The podcast discusses the difficulties in choosing a House speaker in America's House of Representatives. It also highlights the challenges that the newly appointed Speaker, Mike Johnson, may face. Additionally, it covers the problems faced by Jean Joe Bank in China and the implications for the Chinese banking system. The podcast concludes with a discussion on the trend of longer films and the impact of streaming services.
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Quick takeaways
The election of Mike Johnson as Speaker of the House allows Congress to focus on legislative responsibilities and address important funding requests.
The Chinese banking sector may face a crisis due to mounting debt and concerns about non-performing loans, posing risks to the economy and small businesses.
Deep dives
Political Paralysis in America's House of Representatives Finally Comes to an End
After several weeks of impasse, Mike Johnson from Louisiana was elected as the new Speaker of the House of Representatives. The Republican party struggled to come up with a candidate who could secure the necessary votes. With Johnson taking up the gavel, the House can now focus on legislative responsibilities, such as passing a bill to fund the government and addressing President Biden's funding requests for Ukraine and national security priorities. Although Johnson lacks a strong platform to unite the fractured Republican party, his advantage lies in starting with goodwill and without the baggage of his predecessor, Kevin McCarthy.
China's Mounting Debt Crisis Leads to Concerns in the Financial Sector
The Chinese banking sector faces a potential crisis as banks grapple with mounting debt due to the government's loan moratorium policy during the pandemic. The recent troubles of Jean Joe Bank in Northeast China highlight concerns about non-performing loans in personal business loans and small and micro-enterprise loans. While the official data does not fully reflect the extent of the problem, analysts believe that many other banks across the country may face similar issues. Additionally, the government's push for lower interest rates on these loans raises further worries about the economic outlook and the risk faced by small businesses.
The Length of Films Has Been Increasing, Testing Viewer Patience
Films, particularly blockbusters, have been getting longer over the years, with average film lengths stretching from one hour and 21 minutes in the 1930s to one hour and 47 minutes in 2022. The trend of longer movies can be attributed to factors such as studios wanting to capitalize on their franchises and the influence of esteemed directors who associate longer runtimes with prestige. Additionally, streaming platforms have contributed to the trend by commissioning films with no need to consider time constraints. While longer films may attract viewers to the theaters, some argue that these extended runtimes can detract from the overall viewing experience.
With the accession of Mike Johnson as the lower chamber’s majority leader, Congress can at last get back to lawmaking—unless the leadership circus starts again. China’s banks may be loaded up with hidden bad loans; the industry’s covid-era hangover could be about to intensify (09:29). And why so many films have become so very, very long (17:35).
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