There are tantalizing signs that the worst of the disastrous credit crunch may be over. The most tangible evidence can be found in the latest earnings reports from some of the U.S.’s largest banks.
With a few exceptions, financial institutions such as JPMorgan Chase & Co. and Wells Fargo & Co. reported increases in lending to big businesses and, to a lesser extent, to consumers. Since consumers power growth, making up about two-thirds of the U.S. economy, their ability to get credit may determine whether the fragile recovery endures.
There are several things regulators and banks can do to ensure that the lending revival doesn’t fizzle. Although many bankers might disagree, regulators should continue to press banks to increase their capital. As we have argued before, more capital gives lenders a greater cushion to absorb losses, thus lowering risk to the financial system and the economy.
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Dave McCormick
David McCormick, who is Pennsylvania's presumptive Republican U.S. Senate nominee, has often suggested he grew up poor in a rural community. But a new report finds that his upbringing was far more affluent than he's suggested.
The New York Times reported Friday that McCormick — a former hedge fund executive who lived in Connecticut as recently as 2022 — has been cagey with voters about his childhood. McCormick has tweeted that he was "raised in Bloomsburg working on his family's farm," said on a 2022 podcast that he "started with nothing" and told CBS News that same year that he "didn't have anything" growing up as the son of two schoolteachers.
But according to the Times, McCormick's father, Dr. James H. McCormick, was appointed president of what is now Bloomsburg University by Gov. Milton Schapp (D) in 1973. He moved his family into Buckalew Place — the official mansion for presidents of the school that currently spans 5,500 square feet — when his son was just eight years old. The Times reported that he was paid a salary of $29,000 at the time, which is more than $200,000 in today's dollars.
"He had a very privileged childhood," 76-year-old Linda Cromley — a lifelong Bloomsburg resident who attended church with the McCormicks for a stretch — told the Times. "He didn’t grow up a poor kid. Which doesn’t mean that he has to — but don’t pretend that you were."
During a roundtable discussion earlier this year, McCormick referred to himself as a "farmer that's got a big farm in Columbia County." However, that's a reference to his family's 600-acre Christmas tree farm that they purchased after the McCormicks had already been living at Buckalew Place for several years.
Mary Gummerson, who rented part of the farm with her husband for more than three decades, told the Times that while David McCormick had spent some summers baling hay and trimming trees, his description of himself as a "farmer" was somewhat misleading.
“They were hunters and he grew up in a farm kind of environment," Gummerson said. “But no, he’s not planting corn.”
McCormick didn't respond to the Times' interview request, but clarified in a statement that "growing up, we lived on campus at Bloomsburg State College and my parents owned a farm 10 minutes down the road." He added that the Times' highlighting of the discrepancies between his descriptions of his biographical details and the actual details of his upbringing were "hair-splitting, frivolous, cherry-picked distortions of what I have always said."
Pennsylvania's U.S. Senate primary is Tuesday, though McCormick has no Republican opposition. He will face off with Sen. Bob Casey (D-PA) in the November election, who is seeking a fourth six-year term. According to RealClearPolitics' polling average, Casey leads McCormick by more than five points.
Reprinted with permission from Alternet.
Abortion opponents have maneuvered in courthouses for years to end access to reproductive health care. In Arizona last week, a win for the anti-abortion camp caused political blowback for Republican candidates in the state and beyond.
The reaction echoed the response to an Alabama Supreme Court decision over in vitro fertilization just two months before.
The election-year ruling by the Arizona Supreme Court allowing enforcement of a law from 1864 banning nearly all abortions startled Republican politicians, some of whom quickly turned to social media to denounce it.
The court decision was yet another development forcing many Republicans legislators and candidates to thread the needle: Maintain support among anti-abortion voters while not damaging their electoral prospects this fall. This shifting power dynamic between state judges and state lawmakers has turned into a high-stakes political gamble, at times causing daunting problems, on a range of reproductive health issues, for Republican candidates up and down the ballot.
“When the U.S. Supreme Court said give it back to the states, OK, well now the microscope is on the states,” said Jennifer Piatt, co-director of the Center for Public Health Law and Policy at Arizona State University’s Sandra Day O’Connor College of Law. “We saw this in Alabama with the IVF decision,” she said, “and now we’re seeing it in Arizona.”
Multiple Republicans have criticized the Arizona high court’s decision on the 1864 law, which allows abortion only to save a pregnant woman’s life. “This decision cannot stand. I categorically reject rolling back the clock to a time when slavery was still legal and where we could lock up women and doctors because of an abortion,” state Rep. Matt Gress said in a video April 9. All four Arizona Supreme Court justices who said the long-dormant Arizona abortion ban could be enforced were appointed by former Gov. Doug Ducey, a Republican who in 2016 expanded the number of state Supreme Court justices from five to seven and cemented the bench’s conservative majority.
