Business
‘Too early for victory laps’: Fed inflation fight looms over Biden on December 12, 2023 at 9:04 pm Business News | The Hill
The next chapter of the Federal Reserve’s fight against inflation will stretch through the 2024 election, putting President Biden in a pinch as he campaigns on a yet-to-be-seen soft landing.
The central bank has walked a tightrope to cool the economy and bring down inflation without triggering a recession. The Fed began its battle with an aggressive series of rate hikes, then paused in September as inflation fell steadily over the past 18 months.
After its final meeting of the year concludes Wednesday, the Fed’s rate-setting committee will announce its next step in the fight against inflation after a year of remarkable progress.
While experts don’t expect the Fed to declare victory, they believe the bank is well on its way toward delivering a “soft landing” — a return to low inflation without a recession.
“The odds of a soft landing have certainly increased dramatically in recent months. There’s probably a better than 50-50 chance that we do get that very rare soft economic landing, but it’s too early for victory laps,” Greg McBride, chief financial analyst for Bankrate.com, told The Hill.
The U.S. economy is in a much better place than it was a year and a half ago, economists told The Hill, with inflation falling, strong economic growth and low unemployment.
The economy’s success came in the face of headwinds, including the spectacular collapse of Silicon Valley Bank and Signature Bank this spring, the resumption of student loan payments, the ongoing conflict in Ukraine and the war between Israel and Hamas.
“The U.S. economy is quite resilient. It has been the big story of this year,” Niladri Mukherjee, chief investment officer at TIAA Wealth Management, told The Hill.
Some economists argue the economy is already on track to see lower inflation without a recession, which was widely feared when the bank began hiking rates.
“In my opinion, the soft landing is in the bag,” Claudia Sahm, a former Fed economist and the founder of Sahm Consulting, told The Hill. She is best known as the creator of the “Sahm Rule,” an early warning recession indicator based on the three-month average national unemployment rate.
“We could sustain this labor market. The COVID disruptions, Ukraine disruption and inflation continue to work themselves out. That’s the path we’re on,” Sahm added. “That was not clear last year. Last year was really rough.”
Bidenomics and the 2024 presidential race
Inflation has fallen from its peak topping 9 percent in June 2022 to 3.1 percent in November, according to the latest consumer price index released Tuesday by the Labor Department. That’s still above the Fed’s 2 percent inflation target but within striking distance.
President Biden’s reelection campaign used last week’s jobs report, which showed higher-than-expected job gains, to make the case that he’s “cleaning up the economic disaster” left by his predecessor and presumed challenger in the 2024 race, former President Trump.
But it may be too soon to tell whether the economy is a winning message for Biden as the plane is still coming in for landing.
“This period of incredibly high inflation absolutely does not play well for Biden,” said Michelle Holder, an assistant economics professor at John Jay College.
While it looks like the U.S. economy is coming in for a soft landing, Americans remain concerned with high prices as they’re squeezed by higher borrowing costs. And even Democrats seem to have a hard time backing Biden’s economy.
A recent New York Times/Siena College poll of voters in six battleground states found 62 percent of Biden voters rated the economy “fair” or “poor.” Trump is leading Biden in five of those six battleground states, the poll found, though the hypothetical general election match-up is more than a year away.
While the economy is improving by many measures, many Americans are struggling. Those who enjoyed pandemic stimulus-padded safety nets are seeing those savings dwindle, and credit card, mortgage and auto payment delinquency rates have all risen as borrowing costs have ballooned.
“Sixty percent of U.S. households live paycheck to paycheck. The prices are 20 percent higher than they were pre-pandemic and for a lot of households, income hasn’t increased 20 percent,” McBride said.
