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"In times of war, the law falls silent." -- Cicero
Trading was temporarily halted in dozens of regional banks this morning as shares fell by up to 75 percent when the market opened after Joe Biden claimed 'US banking is safe.'
Major US banks were also hit as contagion fears spread through the sector with Wells Fargo plummeting 7.5 percent, Bank of America falling 7.4 percent, Citigroup plunging 5.8 percent and JP Morgan down 2.7 percent.
Regional bank Western Alliance saw its stock price plunge by three quarters as the opening bell sounded on Wall Street, while shares in First Republic dived 67 percent and PacWest by more than 35 percent. Trading circuit breakers were swiftly implemented to protect the market from rampant volatility.
Biden addressed the nation from the Roosevelt Room in the White House as he attempted to avert a broader catastrophe from sweeping the financial system following the collapse of Silicon Valley Bank on Friday.
'Americans can have confidence that the banking system is safe,' he said just minutes before the market opened.
Teachers and activists are pushing for high schools to drop their calculus courses to increase equity as many minority and low-income students don’t have access to the class, according to The 74, a nonprofit news organization covering education.
In the 2017-2018 school year, 76% of schools with “low student of color enrollment” offered calculus while 52% of schools with a high proportion of students of color offered the advanced math course, according to a Learning Policy Institute report. The course, teachers and activists argued, is disproportionately offered to students not of an underrepresented group, giving other students an advantage in the college admissions process, according to The 74.
“I am rightfully worried that the disproportionate focus on calculus is unfairly excluding students, particularly students who come from backgrounds that have been historically excluded — and are still being excluded — from STEM majors and the well-paying careers that can follow,” Sarah Spence Adams, professor of mathematics at Olin College of Engineering in Needham, Massachusetts, told the outlet.
Hundreds of thousands of American lives lost because those in China and Mexico are attacking the United States with the deadly fentanyl epidemic.
A million dead because of a virus that most likely leaked, or was released, from a Chinese laboratory.
Untold numbers of innocent Afghanis turned over to the terrorists in the Taliban – with dire results.
All of these actions have been allowed by Joe Biden, and they amount to treason, according to David Horowitz.
Did you think that the Federal Reserve would just stand by and watch the U.S. banking system completely collapse? In response to the stunning failures of Silicon Valley Bank and Signature Bank, the Federal Reserve announced a rescue plan on Sunday evening that is going to radically change banking in America forever.
All deposits at Silicon Valley Bank and Signature Bank will be fully guaranteed and will be available on Monday. Of course, the Federal Reserve can’t just make an exception for these two banks. If they are going to do this for them, that means that they are going to have to do it for everyone else too.
So what this means is that from this point forward the Federal Reserve is essentially promising to guarantee every bank account in America. Considering the fact that more than 19 trillion dollars is deposited with U.S. banks, that is quite a promise to make.
A British Airways pilot has collapsed and died suddenly after suffering a heart attack shortly before he was due to fly a packed passenger jet.
The pilot, who hasn’t been identified by the airline, died at a hotel in Egypt after collapsing unexpectedly.
He was on his way to Cairo Airport to fly a British Airways (BA) plane back to Heathrow in the UK.
There were roughly 200 passengers aboard the flight that the deceased pilot was due to fly.
The pilot was with the rest of his fellow crew members when he collapsed as they prepared to travel to the airport, according to reports.
The flight crew gave first aid to their colleague in the foyer of the hotel in Cairo after he had a heart attack.
When you think of a household budget, you probably consider how much money you can spend based on your available income during a certain period of time. President Biden’s 2024 “budget” is less an exercise in matching income with expenditures and more an exercise of seeing how big he can grow the government until the entire house of cards comes crashing down.
This would be dangerous at any point in time. It is more so given the current financial backdrop.
Two storms were poised to strike the East and West coasts on Monday, forecasters said, bringing a nor’easter from New York to Maine and yet another atmospheric river to California.
Parts of the Northeast, which have had a mild winter, are expected to get heavy rain and snow, forecasters said. It could be one of the region’s biggest storms before winter ends next week. Along the Pacific Coast, another atmospheric river was set to add to the dizzying tally of storms this winter that have caused historic flooding and near-record rainfall.
New York City and surrounding areas were expected to get about 2 inches of rain during the nor’easter on Monday and Tuesday, the National Weather Service said. New England could see heavy and wet snow, including more than 2 feet in the mountains, forecasters said. The National Weather Service warned it could be difficult to commute in some places.
The House Oversight Committee has subpoenaed Bank of America for records related to Hunter Biden’s business dealings, Fox News has learned, and is already receiving documents from the bank that have "opened new avenues of investigation about the Biden family’s business schemes."
Committee Chairman James Comer, R-Ky., subpoenaed Bank of America for "all financial records" from three of Hunter Biden’s business associates dating from Jan. 20, 2009 to the present.
