The collapse of Silicon Valley Bank (SVB) has produced speculations and conspiracy theories, but SVB’s future is uncertain. Over 1,000 small businesses at risk—over a third of them unable to meet this week’s payroll—and the government may try a bailout of the huge financial institution. Congress would have to legislate the use of an insurance fund paid into by all banks and backed by U.S. taxpayers but which usually covers deposits only up to $250,000. Over 90 percent of SVB accounts are over that amount.
Critics say that action would set a precedent for all banks with the same complaints as saving Wall Street in 2008. An alternative is the acquisition of SVB by Wall Street banks, but they may also ask for federal assistance in the unprofitable purchase. Friday, the FDIC said that all accounts under the $250,000 limit would be available on Monday but didn’t state the amounts returned to the holders. Some experts see the collapse connected only to the tech sector because of SVB’s focus, but big firms stock prices also dropped for big Wall Street firms such as JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs.
One accusation for the bank’s collapse is the problem caused by the Federal Reserve’s increased tax rates. The founder of the conservative Turning Point, Charlie Kirk, is promoting the conspiracy theory about whether investors should be told about investments in ESG (environmental, social and governance).
Floridians are also suffering with the lack of insurance monies sent after Hurricane Ian. Companies insuring many Florida properties are paying almost as little as 10 percent of expenses determined by insurance adjusters. Managers are rewriting descriptions of damage without seeing the property and deleting accompanying photographs to lower the totals. National insurance companies pulled out of the state’s market after its series of more frequent intense storms, leaving people to find policies from regional carriers such as Heritage and Florida Peninsula.
Heritage told adjusters to not include roof replacements in their report and not mention the word “wind” after the hurricane’s 150 mph gales. While insurance companies reduce damage estimates, even blaming roof problems on “wear and tear,” and force settlement into litigation, they rapidly raise their rates to an average of three times the cost in any other state. Hurricane Ian caused $112.9 billion in damage, the most expensive natural disaster in history.
During the past year, Republicans called two special legislative sessions to pass more laws further protecting and insulating property insurance carriers, putting $1 billion of taxpayer money into a reinsurance fund and preventing carriers from paying policy holders’ attorney fees if they sue. An adjuster who brought evidence of insurance companies’ fraudulent action to a state Commerce Committee was told his flash drive was not safe for a government computer. The committee chair said that adjusters brought “no evidence.”
Fox network not only lied about a “stolen” 2020 presidential election but its “journalists” used an extremely questionable source for its fabrications. Fox executive David Clark, who supervises Maria Bartiromo’s show, sent her an email forwarded by Sidney Powell, a former attorney for Dictator Donald Trump (DDT), to prove Dominion voting machines flipped votes. Bartirmono presented the email as fact although its source, Marlene Bourne, described herself as being “internally capitated” and “the wind” tells her that she’s “a ghost.” She calls herself a “cactus artist.” In an interview, Bourne said she got her hidden messages from films, song lyrics, and conversations overheard at the supermarket checkout. She sent the same claim to Fox host Lou Dobbs and conservative activist Tom Fitton. Bartiroma delivered Bourne’s message as fact but called Bourne “kooky” in a sworn deposition. In his deposition, Clarked called the idea “crazy.”
Former VP Mike Pence, who blows hot and cold about DDT, has now turned cold when he said “history will hold Donald Trump accountable” for what happened on January 6, 2021. At Washington’s annual Gridiron Dinner, Pence added:
“Make no mistake about it, what happened that day was a disgrace… President Trump was wrong … and his reckless words endangered my family and everyone at the Capitol that day…
“I once invited President Trump to Bible study. He really liked the passages about the smiting and perishing of thine enemies. As he put it, ‘Ya know Mike, There’s some really good stuff in here.’”
Pence also hinted at a presidential candidacy in 2024 when he said that he will “wholeheartedly, unreservedly support the Republican nominee for president in 2024 if it’s me.”
