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In this report November 29, 2019 Jeanna Smialek in the NYT raises the cautionary flag on the Randy Quarles  period as Fed's vice chair of supervision. The Fed and FDIC report issued April 29th 2023, puts the fault for the lax supervision of Silicon Valley Bank on the culture that sees the less regulation the better.  Smialek shows the meetings Randy Quarles had including with a former employer Davis Polk Wardwell- Republican Senators 29, Democratic Senators 17  Davis Polk  law firm 22,                     Daniel Tarullo his predecessor 0 Goldman Sachs 24, JP Morgan Chase 22                   Daniel Tarullo his predecessor had this to say about Quarles role at Fed- It is he said "A kind of low intensity deregulation, consisting of an accumulation of non-headline grabbing changes and an opaque relaxation of regulatory vigor." To which Quarles reply is- "The argument that it is a drip-by-drip erosion: the quantification of that, they can't really demonstrate any quantifiable reduction in the overall resilience of the industry." The Silicon Valley Bank and Signature Bank crisis could have damaged the US banking system, and the capacity of the US to make the huge needed investments in the country, without the strong action of the Biden administration. It showed the very erosion of banking supervision that Smialek pointed out in the NYT in 2019. The costs of a weakening of the banking system and the US capacity to invest in the country are borne by the American people, by workers and families in the US. Which is why the Biden administration acted quickly and decisively to limit the ripples from this crisis.       ...

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The Fed and FDIC issue a report on the failure to regulate SVB and Signature bank. It says the failure to regulate stems from the law passed by Congress leaving a gap for regulation of mid sized banks, and the appointment of Randall Quarles to the Fed supervisory position by then president Trump in 2019. The result was a 40% decline in hours spent by supervisory regulators on the SVB bank even as its assets grew rapidly. Overall the supervisory hours for the Federal Reserve system as a whole declined. This led to cultural issues under Mr. Trump where less regulation the better was the prevailing attitude. Fed report in Fedspeak says- "Staff felt a shift in culture and expectations from internal discussions and observed behaviour that changed how regulation was executed." It would take a special effort by the Biden administration to bring the situation under control to keep the nation's banking system healthy and strong to support the investments the economy needs. After the 2009 crisis and the decade lost to the US economy and the American people from losses in unemployment and savings as a result of deregulated banks, another crisis was prevented. This time the Fed, FDIC, General Accountability Office are all clear about the value and role of regulation in a properly functioning economy, instead of the pushback after the 2009 crisis to regulation. Once again president Biden has shown the way.   ...

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New York Governor Hochul says "judges should have more authority to set bail and detain dangerous defendants." The rise in crime in New York as a result of a law that eliminated bail for most misdemeanors and nonviolent felonies passed 4 years ago, may have cost Democrats several seats in the US House of Representatives in the 2022 midterm election, leading to a virtual tie with Republicans in the House.

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Kamakura is only an hour from Tokyo by train. The city has shrines and temples including the Great Buddha. A city of 170,000 attracting millions of people from around the world to its shrines and gardens. NHK Japan takes an early spring trip to Kamakura and its ancient temples of the Buddha.

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Missing 8th grade algebra in San Francisco school curriculum is the subject of this editorial in the WSJ. The Department of Education calls algebra a gatekeeper course to future success. Taking Algebra 1 before high school can set students up for a foundation of STEM education and open the door for various career options. Yet San Francisco dropped 8th grade Algebra in the name of reducing inequities in 2014, says WSJ.

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The growing popularity of bakers in France who grow wheat and mill the wheat, or use just the simplest ingredients is the subject of this video report in DW.com. 

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Remarks by president Biden in Accokeep, Maryland, at the International Union of Operating Engineers Local 77, April 19, 2023 outlining his vision for American workers and for its economy. "I am pro-union because union workers are the best workers in the world. Not a joke. That's the God's truth. That is the God's truth. You are the best in the world. It's better  for them to hire you, because you get the job done, you get it done on time, and ultimately it costs them less when they hire you." "So I've said many times Wall Street didn't build America. The middle class built America. And unions built the middle class. That's a fact. Unions. One of the reasons I ran for president was to rebuild the backbone, the backbone of this country, the middle class, to grow the economy from the middle out and the bottom up, not from the top down. Because when the middle class does well the poor have a ladder up and the wealthy do very well still. And we middle class can get a shot. We do well as well." "And that's in clear contrast to my friends on the other side of the aisle these days. DIdn't used to be. Did'nt used to be, but it is now. For decades they've said the best way to grow the economy is from the top down- trickle-down economics. Well, growing up, I didn't see a whole hell of a lot trickle down on our three-bedroom house with four kids at our dad's kitchen table. You know what, Trickle-Down did'nt work for us, and it did'nt work for a long time." "And by the way it's not just what's been with MAGA Republicans. For the last three, four decades we have been losing ground. And you know- it's hollowed out the middle class, you know rewarding wealth, not work; rewarding companies moving overseas because they get cheaper labor. Look at all- a lot of you know- and maybe you come from neighborhoods and small towns, like Scranton, Pennsylvania, where I come from, or Claymont, Delaware- where there used to be a lot of pride, because we had businesses, we had factories that were working, operating. In Scranton, and Claymont, there were 4500 steelworkers. There are none today. And not only do you lose jobs, you lose a sense of pride, lose a sense of who are you. You begin to wonder. Does anybody see me? I mean it sincerely." ...

