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The New Ugly Americans: VDH

The New Ugly Americans: VDH

Authored by Victor Davis Hanson via American Greatness (emphasis ours),

The old cultural imperialism was supposedly greedy corporatism like Disneyland, McDonald’s, and Starbucks sprouting up worldwide to supplant local competitors. 

But these businesses spread because they appealed to free-will consumer demand abroad. They were not imposed top down. 

The U.S. presence in Afghanistan collapsed in August 2021 amid the greatest American military humiliation in modern history. A billion-dollar new embassy was abandoned. Hundreds of millions of dollars’ worth of new infrastructure at the huge Bagram Airbase was dumped. 

We still do not know how many billions of dollars of sophisticated new weapons were left to the Taliban and now are making their way through global terrorists’ marts. 

Yet, in our skedaddle, the LGBTQ flag still flew high from our new Kabul embassy.

A George Floyd mural was prominent on city streets.

And gender studies programs—to the tune of $787 million in American subsidies—were showcased at Kabul University, in one of the most conservative Islamic countries in the world.

Rainbow flags and Black Lives Matter banners have hung from our embassy in South Korea. 

Such partisan cultural activism is a diplomatic first.

The woke Left has now weaponized the country’s diplomatic missions abroad to advance highly partisan and controversial agendas that can offend their hosts, and do not represent the majority of American voters at home.

American foreign policy toward other nations seems now to hinge on their positions on the transgendered, LGBTQ acceptance, abortion, climate change, and an array of woke issues from using multiple pronouns on passports to showcasing transgendered ambassadors. 

The Biden Administration in January 2022 stopped the EastMed pipeline. That joint effort of our allies Cyprus, Greece, and Israel sought to bring much needed clean-burning Mediterranean natural gas to southern Europe.

Apparently, our diplomats felt it violated our own New Green Deal orthodoxies. So we imperialists interfered to destroy a vital project of our closest allies.

The White House manifesto called the “National Strategy on Gender Equity and Equality” offers a blueprint for how to massage nations abroad to accept our values that are increasingly at odds with much of the world’s.

Do Americans really believe that embracing drag-queen shows at military bases, abortion to the moment of birth, transgendered men competing in women’s sports, and the promised effort to ban the internal combustion engine are effective ways to ensure good relations with the United States?

No wonder the Biden Administration’s new cultural imperialism is proving disastrous for a variety of reasons.

One, these imperialistic and chauvinistic agendas are pushed abroad at the very time the respect for the U.S. military is at an all-time low. It was humiliated in Afghanistan. It is now unable to recruit sufficient qualified soldiers. Its stocks of critical weapons are depleted.

The Pentagon leadership of Defense Secretary Lloyd Austin and Joint Chiefs Chairman Mark Milley, along with Joe Biden, do not radiate competence. 

But they do exude woke pieties.

While we offend Middle East oil exporters and Central Europeans, China allies with Russia and Iran. India and Turkey triangulate away from the United States. Sanctimonious hectoring while appearing weak is a bad combination.

Two, these warped standards are incoherent. Is an abortion-on-demand, totalitarian China therefore an ally? How can we damn supposedly non-woke Saudi Arabia as we beg it pump more of its non-green oil before the 2022 midterms?

Some of our most loyal allies are in Eastern Europe—Poland, Hungary, the Czech Republic, and Romania—have experienced traumatic histories on the front lines against Islamic Ottoman expansionism, czarist and Soviet aggression, and German Nazi bullying and invasion.

They are democratic and pro-American. Yet they are now targeted by our woke imperialists because they remain steadfast as the most religious and traditional of our European allies.

Yet these nations would be more likely to dispatch credible forces for NATO’s defense than many of our left-wing, woke, and militarily less capable Western European nations.

Three, most of the 7.9 billion people in the world are not woke. They are aspiring to obtain a modicum of the luxury and affluence taken for granted in America.

The rest of the planet worries whether it will have enough food, energy, security, and shelter to live one more day. For most, the incessant, woke virtue-signaling from affluent Americans comes across as the whiny bullying of pampered, self-righteous—and increasingly neurotic—imperialists.

