LyrArc Article Gist
The jawboning by ECB head Mario Draghi in July 2012, when he said the ECB would do whatever it takes to support Spain and Italy, has produced exraordinary results in calming financial markets.

LyrArc Article Gist
A look at Ford Motor a year after Mulally came in as CEO an assessment of progress. Mullaly is trying to model Ford on the consistent effort after goals such as quality and full lineup of passenger cars and crossovers and fuel efficiency. Busiess plans are amorphous and flexible and reviewed at Thurday meetings every week. He has promoted two executives up to senior positions Kuzak on the product development and full lineup side and Cischke on the fuel efficiency and sustainability side who also helped fill him in on details. He is not concerned with sales decline and says its in the plan. Passenge cars make up about half the sales and pickups the rest. It will be 2009 for consistent profitable operations. And it will be 2011 for a fulllineup of cars which will be done leveraging global resources. On another note Mullaly answers or forwards every email he receives promptly and applauds good performance with notes he sends out.

LyrArc Article Gist
An oldtimer or longtimer Glickenhaus who started on the Street in 1929 describes the crisis he sees in credit markets and wall street in October 2008. He says "the economy is so weak and the financial system so damaged that a recession or even possible depression will last for at least five years." He says we have gotten soft in the USA politically, economically and in every way, e have had so much prosperity that we can't compete anymore. "In things like autos those days are gone "( he was once a big Chrysler investor). He says he is more pessimistic about the future of business, more than he is pessimistic even than in the future of the stock market.

LyrArc Article Gist
A Russian Kinzhal hypersonic missile attack on Kviv is repelled with all missiles shot down on May 16, 2023. For the first time in the war the missile attacks are causing far less damage than in the early days of the war. A DW.com German reporter in Kviv on German television says the whole attack lasted only 15 minutes before things were back to quiet over Kviv with missiles exploding in the sky not on the ground.

This week Mr. Zelensky visited Berlin, then Aachen for the Charlemagne Prize as a symbolic acceptance of the Ukrainian people into the European community of nations with Zelensky speaking in Aachen in Ukrainian. He then went to Paris and London. Next week the G7 meet in Hiroshima, Japan. The war that followed a pandemic enters its 64th week in 2023.

LyrArc Article Gist
David French in the NYT describes a moral center that is avoiding extremes on college campuses. French quotes from W.B. Yeats poem The Second Coming that was written in the period after the First World War during the Russian Civil War, when things appeared to be in disarray. "Things fall apart; the center cannot hold... The best lack all conviction/ while the worst are full of passionate intensity." The United States is built on a series of ideas from the Declaration of Independence, ideas that were revisited and relived at important times such as the Civil War with Lincoln and the Great Depression with FDR. It is that moral center that French speaks of when he cites Yeats and talks about it being challenged from extreme views on the right and the left in politics and in society.

LyrArc Article Gist
The efforts by the Republican Senator Lankford of Oklahoma with the help of Senator Graham of South Carolina, Senator Tillis of North Carolina, and other Republican senior senators, to get a immigration bill through the US Congress that president Biden supports to close the border with Mexico immediately after its passing, is the subject of this video in the WSJ. It says this is the only solution for the immigration crisis not waiting another 12 months to take action. The problem is the parole and asylum policies of the US which need fixing, says Senator Lindsay Graham, the senior Republican in the Senate. The bill would do just that, yet faces opposition from Speaker Mike Johnson, Republican of Louisiana in the House of Representatives who says the bill would be dead on arrival in the House, making it inexplicable.

LyrArc Article Gist
Pokhara airport Nepal cost about $200 million but it does not get international flights from India which make it unsustainable. On the 10th anniversary of China's Belt and Road which has invested $1 trillion in development projects in poor countries of Asia and Africa, NYT's Wakabayashi, Sharma and Fu look at the China project that built a new international airport at Pokhara. CMAC initially submitted a bid for $305 million about twice what it would otherwise cost says this report, which was lowered to $216 million. Nepal signed a 20 year agreement with China. Only Chinese firms would be used in construction. A quarter of the loans at no interest. The rest a loan at 2% interest with repayment starting in 2026 from the Export Import Bank of China. 