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The title says it all. The Jobs bank the United Autoworkers trade union in the US setup in GM in 1984 threatened American automaker GM's very survival in 2006. It put workers who were not needed at GM in a jobs bank. It basically meant the idled workers -many of them close to retirement -would stay there till they retired doing nothing collecting full salary. As Mohandas Gandhi had done for India in Hind Swaraj in 1910, the American labor movement needs to look at itself in the mirror if labor is to find its way into a world of dignity and fairness in wages that Mr.Biden truly seeks for American workers.   It was setup when GM had 45% of the US market and 415,000 workers. By 2006 113,000 workers were not needed with GM having lost marketshare to Japanese makers and the Jobs bank was costing GM about $10 million a week, half a billion a year threatening its survival. The Labor movement and the UAW union did nothing to fight its own membership and set it on the right course in union with management, putting at risk the very foundation that labor had put in place since Wilson, FDR and Truman for  fairness in wages and working conditions. Jeremy Peters tells the story in the NYT. That it was recent as 2006 and shows how much had gone wrong with the labor movement and the failure of its leaders to do the right thing. The Jobs Bank says NYT was intended to prevent manufacturers from shifting manufacturing overseas, instead it did just that by undermining confidence in unions and the American labor movement, and in American workers. Two crippling wars initiated by Republicans Bush and continued by Democrat Obama, disinvestment in American manufacturing, companies like Apple shifting their entire manufacturing through outshoring to Taiwan and China, the 2009 crisis from deregulation of American banks, led to the loss of not one, but two decades for America. In today's news a modest $2 in minimum wage increase from $15 to $17 over 3 years is all that New York governor Kathy Hochul could get- even though Assembly Democrats were asking for more- to give American workers and families a fair wage to meet the cost of living crisis.  ...

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Governor Hochul of New York was only able to increase the minimum wage by 2 dollars in New York to $17, up from $15, by 2026 in New York City, Long Island and Westchester. It would go up to $17 in the rest of the state by 2027. Assembly Democrats had asked for $21 saying that Seattle and Los Angeles offered a higher minimum wage.  Future increases would be pegged to inflation.

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David Brooks in the NYT leaves out the issue of fairness in wages to American workers to meet a cost of living crisis. This is also about the soul of America as Mr. Biden has grasped, the two democracy and dignity of workers and families go together. Biden pointed out- for Trump manufacturing was a punch line, for Biden it was a once in a decade headline.

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Li Shanfu, China's defense minister meets Rajnath Singh in New Delhi for the Shanghai Cooperation Organization meeting India is chairing in 2023. Rajnath Singh tells Li that border issues have to be resolved for normal bilateral ties to be restored.

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Remote work and fewer people commuting to work is leading to large vacant office space in American cities. In San Francisco about 30% of office space is vacant. One building in the financial district 350 California Street is selling for 20% of its pre-pandemic price.

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Wyson Lungu returned to Zambia after studying in the US and joined a telecommunications company in Lusaka. On one of his trips to a remote part of Zambia his car broke down and needed repairs. It took 24 hours before a man with a bicycle helped get him to a place 8 hours away by bicycle. This was one of the few bicycles in that village. Most women simply walked 4 hours carrying farm produce for sale on roadsides starting at 2 or 3 in the morning. This is when Lungu started a bicycle business for farming villages, and so far has sold 3000 bicycles to women in farming villages, with bicycle repair places set up in the villages for bicycle repair and maintenance. This is changing lives in these remote farming villages of Zambia and helping women who do agricultural work in small farms. Lungu relies on cooperative associations he sets up in the villages to organize the sales including payment in instalments and through barter of commodities such as crops or maize. ...

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In exchange for not developing nuclear weapons of its own, the US is giving South Korea a greater say in the deployment of nuclear weapons response to an attack from North Korea through a new agreement. The South Korean president Yoon Yeol met with Mr. Biden at the White House. 

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The future both of Turkey and Europe at stake in the elections in Turkey. Turkey has been hit by inflation of over 60%, a severe earthquake, difficult relations with the EU and the US, a lack of foreign investment. The mayoral elections in Ankara and Istanbul went to opposition parties. A civil servant is heading the opposition parties contesting the election with Mr. Erdogan who has led Turkey for 2 decades.