Four, traditionally the party that controls the State Department does not politically weaponize its embassies with wedge issues that have not won majority support among Americans. 

Such abject politicalization rattles and alienates foreign nations. They do not want to be drawn into the American Left’s internal propaganda efforts that they know are bitterly controversial inside the United States.

How odd that those on the Left who in the past decried “American imperialism” are now proving the greatest imperialists of all.

About Victor Davis Hanson

Victor Davis Hanson is a distinguished fellow of the Center for American Greatness and the Martin and Illie Anderson Senior Fellow at Stanford University’s Hoover Institution. He is an American military historian, columnist, a former classics professor, and scholar of ancient warfare. He has been a visiting professor at Hillsdale College since 2004. Hanson was awarded the National Humanities Medal in 2007 by President George W. Bush. Hanson is also a farmer (growing raisin grapes on a family farm in Selma, California) and a critic of social trends related to farming and agrarianism. He is the author most recently of The Second World Wars: How the First Global Conflict Was Fought and Won, The Case for Trump and the recently released The Dying Citizen.

Tyler Durden
Thu, 05/04/2023 – 18:00

“Credit Tightening” Mentions In Earnings Calls By Execs Soars Past 2008 Levels 

“Credit Tightening” Mentions In Earnings Calls By Execs Soars Past 2008 Levels 

We have shown readers a credit crunch emerged in early April, thanks to critical real-time indicators of US loan activity via the Federal Reserve. 

Days after the collapse of Silicon Valley Bank, we warned that the next “credit event” had arrived. Then cited a note from Jan Hatzius, Goldman Sachs chief economist, who pointed out small and medium-sized banks serve a critical function in the US economy:

“Banks with less than $250bn in assets account for roughly 50% of US commercial and industrial lending, 60% of residential real estate lending, 80% of commercial real estate lending, and 45% of consumer lending.” 

Throughout March into April, we highlighted the macroeconomic impacts of regional bank failures, which would be a significant catalyst in a pullback of lending: 

“A credit crunch will now reduce inflation, but in a very painful manner. A lack of credit means an avalanche of bankruptcies. They should hit record highs,” Bert Dohmen of Dohmen Capital Research wrote

Only a few days into May, the worsening bank crisis (see: here) threatens to tighten credit conditions even more as recession threats are rising. With earnings season underway, we used Bloomberg data to determine the number of company executives on earnings calls talking about “credit tightening” has surpassed levels not seen since the 2008 crisis. 

There have been more than 50 mentions of “credit tightening” in the second quarter, more than any three-month period since at least 2006, according to call transcripts compiled by Bloomberg from companies around the world. “Credit crunch” is also showing up more often, especially in relation to real estate, with mentions the highest in more than a decade. –Bloomberg 

Mentions of “credit tightening” on company calls 

Mentions of “credit crunch” on company calls 

Also, news stories featuring “credit tightening” topics across all US media have soared to record highs, according to Bloomberg data that only goes back to 2013. 

So, what’s next? Historically, credit crunches have been accompanied by a surge of defaults on speculative-grade debt by companies with low credit ratings. Is the next domino to drop in the commercial real estate space

Tyler Durden
Thu, 05/04/2023 – 17:40

Massive Retail Money Market Inflows Suggest Bank Deposit Run Accelerating

Massive Retail Money Market Inflows Suggest Bank Deposit Run Accelerating

After last week saw The Fed’s balance sheet continue is decline back from its bank-bailout resurgence, all eyes will be back on H.4.1. report this evening for signs that the regional banking crisis is accelerating (as regional bank shares suggest).

The answer is not a good sign for the bulls as Money Market Funds saw $47 billion of INFLOWS, pushing the aggregate to a record high of $5.31 trillion. That is over $100 billion of inflows in two weeks…

Source: Bloomberg

The breakdown was $20.7 billion from Institutional funds and $26.4 billion from retail funds (up dramatically from the $4.98 billion last week).

