
that undermine protections
for preexisting conditions,
[688]
including complications
related to the coronavirus.
[691]
And Biden's second executive
action is a memorandum
[692]
to protect women's
reproductive healthcare, both
[695]
in the United States and abroad.
[696]
With one of the most
significant parts of that action
[698]
including rescinding what's
known as the Mexico City Policy,
[701]
which is a global gag rule
that bans international
[703]
non-profits from receiving
federal family planning aid
[706]
from the United States if they
provide abortion counseling.
[707]
For decades, democratic and
Republican administrations
[710]
have taken turns, rescinding
and reinstating the gag
[713]
rule whenever they take office.
[714]
But very notably, a study
released last year actually found
[717]
that the policy not only
failed to reduce abortion rates
[720]
but that it actually
had the opposite effect.
[721]
Causing abortions to
increase by around 40%
[724]
in the countries that they study because
[726]
lack of funding caused a decrease
[727]
in access to contraceptives.
[729]
And in addition, describing
the Mexico City Policy,
[731]
Biden's memo will also
direct federal agencies
[733]
to review a similar Trump-era
rule that limited the use
[735]
of federal funding meant
for domestic family planning
[737]
under Title X.
[738]
And like the global
gag order, Trump's rule
[740]
which targeted planned Parenthood,
[741]
blocked organizations
that provide abortions
[743]
or referrals from getting federal aid.
[745]
But that is where I'm
going to end today's show.
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I of course would love to
know your thoughts on this
[748]
or anything else we talked about today.
[751]
As always, thanks for being a part
[752]
of my daily dimes in the news.
If you look at more to watch,
[754]
I got more news for you right
here, a podcast right here.
[757]
With that said, I love your faces.
[759]
And you've just been filled
in with news that matters
[761]
for people that care.
[763]
I'll see you next time.
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