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<ul class="summary-list"><li>Dee, 71, plans to move abroad for a cheaper cost of living and political stability.</li><li>She exhausted her initial retirement savings and lives on Social Security and a pension.</li></ul>Dee, 71, has a two-part <a target="_blank" class="" href="https://www.businessinsider.com/8-countries-where-200000-will-last-30-years-of-retirement-2017-3">retirement plan</a>.Phase one is complete. She retired about six years ago from a teaching career, and used the roughly $25,000 she had saved to buy a home in Georgia.She said she wasn't able to save more because she was a single parent, and worked in a low-paying role as a secretary before going back to school to become a teacher.It was only in the last 10 or so years of her working life that she was able to start and maintain a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/average-401k-balance">401(k) account</a>.Since retiring, she's <a target="_blank" class="" href="https://www.businessinsider.com/boomer-retirement-savings-social-security-pension-budgeting-2024-7">worked on and off</a> at remote jobs to pay her bills."I've been able on my own to put aside about $10,000, which is very minimal, and all it would take would be one major repair to wipe that out," Dee — whose full name is known to Business Insider, but withheld over privacy concerns — said.That brings her to phase two: move abroad for a cheaper cost of living and to escape US politics, Dee said. Her situation represents a conundrum more retirees, especially women, are <a target="_blank" class="" href="https://www.businessinsider.com/gen-x-baby-boomers-savings-cant-afford-retirement-2024-4">facing:</a> A precarious <a target="_blank" class="" href="https://www.businessinsider.com/retirement-crisis-social-security-poverty-older-americans-savings-inequality-2024-3">economic situation</a> that could be thrown into <a target="_blank" class="" href="https://www.businessinsider.com/retirement-crisis-social-security-pensions-student-loan-debt-2024-3">free fall</a> with just one misfortune. Looming over all of that is a looming and divisive election. For Dee, that calculation means potentially leaving her home country in search of financial and political stability."I kind of just am thinking about relocating outside of the country. So much is going on politically and the cost of living is outrageous. And so that's probably going to be my part two retirement plan," Dee said.<h2 id="33a37aa3-5ee1-45f1-9d0a-610abb50b35f">Women, especially single women, fare worse in retirement</h2>Throughout her career, Dee and her children lived paycheck to paycheck."If I had missed one paycheck, we would've been on social services. So it was just a challenge," she said. "I always tried to put a little bit aside, like change and dollar bills and whatnot. I mean, I always had somewhere where I could go to grab $40, $50, but nothing substantial that would grow into something to help me in my later years."Currently, Dee gets around $1,700 a month from Social Security and a $1,000 pension from her old secretary job, per documents BI viewed."I'm pretty much living off of about $2,700 a month and praying that my car holds up and the house holds up," she said.Dee is also a part of a generation of women who were particularly set back by wage gaps. Research and surveys have <a target="_blank" class="" href="https://www.census.gov/library/stories/2022/01/women-more-likely-than-men-to-have-no-retirement-savings.html">repeatedly</a> <a target="_blank" class="" href="https://crr.bc.edu/wp-content/uploads/2022/09/IB_22-15-1.pdf">shown</a> that women are more likely to have less in retirement savings than their male counterparts. That's a problem that's going to stick around, as female "<a target="_blank" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">peak boomers</a>" — Americans turning 65 between 2024 and 2030 — have, on median, $185,086 in retirement assets. Men in that group, comparatively, have $268,745, according to the Alliance for Lifetime Income and the Retirement Income Institute.Single women are even worse off. Those ages 55 to 64, per <a target="_blank" class="" href="https://www.wsj.com/personal-finance/retirement-single-woman-finances-02493af3">The Wall Street Journal's reporting</a>, have just under $89,000 in retirement savings on average; single men in the same cohort have, on average, just under $137,000.At the same time, a solid chunk of seniors — around a quarter, as of a <a target="_blank" href="https://www.ssa.gov/policy/docs/ssb/v77n2/v77n2p1.html#:~:text=We%20find%20that%20about%20half,percent%20of%20their%20family%20income.">2017 SSA analysis</a> — rely on Social Security for at least 90% of their income. That's also become a cause for concern among retirees and would-be-retirees, as <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">Social Security's future funding remains uncertain</a>."There's just such a huge wage gap, and I am listening to the news now and I hear people saying women are still paid 70-something cents on a dollar," Dee said. "And I'm like, I can't believe this is still happening."<h2 id="f9a2a024-c986-4673-86ab-d160e6017ffc">Looking to move abroad</h2>Dee is eyeing a move out of the US — something <a target="_blank" href="https://www.businessinsider.com/moving-latin-america-retirement-expensive-social-security-panama-costa-rica-2024-6">other retirees have done to reduce costs in life post-work</a>. She's currently considering Central America."It looks like something that I could afford to live a little bit more, a little bit better; my income would stretch a little bit more," she said. Dee initially began looking into an overseas move in 2016, but then she got a cancer diagnosis; she went through chemo but emerged realizing that she needed to be somewhere where she had community nearby.However, after connecting with a friend who's made the move and found community, Dee is ready to move forward once again. Broadly, she wishes there were more affordable housing options in the US for seniors, so that they can live around one another and socialize."Living in a house, I sometimes feel isolated from other people, and so I do try to get involved with a swimming class or a yoga class, that type of thing. And I do have a few friendships that I've formed from playing some athletic sports a few years back, but everybody's pretty much spread out and it's not always easy to get together," she said. That's the type of community that her friend has found, and she hopes to find."I am just hoping to become part of a community that has activities that I can look forward to participating in that can be there for you in an emergency, just a closer community of people in my age range and with the same needs as I have," she said.Dee also has another reason for wanting to get out of the country."The political climate right now, it terrifies me. It just terrifies me. I'm a child of the sixties, so I just see things going backward and the hate and the violence and whatnot, it just terrifies me. And at this age, it's so stressful to watch the news, it's so stressful. I just don't want that in my later years."Are you a retiree contemplating leaving the country, or who has already left? Contact this reporter at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

Meet a boomer living off of $2,700 a month in retirement who plans on moving abroad for cheaper living and political stability