Yet in a post the day of the ruling on the social platform X, Ducey said the decision “is not the outcome I would have preferred.”
The irony is that the decision came after years of efforts by Arizona Republicans “to lock in a conservative majority on the court at the same time that the state’s politics were shifting more towards the middle,” said Douglas Keith, senior counsel at the left-leaning Brennan Center for Justice.
All the while, anti-abortion groups have been pressuring Republicans to clearly define where they stand.
“Whether running for office at the state or federal level, Arizona Republicans cannot adopt the losing ostrich strategy of burying their heads in the sand on the issue of abortion and allowing Democrats to define them,” Kelsey Pritchard, a spokesperson for Susan B. Anthony Pro-Life America, said in an emailed statement. “To win, Republicans must be clear on the pro-life protections they support, express compassion for women and unborn children, and contrast their position with the Democrat agenda.”
Two months before the Arizona decision, the Alabama Supreme Court said frozen embryos from in vitro fertilization can be considered children under state law. The decision prompted clinics across the state to halt fertility treatments and caused a nationwide uproar over reproductive health rights. With Republicans feeling the heat, Alabama lawmakers scrambled to pass a law to shield IVF providers from prosecution and civil lawsuits “for the damage to or death of an embryo” during treatment.
But when it comes to courts, Arizona lawmakers are doubling down: state Supreme Court justices are appointed by the governor but generally face voters every six years in retention elections. That could soon change. A constitutional amendment referred by the Arizona Legislature that could appear on the November ballot would eliminate those regular elections—triggering them only under limited circumstances—and allow the justices to serve as long as they exhibit “good behavior.” Effectively it would grant justices lifetime appointments until age 70, when they must retire.
Even with the backlash against the Arizona court’s abortion decision, Keith said, “I suspect there aren’t Republicans in the state right now who are lamenting all these changes to entrench a conservative majority on the Supreme Court.”
Meanwhile, abortion rights groups are trying to get a voter-led state constitutional amendment on the ballot that would protect abortion access until fetal viability and allow abortions afterward to protect the life or health of the pregnant person.
State court decisions are causing headaches even at the very top of the Republican ticket. In an announcement in which he declined to endorse a national abortion ban, presumptive Republican presidential nominee Donald Trump on April 8 said he was “proudly the person responsible” for ending Roe v. Wade, which recognized a federal constitutional right to abortion before being overturned by the U.S. Supreme Court in 2022, and said the issue should be left to states. “The states will determine by vote or legislation, or perhaps both, and whatever they decide must be the law of the land,” he said. But just two days later he sought to distance himself from the Arizona decision. Trump also praised the Alabama Legislature for enacting the law aiming to preserve access to fertility treatments. “The Republican Party should always be on the side of the miracle of life,” he said.
Recent court decisions on reproductive health issues in Alabama, Arizona, and Florida will hardly be the last. The Iowa Supreme Court, which underwent a conservative overhaul in recent years, on April 11, heard arguments on the state’s near-total abortion ban. Republican Gov. Kim Reynolds signed it into law in 2023 but it has been blocked in court.
In Florida, there was disappointment all around after dueling state Supreme Court decisions this month that simultaneously paved the way for a near-total abortion ban and also allowed a ballot measure that would enshrine abortion rights in the state constitution to proceed.
The Florida high court’s decisions were “simply unacceptable when five of the current seven sitting justices on the court were appointed by Republican Governor Ron DeSantis,” Andrew Shirvell, executive director of the anti-abortion group Florida Voice for the Unborn, said in a statement. “Clearly, grassroots pro-life advocates have been misled by elements within the ‘pro-life, pro-family establishment’ because Florida’s highest court has now revealed itself to be a paper tiger when it comes to standing-up to the murderous abortion industry.”
Tension between state judicial systems and conservative legislators seems destined to continue, given judges’ growing power over reproductive health access, Piatt said, with people on both sides of the political aisle asking: “Is this a court that is potentially going to give me politically what I’m looking for?”
Reprinted with permission from Daily Kos.
- Instead Of Fixing Harsh Abortion Law, Arizona Republicans Flee State House ›
- Hannity Blames Democrats For Failure To Repeal Arizona's 1864 Abortion Law ›
- Arizona Republicans Mock Protesters After Killing Abortion Ban Repeal ›
- With IVF Ban, Fakery On Abortion Rights Is Biting Republicans Hard ›
- GOP Rep. Steel Got Pregnant With IVF -- Then Sponsored A Bill To Ban It ›
- Fox Buries Arizona Court Decision Ordering Near-Total Abortion Ban ›
- New York City Advertising Abortion Access On Billboards In Southern Cities ›
