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US banks suffer steeper losses, but retain large cushions in annual Fed health check

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US banks suffer steeper losses, but retain large cushions in annual Fed health check
The biggest U.S. banks would have enough capital to withstand severe economic and market turmoil, the Federal Reserve’s annual “stress test” exercise showed on Wednesday, but firms faced steeper hypothetical losses this year due to riskier portfolios.
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Biden is making appeals to donors as concerns persist over his presidential debate performance

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Biden is making appeals to donors as concerns persist over his presidential debate performance

NEW YORK (AP) — President Joe Biden is looking to recapture his mojo and reassure donors at a Saturday fundraiser that he is fully up to the challenge of beating Donald Trump.

The 81-year-old’s troubling performance at the first presidential debate Thursday rattled many Democrats, who see Trump after the Jan. 6, 2021, insurrection as an existential threat to U.S. democracy. Biden’s meandering answers and struggles to respond to Trump prompted The New York Times editorial board to declare Friday that he should exit the race and that staying in would be a “reckless gamble.”

Biden and his wife, Jill, planned to attend an afternoon campaign meeting in East Hampton, New York, the Long Island beach town where the real estate firm Zillow prices the median home at $1.9 million. Scheduled later was an evening fundraiser in Red Bank, New Jersey.

In the aftermath of Thursday night’s debate, Biden flashed more vigor in speeches in North Carolina and New York on Friday, saying he believes with “all my heart and soul” that he can do the job of the presidency.

The Biden campaign said it has raised more than $27 million on Thursday and Friday, including $3 million at a New York City fundraiser focused on the LGBTQ+ community.

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Jill Biden told supporters Friday that he said to her after the debate, “You know, Jill, I don’t know what happened. I didn’t feel that great.” The first lady then said she responded to him, “Look, Joe, we are not going to let 90 minutes define the four years that you’ve been president.”

The Democratic president still needs to allay the fears stirred by the debate as it seeped into the public conscience with clips and memes spreading on the internet and public pressure for him to bow out of the race.

Democratic donors across New York, Southern California and Silicon Valley privately expressed deep concerns about the viability of Biden’s campaign in the wake of his debate performance.

In a series of text message chains and private conversations, they discussed the short list of possible replacements, a group that included Michigan Gov. Gretchen Whitmer, California Gov. Gavin Newsom and Vice President Kamala Harris.

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But on Friday, there was no formal push to pressure Biden to step aside and some suspected there never would be given the logistical challenges associated with replacing the presumptive nominee just four months before Election Day.

Some donors noted they were going to pause their personal giving. They said receipts from Biden’s weekend fundraiser would almost certainly be strong because the tickets were sold and paid for before the debate.

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World reaction to US presidential debate: Mockery from China and Russia, concern from allies

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World reaction to US presidential debate: Mockery from China and Russia, concern from allies

America’s adversaries didn’t just think President Biden got pummeled in Thursday’s debate, they claim the United States was the real loser.

Russia, China, Iran and others weighed in after Biden’s faltering performance left viewers stunned. Media outlets in those countries, many of which are government-run, seized on the debate debacle to criticize the U.S.

“Every outlet, big and small, carries a piece describing what happened,” Rebekah Koffler, a strategic military intelligence analyst and author of “Putin’s Playbook,” told Fox News Digital. “Some have more than one. Most of them, if not all, are derogatory of both candidates and mocking America.”

“What [Russian President Vladimir] Putin is seeing is that the American Society is deeply fractured and consumed by its own problems,” Koffler said. “Putin likely believes that Russia wins either way, no matter who wins, because he expects the U.S. to plunge into chaos in the aftermath of the elections, because the country is so divided and polarized.”

“Bottom line, Moscow feels confident that the societal crisis that has engulfed the U.S. is good for Russia,” she added. 

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Kremlin spokesperson Dmitry Peskov claimed that Putin “was too bored to wake up and watch the U.S. debate,” but that “we have seen media reports about these debates.” 

