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In the middle of the pandemic US Congress approved $190 billion in aid to schools. Of this 20% was to be spent addressing learning loss for children. The pandemic period taking 50 million children out of schools is now seen as the biggest disruption in history of American education. It set student progress in math and education back by two decades and widened the gap between wealthy and poor children. These learning gaps remain unaddressed even as money runs out in 2024.

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US Supreme Court Justices fail to grasp the importance of education and education affordability in the rise of America as an industrialized nation in the last 150 years- from a largely agricultural rural country to an advanced industrial economy. Comments by Supreme Court Justices show this clearly. Justice Roberts compares a college education to starting a lawn business, failing to grasp the importance of education and it being affordable for all when he asked yesterday whether it made sense to forgive loans made out by students and not say ones made out to someone starting a lawn care business.  Astonishingly the same lack of awareness prevails among Justices appointed by Democrats. Justice Kagan said- "Congress passed a law that dealt with loan repayment for colleges, and they did not pass a law for loan repayment for lawn businesses. And so Congress made a choice, and it may have been the right choice or the wrong choice, but that's Congress's choice." Kagan shows a lack of conviction about the value of education for the US economy, and the serious crisis with the lack of affordability of education in America in America's ability to compete with China and the European Union, through her words. Reporting in the WSJ has shown in the past year- the lack of college enrollment for young men graduating from high school where lack of affordability makes a college education out of reach, and young men falling behind young women. This is a serious problem that America has not seen in its rise as an industrialized advanced nation. The pandemic has worsened this problem. Reporting also shows federal funding of education remains underutilized today because it is seen as burdening with debt. President Biden seeks to change this perception of education that is deindustrializing America and failing the country in its efforts to compete in the world. Justice Roberts and Justice Kagan have both failed the country.     ...

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DJT wants to see good relations with Russia and Russia to join the G-7 to make it G-8 nations as it was before Obama-Merkel. He sees Zelensky as an obstacle to peace early in the second term, that has changed now that Russia and Putin continue the war. By July 8 after calls to Putin and Zelensky, he now sees Russia as an obstacle to a negotiated settlement and the need for defensive shipments to Ukraine.

As this happens in the US Congress Lindsey Graham, senior Senator from South Carolina leads an effort supported by 80 senators to place sanctions on countries that support Russia's invasion of Ukraine.

 

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Russian president Putin was hoping for an end to sanctions. The interference in the 2016 election was done with the hope that a Trump administration could make a difference in the sanctions after the deterioration of relations in the last year of president Obama.The U.S. Congress has moved to extend the sanctions, with Democrats and Republicans coming together on this issue. This means there is not much that president Trump can do to improve relations. This report in the NYT by David Sanger even goes as far as citing George Kennan from Foreign Affairs publication in 1947, that a "long term, patient but firm and vigilant, containment of Russian expansive tendencies," is likely to be U.S.policy.

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US Treasury Secretary Yellen calls for Congress to authorize regulation of so called stable coins. TerraUSD founded by a South Korean developer has seen its price fall to 67 cents. Yellen said -"this is a rapidly growing product and there are risks to financial stability." At a Senate Banking Committee hearing Yellen said "we really need a consistent federal framework."

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Elizabeth Drew who covered Watergate during President Nixon's time in office says the different standard for impeachment based on a president's conduct is more relevant than the one used in the Mueller report and investigation. She says Democrats in Congress are finding it politically risky, and are shy about raising issues about the questions raised in the Mueller Report. 

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The legislation in the U.S. Congress includes $425 billion for U.S. Treasury Department Exchange Stabilization Fund. Treasury has used this fund to cover losses on new lending facilities launched by the Federal Reserve. The new lending facilities include $300 billion in financing for corporate credit markets, and consumer and business credit markets, with Treasury covering losses of $30 billion from the Exchange Stabilization Fund.

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Thomas Friedman of the NYT sees a climate change as an area in which Trump has ignored the information of eminent scientists. He sees a weakness of the Trump administration in Trump's putting no importance to briefings by experts from climate change to national security briefings. Friedman sees Russia and hacking as a major issue facing the new Trump administration, including the new hearings in Congress from leading Republicans on the cyberattacks.

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This WSJ Editorial Board article appeared on Feb. 28, and says that the world owes a great debt to the heroic people of Ukraine. A too complacent Europe says WSJ, is now learning what it means to fight for freedom. It says Ukraine deserves more support with arms, the toughest sanctions, and global ostracism. It says Congress should approve the request this week for another $6.4 billion in humanitarian and military assistance. The stakes of the war are high, says WSJ, including for American interests.

