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Krugman: Silicon Valley Bank in 2023 isn’t Lehman Brothers in 2008

Published Tue, 05 Nov 2024 08:02:17 GMT

If there is one thing almost all observers of the economic scene have agreed about, it is that the issues facing the U.S. economy in 2023 are very different from those it faced in its last crisis, in 2008.Back then, we were dealing with collapsing banks and plunging demand; these days, banking has been a back-burner issue and the big problem has seemed to be inflation, driven by too much demand relative to the available supply.Yet suddenly we seem to be replaying some of the same old scenes. Silicon Valley Bank wasn’t among the nation’s largest financial institutions, but then neither was Lehman Brothers in 2008.But SVB isn’t Lehman, and 2023 isn’t 2008. We probably aren’t looking at a systemic financial crisis. And while the government has stepped in to stabilize the situation, taxpayers probably won’t be on the hook for large sums of money.To make sense of what happened, you need to understand the reality of what SVB was and what it did.Silicon Valley Bank portrayed itself as “the...

Barabak: There’s a price for parroting Trump’s Big Lie. Will GOP care?

Published Tue, 05 Nov 2024 08:02:17 GMT

In the Book of Republican Sorrows, 2022 merits a whole chapter of its own.With inflation scraping the sky and President Biden’s approval ratings deep in the dumpster, the GOP was primed to seize control of the Senate, blow the doors off the House and greatly raise its ranks in state capitals across the country.None of that happened.One big reason was the lousy crop of candidates fielded by the GOP, many of whom sacrificed truth and personal integrity by parroting former President Trump’s “Big Lie” about the 2020 election being stolen.Shameful, yes. But did their bad behavior make a difference in the 2022 midterms? A new study, conducted by researchers at Stanford’s Graduate School of Business, suggests: Indeed it did.Assaying the general election results in 85 races across the country, the study found that election-denying Republicans received 2.3% less support in statewide contests than Republicans who stood fast and refused to indulge Trump’s insidious blather.That may not sound l...

When will Medicare cover medical marijuana?

Published Tue, 05 Nov 2024 08:02:17 GMT

Many older adults are using medical marijuana to treat a variety of conditions, but experts say that conflicting laws, unclear safety standards and complicated rulemaking processes mean it could be years before Medicare may cover the drug.One in five Medicare recipients currently uses medical marijuana, according to an April 2022 poll by the Medicare Plans Patient Resource Center, an organization that provides Medicare guidance and information. And nearly a quarter have used it in the past. Two-thirds of Medicare recipients think Medicare should cover it, the poll found.But Medicare doesn’t cover medical marijuana because it’s not federally legal and not approved by the Food and Drug Administration. Here’s where the situation stands.WHY COVER MEDICAL MARIJUANA FOR OLDER ADULTS?In one analysis of data from a large cannabis dispensary in New York, 60% of patients were 50 or older, according to an April 2022 paper in the journal, Cannabis and Cannabinoid Research. The patients used can...

Lebanon’s Central Bank chief again charged with corruption

Published Tue, 05 Nov 2024 08:02:17 GMT

BEIRUT (AP) — Lebanon’s Central Bank chief was again charged with corruption on Wednesday, this time after failing to show up for questioning before a European legal team visiting Beirut in a money-laundering probe linked to the governor, officials said.According to the judicial officials, Gov. Riad Salameh, his brother Raja Salameh and an associate, Marianne Hoayek, were charged with corruption and ordered detained. Their assets were also frozen. The case is separate from other legal proceedings against Salameh underway in Lebanon. In late February, Beirut’s public prosecutor Raja Hamoush charged the three with corruption, including embezzling public funds, forgery, illicit enrichment, money-laundering, and violation of tax laws.Judge Helena Iskandar, who is representing the Lebanese state at the questioning in the European probe, filed the charges Wednesday against the governor and the other two others, the officials said. They spoke on condition of anonymity to discuss the case. ...

Kriechmayr wins last downhill of men’s World Cup season

Published Tue, 05 Nov 2024 08:02:17 GMT

SOLDEU, Andorra (AP) — It’s been the script all season long in men’s World Cup downhills: If Aleksander Aamodt Kilde doesn’t win, then Vincent Kriechmayr will.Kriechmayr took advantage of Kilde being slightly off his game at the World Cup Finals on Wednesday to take his fourth race win of the season. Kriechmayr was fast on the lower half of the 2.6-kilometer (1.6-mile) course to finish 0.09 seconds ahead of Romed Baumann. Andreas Sander was third, 0.13 back.Kilde finished 0.30 behind in a tie for sixth, though had already retained the season-long World Cup downhill title with six race wins in the discipline. He was presented with his crystal globe trophy after the race.The final downhill of the World Cup season was also a career farewell for veterans Johan Clarey and Travis Ganong of the United States, who placed 12th and 20th, respectively. Both were greeted in the finish area with showers of Champagne from teammates and friends.The 42-year-old Clarey retires as the reigning Olympi...

