It’s Wednesday, September 30. As MeidasTouch editor-in-chief Ron Filipkowski announced earlier this week, because it is so important for people to have access to quality information as the midterms approach, we have decided to make our news updates on the Meidas+ Substack completely paywall free through the upcoming elections.
Too many high-quality news organizations have added paywalls as the midterms approach, while MAGA media sites have mostly kept their websites paywall free, leading to a dangerous disparity in what people are able to consume. We understand this could negatively affect our business, but some things are far more important.
If you are able to support our work, we’d really appreciate you becoming a paid subscriber (of course no pressure if you can’t). We will still be offering our other exclusives to our paid subscribers, like our ad-free podcasts, episodes of Ask the Editor, and more. Thank you!
Now to the news. Here are the top stories we are following:
Three more tankers were struck in the Strait of Hormuz
An apparent hijack attempt on a flydubai flight carrying more than 160 Israelis
Diesel is at an all-time high, the 30Y Treasury is back above 5.6%, and consumer sentiment is near record lows
A NYT exclusive reveals how Meta is using AI data centers to avoid billions in federal taxes
MAGA Republicans are blaming everything and everyone but Trump for gas prices: Obama, Biden, Ukraine, Democrats… You name it…
Ken Paxton was caught on leaked audio trashing Trump’s convention and saying Trump is a “drag” on him and the rest of the GOP
More rats flee the sinking ship and another high-profile Republican breaks with Trump on ICE
Trump’s melting down at state regime media Fox “News”
OK, let’s dive in.
A Strait-Up Mess
Iran hit at least 3 tankers crossing the Strait of Hormuz, including an LNG tanker. That’s the largest number of hits in a single day. We will see if the U.S. responds. The UK Maritime Trade Operations agency (UKMTO) issued a series of “ATTACK” warnings: Warning 144-26 reported a crude oil tanker struck on the port side, and Warning 146-26 reported an LNG tanker struck, with a third vessel also hit. UKMTO attributes the strikes to an "unknown projectile.”
So of course, Trump keeps reposting that Iran has “lost control of the Strait.” If you were actually confident, you wouldn’t need to keep posting it. Just like if you were actually smart, you wouldn’t need to keep telling people you have a “big brain.” Now who would do such a thing? Also, if the U.S. controlled the Strait, we’d be moving carriers and destroyers through it freely. We would have our logistics back up in Bahrain, instead of operating out of Diego Garcia.
Terror in the Sky
A flydubai jet flying from Dubai to Tel Aviv with over 160 Israelis on board made an emergency landing in Tabuk, Saudi Arabia. Israeli officials say the co-pilot stabbed the pilot and tried to hijack and crash the plane. Flight data shows the aircraft dropped around 14,000 feet in about 30 seconds during the struggle. Passengers and crew leapt into action, subduing the pilot as other pilots landed the plane safely. Everyone on board is safe. Israeli officials are investigating it as a suspected terrorist attack. Simply horrifying.
The Cost of Living Crisis Gets Worse
U.S. diesel just hit a new all-time high. Front-month heating oil futures reached $224.04/barrel this morning, up $33.35 (17.49%) from the September 4 close. As a reminder, diesel runs through a whole lot: trucking, agriculture…Basically every industry. So this will feed right into what you pay for everything.
The bond markets keep flashing red as well. The 30Y Treasury yield climbed back over 5.6%. Countries and companies are dumping American bonds. The market clearly isn’t buying the White House spin.
And people are feeling it. The University of Michigan Consumer Sentiment Index fell 3.6 points in September to 48.1, the second-lowest in history. Sentiment fell across every age, income, education level, region, and political party.
To add, electricity prices in the U.S. are rising at their fastest pace in decades. Remember when Trump said he’d slash energy prices in half within his first year?
When You Don’t Like the Data, Change the Way You Calculate the Data
This morning, the Bureau of Economic Analysis reported August PCE inflation (the Fed’s preferred gauge) at 3.4%, below expectations of 3.7%. Core PCE came in at 3.0%, below the expected 3.3%. July was revised down 30 basis points for both. The White House's message is that rate hikes may now be off the table.
Not so fast.
Read the fine print.