The conspiracy lies of the “stolen election” in 2020 was highly promoted with $7.4 from anonymous donations to the America Project, that contributed to the circus Cyber Ninjas “audit” of Maricopa County (AZ) ballots that failed to find any fraud. The group was created by retired Lt. Gen. Michael Flynn, his brother Joe Flynn, and millionaire Patrick Byrne, who resigned as the CEO of online retailer Overstock.com in 2019 after public discovery of his affair with an alleged Russian spy. Michael Flynn and Byrne met with DDT to push their conspiracy theories, including Venezuela’s part in the election and Nest brand thermostats changing votes. Donors can hide their name after the Supreme Court ruling in Citizens United ((2010).
A headline in the conservative Hill stated that Walgreens got “dragged into the abortion war,” but in fact, the national pharmacy dived into the problem. Attorneys general from 21 states warned of legal consequences for mailing the pill even if state law permits it. Walgreens declared it would not mail the abortion pill to any of those states including Alaska, Iowa, Kansas, and Montana which have no legal restrictions on abortion medication. Over 99 percent safe, mifepristone is the most common method for ending a pregnancy. It has been approved by the FDA and on the market for over 20 years.
California Gov. Gain Newsom said the state, the size of the 21 states, will not renew a $54 million contract with Walgreens because of its refusal and that Walgreens didn’t provide clear answers about its policy. DDT’s appointment judge Matthew Kacsmaryk, who can ban mifepristone for everyone in the U.S., scheduled the lawsuit’s first hearing for next Wednesday but won’t publicize it. It is predicted that he will rule against the use of the medication because of his highly conservative views.
Atheists can proceed with a lawsuit against Ocala (FL) for a government Judeo-Christian prayer vigil following gun violence killing three children in 2014, according to the Supreme Court. The high court refused to block the case in which plaintiffs charged police chaplains “preached Judeo-Christian religion to the crowd in a style consistent with revivalist and evangelical religion,” “participated in religious worship,” and encouraged the crowd to engage in “responsive chanting.” In 2018, a judge ruled for the plaintiffs, charging $1 for damages, but the 11th Circuit Court overturned that judgment because the Supreme Court allowed a football coach to pray on the field after games. According to the 11th Circuit Court, at least one plaintiff had standing because the vigil excluded atheists.
A federal judge ruled a Missouri law banning enforcement of federal gun laws to be unconstitutional and void based on the U.S. Constitution’s supremacy clause. The state’s AG plans to appeal the decision; he said he expects “a better result at the Eighth Court.” When the DOJ sued to overturn the ban, the agency stated that the state crime lab refused to process evidence that would assist federal firearms prosecutions.
According to a new report, right-wing extremists committed every ideologically driven mass killing in 2022, with an “unusually high” proportion caused by white supremacists. March 5 marked the 100th mass shooting throughout the U.S. in 2023, a milestone earlier than March 19 in 2022 and March 22 in 2021. Another six mass shootings have been recorded in the past six days. At least, 7,537 people have died thus far in 2023 from gun violence.
People complaining about inflation need to look at profits from big business. In 2022, 26 major oil companies had $290 billion profits with $163 billion going to shareholders.
Another 621,000 people could receive healthcare after North Carolina became the 40th state to expand Medicaid under the Affordable Care Act. For years, Rev. William Barber and other supporters have fought for this change, even getting arrested for their protesting. The expansion would also save some rural hospitals. No legislation has been drafted, but state House Speaker Tim Moore and Senate Leader Phil Berger agreed to include the federally-supported Medicaid in the budget after Covid funding disappeared. Most of the annual $1 billion in uncompensated hospital care can be covered, and the money would pay for about 40,000 new healthcare jobs.
The scientific nonprofit Cochrane has admitted people were misinterpreting its review of studies about the value of masks was wrong: wearing masks actually slows the spread of respiratory viruses. Of the 78 studies, ten focused on wearing versus not wearing masks, and another five targeted the effectiveness of different types of masks. The two studies performed since the pandemic beginning found that masks help. Data showed that U.S. states without mask mandates had 30 percent higher Covid death rates that those with mandates in before the availability of vaccines. In Germany, a study concluded that “face masks reduce the daily growth rate of reported infections by around 47 percent,” with the effect more pronounced in large cities and among older people.