Source: Bloomberg

This surge in money market fund inflows strongly suggests tomorrow’s H8 deposit report will show the bank run is accelerating…

Source: Bloomberg

However, the most anticipated financial update of the week – the infamous H.4.1. showed the world’s most important balance sheet shrank for the 6th straight week last week, by a sizable $58.7 billion, notably more than last week’s tumble (helped by a $43bn QT)…

Source: Bloomberg

The Total Securities held outright on The Fed balance sheet plunged (QT back on track) by $43 billion to $7.80 trillion, the lowest since August 2021…

Source: Bloomberg

Looking at the actual reserve components that were provided by the Fed, we find that Fed backstopped facility borrowings plunged last week from $155.2 billion to $81.2 billion (still massively higher than the $4.5 billion pre-SVB)…

Source: Bloomberg

…but the composition shifted dramatically, as usage of the Discount Window plunged by around $68 billion to just 5.34 billion (upper pane below) along with a $6 billion decrease in usage of the Fed’s brand new Bank Term Funding Program, or BTFP, to $75.8 billion (middle pane) from $81.3 billion last week. Meanwhile, other credit extensions – consisting of Fed loans to bridge banks established by the FDIC to resolve SVB and Signature Bank rose notably from $170 billion to $228 billion (lower pane)…

Source: Bloomberg

Chatter is that FRC was hitting the discount window heavily and now it has gone away, that usage has gone. BTFP remains extremely high though. The jump in ‘Other Credit Extensions’ looks like the ‘loan’ to JPM to backstop the FRC deal.

Tomorrow we get more answers after the bell when The Fed releases its H8 report on bank deposit flows

Finally, the following chart showing Fed funds vs Regional Bank stocks needs little commenting…

Source: Bloomberg

The question is how this spills over… and how aggressively they start cutting? And don’t believe that universal deposit guarantees will make any difference now – this is not deposit fear, this is simply how it’s supposed to work as ‘cash’ seeks its highest (risk-free) return.

Tyler Durden
Thu, 05/04/2023 – 16:42

Novo Forced To Limit Supply Of Blockbuster Obesity Drug Amid Soaring Demand

Novo Forced To Limit Supply Of Blockbuster Obesity Drug Amid Soaring Demand

Danish pharmaceutical giant Novo Nordisk, the maker of the obesity drug Wegovy, revealed that surging demand in the US had forced it to temporarily restrict some supplies while manufacturing capacity is expanded. Investors reacted unfavorably to this news, sending shares down as much as 6.5% in Copenhagen.

Novo said soaring demand for Wegovy and Ozempic — which has been a treatment for Type 2 diabetes — was also prescribed for weight loss — have both hit capacity constraints at multiple manufacturing sites. The company said new supply capacity will be brought online soon. 

“We cannot supply to an uptake that just continues growing,” Chief Executive Officer Lars Fruergaard Jorgensen told investors during a conference call on Thursday. He said lower-strength starter doses for the US market are necessary to safeguard supplies for current patients. 

Bloomberg reported Novo is preparing open a third manufacturer facility for Wegovy later this year. A second production facility came online in April. 

Novo reported a 41% jump in first-quarter profit due mainly to the demand for Ozempic and Wegovy. Earnings per share climbed to 8.78 kroner ($1.31), exceeding analysts’ estimates. Wegovy’s revenue tripled to 4.56 billion kroner, although it missed forecasts due to the shortage. 

Novo shares were down 4.5% in Copenhagen’s late afternoon trading session. 

Last month, Novo raised full-year guidance after noting strong sales trends for both drugs that share the same active ingredient: semaglutide.

Here’s how Wall Street analysts covering Novo responded to today’s news (list courtesy of Bloomberg):

Citi analyst Peter Verdult (buy) calls first-quarter earnings “stellar,” but that the print’s shine is taken off by supply relating to Wegovy and its sister-drug Ozempic, which both use the active ingredient GLP-1

  • Notes that while Wegovy misses expectations, the overall GLP-1 franchise beat expectations
  •  “The key market concern will be that today’s commentary on supply will limit the scope for further revenue upgrades,” Verdult writes

 Bloomberg Intelligence’s Michael Shah (no rating) says 5% miss on Wegovy “won’t go unnoticed,” with reduced US supply due to tight capacity 

