close video Biden’s borrowing and spending putting financial system in peril: Steve Moore
Chief economist at FreedomWorks Steve Moore says inflation, government borrowing and woke priorities put banks in jeopardy.
Moody's Investors Services, a credit rating system, put several banks on review for a potential downgrade following the collapse of Silicon Valley Bank (SVB).
The Federal Deposit Insurance Corporation (FDIC) announced the closure of Silicon Valley Bank on Friday amid a run on the bank, a move that raised concerns about the potential of future bank collapses.
Following that collapse, Moody's placed First Republic Bank (FRC), Zions (ZION), Western Alliance (WAL), Comerica (CMA), UMB Financial (UMBF) and Intrust Financial on review, meaning the banks are now perceived as more risky investments by lenders.
"Today's rating action reflects First Republic Bank's high reliance on more confidence sensitive uninsured deposit funding, its high amount of unrealized losses in its available-for-sale and held-to-maturity securities portfolios, as well as a low level of capitalization relative to peers," the firm said of the First Republic Bank rating.
SIGNATURE BANK SHUT DOWN IN CONNECTION WITH SILICON VALLEY BANK COLLAPSE
Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. (Justin Sullivan / Getty Images)
"If it were to face higher-than-anticipated deposit outflows and liquidity backstops proved insufficient, the bank could need to sell assets, thus crystallizing unrealized losses," Moody's said of First Republic.
SENATE BANKING REPUBLICANS WARY OF BIDEN OFFICIALS' HANDLING OF SVB COLLAPSE: ‘ASLEEP AT THE WHEEL’
The firm also stated that the banks have significant amounts of deposits that are above the FDIC's insurance threshold of $250,000.
Following the SVB failure, federal regulators announced on Sunday that New York-based Signature Bank was being shut down to reportedly protect the financial system and consumers. Moody's downgraded the rating of Signature Bank and withdrew future ratings after its collapse.
U.S. Treasure Secretary Janet Yellen. (Alberto Pezzali / AP Newsroom)
Steve Moore, former White House adviser under Trump and chief economist at FreedomWorks, told Fox News' Harris Faulkner that while he does not believe there is an overall crisis, several banks could be in jeopardy following the SVB collapse.
CLICK HERE TO GET THE FOX NEWS APP
"I agree with the president that we don't have an overall banking crisis. The system is sound, but I do think you have a lot of major banks that are in some trouble," Moore warned on Monday. "And SVB, the Silicon Valley Bank, may just be the tip of the iceberg here. And I think it's important for people to understand how this potential banking crisis happened. It's not because there aren't enough bank regulators, as Biden is trying to say. It's because of the massive inflation and the trillions and trillions of dollars of borrowing that the federal government has done that has put our financial system in great jeopardy and great peril."
Fox News' Bradford Betz contributed to this report.
The 3,000-strikeout club has grown by one, with Clayton Kershaw of the Los Angeles Dodgers whiffing the Chicago White Sox‘s Vinny Capra in the sixth inning Wednesday at Dodger Stadium, becoming the 20th pitcher in baseball history to reach that milestone.
The 3K pitching club doesn’t generate as much hullabaloo as its hitting counterpart, but it is more exclusive: Thirty-three players have reached 3,000 hits.
When you look at the list of pitchers with 3,000 strikeouts, and Kershaw’s place on it, a few things jump out.
• None of them pitched at Ebbets Field, at least not in a regular-season game. I frame it like that to illustrate that this level of whiffery is a fairly recent phenomenon. The Dodgers bolted Brooklyn after the 1957 season, and at that point, Walter Johnson was the only member of the 3,000-strikeout club. A career Washington Senator, he never pitched against the Dodgers. Every other 3K member made his big league debut in 1959 or later. Half of them debuted in 1984 or later. Three of them (Kershaw, Max Scherzer and Justin Verlander) are active.
• For now, Kershaw has thrown the fewest career innings of any 3K member, though he’s likely to eventually end up with more frames than Pedro Martinez.
• Kershaw has the highest winning percentage of the 20 (.697) and the best ERA+ (155), though his edges over Martinez (.685 and 154) are razor thin.
• Kershaw tops the list in average game score (61.9) and is tied for second (with Bob Gibson) for quality start percentage (68%), behind only Tom Seaver (70%).
• Kershaw lags behind in bWAR, at least among this group of current, future and should-be Hall of Famers with 77.1, ranking 16th.
So where does Kershaw really rank in the 3K club? I’m glad you asked.
First, what should be obvious from the above bullet points is that the response to the question will vary according to how you choose to answer it. The ranking below reflects not only how I chose to answer the question but how I’d like to see starting pitchers rated in general — even today, in the wildly different context from the days of Walter Johnson.
