Economy Links from other news sources.

What happened at SVB? Will this be Biden’s Waterloo?

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What happened at SVB? Will this be Biden’s Waterloo? I find it amusing that the left is now using their old stand by. Things went wrong so it must be Trumps fault. First we had a run on SVB. 40 BILLION in withdrawals in one day would bring down most banks. Also the Fed stopped doing the stress tests on banks in 2018. And it’s coming out that this bank as of late has been mismanaged.

Who was the Fed chief in 2018? If you guessed Powell, you’re correct. Same guy who’s raising these interest rates and caused the inflation to continue. And of course Biden reappointed Powell after Trump admitted he made a mistake appointing Powell in 2018.

“SVB’s institutional challenges reflect a larger and more widespread systemic issue: The banking industry is sitting on a ton of low-yielding assets that, thanks to the last year of rate increases, are now far underwater — and sinking,” wrote Konrad Alt, co-founder of Klaros Group.

Alt estimated that rate increases have “effectively wiped out approximately 28% of all the capital in the banking industry as of the end of 2022.”

Under the Obama- Biden administration, hundreds of banks failed. Is this a repeat of past performance? We have had I believe six banks that have ben shut down. This isn’t over and let’s see how this administration handles things. See the chart below.

Hundreds of Banks failed under Biden and Obama.
Back Door Power Grab Links from other news sources. Reprints from others. Uncategorized

Former AG Whitaker. Overturning Trump Pardon ‘Abuse of Power’

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Former AG Whitaker. Overturning Trump Pardon ‘Abuse of Power’.

Former Attorney General Matthew Whitaker told Newsmax on Tuesday that the administration of Joe Biden’s attempt to retry Philip Esformes, who former President Donald Trump pardoned, is “an abuse of power.”

“This administration appears to not really be grounded by the Constitution,” Whitaker said Tuesday on “Wake Up America.” “The president’s ability to pardon folks is absolute under the Constitution. In this case, President Trump issued a pardon, commuted Mr. Esformes’ sentence, and now this administration wants to go back and re-prosecute the same case and put him back in jail, if they can, and it’s an outrageous abuse of power.”

Esformes, a nursing home owner, was convicted in 2019 in a $1.3 billion Medicare fraud scheme and sentenced to 20 years in prison, CNBC reported in January.

Trump commuted his sentence in 2020, but Esformes lost his appeal on prosecutorial misconduct earlier this year, which could allow him to be retried, the report said.

Whitaker said the Department of Justice under Biden has “gone berserk” with the case and that a presidential pardon should have ended the prosecution.

“Once the president has pardoned somebody for certain types of behavior, that’s usually what it should end in,” Whitaker said. “I can’t find an example where an administration is going back and prosecuted someone for the same crime. This is an extraordinary case. Obviously, it is personal for the prosecutors, which it should never be.”

Whitaker said the main motivation for trying for a retrial seems to be driven by the fact that the Biden administration wants the pardon overturned just because Trump issued it.

Whitaker also said Biden’s surprise visit to Ukraine on Monday to mark the first anniversary this week of Russia’s invasion into that country should have come sooner.

“Biden should have gone there well before the one-year anniversary of the Russian invasion,” Whitaker said. “I think he is searching for a way, and a tone, to make this war compelling and interesting to the American people.”

Who else came out? Former AG’S John Ashcroft, Edwin Meese, Michael Mukasey, and Alberto Gonzales endorsed Esformes’ appeal before clemency was granted.

Biden Pandemic Economy Links from other news sources. Uncategorized

Biden and the Undocumented taking American worker jobs.

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Biden and the Undocumented taking American worker jobs. Joey boy was in Wisconsin talking about his job creation. Creation for who?

Data published in the New York Times shows that the Biden administration is aiding employers by adding millions of foreign workers to the labor force — ensuring wages stay stagnant — even as native-born Americans struggle to get back into jobs since the Chinese coronavirus pandemic.

