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Crash the train to stop it
Last month, in its first legislative action, the new House majority voted to rescind more than $70 billion in funding for the IRS, much of it intended to improve customer service at the agency.
This week, many of those same Republican lawmakers went to the House floor with a new grievance: They are angry about — wait for it — poor customer service at the IRS. “The American people have suffered” while waiting “for months for their tax refunds,” Rep. James Comer (R-Ky.), chairman of the House Oversight and Accountability Committee, declared on the House floor. Can the IRS run an irony audit on these guys? https://www.washingtonpost.com/opini...racy-theories/ Meanwhile, the IRS had its budget slashed by 15 percent since 2010 while the number of returns jumped by nearly 10 million annually. |
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I'm putting this here just because of the thread title:
This is from The Weekly Sift's commentary on the continuning fallout from the East Palestine train wreck: Quote:
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Getting this thread pointed back toward where it started, the Fed's interest rate hikes appear to have claimed one of their first noteworthy casualties: SVB Bank. SVB had branches in other parts of the world, so this failure is having international repercussions. And, somewhat predictably, taxpayers in the US and elsewhere are being positioned to foot the bill.
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Trump blamed over Silicon Valley Bank collapse for watering down financial regulations
https://www.independent.co.uk/news/w...-b2298859.html Donny, Rupert Murdoch, the Federalist Society and other “conservatives” are to blame for just about everything wrong with this country. |
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The SVB struggled to weather the Federal Reserve's efforts to stymie inflation; higher borrowing costs throttled the gains of tech stocks that could have benefitted the bank, and a significant drop in available VC funding floating around forced companies to withdraw their holdings. You can invest yourself in the blatherings of a lefty Harvard radiologist who sounds like he knows nothing about the banking industry if you want. In the meantime, here is an explanation of what happened to SVB from folks who do know what they're talking about: Silicon Valley Bank is a reminder that ‘things tend to break’ when Fed hikes rates: https://www.marketwatch.com/story/sv...ssive-b762936f Silicon Valley Bank imploded in a single day. It could be just the tip of the iceberg: https://markets.businessinsider.com/...l-risks-2023-3 Sorry, bank regulations or lack thereof had nothing to do with it. In fact, SVB's assets were invested in exactly the type of low-risk vehicles that regulators love. |
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