LyrArc Article Gist
Instead of killing the NAFTA trade agreement Trump and his advisors prefer renegotiating the treaty. Priorities for the Trump administration are reducing the U.S. deficit with Mexico of $61 billion. Trade with Mexico and Canada is worth $1.1 trillion and the complex supply chains works such that product components cross borders more than once to become finished products. Mexico promotes its auto and other industries as duty free access to the U.S. for foreign investment. Special tariffs would reduce the trade deficit with Mexico and firms that moved production to Mexico would pay additional taxes. A provision that allows Mexican and Canadian companies to challenge U.S. regulations would also be removed. Rep. Brad Sherman (Democrat) says he supports the renegotiation so that duties of 4% are imposed to reduce the deficit to $25 billion.

LyrArc Article Gist
Britain turns to Labour as the lead for Labour party increases to 27 points after Sunak announces the general election will be held on July 4, 2024. What would a Starmer administration look like and how will it meet the expectations of Britain for generational change after the failure of Brexit, and 14 years of austerity policies that failed to invest in Britain and failed to deliver on infrastructure and housing? These are questions not easily answered as Britain's finances are left in a bad state by the Tories for Labour. Starmer is taking the right approach to first get a grasp of the tremendous challenges facing Labour in this situation. It was easy for Boris Johnson and the Tories to make the promises that were never kept and left the British people in the lurch.

LyrArc Article Gist
Most of Kennedy's supporters who were Democrat leaning have gone back to the Democratic party and Harris. Only the ones remaining are likely to support Trump. Some of them are vaccine sceptics, the one issue on which Kennedy initially opposed Biden as he was against the vaccination campaign that Biden implemented to get America back on to recovery and on its feet again. The former president Trump also made light of the vaccination campaign and in doing so weakened the response to the Covid pandemic that destroyed 1 million American families. Only the vaccination campaign with full government support and educational effort on the importance of getting vaccinated made it possible for America to recover by 2021.  Hear this America- more lives could have been lost, million more without an effective vaccination campaign.

LyrArc Article Gist
If the wording in the Pew Research Survey were to include that only the government can tackle huge problems in climate change, infrastructure, and manufacturing, the over 50% of Americans that support government taking on these responsibilities might just as well be closer to 60-70 percent. The tide is turning as the whole culture since Reagan and the key adopters of Reagan's theory  successive Democratic administrations of Clinton and Obama is being reversed- Democrats and Independents supporting the change to get government to tackle these problems is up 15 percentage points. Another shift is the young people who are filled with frustration by the lack of government taking on a bigger role to solve problems such as climate change, manufacturing jobs in US, infrastructure rebuilding that only the government can do. 

LyrArc Article Gist
Sharing the waters of the Indus river system means— the ‘Eastern Rivers’, namely Sutlej, Beas and Ravi, for India, and the ‘Western Rivers’ of Indus, Jhelum, and Chenab for Pakistan. Indus Waters Treaty changes proposed by India include bilateral not international arbitration for Indian dam building plans, and using water storage optimally on its side for the western rivers.

The western rivers have four times the water as eastern rivers and dam building technology has evolved over 75 years. The Indus Water Treaty was written by civil engineers but its international arbitration and three levels need to be replaced with bilateral settlement so that India can go ahead with dam building for development without Pakistan simply stalling everything, which serves no purpose for modernization.

LyrArc Article Gist
China's urbanization has proceeded to the point where the urban population now exceeds 50%. Urbanization as helped in the process of industrialization as young people went from rural areas to cities to work on the production lines. But further urbanization is running into problems as cities get congested and providing benefits such as affordable housing and schooling to migrant workers means raising taxes. The hokou system which classifies residents as urban or rural persists and efforts to reform it have run into difficulties in places like Chengdu and Chongqing. These efforts were abandoned earlier in Guangzhou and Zhengzhou because of the cost. The hukou system acts as a discriminatory system as migrants from the countryside are not allowed welfare benefits in the cities. They have only temporary status in the cities. And people from farming communities who migrate to the cities also have an interest in keeping land and homes they can go back to in the countryside. As they get into their 40's and 50's and no longer want to work on the production lines they can go back to the countryside. The government also sees the advantage of this as this acts as a safety valve for stability- during the 2008 global financial crisis about 20 million migrants went back to the countryside. The actual number of urban hukou holders in China is about 35% according to researchers at Peking University. Efforts to integrate rural hukou can be costly- the effort in Chongqing is estimated by local officials to cost $30 billion or 200 billon yuan to convert 3 million people. It has given 1.7 million people urban hukou in the past year with the conditions that these migrant workers must have worked in urban areas for at least 3 years. Migrants get to hold onto land entitlements in the countryside. But the urban hukou status would be limited to Chonqqing only. Nationwide the prospects for migrants obtaining the kind of urban hukou staus that gives them benefits of affordable housing and schooling are not good. The World Bank's Kuij's says local governments do not have the incentives or the resources to carry out the programs that are being tried in Chongqing. As the process of urbanization becomes more difficult, the rate of growth in China will be affected....

