Chuck Schumer Orders Democrats to Block Bill That Aims to Force Data Centers to Cover Increased Energy Costs

Senate Democrats are working to short-circuit a bill aimed at protecting consumers from the costs of data centers.

The Ratepayer Protection Act passed the House 417-3 in the 435-member House.

However, Senate Minority Leader Chuck Schumer opposes the bill, which he called “a fraud,” according to The Hill.

“Americans are demanding real guardrails on AI and data centers, but all the Republicans offer is a toothless messaging bill,” he said Tuesday.

The bill requires 60 votes to pass a procedural hurdle. Although Republicans have a majority in the Senate, it would take Democratic votes to move the bill forward.

Democratic Sen. Peter Welch of Vermont, who had been the lone Democrat supporting the bill, said he has changed his mind.

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Who Keeps The Money When AI Rewrites Bank Code?

The code most American banks run on was designed in 1959, the year Alaska and Hawaii became states. A committee of government and industry people wrote COBOL so that business programs could be read by people who were not mathematicians, and a good part of it was modeled on FLOW-MATIC, an earlier language from Grace Hopper, a Navy officer. I doubt anyone on that committee thought it would still be running banks in 2026. In 2017 Reuters estimated that about $3 trillion of daily commerce still ran through COBOL. In April 2020, when unemployment claims in New Jersey overwhelmed the state’s forty-year-old system, Governor Phil Murphy went on television and asked for volunteers who knew COBOL. The state had to go on TV to find programmers for its own unemployment system.

I bring this up because of a clip I posted last night of Bill Ackman talking with Shane Parrish on The Knowledge Project. Ackman said Cognition, the company behind the coding agent Devin, can rewrite a bank’s COBOL “in a matter of days as opposed to many months.” Someone replied asking me what I meant when I said commoditized lenders would compete the savings away. It is a fair question and I could not answer it in a tweet.

I do believe Ackman that the savings are real. Inside a large bank the core ledger still runs in batch. The balance a customer sees on the app at noon is an estimate (bankers call it memo-posted). The actual accounting happens overnight, when a mainframe works through a queue of jobs in a set order, posting transactions, accruing interest, charging fees, and producing files that every other system reads the following morning. The programs share data through copybooks, which are record layouts where a field is known only by its position. Cognition described one client where a single taxpayer ID showed up under dozens of different names across thousands of programs. Most big banks were put together through acquisitions, and each acquired bank came with its own core system that management was usually too nervous to shut off, so the old systems just piled up.

Replacing all of that has gone badly more often than well. Commonwealth Bank of Australia spent five years and more than A$1 billion replacing its core, and people in the industry consider that one a success. TSB in the UK moved customers onto a new platform in April 2018 and the platform did not work. Customers were locked out, some could see other people’s accounts, and service was not back to normal until December. TSB ended up paying £32.7 million in redress and £48.65 million in fines. Cognition’s own figure is that roughly two-thirds of COBOL modernization projects fail. With odds like that most banks built layers around the old core and left it alone. JPMorgan expects to spend about $19.8 billion on technology in 2026, and its CFO told investors in February that the priority had moved to “modernizing the underlying application code and data.” I would guess a large share of that budget still goes to keeping the layers standing.

Cognition is fairly careful about what its agents can do today. Devin is good at documentation, refactoring, and batch jobs, which are the parts of a migration where you can give the agent yesterday’s inputs and outputs and let it keep trying until the new code matches the old results. Cognition estimates batch is 30 to 50 percent of a typical migration. The real-time systems (card authorizations, for example) are still out of reach. Banks also have a security reason to hurry. Anthropic’s Mythos model, which can find and exploit software vulnerabilities, had bank regulators in the U.S. and Europe holding urgent calls this spring, and Reuters quoted security experts who named legacy bank systems as especially exposed.

Ackman’s harder point came a little later in the conversation. “The problem with money generally is it’s a commodity,” he said. For loans I agree with him. A company that wants a five-year term loan will collect six or seven term sheets and take the cheapest one, and a bank whose costs just went down will give up some spread to win it. Deposits have never really worked like a commodity, and I think that is where his argument is missing a piece.

The best explanation I have read is from three NYU economists, Itamar Drechsler, Alexi Savov and Philipp Schnabl. Their paper argues that banks have real market power over deposits. When the Fed raises rates, banks raise what they pay depositors slowly and only partway. Keeping that power costs money for branches, bankers and technology, but almost all of the cost is fixed. So deposits end up behaving like long-term fixed-rate funding, which is how a bank can hold thirty-year mortgages without being wiped out every time rates go up. It is also why the industry’s net interest margin has barely moved over several decades of rate cycles. The FDIC has it at 3.32 percent today.