1. Roger Clemens
FWP: 568.8 | Strikeouts: 4,672 (3rd in MLB history)
Game score W-L: 477-230 (.675)
The top three pitchers on the list, including Rocket, match the modern-era top three for all pitchers, not just the 3K guys. (The string is broken by fourth-place Christy Mathewson.) Before running the numbers, I figured Walter Johnson, with his modern-era record of 417 career wins (the old-fashioned variety), would top the list. But Clemens actually started more games (relief appearances don’t factor in) and had a better game score win percentage.
2. Randy Johnson
FWP: 532.9 | Strikeouts: 4,875 (2nd)
Game score W-L: 421-182 (.698)
Since we’re lopping off pre-1901 performances, the method does Cy Young dirty. Only two pitchers — Young (511 wins) and Walter Johnson got to 400 career wins by the traditional method. By the game score method, the club grows to nine, including a bunch of players many of us actually got to see play. The Big Unit is one of the new 400-game winners, and of the nine, his game score winning percentage is the highest. The only thing keeping Johnson from No. 1 on this list is that he logged 104 fewer career starts than Clemens.
3. Walter Johnson
FWP: 494.7 | Strikeouts: 3,509 (9th)
Game score W-L: 437-229 (.656)
Don’t weep for the Big Train — even this revamping of his century-old performance record and the fixation on strikeouts can’t dim his greatness. That fact we mentioned in the introduction — that every 3K member except Walter Johnson debuted in 1959 or later — tells you a lot about just how much he was a man out of his time. Johnson retired after the 1927 season and surpassed 3,000 strikeouts by whiffing Cleveland’s Stan Coveleski on July 22, 1923. It was nearly 51 years before Gibson became 3K member No. 2 on July 17, 1974.
4. Greg Maddux
FWP: 443.3 | Strikeouts: 3,371 (12th)
Game score W-L: 453-287 (.612)
There is a stark contrast between pitcher No. 4 and pitcher No. 5 on this ranking. The wild thing about Maddux ranking above Nolan Ryan in a group selected for strikeouts is that no one thinks of Maddux as a strikeout pitcher. He never led a league in whiffs and topped 200 just once (204 in 1998). He was just an amazingly good pitcher for a really long time.
5. Nolan Ryan
FWP: 443.1 | Strikeouts: 5,714 (1st)
Game score W-L: 467-306 (.604)
Ryan is without a doubt the greatest strikeout pitcher who ever lived, and it’s really hard to imagine someone surpassing him. This is a guy who struck out his first six batters in 1966, when Lyndon Johnson was in the White House, and his last 46 in 1993, when Bill Clinton was there. Ryan was often criticized during his heyday for his win-loss record, but the game score method clears that right up. Ryan’s revised winning percentage (.604) is markedly higher than his actual percentage (.526).
6. Max Scherzer
FWP: 385.7 | Strikeouts: 3,419 (11th)
Game score W-L: 315-145 (.685)
Here’s another club Mad Max is in: .680 or better game score winning percentage, minimum 100 career starts. He’s one of just eight members, along with Kershaw. The list is topped by Smoky Joe Wood, who dominated the AL during the 1910s before hurting his arm and converting into a full-time outfielder. The full list: Wood, Martinez, Randy Johnson, Lefty Grove, Mathewson, Kershaw, Stephen Strasburg and Scherzer.
7. Justin Verlander
FWP: 385.0 | Strikeouts: 3,471 (10th)
Game score W-L: 349-190 (.647)
Like Scherzer, Verlander is fresh off the injured list. Thus, the two active leaders in our version of FWP have resumed their tight battle for permanent supremacy. Both also resume their quests to become the 10th and 11th pitchers to reach 3,500 strikeouts. Verlander, who hasn’t earned a traditional win in 13 starts, is 4-9 this season by the game score method.
8. Pedro Martinez
FWP: 383.5 | Strikeouts: 3,154 (15th)
Game score W-L: 292-117 (.714)
By so many measures, Martinez is one of the greatest of all time, even if his career volume didn’t reach the same levels as those of the others on the list. His 409 career starts are easily the fewest of the 3K club. But he has the highest game score winning percentage and, likewise, the highest score for FWP per start (.938).
9. Steve Carlton
FWP: 379.8 | Strikeouts: 4,136 (4th)
Game score W-L: 420-289 (.592)
When you think of Lefty, you think of his 1972 season, when he went 27-10 (traditional method) for a Phillies team that went 59-97. What does the game score method think of that season? It hates it. Kidding! No, Carlton, as you’d expect, dominated, going 32-9. So think of it like this: There were 32 times in 1972 that Carlton outpitched his starting counterpart despite the lethargic offense behind him.