Dhaka: <keyword id="19919639" type="General" weightage="20" keywordseo="bangladesh" source="keywords">Bangladesh</keyword>'s garment industry, a vital economic pillar, is facing a severe crisis due to a volatile mix of <keyword id="20444027" type="General" weightage="20" keywordseo="political-unrest" source="keywords">political unrest</keyword>, including violent protests, and catastrophic flooding, threatening to unravel years of rapid growth and global prominence. The textile and garment industry, which accounts for over 80 per cent of Bangladesh's total export earnings and contributes approximately 11 per cent to the nation's GDP, has been hit hard. This industry contributes significantly to export earnings and employs millions. Following the unprecedented anti-government protests, which reached a crescendo on August 5, Sheikh Hasina resigned as prime minister and fled the country. She landed in India on August 5 and is currently staying there. The two-month-long anti-quota protests have led to widespread demonstrations, curfews, and violence. This unrest has not only disrupted factory operations but has also caused significant economic losses. Factories were forced to close, and with the peak season for Christmas shipments and the booking of next season's orders upon us, the timing of the unrest has exacerbated the crisis. The Bangladesh Garment Manufacturers and Exporters Association (<keyword id="22930680" type="General" weightage="20" keywordseo="BGMEA" source="keywords">BGMEA</keyword>) recently has reported substantial financial losses, estimating a shortfall of Tk 6,400 crore (approx Rs 4,500 crore) due to the shutdowns and communication breakdowns. Khandoker Rafiqul Islam, the newly elected president of the BGMEA, mentioned that the goal of reaching nearly USD 45 billion in exports this year may not be achieved. He attributed this to disruptions in both export activities and production. "I think this is a temporary crisis and we will tide over it. The exact magnitude of the losses will be known later, but yes, there has been an impact," he told PTI. Echoing similar sentiments, former cabinet minister and president of BGMEA, Gholam Sarwar Milon, said the garment industry has been badly hit by both the political unrest and the floods, as both production and the supply chain of raw materials have been severely affected. "The crisis in the garment industry is unprecedented. Production is nearly 15-20 per cent less than the corresponding period last year. Several orders have dried up as investors and order suppliers are wary about investing. Several small factories have either closed down or are working on sub-contracts for big factories," he told PTI. According to BGMEA sources, out of 3,000 major and small garment factories in Bangladesh, nearly 800-900 have closed since last year. "The big factories have survived, but the small and medium factories have borne the brunt. If the situation persists, it will worsen further," he said. Milon suggested that the garment industry needs to diversify into making jute bags and other high-end clothing and also look for new markets. The Bangladesh Textile Mills Association has projected losses of around USD 58 million. The impact on the industry is compounded by the recent flooding, which has further disrupted logistics and exacerbated the economic fallout. Bangladesh's main port, Chattogram, through which more than 90 per cent of the country's international trade transits, has become a focal point of the chaos. The port's operations were paralysed during the political unrest, leading to significant delays in shipments. Factories have struggled to maintain production schedules, and backlogs at ports and airports have stretched to a month in some cases. To mitigate the damage, factories have turned to air freight and extended working hours, but these measures have not fully alleviated the delays. The president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Mohammad Hatem, said orders are down by 15-20 per cent. "The industry has incurred huge losses in the last few months. In 2014, during political unrest, we suffered a similar situation. It then took us three years to return to the previous state. We hope to tide over the situation soon as Chief Advisor <keyword id="20024384" type="General" weightage="20" keywordseo="muhammad-yunus" source="keywords">Muhammad Yunus</keyword> is taking several steps to restore normalcy," he told PTI. Hatem feels that if the situation is not overcome soon, there is a growing perception that foreign investors might look at new markets in other South Asian nations. "However, other South Asian markets don't have the infrastructure like Bangladesh, which has such huge production capacity," he said. The garment industry's workforce, which employs over 4 million people directly and nearly 15 million indirectly, with a significant proportion of women, faces mounting uncertainty. The sector's remarkable growth over the past two decades-from USD 5 billion in exports in 2001 to nearly USD 40 billion in 2023-now stands at risk. The floods have compounded the challenges, causing damage to infrastructure and further complicating logistics. Monsoon rainfall-triggered floods in deltaic Bangladesh and upstream Indian regions have killed several people and marooned or affected nearly 3 million others in Bangladesh, posing a huge administrative challenge to the newly installed interim government amid a political transition. "Due to the floods, the supply chain has been badly affected. We reached a high in 2023-24 where our garment exports touched around USD 46 billion. This time it is likely to be much less," said former army major and owner of a woollen garment factory, Mahfuzur Rehman. The sector's growth from a small-scale operation in the early 1980s to becoming the world's second-largest apparel exporter, after China, underscores its strength. In the financial year 2009, Bangladesh's apparel exports were valued at USD 12 billion. By the financial year 2023-24, this figure had surged to over USD 46 billion, reflecting the industry's capacity for recovery and growth even amid adversity. In response to the crisis, the interim government, now led by Nobel Peace Prize-winning economist Muhammad Yunus, has prioritised restoring order and stability. According to garment industry insiders, the path to recovery is fraught with challenges as the political instability has undermined investor confidence, and the recent flooding has further strained the already fragile infrastructure. "The sector's resilience will be tested as it attempts to regain its footing and restore its reputation as a reliable global supplier," a garment industry owner, who did not wish to be named, said. He added that despite the current crisis, Bangladesh's textile and garment industry has shown great strength and the ability to recover in the past.