“So buying power has been squeezed, budgets are tighter, savings has been eroded, credit card debt has been added, and that reality is weighing on millions of households,” he added.
Where the Fed goes from here
The Fed is widely expected to hold interest rates steady on Wednesday at a range of 5.25 percent to 5.5 percent, the range set by its most recent rate hike in July.
With rates at their highest level in more than two decades, Fed officials have been willing to sit back and watch the impact of their previous hikes before raising borrowing costs again.
Fed Chair Jerome Powell has also warned the bank could hike rates again in 2024 if inflation shows signs of reigniting.
“My firm base case throughout all of this is the Fed is going to get 2 percent [come] hell or high water,” Sahm said, noting “the Fed’s only tool is fewer customers.”
Even so, the steady decline of inflation and rising pressure on low-income households is prompting calls for the Fed to consider cutting rates.
“As the inflation rate declines, the Fed’s not going to be able to keep rates at current levels indefinitely,” McBride says. Rates that stay high for too long risk tipping the U.S. economy and labor market into a recession.
While a recent estimate by UBS Investment Bank forecasts rate cuts as soon as March, the central bank will have to balance bringing interest rates down without tipping the economy into a recession.
Interest rate hikes target the demand side of the economy, dampening it by jacking up borrowing costs. But that doesn’t tell the full story.
“The misdiagnosis here was the assumption that inflation was largely demand, rather than supply, driven,” Moody’s Analytics Deputy Chief Economist Cristian deRitis told The Hill.
“Fed policy kept inflation from accelerating further by keeping demand in check, but most of the decline in inflation is attributable to improvements in the supply side of the economy.”
Mukherjee warned that if the Fed cuts interest rates too quickly, economic growth could reaccelerate and cause the Fed to reverse course and hike rates that the market is expecting to see cut.
“Everybody’s extrapolating too far up the path of no recession,” Mukherjee said. “That’s what makes it risky for investors.”
Holder said that, “The way to go is to be slow, steady and modest in order to mitigate these feedback effects with higher shelter costs and the very real feedback effect of you raise interest rates, you slow down the labor market, unemployment increases.”
A labor economist who studies women and people of color in the labor market, Holder noted Black workers in particular are experiencing historically low levels of unemployment.
“I do hope the Fed stays the course and continues along this path that has led us to be in this vein of a soft landing because I don’t want to see the gains that Black workers have made be reversed,” Holder said.
Despite a slew of high-profile layoffs, particularly in the technology sector, the national unemployment rate has remained below 4 percent for the longest stretch in decades, edging down to 3.7 percent in November.
“The biggest dynamic that is still at play is the Federal Reserve and the labor market. It’s literally been these are the two fronts which are fighting each other and we will at some point know which direction the fight is breaking,” Mukherjee said. “And you could argue that will have a big say in who wins the next year’s election as well.”
Whether the economy will tip the election in Biden’s favor, or whether Americans will even credit him with a soft landing should it materialize, remains to be seen.
“Whether or not I believe this is going to make or break Biden, or actually break Biden, in terms of his presidential bid, I’m not ready to say that,” Holder said. “I’m not ready to say that inflation is the straw that broke the camel’s back.”
Business, Economy, 2024 presidential election, Donald Trump, federal reserve, inflation, Interest rates, Jerome Powell, Joe Biden The next chapter of the Federal Reserve’s fight against inflation will stretch through the 2024 election, putting President Biden in a pinch as he campaigns on a yet-to-be-seen soft landing. The central bank has walked a tightrope to cool the economy and bring down inflation without triggering a recession. The Fed began its battle with…
Business
How Epstein’s Cash Shaped Artists, Agencies, and Algorithms