LyrArc Article Gist
Scholz loses a no confidence vote in parliament that he called so that new elections are held in 60 days according to federal German law.  He says it is a fundamental choice that German people need to make between pensions and investments for the future with support for the armed forces vs the policy that doe not plan to invest in the future with a debt brake limiting investment. The Free Democrats opposed SPD and Greens efforts to invest for 4 years. Why did Scholz continue. in this way with FDP CDU's Merz asks directly, was Scholz on another planet.  This has happened three times before- in 1972 when Wily Brandt got support for his Ostpolitik policy of better relations with Soviet Union and GDR and new mandate after planning a no confidence vote for a new election. He won with 46% of the vote and 91% of eligible voters voted. In 2005 Kohl was reelected after a no confidence vote he planned on his government to get a new mandate. Kohl of CDU won. In 2005 Gerhard Schroeder's social and economic reforms affected working class Germans- he called a no confidence vote to get a new mandate. This one Schroeder of SPD lost and it started Angela Merkel of CDU's 16 years in office. ...

LyrArc Article Gist
Sunderland in the northeast of England voted 69% for Leave in the Brexit referendum. It is one of the most deprived cities in the UK and after years of neglect by leaders and political elites it voted Leave to express its resentment of its treatment. Following the collapse of the shipbuilding industry the northeast of England has suffered from high unemployment with a third of the children living in poverty. Yet today there is a marked shift and cooling of the sentiment for Leave, as many of the promises made by the Leave campaign that more money would go to National Health Service, the economy would improve, and contributions to the EU would be diverted to England, appear to be broken. About $445 million was sent to the northeast of England from 2014 and helped the local economy. Benefit cuts, and austerity measures were continued by the May government in the northeast causing people to have doubts about the Brexit Leave campaign's promises. The EU's requirement that people of EU origin could work in the UK had riled residents in the northestern England deprived areas. Now a more realistic assessment of withdrawing from the EU is now taking place. About 60% of the exports of the northeast of England go to the European Union. The effect of this will be felt in this part of England and the costs of Leave are finally sinking in  for Sunderland residents. A Nissan factory in the area is a major employer and the government has stepped in to protect jobs. ...

LyrArc Article Gist
It is not a story that most people grasp or understand- the long term effects of the US immigration surge of 2023 and its source mostly from Venezuela. The  US Congressional Budget Office says labor force in 2033 ten years from now will be larger by 5.2 million people and younger as a result of the immigration surge in 2023 from about 1 million immigrants each year in the 2010's to 3.3 million. About 2.5 million crossed the southwestern border in 2023. Much of it the result of the collapse of the Venezuelan economy and its middle and upper classes leaving the country. This was worsened by the US sanctions on the Maduro government including under president Trump, say experts in an adjoining NYT article on the 7 million people who left Venezuela to go to Colombia, Peru, Ecuador and Chile since 2012, then making their way up the Darien Gap to the US. Something that could have happened under a Republican president if the US Congress could not reach bipartisan agreement on correcting asylum and parole policy. As a result of this surge US Gross Domestic Product  in 2033 will be 3% larger. When the large Asian economies are seeing a aging workforce, Japan for the last decade and China now following Japan, the US labor force will be younger than it would be without this unusual surge in immigration of the last 2 years. The federal deficit will be smaller at 6.4% instead of 7.3% in 2033 as immigrants will pay taxes on income. Another aspect of this larger infusion of immigrants is that after the pandemic shut down immigration entirely there were severe shortages in the hospitality and restaurant, construction, healthcare industries. And with the trillions of dollars in investment that the Biden administration is making with more factories - this will absorb most of the immigrant surge by 2033. With some positive effects in the competition with rising Asian economies China and India. Particularly consider with the younger demographic India of 1.4 billion people. It will mean more factories can be built in the US and there will be workers for these factories in the US at wages that keep the US economy competitive years from now in 2033. This is a sobering aspect of the current situation viewed from what will be seen by America's younger generation. And under the bipartisan compromise in Congress correcting asylum and parole policy that was shut down by the former president, Republican senators understood very well that the immigration surge of 2023 would have some constructive effects for the long term, while its effects on the short term would be mitigated by Biden's commitment to close the border in 2024. This did not happen, yet the future for America's younger generation is bright under the Biden plan for massive investment in manufacturing and jobs in the US, and with the millions of immigrants needed to fill the jobs that investment will create by 2033. It will make America with a younger work force than Europe or China, only India having a younger workforce in 2033. ...

