Tuesday, March 14, 2023

Wake-Up Call: The Feds Are In Charge..What Me Worry?

Shockwaves from the collapse of Silicon Valley Bank further pounded global bank stocks on Tuesday as assurances from President Joe Biden and other policymakers did little to calm markets and prompted a rethink on the interest rate outlook. 

Biden's efforts to reassure markets and depositors came after emergency U.S. measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide. Banking stocks in Asia extended declines on Tuesday, with Japanese firms hit particularly hard and anxiety about systemic risk leading the wider market lower. "Bank runs have started (and) interbank markets have become stressed," said Damien Boey, chief equity strategist at Sydney-based investment bank Barrenjoey. "Arguably, liquidity measures should have stopped these dynamics but Main Street has been watching news and queues – not financial plumbing."

Daily Mail composite (3/14/23)
Bryne Hobart (left) may have knocked over the first domino which lead to a run on Silicon Valley Bank (right) before its collapse. The Texas tech writer pointed out in a newsletter to followers in February that SVB had a debt-to-asset ratio of 185:1 and that it was 'technically insolvent' in the last quarter of last year. Evan Armstrong, a fellow tech writer, said the mail-out may have spooked venture capitalist who deposit in the bank popular with tech startups. 'This entire debacle was potentially caused by [Hobart]'s newsletter,' wrote Armstrong, who then shared his own post detailing how Hobart may have knocked over the first domino.

➤CURRENT BATTLES COULD DETERMINE OUTCOME OF THE WAR: Ukraine's future hinges on the outcome of battles in the east, including in and around Bakhmut, President Volodymyr Zelenskiy said, with both sides describing brutal fighting in the small city as Russia intensifies a winter campaign to capture it.  The ruined mining town of Bakhmut has become the focus of Russia's invasion, with the months-long fight for it becoming Europe's bloodiest infantry battle since World War Two. "It is very tough in the east - very painful," Zelenskiy said in a Monday video address that he has held nightly since Russia launched its invasion more than a year ago. "We have to destroy the enemy's military power. And we shall destroy it," he added. Separately, in what would be the first international war crimes cases arising from the invasion, the International Criminal Court (ICC) is expected to seek the arrest of Russian officials for forcibly deporting children from Ukraine and targeting civilian infrastructure.

➤RUSSIA LOSES 1,090 SOLDIERS IN REPORTED DEADLIEST DAY OF WAR: Ukrainian troops killed more than 1,000 Russian soldiers in what could be the deadliest day of fighting since the invasion of the country more than a year ago, Kyiv’s military said Sunday. In a video shared by the General Staff of the Armed Forces of Ukraine, spokesperson Oleksandr Shtupun claimed that Ukrainian forces killed 1,090 Russian troops on Saturday. Shtupun also commended the elimination of eight Russian tanks, seven armored fighting vehicles, and four artillery systems in the fighting.

➤DeSANTIS CRITICIZES BLANK CHECK FOR UKRAINE: Ron DeSantis on Monday expressed strong misgivings over US support for Ukraine in its defense against Russia’s invasion, breaking not only with the Biden administration but other prominent Republicans. DeSantis, the governor of Florida, said in a statement, which was read by Tucker Carlson on his Fox News program, that protecting the US southern border, confronting China and bolstering the American military should take priority.  “The Biden administration’s virtual ‘blank check’ funding of this conflict for ‘as long as it takes,’ without any defined objectives or accountability, distracts from our country’s most pressing challenges,” DeSantis added in the statement, which was confirmed by his spokeswoman. While the “blank check” reference echoed a criticism made by House Speaker Kevin McCarthy, DeSantis did not say that assistance ought to be cut off entirely. “Without question, peace should be the objective,” he said. “The US should not provide assistance that could require the deployment of American troops or enable Ukraine to engage in offensive operations beyond its borders.”  President Joe Biden has repeatedly asserted that US or NATO troops would not be directly involved in the conflict.


➤TRUMP SEES DeSANTIS AS BIGGEST FOE: Former President Donald Trump said he considers Ron DeSantis as his strongest potential challenger for the Republican nomination and attacked the Florida governor during his first 2024 campaign stop in Iowa. “I would say probably so, but you never know what happens. It could change,” Trump in response to a question about DeSantis from reporters aboard his plane en route to Iowa. “I think we’re not going to have much of a challenge.” During a speech in Davenport, Trump said DeSantis opposed ethanol, which is important to farmers in Iowa and other Midwest states, and that when he was in Congress he voted to raise the minimum retirement age for Social Security to 70 years old. “And to be honest with you, Ron reminds me a lot of Mitt Romney,” Trump said of the 2012 GOP presidential nominee who’s no longer very popular among Iowa Republicans. “So I don’t think you’re going to be doing so well here. But we’re going to find out. But those are the facts.”

