3/20/23: Is Trump's Arrest Imminent?/MAGA Rages At Desantis/Credit Suisse Rescued/ Putin Tours Ukraine Warzone/Iraq 20 year Anniversary/Anti-Lab Leak Propaganda/Jon Stewart KO's Larry Summers
Mar 20, 2023
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National security lawyer Bradley Moss joins the discussion, providing legal insights into the potential arrest of Donald Trump tied to the Stormy Daniels case. He breaks down the complexities of New York law and the political fallout within the Republican Party. The episode also navigates geopolitical tensions, with Putin’s tour of Ukraine and implications of China's peace efforts. Plus, hear about the Iraq War’s legacy and critiques of lab leak theories, sparking a lively exchange between Jon Stewart and Larry Summers on economic policies.
Credit Suisse is acquired by UBS in a $3.3 billion deal to resolve ongoing financial turmoil and ensure stability in the banking sector.
Not all banks faced the same level of need for emergency funds during recent financial turmoil, with the majority of borrowing concentrated among just three banks.
Regulators have taken varying approaches to resolve banking crises, with some governments intervening to acquire troubled banks while others focused on providing liquidity across the sector.
Jon Stewart confronts Larry Summers over his flawed economic analysis and track record, criticizing his support for corporate profits over wage increases and his role in the financial crash.
Deep dives
Credit Suisse purchased by UBS in $3.3 billion deal to address crisis
Credit Suisse, a major bank, has been purchased by UBS in a $3.3 billion deal in an effort to resolve the ongoing crisis. The Swiss government has provided support to backstop potential losses and ensure stability. This comes after Credit Suisse experienced financial turmoil and faced concerns about its liquidity. The acquisition aims to address the worsening confidence crisis and alleviate concerns in the banking sector.
Banks take advantage of Fed crisis lending programs
Many banks have utilized the crisis lending programs provided by the Federal Reserve during recent financial turmoil. Borrowing at the Fed discount window amounted to nearly $153 billion, with the majority of the funds being used by just three banks. These lending programs were introduced to provide liquidity to banks facing challenges and stabilize the banking sector. However, the concentration of borrowing from a few institutions suggests that not all banks experienced the same level of need for these emergency funds.
Regulatory responses differ in global banking crises
The response from regulators in the recent banking crises has varied. While the Swiss government intervened to resolve the crisis at Credit Suisse through acquisition and backing, other regulators, such as the Federal Reserve, focused on providing liquidity across the banking sector. Different approaches reflect individual circumstances and the perception of the extent of the crisis. Challenges in specific banks, such as Credit Suisse and Silicon Valley Bank, led to targeted interventions, while broader concerns prompted central banks to support financial institutions.
Larry Summers's Disastrous Economic Ideology
Larry Summers, a leading advocate of Fed crushing workers to fight inflation, is called out by John Stewart for his flawed perspective and disastrous track record in economic policy. Summers's history includes support for NAFTA, permanent normal trade relations with China, and his role in the financial crash. Despite his track record, his stance on crushing labor and protecting corporate profits bolsters his credibility in Washington.
John Stewart Takes on Larry Summers
John Stewart confronts Larry Summers over his flawed analysis of inflation and wage increases. Stewart presents a chart showing that corporate profits and supply chain issues contribute the most to inflation, while labor costs account for a significantly smaller percentage. Stewart criticizes Summers for defending corporate price gouging while advocating for suppressing wage increases, highlighting the inconsistency of Summers's economic worldview.
20th Anniversary of Iraq War: John Stewart Calls Out War Fraudsters
John Stewart marks the 20th anniversary of the Iraq War by exposing the lack of consequences for those responsible for pushing the war. He points out how war fraudsters have been able to thrive despite their catastrophic failures, highlighting the unjust treatment of those who ruin lives in service of the regime.
Questioning the Raccoon Dog Theory on COVID Origins
Sagar questions the credibility of the raccoon dog theory regarding the origin of COVID-19. He highlights the problematic methodology and timing of the Chinese data used in the theory, as well as the media's tendency to push for the natural origin hypothesis while ignoring evidence pointing towards a lab leak.
Krystal and Saagar discuss Trump's claims that he will be arrested on Tuesday, Lawyer Bradley Moss (@BradMossEsq) joins to give his legal opinion on Trump's legal scenario, MAGA demands Desantis block arrest of Trump, Pence is frozen on Trump criticism, Credit Suisse rescued on brink, Biden Sec confirms small banks won't receive same treatment, Putin tours Ukraine Warzone, US infuriated by China's Ukraine Peace Deal, the 20 year anniversary of Iraq, Saagar looks into the insane Anti Lab Leak propaganda, and Krystal looks into Jon Stewart's interview with Larry Summers on Socialism for the Rich.
