Conflict

Irony: When the guys who've been pulling down big paychecks pimping the AI bubble to investors are among the people whose jobs are about to become obsolete.

JPMorgan’s AI push sparks fears of mass job losses on Wall Street

Speaking from Shanghai, Dimon stated, "There will be all different types of jobs, and I think we will be hiring more AI people and fewer bankers in certain categories, and it will make them more productive"

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

JPMorgan CEO Jamie Dimon said in a new interview that the bank will likely hire more artificial intelligence specialists and fewer traditional bankers.

Speaking from Shanghai, Dimon stated, "There will be all different types of jobs, and I think we will be hiring more AI people and fewer bankers in certain categories, and it will make them more productive." He added, "I think it will reduce our jobs down the road."

Dimon told Bloomberg News that JPMorgan's 10 percent annual attrition rate, affecting 25,000 to 30,000 employees, allows for gradual management. He suggested retraining staff, redeploying workers, or offering early retirement instead of large layoffs.

Dimon's comments align with a global trend of banks increasing AI investments, reshaping workforces and job roles. Standard Chartered, for example, plans to cut 7,000 jobs over four years, replacing "lower-value human capital" with technology.

This wider shift to AI-driven job cuts deepens concerns among investors and economists that AI will upend industries, with job losses emerging in sectors most exposed to automation.

In April, Dimon made headlines when he warned the world would face “significant” interest rate shocks as a consequence of Donald Trump’s war on Iran.

Dimon said spiraling oil and gas prices, which have skyrocketed following Iran’s blockade of the key shipping lane, the Strait of Hormuz, and its attacks on regional energy infrastructure, would lead to “stickier” inflation that could push up interest rates.

In April, Dimon warned of global interest rate shocks as a result of the closure of the Strait of Hormuz, shown here
open image in gallery

Higher interest rates mean more costly borrowing of money for loans and investments, as well as mortgages, government borrowing costs and more.

They are also associated with lower economic growth, as firms spend less on new projects and hiring, and consumers spend less on non-essential items while managing household finances amid rising essential bills.

Dimon warned: “Now, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect.

“Nations that are heavily dependent upon imported energy are already seeing the effects. And it’s not just energy, it’s commodity products that are byproducts of oil and gas, like fertilizer and helium.

Colbert's Finale

Trump sends Stephen Colbert a warning ahead of final Late Show airing

Donald Trump isn’t letting Stephen Colbert fade into the sunset without having the last word.

Colbert’s Late Show will air its final episode Thursday night in what CBS is promising to be an “extended” send-off beyond the show’s typical one-hour time slot. Guests and a run time have not yet been revealed.

When asked Wednesday about his thoughts on the end of the late night show, Trump, 79, issued a single ominous statement: “I'll have a message at a later date.”

It was a rather subdued reply for the outspoken president, suggesting a lengthy riposte will be forthcoming this evening.

When approached for further comment, White House spokesman David Ingle told The Independent: “Stephen Colbert is a pathetic trainwreck with no talent and terrible ratings, which is exactly why CBS canceled his show and is booting him off the airwaves.”

Inflation

Groceries just had the biggest price hike in years. It’s about to get even worse, experts warn

(NEXSTAR) – Federal inflation data confirms what you may have been feeling already: Groceries are getting more expensive. Unfortunately, things may be about to get a whole lot worse, economists are warning.

The price of groceries rose 2.9% in April compared to the same month a year earlier, according to government figures released in May. That was the highest year-over-year inflation rate for the category since August 2023.

When compared to the same time last year, fruits and vegetables have seen some of the biggest price hikes. Tomatoes are 40% more expensive now than they were this time last year. Bad growing weather, tariffs, and rising fuel prices have all contributed to the huge change in tomato prices, reports the New York Times.

Coffee, another imported product, is 19% more expensive than it was last spring.

You’re also likely seeing inflated prices at the butcher counter. Meat is up 9% overall, but beef has grown even more expensive. Ground beef is about 15% pricier, beef roasts are 18% more, and steak is up 16%.

What’s contributing to the price spikes? Fuel prices have soared while the Iran war prevents cargo ships from passing through the Strait of Hormuz, a vital corridor for global oil supplies. Diesel fuel powers fishing boats, tractors and the trucks that ship 83% of U.S. agricultural products.

At least 25 Trader Joe’s stores expected to open this year: Here’s where
Just as you’re paying more at the pump, so are truckers who transport goods all around the country. Some vendors and suppliers are adding fuel surcharges to make up for the increased cost of transporting and delivering their goods.

Weather is also to blame in some cases. Dry weather in the West is making things harder for cattle ranchers, therefore driving up beef prices. Global drought is affecting coffee production.

Bad news may soon get worse, experts warn. The full impact of rising energy costs on food likely has not hit retail grocery prices yet in the U.S., according to Purdue University economists Ken Foster and Bernhard Dalheimer. Higher costs to produce, process, store, and transport food can take three to six months to show up on supermarket shelves, where prices typically fall slowly once increased, they said.

“Most of what we’re seeing now in the food price chain probably predates the conflict,” Foster, a professor of agricultural economics, said. “We’re cautiously waiting to see what the June numbers and the May numbers might show as they come out in terms of … the extent to which energy shocks in the Strait of Hormuz and shipping blockades and so forth are going to impact food prices.”