Peskov added that the Kremlin has made no attempt to “assess this debate” or make “official conclusions” and insisted that Russia has “never interfered in the election campaigns of the United States.” 

Russia’s President Vladimir Putin and North Korea’s leader Kim Jong-un visit the Vostochny Сosmodrome in the far eastern Amur region, Russia, September 13, 2023.  (Sputnik/Mikhail Metzel/Kremlin via Reuters/File Photo)

Outside the Kremlin, Russian media have reportedly touted the debate as a victory for Russia, with Putin positioned to dictate terms in the war in Ukraine – especially if Donald Trump were to win the White House. 

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They highlighted Biden’s “half-open mouth, unblinking eyes” and “blank expression on his face.” 

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“This is how Joe Biden appeared before an audience of millions,” Russian state TV New York bureau chief Valentin Bogdanov said on Kremlin-backed RT. 

The news report especially focused on the reaction from CNN, calling the anchors “powerless” and the Democratic Party in the throes of a “deep panic,” according to East2West. 

China Europe Nato

Chinese President Xi Jinping and Hungarian Prime Minister Viktor Orban jointly meet the press after their talks in Budapest, Hungary, May 9, 2024.  (Xie Huanchi/Xinhua via Getty Images)

China also took an unfavorable view of the debate. Official media appeared to generally ignore it, but the state-run Global Times labeled it “the most chaotic presidential debate ever” and “like a reality show” while also highlighting the times Biden and Trump talked about China, according to the BBC. 

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The Global Times most specifically took issue with Trump blaming Beijing for “the raging COVID-19 epidemic and U.S. economic woes.” 

BIDEN AIMS TO CHANGE NEGATIVE NARRATIVE AFTER ROUGH DEBATE WITH TRUMP

State-owned Beijing News claimed that the debate exposed both candidates’ shortcomings, with a “habitually confused” Biden and Trump spreading “rumors” instead of answering questions directly. 

The Xinhua news agency framed the debate within the context of an America “weary of another Biden-Trump match-up” and focusing on Biden’s “several verbal slips” and “unclear” speech, while hitting Trump for failing to answer questions directly while providing statements that “contained many exaggerations and falsehoods.”

biden, xi jinping

President Joe Biden (R) and Chinese President Xi Jinping walk together after a meeting during the Asia-Pacific Economic Cooperation (APEC) Leaders’ week in Woodside, California, on November 15, 2023. (BRENDAN SMIALOWSKI/AFP via Getty Images)

Chinese social media personalities were even more pointed. Former state media editor Hu Xijin on social media platform X mocked the U.S. presidential debate for proving “very entertaining for many Chinese people,” according to Newsweek. 

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“Objectively speaking, the low-quality performance of these two old men was a negative advertisement for Western democracy,” he wrote. 

JILL BIDEN PRIVATELY ASSURED DONORS ‘JOE’S READY TO GO’ AHEAD OF DISASTROUS DEBATE: REPORT

Other social media users described the debate as a “disaster,” “train wreck” and “waste of time, though it should be noted that Chinese media has regularly tried to paint the U.S. as a country in turmoil with an uncertain political future. 

Iran’s Republic News Agency did not appear to focus much on the debate as the country holds its own presidential elections this weekend, which dominated coverage, but Middle East expert and The Foreign Desk editor-in-chief Lisa Daftari warned that the mediocre showing at the debate will interest all of America’s rivals. 

Supreme Leader Ayatollah Ali Khamenei leads mourners in prayer

In this photo released by the office of the Iranian supreme leader, Supreme Leader Ayatollah Ali Khamenei, center with black turban, leads a prayer over the flag-draped coffins of the late President Ebrahim Raisi and his companions who were killed in a helicopter crash on Sunday in a mountainous region of the country’s northwest, at the Tehran University campus, during a funeral ceremony for them in Tehran, Iran, Wednesday, May 22, 2024. (Office of the Iranian Supreme Leader via AP) (Office of the Iranian Supreme Leader via AP)

“Any American adversary may look at President Biden’s performance as a reminder that the leader of the free world is currently less than competent,” Daftari said. “It’s always been the case that the United States has the ability to defend its interests and bring about stability throughout the world just through deterrence and proper rhetoric and positioning.”