  • Supply woes “may cause jitters among investors, given the obesity drug is a key driver of valuation that leaves no room for error”

Handelsbanken’s Mattias Haggblom (hold) says limiting US supply may temporarily restrict the uptake of new patients; says underlying results were “somewhat stronger” but believes the FX outlook restricts further revisions

  • Key focus in investor call will be on supply chain, manufacturing constraints and any update on impact from Inflation Reduction Act in the US

Jefferies analyst Peter Welford (underperform) says company- provided outlook reflects declining Rare Disease drug sales and “inherent uncertainty in the pace of Wegovy roll-out, and continued periodic supply constraints” 

  • Says Novo is again temporarily reducing US supplies of the lower-dose version of Wegovy “to ensure continuity of patient care”
  •  Consensus is not yet fully reflecting strong 1Q numbers, Welford says, expecting “modest” potential upgrades to consensus sales and Ebit upgrades, but already widely accounted for

Novo appears well-positioned to capitalize on diabetes and obesity treatments, particularly in the US, due to a high percentage of the population being overweight. 

Goldman last month placed a “Buy” on WW International, previously known as “Weight Watchers.”

There’s big money trying to capitalize on ‘Make America Slim Again.’

Tyler Durden
Thu, 05/04/2023 – 16:20

May The 4th Be With The Shorts: Regional Bank Rout Sparks Bond & Bullion Bid

May The 4th Be With The Shorts: Regional Bank Rout Sparks Bond & Bullion Bid

Soaring job cuts (Challenger Gray), increasing jobless claims, rising unit labor costs, paint a very stagflationary picture (and an ECB rate-hike didn’t help) with Jay Powell’s favorite yield-curve-based recession indicator has collapsed to a fresh low (its most inverted ever)

Source: Bloomberg

Debt ceiling anxiety remains extremely high…

Source: Bloomberg

And the regional bank crisis is spreading and accelerating…

Source: Bloomberg

Most notably WAL and PACW were clubbed like a baby seal…

Source: Bloomberg

And here is Goldman Sachs to destroy the constant theme from talking heads today that “this is all short-sellers fault”:

The most notable aspect of our fins flows today is that we are seeing mostly long selling (both HF and MF) vs the past few days where HF short pressing was the primary narrative.

Today’s long sales include higher quality stocks which suggests today is a manage exposures/cut risk session.

And the market is now pricing in a 60% chance of rate-cut in July!…

Source: Bloomberg

On the day, the broad US majors were all red, led by Small Caps. Nasdaq was the prettiest horse in the glue factory, still down 0.5% though…

No short squeeze triggered today as ‘most shorted’ stocks extended yesterday’s late lunge lower…

Source: Bloomberg

0-DTE traders aggressively bid against the opening plunge in stocks, and prompted

Source: SpotGamma

And it may be time to brace for more pain as Goldman warns that CTA Trigger levels are starting to flip today for SPX

  • Short Threshold: 4085

  • Medium Threshold: 4046

  • Long Threshold: 4133

Over 1 week:

  • Flat tape: -$7.8bn to sell (-$3.3bn to SELL in S&P)

  • Up tape: -$2.3bn to sell (-$0.7bn to SELL in S&P)

  • Down tape: -$50.5bn to sell (-$20.1bn to SELL in S&P)

Over 1 month:

  • Flat tape: -$25.6bn to sell (-$12.2bn to SELL in S&P)

  • Up tape: +$18.9bn to buy (+$3.1bn to BUY in S&P)

  • Down tape: -$218bn to sell (-$54.2bn to SELL in S&P)

All of which pushed The Dow into the red for the year…

Source: Bloomberg

As money fled stocks, it went into bonds and bullion.

