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Right-wingers' Chick-fil-A meltdown is when they 'officially jumped the shark': Morning Joe panel
June 05, 2023
MSNBC's Joe Scarborough and Donny Deutsch mocked conservatives for running the "woke" hysteria into the ground.
Ron DeSantis and other Republicans have screeched about the so-called "woke agenda," which they warn will undermine American values and put children at risk from all manner of threats, but the "Morning Joe" host said most voters simply don't care about that manufactured issue.
"Joe Biden, 350 pieces of bipartisan legislation signed, and Ron DeSantis and everybody else is talking 'woke, woke, woke, woke, woke,'" Scarborough said. "Again, something that I said on this show and I heard a lot about from liberals, even, in 2021. You're not hearing it, again, in part because there have been some corrections. You have the head of Berkley Law School, Yale Law School, Stanford Law School going, 'Hold on, hold on, we're not going to let these woke mobs get in the way of free speech.' They're saying it at the most elite law schools in America, so common-sense Americans are going, 'Okay, there may still be a problem, but they're working on it,' and yet these Republicans are all acting like it's 2019, 2020 and they just keep freaking out. Well, Joe Biden is talking about job training and signing bipartisan bills."
Conservatives have turned against Chick-fil-A for hiring a vice president of diversity, equity and inclusion -- which actually happened over a year ago but largely escaped notice until recently -- and Deutsche said that was a nadir for "woke" hysteria.
READ MORE: 'Cowards': Soledad O'Brien rips former CNN colleagues for silence as Chris Licht wrecks the network
"The 'woke' movement officially jumped the shark," he said. "Joe, you touched on this earlier with the Chick-fil-A move. Right-wing company, I don't say that negatively, very family values, closed on Sundays, the head of the -- [company chairman] Dan Cathy came out against same-sex marriages. They're very conservative. Now, all of a sudden -- you're right, very conservative, obviously a great company, and they came under fire they have a DEI initiative, diversity, coming under fire from right-wing groups. That's the official moment that 'woke' officially jumped the shark and put Fonzie on skis in Honolulu."
Watch the video below or at this link.
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'These people keep humiliating themselves': Morning Joe flattens the GOP's floundering Biden probes
June 05, 2023
On Monday morning, MSNBC "Morning Joe" host Joe Scarborough dumped all over the Republicans leading the investigations into Joe Biden's family and singled out Sen. Chuck Grassley (R-IA) for admitting her doesn't care if there was criminal activity or not.
That set off Scarborough.
"That's just -- that's again, Michael Kinsley's definition of a gaffe where somebody in Washington accidentally tells the truth," Scarborough told his panel.
"I mean, we have that time and time again whether it's the Durham investigation, whether it's the Comer investigation, these people keep humiliating themselves," he continued before adding, "And it's left to the Wall Street Journal editorial page to try to clean it up for them, but even they're saying there's no smoking gun."
IN OTHER NEWS: 'Cowards': Soledad O'Brien rips former CNN colleagues for silence as Chris Licht wrecks the network
That led panelist Katty Kay to chime in, "Yeah. Coming out on top of the committee chair said this was good for ratings, you wonder what the impetus is."
"Mika [Brzezinski] is right, when you look at the polling heading into the 2022 midterm elections, the idea of investigating the Biden family didn't rank anywhere," she added, "I literally didn't see it anywhere in the top 10 polling issues that people were concerned about, and yet it seems to be something that certain members of Congress and the Republican party are very focused on. And obviously, you know, if crimes are being committed they should be investigated and found. But the Durham report found that there wasn't the smoking gun that certainly Donald Trump had been hoping for."
Watch the video below or at this link.
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'Train wreck waiting to happen': Looming mortgage crisis could tank the economy ahead of 2024
June 05, 2023
The bill will come due for commercial real estate mortgages, which could potentially trigger another economic recession.
Around $1.5 trillion in mortgages must be repaid in the next two years, and 70 percent of those loans are held by regional or smaller lenders, which means a write-down in commercial loans could drag down the economy heading into the 2024 presidential campaign -- and lawmakers have few options to prevent a crisis, reported Politico.
“Am I worried? The short answer is yes,” said Sen. John Kennedy (R-LA), a senior member of the Senate Banking Committee. "The long answer is hell yes. I hope the Federal Reserve and the banking regulators are worried as well, and I hope they won’t be caught flat-footed like they were with the bank failures that we’ve had so far."
Federal policymakers raised interest rates last month by a quarter point, which puts more pressure on the real estate industry and on banks, some of which are prepared to sell off property loans for a loss to reduce their exposure in the commercial real estate market.
READ MORE: 'Cowards': Soledad O'Brien rips former CNN colleagues for silence as Chris Licht wrecks the network
“The fact that banks want to sell loans is coming up in a lot of conversations,” Chad Littell, an analyst at the research company CoStar, told the Financial Times. “I am hearing more about it than any time in the past decade.”
Federal Reserve chair Jerome Powell has tried to downplay the threat posed by the commercial real estate market, saying the banking system was “strong and resilient," but FDIC chair Martin Gruenberg said his agency was urging lenders to reduce their exposure in that sector.
“Right now, we have the double whammy of much higher interest rates and the commercial real estate market going through a shock post-COVID,” said Sen. Mark Warner (D-VA). “So I don’t think we can presume that ... we’re going to be able to simply glide through [without a crash]. I’m still trying to sort through some of the policy options. I have encouraged the White House, though, that we need to do some more intervention on these regional banks right away.”
The pandemic sent millions of workers home, and many of them remain there, and that sent office vacancy rates soaring to 18.6 percent earlier this year, and economists don't expect those rates to stabilize until next year.
"That could be a train wreck waiting to happen,” warned former top Fed official Dan Tarullo. “All you have to do is walk through the downtown of a major American city.”
The "best-case scenario" for the market would be for small number of banks with "a lot of office loan exposure" to be wiped out, according to Columbia Business School professor Stijn Van Nieuwerburgh, but he said it would be a mistake to assume the problems are isolated to the office market.
“The way these loans are structured, you’re mostly paying interest, not principal, so you have to roll over most of the loan," Van Nieuwerburgh said. “The bank will say, no, the interest rate is now 6 percent instead of 3 percent 10 years ago, which means that your building is now worth 40 percent lower.”
Sen. Jon Tester (D-MT) doesn't see the office sector recovering from the rise in remote work, so he suggested repurposing those properties for other uses.
“We are where we are, it’s going to be this way forever,” Tester said. “I think the logical solution: We need to develop policies that would help convert commercial to housing, apartments, whatever it might be.”
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