Plus, Biden's Moral Hazard.   Fighting For Faith, Family & Freedom Tuesday, March 14, 2023 To: Friends & Supporters From: Gary Bauer Biden Lectures About Sin In the middle of a banking crisis, a border crisis, a crime crisis, the opioid crisis, an inflation crisis, an environmental disaster in East Palestine, Ohio, and a war spiraling out of control in Europe, President Biden chose to sit down for an interview with Comedy Central’s “The Daily Show.” And the “big issue” making headlines from that interview is that the president of the United States, the leader of the free world, is really, really, really, very, very opposed to state laws protecting young children from mutilating, life-changing surgeries. Referring to recent actions by officials in Florida to prevent transgender surgeries and powerful chemical treatments on children, Biden said, “What’s going on in Florida, is as my mother would say, ‘close to sinful.’ I mean, it’s just terrible what they’re doing.” Protecting children is “sinful” and “terrible”? Once again, Biden has it exactly backwards. Most of the world is rejecting this insanity for obvious reasons. (Here, here, here and here.) Sterilizing children, who cannot comprehend the serious consequences involved, is sinful. Profiteering off of confused children is sinful. We do not need lectures from Joe Biden about “sin.” This is a guy who gets up every morning trying to figure out how he can guarantee more dead innocent babies through abortion on demand. This is a guy who routinely commits the sin of fomenting racial discord. This is a guy who lies over and over again, even after he’s corrected. By the way, Biden lied yet again during “The Daily Show” interview, claiming that he supported gay marriage as a high school senior in 1961. But he spoke out against it and voted against it for the next 50 years! America deserves better than dishonest demagoguery. Bidenflation Bites Again The White House and its media allies are spinning today’s inflation report as “good news.” How is a 6% annual inflation rate “good news”? Well, it’s not as bad as it was. That’s the best they can do. But inflation is still rising, and there was still plenty of bad news in today’s report. Electricity prices were up 12.9%. Food prices were up 9.5%. Rents were up 8.1%. Meanwhile, the Federal Reserve faces a difficult balancing act as it tries to tame inflation with future interest rate hikes while not triggering additional bank collapses or other serious damage to the economy. Just last week, Federal Reserve Chairman Jerome Powell suggested that he might have to accelerate rate hikes. That doesn’t seem likely in view of the weekend’s bank runs and the ongoing fallout, but Bidenflation remains a serious problem. Even as people are analyzing today’s inflation news, congressional Democrats will not agree to any spending reforms or cuts. Republicans are insisting on some reductions in spending. If they can’t work that out, we’re heading to a government shutdown and potential debt default. On top of all that, Joe Biden just introduced a budget with $5 trillion in tax hikes and so much spending that he’s adding another $20 trillion to the national debt over the next ten years. This is the road to socialism and eventual collapse. Go Woke, Go Broke As we noted yesterday, Silicon Valley Bank was deep into woke economics and the whole ESG (environmental, social and governance) charade. The bank was central to the left’s “Green New Deal agenda.” In fact, the Washington Post frets that its collapse will set back the left’s efforts to combat climate change, noting that it financed the majority of community solar projects and was the “go-to bank for clean tech start-ups.” In other words, it was making loans to green projects that couldn’t get loans from other financial institutions when they saw their business plans. That should tell you something. One has to wonder if Silicon Valley Bank had specialized in lending to oil and natural gas companies instead of “Big Green” whether the Biden Administration would have moved so quickly to entirely cover all depositors. I strongly suspect the answer is “no.” And when it came to hiring employees, Silicon Valley Bank put the left’s ideology above all else. It was all in on gender and racial hiring quotas, and highlighted the fact that it covered “transgender reassignment surgery” as an “employee benefit.” So, when people were standing in line frantically trying to get their funds out of the failing bank, how many were concerned with whether the bank had met is quotas for “Latinx” or “LGBTQ+” employees? I’m guessing none because that has nothing to do with actual banking and finance! Biden’s Moral Hazard Faced with a bad situation for people and companies with accounts at Silicon Valley Bank, the government’s solution is to print more money. That’s exactly what the Biden Administration is doing here in order to entirely cover all depositors. And by doing that we increase the risk of what’s known as “moral hazard.” We’re telling people that if they do risky things, they never have to pay a price or suffer the consequences of those risky things because government will ultimately bail them out. We’ve been sending that message for far too long. Eventually, even a nation like the United States will run out of the ability to print more money and sell more debt. Treasury Yields After months of stonewalling, the Treasury Department has reportedly yielded to demands from Rep. James Comer, chairman of the House Oversight Committee, to produce suspicious activity reports (SARs) related to Hunter Biden’s foreign business dealings. Keep in mind that right after the 2020 election, Hunter Biden admitted that he was under federal investigation for tax evasion. Six months ago, there were reports that the FBI had recommended charges to the U.S. attorney’s office in Delaware. That investigation was triggered in part by the sheer volume of suspicious activity reports, more than 150 according to CBS News, involving money from communist China and other nations flowing to the president’s son and other Biden family members. Comer has also subpoenaed financial records from Bank of America related to one of Hunter’s business partners. According to Comer, those documents show that: "One company owned by a Biden associate received a $3 million wire from a Chinese energy company two months after Joe Biden left the vice presidency. Soon after, hundreds of thousands of dollars in payouts went to members of the Biden family. . . “There were three different Biden family members that received a cut from the $3 million, including new Biden family members never before included in any of these investigations.” It’s too early to suggest that the “walls are closing in” on the Biden crime family. But at least the congressional investigation appears to be moving in the right direction. We’ll keep you posted. 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