Beginning with this release, the government CHANGED how it calculates its 3 PCE categories: portfolio management and investment advice, computer software, and legal services. The Kobeissi Letter estimates the new methodology could knock up to 20 basis points off core PCE and noted the market would likely heavily discount this report. When you don’t like the data, change the way the data is calculated.
Meta’s Billion-Dollar Data Center Tax Scheme
A New York Times investigation found that Meta has been classifying its multibillion-dollar AI data centers as experimental “pilot models” so it can claim the federal research and experimentation tax credit on chips it buys from companies like Nvidia. Zuckerberg is telling investors AI is accelerating every part of his business. On tax filings, Meta says the data centers are a giant experiment that could fail.
The payoff is absolutely massive. NYT reports the credit cut Meta’s taxes by $2 BILLION in 2024, and $3.9 BILLION in 2025 (up from $700 million in 2023). That makes Meta the credit’s biggest beneficiary among public companies.
This news comes the same week Trump hosted tech billionaires at the White House and told them they can police themselves on AI, and declared that data centers will now be called “SI centers.” If you ever wondered why these tech execs have been cozying up to Trump, I present to you Exhibit A.
The MAGA Blame Game
Sen. Jon Husted (often referred to as Ohio’s face of data centers), when asked about his vote for the Iran War, denied that’s what he voted for. Then, he said it’s Iran, Russia, and Democrats who want higher gas prices. Husted is facing Democrat Sherrod Brown this November.
Rep. Rich McCormick went on Newsmax and blamed…Barack Obama for high gas prices. In the year 2026.
And Rep. Dan Meuser blamed Ukraine and Biden for diesel prices on Fox Business, even as Fox’s own chyron said fuel prices had jumped since the start of the Iran War.
Paxton Caught on Tape
The NYT’s Teddy Schleifer obtained audio of Ken Paxton, the GOP Senate nominee in Texas, telling donors and lobbyist last week that Trump’s midterm convention in Dallas hurt his polling numbers, and the numbers of many GOP candidates.
Q: Do you think Trump is a bit of a drag?
Paxton: To be honest with you, when we did that midterm convention, it dropped our numbers. Everybody’s numbers dropped. Yeah. Not good.
More Cracks in the GOP
West Virginia Sen. Jim Justice just broke with Trump on ICE. He criticized Trump, saying that ICE is dragging away people who’ve lived on your street corner for 15 years, and the first step to getting better is admitting that you have done something wrong. Another sign of the shifting winds against Trump and the Republican Party.
Trump Attacks…Fox?
Then, this morning, Trump posted on Truth Social that MAGA “will never like Fox,” and criticized them for putting Chuck Schumer, Hakeem Jeffries, Jessica Tarlov, and other Democrats on the air. Wahh wahh wahh…
Americans see exactly what is happening.
Oh, one last thing: In case you didn’t see, here’s exclusive footage we found of Jack Smith at the University of Maryland vs. Iowa game on the night. That’s the night Republican Sen. Schmitt tried to claim he was hanging with Fani Willis at an Atlanta Hawks game. Whoops! As always, we bring the receipts.
Thanks for reading, liking, restacking, subscribing, and sharing.
Shoutout to the Meidas Mighty!
Nohing like having the exact game film. Thank you to whoever had this footage, and to the finder.
"Meta’s Billion-Dollar Data Center Tax Scheme
A New York Times investigation found that Meta has been classifying its multibillion-dollar AI data centers as experimental “pilot models” so it can claim the federal research and experimentation tax credit on chips it buys from companies like Nvidia. Zuckerberg is telling investors AI is accelerating every part of his business. On tax filings, Meta says the data centers are a giant experiment that could fail.
The payoff is absolutely massive. NYT reports the credit cut Meta’s taxes by $2 BILLION in 2024, and $3.9 BILLION in 2025 (up from $700 million in 2023). That makes Meta the credit’s biggest beneficiary among public companies.
This news comes the same week Trump hosted tech billionaires at the White House and told them they can police themselves on AI, and declared that data centers will now be called “SI centers.” If you ever wondered why these tech execs have been cozying up to Trump, I present to you Exhibit A."
It's got to stop. The tech bro billionaires have got to get taxed to the hilt. Enough!