➤'MEXICO IS SAFER THAN THE U.S.', MEXICAN PRESIDENT SAYS: Mexico's president said on Monday his country is safer than the United States, pushing back against U.S. critics of his security record following a deadly kidnapping this month near the border that claimed the lives of two Americans. President Andres Manuel Lopez Obrador, who has threatened to urge Mexican-Americans not to vote for Republican candidates if they continue their criticism, rejected U.S. official security warnings that depict much of Mexico as a risky place to visit. "Mexico is safer than the United States," he told reporters when questioned about the warnings at a news conference. "There's no problem with traveling safely around Mexico."

➤SANFORD DIVERSITY PROF UNDER FIRE: Stanford students are demanding associate dean for diversity, equity, and inclusion Tirien Steinbach is fired for scolding Trump-appointed judge Kyle Duncan at an event at the California university last week. Josia Joner, Thomas Adamo, and Walker Stewart wrote 'she has NO place as a Stanford dean,' in the not-so-subtly titled piece, Fire Tirien Steinbach, published in the The Stanford Review. Steinbach hosted the 'COVID, Guns and Twitter' event at Stanford Law's Federalist Society. The event soon descended into a smear campaign - with the DEI dean using the opportunity to attack Duncan. Liberal students in attendance would join in on the action - leading law school dean Jenny Martinez to issue a formal letter of apology to the federal judge for violations of university policies. The school has refused to fire Steinbach, sparking a revolt amongst students. 


➤MASKS STAY PUT IN JAPAN AS 3-YEAR REQUEST TO WEAR THEM ENDS: Japan on Monday dropped its request for people to wear masks after three years, but hardly anything changed in the country that has had an extremely high regard for their effectiveness at anti-virus protection. During a televised budget committee meeting at parliament, some lawmakers still wore masks, though Prime Minister Fumio Kishida wasn't wearing one when he arrived at his office Monday.

➤BIDEN IS SELLING U.S. NUCLEAR SUBMARINES TO AUSTRALIA TO COUNTER CHINA: President Biden took his most aggressive step yet on Monday to counter China’s military expansion in the Asia-Pacific region, formally unveiling plans with Britain and Australia to develop and deploy nuclear-powered attack submarines. Standing in front of the U.S.S. Missouri, a nuclear submarine, at the Point Loma naval base in San Diego, President Biden and the leaders of the other two countries described the naval partnership as a critical way to confront China at a time of heightened tension with Beijing. It will create, U.S. officials said, a “nuclear stewardship” among the allies.

➤BBC TRYING TO QUELL MUTINY: Britain's BBC reinstated its highest-paid presenter Gary Lineker on Monday after its suspension of the former England football captain for criticizing state immigration policy brought a public backlash and near mutiny at the public broadcaster. Embarrassingly for the BBC, it had to axe core weekend sports coverage after presenters, pundits and commentators refused to work in solidarity with Lineker. Some staff, opposition politicians and commentators accused the corporation, which has a mandate to be neutral, of bowing to pressure from the government, prompting Prime Minister Rishi Sunak to urge a swift resolution of the situation. The affair also renewed questions over the credibility of BBC chairman Richard Sharp. He failed to declare facilitating a loan for former Prime Minister Boris Johnson shortly before he was appointed to the role by the government.

➤SLIGHT UPTICK FOR OSCAR TV RATINGS: The 95th Academy Awards, which aired Sunday night on ABC, was viewed by an estimated 18.7 million, according to preliminary Fast National Live+Same Day numbers released Monday by ABC. That’s up 12% from last year’s show, but still low compared to most years. The evening’s main counterprogramming, the season finale of “The Last of Us” pulled in 8.2 million viewers across HBO and HBO Max. The show began at 9 p.m. EDT, an hour after the Oscars started. A frequent criticism of the Oscars is that the show celebrates films that don’t have wide appeal. This year was markedly different, however, with two billion-dollar blockbuster sequels in the mix: “Top: Gun Maverick” and “Avatar: The Way of Water” were both nominated for best picture. Angela Bassett was nominated for a Marvel movie, a first. Even the winning film, A24’s “Everything Everywhere All At Once,” made over $100 million at the global box office and played in theaters for months.