Bankers measure this with the deposit beta (the share of a rate increase that gets passed along to depositors). Checking accounts have low betas. Online banks have high ones because, as the St. Louis Fed put it, their customers are looking for yield. During the 2022 hiking cycle the New York Fed found that super-regional banks passed through more than small banks did, while the very largest banks passed through less than either. After Silicon Valley Bank lost $42 billion in deposits in one day, money moved toward size, and the biggest banks did not have to pay more to get it.

Meta’s Muse goes right at this. It launched September 8, the same day Cognition announced it had raised more than $2 billion at a $48 billion valuation with run-rate revenue near $900 million. Muse is a personal agent that reads accounts at more than 12,000 U.S. banks and financial apps through Plaid. On Tuesday, September 22, Schwab fell 6 percent, LPL fell 7 percent, JPMorgan and Wells Fargo each fell more than 3 percent, and XLF, the largest financials ETF, was down 2 percent. On Sunday Torsten Slok at Apollo put out a note titled “Is an Agentic bank run coming?” He pointed out that the average checking account pays about 0.1 percent while Revolut, SoFi, Wealthfront and others pay between 3.3 and 5 percent, and he warned that banks “could lose a large share of the cheap deposits they rely on to make loans.”

Muse cannot move money yet. The Plaid connection is read-only, and Meta deserves to have that said. I still would not want to be running a bank’s treasury desk this month. Most people leave savings at a tenth of a percent because switching is a hassle. Opening a new account takes an afternoon, and nobody wants to be the person who breaks their own direct deposit. If an agent already sees every balance and can fill out the forms, most of that afternoon goes away.

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Virginia Releases Illegal Alien Accused of Unthinkable Crimes Against Children – ICE Catches Him Anyway

The Department of Homeland Security arrested an illegal alien earlier this month — a man the agency said had been released by local authorities in Virginia after sexually assaulting minors.

In a Wednesday news release, DHS stated that Democrat-dominated Fairfax County had refused to honor a detainer on Oscar Evaristo Nunez in 2025, despite his having been “charged with child sex crimes.”

Immigration and Customs Enforcement officials arrested Nunez, who is from Honduras, on Sept. 15 during a “targeted enforcement operation,” the release states.

Nunez was initially arrested and charged back in August 2025 with aggravated sexual battery, two counts of filming/videotaping of an undressed minor, and two counts of aggravated sexual battery of a victim under 13 years old, according to the release.

ICE logged a detainer for Nunez with the Fairfax County Adult Detention Center two days after his arrest. Fairfax County refused to honor the detainer and released Nunez back onto the streets without telling federal authorities, the release states.

Nunez is expected to remain in ICE custody until his immigration proceedings.

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Reporting of the RAF Fairford Arrests Blows the Idea of a ‘Free Press’ Out of the Water

It’s easy to forget that the western media – the so-called “free press” – likes to distinguish itself from media in authoritarian regimes on the basis that, unlike them, it asks critical questions of the powerful, reports facts objectively, and formulates its analyses dispassionately.

They do propaganda, we do news – or so the western media argues.

The feverish coverage since five men were arrested in the early hours of Sunday morning close to RAF Fairford in the UK is blowing that claim all too obviously out of the water.

Here are the known facts so far.

Three white vans, bearing the logo of a genuine fuel transit company, were spotted by a local farmer on the road outside her property as she returned from a party. Police arrived promptly and arrested the men, who were all British nationals in their twenties.

On Tuesday, it emerged that one of the arrested men actually called the police earlier – seemingly the reason officers were on the scene so quickly.

Although the men were initially arrested on explosives charges, no “viable” explosives were found. Although they were arrested on terrorism charges, which allow for 14 days of detention, they were released on bail under normal criminal laws in less than two days.

It has also emerged that the men had several empty “barrels” in their vans, plus one that contained what police described disturbingly as an “accelerant”.

Actually, that was simply a reference to petrol. The stuff that goes into vehicles to make them accelerate.

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Today In Dystopia: ICE Robots And Pentagon Puppets

Fortune reports:

“The Trump administration is exploring adding robot dogs to the expanding arsenal being used by federal immigration authorities as they seek to boost arrests and deportations across the country.

“US Immigration and Customs Enforcement posted a market-research notice Friday saying the agency was looking into the purchase of ‘quadruped unmanned ground vehicles,’ known as robotic dogs, along with a draft of the robot specifications.”

I guess it makes sense that the empire’s mad rush to normalize police robots would be spearheaded by the department responsible for persecuting immigrants; there’d be more domestic pushback if these dystopian machines were patrolling the streets targeting less marginalized populations.