10. Tom Seaver
FWP: 371.3 | Strikeouts: 3,640 (6th)
Game score W-L: 391-256 (.604)
Perhaps no other pitcher of his time demonstrated a more lethal combination of dominance and consistency than Seaver. The consistency is his historical differentiator. As mentioned, his career quality start percentage (70%) is tops among this group. Among all pitchers with at least 100 career starts, he ranks fifth. Dead ball era pitchers get a leg up in this stat, so the leader is the fairly anonymous Jeff Tesreau (72%), a standout for John McGraw’s New York Giants during the 1910s. The others ahead of Seaver are a fascinating bunch. One is Babe Ruth, and another is Ernie Shore, who in 1917 relieved Ruth when The Babe was ejected after walking a batter to start a game. Shore replaced him, picked off the batter who walked, then went on to retire all 26 batters he faced. The other ahead of Seaver: Jacob deGrom.
11. Clayton Kershaw
FWP: 370.9 | Strikeouts: 3,000 (20th)
Game score W-L: 301-137 (.687)
And here’s the guest of honor, our reason for doing this ranking exercise. As you can see, Kershaw joined the 300-game-score win club in his last start before Wednesday’s milestone game, becoming the 38th member. In so many measures of dominance, consistency and efficiency, Kershaw ranks as one of the very best pitchers of all time. When you think that he, Verlander and Scherzer are all in the waning years of Hall of Fame careers, you can’t help but wonder who, if anyone, is going to join some of the elite starting pitching statistical clubs in the future.
12. Don Sutton
FWP: 370.6 | Strikeouts: 3,574 (7th)
Game score W-L: 437-319 (.578)
For a post-dead ball pitcher, Sutton was a model of durability. He ranks third in career starts (756) and seventh in innings (5,283⅓). During the first 15 seasons of his career, Sutton started 31 or more games 14 times and threw at least 207 innings for the Dodgers in every season.
13. Ferguson Jenkins
FWP: 353.8 | Strikeouts: 3,192 (14th)
Game score W-L: 363-231 (.611)
Jenkins is in the Hall of Fame, so we can’t exactly say he was overlooked. Still, it does feel like he’s a bit underrated on the historical scale. His FWP score ranks 17th among all pitchers, and the game score method gives him a significant win-loss boost. That .611 percentage you see here is a good bit higher than his actual .557 career winning percentage. He just didn’t play for very many good teams and, in fact, never appeared in the postseason. He’s not the only Hall of Famer associated with the Chicago Cubs who suffered that fate.
14. Gaylord Perry
FWP: 335.6 | Strikeouts: 3,534 (8th)
Game score W-L: 398-292 (.577)
Perry, famous for doing, uh, whatever it takes to win a game, famously hung around past his expiration date to get to 300 wins, and he ended up with 314. Poor Perry: If my game score method had been in effect, he’d have quit two wins shy of 400. Would someone have given him a shot at getting there in 1984, when he was 45? One of history’s great what-if questions.
15. Phil Niekro
FWP: 332.5 | Strikeouts: 3,342 (13th)
Game score W-L: 408-308 (.570)
Knucksie won 318 games, and lost 274, the type of career exemplified by his 1979 season, when he went 21-20. We aren’t likely to see anyone again pair a 20-win season with a 20-loss season. His .537 traditional winning percentage improves with the game score method, but he’s still the low man in the 3K club in that column. Niekro joins Ryan and Sutton on the list of those with 300 game score losses. Sutton, at 319, is the leader. The others: Tommy John, Tom Glavine and Jamie Moyer. Of course, they were all safely over the 300-game-score win threshold as well.
16. CC Sabathia
FWP: 323.2 | Strikeouts: 3,093 (18th)
Game score W-L: 339-221 (.605)
Sabathia will be inducted into the Hall of Fame next month, and his place in this group only underscores how deserving he is of that honor. Sabathia debuted in 2001, and to reach the 250 traditional-win level (he won 251) in this era is an amazing feat. The only pitcher in that club who debuted later is Verlander, stuck at 262 wins after debuting in 2005. Right now, it’s hard to imagine who, if anyone, will be next. Of course, if we just went with game score wins, that would be different.
17. Bob Gibson
FWP: 321.0 | Strikeouts: 3,117 (16th)
Game score W-L: 305-177 (.633)
Gibson, incidentally, also won 251 games — and also gets enough boost from the game score method to climb over 300. His revised percentage is better than his traditional mark of .591. His average game score ranks third in this group, a reflection of his steady dominance but also of the era in which he pitched. Gibson is tied for eighth in quality start percentage among all pitchers. In 1968, when Gibson owned the baseball world with a 1.12 ERA, he went 22-9 by the traditional method. The game score method: 26-8. You’d think it would be even better, but it was, after all, the Year of the Pitcher.
