Connect with us

Politics

California Gov. Newsom wasn’t first to call for sanctions on Russia. But it was the right move

Published

on

Gov. Gavin Newsom needs California to hitch different states in piling on Russia for waging battle in opposition to peaceable neighbor Ukraine.

First, the truth that Newsom is following different governors into motion appears unusual. He at all times takes nice satisfaction in being first and incessantly boasts about it.

Second, in firing pictures at a goal as Newsom is asking and different states are already doing, there’s invariably the danger of a ricochet that wounds you.

Advertisement

If we’re damage, too, is it price it? And the way a lot will it injure Russia anyway?

As for not being the primary, so what? It’s not almost as vital or spectacular as Newsom appears to suppose.

What we’re instructed from the beginning in my enterprise is: “Get it first, however first get it proper.” Newsom generally falls quick on the second half.

Regarding the monetary blows being thrown at Russia, it’s prudent to ask whether or not taking a swipe at bully President Vladimir Putin is liable to harm us as a lot or greater than the goal.

We already know that worldwide financial sanctions in opposition to Russia are driving costs up on the fuel pump.

Advertisement

However on this scenario, when Ukrainian ladies and kids are fleeing for his or her lives, boys are being educated in how to withstand the Russian military with Molotov cocktails and grandmothers are wielding AK-47s in opposition to tanks, we’re morally obligated to at the least use our monetary would possibly as a weapon in opposition to the enemies of freedom.

“Russia’s brazen and lawless army assault on Ukraine calls for our assist for the Ukrainian individuals and exacting a direct and extreme price upon the Russian authorities in response to its persevering with aggression,” Newsom wrote to California’s three massive pension programs Monday in asking them to impose sanctions.

“California has a singular and highly effective place of affect given the state’s substantial international funding portfolio.”

Newsom reported that CalPERS — the California Public Staff’ Retirement System — holds roughly $480 billion in belongings. It’s the biggest public pension fund within the nation. The second largest is CalSTRS — the California State Academics’ Retirement System. It holds $320 billion. And the College of California Retirement System has $170 billion.

“This mixed quantity, $970 billion, is equal to 60% of Russia’s whole gross home product final 12 months,” the governor wrote.

Advertisement

That’s almost $1 trillion, however I’m unsure how related it’s.

As of Monday, solely $1.5 billion of it was invested in numerous Russian shares, actual property and personal fairness, Newsom stated.

However on Wednesday, I used to be knowledgeable by Newsom’s state finance division that these pension investments had plummeted in worth by at the least 25% in two days.

So, not like a number of legislators and a few governors, Newsom is advising warning and taking part in it protected. He’s not asking the pension programs to dump their Russian investments — to divest — at costs far beneath what they initially paid.

He’s merely asking that they not pour any extra pension funds into Russian stuff — and restrain from succumbing to the investor’s temptation to purchase low and later promote excessive. Assuming there ever is a Russian excessive once more after how Putin has sabotaged his nation.

Advertisement

“Some consumers will truly see this as a possibility to purchase extra Russian inventory,” says Laura Tyson, a UC Berkeley enterprise professor, Cupboard member within the Clinton White Home and co-chair of Newsom’s Council of Financial Advisors. “They might worth revenue over precept. However it might be very excessive danger.”

“We’re not going to be shopping for,” says California Chief Deputy Finance Director Gayle Miller. “We’re not going to place any extra money into Russia in any respect. That’s what the governor is advising.

“However we’re not saying, ‘Promote what we’ve received at a hearth sale to line the pockets of oligarchs.’”

That may damage the pension funds.

“Their economic system is bleeding and we’re serving to to forestall a transfusion,” says finance division spokesman H.D. Palmer.

Advertisement

So, the governor isn’t suggesting conventional divestment, as some legislators and different governors have.

Legislators — presumably with out pondering very deeply — plan to push a divestment invoice. It could require the pension funds to unload their Russian holdings at a giant loss.

State Controller Betty Yee opposes that concept.

“Unrealistic requires quick divestment won’t divorce us from our fiduciary obligation to guard the retirement revenue safety of California state staff and academics,” she stated in a press release.