“The foreign-born workforce grew much more quickly than the U.S.-born workforce, Labor Department figures show,” the Times reports:

“When the unemployment rate goes down, you would normally expect wage inflation to go up, but that’s not what’s happening,” said Torsten Slok, chief economist at Apollo Global Management. “So there must be something else moving in the labor force, and there is a very likely explanation here that immigrants are coming in and taking jobs.” [Emphasis added]

But despite the resurgence in the foreign-born labor force — about four-fifths of it are people legally allowed to work in the United States, by one calculation — there are bottlenecks. [Emphasis added]

Chart via New York Times

“What the Democrats have never explained is … how working families are helped by flooding the labor market with cheap illegal labor,” Rep. Tom McClintock (R-CA) said last week during a congressional hearing.

Biden Pandemic Links from other news sources.

Not a fact check, but a lie check.

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Everyone has been doing a fact check on Biden’s comments Tuesday. I think that being Joe was telling one lie after another it should be called a lie check. So here goes.

Biden said, “In the ten years the ban was law, mass shootings went down. After we let it expire, in a Republican administration, mass shootings tripled.”

The new mass-shooting database shows that there were 31 mass shootings in the decade before the 1994 law, 31 in the 10 years the law was in force (Sept. 13, 1994 to Sept. 12, 2004) and 47 in the 10 years after it expired. As noted, some of that increase stems from population growth. Doesn’t look like it tripled to me.

President Joe Biden claimed during Tuesday’s State of the Union that the Democrats’ Inflation Reduction Act put a monthly cap 0f $35 on insulin costs for Medicare enrollees.

VERDICT: Misleading. But former President Donald Trump’s administration actually struck a deal with insulin manufacturers and healthcare providers to drastically reduce the cost of insulin for American seniors who relied on Medicare during his presidency — and before Biden took office. The deal Trump’s administration made limited the co-pay for a month’s supply of the drug to $35, as Breitbart News reported at the time.

In the last two years, my administration has cut the deficit by more than $1.7 trillion – the largest deficit reduction in American history.

Dan White, senior director of economic research at Moody’s Analytics – an economics firm whose assessments Biden has repeatedly cited during his presidency – told CNN’s Matt Egan in October: “On net, the policies of the administration have increased the deficit, not reduced it.” The Committee for a Responsible Federal Budget, an advocacy group, wrote in September that Biden’s actions will add more than $4.8 trillion to deficits from 2021 through 2031, or $2.5 trillion if you don’t count the American Rescue Plan pandemic relief bill of 2021.

Nearly 25% of the entire national debt, a debt that took 200 years to accumulate, was added by just one administration alone – the last one.

It’s important to note, though, that some of the increase in the debt during the Trump era was because of the trillions in emergency Covid-19 pandemic relief spending that passed with bipartisan support. The national debt spiked in the first half of 2020 after increasing gradually during Trump’s first three years in office, and because of spending required by safety-net programs that were created by previous presidents. A significant amount of spending under any president is the result of decisions made by their predecessors.

Here at home, gas prices are down $1.50 since their peak.

As of the day of the State of the Union, the national average for a gallon of regular gas was $3.457, per data from the American Automobile Association. That was indeed down more than $1.50 from a record high of $5.016 in mid-June. But it was still up from a national average of $2.393 on Biden’s Inauguration Day in January 2021.

Biden claimed 12 million new jobs. Department of Labor statistics says 2.5 million. All the other jobs were layoffs that returned. Under Trump during the pandemic his last five months, 10 million workers returned. No one claimed those were new jobs. Another way to look at it.

Under Trump 22 million lost Jobs. Joe Biden claims he created 12 million jobs. So can you say 10 million jobs gone for good under Biden?


Back Door Power Grab Links from other news sources.

Biden says he will veto any cuts to Medicare, but yet he’s trying to cut Medicare Advantage.

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Biden says he will veto any cuts to Medicare, but yet he’s trying to cut Medicare Advantage. You may have heard him Tuesday night carrying on like a crazy person hollering and screaming about Republicans cutting Medicare and Social Security.

Well now we know who’s proposing the draconian cuts and trying to gut Medicare Advantage. Joe Biden. His boy Obama tried that and even the majority of Democrats had to remind him of his place.

