2008 Deja Vu?
The failure of Silicon Valley Bank (SVB) on Friday has caused concerns of a larger bank run and Signature Bank of New York was shuttered over the weekend for that reason. Many regional bank stocks took big hits in stock price before trading was frozen on Monday. The largest banks saw their stocks dip slightly but the upside is they may pick up business from depositors switching from the smaller regional banks.Fed Chairwoman Treasury Secretary Yellen stated that SVB would not be bailed out. This brings up a significant concern. The FDIC only insures up to $250,000 per depositor but SVB is reported to have more than 85% of their deposits uninsured.
What moves the federal government will take are still being worked out. President Biden issued a statement on Monday saying depositors would be safe up to the FDIC limit, management of failed institutions would be fired and that American taxpayers will not be burdened. He did not take any questions from the media.
The comparisons to the 2008 collapse are many though some point out that the current matter is not the same.
Illegal Immigrants or Undocumented Workers?
Two matters arose these past few days on how these non-citizens are to be treated. Senate Bill 1081 proposes to provide them driver’s licenses. After considerable debate, it was sent to the floor of the Senate without recommendation and awaits a vote. This article provides more detail.
The second matter, SJM101, is a joint memorial declaration of the federal government’s failure to secure the border and provide a viable Visa program to meet the labor demands of Idaho businesses in several industries. Critics have called this a push for amnesty and that it has been rushed through without proper hearing. The Senate vote has been delayed at least for one day.
The graph above is from the first BSU study from 2016, the last time the study asked about immigration. It shows that both views on immigration have wide support.
Former Idaho Legislators Being Sued in Federal Court
Former Rep Aaron von Ehlinger was convicted of rape last May. The victim is now suing both him and former Rep Priscilla Giddings for launching a ‘campaign of harassment’ against her.
Giddings ran for Lt Governor in 2022 and the trial being held just days before the primary election led supporters to point to the political nature of the entire matter. There has been no comment from Giddings or von Ehlinger as yet to this suit.
Von Ehlinger is currently serving a 20 year sentence and an appeal has yet to be heard by the Idaho Supreme Court.
Democrat Debrief
Items addressed - expressed appreciation that a property tax relief bill that both houses support has finally been offered though it has a severe flaw in that it eliminates the March election date used for school bonds. SJR101 was mentioned which changes the initiative process. They are against this bill. It has been held up for unknown reasons. Lastly, 10 ‘get rich quick scheme’ bills were mentioned that they oppose though details on bill numbers were not provided.
"Re: SJM101, is a joint memorial declaration of the federal government’s failure to secure the border and provide a viable Visa program to meet the labor demands of Idaho businesses in several industries."
This bill should be debated. Illegal immigration must be STOPPED at the border and Idaho must take a lead where other states and our federal government are failing to do so. Unfortunately, the bill is so wordy with WHEREASes and WHATFORs that the forest is being obscured by the trees.
References:
* Link to memorial page: https://legislature.idaho.gov/sessioninfo/2023/legislation/SJM101/
* Statement of purpose: https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2023/legislation/SJM101SOP.pdf
* Text: https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2023/legislation/SJM101.pdf
On a related note, I'm gravely concerned about S1081 Restricted driver’s licenses. It's shocking this bill was introduced in Idaho, given the potentially devastating effects and likelihood of this being a nudge toward becoming a state like Oregon or California (https://www.ncsl.org/immigration/states-offering-drivers-licenses-to-immigrants *). These states passed similar bills and suffer the consequences daily.
*California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Utah, Vermont, Virginia and Washington
* Link: https://legislature.idaho.gov/sessioninfo/2023/legislation/S1081/
* Text: https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2023/legislation/S1081.pdf
* SOP: https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2023/legislation/S1081SOP.pdf