“Divestment is one explicit type of sanction,” Tyson says. “The proof over time suggests it’s not a really efficient sanction. It’s extra of an expression in opposition to a rustic. However the financial penalty will not be as efficient as all of the issues we’re doing” on this nation and lots of others.

Advertisement

California had one profitable expertise with divestment within the Eighties, led by Republican Gov. George Deukmejian. Torn by South African apartheid and its violence, he joined Democratic Meeting Speaker Willie Brown in enacting divestiture laws that helped carry down the bigoted white regime.

“California is signaling to the federal government of South Africa, and certainly to the world itself, that an ideal and free individuals are not going to fall silent to racism and brutal oppression,” Deukmejian stated in signing the invoice.

Miller was 10 in 1984 when her household left South Africa and settled in Irvine. They have been lively within the anti-apartheid motion.

“My dad and mom sewed gold cash into their coats to get cash overseas,” she remembers. “There was no different method.”

Newsom needs California — dwelling to the world’s fifth-largest economic system — to hitch President Biden and the remainder of the free world in slicing off the circulate of cash to brute Russia.

Advertisement

He wasn’t the primary this time, however he received it proper.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Politics

Biden notes 'world's looking to America' as he faces scrutiny before hosting NATO summit

Published

on

Biden notes 'world's looking to America' as he faces scrutiny before hosting NATO summit

President Biden, reeling from a disastrous debate performance and calls to step aside, addressed a Black church service in Pennsylvania on Sunday, acknowledging the “world’s looking to America.”

Speaking from a stage at Mount Airy Church of God in Christ in northwest Philadelphia, the 81-year-old Biden laughed off concerns about his age, joking, “I know I look 40” but “I’ve been doing this a long time.”

“I, honest to God, have never been more optimistic about America’s future if we stick together,” Biden said.

The president, later on in his remarks, also addressed the upcoming NATO summit in Washington, D.C.

NATO SECRETARY GENERAL DODGES QUESTIONS ABOUT BIDEN’S MENTAL FITNESS

Advertisement

President Biden speaks at a church service at Mt. Airy Church of God in Christ, Sunday, July 7, 2024, in Philadelphia. (AP Photo/Manuel Balce Ceneta)

“I’m about to host the NATO nations in Washington. We put them together,” Biden said. “The world’s looking to us. Not a joke. The world is looking to America not to carry their burden, but to lead their hopes.” 

“When I ran for the first time for president, I said something basic. I said, we have to bring back dignity and hope in America, number one,” the president added, wrapping up his remarks. 

“Number two, we have to give working class and middle class people, like the family I came from, a shot and build the economy from the middle out and the bottom up, not the top down,” Biden said. “And thirdly, we must unite America again. That’s my goal. That’s what we’re going to do. God bless you all and may God bless our troops.” 

NATO Secretary-General Jens Stoltenberg was asked during an appearance on CBS’ “Face The Nation” about whether Sen. Lindsey Graham, R-S.C., was accurate in voicing concerns that world leaders don’t trust Biden to be in command of the job. 

Advertisement
Biden at Philadelphia church

President Biden and Bishop Ernest C. Morris Sr. during a church service at Mt. Airy Church of God in Christ, Sunday, July 7, 2024, in Philadelphia. (AP Photo/Manuel Balce Ceneta)

TOP WHITE HOUSE AIDE URGES STAFF TO TUNE OUT ‘NOISE’ AND FOCUS ON GOVERNING DURING DEBATE FALLOUT

“I think it’s important for NATO to stay out of that kind of domestic discussion,” Stoltenberg said. “They’re of course important for the United States, but NATO should not be part of it. What matters for NATO is the decisions. What to do together. And just for instance, on defense spending, which has been a big issue for the United States for many years under different presidents. When we made the pledge 10 years ago to increase defense spending, only three allies spent 2% of GDP on defense. This year, it’s 23 allies.” 