Bangladesh garment industry faces crisis amid political unrest and floods

<ul class="summary-list"><li>Vance has made pro-natalist comments since at least 2019, years before launching a political career.</li><li>Various statements feature the word "sociopath" or imply leaders without kids are less mentally fit.</li></ul>JD Vance has donned multiple hats on his journey to political stardom — he's gone from author to senator, never-Trumper to MAGA darling, junior senator to vice presidential nominee. But one thing has remained consistent: his comments disparaging those without children, especially Democratic leaders.Though <a target="_blank" href="https://www.businessinsider.com/trump-vice-president-jd-vance-career-facts-2024-7">Vance didn't officially enter the political scene until July of 2021</a>, when he announced his Senate campaign, he kicked off a pattern of pro-natalist comments years before that. In May 2019, Vance made the <a target="_blank" href="https://www.youtube.com/watch?v=9NMes-GIHF8">keynote address at the annual gala for The American Conservative</a>, a right-wing publication. At the time, he was introduced simply as the author of "<a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-hillbilly-elegy-transformation-trump-vice-president-2024-7">Hillbilly Elegy.</a>"Vance's comments on family early on in the speech were quite mild, as he noted that his American dream as a child was not to hold a powerful job, but rather to "become a good dad one day, a good husband." That dream, he said, was "in crisis."Yet as Vance continued speaking, he addressed declining fertility rates and his rhetoric took a sharper turn toward those without children."I would say that we should care about declining fertility, not just because it's bad for our economy, but because we think babies are good and we think babies are good because we're not sociopaths," Vance said. At the word "sociopath," audience members cheered and laughed. The descriptor has since become a staple in Vance's rhetoric, dotting his now-viral comments in the years since.The next year, Vance <a target="_blank" href="https://rumble.com/vbdejn-jd-vance-talks-about-hillbilly-elegy-and-americas-future-with-chris-buskirk.html">spoke on a conservative podcast</a>. Again, he started by discussing the familial stability he craved as a child before pivoting to young Americans who aren't having as many kids.Millennials in the professional class, Vance said, are getting married later and having fewer children, indicating that there is something "deeply wrong" about their interests."As those folks get into family formation, my strong suspicion is that they're going to really delay marriage and child-bearing, and in the long term probably aren't going to have as many children, probably aren't going to have as many successful families certainly as their parents and grandparents had, which is of course terrible," Vance, <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-wife-usha-vance-relationship-trump-politics-2024-7">who now has three kids</a>, said.While he was initially careful not to pin the issue on coastal millennials alone, Vance eventually abandoned his hedging. He said later in the episode that those in the "leadership class" without kids risked being "more sociopathic and ultimately our whole country less mentally stable."Vance's campaign has been careful to point out that his comments about childless adults are aimed Democratic leaders."As he has clearly stated, he was talking about politicians on the left who support policies that are explicitly anti-child and anti-family. The media can obsess over it all they want, but he's not going to back down when it comes to advocating for policies that protect parental rights and encourage people to have more kids," Taylor Van Kirk told Business Insider in a statement, the same one she issued a few days ago in response to a different story.In the podcast, however, he addressed a wider audience."You go on Twitter and almost always the people who are most deranged and most psychotic are people who don't have kids," Vance said.In May of 2021, just before announcing his Senate campaign, Vance <a target="_blank" href="https://www.youtube.com/watch?v=yt4_CdS3Kgs">spoke on another conservative radio show </a>to address millennials without children."We have to go to war against the anti-child ideology that exists in our country," he said of an effort on X by "millennial feminist writers to talk about why not having kids was a good thing."Vance, echoing the language that elicited applause in 2019, called the online action "psychologically deranged."And then came his bid for Senate, launched in July of 2021. During a <a target="_blank" href="https://www.theamericanconservative.com/a-civilizational-crisis/">speech on July 23 of that year</a>, Vance expressed support for Hungary's efforts to lift marriage and birth rates. In particular, he highlighted a policy that offers married couples loans, only to forgive them if the family eventually has enough children."Why can't we do that here?" he asked. A few moments later, he asked the audience to compare Democratic leaders and "the fact that they don't have families" to middle-class Ohioans with children.Vance argued that parents should have more power at the polls and anticipated that he would get blowback for such a statement from outlets like the Atlantic and Washington Post. They would, he said, ask whether this means parents should have more of a say in how American democracy works.His answer? "Yes. Absolutely."Just two days later, Vance went on "Tucker Carlson Tonight" and made the comment about <a target="_blank" href="https://www.businessinsider.com/non-exhaustive-list-things-jd-vance-said-that-aged-poorly-2024-8">"childless cat ladies."</a>"We are effectively run in this country via the Democrats, via our corporate oligarchs, by a bunch of childless cat ladies who are miserable at their own lives," he said.Rather than walk back his comments, <a target="_blank" href="https://www.businessinsider.com/jd-vance-vice-president-democratic-leaders-childless-sociopaths-2021-email-2024-7">Vance attempted to profit off of them</a>. In August 2021, he fired off two fundraising emails based on the interviews."Did you see me on FOX Primetime recently? I need to speak DIRECTLY to patriots like you about the serious issue of radical childless leaders in this country," the first email read. "We've allowed ourselves to be dominated by childless sociopaths - they're invested in NOTHING because they're not invested in the country's children."Another fundraising email hit on a similar note, saying that "our country is basically run by childless Democrats who are miserable in their own lives and want to make the rest of the country miserable too."As Vance's Senate campaign stretched on, so too did his string of pro-natalist stances. On September 7, speaking at the <a target="_blank" class="" href="https://www.youtube.com/watch?v=jBrEng3xQYo">Intercollegiate Studies Institute</a>, he argued that conservatives should "take aim" at the "childless left" who were undermining the country with a "rejection of family."In October of that same year, Vance told <a target="_blank" class="" href="https://www.mediamatters.org/breitbart-news/resurfaced-audio-jd-vance-appeared-breitbart-claim-kamala-harrises-want-take-our">Breitbart News</a> that the left's "next generation of leaders," including "the Kamala Harrises, they don't have kids. And so there's this weird way where they want to take our kids and brainwash them so that their ideas continue to exist in the next generation."Unknowingly addressing his future political opponent, Vance said, "If you want to brainwash children, have your own kids to brainwash."Last week, the vice presidential hopeful addressed the controversy on The Megyn Kelly show, saying that Kamala Harris is not "lesser" for having stepchildren and assuring everyone that he has "nothing against cats."Vance, suffering from <a target="_blank" href="https://www.businessinsider.com/jd-vance-lowest-vice-president-approval-rating-republican-convention-2024-7">historically low approval ratings</a> and <a target="_blank" href="https://www.businessinsider.com/jd-vance-vice-president-problem-weird-nastiness-2024-7">discontent among some Republicans</a> for his past comments, has been accused of being an opportunist, willing to change his opinions with the political tides. One former classmate at Yale Law School called him a "chameleon" on <a target="_blank" href="https://www.cnn.com/2024/07/29/politics/jd-vance-yale-friend-political-transformation-trump/index.html">CNN</a>.But his his pro-natalist ideology hasn't shifted in recent years, and now he's being forced to answer for his controversial comments.