LyrArc Article Gist
Former prime minister Nawaz Sharif's PML-N party wins 125 of 269 seats in Pakistan's parliament. The Tehreek-e-Insaf party of Imran Khan won 31 seats and the PML-N party of the current president Asif Zardari won 32 seats mostly in Sindh province. Independents won 31 seats and some of these independents are likely to support Sharif in forming a new government. Election turnout of 60% showed a large degree of enthusiasm in this election and hopes for economic revival in Pakistan. The focus of Sharif will be on improving the economy, tackling electricity shortages, and building infrastructure. Sharif promised to pursue peaceful relations with India and Afghanistan, and keep the focus on the economy. Sharif and his advisers are bringing a new deftness in the dealings with the Army, the Pakistan Taliban, saying he would call for a halting of drone strikes, limiting the role the U.S. plays in the region, both positions popular in Pakistan, separating differences with former president Musharraf from the institutional role of the military. Small business owners and large business support Sharif's efforts to tackle electricity shortages, with an estimated loss of $12 billion in idled factories alone. The long period of political conflicts between the military, the judiciary and the political parties have led to neglect of Pakistan's economy, as neighboring countries in Asia surged ahead. The realization that popular pressure for improving standards of living and the economic opportunities are both huge has led to an extraordinary election, and put Sharif at the centre of an important new beginning for Pakistan. ...

LyrArc Article Gist
How do you get the hiring right. The worst way to go is to hire people and then find out that it doesn't work -its a wwaste of a lot of time and can cost the company dearly whether its small and beginning growth or facing a spurt of growth and needs more people. Jack Welch of GE suggests being very careful at such times so you don't mess it up. What about the involvement of other people in the company? This is important. From the top to other levels its a good idea to get involved especially in businesses where people can make a huge difference. Sony's Akio Morita used to personally get involved for each and every hiring in the early days of the company considering that a lifeline for the company- he used to see Sony as a pioneer and entirely dependent on the people it hired and what they did everyday. Jack suggests getting the involvement of other employees and who understand the company and whats its tryng to achieve and what kind of people strengths it wants. But in larger companies there may be a tendency not to get involved because no reward or incentive is there for time spent in this very important activity when there is so much else to do. So he suggests making it mandatory that employees be rated or scored and how well they do, so empolyees interviewing don't take a cursory or casual approach to interviewing. Employees are also mentored. After 6 months the hiring interviewers are rated based on the decision they made and this way at least one can keep score on who is more effective at this. However like all such practices when codified you run the risk of hiring interviewers playing it safe so that a lot of bold and exciting candidates might just be left out. So stick with the spirit of this more like Sony and let signal to people that every newemployee is important to the future of the company and the CEO personally taking an interest in individual employees and new hires interviews, and letting this energy flow into the ranks of those who are hiring. ...

