Originally posted March 14, 2023. Confidence in the Banking System? “There will be no more tax-funded bailouts. Period.” It seems like long ago. On 21 July 2010 then-President Obama uttered those failed words. Cheered on by Joe Biden, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, before crowing: The new law […]
Sanctioned Nations Seek Alternatives to the Dollar
Sanctioned nations like Russia and Iran are seeking alternatives to using the dollar to settle transactions with trading partners. Oleg Burunov explains at Sputnik News (a Russian government funded media outlet): The trend of cutting dependence on the US dollar and switching to national means of payment in international settlements is gaining steam across the […]
Walmart Flees Chicago After Soft-on-Crime Mayor Elected
Is it a coincidence that Walmart has announced it will close four of its eight stores in Chicago after the city recently elected Brandon Johnson as its next mayor? Johnson pushed to shift funds from police departments to social services in 2020 in a city where crime has been raging for years. Now, Walmart, which […]
Biden Embraces Modern Monetary Theory
Better Safe than Sorry? The decision to bail out SVB involved money. Lots of money. The printing of money and flooding of the economy, however, does have consequences. About two weeks ago, on 12 March, President Joe Biden made an “imponderable” decision. In the WSJ, Holman W. Jenkins asks, if Silicon Valley Bank had failed […]
SVB – There’s Panic in the Air
Last week the federal government took over Silicon Valley Bank and seized management of customers’ deposits in the billions. It is reported to be the largest bank failure since 2008. Reporting for Axios: For roughly 77 hours, between noon ET on Friday and 6pm on Sunday, a chorus of Silicon Valley bigwigs and elected leaders called vocally for […]
STRINGS ATTACHED: Democrats Can’t Even Do Big Government Correctly
Democrats have long been known as America’s big government party, but Veronique de Rugy explains why they can’t even get big government subsidies right. She writes at Yahoo! News: Let’s call it the “Biden way”: When our president can’t get his policies through Congress, he tries to impose them in other ways. Just look at […]
Fed Likely to Raise Rates as Labor Market Strengthens
Unexpectedly strong numbers from the monthly employment report will likely strengthen the Federal Reserve Open Market Committee’s resolve to continue raising rates. David Harrison reports on the employment numbers for The Wall Street Journal: U.S. job growth accelerated at the start of the year as employers added a robust 517,000 jobs and pushed the unemployment rate to […]
Is Amazon’s Slowdown a Warning?
Is the slowdown in growth at Amazon a warning for the wider economy? Sebastian Herrera reports for The Wall Street Journal: The online retail giant posted fourth-quarter sales of $149.2 billion, or 9% growth from the year-ago period, beating Wall Street expectations. The top line benefited from a second Prime Day Amazon held following one […]
Powell Slows Fed Funds Rate Increases
Jerome Powell and the Federal Reserve Open Market Committee (FOMC) have slowed the pace of interest rate increases to 25 basis points. Nick Timiraos reports in The Wall Street Journal: The Federal Reserve nudged up short-term interest rates by a quarter-percentage point and signaled it was on track to do so again at its meeting next month […]
Are Americans Increasingly Unqualified in Biden’s Economy?
Job openings are elevated, but layoffs continue in the labor market. Is that a sign that Americans don’t have the qualifications employers are looking for in a changing market? Bryan Mena reports on the labor market, writing in The Wall Street Journal: U.S. job openings remained elevated at the end of last year, but layoffs […]
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