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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House Democratic leadership announced Tuesday that they’ll allow members to block any effort from Rep. Marjorie Taylor Greene (R-GA) and her tiny team of nihilists to oust Speaker Mike Johnson, a reminder of where the power sits in the House.
“We will vote to table Rep. Marjorie Taylor Greene’s Motion to Vacate the Chair. If she invokes the motion, it will not succeed,” House Minority Leader Hakeem Jeffries (D-NY), Minority Whip Katherine Clark (D-MA), and Democratic Caucus Chair Pete Aguilar (D-TX) said in a statement.
Even among Republicans Greene’s tantrums have been wearing thin for a few weeks now, but since she had Reps. Paul Gosar of Arizona and Thomas Massie of Kentucky as cosponsors, the theoretical threat remained real—Johnson’s margin of error is that small.
So Greene has continued the bombast.
“Johnson will do whatever Biden/Schumer want in order to keep the Speaker’s gavel in his hand, but he has completely sold out the Republican voters who gave us the majority,” she tweeted Sunday. “His days as Speaker are numbered.”
Republicans feared Greene would make her move Tuesday, but as she and Massie were going into a meeting with the House parliamentarian, she said that “the plan is still being developed.” Then she and Massie left, telling reporters that they had been “developing plans.”
Maybe the speaker’s days aren’t so numbered after all, at least not by her doing. There’s always the possibility that more Republicans will quit, turning the majority officially over to Democrats, but it won’t be through Greene’s efforts. Even Freedom Caucus loud-mouth Chip Roy of Texas says it would be a mistake.
“I do not believe that is the direction that the American people want us to take right now,” he told reporters Monday.
That’s likely in part because Donald Trump has given Johnson his support, twice in two weeks, and he rules their world.
Once the fever broke on Ukraine aid and Johnson was forced to do the right thing, most of them, particularly Johnson, have had to accept the reality that Democrats have control where it matters, making sure that the government continues to function and critical legislation gets passed.
But leader Jeffries wants to make sure that Johnson remembers it’s on their sufferance.
“Mike Johnson doesn’t need too many Democratic friends,” Jeffries toldThe New York Times.
He also quipped that Johnson is lucky to have the enemies that he does.
“[Greene] is one of the best things the speaker has going for him because so many people find her insufferable,” he said.
But does Democratic intervention make Johnson weaker among Republicans?
“Republicans will have to work that out on their end,” Jeffries said. “The reality of this particular Congress is that we are functioning in a manner consistent with a bipartisan governing coalition in order to get things done for the American people.”
And Jeffries isn’t going to let Johnson forget it.
Reprinted with permission from Daily Kos.
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Former President Donald Trump
With little more than six months until Election Day, Donald Trump is preparing for an “authoritarian” presidency, and a massive, multi-million dollar operation called Project 2025, organized by The Heritage Foundation and headed by a former top Trump White House official, is proposing what it would like to be his agenda. In its 920-page policy manual the word “abortion” appears nearly 200 times.
Trump appears to hold a more narrow grasp of the issue of abortion, and is holding on to the framing he recently settled on, which he hoped would end debate on the issue after the U.S. Supreme Court overturned Roe v. Wade. One day before the Arizona Supreme Court ruled an 1864 law banning abortion was still legal and enforceable, Trump declared states have total control over abortion and can do whatever they like.
Despite the results of that framing, Trump is sticking with that policy.
In a set of interviews with TIME‘s Eric Cortellessa, published Tuesday, the four-times indicted ex-president said he would not stop states from monitoring all pregnancies within their borders and prosecuting anyone who violates any abortion ban, if he were to again become president. He also refused to weigh in on a nationwide abortion ban or on medication abortion.
Recently, Trump backed away from endorsing a nationwide abortion ban, but in the past he has said there should be “punishment” for women who have abortions. The group effectively creating what could become his polices, The Heritage Foundation and its Project 2025, fully support a ban on abortion.
The scope of the TIME interviews was extensive.