"The Oversight Committee has subpoenaed and obtained financial records related to the Biden family’s influence peddling," a committee spokesperson told Fox News Digital. "These documents solidify our understanding of several areas of concern and have opened new avenues of investigation about the Biden family’s business schemes."
Gov. Gretchen Whitmer, D-Mich., is under fire for admitting that some of her decisions during the COVID-19 pandemic "in retrospect don't make a lot of sense," citing her restriction of seed sales during the lockdown.
In a sit-down interview, Whitmer recently told CNN's Chris Wallace that looking back, some of the restrictions implemented on Michigan residents during the height of the pandemic were not necessary. "We had to make some decisions that in retrospect don't make a lot of sense, right? You could go to the hardware store, but we didn't want people, you know, all congregating around the gardening supplies... It was February in Michigan, no one was planting anyway. But that being said, some of those policies I look back on and think that was maybe a little more than we needed to do," the Democratic governor said.
Despite claiming the ban was in February, Whitmer's executive order limiting seed and gardening sales spanned into April 2020.
According to a March 13 tweet by Okcoin CEO Hong Fang, the U.S. affiliate of cryptocurrency exchange OKX had no exposure to defunct U.S. tech bank Silicon Valley Bank (SVB). However, Fong stated that Okcoin’s U.S. dollar wire and ACH deposits have been “immediately paused” due to the regulatory intervention in Signature Bank, Okcoin’s primary partner for customer transactions in dollars.
On March 12, New York state regulators closed Signature Bank, a major financial institution for fiat-crypto on-ramping, citing a “systemic risk exception” in the wake of SVB’s collapse. In addition to suspending dollar deposits, Fang wrote that “over-the-counter services will be temporarily paused too,” including its quick buy and recurring buy functions. Okcoin also stated that the suspension extends to “crypto transactions by credit card” and “trading USD-crypto trading pairs.”
In response to user inquiries, Fang clarified that “all corporate and all customer funds are safe” and “USD withdrawal not affected. The processing pace will be subject to bank operation.” All crypto deposit and withdrawal functions remain intact, including those of U.S. dollar-pegged stablecoins. Furthermore, the suspension appears limited to dollar deposits, as other fiat deposit methods, such as those made in euros, are unaffected.
Oscars host Jimmy Kimmel was bashed by fans of the show who felt his flippant behavior toward a Nobel peace prize winner who had been shot by the Taliban was disrespectful.
Kimmel approached Taliban shooting survivor Malala Yousafzai, whose documentary, “Stranger At The Gate,” was nominated for an Oscar. Malala was only 15 years old when she was shot after being hunted down by the Taliban in Pakistan.
During a break in the show, Kimmel, 55, went to Malala, now 25, and asked her a question from a fan, stating, “She asked, your work on human rights and education for women and children is an inspiration–as the youngest Nobel prize winner in history, do you think Harry Styles spit on Chris Pine?”
Malala, looking uncomfortable, responded, “I only talk about peace.”
President Joe Biden patted himself on the back Monday morning as multiple banks have collapsed in recent days, claiming that the “quick action” of his administration has stabilized the banking industry.
“Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills,” Biden said. “And their hardworking employees can breathe easier as well.”
American parents are increasingly concerned about the education their children receive in school today. They’re also worried about the teachers, who have come under heavy scrutiny in recent years.
Teachers pushing the far-left agenda seem to be common, as disturbing videos routinely pop up on social media. Educators dismissing and insulting parents isn’t helping the situation, either.
But this story involves something even worse — an honored teacher accused of two terrible crimes.
Jacqueline Ma was a 6th grade teacher in San Diego, California, where she was one of five recipients of their prestigious “Teacher of the Year” award for the 2022-2023 school year.
Up until recently, parents had no idea that Ma was involved in anything dark; many just thought she had close connections with the students.
However, it seems those relationships were more than just “close,” or she wanted them to be: Ma is now under arrest on serious charges that will probably end her career as a teacher for good.
The White House is striking at Florida Governor Ron DeSantis by saying he is “attacking young kids and their parents.
” Press Secretary Karine Jean-Pierre took issue with some comments made by DeSantis in the past, according to the Friday press conference she gave from the White House press secretary’s podium. She went after DeSantis for saying, “Florida is where woke goes to die” during a speech earlier in the day. The Post Millennial reports that Jean-Pierre said such comments were “attacking children and their parents.”.
Jean-Pierre said: “Here’s what I have to say. When Republicans, extreme Republicans, these MAGA Republicans don’t agree with an issue or with policy, they don’t bring forth something that’s going to either have a good faith conversation, they go to this conversation of woke.”
Wall Street opened Monday with regulators halting trading on some of the nation’s largest banks as a hangover from this weekend’s calamitous collapse of two banks threatened to bleed into a second week.
Action by the New York Stock Exchange comes on the heels of premarket trading that saw a 67% fall in the price of First Republic Bank, based in San Francisco — ground zero for the recent collapse of tech-focused Silicon Valley Bank.