Now the Biden  Administration and Democrats Want to Cut Overwhelmingly Popular Medicare Advantage Program. A new report on Medicare shows that enrollment in the popular Medicare Advantage (MA) program has grown across the board, showing that more seniors are choosing privately-run, innovative options every year.

A group of progressive House lawmakers wrote to CMMI calling for it to get rid of the model for similar reasons.

Progressive lawmakers have also floated potential cuts to MA to help pay for expanded Medicare benefits such as dental or vision benefits as part of the Build Back Better Act, which has stalled in Congress due to objections from key centrist Sen. Joe Manchin, D-West Virginia.

The Biden Administration itself is proposing major cuts to the Medicare Advantage program. It runs into the billions.

CMS’ final rate announcement will be released by April 4.

Corruption Politics Uncategorized

Thanks to Joe Biden and the National Archives, President Trump walks.

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Thanks to Joe Biden and the National Archives, President Trump walks. As you know, Biden carried on about how President Trump had top secret documents and how irresponsible it was. Well the National Archives jumps in and demands the missing documents back. Trump had the power to declassify. So what happens? Biden who doesn’t have that power has top secret documents for months and says nothing.

The National Archives says nothing cause they claim they didn’t know. Three more times documents are found with Biden. Again the National archives has no clue. So now what do they do?

National Archives asks all past Presidents and VP to look for top secret documents. No planned raids or FBI agents showing up guns drawn. The wives don’t have to worry about anyone going threw the panty drawer. Moral of the story? Trump walks.


Back Door Power Grab Corruption Links from other news sources. Politics Reprints from others.

Probe Biden Admin over Plan to Hide Classified Docs Scandal

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Probe Biden Admin over Plan to Hide Classified Docs Scandal.

Is it time for another special prosecutor? Thursday the WP ran a article where the DOJ and the WH were not going to go public with the information about the missing top secret papers found at the Penn Center or Biden’s home. All documents Biden had no right to have. Documents that were Top Secret.

According to the Washington Post on Thursday, the White House and Justice Department not only agreed to obscure the scandal from public view, but they also refused to divulge that the second trove of classified documents was already unearthed at Biden’s home in Wilmington when CBS News first contacted the White House about the initial leak of classified documents illegally stored at the Biden Penn Center.

“CBS News was the first news organization to learn of the matter, contacting the White House on Jan. 6 to ask about the Penn Biden Center documents,” the report continued. “White House officials confirmed the scoop, but since the investigation was ongoing, they decided not to offer any additional details — including the critical information that a second batch of documents had been discovered at Biden’s home.”

And a third. Who knows if more will be found?


Crime Leftist Virtue(!) Politics

Mar-a Largo doesn’t compare to Biden’s Penngate. The final chapter for now.

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Mar-a Largo is nothing like Biden’s Penngate. The final chapter for now. This will be the end of the series. It doesn’t mean that the stories ended. It’s actually just beginning. The most telling part of today was when AG Garland announced that the AG from Chicago who  started looking into Biden’s Penngate announced that there was enough there to warrant a special prosecutor.

We also found out that not one, or two, but three locations and counting where there was classified documents. A locked closet, a locked garage, and a room in one of Biden’s homes.

I had mentioned previously that the documents mentioned Ukraine and the Biden Penn Center being funded by Chinese money. And a possible Hunter Connection. Well Joe now has the power to declassify documents. If there’s nothing to hide, declassifyall the documents that were found.

In closing Trump always admitted he had the documents and claimed he declassified them. Biden lied at first about the documents, then admitted he had them but they were locked up. Locked or not, he had no legal right to them. On that we all have to agree.

Economy Uncategorized

Let’s talk Turkey. Joey boys record.

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One of the white house clowns put out a list of Joey boys accomplishments the past two years. But I have to say I’m a bit puzzled. For some reason a complete list wasn’t posted. So I thought that I will include just a few of the items that somehow got left off. How these items were not on this impressive list amazes me.