LyrArc Article Gist
Boris Johnson leads a new British government that is composed mostly of ministers who want to see Brexit happen, and giving the positions of Home Secretary and Foreign Secretary to persons who do not care what happens as long as Britain leaves the European Union. Johnson's date is October 31st for leaving the EU. Sajid Javid, a former Deutsche Bank AG executive is the new chancellor of the exchequer. Priti Patel is new Home Secretary. Dominic Raab a former lawyer who has called for parliament to be suspended if need be so that Brexit can be pushed through is the new Foreign Secretary. Dominic Cummings who headed the Leave campaign for the Brexit referendum in 2016 is the new adviser at 10 Downing Street. Johnson's strategy is to pack the cabinet with people loyal to his vision of leaving the EU October 31st regardless of what the EU does.  The EU has not changed its position and is even less likely to consider any new Irish border proposals. Three top ministers are opposed to Mr. Johnson's views and resigned. Treasury chief Philip Hammond, Deputy primeminister David Lidington, Justice Secretary David Gauke, all resigned in opposition to Mr. Johnson simply pulling Britain out of the EU. Johnson once said all he feared from Britain abruptly leaving the EU was a shortage of Mars bars. During the election in the Conservative party Mr. Johnson was mostly quiet and avoided any gaffes to sound statesman like, yet as the process unfolds Mr. Johnson is likely to face the same problems faced by his predecessor Mrs. May. Added to this is the new opposition of moderates like Mr. Hammond and Gauke in the Conservative party that could topple the government and lead to a general election with just three vote swing in the other direction doing this. Mr. Johnson has prepared for this by having Mr. Cummings as a top adviser in the event he faces a general election. Meantime the Labour party initially not favoring a second referendum with Mr. Corbyn's ambiguous views on Brexit, as shifted gradually to the leadership and the rank and file all favoring a second referendum and for Remain. As Greg Ip has pointed out in the WSJ this week the conditions have changed with protectionism, nationalism and hostility to globalization, and president Trump not planning concessions of any sort even for the UK in trade negotiations. This means to low productivity of less than 1% to support stifled wages, one would have to add a 3.5% hit to GDP from a no deal Brexit such as Mr. Johnson approves according to the IMF. With the migration issue not what it was three years ago and reduced to a trickle this new situation must be on the minds of Mr. Corbyn, Labour and Conservative moderates. ...

LyrArc Article Gist
The G-20 statement for the meeting in Washington D.C. in April 2013, says: "Japan's recent policy actions are intended to stop deflation and support domestic demand." Bank of Japan Governor Haruhiko Kuroda's response was that this will help the BOJ implement its monetary expansion program in an orderly way. Kuroda said: "Now that we have obtained the support of the international community, we will be able to implement our program with confidence." These moves come with a call for Europe to proceed with banking union and giving more time for austerity programs to reduce the slowdown in Europe. This happens as fears emerged of a global slowdown in April 2013.

LyrArc Article Gist
This report in the WSJ gives the background and positions taken by Patriarch Krill of the Russian Orthodox Church, and his support for the war in Ukraine as part of Russian lands nationalism. Russian lands nationalism is an idea that comes from the beginnings of the Russian version of Christianity that had its origins in Kviv Ukraine in the 10th century. Patriarch Krill has had a varied role questioning some some state policies and then backing off and supporting the state says WSJ. In 2011 patriarch Krill stood up for protesters critical of manipulation in parliamentary elections that year. Patriarch Krill grew up in the years of Soviet rule and was 24 in 1970 when he began his work in the church. He was rector of a seminary in Leningrad by 1984 and after being critical of the Soviets and war in Afghanistan was sent to Smolensk says this report in WSJ. After he returned he worked with the Soviet state, and after voicing concerns in 2011 about parliamentary elections described as manipulated he has supported the Russian state as it becomes assertive about Russian lands nationalism. To understand the Orthodox Church in Russia one has to know its presence in the post Soviet period. About 63% of Russians belong to the Orthodox Church. It also includes Ukrainians. After Crimean invasion by Russia the Ukrainian Orthodox Church that makes up one third of the Russian Orthodox parishes was recognized as a separate church by Patriarch Bartholomev of Constantinople. Patriarch Bartholomev and Pope Francis the two leaders of the eastern and western churches in Constantinople and Rome have been critical of Patriarch Krill and his support for the war and the idea of Russian lands nationalism. Since the war some parishes in Russia have signed a letter opposing the killing of brothers in Christ and one parish leader was fined $500 for his statements. There is now intense debate among Russians about what this war means in bringing conflict on brotherly peoples about their preferences in 2022 for aligning with Europeans in the western part of Europe. For most of Europe in the 21st century there is a big change, in the countries near the Baltic sea in Northern Europe, in countries in the middle of Europe, in Eastern Europe, the 21st century is seen as a time when states and peoples are making their own choices about freedom and what their preferences are particularly the young people. They no longer understand or conform to ideas of the earlier period or centuries. And this is what has made Ukrainian young people oblivious about what Russian lands nationalism means and its relevance today. Buddhism is today not prevalent in South Korea a democratic state and in China a Communist state in the way it existed for centuries. For it to be relevant people need to begin to believe in it as in Japan or Sri Lanka or Thailand. In the 21st century young people are making different choices and this may well be where the Ukraine war shows that people's choices count particularly in the 21st century, and it has little to do with the west or the US or NATO or even Russia. ...