Jeffrey Epstein’s money did more than buy private jets and legal leverage. It flowed into the same ecosystem that decides which artists get pushed to the front, which research gets labeled “cutting edge,” and which stories about race and power are treated as respectable debate instead of hate speech. That doesn’t mean he sat in a control room programming playlists. It means his worldview seeped into institutions that already shape what we hear, see, and believe.
The Gatekeepers and Their Stains
The fallout around Casey Wasserman is a vivid example of how this works. Wasserman built a powerhouse talent and marketing agency that controls a major slice of sports, entertainment, and the global touring business. When the Epstein files revealed friendly, flirtatious exchanges between Wasserman and Ghislaine Maxwell, and documented his ties to Epstein’s circle, artists and staff began to question whose money and relationships were quietly underwriting their careers.

That doesn’t prove Epstein “created” any particular star. But it shows that a man deeply entangled with Epstein was sitting at a choke point: deciding which artists get representation, which tours get resources, which festivals and campaigns happen. In an industry built on access and favor, proximity to someone like Epstein is not just gossip; it signals which values are tolerated at the top.
When a gatekeeper with that history sits between artists and the public, “the industry” stops being an abstract machine and starts looking like a web of human choices — choices that, for years, were made in rooms where Epstein’s name wasn’t considered a disqualifier.
Funding Brains, Not Just Brands

Epstein’s interest in culture didn’t end with celebrity selfies. He was obsessed with the science of brains, intelligence, and behavior — and that’s where his money begins to overlap with how audiences are modeled and, eventually, how algorithms are trained.
He cultivated relationships with scientists at elite universities and funded research into genomics, cognition, and brain development. In one high‑profile case, a UCLA professor specializing in music and the brain corresponded with Epstein for years and accepted funding for an institute focused on how music affects neural circuits. On its face, that looks like straightforward philanthropy. Put it next to his email trail and a different pattern appears.
Epstein’s correspondence shows him pushing eugenics and “race science” again and again — arguing that genetic differences explain test score gaps between Black and white people, promoting the idea of editing human beings under the euphemism of “genetic altruism,” and surrounding himself with thinkers who entertained those frames. One researcher in his orbit described Black children as biologically better suited to running and hunting than to abstract thinking.
So you have a financier who is:
- Funding brain and behavior research.
- Deeply invested in ranking human groups by intelligence.
- Embedded in networks that shape both scientific agendas and cultural production.
None of that proves a specific piece of music research turned into a specific Spotify recommendation. But it does show how his ideology was given time, money, and legitimacy in the very spaces that define what counts as serious knowledge about human minds.

How Ideas Leak Into Algorithms
There is another layer that is easier to see: what enters the knowledge base that machines learn from.
Fringe researchers recently misused a large U.S. study of children’s genetics and brain development to publish papers claiming racial hierarchies in IQ and tying Black people’s economic outcomes to supposed genetic deficits. Those papers then showed up as sources in answers from large AI systems when users asked about race and intelligence. Even after mainstream scientists criticized the work, it had already entered both the academic record and the training data of systems that help generate and rank content.
Epstein did not write those specific papers, but he funded the kind of people and projects that keep race‑IQ discourse alive inside elite spaces. Once that thinking is in the mix, recommendation engines and search systems don’t have to be explicitly racist to reproduce it. They simply mirror what’s in their training data and what has been treated as “serious” research.
Zoomed out, the pipeline looks less like a neat conspiracy and more like an ecosystem:
- Wealthy men fund “edgy” work on genes, brains, and behavior.
- Some of that work revives old racist ideas with new data and jargon.
- Those studies get scraped, indexed, and sometimes amplified by AI systems.
- The same platforms host and boost music, video, and news — making decisions shaped by engagement patterns built on biased narratives.
The algorithm deciding what you see next is standing downstream from all of this.
The Celebrity as Smoke Screen
Epstein’s contact lists are full of directors, actors, musicians, authors, and public intellectuals. Many now insist they had no idea what he was doing. Some probably didn’t; others clearly chose not to ask. From Epstein’s perspective, the value of those relationships is obvious.
Being seen in orbit around beloved artists and cultural figures created a reputational firewall. If the public repeatedly saw him photographed with geniuses, Oscar winners, and hit‑makers, their brains filed him under “eccentric patron” rather than “dangerous predator.”
That softens the landing for his ideas, too. Race science sounds less toxic when it’s discussed over dinner at a university‑backed salon or exchanged in emails with a famous thinker.
The more oxygen is spent on the celebrity angle — who flew on which plane, who sat at which dinner — the less attention is left for what may matter more in the long run: the way his money and ideology were welcomed by institutions that shape culture and knowledge.

What to Love, Who to Fear
The point is not to claim that Jeffrey Epstein was secretly programming your TikTok feed or hand‑picking your favorite rapper. The deeper question is what happens when a man with his worldview is allowed to invest in the people and institutions that decide:
- Which artists are “marketable.”
- Which scientific questions are “important.”
- Which studies are “serious” enough to train our machines on.
- Which faces and stories are framed as aspirational — and which as dangerous.
If your media diet feels saturated with certain kinds of Black representation — hyper‑visible in music and sports, under‑represented in positions of uncontested authority — while “objective” science quietly debates Black intelligence, that’s not random drift. It’s the outcome of centuries of narrative work that men like Epstein bought into and helped sustain.
No one can draw a straight, provable line from his bank account to a specific song or recommendation. But the lines he did draw — to elite agencies, to brain and music research, to race‑obsessed science networks — are enough to show this: his money was not only paying for crimes in private. It was also buying him a seat at the tables where culture and knowledge are made, where the stories about who to love and who to fear get quietly agreed upon.