“The big story right now is oil, the next story is food,” economist Justin Wolfers agreed in an interview with MS Now.

“You see fuel prices rise, that’s the rock hitting the pond. And then the ripples are that jet fuel prices rise, and air fuel prices rise, and then the price of trucking your groceries to the grocery store rises. That’s the full set of ripples out of this,” Wolfers explained in another segment on the network.

If fuel prices remain high, we could see more issues “seep down the supply chain,” Foster said. Fertilizer could be more expensive, for example, since about 30% of the world’s supply of fertilizer moves through the Strait. That would make growing food more expensive for farmers, and those costs would eventually get passed on to the consumer.

If you’re looking for a silver lining in these tough economic times, check out the egg aisle. Eggs are 39% cheaper than they were this time last year, thanks to some normalization following last year’s avian flu crisis.

Polling

Don't get cocky

Get together

Get to work

Get shit done

Karl Rove Warns ‘Dangerously’ Unpopular Trump Is Tanking the GOP’s Midterm Chances

Legendary GOP operative Karl Rove warned that President Donald Trump may tank Republicans’ chances in November’s midterm elections in a scathing new column for The Wall Street Journal.

Under the headline, “Gerrymandering Isn’t Enough for the GOP,” Rove noted that redistricting efforts don’t put the GOP majority in safe territory,” as “Democrats lead on the generic congressional ballot by 6.6 points in Nate Silver’s Silver Bulletin average of recent polls and by 11 in the latest New York Times/Siena survey.”

And Rove thinks he knows who’s responsible for the widening gap.

“The GOP’s chances will get worse if President Trump’s approval numbers keep declining. They’re already dangerously low. Wednesday, his approval hit 39.8% in the RealClearPolitics average, the lowest of his second term so far,” he wrote before observing that the administration’s “message discipline on the Iran war” has been lacking.

“Making things worse are Mr. Trump’s erratic late-night missives. The president comes across more as a heckler at a UFC match than as a reassuring wartime commander in chief,” he added.

“Mr. Trump is also mucking up his domestic messaging. He quickly swamped the good with bad,” continued Rove. “His announcement Monday that he was reducing healthcare costs by adding 600 generic drugs to the government’s on-line low-cost drugstore was a winner. But long after the memory of that announcement fades, voters will recall Tuesday’s news conference at the White House ballroom construction site. The president’s promoting his $1 billion request for White House ‘security measures’ won’t convert voters. Nor will bragging that ‘there will never be another building like this,’ especially with Americans upset about $5-a-gallon gasoline, which Mr. Trump dismissed as ‘peanuts.'”

The Fox News contributor went on to urge Trump to continue fundraising for candidates, but refrain from hitting the campaign trail himself to “let Republican candidates create distance from the president.”

“Let them disagree with his $1 billion ballroom and $1.8 billion slush fund that critics are concerned could go to Jan. 6 felons,” he urged.

“The more undisciplined the White House messages on war and the economy, the more at risk GOP candidates will be. The more Mr. Trump thrusts himself into the campaign, the more damage he’ll do to Republicans and his own cause,” concluded Rove. “Gerrymandering helped Republicans. But the president’s actions are helping Democrats. That could give Democrats the House.”

Under-Babied

Mr Carlin, if you please -

Today's AI Follies

It's not so scary that AI is here and seems to be moving too fast and breaking too many things. And it's not even so scary that the nerds keep coming up with failed "products". What's really scary is that too many people won't stop thinking that somebody can perfect the imperfectable.

Videos like this one reinforce my idea that the Big Tech Bros believe AI is the new Master Race, and that they're pushing the nerds to create what I think can't be created.

When they send the AI army for us, remember: We all meet halfway up a good long flight of stairs.

When the AI army comes to destroy us remember - we all meet at the steps!pic.twitter.com/srjZ4oZlc3

— Greta (@GretaGrace20) May 20, 2026

What We Don't Know We Don't Know

Something Wicked This Way Comes

Trump may be trying to win by losing.

He goes for revenge against Cassidy and Massie, et al, and endorses the weirdest sickest fucks out there on the Flaky Fringey Right.

But since Republicans stand to take it in the shorts and get voted out of 35 or 40 or 50 seats in the House, and maybe 6 or 8 in the Senate, that gives Trump a shit load of losers he can count on to jump up and down screaming "Rigged election!!! Voter fraud!!! We was robbed!!!"

I don't know what all that means in terms of getting things squared away, and winners installed, but delay is Trump's go-to maneuver, and there's not that much 'business time' in government between Nov 3rd and Jan 3rd.

We'll see what we'll see, because the question remains:

Are there still people of honor in the GOP who'll stand up in defense of our little experiment in democratic self-governance?

Mercedes Chandler

Aaron Parnas

Trump wants to pay the J6ers for beating on - and maiming, and killing - cops, taking a dump in the rotunda and then smearing their shit on the walls, and stalking the halls of the Capitol trying to hunt down and kill various lawmakers.

And he intends to tax me for not beating on - and maiming, and killing - cops, taking a dump in the rotunda and smearing my shit on the walls, and then stalking the halls of the Capitol trying to hunt down and kill various lawmakers.

This is the UpsideDown. I want this fucked up circus to leave town yesterday if not sooner.