From the desk of Rich Stephens
News for the week ending 1-17-26
Below find the expanded text from tonight’s broadcast. For corrections or additions, contact Rich directly.
Politics
Tim Walz On Situation In Minneapolis
We begin in Minnesota. Governor Tim Walz released a video on Wednesday January 14 accusing the federal government of waging a “campaign of organized brutality against the people of Minnesota”. He referred to ICE operations as an occupation and said that “Donald Trump wants this chaos. He wants confusion, and yes, he wants more violence on our streets.” He then urged people to peacefully film ICE agents and asked that citizens help him create a “database of the atrocities against Minnesotans” claiming that he intends to bank evidence for future prosecution. The following day he released a statement asking the president to “turn the temperature down” and “stop this campaign of retribution.” US Immigration and Customs enforcement responded on X asking the governor to tone down his hostile and inflammatory anti-ICE rhetoric and honor immigration detainers.
Minnesota AG On Local Cost Of ICE Deployment
Tuesday, January 13, Minnesota Attorney General Keith Ellison held a press conference. He alleged that in two days, city response to ICE has cost over $2B in overtime, calling it a “unlawful commandeering of police resources.” He accused them of making unconstitutional arrests and using excessive force, calling them “poorly trained, aggressive and armed agents of the Federal state.” He filed a lawsuit in federal court the day before seeking a permanent injunction against the Department of Homeland Security.
Jerome Powell Statement About Federal Pressure
Sunday, December 11, the Federal Reserve Chair Jerome Powell published a video. In it, he alleges that the Federal Reserve Bank has been served with subpoenas by the Department of Justice and that DOJ has threatened indictments. The Federal Reserve Bank approved renovation of two historic office buildings in 2017 and the project is behind schedule and significantly over budget. He stated that because he has not lowered interest rates as quickly as the president had hoped and the government is using the overruns as pretext to apply additional pressure. US Attorney Jeanine Pirro said on X that “The United States Attorney’s Office contacted the Federal Reserve on multiple occasions to discuss cost overruns and the chairman’s congressional testimony, but were ignored, necessitating the use of legal process—which is not a threat.”
Jerome Powell Statement (video)
Jerome Powell Statement (text)
Statement on Criminal Referral
Fed Fact Sheet On Construction Project
Federal Reserve Budget Details
Fox News Pirro Interview (partial)
Kathy Hochul Orders New Nuclear Power Plant
Monday, January 12, New York Governor Kathy Hochul directed the New York Power Authority to build at least one new nuclear power plant. She said on X that “New Yorkers need affordable, reliable, clean energy. Nuclear is how we make that happen.” New York was home to Indian Point Nuclear plant which closed in 2021 with the support of then-governor Andrew Cuomo. Hochul’s directive requires at least 1 GW of electricity. That’s .21 less than needed to power the flux capacitor, but 5x the capacity of Indian Point.
Clinton Non-Compliance with Epstein Investigation
Former President Bill Clinton posted to X on Tuesday, January 13, on behalf of himself and his wife. In that post, the Clintons said they will not comply with congressional subpoenas related to the Epstein investigation and will defend themselves if Congress pursues contempt. Last month, their spokesman called on Donald Trump to direct the Justice Department to release all Epstein records referencing Bill Clinton. That request includes documents, transcripts, and photographs. The Clintons did not appear before the scheduled congressional hearing and representative James Comer vowed to hold them both in contempt of Congress.
Desantis Insurance Reforms
Monday, January 12, Florida Governor Ron Desantis announced that recent reforms to the insurance regulations in the state have worked. Homeowner’s insurance policies are expected to drop between 5 and 8%. Auto damage loss ratios fell to 53.3%, the lowest in the nation, prompting 42 carriers to file for rate reduction on personal auto policies.
Monday, January 12, Current Lieutenant Governor of Florida, Jay Collins, announced that he will seek election as Governor in the 2026 election. Collins served in the Green Berets and lost his leg in a mortar attack. After rehab, he re-qualified as a Green Beret with a prosthetic leg. Governor Ron Desantis cannot run again, having served the maximum terms by statute. Other Republicans currently declared for the primary race include Florida Congressman Byron Donalds. According to his website, Donalds currently has $45M in campaign funds and has been endorsed by President Trump. Paul Renner and James Fishback are also declared.