“What emerged in two interviews with Trump, and conversations with more than a dozen of his closest advisers and confidants, were the outlines of an imperial presidency that would reshape America and its role in the world,” Cortellessa writes in his article.
“To carry out a deportation operation designed to remove more than 11 million people from the country, Trump told me, he would be willing to build migrant detention camps and deploy the U.S. military, both at the border and inland. He would let red states monitor women’s pregnancies and prosecute those who violate abortion bans. He would, at his personal discretion, withhold funds appropriated by Congress, according to top advisers. He would be willing to fire a U.S. Attorney who doesn’t carry out his order to prosecute someone, breaking with a tradition of independent law enforcement that dates from America’s founding.”
TIME’s Cortellessa also notes that Trump “is weighing pardons for every one of his supporters accused of attacking the U.S. Capitol on Jan. 6, 2021, more than 800 of whom have pleaded guilty or been convicted by a jury. He might not come to the aid of an attacked ally in Europe or Asia if he felt that country wasn’t paying enough for its own defense. He would gut the U.S. civil service, deploy the National Guard to American cities as he sees fit, close the White House pandemic-preparedness office, and staff his Administration with acolytes who back his false assertion that the 2020 election was stolen.”
On abortion, Trump has repeatedly bragged he personally ended Roe v. Wade, which was a nearly 50-year old landmark Supreme Court ruling that found women have a constitutional right to abortion, and by extension, bodily autonomy.
But Trump has also “sought to defuse a potent campaign issue for the Democrats by saying he wouldn’t sign a federal ban. In our interview at Mar-a-Lago, he declines to commit to vetoing any additional federal restrictions if they came to his desk. More than 20 states now have full or partial abortion bans, and Trump says those policies should be left to the states to do what they want, including monitoring women’s pregnancies. ‘I think they might do that,’ he says.”
“When I ask whether he would be comfortable with states prosecuting women for having abortions beyond the point the laws permit, he says, ‘It’s irrelevant whether I’m comfortable or not. It’s totally irrelevant, because the states are going to make those decisions.’ President Biden has said he would fight state anti-abortion measures in court and with regulation,” Cortellessa adds.
Trump in his TIME interview continued to hold on to the convenient claim as president he would have absolutely nothing to do with abortion.
But “Trump’s allies don’t plan to be passive on abortion if he returns to power. The Heritage Foundation has called for enforcement of a 19th century statute that would outlaw the mailing of abortion pills. The Republican Study Committee (RSC), which includes more than 80% of the House GOP conference, included in its 2025 budget proposal the Life at Conception Act, which says the right to life extends to ‘the moment of fertilization.’ I ask Trump if he would veto that bill if it came to his desk. ‘I don’t have to do anything about vetoes,’ Trump says, ‘because we now have it back in the states.'”
That’s inaccurate, if a national abortion ban, or any legislation on women’s reproductive rights, comes to his desk. And they will, if there’s a Republican majority in the House and Senate.
Brooke Goren, Deputy Communications Director for the Democratic National Committee (DNC) writes, “In the same interview, Trump:
– Repeatedly refuses to say he wouldn’t sign a national ban
– Left the door open to signing legislation that could ban IVF
– Stood by his allies, who are making plans to unilaterally ban medication abortion nationwide if he’s elected.”
Cortellessa ends his piece with this thought: “Whether or not he was kidding about bringing a tyrannical end to our 248-year experiment in democracy, I ask him, Don’t you see why many Americans see such talk of dictatorship as contrary to our most cherished principles? Trump says no. Quite the opposite, he insists. ‘I think a lot of people like it.'”
The Bulwark’s Bill Kristol, once a hard-core conservative Republican, now a Democrat as of 2020, served up this take on TIME’s Trump interview and overview of a second Trump reign.
“Some of us: A second term really would be far more dangerous than his first, it would be real authoritarianism–with more than a touch of fascism.
Trump apologists: No way, calm down.
Trump: Yup, authoritarianism all the way!”
Reprinted with permission from Alternet.