JD Vance's pro-natalist comments are older than his political career

<keyword id="19909056" type="General" weightage="100" keywordseo="Mamata-Banerjee" source="keywords">Mamata Banerjee</keyword>, the <keyword id="19924917" type="General" weightage="20" keywordseo="Chief-Minister" source="keywords">Chief Minister</keyword> of <keyword id="19896517" type="General" weightage="20" keywordseo="West-Bengal" source="keywords">West Bengal</keyword> and leader of the <keyword id="19968095" type="General" weightage="20" keywordseo="Trinamool-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Trinamool Congress" meta.hostid="261" meta.entityid="Trinamool Congress">Trinamool Congress</keyword> (TMC), has been a dominant force in the state's politics for over a decade. Recently, she offered to resign amidst the ongoing <keyword id="23154517" type="General" weightage="20" keywordseo="R-G-Kar-Hospital-protests" source="keywords">R.G. Kar Hospital protests</keyword>, where junior doctors have been on strike demanding justice for a murdered colleague. While Banerjee’s offer to step down seems more symbolic, aimed at quelling tensions, it raises important questions about what would happen if she were to actually resign as Chief Minister. Here’s a detailed breakdown of the process and its implications for West Bengal: <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">1. Resignation</h3>If Mamata Banerjee were to formally submit her resignation, the process would begin with her presenting a written resignation letter to the <keyword id="23154515" type="General" weightage="20" keywordseo="Governor-of-West-Bengal" source="keywords">Governor of West Bengal</keyword>. This is the standard protocol for any Chief Minister in India. The resignation is at the discretion of the Governor, who typically accepts it unless there is a compelling reason not to. <div type="Article" hostid="261" msid="113307547" title="West Bengal CM Mamata Banerjee offers to resign after agitating doctors refuse to meet without live streaming" mstype="2" mssubtype="0"></div>Once the resignation is accepted, Banerjee would cease to be the CM immediately. However, the Governor might request her to continue as a caretaker CM until a new government is formed. In this role, Banerjee would oversee a temporary government with limited powers, unable to make significant policy decisions or pass new laws. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">2. Election of a new leader</h3>Mamata Banerjee’s resignation would leave a significant leadership vacuum within the Trinamool Congress, which currently has a strong majority in the West Bengal Legislative Assembly. Given her deep-rooted influence over the party, it’s likely that the TMC would convene an emergency meeting to elect a new leader. Banerjee’s close associates, such as her nephew Abhishek Banerjee, could be contenders for the CM post. Alternatively, the party could look for a senior and experienced leader to stabilise the situation until the next elections. However, given Banerjee’s control over the party, she may still wield significant influence from behind the scenes, even if she officially steps down. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">3. Role of the Governor</h3>In the absence of a clear successor, the Governor plays a key role. The Governor might invite the TMC to form the government again by electing a new leader, but if the party fails to show a majority or experiences factionalism, the Governor could explore other options. This could include inviting the opposition to form the government if they demonstrate the numbers, or even recommending <keyword id="23154516" type="General" weightage="20" keywordseo="Presidents-Rule" source="keywords">President’s Rule</keyword> in the state under Article 356 of the Indian Constitution, where the central government takes over the state's administration. <div type="Article" hostid="261" msid="112644728" title="Bengal in state of flux, people lost faith in present government: Governor CV Ananda Bose" mstype="2" mssubtype="0"></div><h3>4. <keyword id="20554823" type="General" weightage="20" keywordseo="vote-of-confidence" source="keywords">Vote of confidence</keyword></h3>Once a new leader is chosen by the TMC, they will be sworn in as the next Chief Minister. However, they would need to prove their majority on the floor of the West Bengal Legislative Assembly. This process, known as a vote of confidence, is crucial in determining whether the new CM has the support of the majority of the legislators. If the party remains united, this step should be straightforward. However, in the event of internal splits within the TMC or if Banerjee’s resignation triggers political instability, the new leader may struggle to secure the necessary support, potentially leading to fresh elections. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">5. Impact on West Bengal’s <keyword id="20142886" type="General" weightage="20" keywordseo="political-landscape" source="keywords">political landscape</keyword></h3>Mamata Banerjee’s resignation would have a profound impact on the political landscape of West Bengal. She has been the face of the TMC and has led the party to consecutive electoral victories, defeating formidable opponents like the Communist Party of India (Marxist) and the Bharatiya Janata Party (BJP). Her departure from the top post could trigger a realignment within the state’s political sphere. <div type="Article" hostid="261" msid="113087561" title="Calcutta High Court seeks CBI report on nasty social media posts on RG Kar hospital rape-murder victim" mstype="2" mssubtype="0"></div>If Banerjee were to leave active politics, it could embolden opposition parties like the BJP, which has been trying to expand its footprint in the state. Additionally, there could be a power struggle within the TMC itself, especially if no clear successor emerges. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">6. President’s Rule as a last resort</h3>In an extreme scenario, where the TMC fails to elect a new leader or where political instability leads to a breakdown of governance, the Governor could recommend President’s Rule. Under this provision, the state government is suspended, and the central government takes direct control of the state’s administration. President’s Rule is generally viewed as a last resort and can be imposed if no party can form a stable government. However, given the TMC’s strong majority in the assembly, this is an unlikely scenario unless there is significant internal fragmentation within the party. In short, if Mamata Banerjee resigns, West Bengal’s political future would hinge on how swiftly a new leader is appointed by her party and how successfully they can prove majority support in the assembly. Should this process falter, the state could face either interim governance under a caretaker government or even the possibility of President’s Rule, depending on the stability of the assembly.

What will happen if Mamata Banerjee actually resigns as the Chief Minister of West Bengal?

<ul class="summary-list"><li>Data privacy expert Shoshana Zuboff told the <a href="https://www.ft.com/content/0cca6054-6fc9-4a94-b2e2-890c50d956d5" target="_blank" rel="noopener">FT</a> that Elon Musk's Twitter is a threat to democracy.</li><li>The former Harvard Business School professor calls Musk's Twitter takeover "fundamentally intolerable." </li></ul>Shoshana Zuboff, a professor emerita at Harvard Business school, said that Elon Musk's takeover of Twitter may pose a threat to democracy and society at large."Our political stability, our ability to know what's true and what false, our health and to some degree our sanity, is challenged on a daily basis depending on which decisions Mr Musk decides to take," the data privacy expert <a href="https://www.ft.com/content/0cca6054-6fc9-4a94-b2e2-890c50d956d5" target="_blank" rel="noopener">told the Financial Times.</a>In fact, Zuboff, the author of the 2019 book "The Age of Surveillance Capitalism," told the FT that the Musk takeover is "fundamentally intolerable" and that she is horrified by how tech billionaires could potentially exert control over the the spread of information.Twitter did not immediately responded to Insider's request for comment.Zuboff remarks comes after <a href="https://www.businessinsider.com/elon-musk-said-donald-trumps-twitter-account-will-be-reinstated-2022-11">Twitter</a> and <a href="https://www.businessinsider.com/donald-trumps-facebook-account-will-be-restored-in-coming-weeks-2023-1">Meta</a> — which owns Facebook and Instagram — have decided to reactivate Donald Trump's social media accounts after he was banned for his potential to <a href="https://www.businessinsider.com/facebook-has-blocked-president-trump-indefinitely-2021-1?r=ts-sub">incite further violence</a> following the January 6 Capitol riot in 2021. Since Musk — who identifies as a "free-speech absolutist" — <a href="https://www.businessinsider.com/elon-musk-twitter-reach-agreement-to-close-acquisition-deal-2022-10">took over Twitter in late October of 2022</a>, critics have expressed concerns over how his leadership may <a href="https://www.businessinsider.com/elon-musk-right-wing-extremism-twitter-mythology-of-the-center-2022-12">embolden right-wing viewpoints,</a> <a href="https://www.businessinsider.com/elon-musks-twitter-plans-risk-more-scams-and-misinformation-experts-2022-11">enable the spread of disinformation</a>, and <a href="https://www.businessinsider.com/rise-in-antisemitism-on-twitter-encourages-domestic-terrorists-report-2022-12">allow hate speech to flourish on the platform</a>. Some of these concerns are already becoming a reality.Since Musk became CEO of Twitter, he has reportedly <a href="https://www.businessinsider.com/left-wing-activists-banned-from-twitter-after-false-report-2022-11">suspended the Twitter accounts of several popular left-wing activists</a> — in one reported case <a href="https://www.bloomberg.com/news/articles/2023-01-27/elon-musk-s-twitter-trust-safety-head-ella-irwin-breaks-rules-for-him?" target="_blank" rel="noopener">personally ordering the suspension of Chad Loder</a> — while <a href="https://www.businessinsider.com/twitter-reinstated-white-nationalist-nick-fuentes-who-praised-hitler-2023-1">reactivating the accounts of white nationalists' such as Nick Fuentes.</a>Musk has <a href="https://twitter.com/elonmusk/status/1598752139278532610?s=20&amp;t=fneondhn6hvrDRxG4iFXgA" target="_blank" rel="noopener">claimed that hate speech impressions have decreased</a> since he bought the company. However, <a href="https://www.nytimes.com/2022/12/02/technology/twitter-hate-speech.html" target="_blank" rel="noopener">The New York Times reported</a> that racist, homophobic, and anti-semitic slurs have increased on the platform after Musk's takeover. And Musk, himself, <a href="https://www.businessinsider.com/elon-musk-right-wing-extremism-twitter-mythology-of-the-center-2022-12">continues to tweet conspiracy theories</a><a href="https://www.nytimes.com/2022/12/02/technology/twitter-hate-speech.html" target="_blank" rel="noopener"></a>, such as one related to the assault of Nancy Pelosi's husband that he later deleted."I think he's intentionally empowering right-wing extremists," J.M. Berger, a researcher who studies extremism,<a href="https://www.businessinsider.com/twitter-leaked-internal-message-suggests-musk-ordered-leftwing-account-freeze-2023-1"> previously told Insider.</a> But Zuboff thinks the risks of the Musk takeover and the corporate control of information by big tech are even bigger — and may result in unintended consequences."These spaces cannot exist solely under corporate control," Zuboff said. "We're two decades into the digital era but we have never, as democracies, taken stock of the meaning of these technologies."<a href="https://www.ft.com/content/0cca6054-6fc9-4a94-b2e2-890c50d956d5" target="_blank" rel="noopener">Read Zuboff's full interview with the Financial Times here.</a>