EU closer to ending US trade spat, moves on Green Deal funds

Published Tue, 05 Nov 2024 08:02:17 GMT

BRUSSELS (AP) — The European Union moved closer to ending a trade dispute with U.S. President Joe Biden on Wednesday following months of wrangling over the billions of America-first incentives in his clean technology plans and said it would ramp up a similar subsidy-laden effort at home.European Commission President Ursula von der Leyen told the parliament plenary that in its attempt to produce at least 40% of the clean tech needed by 2030 in the 27-nation bloc, it would allow for the “tax breaks and the flexible use of EU funds” on top of simplifying and speeding up industrial approvals. She spoke of a “striking symmetry” between the U.S. efforts and the European Green Deal plans. “Both of them are simultaneously a climate strategy and a strategy for investment and growth,” von der Leyen said.Her upbeat comments came on the eve of the European Commission, the EU’s executive arm, tabling plans for the Net-Zero Industry Act on industrial incentives and a Critical Raw Materials ...

Circor: Q4 Earnings Snapshot

Published Tue, 05 Nov 2024 08:02:17 GMT

BURLINGTON, Mass. (AP) — BURLINGTON, Mass. (AP) — Circor International Inc. (CIR) on Wednesday reported fourth-quarter net income of $5.4 million, after reporting a loss in the same period a year earlier.On a per-share basis, the Burlington, Massachusetts-based company said it had net income of 27 cents. Earnings, adjusted for non-recurring costs, were 77 cents per share.The maker of valves and other engineered products posted revenue of $214.5 million in the period.For the year, the company reported net income of $19.4 million, or 95 cents per share, swinging to a profit in the period. Revenue was reported as $786.9 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CIR at https://www.zacks.com/ap/CIRSource

Here's when you can buy tickets for concerts at Cheyenne Frontier Days

Published Tue, 05 Nov 2024 08:02:17 GMT

CHEYENNE, Wyo. (KDVR) — The 2023 Frontier Nights lineup was announced earlier this month, featuring artists like Eric Church, Zach Bryan, Tim McGraw, Cody Johnson, and more.Tickets will go on sale at 9 a.m. on Wednesday on the Cheyenne Frontier Days website. Here's where you can buy tickets for CFD concerts The CFD ticket office will not be open for in-person or phone sales on Wednesday. CFD said tickets will be sold online only that day to accommodate purchase volume.How much are tickets to Cheyenne Frontier Days?Concert ticket prices range from $77-$107, and rooftop starts at $200. Daily rodeo tickets range from $23-$48, and rooftop starts at $100. PBR tickets range from $25-$105, the Chief Marketing Officer of CFD said. Why is Cheyenne Frontier Days called ‘Daddy of ‘Em All’? If you buy your concert tickets before July 1, you will get a $5 discount. A $3 discount will be applied to rodeo tickets purchased before July 1.Cheyenne Frontier Days 2023 entertainment lineupHere is a...

Immigrant detention bill advancing in Colorado legislature

Published Tue, 05 Nov 2024 08:02:17 GMT

DENVER (KDVR) — A bill that would restrict local cooperation with federal immigration detention is advancing through the Colorado legislature.If passed, House Bill 23-1100 would prohibit local and state governments from entering into immigration detention agreements, including through private entities, and would require them to terminate any that already exist. Bullet goes through home of Colorado senator The bill passed the House on its third reading in February and is now assigned to the Senate Judiciary committee. If lawmakers clear it and the governor signs it, the law would go into effect on Jan. 1, 2024.County paid for immigration detention agreementLocal governments around the country can contract with Immigration and Customs Enforcement to detain people living in the country illegally, and those governments receive payment in exchange. Currently, the Teller County Sheriff's Office is the only Colorado law enforcement agency listed as a participant.Teller County Sheriff Jas...

Shots fired in NW Miami-Dade leave bullet holes in Chase Bank

Published Tue, 05 Nov 2024 08:02:17 GMT

Shots were fired at a bank in Northwest Miami-Dade late Tuesday evening, leaving bullet holes in the windows of the branch. The incident occurred at the Chase bank located on Northeast 183rd and 57th Avenue, with live video footage showing eight bullet holes in the window.The incident took place between 10 p.m. and 11 p.m. Tuesday, and although no one was inside the bank at the time, the bulletproof windows of the branch can be seen as cracked but still intact.As of now, there is limited information about the shooting, and it remains unclear if it was a targeted attack or a random incident.Chase bank has yet to release a statement about the incident, and it remains unclear if the branch will be open for business today.As more information becomes available, we will keep you updated on the investigation. For now, it is important for anyone with any information about the incident to contact the police.Please check back on WSVN.com and 7News for more details on this developing story.