3/16/23: US Pushes Tik Tok Sale For National Security, Stock Chaos, "Lehman Moment", Jamie Dimon Bailout Meetings, Neocons Attack Trump/Desantis on Ukraine, Michigan Rolls Back "Anti Union" Law, The Fed Must Be Stopped, Biden's Controversial Ambassador
US pushes for Tik Tok sale citing national security, stock chaos from Credit Suisse, Lehman moment as bank bubble bursts, cronyism revealed in SVB bailout, neocons attack Trump/Desantis on Ukraine, Michigan rolls back anti-union law, conservative author struggles to define wokeness, Biden's controversial ambassador pick, and the need to stop The Fed after Silicon Valley failures.
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Quick takeaways
The US is pushing for a Tik Tok sale due to national security concerns.
The bailout of Silicon Valley Bank exposes cronyism and the influence of wealthy individuals in government decisions.
Elizabeth Warren criticizes banks' self-stress tests and calls for external assessment.
The nomination of Eric Garcetti as US ambassador to India raises concerns about the Fed's favoritism towards the wealthy and well-connected.
Deep dives
Trump and DeSantis's Ukraine stance draws criticism
Trump and DeSantis are facing backlash for their views on Ukraine, with critics calling them a 'geopolitical catastrophe' and pushing for a more hawkish approach. Ron DeSantis has positioned himself as skeptical of additional aid to Ukraine, drawing ire from neocons and establishment figures. Trump has also been criticized for his views on Ukraine, with critics arguing that his influence could be destructive if he were nominated for president again. The backlash highlights the divide between supporters of more interventionist policies and those who advocate for a more restrained approach in Ukraine.
The influence of wealthy investors in the Silicon Valley Bank bailout
The bailout of Silicon Valley Bank has raised questions about the influence of wealthy investors and well-connected individuals in shaping government decisions. Reports reveal that influential figures like Jamie Dimon, Reed Hoffman, and politicians like Gavin Newsom and Ron Conway played a role in pressuring the Biden administration for intervention. The close relationships between these individuals and policymakers raise concerns about fairness and accountability in decision-making processes.
Criticism of banks' self-stress tests
Elizabeth Warren criticizes banks' practice of conducting self-stress tests, arguing that it lacks credibility and undermines the purpose of stress testing. She emphasizes the need for external assessment and independent verification to ensure the reliability of stress test results. Warren's critique highlights concerns about regulatory oversight and the influence of banks in shaping their own risk profiles.
Freak-out over Ron DeSantis and Trump's Ukraine remarks
Ron DeSantis and Donald Trump are facing a backlash for their comments on Ukraine, with critics labeling them a 'geopolitical catastrophe.' The comments have sparked a debate between those advocating for more support for Ukraine and those favoring a more restrained approach. The response from establishment figures underscores the divide within the Republican Party over foreign policy objectives and approaches to international conflicts.
Eric Garcetti nominated as US ambassador to India despite accusations of sexual harassment
The Biden administration has nominated former LA mayor Eric Garcetti to be the US ambassador to India, despite credible accusations of covering up sexual harassment under his leadership. Many Indians have viewed this nomination as a snub and question Garcetti's qualifications for the role. The Fed's failure to address the accusations against Garcetti and their decision to back him raises concerns about their priorities and their lack of response to allegations made by ordinary workers. Additionally, the Fed's use of its powers only to benefit the wealthy and well-connected further undermines public trust in their role as regulators. A potential solution proposed is to create a banking public option, allowing every American to have a free basic checking account and cutting out the rapacious banking middlemen.
US-India relations face strain due to ambassador nomination
The nomination of Eric Garcetti as US ambassador to India has been met with criticism and viewed as a snub by many Indians. Garcetti's lack of qualifications for the role, along with the accusations of covering up sexual harassment under his leadership, has raised concerns about the seriousness of the Biden administration in fostering strong relations with India. The handling of this nomination sends a negative message to India, a vital trading and geopolitical partner, and undermines efforts to form alliances against China in the Asia Pacific region. The lack of seriousness in addressing these issues also undermines the credibility of the Me Too movement.
The Fed's prioritization of the wealthy versus ordinary workers
The recent nomination of Eric Garcetti as US ambassador to India highlights the Federal Reserve's favoritism towards the wealthy and well-connected, while showing disregard for the concerns and accusations of ordinary workers. The Fed's failure to address the accusations against Garcetti and their decision to back him despite the evidence raises questions about their priorities and calls into question their role as regulators. A potential solution to address the Fed's partiality is to create a banking public option, giving every American access to free basic checking accounts and eliminating the need for rapacious banking intermediaries.
Krystal and Saagar discuss the US pushing for a Tik Tok sale citing National Security concerns, Stock Chaos as the Credit Suisse bank struggles incite new fears, Nouriel Roubini claims we are in a "Lehman moment" as bank bubble bursts, meetings between Jamie Dimon and the Biden Treasury reveal the disgusting cronyism at the heart of the SVB bailout, CNBC humiliated over Big Bank defense, Neocons freak at Trump and Desantis takes on Ukraine, Michigan rolls back Anti-Union "Right to Work" law, Krystal and Saagar react to a Conservative author who wrote a book on Wokeness but can't describe it in an interview, Saagar looks into how Biden's pick for former Mayor Eric Garcetti to US ambassador of India isn't going well, and Krystal looks into how The Fed must be stopped after Silicon Valley failures.