Harvard professor emerita says Elon Musk's Twitter takeover is 'fundamentally intolerable' and a threat to political stability

<ul class="summary-list"><li>Patty Branch started exercising in her late 60s and said it transformed her life and health. </li><li>She started with walking and now stays motivated with the community fitness program Silver Sneakers. </li></ul>It's never too late to start <a target="_blank" href="https://www.businessinsider.com/anti-aging-exercise-longevity-doctor-peter-attia-2023-10">exercising for a longer life</a>, according to a 70-year-old woman whose health metrics transformed after she started a new workout regime.Patty Branch, from Ohio, was struggling with chronic health conditions as she neared retirement several years ago.Her doctor recommended exercising more, which didn't give her much hope. She had never exercised in her life and felt it was probably too little too late. Still, she knew she needed a change and started walking. Before long, she was logging more and more steps, and even became a regular at community workout classes.At the start, Branch told Business Insider, she was on the cusp of <a target="_blank" href="https://www.businessinsider.com/guides/health/diet-nutrition/pre-diabetic-diet">prediabetes</a>, with debilitating nerve pain. Over time, her blood sugar started to stabilize. Within four years, Brand had lost more than 50 pounds. When she hit 70, she had far more daily energy than she'd had in her 60s.She now works out three times a week with <a target="_blank" href="https://tools.silversneakers.com/">Silver Sneakers</a>, a program with online and in-person fitness classes for adults over 65 at no cost with eligible Medicaid plans."It's been such a positive thing that I can't tell you what it's done for me physically, emotionally, psychologically, and especially for my health," she said.Branch said exercise doesn't have to leave you sore, burned out, or deprived, no matter what age you start.<h2>Stress worsened her health issues over the years</h2>Branch said her health journey started in her late 60s. As she was thinking of retirement, illnesses in her family led to a stressful schedule, including long drives to the hospital."My weight was going up very quickly. My doctor had been trying to very politely tell me over the years that my blood pressure was out of control. I had sleep apnea, high cholesterol, everything," Branch said. "It's not the way you're supposed to start retirement."She was on the verge of prediabetes and was diagnosed with <a target="_blank" href="https://www.businessinsider.com/guides/health/conditions-symptoms/diabetic-neuropathy">neuropathy</a> in her feet, a painful condition involving nerve damage that can cause an intense burning sensation.<h2>She went from 'total couch potato' to looking forward to her workouts</h2>Branch knew she needed to make a change, but had joined gyms before and found it difficult to stay motivated."You spend hundreds of dollars and you go a couple of times and it's like, 'Ugh, this is too much work.' And I always quit," she said. "I was just a total couch potato."What got her moving was making a <a target="_blank" href="https://www.businessinsider.com/walking-steps-a-day-lower-risk-dying-2023-8">simple goal to fit more steps in</a> her day, starting with 5,000 at first.It worked — walking helped her start to lose weight and improve her health, and she now hits closer to <a target="_blank" href="https://www.businessinsider.com/walking-10000-steps-for-health-not-science-based-in-marketing-2021-7">10,000 steps a day</a>.Then, Branch got into group workouts, thanks to a friendly instructor who persistently invited her to classes when they ran into each other around town.The sessions, about 50 minutes long, include a mix of <a target="_blank" href="https://www.businessinsider.com/guides/health/fitness/resistance-bands-vs-dumbbells-weights">resistance band exercises</a>, weights, exercise balls, and a lot of lighthearted fun. Many of the workouts involve social role-playing activities — Branch said one class session left her out of breath from laughter as she and a partner pretended to"It's just a hoot," she said. "You never quite know what to expect. But it's fun and it keeps us moving."<div type="image" title="A group of older adults in blue T-shirts doing chair exercises as part of a Silver Sneakers fitness class." height="752" width="905" msid="108750978" hostid="261" sizebytes="40832"></div><h2>Building muscle and motivation — 2 secrets to a long, healthy life</h2>The workouts also emphasize <a target="_blank" href="https://www.businessinsider.com/balance-test-linked-to-longevity-health-study-2022-6">key factors in longevity</a> and healthy aging, such as balance and stability.Branch also said she's building muscle, which is one of the major <a target="_blank" href="https://www.businessinsider.com/weight-lifting-and-cardio-may-help-you-live-longer-study-2022-9">benefits of strength training</a> and can help boost health and extend lifespan.Branch said the community provides <a target="_blank" href="https://www.businessinsider.com/exercise-workout-partner-best-way-to-get-fit-harvard-expert-2021-7">great workout motivation</a>."On those mornings when I don't feel like getting up and going, I feel like I would be letting everyone else down, including myself. It just gets my day going," Branch said.As for her health, her blood sugar is back in the normal range, and her nerve pain has significantly improved."My primary physician is thrilled," she said.