18. Bert Blyleven
FWP: 320.2 | Strikeouts: 3,701 (5th)
Game score W-L: 391-294 (.571)
It took a prolonged campaign by statheads to raise awareness about Blyleven’s greatness and aid his eventual Cooperstown induction. He finished with 287 traditional wins, short of the historical benchmark. Here he would fall short of the 400-win benchmark, but, nevertheless, he is tied with John and Seaver for 11th on the game score wins list. His actual winning percentage was .534.
19. Curt Schilling
FWP: 307.1 | Strikeouts: 3,116 (17th)
Game score W-L: 281-155 (.644)
There are 31 pitchers who have broken the 300 FWP level, and it’s hard for me to imagine how anyone in that group could be left out of Cooperstown. You can sort this out for yourself in terms of baseball and not baseball reasons for this, but the group not there is Clemens, Schilling, John and Andy Pettitte, plus the greats (Kershaw, Verlander, Scherzer) who are still active.
20. John Smoltz
FWP: 273.8 | Strikeouts: 3,084 (19th)
Game score W-L: 290-191 (.603)
Smoltz won 213 games the traditional way, and he falls just short of 300 by the revised method. But all of this is about starting pitching, and with Smoltz, that overlooks a lot. After missing the 2000 season because of injury, he returned as a reliever, and for four seasons he was one of the best, logging 154 saves during that time. He’s the only member of the 200-win, 100-save club.
Following his remarks, the value of the pound dropped and government borrowing costs rose, via the interest rate on both 10 and 30-year bonds.
Although market fluctuations are common, there was a reaction following Sir Keir’s comments in the Commons – signalling concern among investors of potential changes within the Treasury.
Please use Chrome browser for a more accessible video player
1:07
PM refuses to rule out tax rises
Sterling dropped to a week-long low, hitting $1.35 for the first time since 24 June. The level, however, is still significantly higher than the vast majority of the past year, having come off the near four-year peak reached yesterday.
While a drop against the euro, took the pound to €1.15, a rate not seen since mid-April in the aftermath of President Donald Trump’s tariff announcements.
Meanwhile, the interest rate investors charge to lend money to the government, called the gilt yield, rose on both long-term (30-year) and ten-year bonds.
The UK’s benchmark 10-year gilt yield – so-called for the gilt edges that historically lined the paper they were printed on – rose to 4.67%, a high last recorded on 9 June.
And 30-year gilt yields hit 5.45%, a level not seen since 29 May.
Follow The World
Listen to The World with Richard Engel and Yalda Hakim every Wednesday
Ms Reeves has committed to self-imposed rules to reduce debt and balance the budget. Speculation around her future led investors to question the government’s commitment to balancing the books – and how they would do that.
The questions over her future came after the government scrapped the core money-saving component of its welfare bill, which had been intended to reduce spending in order to meet fiscal rules.
Tesla’s woes have deepened as latest production and deliveries figures showed a greater fall than expected.
A total of 384,122 Teslas were delivered from April to June this year, a 13.5% drop on the same period last year and the second quarter of slumping output.
Wall Street analysts had expected Tesla to report about 1,000 more deliveries.
It’s bad news for Tesla chief executive Elon Musk in a week of attacks from President Donald Trump on him personally, as well as his companies.
Mr Musk found himself on the wrong side of Mr Trump and the majority of US congresspeople in his opposition to the so-called big beautiful bill approved by the US Senate.
His criticism of the inevitable debt rises the bill will result in led Mr Trump threatening to end subsidies for Mr Musk’s numerous businesses and to deport him.
More on Electric Cars
Related Topics:
Please use Chrome browser for a more accessible video player
1:25
Trump threatens to ‘put DOGE’ on Musk
His role as founder and chief executive of numerous businesses has made him the world’s richest man, according to Forbes.
As well as Tesla, Mr Musk founded space technology company SpaceX and Starlink. He also acquired the social media company Twitter, which he rebranded X.
It was the poor performance of Tesla that pushed him out of full-time politics and back to the Tesla offices.
After months of share price tumbles and protests at Tesla showrooms, sales drops and car defacings, Musk left his work with the Trump administration’s Department of Government Efficiency (DOGE).
Not everyone viewed the figures as negative.
Analysts at financial services firm Wedbush said: “Tesla’s future is in many ways the brightest it’s ever been in our view given autonomous, FSD [full self-driving], robotics, and many other technology innovations now on the horizon with 90% of the valuation being driven by autonomous and robotics over the coming years but Musk needs to focus on driving Tesla and not putting his political views first.”
After a 5% share price fall earlier this week when Mr Musk strayed back into political matters, Tesla stock rose 4.5% on Wednesday.
The latest financial details for Tesla will be published later this month.
In the first three months of the year, Tesla’s profits fell by 71% to $409m (£306.77m) from $1.39bn (£1.04bn). Revenues were also well below forecasts, dropping 9% to $19.3bn (£14.5bn).