The Fed ignores Trump firing Lisa Cook, vows to follow court decision instead
Lawsuits fly as the Cook mortgage fraud allegations heat up
Hello Capitalists,
Here’s everything you need to be following today:
The Fed ignores Trump firing Fed Gov. Lisa Cook
DC shop owner says theft is out-of-control, “The gov’t needs to step in!”
How much is Taylor Swift and Travis Kelce worth?
1789 Capital invests millions into prediction market app Polymarket
NVIDIA releases Q2 earnings at market close
Today’s markets:
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S&P: 6473.16 - (⬆️0.11%) ✅
NASDAQ: 21540.86 - (⬇️0.02%) 🔴
CBOE VIX Volatility Index: $14.97 (⬆️2.39%) ⚠️⬆️
Cook still at work as the Fed ignores Trump firing and turns to the courts
President Donald Trump’s unprecedented attempt to fire Federal Reserve Governor Lisa Cook over alleged mortgage fraud has sparked a legal battle as the courts prepare to weigh in.
Fed Defends Independence: The Federal Reserve has vowed to abide by court rulings, emphasizing that governors can only be removed "for cause," safeguarding monetary policy from political interference.
Cook’s Legal Stand: Lisa Cook, backed by attorney Abbe Lowell, plans to sue, arguing Trump’s firing lacks legal basis, as she continues her duties at the Fed.
Trump’s Strategic Move: Trump aims to reshape the Fed’s board, potentially gaining a majority to push for lower interest rates, with Stephen Miran nominated to replace an existing governor vacancy.
Market Uncertainty Looms: Some analysts warn Trump’s actions could destabilize markets, increasing economic uncertainty if the Fed’s independence is compromised. The Supreme Court will likely to decide the outcome of Cook’s future.
Why did Trump fire Cook in the first place?
President Donald Trump fired Federal Reserve Governor Lisa Cook, alleging mortgage fraud after she claimed two properties as primary residences, sparking a legal battle over her unprecedented ousting from the central bank.
Criminal Referral Sparks Controversy: Federal Housing Finance Agency Director Bill Pulte accused Cook of falsifying mortgage documents for homes in Michigan and Georgia, prompting a Justice Department investigation.
Cook Denies Allegations: Cook, the first Black woman Fed governor, insists she won’t resign and plans to sue, arguing Trump lacks legal authority to fire her without cause.
Legal Limits Questioned: The Federal Reserve Act allows presidential removal only for malfeasance, raising doubts about Trump’s move, which could set a precedent for Fed independence.
Dem’s Latest Political Football: Critics, including Sen. Elizabeth Warren, call the firing an “authoritarian power grab,” linking it to Trump’s push for lower interest rates and control over the Fed.
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Desperate DC shop owner says teens steal from her store every day - “I’m afraid!”
The White House released a video featuring Tumika, a D.C. store owner who says teens stealing from her business has become a daily occurrence and that she's afraid to walk to her car after work, with crime becoming so severe that employees have been attacked.
"Sometimes I be afraid to walk out this door and go to my car," Tumika explained in the video. "People work hard for their business. I'm tired of kids looting. They stealing every day. Even adults come in here and steal – they walk beside the kids, the kids stuff in their pockets – what kind of parenting are you doing?"
"A lot of teens need to be dealt with and [be held] accountable for their actions, because they know right from wrong. If their parents can't be accountable for them, I mean the government needs to step in,” she added.
Community Approach: Despite the ongoing theft, Tumika tries to combat crime with generosity by offering free items to hungry kids and telling them there's no need to steal, but she believes parents and the government need to hold teens accountable for their actions when parents fail to do so.
Federal Response: Following a severe beating of a former DOGE employee in an attempted carjacking, President Trump directed the Secretary of Defense to mobilize the D.C. National Guard and federal law enforcement to fight crime in the capital, with plans to potentially expand this approach to other cities like Chicago.
Political Pushback: Trump's crime-fighting measures face strong opposition from Democrats who call his concerns "manufactured" and have introduced congressional resolutions to reverse his federal takeover, while the White House argues that critics and media are dismissing real problems affecting business owners like Tumika.