 

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The Biden administration is taking steps to address influx of illegal migrants from Guatemala and Nicaragua through Mexico. It is also true that the US with very low unemployment of 3 percent is now facing a labor shortage. A bipartisan hearing on immigration in US Congress showed Republican senior Senator Lindsey Graham saying that the US economy faces a need for workers on its farms, meat packing plants, restaurants from what he hears from businesses in North Carolina. Without this help many farms would close and we would starve, said Graham.

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The U.S. Deputy Attorney General, Rod Rosenstein, defends the Mueller investigation into Russian meddling in elections in a Congressional hearing. He says most of the employees at the agency with very few exceptions are honest and trustworthy. He is working with Mueller to ensure that the investigation is not affected by the political affiliations of any of its prosecutors. Rosenstein told Congress that Mueller had acted appropriately to keep politics out of the investigation. Prosecutors found to have political leanings have been removed from the investigation.

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Biden delivers a rousing speech at the State of the Union to the US Congress yesterday. He touches on every aspect on every issue that is important for ease of living, for improving the lives of workers and families, for ordinary Americans, in every state of the Union. NYT says he made his case vigorously and unrelenting throughout the address, leaving no point in doubt on every issue of the action needed and the path to be taken for the American people and for America's leadership in the world.

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The historic letter of president Joe Biden to Congress and to the American People shows what this struggle is about to defend and secure the rights of the working people and families of America in ways that Lincoln, Wilson, TR, FDR and Truman did in their day. To defend the American people from the intrigues and misinformation about where America's future lies, to defend the best hope of this and future generations, to defend the rights, freedoms and hope of free people everywhere.

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Cecilia Wang is herself a birthright citizen from parents on student visas from Taiwan hence her views reflect her position before the the Court on DJT Executive Order.  She says the admission of Wang Kim in an 1898 case to US citizenship is a 128 American tradition when history shows very little sentiment in the American public and in the US Congress favoring legal immigration of any form from Asia (Japan, China and India). In fact a deal made by Teddy Roosevelt with Japan included an understanding with the Japanese government in the 1900's that Japan would restrict immigration from Japan to the US. Throughout the period 1850-1960 for 110 years one finds very little immigration of Asians to the US- mostly European selectively in phases after 1900 by steamboat as can be seen at the Smithsonian museum exhibits in Washington DC. Thus the Court is taking up a narrative that was never true. It was only JFK and LBJ who changed this by the 1960's- if one reads JFK and his grasp of the events in Indonesia, India, of Asia in WWII from his experiences as a soldier in the Asia Pacific region- not as the narrative suggests as an extension of civil rights for Black people, but for a deep respect and understanding of Asian people's aspirations that he opened up immigration to the US in the 1960's for Asians. This is why it is a stretch of the imagination for Cecilia Wang to say- Cecilia Wang -"your ancestors could be on the Mayflower or be undocumented immigrants but you and I are exactly the same as US citizens." Even after 60 years of reading the speeches and writing of Washington, Jefferson, Lincoln, TR and FDR, JFK, of Carl Sandburg's volumes of Lincoln, the poetry of America of Walt Whitman, committing Robert Frost poems to memory, there is more a sense of humility and even greater earnest  desire to learn about this Nation, and of the scientific endeavors of Europe since 1600 that eluded Asia, than making statements about the first voyages and the people who ventured out on the Mayflower. One has to look with awe at the sculptures in Geneva, Switzerland, of these brave people in the 1600's who for religious and other reasons made their way in difficult voyages over the Atlantic to America, much less say were the same as them. It is more about honoring JFK's words in appreciation of his opening for Asia, on thinking more about what you can do for your country than what your country can do for you. ...

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How companies like United Health are lobbying aggressively to shape the new helathcare legislation to their benefit. BW says the health insurers like United Health, Aetna and Wellpoint are already winning through clever and effective lobbying of Congress. Former Senator Tom Daschle works as aconsultant for United Health. Senator Conrad who has led aeffort to replace the public plan with nonprofit medical cooperatives, which would be a weaker competitive threat to insurers, is also influened by the insurers. United Health's CEO Helmsley and its person working with Congress on healthcare Simon Stevens met with Conrad on June 4. When lawmakers in Congress cite consulting group Lewin Group, that 88 million or 56% of those with employer provided coverage would desert private insurance for a government run program, they are quoting acompany owned by United Health. The Congressional Budget Ofice says these numbers are too high. United Health has used savy presentations on how to cut costs, and help Blue Dog and other Democrats articulate their positions, to gain influence in shaping the plan to their interests. United Health thus counts a lot with Matheson, and Mike Ross of Arkansas, who are prominent with the 52 Blue Dog Democrats. and with Senator Mark Warner of Virginia. And United Health put together an effective lobbbying group, even hiring the chief of staff of House Democratic leader Steny Hoyer. ...