A Challenge to Filmmakers and Creatives
For anyone making culture inside this system, that’s the uncomfortable part: this isn’t just a story about “them.” It’s also a story about you.
Filmmakers, showrunners, musicians, actors, and writers all sit at points where money, narrative, and visibility intersect. You rarely control where the capital ultimately comes from, but you do control what you validate, what you reproduce, and what you challenge.
Questions worth carrying into every room:
- Whose gaze are you serving when you pitch, cast, and cut?
- Which Black characters are being centered — and are they full humans or familiar stereotypes made safe for gatekeepers?
- When someone says a project is “too political,” “too niche,” or “bad for the algorithm,” whose comfort is really being protected?
- Are you treating “the industry” as a neutral force, or as a set of human choices you can push against?
If wealth like Epstein’s can quietly seep into agencies, labs, and institutions that decide what gets made and amplified, then the stories you choose to tell — and refuse to tell — become one of the few levers of resistance inside that machine. You may not control every funding source, but you can decide whether your work reinforces a world where Black people are data points and aesthetics, or one where they are subjects, authors, and owners.
The industry will always have its “gatekeepers.” The open question is whether creatives accept that role as fixed, or start behaving like counter‑programmers: naming the patterns, refusing easy archetypes, and building alternative pathways, platforms, and partnerships wherever possible. In a landscape where money has long been used to decide what to love and who to fear, your choices about whose stories get light are not just artistic decisions. They are acts of power.
Business
New DOJ Files Reveal Naomi Campbell’s Deep Ties to Jeffrey Epstein

In early 2026, the global conversation surrounding the “Epstein files” has reached a fever pitch as the Department of Justice continues to un-redact millions of pages of internal records. Among the most explosive revelations are detailed email exchanges between Ghislaine Maxwell and Jeffrey Epstein that directly name supermodel Naomi Campbell. While Campbell has long maintained she was a peripheral figure in Epstein’s world, the latest documents—including an explicit message where Maxwell allegedly offered “two playmates” for the model—have forced a national re-evaluation of her proximity to the criminal enterprise.

The Logistics of a High-Fashion Connection
The declassified files provide a rare look into the operational relationship between the supermodel and the financier. Flight logs and internal staff emails from as late as 2016 show that Campbell’s travel was frequently subsidized by Epstein’s private fleet. In one exchange, Epstein’s assistants discussed the urgency of her travel requests, noting she had “no backup plan” and was reliant on his jet to reach international events.

This level of logistical coordination suggests a relationship built on significant mutual favors, contrasting with Campbell’s previous descriptions of him as just another face in the crowd.
In Her Own Words: The “Sickened” Response
Campbell has not remained silent as these files have surfaced, though her defense has been consistent for years. In a widely cited 2019 video response that has been recirculated amid the 2026 leaks, she stated, “What he’s done is indefensible. I’m as sickened as everyone else is by it.” When confronted with photos of herself at parties alongside Epstein and Maxwell, she has argued against the concept of “guilt by association,” telling the press:
She has further emphasized her stance by aligning herself with those Epstein harmed, stating,
“I stand with the victims. I’m not a person who wants to see anyone abused, and I never have been.””

The Mystery of the “Two Playmates”
The most damaging piece of evidence in the recent 2026 release is an email where Maxwell reportedly tells Epstein she has “two playmates” ready for Campbell.
While the context of this “offer” remains a subject of intense debate—with some investigators suggesting it refers to the procurement of young women for social or sexual purposes—Campbell’s legal team has historically dismissed such claims as speculative. However, for a public already wary of elite power brokers, the specific wording used in these private DOJ records has created a “stop-the-scroll” moment that is proving difficult for the fashion icon to move past.
A Reputation at a Crossroads
As a trailblazer in the fashion industry, Campbell is now navigating a period where her professional achievements are being weighed against her presence in some of history’s most notorious social circles. The 2026 files don’t just name her; they place her within a broader system where modeling agents and scouts allegedly groomed young women under the guise of high-fashion opportunities. Whether these records prove a deeper complicity or simply illustrate the unavoidable overlap of the 1% remains the central question of the ongoing DOJ investigation.
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
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