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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Former President Donald Trump
Donald Trump’s MAGA media propagandists are so deep in the tank for the former president that they’ve been praising him for repeatedly falling asleep during his New York City hush money trial.
Since April 15, Trump has regularly been in a Manhattan courtroom, where he faces charges of falsifying business records in order to conceal payments to adult film star Stormy Daniels. Prosecutors say these payments were intended to keep Daniels’ claims that she had an affair with Trump from becoming public during the 2016 presidential election.
Trump, age 77, often mocks President Joe Biden as “Sleepy Joe,” suggesting that Biden is too old and frail to fulfill his duties. But reporters in the courtroom have repeatedly observed Trump appearing to fall asleep during the trial — most recently on Monday morning before opening statements began.
That evening on Fox News’ Special Report, chief political anchor Bret Baier suggested that news outlets are providing too much coverage of the first-ever criminal trial for a former president, and criticized them in particular for covering the spectacle of the presumptive Republican presidential nominee’s inability to stay awake in the courtroom.
“You know, we cover it every day,” Baier said of the trial, “and we will — all the details of each day in court — but there are some places that are obviously covering it ad nauseum and have gone through every single detail, including four times that he might have fallen asleep, everything that happens inside the courtroom.”
Meanwhile, Baier’s colleagues and their ilk spent last week attempting to turn Trump’s proclivity for nodding off in public into a virtue — apparently unphased by their years of denigrating Biden as an addled old man whose energetic speeches can only be the result of performance-enhancing drugs.
“I mentioned that Maggie Haberman posted this update from the courtroom, ‘It appears that Trump might be sleeping’ — this was on day one,” Republican political operative and Fox host Sean Hannity said on his April 18 radio show. “By the way, I think I’d fall asleep if I was there,” he added.
And Hannity wasn’t the only Trump flunky to attest that they, too, would sleep through a trial just like their beloved former president.
“I'd be falling asleep at that trial too,” Hannity’s colleague Laura Ingraham said on her April 15 Fox show.
“That’s exactly how all of us would act in, like, the ‘Intro to Gender Studies’ class at the University of Missouri,” Turning Point USA founder Charlie Kirk said on his radio show.
Others praised Trump for falling asleep in court and urged him to be even more disrespectful during his trial.
“Did Donald Trump nod off for a moment? Good for him. These things are boring,” Newsmax host Greg Kelly offered on April 16.
“Trump appearing to sleep and be bored is exactly the response this Kafkaesque persecution deserves,” Fox host Greg Gutfeld said on the April 16 edition of The Five. “He is America, who, unlike this frothing infantile media, doesn't see this as some mutant form of entertainment and justice.”
“Trump should go to trial, bring a big book, big fat John Grisham novel, just sit there and read,” Gutfeld added. “Just sit there and read. That's the only response this manufactured mayhem deserves — is just contempt.”
Co-host Jesse Watters replied that he was going to send Trump’s team a copy of his new book so Trump “can open it up inside the courtroom.”
On Sunday’s MediaBuzz, Fox contributor Tomi Lahren praised Trump’s “excellent job” and claimed that journalists are “trying to distract from Joe Biden” by pointing out that Trump keeps falling asleep.
“I don't think anybody's buying it,” she said. “Good job media, but I don't think that it's resonating when you've got the current guy, President Joe Biden, in the office, who quite literally falls asleep.”
Less than 24 hours later, Trump apparently once again dozed off in court.
Reprinted with permission from Media Matters.
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Sen. Mitt Romney
Sen. Mitt Romney (R-UT) hasn't shied away from criticizing former President Donald Trump in the past. But on Tuesday he gave his frank and candid take on the allegations surrounding the ex-president's ongoing criminal trial.
Trump's attorneys have spent the first portion of the Manhattan trial making their case that the former president is a "family man" who has been unfairly painted in the media as immoral. While speaking to reporters on Capitol Hill, the Utah senator — a fifth-generation practicing Mormon — offered his opinion on that characterization of Trump to CNN congressional correspondent Kristin Wilson.
"I think everybody has made their own assessment of President Trump's character, and so far as I know you don't pay someone $130,000 not to have sex with you," Romney said.
Romney — who was the GOP presidential nominee in 2012 — appeared to be referencing the hush money payment Trump allegedly made to buy the silence of adult film star and producer Stormy Daniels ahead of the 2016 election. Daniels maintains that she and the reality TV star had an affair in 2006, just weeks after Trump's wife, Melania, gave birth to their son, Barron. The former president continues to deny the allegations.
Tuesday's trial proceedings featured the testimony of David Pecker, the former CEO of American Media Inc. — the company that publishes the National Enquirer tabloid newspaper. Daniels' story was part of the so-called "catch and kill" scheme in which Pecker would purchase the rights to certain stories in order to bury them and limit public knowledge. Pecker told prosecutors that he agreed during a 2015 meeting at Trump Tower to be the "eyes and ears" of Trump's 2016 campaign.
One such "catch-and-kill" scheme involved the story of former Playboy model Karen McDougal, who said she had an ongoing relationship with Trump while he was married. When Trump reportedly asked Pecker his thoughts on whether they should pay McDougal, Pecker responded with, "we should take this story off the market.
"And I said, 'it's my understanding that she doesn't want her story published. I think the story should be purchased and I believe that you should buy it,'" Pecker said on the witness stand.
According to the 34-count indictment unveiled by Manhattan District Attorney Alvin Bragg last year, Trump's personal lawyer and "fixer" Michael Cohen made the $130,000 payment to Daniels at the behest of Trump, who then reimbursed Cohen and labeled it as a legal retainer. Cohen has said repeatedly that there was no such retainer, and that the $130,000 was explicitly done to prevent Daniels from going public with her story.
Cohen will be one of the prosecution's key witnesses, and will be expected to guide the jury through the hush money payment process. In 2018, he was handed a three-year federal prison sentence for his role in the scheme, among other crimes.
Jurors were excused at approximately 2 PM ET on Tuesday, and the trial will be paused on Wednesday in observance of the Jewish Passover holiday. Proceedings are expected to resume on Thursday morning, with the defense expected to cross-examine Pecker on the stand.
Reprinted with permission from Alternet.