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Court ruling throwing out Bush Administration's proposed year old standard for light trucks because it does not take pollution issues into consideration.

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Republicans win at least 7 new seats in the U.S. Senate to take control of the Senate and both houses of Congress in the 2014 midterm elections. Republicans had a 9 seat gain in the House to be close to 245 seats. Republicans won Senate seats in Colorado, Georgia, Arkansas, Kansas, and in West Virgina for the first time since 1956. Democrats had one of their few wins in the New Hampshire Senate election. About $4 billion were spent on the election with both parties evenly matched.

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Failure of Congress to change asylum laws and limit migrants is the real cause of the migrants problem. Congress also has failed to provide the full resources to control the Border and process quickly, deport others. The existing asylum law was never going to work, creating the situation at the Border and in the country today.

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Disappointment for those who had high expectations for the Obama Presidency. The slog of daily governance proves too much. Attempting too much in too short a time. Polarization in Congress. And the person Obama is -transformative but cautious.

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Regulators from the S.E.C., the FDIC, the Federal Reserve and the CFTC, defend the plan to implement the Volcker Rule in Jan 2012 hearings before the House Committee on Financial Services of the U.S. Congress.

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Bond and derivative deals made between U.S. banks and Jefferson County in Alabama have resulted in steep losses and higher taxes to pay for the losses. Spencer Bachus represents Jefferson County in the U.S. Congress. He also received $7.1 million from financial companies, according to the Center for Responsive Politics. J.P. Morgan Chase which arranged the deal for Jefferson County, is also the largest contributor for the political campaign donations to Bachus.

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US Congress cuts to Corporation for Public Broadcasting (NPR and PBS) of $1.1 billion for 2 years. It passes Senate 51-48. $7.9 billion in cuts to foreign aid programs were passed in the Senate bill. Native American and tribal radio stations in 9 states are protected.

Note that no cuts to HIV $400 million which is protected, and also for maternal care and malaria, and tuberculosis. These programs will be protected with new language. Also protected, by Senator Moran of Kansas, are food aid programs used by farmers- Food for Peace, Food for Education and child nutrition.

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COP30 becomes a disappointment in Brazil with no mention of fossil fuels. With even Brazil divided with Lula and Brazil's Congress supporting agribusiness and the oil industry. There is a clear perception that cost of living and development concerns have to be given recognition and balanced with climate change goals. This is true also for the US, EU, India and China. These countries are still moving ahead with climate change goals but realize that they have to strike a balance. On the other side are Saudi Arabia and Russia, other oil producing countries that want to delay climate change for as long as possible. These fossil fuel producers opposed mention of fossil fuels and making a transition out of fossil fuels a major priority at COP30.  

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Shiller, Kashyap, Mishkin, Slaughter, Stein, Stulz, Rajan and others are part of a 15 academic economists group called the Squam Lake Group. They first met at a conference in November 2008 at Squam Lake in New Hampshire. The group has come up with a report that they hope gets the prominence of the 9/11 report. It is called the Squam Lake Report. The book will be introduced in a conference at Columbia University by Fed chairman Ben Bernanke. Some of the economists have little faith in regulators and a new Financial Stability oversight Council led by Treasury Secretary Geithner. (Stulz, Kashyap). The group sees need for better disclosure of risks of financial products, especially retirement savings products.The editor Seth Itchik sees the book as today's version of the 1938 book by Harvard and Tufts economists called "An Economic Program for American Democracy." The motivation for this effort in a field where economists have different opinions, is to build a consensus for decisive action by Congress and the government of the U.S. Two new suggestions that are not in the Congressional bills for financial reform. One is issuance of contingent convertible bonds or CoCo bonds. Banks would be encouraged or required to issue such debt which would convert into equity in a crisis. These funds would help recapitalize a bank in a crisis with no taxpayer liability. Another new proposal is to have a fraction of each year's bonus pool for banking executives to be held separately- if the bank ran into trouble, that portion of pay would be withheld from senior managers. And the group sees political aspects and lobbying making sound plans less implementable in Congress. Congress lets regulators curb pay practices and coordinate other actions which has not worked in the past and during the crisis. Congress has even in its best effort acted on only some of the things needed in its bills- this includes higher capital requirements, and compulsory "living wills" for the largest financial institutions, and the Volcker Rule. The rules for derivatives are still being negotiated by Blance Lincoln who introduced this provision, with the result being more transparency. If it is watered down it would not ensure the strict separation of derivatives trading on the capital accounts of banks that Blanche Lincoln envisaged. ...