Biden with NATO Secretary General Jens Stoltenberg last summer

NATO Secretary-General Jens Stoltenberg speaks with President Biden during a meeting of the NATO-Ukraine Council in Vilnius, Lithuania, July 12, 2023. (AP Photo/Pavel Golovkin, File)

Biden and his NATO counterparts are meeting in Washington this week to mark the 75th anniversary of the world’s biggest security organization just as Russia presses its advantage on the battlefield in Ukraine.

The three-day summit, which begins Tuesday, will focus on ways to reassure Ukraine of NATO’s enduring support and offer some hope to its war-weary citizens that their country might survive the biggest land conflict in Europe in decades. NATO’s day-to-day work is led by Stoltenberg, the former prime minister of Norway, until he is replaced as secretary-general on Oct. 1 by outgoing Dutch Prime Minister Mark Rutte.

Advertisement

The Associated Press contributed to this report. 

Continue Reading

Politics

Alex Padilla: Quiet, potent force on politics' long road

Published

on

Alex Padilla: Quiet, potent force on politics' long road

In American politics, we tend to favor the meteoric rise over the slow and steady climb, the big voices who rock the boat over the quiet ones who make themselves known behind the scenes.

Sen. Alex Padilla took the long path. The San Fernando Valley native and MIT grad has held elected office since 1999, when he won a seat on the L.A. City Council at age 26. In the years since, he has risen to progressively more prominent roles as a state senator and secretary of state. Then in 2020, his ally Gov. Gavin Newsom appointed him to replace Vice President-elect Kamala Harris as U.S. senator.

Discover the changemakers who are shaping every cultural corner of Los Angeles. This week we bring you the final installment of the L.A. Influential series: The Establishment. They are the bosses, elected officials and A-list names calling the shots from the seats of power.

Advertisement

Being the consummate team player defined Padilla’s ascent. He offered a quiet confidence and impressive discipline, rarely departing from script. Some would call him boring. Now, on politics’ biggest stage as a representative for 40 million Americans, his demeanor hasn’t changed.

But the scale of the tasks before him and the crises he faces certainly have. That became abundantly clear when, shortly before he was easily elected to a full term in 2022, three members of the L.A. City Council were caught on tape making coarse and sometimes racist remarks about their colleagues.

Padilla had worked closely with the offending council members. He had managed one of their campaigns. He went to high school with another, and his brother had been her chief of staff.

But days after The Times broke the story, Padilla stuck his neck out — becoming one of the first and most prominent elected officials to call on them all to resign.

Being the state’s first Latino senator weighed heavily on him when he made the decision, he said.

Advertisement

“I knew them personally and worked with them up close. But as hard as it was, knowing them personally, and as hard as it was knowing sort of the role I play and where I fit into all this, ultimately what’s right is right and what’s wrong is wrong.”

Alex Padilla

Alex Padilla, photographed at the Los Angeles Times in El Segundo on Oct. 9.

His close relationship to then-City Council President Nury Martinez was well known. So his quick stand didn’t go unnoticed in California political circles. He said that day he was “appalled at the racist dehumanizing remarks.”

His ties to Martinez and many other Latino politicians underscore his role as one of the architects of a political machine in the San Fernando Valley and beyond. Take, for example, Rep. Tony Cárdenas (D-Pacoima), who isn’t seeking reelection this year after nearly three decades in public office. Padilla was a roommate in Washington and managed his first campaign, while the woman running to replace Cárdenas — Assemblywoman Luz Rivas (D-North Hollywood) — went to high school and college with Padilla and received his endorsement shortly after announcing her candidacy.

None of this is coincidence and it reflects how the engineer by training has methodically aided his allies’ ascents.

Advertisement

Padilla has also stepped into the void created by the decline and then passing of his colleague Sen. Dianne Feinstein (D-Calif.). While in office, Feinstein pushed for billions of dollars to address climate change and fund infrastructure projects.

Padilla, 51, is now picking up that mantle.

“A lot of the day in, day out of getting things moving along,” he said, “is behind the scenes.”