Treasuries were mixed with the short-end outperforming (2Y -5bps, 30Y +4bps). On the week, the divergence between short- and long-bond yields is evident…

Source: Bloomberg

The 2Y Yield closed at its lowest since Sept ’22…

Source: Bloomberg

Interestingly, while Powell’s favorite signal is still inverting further, the 2s10s curve is steepening (just as it does ahead of every recession) to its least inverted since Oct ’22…

Source: Bloomberg

The dollar was choppy on the day but ended marginally lower…

Source: Bloomberg

Bitcoin pushed back above $29,000 intraday, but was unable to hold it – but ended marginally higher on the day…

Source: Bloomberg

Gold was a beneficiary of the safe haven flows and spot prices tagged $2,060 intraday – within a few ticks of its all-time record high (the barbarous relic is screaming that The Fed has lost control)…

Source: Bloomberg

Oil prices ended marginally lower but the big news last night’s flash crash as clearly come fund liquidated bigly…

Some context for WTI…

Finally, all eyes will be on AAPL earnings tonight… and rightly so given the following chart…

This won’t end well…

Tyler Durden
Thu, 05/04/2023 – 16:00

Big Kahuna On Deck: AAPL Earnings Preview

Big Kahuna On Deck: AAPL Earnings Preview

Ahead of today’s final GAMMA earnings result (the other supercap tech names delivered and while AMZN fumbled on AWS guidance on the call, its earnings were also stellar), when the world’s largest company AAPL reports Q1 results at 4:30pm (and guidance during its 5pm conf call), here is the big picture courtesy of Goldman trader Peter Callahan:

  • Positioning: stock +27% YTD. desk has as a 6.5 out of 10 (0-10 scale) – a widely held asset (Apple’s mrkt cap > GOOG + AMZN, combined), though, typically an UW for MFs and limited tactical length among HFs.
  • Print: numbers hit at ~430pm ET, followed by a conference call at 5pm ET. Guidance / forward commentary typically given on the call (not in the PR). Focus on China trends and capital returns.
  • Expectations: investors largely expecting a down the fairway March quarter (cons = ~$92.6bn in revs / $1.43 in EPS), with focus squarely on June quarter guidance (see: QCOM -7% on a guide down today), where Goldman previewed an expectation for AAPL to guide June revenues to decline at a similar magnitude of that in F2Q23 (GSe: -3% yoy) with Products revenue down y/y and Services revenue growth

A table of median sellside expectations:

JPM TMT sector specialist Jack Atherton chimes in that there has not been any major change to in positioning in AAPL of late “although the AI disruptive threat posed to GOOGL/AMZN has gifted some relative defensive qualities to the AAPL narrative.”

According to Atherton, the buyside is looking for FQ2 revenue to drop -6% y/y (guide -5%) with iPhone revenue $47.5BN (2% below consensus), and Q3 revenue guided to -2% y/y (vs est +2%), the miss coming from checks pointing to weaker iPhone build numbers. The other point to note is that this Q is typically when we get an update on annual buyback/dividend plans. Stock +29% YTD; Implied move 4.5%.

Finally, here is a stunning chart from Goldman showing just how concentrated the top 2 stocks have become.

Tyler Durden
Thu, 05/04/2023 – 15:50

New Footage Shows El Paso Engulfed In ‘Mass Migration Dumpster Fire’ As State Of Emergency Declared

New Footage Shows El Paso Engulfed In ‘Mass Migration Dumpster Fire’ As State Of Emergency Declared

On Monday, White House spokeswoman Karine Jean-Pierre made an absurd claim: “When it comes to illegal migration, you’ve seen it come down by more than 90%” under the Biden administration. And if that was the case, why did a Democrat mayor of a Texas border town declare a state of emergency?

Well, new footage from border town El Paso, Texas, shows a sobering view of a worsening migrant crisis that the Biden administration, liberal media, and progressive politicians have ignored for two years while calling anyone who pointed it out ‘racist.’ 

“It’s difficult to describe, Jim, with words… The magnitude of the number of individuals,” a CNN reporter said. If CNN can no longer cover for the Biden administration, then they’re in trouble… 

Even MSBC has been forced to cover the migrant crisis. 

El Paso is transforming into what appears to be a ‘third world’-like country, primarily due to the surge in illegal border crossings.

With the upcoming expiration of Title 42, a pandemic-era border policy that allows border agents to turn migrants away on public health grounds, this will only indicate a new wave of illegal border crossings is imminent. 

“El Paso mayor has declared a state of emergency. Biden is sending 1500 troops. The border has been lost,” Citizen Free Press tweeted.