A woman who never worked out until age 66 says a simple exercise routine helped her lose 50 pounds and stabilize her blood sugar

The 6 cities and states trying to stop landlords from jacking up rent prices

<ul class="summary-list"><li>The US government has spent some $28 trillion since 2020, causing its debt to surge to a record of almost $33 trillion.</li><li>The spending binge has created a "mind-blowing hole" in the nation's public finances, according to Larry McDonald. </li></ul>US government debt almost <a href="https://www.statista.com/statistics/273294/public-debt-of-the-united-states-by-month/#:~:text=In%20July%202023%2C%20the%20public,around%2030.6%20trillion%20U.S.%20dollars." target="_blank" rel="noopener">doubled in the past decade</a> to a record level of almost $33 trillion, or 122% of the nation's GDP.And that's got experts concerned. Fiscal spending has skyrocketed since the pandemic and shows little sign of slowing — and this has created a "mind-blowing hole" in the nation's finances, according to markets guru Larry McDonald. <a href="https://www.thebeartrapsreport.com/blog/" target="_blank" rel="noopener">In a blog post on Wednesday</a>, the author and former strategist cited data from <a href="https://twitter.com/KobeissiLetter/status/1694055758873141403?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">the Kobeissi Letter</a> to illustrate his worries.Federal spending during the 2020-2023 period has amounted to a staggering $28 trillion, <a href="https://twitter.com/Convertbond/status/1694503294880670190" target="_blank" rel="noopener">he pointed out in an X post on the same day.</a>"There is a price to pay...It's NOT free," he added.McDonald isn't the only commentator who has voiced worry about America's ballooning debt burden in recent months. Billionaire investor Ray Dalio warned in June that the US is at the start of a "classic late, big cycle debt crisis" characterized by the nation facing a shortage of buyers for its bills and bonds. Veteran economist Nouriel Roubini also has <a href="https://markets.businessinsider.com/news/stocks/nouriel-roubini-economy-recession-inflation-debt-market-crash-dr-doom-2023-3?utm_medium=ingest&amp;utm_source=markets">expressed similar concerns</a>.Fitch Ratings <a href="https://www.businessinsider.com/fitch-downgrades-us-credit-rating-deficit-debt-ceiling-2023-8?r=US&amp;IR=T">downgraded the US's long-term credit rating</a> earlier this month, citing a "steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters."Worries about the strain on public finances is also rising as sharply higher interest rates lead to a jump in the cost of federal borrowings. The market rate on 10-year Treasury bonds has surged to about 4.25% from as low as 0.32% in early 2020 — that's a 13-fold increase in a little over three years — as the Federal Reserve jacked up interest rates to combat inflation.McDonald, founder of the Bear Traps Report, also discussed potential ways to reduce debt — including austerity, drastic currency reform, and through inflation."Another way to improve debt to GDP ratios is through hidden debt reduction i.e. inflation. It is an old truism that inflation is a tax, and that raising taxes outright is considered an unpalatable risk politically," he wrote in the blog. "Financial repression means to keep the return to savers below the inflation rate. This is what the US and the UK did after WWII.""The US government's financial repression is a back door way of lowering government debt thereby improving the debt-to-GDP ratio to a sustainable level," he wrote. "Politicians are loath to outright raise taxes on the middle class, so they tax everybody via inflation."

'Mind-blowing' US debt binge amid high interest rates is threatening financial stability, Larry McDonald says

<ul class="summary-list"><li>Saudi Arabia's ruler Mohammed bin Salman is seeking to expand his influence. </li><li>Joe Biden threatened to make him a global "pariah" after the assassination of a dissident.</li></ul>In November, thousands of Saudis gathered in the streets of Riyadh to celebrate an audacious triumph by their ruler, <a target="_blank" href="https://www.businessinsider.com/saudi-crown-princes-china-deals-hint-city-darker-neom-mbs-2023-3">Mohammed bin Salman.</a>Saudi Arabia, beating Italy and South Korea, had just been named host of the 2030 World Expo, a global exhibition that will attract billions in investment and thousands of visitors to the desert kingdom.The decision was a coup for the crown prince in his bid to reshape the global image of Saudi Arabia as part of his signature <a target="_blank" href="https://www.businessinsider.com/neom-saudi-prince-mbs-new-images-megacity-dystopia-2023-5">Vision 2030 Project</a>, which will see Saudi Arabia move away from its reliance on fossil fuels to become a global center for technology and innovation.But only six years ago, it was a very different story and Crown Prince Mohammed's authoritarian brutality, rather than his image as a reformer, was the center of global focus.The <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">crown prince</a> faced global isolation in the wake of the brutal murder and dismemberment of dissident Jamal Khashoggi in a crime the CIA said was likely committed on his direct orders.Joe Biden on the 2020 campaign trail said that he would make Crown Prince Mohammed a "pariah" over the killing, while Republican Sen. Lindsay Graham branded him an "unhinged murderer."Analysts told Business Insider that <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Crown Prince Mohammed</a> has leveraged Saudi Arabia's economy, diplomacy, and enormous wealth to regain his global status."With time, people in the West have focused less on the Khashoggi murder case and have chosen to focus more on how Saudi Arabia is an important global player that countries have to work with in order to advance their national interests," Giorgio Cafiero, the CEO of Gulf State Analytics, told Business Insider.<h3>Oil market control gives leverage</h3>F. Gregory Gause, a professor of international relations at Texas A&amp;M University, told Business Insider that the crown prince's power over global oil markets had been central to his ability to withstand the fallout from the Khashoggi killing and rebuild his power.In the wake of Russia's war in Ukraine, oil markets have been in turmoil, he said."Saudi Arabia's centrality in the world oil market is the centerpiece of Saudi global influence," said Gause. "The war in Ukraine, which disrupted energy markets and drove prices up in 2022, increased Riyadh's relevance for the countries like the US that had distanced themselves from MBS. If you want to do business with Saudi Arabia, you need to do business with the Crown Prince."Other major economies, such as China or Russia, which don't share US concerns over human rights violations, had expressed no concern over the Khashoggi killing.<div type="image" title="Jamal Khashoggi" height="2000" width="3000" msid="106418530" hostid="261"></div>"While it was the Ukraine war that brought the Biden Administration around to dealing with MBS, most other countries, including Russia and China, had been dealing with Riyadh without any problems or interruptions," said Gause.<h3>Canny diplomacy</h3>Crown Prince Mohammed has used not just used Saudi Arabia's economic might, but canny diplomacy to win back influence.In recent months, Saudi Arabia has entered into US-brokered negotiations to normalize relations with Israel, though these were abruptly halted by the Hamas terror attacks on Israel on October 7, and the subsequent Israeli bombardment of Gaza.The Saudis have also engaged in China-brokered discussions to ease tensions with Iran, its regional arch-enemy, and back away from the conflict in Yemen, where Saudi and Iran-backed proxies are engaged in a brutal and protracted war.Saudi efforts to stabilize a region that has been racked by decades of conflict and sectarian strife are tied to the crown prince's determination to reshape the Saudi economy, say analysts."Saudi Arabia has become a more consequential and constructive player in Middle East affairs," said Jon Alterman of the Center for Strategic and International Studies in Washington, DC. "Saudi Arabia is doing more hard things simultaneously than it has ever done before, and it is doing so more effectively than it has ever done before. That has helped improve the crown prince's standing."When the Israel-Hamas conflict has subsided, Saudi will likely resume the process of attempting to normalize ties with Israel, said Gause."Once the crisis ends, the factors that drove that process will come back into play – joint Saudi and Israeli worries about Iran, the Saudi desire for a codified security guarantee from the US, the Biden Administration's insistence that such a guarantee can only come as part of a Saudi-Israeli deal," said Alterman. The crown prince isn't restricting himself to winning over political and business leaders, but is seeking to broadly rehabilitate Saudi Arabia's image in the West as he seeks investment and encourages tourism.<h3>Sportswashing</h3>In pursuit of this, Saudi Arabia is turning itself into a global sports superpower as part of its so-called "sportswashing" strategy. Saudi Arabia's sovereign wealth fund has invested billions in PGA golf, hosting heavyweight boxing tournaments, and bringing some of the world's most famous soccer players to compete in its domestic league.But obstacles remain for the crown prince in his quest to cement and expand his global influence — not least his continued determination to crush dissent.In recent months, he has launched a campaign to punish critics of his Neom megacity project. Business Insider in August reported that Saudi authorities had jailed a series of dissidents for up to 30 years in punishment for questioning the decision by Saudi authorities to forcibly oust people living on land where the city will be built.If the crown prince's authoritarian instincts and impulsiveness again lead him to punish a critic beyond Saudi Arabia's border, relations with the US could again go into tailspin, and the kingdom's glossy new image could be irreparably tarnished.But for now, said Cafiero, the crown prince's determination to make a success of his Vision 2030 plans is restraining his capacity for reckless aggression."He understands that those kinds of actions undermine the prospects for a successful economic diversification of the Saudi economy," said Cafiero.