I still can’t stand how the western political/media class keeps calling these things “dogs” to make them seem cute and familiar so that people won’t recognize them for the autonomous dissent suppression weapons they are intended to become.

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Charlie Kirk’s Mother Kathryn Kirk Addresses Conspiracy Theories Regarding Her Son’s Assassination for the First Time

Kathryn Kirk, the mother of the late TPUSA founder Charlie Kirk, has broken her silence regarding conspiracy theories surrounding her son’s tragic assassination.

Kathryn Kirk recently spoke to Vanity Fair for the first interview she has done since her son was assassinated on September 10, 2025.

In the interview, Kathryn shared that her silence about the tragedy was used by conspiracy theorists to claim there is animosity between her and Erika Kirk.

Kathryn shared, “We were 100 percent behind Erika, and through the tragedy, the two of them have grown closer together.

Per Vanity Fair:

The only time Kathryn Kirk, Charlie’s mother, cries is when she starts talking about how upset her son would be over the way his wife has been treated on social media. Kathryn, who has avoided speaking to journalists until now, says that she’s been fielding calls since minutes after Charlie was shot. A TMZ reporter “called me even before I talked to my daughter. Before I was running the car,” she says.

Though she says she’s desperate to remain a private citizen, Kathryn is also coming to terms with the fact that even her silence has been co-opted by conspiracy theorists who claim there is a rift between Charlie’s parents and Erika; that they blame her for their son’s death; that they’re fighting over Charlie’s will—and the legacy of Turning Point.

Kathryn insists that none of this is true. “We were 100 percent behind her,” Kathryn tells me, adding that “Erika and I have, through the trauma, grown closer.

“We knew Charlie in a way that no one else did. We can look at each other’s eyes and we know the depth of our despair.”

Later in the interview, Kathryn shared that, regarding a succession plan for TPUSA if anything were to happen to Charlie, he purposely spared both her and Charlie’s father from those talks “because it would just go right into our fears.”

Members of the TPUSA board told Vanity Fair that Charlie made it very clear that if anything was to happen to him, he wanted Erika to lead the organization he co-founded in 2012.

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Senate Democrats Block Congressional Stock Trading Ban

Senate Democrats blocked a House-passed congressional stock trading ban that had a voter ID requirement attached to it on Wednesday.

The “Stop Insider Trading Act,” which needed 60 votes to advance, failed in a 53-47 vote.

Every single Democrats voted to block the bill.

The bill would block members of Congress, their spouses and children from purchasing new stocks.

The Hill reported:

Senate Democrats on Wednesday blocked a bill sponsored by vulnerable GOP incumbent Pete Ricketts (Neb.) to restrict members of Congress from buying new stocks of publicly traded companies, arguing the legislation didn’t go far enough to crack down on possible corruption.

The Stop Insider Trading Act failed by a vote of 53-47. No Democrat voted in support of the measure.

It needed 60 votes to advance on the Senate floor.

Schumer called the voter ID bill a “poison pill” on Tuesday after Senate Majority Leader Thune announced the vote.

“The poison pill that will gut mail voting that has failed six times…” Schumer said.

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Why Our “Populist Moment” Keeps Failing

Ever since Donald Trump shocked the legacy press, “expert” pollsters, and the political establishment more broadly in November of 2016, we’ve seen endless attempts to explain what was, at the time, seen as a perennial sea change in American politics.

A consensus quickly emerged that pointed to a “populist surge” on the right, driven by rural white voters who were angry about the financial crisis and the political class’s failure to “stem the tide” of illegal immigration. The establishment tried to frame this all in a way that was flattering to themselves. Trump’s popularity, we were told, came from a particularly nasty group of uneducated rural whites who were enraged about having to compete with non-white people and stupid enough to fall for Trump’s lies.

But anyone looking closely could see that that characterization was, at best, a gross and overly narrow simplification. While rural white populations provided a lot (not all) of the votes and fuel for the Trump movement, its ideological thought leaders were largely young men living in or around blue cities, connecting and interacting with each other online.

Also, at the same time, there was a significant populist surge on the left. This was a bipartisan, or even non-partisan, political phenomenon. Establishment Democrats have done a far better job than their Republican counterparts at keeping their populist wing in line—largely thanks to its political leader, Bernie Sanders, who was always willing to roll over and support the establishment candidate when the time came. That said, the success of several “post-woke” democratic socialists in this year’s primaries suggests that establishment Democrats are now also losing control.

So it’s not merely some handful of uneducated rural white voters. There has been a widespread sense, across the political spectrum, that America’s institutions are not merely failing, but are actively working against the interests of everyday Americans. And that is true.