Indeed.

Tyler Durden
Thu, 05/04/2023 – 15:35

Four Proud Boys, Including Leader, Found Guilty Of Seditious Conspiracy In Jan. 6 Riot

Four Proud Boys, Including Leader, Found Guilty Of Seditious Conspiracy In Jan. 6 Riot

Four out of five members of the Proud Boys were found guilty on Thursday of seditious conspiracy related to the Jan. 6, 2001 Capitol riot.

Proud Boys leader Enrique Tarrio, along with Joseph Biggs, Ethan Nordean and Zachary Rehul were found guilty of seditious conspiracy and conspiracy to obstruct an official proceeding, however the jury is currently deadlocked on those two charges for another member, Dominic Pezzola, according to Politico‘s Kyle Cheney.

Pezzola was found guilty of robbery, destroying government property and one count of assaulting a law enforcement officer.

As Just the News reports, the jury is still deliberating over whether all Proud Boys are guilty of a separate charge of assaulting or impeding a law enforcement officer.

The jury is also deliberating whether all of the Proud Boys, except Pezzola who was found guilty of it, should be convicted of destroying government property.

Additionally, the jury is deliberating a charge against all five men for allegedly assaulting law enforcement.

Thursday was the sixth day of jury deliberation in the trial of the five men, who each faced nine counts related to the Jan. 6, 2021, riot, including a charge of seditious conspiracy that was leveled under a Civil War-era law.

According to NBC News, Pezzola faced an additional charge after video footage showed him smashing a window with a Capitol Police shield.

According to Pezzola’s attorney, at least 40 undercover informants were involved in the riot – with one FBI informant who joined the group testifying that he understood he was able to break the law in certain circumstances.

Kelly dismissed multiple requests from the defendants to declare a mistrial. For example, last month, Pezzola asked him to declare a mistrial or dismiss the charges against him over allegations of government misconduct. -Just the News

Before the verdict was read, the DOJ urged Judge Timothy Kelly to send jurors back to deliberate on non-unanimous counts. Kelly decided to accept the partial verdict, and asked the jury to continue deliberating on the remaining counts.

ZeroPointNow
Thu, 05/04/2023 – 12:55

48% Of Americans Are Worried About Their Money’s Safety In US Banks, More Than During Peak Of 2008 Crisis

48% Of Americans Are Worried About Their Money’s Safety In US Banks, More Than During Peak Of 2008 Crisis

By Megan Brenan of Gallup

Amid turbulence in the U.S. banking system, nearly half of Americans are anxious about the safety of the money they have in accounts at banks or other financial institutions. A total of 48% of U.S. adults say they are concerned about their money, including 19% who are “very” and 29% who are “moderately” worried. At the same time, 30% are “not too worried” and 20% are “not worried at all.”

These findings are from a Gallup poll conducted April 3-25, the month after Silicon Valley Bank and Signature Bank collapsed. News about the failure of a third bank — First Republic — came after the poll was completed. Most bank failures in the U.S. over the past two decades have been linked to the 2008 financial crisis, which was the last time Gallup gauged Americans’ level of worry about their money held in banks or other financial institutions.

The latest readings are similar to those in 2008. In September of that year, shortly after the collapse of Lehman Brothers, which remains the largest bankruptcy filing in U.S. history, 45% of U.S. adults said they were very or moderately worried about the safety of their money. Several months later, in December, after Congress’ Troubled Assets Relief Program (TARP) bailed out other banks in danger of failing, Americans were slightly less concerned about the safety of their personal financial accounts, as 41% said they were very or moderately worried. 

Worry About Banks Higher Among Republicans and Independents

Republicans, independents, middle- and lower-income adults, and those without a college degree are more worried than their counterparts about the safety of their money.

Whereas majorities of Republicans (55%) and independents (51%) say they are at least moderately worried, a 36% minority of Democrats are. Similarly, 54% of U.S. adults with no college degree are very or moderately worried, while 36% of college graduates are. About half of Americans with an annual household income under $100,000 express worry about their money, while 40% of those with higher incomes do.

