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"A society grows great when old men plant trees whose shade they know they shall never sit in." -- Greek proverb
Nearly 200 more banks may be vulnerable to the same type of risk that took down Silicon Valley Bank: The value of the assets they hold.
There are 186 banks across the country that could fail if half of their depositors quickly withdraw their funds, a new study published on the Social Science Research Network found. Even insured depositors — those with $250,000 or less in the bank — could have problems getting their cash if these institutions face the sort of run that Silicon Valley saw a week ago.
The concern is that these banks hold a significant amount of their assets in interest-rate sensitive financial instruments like government bonds and mortgage backed securities. The value of those older, low-interest investments dropped sharply as the Federal Reserve hiked interest rates over the past year.
Secretary of the Navy Carlos Del Toro said he sees fighting climate change as a top priority for the Navy as the Biden administration proposes shrinking the fleet by two ships and worries grow about how the U.S. Navy stacks up to China’s.
"As the Secretary of the Navy, I can tell you that I have made climate one of my top priorities since the first day I came into office," Del Toro said March 1 in remarks at the University of the Bahamas.
Del Toro said he met with Bahamas Prime Minister Philip Davis during his visit and spoke "at length" with him about the climate crisis and focused the bulk of his remarks on climate.
New York will change what it takes for students to reach “proficiency” on state math and English language arts tests, calling last year’s lower scores the “new normal.”
A scoring committee that reports to the Board of Regents said Monday that they must take into account the results of last year’s tests for students in grades three through eight to determine whether schools are showing improvement from year to year. On Thursday, the committee wanted to clarify that they must also reset scores because the tests will have new performance standards.
The No. 2 Senate Republican has kept in touch by text with GOP Leader Mitch McConnell since a recent fall and concussion but has not yet talked directly to the Kentucky legislator, he told reporters Wednesday.
"I have not spoken with him," Sen. John Thune, R-S.D., the GOP whip said. "I have communicated with him, but I look forward to making that happen."
"I would like to add to what Sen. Thune said about all of our thoughts and how much we miss our leader, Sen. McConnell," Sen. Shelley Moore Capito, of West Virginia, added during Wednesday's press conference.
The failure of Silicon Valley Bank (SVB) is just the tip of the iceberg as more than $620 billion in losses across the entire banking sector looms as a financial ticking time bomb.
According to the Federal Deposit Insurance Corporation (FDIC), the banking sector is currently sitting on unrealized losses of well over half a trillion dollars that at some point will have to be realized – but when?
The answer right now is nobody knows, but one thing is for sure: the FDIC, the Federal Reserve, and the Treasury Department are doing everything in their power to plug all the leaks on this financial Titanic to avoid a contagion event – at least for now.
We are told that the reason for this predicament has to do with the loads of bonds and treasuries that banks bought up during times of low-interest rates. Those bonds and treasuries are now deeply underwater as Jerome Powell continues to hike interest rates in a failed attempt to quell skyrocketing inflation.
Your favorite candies, snacks, and other food items might soon become a thing of the past if you’re a resident of California.
California lawmakers are considering enacting a law that would essentially ban the sale of candies and foods over the presence of additives inside that are linked to both cancer and organ damage.
Democrat Assemblyman Jesse Gabriel (D-Calif.) introduced this new legislation, which pinpoints five different additives, three of which were already banned by the European Union.
The five specific additives are propyl paraben, brominated vegetable oil, potassium bromate, red dye #3, and titanium dioxide.
“Californians shouldn’t have to worry that the food they buy in their neighborhood grocery store might be full of dangerous additives or toxic chemicals,” Gabriel said in a statement. “This bill will correct for a concerning lack of federal oversight and help protect our kids, public health, and the safety of our food supply,” said Gabriel.
The case against Donald Trump over hush payments made to porn star Stormy Daniels in the build up to the 2016 presidential election is 'flawed', a legal scholar has said.
Jonathan Turley, a criminal defense attorney and Shapiro Chair of Public Interest Law at George Washington University, said the case by Manhattan District Attorney Alvin Bragg is unlikely to succeed.
Turley was responding to Trump's claim on Saturday that he'll be arrested on Tuesday next week following a long-running probe by Bragg's office into the $130,000 paid to Daniels.
Former President Donald Trump said in a video posted Thursday that the biggest threat to the U.S. isn't Russia but rather Americans who hate their own country, including "godless" Marxists promoting progressive ideology.
"Our foreign policy establishment keeps trying to pull the world into conflict with a nuclear-armed Russia based on the lie that Russia represents our greatest threat," Trump said in a video first posted to his Truth Social account. "But the greatest threat to Western civilization today is not Russia. It's probably more than anything else ourselves and some of the horrible, USA-hating people that represent us."
Trump, who announced his 2024 presidential campaign in November, went on to suggest that the U.S. is fostering a culture and implementing policies that are leading to the country's demise.
'The American Jewish community and our American political leaders need to recognize and acknowledge this is a different day and it can't be the same old responses' a protest organizer said
Beyond the Death Wall and the prisoners` barracks, past the ruined gas chambers and crematoriums, at the edge of the Auschwitz death camp, is a row of 19 concrete memorials.
The memorials are dedicated to the victims of the Nazi killing machine that operated here with such horrific efficiency. But gone now from the memorials are the 19 inscriptions that said in 19 languages that four million people died here.
The memorials are blank because they were wrong.
Jewish and Polish scholars of the Holocaust now agree that the Auschwitz death toll was less than half the four million cited here for four decades. The actual number was probably between 1.1 million and 1.5 million-and at least 90 percent of the victims were Jews.
The fiction that more than a million non-Jews died here was a myth created by Poland`s communist leaders.
It was only after the fall of the last communist government in 1989 that Polish historians were finally allowed to say what Franciszek Piper, manager of historical department at Auschwitz, says he had known for five years. Jewish scholars say they knew the truth for at least 10 years.