The Daily Valet. - 3/17/23, Friday
✔️ Big Banks to the Rescue
Friday, March 17th Edition
By Cory Ohlendorf, Valet. Editor
To spare any pinching, let’s just say I’m wearing green, okay?
Today’s Big Story
Big Banks to the Rescue
Nearly a dozen banks inject $30 billion to rescue First Republic, but the worst is not over yet
That's one helluva lifeline. The biggest banks in the U.S. swooped in to rescue beleaguered First Republic Bank with a flood of cash totaling $30 billion, in an effort to stop a spreading panic following a pair of recent bank failures.With interest rates soaring across the world, the embattled regional bank has been the focus of widespread fears about “financial contagion.” According to Yahoo Finance, inflation pressures are boosting rates, which in turn are exposing cracks in the foundation of the global financial system.The cash infusion should solve First Republic's immediate issues of a falling stock price and fleeing depositors. But the bank will still have to grapple with a tough business environment in a world of higher interest rates and depositors suddenly aware of the pitfalls of large uninsured balances.Treasury Secretary Janet Yellen sought to reassure jittery depositors in congressional testimony Thursday. Questioned closely, sometimes aggressively, Yellen told senators at a Capitol hearing that the U.S. banking system “remains sound” and “Americans can feel confident that their deposits will be there when they need them.”Interestingly, Axios wonders if a couple of these troubled regional American banks—and maybe one really big European one—will accomplish what the Federal Reserve couldn't on its own: tightening the financial screws enough to slow down economic activity in a meaningful way. “There are early signs that banking troubles will constrict credit and damage confidence in ways that rate hikes alone have not.” Whether that's a good or bad thing remains to be seen.
Fact Check:
No, ‘wokeness’ did not cause Silicon Valley Bank’s collapse. But you probably knew that already.
What Do You Know About St. Patrick’s Day?
The Irish have observed this day as a religious holiday for over 1,000 years
In case no one's pointed it out to you yet, it's Saint Patrick's Day. Modern celebrations of the day, at least in the United States, are likely to be characterized by commercial lucky charms and green beer—all of which has very little to do with the historical figure of the saint.St. Patrick had been Patron Saint of Ireland who had died around the fifth century. Since around the ninth or 10th century, people in Ireland have been observing the Roman Catholic feast day of St. Patrick on March 17. But the first St. Patrick's Day parade took place not in Ireland but in America. Records show that a parade was held on March 17, 1601 in a Spanish colony that's now St. Augustine, Florida.It wasn't until the early 18th century that many of today's traditions were kicked into high gear. Since the holiday falls during Lent, it provides Christians a day off from the prescriptions of abstinence leading up to Easter, and around the 1720s, the church found it “got kind of out of control,” one historian tells TIME. But what about those lucky shamrocks? Modern legend has it that St. Patrick used the three-leafed plant to explain the Holy Trinity while preaching, but despite attempts to link the real-life figure to the practice, historians agree it's just a fable.
Lucky You:
If you show up to a Krispy Kreme today wearing green, you'll get a free donut.
Macron Raises Retirement Age
The French President forced through his highly unpopular pension reforms
French President Emmanuel Macron ordered his prime minister to wield a special constitutional power Thursday that skirts parliament to force through a highly unpopular bill raising the retirement age from 62 to 64 without a vote.The pensions plan has sparked weeks of strikes and demonstrations. Tens of thousands of protesters poured into the streets of Paris, Marseille and other cities after the announcement, clashing with police. And it's a risky move because the provision allows opposition parties to immediately table a no-confidence motion in the government. France's far-right leader Marine Le Pen has already promised to do so.The French leader—who is 10 months into his second five-year term—has made the proposed pension changes a key priority, arguing that reform is needed to keep the pension system from diving into deficit as France, like many richer nations, faces lower birth rates and longer life expectancy.
FYI:
The unions that have organized strikes and marches since January, leaving Paris reeking in piles of garbage, aren't giving up. They announced new rallies and protest marches in the days ahead.
Experimental Pill Shows Promise Against Leukemia
Preliminary results suggest that it may have saved lives of terminal patients
Here's some promising news to wrap up the week: Over a dozen near-terminal leukemia patients recently went into remission after trying a new experimental drug. Researchers said that Revumenib, which has been developed by Syndax Pharmaceuticals, is “extraordinarily effective” but noted that it currently doesn't work on all patients.“For patients with acute leukemia who have undergone several previous treatments, this is a very encouraging result,” said one of the study's doctors. “We think this pharmaceutical is extraordinarily effective, and hope for it to be accessible to everyone who needs it.” Acute myeloid leukemia is one of the most common blood cancers in adults. Over 20,000 people in the U.S. will be diagnosed with the disease this year alone.Of course, Gizmodo points out that Phase I trials, like these, are only the start of clinical development, and many drugs that show encouraging results early on fail to fulfill that promise in larger trials. An expansion of the study is already underway, with full Phase I/II results expected later this year. Should things continue to go well, the company has said it may start to file for FDA approval as early as the end of 2023.
Meanwhile:
An experimental treatment that uses the revolutionary gene-editing technique known as CRISPR is raising hope for sickle cell disease.
In Other News
The video backs up the American version of events.
Have you heard about ...
A Weekend Pairing
‘Boston Strangler’ + a Ward 8 Cocktail
Keira Knightley is seemingly always in a period-piece, isn’t she? This time, she’s time traveling back to Boston in the early 1960s. She plays Loretta McLaughlin, an ambitious lifestyles reporter who begins investigating the infamous Boston Strangler case.Hulu’s Boston Strangler follows McLaughlin, who pairs up with another female reporter, as they connect the dots between several of the murders and shame Boston homicide detectives into (albeit reluctantly) doing their jobs. According to Deadline, with two compassionate women determined to get the truth out about the brutal murders of other women, this case takes a much different, and still very relevant, bent on the tale. And unlike so many true-crime stories these days, this isn’t a 10-hour miniseries, but rather a stylish and restrained single film under two hours.
Pair It With
A true Boston original, the Ward 8 is an old school rye whiskey cocktail that’s enjoying a comeback after wallowing in obscurity for too long. It’s a spin on the whiskey sour, using rye whiskey, fresh lemon and orange juice and splash of grenadine. It’s a quick drink to shake up and enjoy while streaming.
Also Worth a Watch:
‘Shadow and Bone’, season 2 on Netflix; ‘All the Beauty and the Bloodshed’ on HBO Max and ‘Mrs. Harris Goes to Paris’ on Prime Video
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