Partisans’ levels of worry about the safety of their money in the banking system also diverged in September 2008, but in the opposite way. Republican President George W. Bush was in the White House when the financial crisis unfolded, and the views by party were nearly the reverse of those today. At that time, 55% of Democrats were very or moderately worried versus 34% of Republicans.

Another indication that partisanship is a significant driver of opinion on this question is that after the government bailout in 2008 and Barack Obama’s election win against John McCain, Democrats’ and independents’ levels of worry dropped, while Republicans’ rose eight percentage points.

While there weren’t differences by education level in September 2008, worry among lower- and middle-income adults was higher than that among higher-income adults.

Bottom Line

After several recent high-profile bank failures in the U.S., about half of Americans are concerned about the safety of the money they have in banks or other financial institutions. This is on par with the level of worry measured during the financial crisis in 2008 when financial institutions previously believed to be “too big to fail” collapsed. And while Gallup has not measured this during calmer times for the banking industry, the December 2008 reading showed slightly diminished concern after the crisis had been addressed, suggesting high worry about the security of deposits may not be the norm for Americans.

When banks fail, it is also unclear whether Americans’ heightened concern about their own deposits reflects a lack of awareness of the protections for small accounts provided by federal deposit insurance or their fear of a snowball effect that could bring down federal insurance as well. The Federal Deposit Insurance Corporation (FDIC), a U.S. federal government agency, insures $250,000 per depositor, per insured bank, for each account ownership category. Yet, lower-income adults, those without a college degree and Republicans are more worried than their counterparts. Worry among these groups may be higher because they do not know about FDIC insurance, or it may be linked to their displeasure with the current presidential administration and the U.S. economic situation.

 

 

Tyler Durden
Thu, 05/04/2023 – 12:35

Media Matters Accidentally Makes Tucker Carlson Look Awesome With ‘Leaked’ Videos

Media Matters Accidentally Makes Tucker Carlson Look Awesome With ‘Leaked’ Videos

Earlier this week, the paste-eaters at Media Matters published several behind-the-scenes videos of Tucker Carlson which were meant to make the former Fox News host look bad – but instead totally backfired.

The negative press began last week, with the NY Times reporting from legal filings in the Fox-Dominion lawsuit that Tucker called someone’s girlfriend “yummy,” cracked jokes about his “postmenopausal fans,” and told Media Matters to “go fuck yourself!”

Who wouldn’t want to grab a beer with this guy?

Then, Media Matters released ‘previously unreported video’ of Carlson making a sex joke with Piers Morgan.

“If we’re going to talk about sex, I’d love to hit some of the fine points of technique, but, you know, but it’s your show. It’s totally up to you,” says Carlson, to which Morgan replies without skipping a beat: “We can certainly talk about your sexual technique, especially after your tanning testicles last week,” referring to a joke Carlson made about a reported decline in testosterone levels.

“Not mine,” Carlson replies, adding “We’ll speak in more general terms, but I’ve got something to add.”

Again, this only makes Carlson look like a regular, non-turtleneck sweater-wearing, hilarious dude.

The on Wednesday, Media Matters’ Gertz thinks this clip of Carlson calling a Dominion lawyer a “slimy motherfucker” is going to cause his fans to… what, clutch pearls and vow never to watch Tucker again?

And as the Federalist Papers notes, Carlson wanted an upcoming interview with controversial influencer Andrew Tate to look more official.

In the video, Carlson is speaking on the phone to a man who asked if Carlson could wear a sweater instead of a suit while conducting an upcoming interview. The unnamed subject of the interview was “panicky” about wearing a suit, the man on the phone said. In the Tate interview, Tate wore a T-shirt and Carlson a sweater.

“This is airing on the night-time show, and I want it to look official,” Carlson said on the phone in the leaked video, not “like bro talk.”

As for putting the interview on Fox Nation: “But nobody’s going to watch it on Fox Nation,” Carlson said. “Nobody watches Fox Nation because the site sucks. So I’d really just like to dump the whole thing on YouTube.”

And on Thursday, Tucker joked about whether “pillow fights ever break out” in the women’s bathroom.

Gertz thinks he’s on a roll…

Tyler Durden
Thu, 05/04/2023 – 12:15