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“That has not always been the case with the Biden administration, and [Thursday] night’s performance allows for an even more extreme perception of American weakness,” she added. 

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“We are looking at many precarious global crises right now, including China invading Taiwan, Iran’s regime possessing and/or using nuclear weapons, Iran’s regime continuing its proxy wars against Israel and Western assets in the region [and] Russia’s ongoing invasion of Ukraine,” Daftari said. “Of course, any one of these current crises may find more momentum between now and the election.”

Reaction even in allied nations was less than glowing, starting with Polish Foreign Minister Radslaw Sikorski’s cryptic message on X, which some have taken to be an unfavorable comparison between Biden and the great Roman emperor Marcus Aurelius. 

Biden looks off while with G7 leaders

Giorgia Meloni (l-r), Prime Minister of Italy, Justin Trudeau, Prime Minister of Canada, Fumio Kishida, Prime Minister of Japan, Rishi Sunak, Prime Minister of Great Britain, Charles Michel, EU Council President (hidden), German Chancellor Olaf Scholz (SPD), Emmanuel Macron, President of France, Ursula von der Leyen, EU Commission President, and U.S. President Joe Biden, watch parachutists at the G7 summit; Biden watches the parachutists on the far right. (Photo by Michael Kappeler/picture alliance via Getty Images)

“Marcus Aurelius was a great emperor, but he screwed up his succession by passing the baton to his feckless son Commodus (He, from the Gladiator) whose disastrous rule started Rome’s decline),” Sikeorski wrote. “It’s important to manage one’s ride into the sunset.” 

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French news outlet Le Monde described that debate as a “terrible storm” and bemoaned Biden’s obsession with trying to “push his opponent off his hinges” by mocking Trump’s answers to questions, the BBC reported. 

German outlet Der Spiegel compared the debate to “a car accident” and half-heartedly applauded both candidates for the “theatrical performance” while claiming that supporters on both sides will feel that their candidate did their job. 

Another outlet, Die Welt, lamented that Biden was not an exciting candidate but one who had “common sense and a stable personality” who would keep “normalcy” in the White House. 

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German AfD party opens convention after strong election showing

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German AfD party opens convention after strong election showing

The Alternative for Germany opened a convention on Saturday after a strong performance in the recent European election, as protesters gathered outside.

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Opponents held large-scale protests as the far-right Alternative for Germany (AfD) party opened a convention on Saturday following a strong showing in the recent European elections. 

A heavy police presence was in place in the western city of Essen as AfD co-leaders Alice Weidel and Tino Chrupalla are expected to seek another term in office. 

German media report that up to 100,000 people were expected at a string of protests and other events over the weekend against the AfD.

Early on Saturday morning, a group of protesters had attempted to get through a barrier to the conference but were pushed back by police using pepper spray and batons.  

Police also say there were incidents where masked demonstrators attacked officers, leading to arrests.  

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Protestors staged sit-ins on streets and crossings near the convention hall – with several AfD politicians saying they were escorted to the venue by police.  

As the meeting opened, Alice Weidel told those gathered that “what is going on out there has nothing to do with democracy.”  

Local authorities had attempted to prevent the AfD rally but lost their case in court. 

Police said around 5,000 people participated in an anti-AfD rave titled “Bass against Hatred” on Friday evening.  

AfD finished second in the recent elections for the European Parliament, taking 15.9% of the total vote. 

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Their success came despite a recent series of scandals and setbacks. 

A particularly strong showing in the former communist eastern part of Germany has bolstered the party’s hopes of emerging as frontrunners in upcoming state elections. 

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