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The FDIC with help from the Treasury would bail out the creditors and the counter parties in the event a large financial institution fails. And then the FDIC would collect the money from some 120 banks. This is the idea behind a Geithner- Rep. Frank proposal. But critics point are skeptical whether the FDIC can collect the money from banks, which would be too weak themselves in a financial crisis. One critic said it allows the government to spend another $1 trillion to bailout banks, and then perhaps in one year or a hundred years collect that money back.

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This report cites experts in California that mask use was less than 50% in the state beaches and parks after it reopened. The medical officer of Orange County an affluent community near Los Angeles even resigned after mandating the use of masks in public after protests. On one day June 20, the day after bars reopened in Los Angeles County a WSJ report shows 500,000 people went to bars in the county. As of July 17 the state has 365,000 cases and about 10,000 a day. At one time it was much lower than Michigan at less than 50,000, adding to the complacency in California and a false sense that California had somehow come up with a new way around the virus. Michigan today is at about 70,000 cases, showing that careful attention to the process is important more than anything else, not some new strategy or approach that someone comes up with to beat the virus that does not meet the essentials and common sense. Even adversity can be overcome with sound attention to the basics, where complacency and a lack of fellow feeling can lead to disaster. ...

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Paul Volcker before the U.S. Senate Banking Committee on May 9, 2012, before the announcement of the $2 billion trading losses by J.P. Morgan Chase. The following day Chase announced the losses from trades made by JP Morgan trader Bruno Iksil- nicknamed the "London Whale"- who made a complex hedge on a group of corporate bonds, betting $100 billion that the bonds would not default. The Volcker rule as it is currently written would not prevent such a transaction. The problem as Volcker pointed out before the Banking Committee is that under "too big to fail," "the losses would be socialized with the potential gains all private."

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Britain has all the weaknesses the US economy faces and a bit more as it doesn't have a strong manufacturing and export sector. The credit crisis, mortgage crisis and housing decline and slowing consumer spending to name a few.

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NATO was formed in the days of the Truman administration on 25th July 1949, following the Berlin Blockade, the coup in Czechoslovakia by Soviets, and the efforts to set up pro soviet governments in Turkey and Greece. It accomplished its purpose by pushing back against the Soviet effort securing democracy in Greece and Turkey in the 1950's. Much of this was achieved under Heads of NATO from the US- Gen. Eisenhower, Gen. Ridgway, Gen. Guenther and Gern Norstad proteges of Ike all from West Point by 1964, when Brezhnev was new head of Soviet Union and by 1991 Warsaw Pact of Soviets setup in 1955 was dissolved yet NATO was not. The US interests shifted to Asia - Gen MacArthur leading a UN effort in Korea and the US leading its own effort in Vietnam in the 1960's. The Soviet threat actually receded after 1964 when Brezhnev became head of Soviet Union till 1982. During that period in the 1970's till today the face of NATO as today was from a series of heads of governments of Dutch Stikker in 1970's or other small European states such as Norway Stoltenberg and Rutte Netherlands again in 2025. It could be said that none of these leaders  of small EU countries represented US interests- or even European interests- a point the DJT administration is trying to make. It hurt the US in Venezuela as Russia propped up a regime which led to millions of refugees entering the US illegally. And it hurt Europe as Russia propped up the Syrian regime with millions of refugees entering Germany and destabilizing its political structure. Going back if a new defense institution was set up to replace NATO by the Europeans in 1970's this would have been the right step which would have not led to Russia propping up regimes in the Americas or the Middle East. A goal that is being discussed with Russia by the DJT administration to refocus American efforts in a new direction and pause not just the Ukraine war but also put the US  and Russia in a new direction with the new competition from 3 billion people in China and India. WSJ Editorial Board takes the British position on the Ukraine peace proposals with centuries old skeptical attitude on Russia's intentions. The US government position put forward by DJT is that there are constructive discussions with Russia, and the need to settle the underlying issues behind the conflict. This includes NATO's future. NATO setup in 1949 for Soviets,  on the borders of Russia in 2025 after the end of the Cold War when its rival the Warsaw Pact set up in 1955 of the Soviets was disbanded in 1991. The British position comes from centuries of conflict in Europe and its interests in protecting its Empire till the 1950's remaining unchanged, and cannot reflect American interests in the 21st century as its economy competes with China and India and the EU, and seeks to do this by keeping former colonial powers out of the Americas including Russia, and China.   ...

