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WG Economy
Views About Bank Failures and SVB
WG Economy | David Winston
May 3, 2023
With the fall of Silicon Valley Bank, Signature, and now First Republican, we have witnessed three bank failures since March. Many financial prognosticators seem to believe that we haven't seen the last of the collapses. Elizabeth Warren and others on the left have been quick to jump on the situation, blaming deregulation as having "made the too big to fail problem even worse" and comparing it to the 2008 financial collapse. But in the case of SVB, $42 billion were withdrawn in one day, and as Axios pointed out, withdrawals happened at the rate of $4.2 billion an hour or more than $1 million per second for ten hours. This is a phenomenon that would never have happened in 2008. WG Economy, May 3, 2023.pdf
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Republicans aren't disappearing - and may even be growing stronger
Washington Examiner | Michael Barone, Senior Political Analyst
May 3, 2023
Reports of the death of the Republican Party continue to be premature.
You've heard the litany, often from reporters and commentators who never liked Republicans and, lately, from others who can't stomach former President Donald Trump. And they've got something of a point. Republicans have lost four of the last seven presidential elections and won fewer popular votes than Democrats in six of the seven. Republicans are no longer competitive in the nation's largest state, California, which they carried in nine of 10 elections from 1952 to 1988, during what political analyst Sean Trende calls the "Eisenhower alignment." Read more
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Iowa Democrats say they will hold 2024 caucuses on the same day as Republicans
Des Moines Register | Brianne Pfannenstiel
May 3, 2023
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Iowa Democrats will propose holding their 2024 caucuses the same day as Iowa Republicans, moving the party closer to an unsanctioned place at the front of the presidential nominating calendar.
But key changes mean the caucuses would look dramatically different than in years past. The party has proposed casting presidential preferences entirely by mail and only conducting party business on caucus night.
And it may or may not release the caucus winner on caucus night.
It's the latest step forward in what is expected to be a complicated, monthlong interstate and cross-party effort to set the 2024 presidential nominating calendar after the Democratic National Committee voted earlier this year to upend tradition and boot Iowa Democrats from their place at the front of the line. Read more
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Republicans demand answers from regulators on possible Chinese exposure of Americans' financial data
Sen Tommy Tuberville and Rep Jim Banks are raising concern over two Chinese-linked stock trading platforms operating in the US
Fox News | Brandon Gillespie
May 3, 2023
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EXCLUSIVE: Two Republican members of Congress are demanding answers from top financial regulators concerning the possibility Americans' financial data may have been, or is at risk of being, exposed to members of the Chinese Communist Party (CCP) through two widely-used stock trading platforms operating within the U.S.
In a Wednesday letter to the heads of the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), Sen. Tommy Tuberville, R-Ala., and Rep. Jim Banks, R-Ind., called on the two agencies to ensure Chinese-linked companies Webull Financial, LLC and Moomoo, Inc. are complying with American laws and regulations when it comes to protecting American consumers' data. Read more
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Biden beware: Manchin and Sinema align with Republicans in debt negotiations
While their Democratic colleagues insist on no negotiations until the borrowing limit is lifted, the duo is positioning themselves as potential players in any future Senate talks.
Politico |Burgess Everett
May 3, 2023
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Joe Manchin and Kyrsten Sinema saved the filibuster and cut down President Joe Biden's agenda, delighting Republicans. Now they're breaking with Democrats on the debt limit, and Republicans hope they keep it coming.
Two centrists, who spent Biden's first two years in office at odds with the left, are glaring outliers on the debt drama in the party's 51-member Senate caucus. While their Democratic colleagues insist on no negotiations until the debt ceiling is lifted, Manchin and Sinema are not only pushing for a bipartisan deal but positioning themselves as potential players in any future Senate talks on a way out of the crisis. Read more
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WG Discussion Points
The Trillion Dollar President
WG Discussion Points | David Winston
April 28, 2023
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The House has passed its bill to raise the debt limit, but the President still insists he will not negotiate. As we dive further into the debate here are five things you need to know about the White House spending record.
- Biden has Normalized the Covid 2020 Emergency Budget.
- Biden's Addition to the National Debt Outdoes Trump.
- Yearly Federal Revenues Increased 43% in Two Years.
- A Balanced Budget Could Have Been Within Reach.
- Biden Budget Sets New Records For Future Yearly Spending That Could Top $10 Million
WG Discussion Points, April 28, 2023.pdf
For more on the debt ceiling, see our latest video below and David's Roll Call column.
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Don't miss the latest episode of the GOPAC Podcast!
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