The massive federal government built up in DC over the last century or so was never meant to serve the interests of the American people as a whole. It has always been a tool for enriching the political caste and their well-connected friends in the “private sector.” They’ve done that directly with tax-and-spend programs and indirectly by using rules and regulations that warp entire industries to benefit some well-connected firms already on top.

The political establishment has gone to great lengths to hide their expropriative activities behind deceptive propaganda and fake appeals to the common good. But especially after they’ve taken the opportunity to greatly ramp up their schemes in response to crises of their own making—like the 2008 financial crisis—it became a lot harder to stop people from noticing that, somehow, the elites are ripping them off.

The “populist anger” against the elites that resulted has enabled Trump’s dominance of the Republican Party and fueled an escalating civil war within the Democratic Party that appears to be nearing a similar establishment defeat. And this anger has been the defining feature of American politics for at least ten years now.

What, then, has this populist moment accomplished? What has been done to liberate the American people from our corrupt political class, or at least to meaningfully improve the safety and material well-being of everyday Americans?

The truth is, on nearly all fronts, the results have been abysmal.

Broadly, this populist wave was meant to end the “corruption” in DC—or to stop politicians and bureaucrats from using government to enrich themselves and their friends. It was meant to end the endless series of wars fought to benefit foreign groups and governments along with well-connected firms in the “defense” and energy sectors. And it was meant to reorient the American system from one that serves the interests of corporate giants and financial elites to one that serves small businesses and local communities.

On the right, populists also wanted to stop or reverse the demographic changes resulting from the post-1965 immigration system. And populists on the left wanted to reverse the rising levels of economic inequality.

Over the last decade, every single one of these problems has gotten worse. Why?

There are, of course, plenty of specific mistakes, shortcomings, or outright failures we could examine on all these fronts. But, at the end of the day, all come back to the same fundamental problem: the populist right grew bored with economics.

The truth is, the current wave of anti-establishment, anti-elite political sentiment did not really begin ten years ago with the election of Donald Trump. It began earlier, right in the wake of the financial crisis. There was, of course, the Occupy movement on the left, but that mostly boiled down to calls to send bailouts everywhere in the economy rather than just to the big banks, or even for a full-on socialist revolution. Economic literacy was never at home in that movement.

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First Them, Then Us: America’s Shift from Police State to Prison State

“If Trump can disappear them, he can disappear you.”—Robert Reich

America, you got fooled. Again.

For starters, the war on illegal immigration was never just about illegal immigration.

If you fell for that, chances are you’re still falling for the government’s oldest trick: manufacture a crisis, identify an enemy, frighten the public, declare an emergency, and then use the resulting fear to justify another expansion of government power.

Terrorism. Crime. Drugs. National security. Illegal immigration.

Different threats. Same playbook.

Take a legitimate problem—or inflate it into an existential menace—and suddenly constitutional safeguards become inconveniences, extraordinary powers become necessities, and anyone who questions the government’s methods can be accused of siding with the enemy.

Immigration is a perfect example.

A highly charged issue that pushes all of the knee-jerk, polarizing buttons when it comes to deep-seated fears and prejudices, immigration has been the perfect vehicle for the Trump administration’s political fearmongering and authoritarian power grabs.

Trump has repeatedly described illegal immigration in the language of invasion, criminality and national-security emergency.

Yet a closer look suggests a far more complicated reality.

A 2026 Cato Institute analysis of Census data found that undocumented immigrants were incarcerated at a rate of 674 per 100,000 people in 2024, compared with 1,195 per 100,000 native-born Americans. Legal immigrants had an even lower incarceration rate of 303 per 100,000. Cato concluded that both legal and undocumented immigrants are less crime-prone than native-born Americans.

So, what is the government’s end game?

We’ve been so fixated on the overt cruelty, unapologetic authoritarianism, thuggish brutality, and blatantly unconstitutional abuses of the Trump administration’s immigration crackdown that we missed the larger menace taking shape behind it.

While the country fights over who should be allowed in, who should be kicked out, and who can participate in a pay-to-play scheme that benefits the oligarchy, the government continues building the infrastructure of a prison state.

This is the real power grab.

The government is using its so-called war on illegal immigration to normalize something far more dangerous: a system in which due process can be bypassed, people can be detained and moved beyond easy public scrutiny, government agents can wield extraordinary enforcement powers with minimal accountability, and constitutional protections can be treated as optional whenever the government invokes security.

Immigration is the testing ground.

The precedent being established and the tactics being trotted out and normalized are the real danger. Because once the government establishes that it can suspend the Constitution’s safeguards for one disfavored group, there is nothing magical that keeps those powers confined to that group.

We are all at risk.

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