Other banks affected by the freeze include Western Alliance Bancorporation which saw a spectacular 75% decline in its stock Monday morning:
Trading has been halted in three banks this morning after shares fell as much as 75 percent when the market opened moments after Joe Biden claimed ‘US banking is safe’.
Western Alliance Bancorp’s stock price dropped by three quarters as the opening bell sounded while shares in First Republic Bank dived 67 percent and PacWest Bancorp plunged more than 35 percent. Trading was swiftly suspended to protect the market from rampant volatility.
According to Daily Mail, Major US banks were also hit as contagion fears spread through the sector with Wells Fargo falling 7.5 percent, Bank of America dropping 7.4 percent, Citigroup falling 5.8 percent and JP Morgan down 2.7 percent.
“Governments create money all the time. We do that for war.”
This is the argument for more money printing, and perhaps unlimited money printing, recently advanced by Professor Mariana Mazzucato on prime-time BBC.
Channeling Warren Mosler, the godfather of modern monetary theory, Dr. Mazzucato argues against “austerity”—by which she means any natural restraints on government spending. In order to spend, sovereign states need not “earn” tax revenue like a household must earn money, nor do they need to borrow.1 There is a third option: they can print new money at will and enjoy the profit of seigniorage. Just look at Germany, she says approvingly, which recently conjured up €100 billion by executive edict for the war effort in Ukraine!
She certainly is correct that governments print money to pay for wars. America was effectively born into debt during the Revolutionary War, and borrowed/printed money for every war thereafter.
But beyond that she is entirely and embarrassingly wrong. The fundamental reality is that more money does not create any new goods or services in the economy. Money is not wealth. Wealth is productive capacity; the ability to create actual goods and services. Germany and the European Central Bank can create euro stretching to the moon, but that will not produce a single missile or aircraft for the Ukrainians.
Many wonder why things are as they are today, why unique and sovereign individuals gather in large groups en masse, (as one) why they seek and embrace the herd mentality, and why they demand a dominate government, when this behavior can only lead to a loss of identity and an elimination of all critical thought. This does not happen due to a lack of intellect, it does not happen because of any intentional desire for one to destroy his own free will, it is the result of purposeful long-term planning on the part of the ruling class, and the voluntary acceptance of dependency by the masses. This technique, is in essence, the use of people as chattel, little different than that of animals, by the select few in society whose aim is to control all others. It is humans using and abusing humans as a matter of policy. This is why the (State) government schooling system was created in the first place, and in today’s highly technological environment, this designed experiment is proving its worth to the evil ‘elites,’ and their controlled pawns in government.
None of this, as mentioned above, was or is accidental in any regard, as allowing the general populace to remain self-reliant, entrepreneurial, self-sufficient, and fully literate, is anathema to the authoritative element of society, and is considered by the powerful ‘elites’ a deadly weapon against their rule and domination. The elimination of the individual in favor of the lie that is the ‘common good,’ the dumbing down and indoctrination of each generation of children from infancy to adult by structured intellectual obsolescence, and the propagandizing and promotion of a general attitude of non-existent ‘equality’ and entitlement, leads directly to dependence on the State.
Greg Becker sat in a red armchair at an invite-only conference in Los Angeles last week, legs crossed, one hand cutting through air.
“We pride ourselves on being the best financial partner in the most challenging times,” SVB Financial Group’s chief executive officer told the Upfront Summit on March 1, a day before his firm was up for Bank of the Year honors at a London gala.
Just a week later, it all fell apart.
SVB’s collapse into Federal Deposit Insurance Corp. receivership came suddenly on Friday, following a frenetic 44 hours in which its long-established customer base of tech startups yanked deposits. But its fate was sealed years ago — during the height of the financial mania that swept across America when the pandemic hit.
US venture capital-backed companies raised $330 billion in 2021 — almost doubling the previous record a year before. Cathie Wood’s ETFs were surging and retail traders on Reddit were bullying hedge funds.
Founders Fund withdrew millions from SVB, said the person, who asked not to be identified discussing private information. It joined other venture funds that took dramatic steps to limit exposure to the now-failed financial institution. Founders Fund also advised its portfolio companies that there was no downside to moving their money away from SVB, even if the risk was low.
Founders Fund acted in other ways to move its business away from SVB. On Thursday, as the bank was beginning to unravel, the firm started what’s known as a capital call. That’s a run-of-the-mill activity in the venture capital world, in which a VC firm asks its investors, or limited partners, to send it money in order to make investments in startups — the core function of most VC firms. It began by asking those backers to transfer the funds to accounts at SVB, as it has done for years, the person said.
But the firm learned that its limited partners were encountering issues using SVB services as they tried to transfer the funds — they weren’t immediately going through as expected, the person said.
Quickly, Founders Fund asked its investors to transfer the money to other banks instead. The fund acted to ensure that startup funding deals that were slated to close in the coming days were not delayed, the person said.