Jay Collins Seeks FL Governor Seat (YouTube)
Current Events
Florida Immigration
Florida CFO Blaise Ingolia spoke in Polk County with Sheriff Grady Judd on Thursday January 14. They announced a bill filed in the state senate to further limit illegal immigration. If passed, it will prohibit the use of any language other than English for all commercial driver license procedures including instruction and testing. It will disallow illegal aliens from filing workers compensation claims and shift the liability directly to the employer for any injury. It also prevents illegal aliens from opening bank accounts and requires auto insurers to accept fault in any accident involving an illegal or undocumented immigrant.
Venezuelan Oil Tanker Seized
Thursday, January 15, a US Coast Guard tactical team boarded and seized another sanctioned Venezuelan oil tanker. The motor tanker Veronica was operating in the Caribbean after passing through Venezuelan waters.
Pause on Immigration Visa Processing
Wednesday, January 14, the State Department announced a pause in visa processing for 75 countries. They stated that immigrants from the countries in question take welfare benefits at unacceptable rates. The list of countries includes Afghanistan, Algeria, Egypt and Somalia. It also includes the Bahamas, Fiji, Barbados and Thailand.
Department of State (Official Webpage)
Michigan Juries
Macomb County Michigan Clerk Anthony G. Forlini published a press release expressing concern over the Qualified Voter File. His statement alleges that over a 4 month period, 239 non-citizens were found in the county’s jury pool. Michigan juries are chosen at random from the driver license database and the state automatically registers license applicants to vote unless they decline. His statement went on to say that 14 of the 239 were registered to vote and that “one appears to have voted several times”. We were not able to obtain the data set he referenced in his assertion.
Transgender Athletes
Tuesday, January 13, The Supreme Court heard oral arguments in Little v. Hecox. Idaho State officials are seeking reversal of a lower court’s ruling that blocked the Fairness in Women’s Sports Act. The 2020 law designates athletic teams and sports based on biological sex and prohibits biological males from participating in women’s athletics. Idaho argued that the physical difference between biological males and females necessitates protections for biological females. Opponents argue that the law does not require evidence of harm and exclusion is automatic. The court tested the limits of categorical rules, asking whether courts should override legislatures in an area like sports where sex distinction has always existed. They also asked whether the constitution requires evidence before exclusion.
Fairness in Women’s Sports Act
World News
In world news, there have been things happening in Iran over the last couple of weeks but there are very few verifiable details. We are monitoring everything we have access to and will bring you details when we can confirm them.
Qatar’s International Media Office
Phase II – End Gaza Conflict
Wednesday, January 14, Special Envoy to the Middle East Steve Witkoff announced the launch of phase II of the President’s 20-point plan to end the Gaza conflict. This comes despite the plan calling for the release of all hostages within 72 hours. The plan was accepted 15 weeks ago and one hostage, Ron Gvili has yet to be returned.
Phase II aims to demilitarize the Gaza Strip and disarm Hamas. It will also establish transitional technocratic governance and begin reconstruction.
Finance
Markets slid this week. The Dow Jones Industrial Average dropped 145 points, closing at 49,359.
NASDAQ lost 156 points, ending the week at 23,515.
The S&P 500 lost 26 points, finishing up at 6940.
Gold did what gold does and gained $95 with futures trading closing at $4595 per ounce on Friday.
Sports
NCAA Game Fixing Scheme
Thursday, January 14, the US Attorney for the eastern district of Pennsylvania held a press conference and published a release. He announced the unsealing of indictments from a 3-year investigation that included 17 NCAA division 1 men’s basketball teams and dozens of athletes in fixed games. He alleges that the conspiracy originated in China in 2022 with Antonio Blakney, former LSU and Chicago Bull basketball player.
NFL
In the NFL, John Harbaugh has accepted a 5 year deal to coach the New York Giants. He was fired by the Baltimore Ravens only a week ago.
This weekend is the divisional round of the playoffs with two games last night and two today. Last night’s early game was the NY Bills at the Denver Broncos. The Bills kicked a late field goal to tie the game and extend their season briefly, before Denver kicked a game winning field goal minutes later. The final of that game was 33-30 but Broncos quarterback Bo Nix broke a bone in his ankle and will be out for the remainder of the season. In the late game, Seattle beat the 49ers 41-6. Sunday, January 18th, the Houston Texans play the New England Patriots at 3:00, and the LA Rams play the Chicago Bears at 6:30.
Rich Stephens
The Cold Take