The Real Lundegaard 🇺🇸 🇺🇦

A private company called EagleAI, with the support of Republican “election integrity” activists, is attempting to sell software to Georgia election officials and residents that would enable them to aggressively cancel voter registrations. #gapol bit.ly/3KCmXq0

This was Gen Z earlier today in Wisconsin. They just flipped the state Supreme Court from conservative to liberal in a massive victory for abortion rights. (h/t @Lnsciales)

Yesterday, @SecYellen made reassuring comments that led the market and depositors to believe that all deposits were now implicitly guaranteed. That coupled with a leak suggesting that @USTreasury, @FDICgov and @SecYellen were looking for a way to guarantee all deposits reassured the banking sector and depositors. This afternoon, @SecYellen walked back yesterday’s implicit support for small banks and depositors, while making it explicit that systemwide deposit guarantees were not being considered. We have gone from implicit support for depositors to @SecYellen explicit statement today that no guarantee is being considered with rates now being raised to 5%. 5% is a threshold that makes bank deposits that much less attractive. I would be surprised if deposit outflows don’t accelerate effective immediately. A temporary systemwide deposit guarantee is needed to stop the bleeding. The longer the uncertainty continues, the more permanent the damage is to the smaller banks, and the more difficult it will be to bring their customers back.

SVB was just a badly run bank that went bust. Happens all the time. What's special about SVB is that many influential people banked with them, and are now lobbying for special treatment. Let's hope our system is fair.

Texas man sentenced to 42 months in prison for role in scheme to fraudulently obtain over $30 million in COVID-19 relief loans justice.gov/usao-sdny/pr/tex…

This @ryangrim story is insane. I have a cameo because I happened to interview Oren Miller in 2018, total straight arrow, cared only about good government, now a political prisoner for daring to challenge the creepy Villages-Republican-industrial complex. theintercept.com/2023/02/05/…

A reminder to all Rs looking to trump for debt ceiling guidance: he signed three clean debt limits into law. Most republicans had no issue with this.

1/2 For the last 15 yrs, only the US stock mkt (blue) has made global investors money. The collective of the rest of the world's stock mkts (orange) has not. 15 yrs of QE, Fed puts, forward guidance, and a belief that the Fed and the Government "had investor's back" drove this.