➤PLAYBOY TO RETURN IN DIGITAL FORMAT: Playboy is relaunching its iconic magazine as a digital-first publication — as the racy lifestyle brand takes on OnlyFans, The Post has learned. The revamped magazine, which shuttered in 2020 and ceased printing, will debut later this year. The online publication will serve as an entry to Playboy’s “creator platform,” which the brand is selling as an “elevated,” “safe” and “exclusive” alternative to OnlyFans. Now, instead of Playboy “bunnies,” you’ll have Playboy “creators,” who will post adult and non-adult content on their pages, give subscribers exclusive access into their lives and grace the magazine’s online covers.


➤MEDITERRANEAN DIET LINKED WITH REDUCED RISK OF DEVELOPING DEMENTIA: There’s no cure or proven way to prevent dementia, which affects 55 million people around the world, but a number of studies have said that following a Mediterranean diet may reduce the risk of developing the condition. People who stuck most closely to a Mediterranean diet, rich in seafood and plant-based foods, had an up to 23% lower risk for dementia than those who had a lower adherence to the diet. The research found sticking closely to a Mediterranean diet was equivalent to a 0.55% reduction in risk of developing dementia.

🏈RAIDERS FILL QB NEED WITH JIMMY GAROPPOLO, SOURCES SAY: San Francisco 49ers quarterback Jimmy Garoppolo plans to sign with the Las Vegas Raiders. Garoppolo agreed to a three-year, $67.5 million deal, including $34 million guaranteed. He will be reunited with Raiders coach Josh McDaniels, who served as the Patriots' offensive coordinator during Garoppolo's three years in New England.

⚾TREVOR BAUER FINALIZING DEAL TO PLAY IN JAPAN: Former Cy Young winner Trevor Bauer is finalizing a one-year contract with the Yokohama DeNA BayStars of Nippon Professional Baseball, where he'll rejoin professional baseball for the first time in nearly two years following a long suspension and release from the Los Angeles Dodgers. The 32-year-old Bauer last pitched in June 2021, when a San Diego-area woman accused him of sexually assaulting her. He was placed on administrative leave for the remainder of the season and eventually suspended for 324 games by Major League Baseball.

🏈49ERS AGREE TO ONE-YEAR DEAL WITH QB SAM DARNOLD: The San Francisco 49ers have agreed to a one-year deal with former Carolina Panthers quarterback Sam Darnold. Darnold, 25, took a step last season toward rebuilding his career that had been on a downward spiral since being selected with the third pick of the 2018 draft.

🏈BUCCANEERS RE-SIGNING CB JAMEL DEAN TO $52 DEAL: The Buccaneers are re-signing one of their top free agents in cornerback Jamel Dean, who will stay in Tampa on a four-year deal worth $52 million. Dean started 15 games for the Bucs last season and made 57 tackles, picked off two passes, and broke up eight passes. In his four years with them he has recorded 7 interceptions, 41 pass breakups, and 156 tackles in 57 appearances with 38 starts.

⚾DUQUE HEBBERT SIGNED BY TIGERS AFTER STRIKING OUT TRIO OF MLB STARS: Team Nicaragua lost to the Dominican Republic during pool-play at the World Baseball Classic on Monday, but one of its pitchers won in a big way. Duque Hebbert, a 21-year-old right-hander who's listed at 5-foot-9, struck out MLB superstars Juan Soto, Julio Rodriguez and Rafael Devers in the ninth inning of Nicaragua's 6-1 loss and earned himself a contract with the Detroit Tigers in the process.

⚾MLB (World Baseball Classic):
  • United States 12 Canada 1
  • Korea 22 China 2
  • Dominican Republic 6 Nicaragua 1
  • Great Britain 7 Colombia 5
  • Puerto Rico 10 Israel 0 

➤WET WEATHER PLAGUES CALI: Sacramento will get it most severe weather into Tuesday morning, said Idamis Del Valle-Shoemaker, a National Weather Service meteorologists. There are flood watches up a large swath of California through early Wednesday. A weekend downpour caused widespread flooding that prompted the evacuation of residents along the Salinas River in Monterey County on Sunday.  Deluges forced the closure of the iconic coastal Highway 1 and roads in the San Francisco Bay area. While some rivers have begun to recede, the next round of rain will swell them beyond flood stage in coming days, according to the California Nevada River Forecast Center.  California Governor Gavin Newsom has extended the state of emergency to six more counties, taking the total to 40.    



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