How the Saudi crown prince used oil and political cunning to overturn his pariah status

<ul class="summary-list"><li>Virginia is a critical Southern battleground in the fight over abortion policy ahead of 2024.</li><li>Republican Gov. Glenn Youngkin wants to enact a 15-week abortion ban, calling it "reasonable."</li></ul>In Virginia, there's little dispute that abortion is on the ballot.The November legislative races in the Commonwealth are the first election cycle since last year's <a href="https://www.businessinsider.com/supreme-court-abortion-decision-final-ruling-scotus-roe-v-wade-2022-6">overturn of Roe v. Wade</a> where every seat in both chambers — 100 seats in the state House of Delegates and 40 seats in the state Senate — are up for grabs.Democrats in the Commonwealth had been ascendant for much of the past decade, but they now have a major roadblock in Republican Gov. Glenn Youngkin, who turned out conservatives and flipped just enough swing voters in 2021 to win that year's gubernatorial election.The November elections have already scrambled Virginia's political calculus, as candidates across the Commonwealth are running in new legislative districts that resulted from the state's new redistricting process. A slew of veteran lawmakers opted out of running for reelection this year, which is poised to inject fresh blood into a legislature known for its collegiality and stability.Here's how the explosive abortion debate is impacting races across Virginia:<h2>Republicans want a governing trifecta</h2>When Youngkin won the governorship, he brought along now-Lt. Gov. Winsome Sears and now-Attorney General Jason Miyares in a GOP sweep that put Democrats on notice that Virginia <a href="https://www.businessinsider.com/virginia-governor-race-terry-mcauliffe-glenn-youngkin-biden-democrats-trump-2021-10">still had a purplish tinge</a>.The House of Delegates flipping from Democratic control to the GOP that year <a href="https://www.businessinsider.com/virginia-house-of-delegates-elections-live-results-updates-2021-11">further bolstered</a> this fact.Democrats still have a lot going for them: They have won every presidential election in Virginia since Barack Obama carried the state in 2008. Their strength in Northern Virginia and Hampton Roads — and increasingly in Richmond's suburbs — has often allowed them to offset the rural strength that Republicans enjoy. And most Virginia voters back some form of abortion rights, with a recent Washington Post-Schar School poll revealing that 51% of likely voters think Democrats are better suited to handle the issue, giving them <a href="https://www.washingtonpost.com/dc-md-va/2023/10/20/abortion-virginia-election-poll-youngkin-approval/" target="_blank" rel="noopener">a 17-point edge</a> over the GOP.But with the uncertainty that comes with running in new districts across the state, Republicans believe it's a great opportunity for them to expand on their current 48-46 House of Delegates majority (with six vacancies) and win back the state Senate, where Democrats have a 22-18 majority.<div type="image" title="Virginia state capitol" height="3501" width="5251" msid="104802560" hostid="261" sizebytes="955638"></div>A GOP trifecta would be a stunning development for Virginia, which only two years ago had a government controlled by Democrats, with then-Gov. Ralph Northam signing bills that vastly <a href="https://www.nytimes.com/2021/04/02/us/politics/virginia-voting-rights-northam.html">expanded voting rights</a> and <a href="https://www.businessinsider.com/virginia-death-penalty-criminal-justice-northam-2021-2">abolished</a> the death penalty, among other measures.With a GOP majority in both chambers, Youngkin would also be able to push a conservative agenda ahead of a potential presidential run.<h2>Democrats are pointing to abortion</h2>Youngkin wants to impose <a href="https://www.businessinsider.com/youngkin-virginia-15-week-abortion-ban-roe-v-wade-scotus-2022-6">a 15-week abortion ban</a> in Virginia. The Commonwealth currently permits abortion through the second trimester, or approximately 26 weeks, which currently makes the state a safe haven among its Southern counterparts, many of which have adopted far stricter regulations in the post-Roe landscape.Abortions in the third trimester are rarely performed in the state, and only occur when three physicians can affirm that the woman's health is at risk.This year, Democrats in the state Senate were able to block his proposal, making the chamber a bulwark against his plans.So Youngkin has sought to campaign across the state for GOP candidates, calling the 15-week limit a "reasonable" measure and seeking to paint Democrats as the ones who are extreme on the issue — arguing that they aren't supporting limits that most people would support.But Democrats have forcefully pushed back on the GOP narrative, arguing that the 15-week proposal is simply a stalking horse for the party to further restrict the procedure in Virginia. This year, other Southern states like Florida and South Carolina passed six-week abortion bans.With Democratic candidates having successfully employed abortion access as a critical issue in many US House and Senate races across the country last year and Republicans looking to hone an abortion message that doesn't drive away independents, the Virginia legislative races are the opening salvo on an issue that isn't going away in 2024.