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Japan's economy grows at an annualized pace of 3.5% in the first quarter of 2013 after aggressive monetary easing by the Bank of Japan under Haruhiko Kuroda.

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G-7 nations reach agreement for a global minimum tax of 15% a floor for taxes that the Biden administration finds acceptable. This agreement was reached at a meeting of the Treasury chiefs of the 7 G-7 countries in London on June 5, 2021. The G-7 countries are Canada, France, Germany, Italy, Japan, UK, and US. Next agreement from Russia, China, India and Brazil in the G-20 nations would establish new ground rules for the major economies. The G-20 meeting is in Venice July 9-10. The OECD is steering the international efforts to achieve that goal. For the agreement to be effective a number of small nations that use tax rates of below 15% to attract business have to be part of the new rules. One of these countries is Ireland with a tax rate of 12.5%. For the Biden administration in the US the goal is a significant one as president Biden seeks business to pay its fair share so that long neglected priorities for education, healthcare, infrastructure, post pandemic improvements can be met. France and other nations in the EU face similar needs in the post pandemic environment. By setting a floor the Biden administration is both creating a new cultural concept of fairness in taxation and making it possible to finance the $2 trillion spending programs for these priorities of president Biden. Behind this are important facts that have left the large tech businesses paying little or no tax depriving governments of the very revenues that are needed for infrastructure and services for a modern well run state. The Biden administration seeks to include the tech businesses as well as all businesses in the new tax rules so that a uniform idea of fair taxation applies across the whole economy for the first time in two decades. In this way it makes up for the missed opportunities in the OBC administrations of Obama, Bush, Clinton that have led to loss of faith in the state and institutions in the US. A similar situation prevails in the UK,  France and Germany where previous administrations failed to address this important issue of fair taxation and financing infrastructure and priorities in health, education, and critical needs of the people.   ...

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Sebarros of the WSJ takes a closer look at the key words used by U.S. president Trump in rallies in city after city during the 2016 election campaign and in the months before the Congressional elections in 2018. Analysis by the WSJ counted the unique two word phrases, how often Trump highlighted topics, the content of audience respones in 48 post election rally speeches through Oct 27.  In 2018 the words "tax cuts,"fake news," and "health care," appeared more often than in 2017 after the Republican party's win in passing a tax cut. Other phrases used frequently were "law enforcement," "North Korea," and "Supreme Court" after the win in nominating Judge Kavanaugh. The use of the 2 word phrases are carefully done. The words "fake news" were not used during sensitive periods such as when pipe bombs were mailed to government offices, yet resumed few weeks later. His own name is the seventh most used word, even for someone such as Mr. Trump, showing that behind the impromptu remarks there is a carefully worded effort to steer voters in a particular direction with carefully developed appeals. Another example is when the Dow Jones averages were reaching new highs in September and October Mr. Trump highlighted the stock market growth, and then when volatility increased by November said much less on this topic. Graphs by Jessica Wang provide a good look at how frequently and in what manner Mr. Trump has continued his unique campaigning style before the 2018 Congressional elections, with two word appeals to already receptive audiences. The audience participation is a singular feature and the words "U.S.A." were used in 85% of the rallies with "Build that Wall" at 65% as the next most frequent.  Much of it is repetitive in city after city and the WSJ analysis shows that the major television networks including Fox News are not covering the speeches from beginning to end as they did before, only C-Span public network does. To receptive audiences in carefully scripted surroundings, including larger ones such as the Toyota Center Houston, where larger numbers of supporters worried about immigration, health care, trade, and other issues can come together, president Trump has rallied core supporters with this kind of appeal. ...

