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President Biden asks for more authority for the FDIC so that bank executives taking excessive risks or mismanaging banks can be held responsible. The FDIC could then claw back compensation, impose civil penalties, and ban executives from working in the banking industry again.

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 Tom Suozzi is elected to the US House of Representatives from New York for the seat vacated by Rep. Santos. After Suozzi is sworn in Feb. 28 Republicans will have 219 seats to Democrats 213. The majority is so slim that when 3 Republicans opposed the impeachment of Homeland Secretary Mayorkas for immigration issues Speaker Johnson could get the impeachment passed only on the second try and that only by one vote. President Biden has called for a vote immediately in the House on an Ukraine aid bill after it passed in the US Senate 70-29 with 22 Republicans joining Democrats. 

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The Message to Congress by president James Polk on May 11, 1846 set forth the situation of the Texas Republic setup by settlers under Gen. Sam Houston in 1836 under military threat from Mexican forces. Polk set the task for its defense by the United States against Mexican military forces that were legacies of the Spanish colonial Empire in North America. James Polk said- "In communicating to Congress a succinct statement of the injuries which we had suffered from Mexico, and which have been accumulating during a period of more than twenty years, every expression that could tend to inflame the people of Mexico or defeat or delay a pacific result was carefully avoided. An envoy of the United States repaired to Mexico with full powers to adjust every existing difference. But though present on the Mexican soil by agreement between the two Governments, invested with full powers, and bearing evidence of the most friendly dispositions, his mission has been unavailing." "Upon the pretext that Texas, a nation as independent as herself, thought proper to unite its destinies with our own she (Mexico) has affected to believe that we have severed her rightful territory, and in official proclamations and manifestoes has repeatedly threatened to make war upon us for the purpose of reconquering Texas. In the meantime we have tried every effort at reconciliation. The cup of forbearance had been exhausted even before the recent information from the frontier of the Del Norte. But now, after reiterated menaces, Mexico has passed the boundary of the United States, has invaded our territory and shed American blood upon the American soil. She has proclaimed that hostilities have commenced, and that the two nations are now at war."   ...

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FASB chairman Herzl says there is room for use of "appropriate judgement" and flexibility in use of mark to market accounting rules, and the idea is to get a fair price of the asset. When there are illiquid markets cash flows from the asset can be used to get a fair price. When the borrower behind the assets has weakness this can be reflected in the fair value of the asset. The idea is not to let the illiquid market lead to an irrationally low price of the asset on that count alone. Congress is looking for faster action from the FASB, to introduce flexibility that doesn't lead to irrationally low prices for assets, exacerbating the down market. Herzl says he will give more guidance in about 3 weeks.

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Th Bombay Stock Exchange closes after the Sensex surged by 17% in one day, after the decisive election victory of the Congress party, winning all but a dozen or so seats needed to have a majority at 272 seats in the new Parliament.

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An indepth look at the business interests of Congressman Darrell Issa and his work in Congress. The New York Times report points to the lack of separation between Issa's business interests and his conduct of work in Congress. Earmarks that have benefitted Issa's business investments in the San Diego area.

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Life was better in the US, more got done, more got built, when McGovern got along with Bob Dole. Nate Cohn points out that Biden holds firm in support he is getting from white and older white voters. This is how it was for Democrats for most of the last 100 years. 

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Working class and non white voters worry more about the economy. White college graduates worry more about guns and abortion. This is the situation before Congressional midterms.

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A key part of Modi's address was about meeting the needs of 1.4 billion people in a way that was never met before for hundreds of years. Providing health coverage to something like the whole population of South America. Putting money directly in the bank accounts of something like the whole population of North America. How do you govern a country with 2500 parties and 22 parties governing in different states of the Union? How do you deal with a country with 13 major languages? The challenges are unprecedented and even more to ensure proper delivery of services to the entire population, that has never happened before. It truly is an astounding democracy and has been for 75 years- the only way to know is to go travel throughout India.

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The 34 names are signatories on the nonpartisan manifesto calling on the president and congress to pay attention to the debt which in 2009 went up from $5.8 trillion to $7.6 trillion, rising from 41% to 53% of GDP. With projections for the debt to rise by 2018 to 85% leaving the American economy in tatters. The 34 include, says Broder, Paul Volcker and seven former directors of the Office of Management and Budget, and seven former directors of the Congressional Budget Office.