Advertisement
Continue Reading

Politics

Democrats' Senate hopes could hang on split-ticket voting comeback

Published

on

Democrats' Senate hopes could hang on split-ticket voting comeback

Join Fox News for access to this content

You have reached your maximum number of articles. Log in or create an account FREE of charge to continue reading.

By entering your email and pushing continue, you are agreeing to Fox News’ Terms of Use and Privacy Policy, which includes our Notice of Financial Incentive.

Please enter a valid email address.

Having trouble? Click here.

With President Biden’s decidedly lacking debate performance and subsequent polling downturn, what was an already difficult fight to preserve a Democratic majority in the Senate could be reliant on a resurgence of voters willing to select candidates of different parties for various positions. 

Democrats face a particularly difficult Senate election map, with multiple incumbents in swing states seeking another term. They also only have a remarkably slim 51-49 majority over their Republican counterparts, who enjoy a much more favorable map this cycle.

Advertisement

UNDERDOG DEM USING DAVE CHAPPELLE SHOW TO GAIN EDGE IN PIVOTAL SWING STATE

Senate Democrats up for re-election may be hopeful that split-ticket voting increases in frequency as President Biden’s poll numbers fall. (Getty images)

“If a candidate feels like the presidential candidate is going to lose his or her state, naturally they have to figure out ways to create distance between themselves and the presidential candidate,” said Kyle Kondik, managing editor of Sabato’s Crystal Ball at the University of Virginia Center for Politics.

TAMMY BALDWIN WILL STICK TO STATE TOUR INSTEAD OF JOINING BIDEN DURING WISCONSIN VISIT

jon tester, donald trump, sherrod brown

From left: Sen. Jon Tester, D-Mont.; former President Trump; and Sen. Sherrod Brown, D-Ohio. (Getty Images)

According to data compiled by the center, split-ticket voting across the presidency and the Senate was most popular in the 1970s and 1980s and more often benefited Democrats, who have been able to frequently score Senate seats in states where Republican presidents won. But the practice has been declining in recent decades. 

Advertisement

Per Kondik, this downward trend could make things harder for vulnerable Democrats in the current environment. 

PRESSURE MOUNTS ON BATTLEGROUND STATE DEMS AFTER BIDEN DEBATE DISASTER

Vulnerable Dem Sens Sens. Jon Tester, D-Mont.; Jacky Rosen, D-Nev.; Sherrod Brown, D-Ohio; Tammy Baldwin, D-Wis.; and Bob Casey, D-Pa.

From left: Sens. Jon Tester, D-Mont.; Jacky Rosen, D-Nev.; Sherrod Brown, D-Ohio; Tammy Baldwin, D-Wis.; and Bob Casey, D-Pa. (Getty Images )

The campaigns of Senate Democrats in tough races will likely look different from those of the president or of a Democrat in a safer seat, according to one expert. “As long as Senate Democrats continue to run ahead of Biden in their states, the candidates are likely to stop short of completely linking themselves to Biden to avoid being pulled down,” said Madison Barry Burden, a political science professor at the University of Wisconsin.

GOP SENATE CANDIDATE TIES OPPONENT TO BIDEN DEBATE: BOB CASEY KNEW

Sen. Bob Casey speaks during an event

Sen. Bob Casey, D-Pa., speaks during the Inaugural Independence Dinner in Philadelphia on Nov. 1, 2019. (Bastiaan Slabbers/NurPhoto via Getty Images)

Advertisement

“But the calculus is probably different in swing states such as Pennsylvania than in red states such as Montana,” he explained. “As a political misfit in his state, Jon Tester has always needed to portray an identity that is somewhat independent of the national Democratic Party, so 2024 will be no different. In contrast, Bob Casey’s fate depends more on Biden having a good showing in Pennsylvania, so he will probably remain an enthusiastic supporter.”

Republican strategist Doug Heye noted, “No elected Democrat — safe seat or in-play — wants to be first to state the obvious about President Biden’s state of health,” referencing the relative silence of at-risk Democrats amid Biden’s poor debate performance against former President Trump last month.

Get the latest updates from the 2024 campaign trail, exclusive interviews and more at our Fox News Digital election hub.

Continue Reading

Trending