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David Gelles of the NYT column Corner Office, talks to the head of Accenture, Julie Sweet, about creating an inclusive workplace and levelling the playing field for women. In this interview Julie Sweet talks openly about her upbringing in the small Orange County, California town of Tustin. Her mother graduated from college when Julie was in her freshman year. After several jobs to help her family she went to law school and joined a New York law firm. She tells Gelles about her experience at this law firm Cravath where there were very few women partners and about breaking down sobbing at a unconscious-bias training session at the firm when asked about her own experience as a woman. After being elected partner she set up the first woman's program leading up to bringing more women upto the point where today women are 25% of the partners. Accidently she takes a call from a recruiter 17 years later about a position as general counsel at Accenture. She accepts the offer and five years later she is made the CEO North America of this consulting company with 469,000 employees. Asked about what tactics are effective in creating a level playing field for women Julie Sweet says it comes from making it a business priority. Making diversity and women a priority with measurable goals. Set goals, have accountable leaders and measure progress, says Sweet. Accenture did a study and found stats that were shocking. 40% of companies have no plan for advancing leadership, and less than 40% look at attrition between men and women. A big disappointment but also a large opportunity here to get results by putting in place some basic things. In 2015 She set Accenture goals for 40% women, and sees 2020 goal at gender parity 50-50%. For a firm with hundreds of thousands of consultants worldwide what are the qualities she sees as important in hiring? Sweet says lots of different interests and curiosity for learning. Next comes being able to do straight talk with clients, to deliver tough messages as companies are constantly telling her they want to hear what they need to hear not what they want to hear. ...

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Mr. Trump has decisively changed the Republican party. Most Republicans support Mr. Trump personally, less the Republican party. Mr. Lindsey Graham, a senator from South Carolina, says of the Republican party before Trump that it had become a bit staid, that we looked like the banker next door who may foreclose on your house. Mr. Romney epitomized that in his view. Gone are the views on deficits, on wars, and on imports and transfer of technology to China as being acceptable.  Five years from 2015 when Mr. Trump came into prominence with his new style taking on the establishments of both parties with a fierce disdain for convention, both the Bushes and the Obamas and Clintons, the Republican party is completely transformed. Registered Republicans are now 60% non college educated in 2020 compared to 50% non college educated in 2016. The Trump policies on trade putting American workers first and America first have a resounding popularity with this audience- this should be no surprise after decades of job losses and factories shipped overseas under the previous administrations for 2 decades. Most of these workers are not college educated and are white and had enjoyed a good standard of living with a high school education in American factories till the shift of American manufacturing to China destroyed good paying jobs and impoverished the American working class.  Only 30% of college educated people are registered Republicans in 2020 compared to 40% in 2016. Overwhelmingly about 90% of registered Republicans are white.  They are majority male and older but there is a significant about 40% female and 40% young population under 40 years of age. This might resemble the party put together by Missouri Congressman Harry Truman as he led the Democratic Party in 1948 with a majority of non college educated Democrats, fighting for American workers and America first in the cold war with Russia. Truman also had a rough Missouri farm language and accent comparable to Mr. Trump's rough style and language disdainful of the old establishment and new tech establishment. Both were heavily disliked by the media and both did not let this bother them in any way. Both liked facing large crowds as Truman showed in campaigning by train across the country and Trump has shown in campaign rallies run in his own way. ...

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Michael Corkery catches up with the indefatigable Paul Volcker at the office he shares with Richard Ravitch on the fourth floor of Rockefeller Center. Ravitch reminisces about events in 1975 when he tried to get a loan for New York City from the head of the New York Federal Reserve, who at the time was Paul Volcker. Today both men are working on another municipal crisis- the financial crisis facing U.S. states. They have raised $2 million from foundations and other sources, and hired a staff. They plan to publish a report on the crisis in 2012. The idea is to throw light on the issues so that the public can understand this better. Volcker says work is more relaxing than fishing, even though both men have spent much time fishing. The conversation drifts to the Occupy Wall Street protests and Ravitch says people forget what Teddy Roosevelt said about the malefactors of great wealth. Volcker insists it was Franklin Rosevelt, Ravitch says its Teddy.

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Estimates of net income JP Morgan has gained from the acquisition of Bear Stearns and Washington Mutual since 2008 are about $16 billion. This acts as a offset against the $13 billion legal settlement with the Justice Department. Eavis and Protess point out that JP Morgan Chase acted in its own interest to buy these to firms at a bargain price in 2008, even as it was working with regulators in this arrangement. For this reason the Justice Department settlement is not seen as unfair to JP Morgan.