Big Money Engagement: This is how much Taylor Swift and Travis Kelce are worth
Pop superstar Taylor Swift and NFL champion Travis Kelce announced their engagement on August 26, 2025, in a romantic garden proposal, boasting a combined net worth of $1.67 billion.
Swift’s Billionaire Status: Taylor Swift’s $1.6 billion fortune, driven by her record-breaking Eras Tour and music catalog, makes her the world’s richest female musician, dwarfing Kelce’s wealth.
Kelce’s Diverse Ventures: Travis Kelce’s $70 million net worth includes $111 million in NFL earnings and $80 million from endorsements, podcasts, and film roles like Happy Gilmore 2.
Engagement Ring Value: Kelce proposed with a 13-carat diamond ring, estimated at $650,000, reflecting Swift’s lucky number and their high-profile romance.
Cultural Power Couple: Their combined wealth places Swift and Kelce among elite celebrity couples, rivaled only by Jay-Z and Beyoncé in fame and financial clout.
Trump aligned 1789 Capital just invested millions in prediction company Polymarket
Donald Trump Jr. has joined betting firm Polymarket's advisory board as 1789 Capital invests millions, boosting the crypto prediction platform’s U.S. comeback amid surging interest in betting on politics and global events.
Prediction Markets Gain Traction: Polymarket, founded in 2020, processed $6 billion in trades this year, offering bets on topics like Federal Reserve decisions and political outcomes.
Regulatory Challenges Overcome: After a 2022 CFTC fine, Polymarket acquired QCEX for $112 million, securing a U.S. license to expand legally.
1789 Capital’s Mission: Led by Omeed Malik, the firm promotes “American exceptionalism,” aligning with Trump Jr.’s role and conservative investment strategies.
Critics Question Ethics: Some liken prediction markets to gambling, raising concerns over speculation on sensitive issues like elections.
Wall Street awaits Nvidia’s Q2 Earnings report at market close with bated breath
Nvidia CEO Jensen Huang navigation of China’s chip market with a 15% revenue-sharing deal is fueling anticipation for Wednesday’s Q2 earnings amid a booming AI-driven transformation.
Blackwell Ultra Awaited: Nvidia’s Blackwell Ultra GPU, set to ship in late 2025, is expected to drive significant growth, with production already sold out for demanding AI workloads.
China Sales Challenges: H20 chip sales could add $2-3 billion to revenue, but export restrictions and a 15% U.S. tax may limit Nvidia’s China market gains.
Hyperscaler Dependency Risk: Half of Nvidia’s AI capital spending comes from AI hyperscalers (such as Amazon, Microsoft and Google) making it vulnerable to macroeconomic shifts and unpredictable AI industry trends.
Analyst Revenue Outlook: Wall Street expects Nvidia’s Q3 revenue to hit $52.7 billion, a 50% rise, driven by strong AI chip demand and Huang’s strategic global partnerships.
California’s High Speed Rail “boondoggle” just had another $175m cut from its budget
Transportation Secretary Sean Duffy slashed $175 million from California’s high-speed rail project Tuesday, escalating tensions with state leaders who denounced the Trump administration’s move as an illegal attack on Central Valley progress.
Project Costs Soar: California’s high-speed rail, initially budgeted at $33 billion, now faces a $22 billion price tag for a scaled-down 170-mile Merced-to-Bakersfield route, with completion projected for 2033.
Duffy Criticizes Mismanagement: Duffy called the project a “boondoggle,” citing $15 billion spent without a single piece of high-speed track laid, prompting a Federal Railroad Administration review of all related grants.
California Fights Back: The California High-Speed Rail Authority plans to purchase track components to advance construction, while state officials sue, arguing the funding cut violates legally binding agreements.
Political Tensions Escalate: Governor Newsom labeled the defunding a “politically motivated” attack, while Duffy’s op-ed accused Newsom of incompetence, intensifying the clash between state and federal leadership.
One more reason to do away with the Fed.
what a joke....she is a DEI hire that lies on mortgage papers. get her gone....the fed reserve reports to the POTUS. good bye DEI hire!