LyrArc Article Gist
  “And 5 million manufacturing jobs were lost while racking up trade deficits of $19 trillion." The Washington Post does not deny this as false, and this is the crux of the point DJT has made what everyone with eyes to see has seen for 40 years. DJT sometimes exaggerates to make his point. False should mean the meaning is false not that a particular number 70% vs 50% for India's tariff on Harley Davidson motorcycles. It should also consider PM Modi's stand for India- to support the US position when it comes to American factories closing by the thousands and destroying not just it's manufacturing but also it's middle class, just as Gandhi would have done. That close is India's sentiment for the American people and the Republic, and the defense of its recovery as a manufacturing nation for its workers and families. DJT did not say that it is a poor country as the Washington Post says is "Trump's telling." As Greg Ip of the WSJ pointed out in 2024, it is that the US simply cannot sustain the blows to its workers and its manufacturing base from a $1 trillion deficit year after year with China. Before bringing economist's into the picture one has facts of what the devastation to American workers has done to communities across America. DJT said and most workers will stand by his words- "For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike. American steelworkers, auto workers, farmers, and skilled craftsmen. They really suffered gravely. They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream." Not a single report in the US and foreign media reports of Liberation Day Rose Garden speech by DJT on April 2, 2025, says that DJT said he would trust what he sees with his own eyes and experience for 40 years, and not economists who have turned their backs on American workers, turned to a UAW worker from Detroit and asked him to tell what he saw for 40 years.  "Brian, I’d like to have you come up here for a second. Okay? I just see him sitting. He’s been a fan of ours, and he understands this business a lot better than the economists, a lot better than anybody. Brian, say a few words, please. Would you?" And this what Brian a retired autoworker from Macomb Conty, Michigan saw for 40 years that economists refused to see in their economic theories- "I have watched my entire life, I have watched plant after plant after plant in Detroit and in the Metro Detroit area close. There are now plants sitting idle. There are now plants that are underutilized, and Donald Trump’s policies are going to bring product back into those underutilized plants. There’s going to be new investment. There’s going to be new plants built."     ...

LyrArc Article Gist
Fabrice Tourre joined Goldman Sachs in 2001 right out of Stanford University. He worked in the mortgage securitization trading operation. Emails written by him are helping the SEC investigate whether Goldman knew but did not share with investors the way in which hedge fund John Paulson & Co. helped select the underlying mortgage backed assets he was going to bet against. One former SEC lawyer says, the SEC may be hoping that Fabrice Tourre, the 27 year old Frenchman who joined Goldman right out of Stanford University, would be easier to put pressure on to reveal what he knows and other fradulent transactions.

LyrArc Article Gist
Dallas Federal Reserve Bank Governor sees an economy that will have zero growth in the second half and he does not seee price pressures abating. He says the odds are even that inflation turns out to be a one-off event or becomes persistent, but his sense is that it will be persistent. Fisher has voted for rate increase at Fed meetings. For him the key issue is whether the increase in food and energy prices will be transient or persist, and his concern has been that expectations of future price increases will become embedded in the economy.

LyrArc Article Gist
To understand the way DJT has selected key people- it follows a traditional Republican pattern getting the best qualified Republicans on board. Some of them may not be as good as the ones they replace but some may be better administrators with good judgement. Sheila Bair of Wichita, Kansas, ran the FDIC from 2006-2011 and was one of the finest at FDIC who also contributed to solve the 2009 financial crisis.  Gary Gensler was slow in acting on cryptocurrency and other regulatory matters. He is one of the first to go in the new DJT administration. At the SEC a former SEC commissioner now legal officer at Robin Hood, or law partner at Sullivan and Cromwell. At CFPB a law professor at George Mason University or a previous Comptroller of the Currency. To understand where DJT is headed there are opposing ideas cap credit card interest rates at 10% that no Democratic administration ever brought up, and discarding a rule challenged in courts that caps credit card late fees. The VP Vance's instincts also come into play as he has also fought to lighten the burden on consumers. The Comptroller of the Currency- A law partner at Jones Day, who was Deputy Comptroller of the Currency in the past. The five member FDIC can only have maximum of 3 members from one political party. For the FDIC to replace Martin Gruenberg who had to resign for not taking enough action to correct a toxic workplace that was unfriendly to women, DJT will consider the Republican Vice chairman of the FDIC, or one of the Republicans board members on the FDIC  ran an investigation into the FDIC.  ...