In one week, the GOP could win a political trifecta in Virginia that could upend abortion access in the South

<ul class="summary-list"><li>The banking crisis that flared up after SVB's collapse is "stabilizing," Treasury Secretary Janet Yellen said Tuesday. </li><li>Yellen was set to deliver that assurance to the American Bankers Association. </li></ul>Treasury Secretary Janet Yellen said Tuesday the crisis of depositors leaving small and mid-sized US banks is "stabilizing," and should the problem worsen, the government could provide further support.Yellen's assurance was made in prepared remarks she was set to deliver to the American Bankers Association and after this month's abrupt collapse of Silicon Valley Bank. The Treasury Department, the FDIC and the Federal Reserve moved to protect all depositors after its failure, as well as depositors as seized Signature Bank, to stave off a broader run on banks. "Our intervention was necessary to protect the broader U.S. banking system," Yellen said in remarks for the American Bankers Association's meeting in Washington, <a href="https://www.nytimes.com/2023/03/21/business/yellen-banking-system-svb.html">according to The New York Times</a>. "And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion."Regulators said all depositors at SVB and SBNY would be covered, including those whose accounts exceeded the $250,000 limit set by the FDIC. "The situation is stabilizing. And the U.S. banking system remains sound," Yellen said, according to multiple reports. Meanwhile, US officials were looking into how to temporarily expand FDIC coverage to all deposits if the banking crisis were to expand, <a href="https://www.bloomberg.com/news/articles/2023-03-21/us-studies-ways-to-guarantee-all-bank-deposits-if-crisis-expands?sref=GUP2BhaG" target="_blank" rel="noopener">Bloomberg reported Tuesday</a>. Staff at the Treasury Department were reviewing whether federal regulators have sufficient emergency authority to temporarily insure deposits higher than the FDIC's $250,000 account limit without formal consent from a politically divided Congress, sources with knowledge of the talks told Bloomberg.SVB's depositors pulled more than $40 billion during a bank run, with fears about its health sparked by a $1.8 billion loss on the sale of a bond portfolio. The portfolio's value was slashed by climbing interest rates as the Fed tightened monetary policy to fight inflation. Deposits have been <a href="https://www.businessinsider.com/jpmorgan-big-banks-benefit-from-silicon-valley-bank-collapse-2023-3?utm_campaign=business-sf&amp;utm_source=twitter&amp;utm_medium=social">racing out of regional banks</a> and into large banks considered too big to fail. Among those hit is <a href="https://markets.businessinsider.com/stocks/frc-stock?utm_medium=ingest&amp;utm_source=markets">First Republic Bank</a>, which last week landed a <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3">$30 billion rescue package</a> from bigger lenders including JPMorgan Chase and Bank of America. JPMorgan CEO Jamie Dimon was working on a second round of funding for the San Francisco-based lender, <a href="https://www.wsj.com/articles/jamie-dimon-leading-efforts-to-craft-new-first-republic-rescue-plan-a39b9bb" target="_blank" rel="noopener">according to The Wall Street Journal</a>.

Treasury Secretary Janet Yellen says the US banking crisis is 'stabilizing' and the government could provide more backing for deposits

<ul class="summary-list"><li>The House Jan. 6 committee issued requests for evidence from government agencies Wednesday. </li><li>It included a request for information on Trump's "mental stability" after the <keyword id="11907536" type="UNKNOWN" weightage="60" keywordseo="capitol-riot" source="Orion">Capitol riot</keyword>.</li><li>After the riot, Pelosi had called on the Cabinet to remove Trump using the <keyword id="11953941" type="UNKNOWN" weightage="60" keywordseo="25th-amendment" source="Orion">25th Amendment</keyword>. </li></ul>The House January 6 committee is seeking information on President <keyword id="11914386" type="UNKNOWN" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword>'s mental stability at the time of the insurrection and whether the Cabinet considered invoking the 25th Amendment to remove him from office. The panel is investigating the period from Election Day to President Joe Biden's inauguration on January 20, when Trump refused to concede defeat and claimed that the election was stolen from him.The <a href="https://www.insider.com/capitol-riots-qanon-protest-conspiracy-theory-washington-dc-protests-2021-1">baseless theory had inspired supporters</a> to attack the Capitol, temporarily halting the certification of Biden's win. On Wednesday, the House select committee issued a sweeping request <a href="https://www.businessinsider.com/capitol-riot-committee-seeks-communications-between-trump-allies-2021-8">for documents from executive branch</a> agencies including the National Archives, the Department of Defense, the Department of Justice, the Department of Homeland Security, the Department of the Interior, the FBI, the National Counterterrorism Center, and the Office of the Director of the National Intelligence. Among the information the lawmakers sought were "all documents and communications related to the mental stability of Donald Trump or his fitness for office," the committee said in a <a href="https://january6th.house.gov/sites/democrats.january6th.house.gov/files/NARA.8.25.pdf">letter</a> to the US National Archives and Records Administration.This part of the investigation focuses on the period from January 6 to January 20, the date of Biden's inauguration. In the wake of the Capitol riot, <a href="https://www.businessinsider.com/pelosi-says-trump-may-be-impeached-if-not-removed-by-25th-amendment-2021-1?r=US&amp;IR=TIR=T">House Speaker Nancy Pelosi called for Trump to be removed</a> from office under the 25th Amendment, which allows the Cabinet and vice president to remove the president if a majority deem them unable to discharge their duties.The panel is also requesting from that same period "all documents and communications related to the Twenty-Fifth Amendment to the US Constitution."<a href="https://january6th.house.gov/news/press-releases/select-committee-issues-sweeping-demand-executive-branch-records">The commission's central</a> aim is to "uncover the facts about January 6th and its causes and to help ensure such an attack on American democracy cannot happen again."Trump hit back at the commission in a Wednesday statement, saying: "The Leftist 'select committee' has further exposed itself as a partisan sham and waste of taxpayer dollars with a request that's timed to distract Americans from historic and global catastrophes brought on by the failures of Joe Biden and the Democrats."The <keyword id="11931774" type="UNKNOWN" weightage="60" keywordseo="january-6-commission" source="Orion">January 6 commission</keyword> was launched in June in a mostly party-line vote by the Democratic-controlled House. Republicans had blocked <a href="https://www.businessinsider.com/senate-rejects-bill-bipartisan-january-6-commission-capitol-riot-2021-5?r=US&amp;IR=TIR=T">an attempt to form an independent commission modeled on the 9/11 commission</a> to investigate the attack.Senate Minority Leader Mitch McConnell at the time argued that it was a partisan exercise that would be unnecessary given the investigations that were already being conducted into the attack.

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