Airplane travel is 46% higher this year over last year. And last year was 38% higher than the year before. How about gasoline. Still on average $1.50 a gallon higher than 2020. And how can we forget inflation?

Inflation at 40 year high, and the administration brags how they got it under control at 8%. I’m sure that  put you at ease. Having Turkey tomorrow? Only 20% higher than last year. Last year 15% higher than the year before. And those 4 or 5 million undocumented?

Thanks to Joe you can invite one of the millions of undocumented folks over for Thanksgiving. Maybe they can show you their new phone the government gave them for free. And Joe’s great record on Crime.

Mass shootings are up this year and last year up over the year before. A record to truly be proud of. So in closing it looks like the only thing that Joe can claim he brought down was wages and spendable income after you figure in inflation. Walk and be proud Joe.

Economy Links from other news sources.

Thanks Joe Biden and Tim Ryan. Federal Trade Report: Globalization Cripples American Towns as Free Trade Moves Jobs Overseas, Crushes Wages.

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We saw the sucking sound of Jobs start under the second Bush. Gave Tax credits to American companies that created jobs. Only problem was that the companies created them overseas and off shore.

Obama really picked up on that. The job loss was huge. Progressives jumped on Trump when GM announced the final closing of several plants including one in my back yard. But under my Congressman Tim Ryan the area lost 25,000 manufacturing jobs during his tenure.

Thanks Bush II, Obama, and Biden.

Employment Effects
A large body of literature addresses the impact of trade and trade policy shocks on levels of employment
across geographic regions, industries, and workers. Much of this literature has documented that
increased U.S. imports from lowwage economies reduce domestic employment in importcompeting
industries. Research broadly finds that U.S. workers in importcompeting industries experienced
significantly higher rates of unemployment or underemployment, transition to different industries or
occupations, or exit from the labor force. The effects of exports on employment remains largely
underresearched, but existing studies suggest that exporting may positively impact employment

Employment effects across different education and skill levels: Existing research finds evidence
that trade shocks have led to different employment outcomes for workers across education and
skill levels. The literature is clear that increased offshoring and import competition from low
wage economies reduced employment for manufacturing workers commonly defined as lowskill.
However, other dimensions, including effects of exports or services trade, remain relatively
underresearched, with only a small number of studies.

Employment effects by gender: Literature on the impact of trade on the employment and labor
force participation of men and women in the United States links trade exposure to the gender
composition of the labor force in different industries, showing that men are more likely to work
in importcompeting firms that tend to contract with increased import competition. The
literature shows inconclusive effects of trade liberalization on labor force participation by gender.

Employment effects by race/ethnicity: Literature on the impact of trade on employment and
labor force outcomes by race or ethnicity is limited and predominantly focuses on measuring
impacts of imports on Black and Hispanic workers, but not other racial minority groups. The
limited literature shows that, in the face of trade shocks, Black and other Nonwhite workers fare
worse than their White counterparts.

Wage Effects

A substantial body of research has documented the effects of various trade policy shocks on wages and
income across different groups of workers. Researchers have found that wage and income vary
significantly depending on workers’ exposure to trade shocks, whether workers change occupations or
industries in response to a shock, as well as worker characteristics such as educational attainment,
gender, or race.

Wage effects across different education and skill levels: Several studies find that import
competitioninduced transitions between industries and occupations significantly reduce
earnings for workers and these adverse wage effects are especially pronounced for noncollege
educated workers or those previously employed in manufacturing jobs. Conversely, college
educated workers and nonproduction manufacturing workers such as managers experience
lower or no wage or income loss following tradeinduced employment transitions.

Wage effects by gender: Literature on the impact of trade on wages by gender suggests that the
gender wage gap declines in the presence of import competition. This result is generally not due

Executive Summary
United States International Trade Commission | 19

to increases in wages of women but rather declines in wages of men who switch out of import
competing sectors.

Wage effects by race/ethnicity: Literature on the impact of trade on wages by race or ethnicity is
limited and predominantly focused on measuring the impact of imports on Black and Hispanic
workers, but not other minority groups. The limited literature suggests that import competition
had a large and disproportionately negative effect on wages of minority

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