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.
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"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.
First baseman Vladimir Guerrero Jr. and the Toronto Blue Jays are in agreement on a 14-year, $500 million contract extension, pending physical, sources told ESPN’s Jeff Passan on Sunday night.
This is a monumental, no-deferral deal to keep the homegrown star in Toronto for the rest of his career, and comes as the 5-5 Blue Jays are in the midst of a road trip that takes them to Fenway Park to meet the Boston Red Sox on Monday.
Guerrero, 26, a four-time All-Star and son of Hall of Famer Vladimir Guerrero, had said he would not negotiate during the season after the sides failed to come to an agreement before he reported to spring training. The sides continued talking, however, and sealed a deal that is the third largest in Major League Baseball history, behind only Juan Soto‘s 15-year, $765 million contract with the New York Mets and Shohei Ohtani‘s 10-year, $700 million pact with the Los Angeles Dodgers.
The Blue Jays, snakebit in recent years by Soto and Ohtani signing elsewhere, received a long-term commitment from their best homegrown talent since Hall of Famer Roy Halladay.
They had tried to sign Guerrero to a long-term deal for years to no avail. Toronto got a glimpse of Guerrero’s talent when he debuted shortly after his 20th birthday in 2019 and homered 15 times as a rookie. His breakout season came in 2021, when Guerrero finished second to Aaron Judge in American League MVP voting after hitting .311/.401/.601 with 48 home runs and 111 RBIs.
Guerrero followed with a pair of solid-but-below-expectations seasons in 2022 and 2023, and in mid-May 2024, he sported an OPS under .750 as the Blue Jays struggled en route to an eventual last-place finish. Over his last 116 games in 2024, the Guerrero of 2021 reemerged, as he hit .343/.407/.604 with 26 home runs and 84 RBIs.
With a payroll expected to exceed the luxury tax threshold of $241 million, the Blue Jays ended the season’s first week atop the American League East standings. Toronto dropped to 5-3 on Friday after a loss to the Mets, in which Guerrero collected a pair of singles, raising his season slash line to .267/.343/.367.
Between Guerrero and shortstop Bo Bichette‘s free agency after the 2025 season, the Blue Jays faced a potential reckoning. Though Bichette is expected to play out the season before hitting the open market, Guerrero’s deal lessens the sting of Toronto’s pursuits of Ohtani in 2023 and Soto in 2024.
Toronto shook off the signings of Soto and first baseman Pete Alonso with the Mets, left-hander Max Fried with the New York Yankees and infielder Alex Bregman with the Boston Red Sox to retool their roster. Toronto gave outfielder Anthony Santander a heavily deferred five-year, $92.5 million contract, brought in future Hall of Famer Max Scherzer on a one-year, $15.5 million deal, bolstered its bullpen with right-handers Jeff Hoffman and Yimi Garcia, and traded for Platinum Glove-winning second baseman Andres Gimenez, who is hitting cleanup.
Toronto’s long-term commitments will allow for significant financial flexibility. In addition to Bichette and Scherzer, right-hander Chris Bassitt and relievers Chad Green and Erik Swanson are free agents after this season. After 2026, the nine-figure deals of outfielder George Springer and right-hander Kevin Gausman come off the books, as well.
Building around Guerrero is a good place to start. One of only a dozen players in MLB with at least two seasons of six or more Wins Above Replacement since 2021, Guerrero consistently is near the top of MLB leaderboards in hardest-hit balls, a metric that typically translates to great success.
Like his father, who hit 449 home runs and batted .318 over a 16-year career, Guerrero has rare bat-to-ball skills, particularly for a player with top-of-the-scale power. In his six MLB seasons, Guerrero has hit .288/.363/.499 with 160 home runs, 510 RBIs and 559 strikeouts against 353 walks.
Originally a third baseman, Guerrero shifted to first base during the pandemic-shortened 2020 season. Had the Blue Jays signed Alonso, they signaled the possibility of Guerrero returning full time to third, where he played a dozen games last year.
With the extension in place, the 6-foot-2, 245-pound Guerrero is expected to remain at first base and reset a market that had been topped by the eight-year, $248 million extension Miguel Cabrera signed just shy of his 31st birthday in 2014.
A teenager suddenly becomes violent, his anger towards women fuelled by online influencers, while his parents struggle to process what their son is capable of.
Does this sound familiar?
It’s the story of the hit drama Adolescence – but for Jess and Rob, it’s their life.
Their 14-year-old son Harry’s violence has escalated so rapidly he’s had to be taken into care. We’ve changed all their names to protect their identities.
Until the age of 12, Harry’s parents say he was a “wonderful” son. But they saw a change in his personality, which they believe was sparked by an incident when he was hit by a girl. Soon, he developed an online interest in masculine power and control.
Image: Harry’s personality changed after he was assaulted (this image shows an actor in a Sky News reconstruction)
“Harry became obsessed with being strong, and I think he developed a difficulty around certain female people because of the assault,” Jess says.
“He had to be in charge… in every setting,” Rob adds.
Then one night, he punched his mother, Jess. His parents called the police in the hope it would shock him out of doing it again. But, as time went on, the violence escalated.
“We probably must have called the police over 100 times,” Rob says.
One attack was so serious, Jess ended up in hospital. The violence spilled outside the home too as Harry assaulted neighbours and friends.
Then he threatened to stab a teacher.
“Every time we think it can’t get any worse, something else happens and it does get worse,” Rob says. “Unfortunately, him getting hold of a knife is quite likely to happen.”
They say Adolescence, which stars Stephen Graham, Ashley Walters and Owen Cooper, touched a nerve.
Image: Jess and Rob say they called the police 100 times (this image shows actors in a Sky News reconstruction)
“My worst fear is that he’s going to end up killing one of us,” says Jess. “If not us, then somebody else…”
It’s a shocking thought for any parent to have. As well as contacting police, the family have tried many times to get help from social services and the NHS for Harry’s deteriorating mental health.
“We’ve been told that we’re using too many resources and accessing too many services,” Rob says. “We tried for 18 months to get him more intensive therapeutic help. At every turn it was ‘no, no, no’.”
They have found help with an organisation called PEGS that supports parents who are victims of their own children’s violence.
Image: PEGS founder Michelle John says many families struggle to have their concerns taken seriously
Last year it was contacted by over 3,500 families, a 70% increase on 2023. Founder Michelle John says many families struggle to have their concerns taken seriously.
“What we’re hearing time and time again is that referrals are not being picked up because thresholds aren’t being met and perhaps the parent or caregiver isn’t a risk to the child,” she says. “Families are falling through gaps.”
In some parts of the country, local organisations are attempting to fill those gaps. Bright Star Boxing Academy in Shropshire has children referred by schools, social workers and even the police.
Joe Lockley, who runs the academy, says the problem is services that deal with youth violence are “inundated”.
“The biggest cause of the violent behaviour is mental health,” he says. “They lack that sense of belonging and control, and it’s quite easy to gain that from the wrong crowd and getting involved in violence.
“Social media is having a huge impact, especially around that young person’s identity.”
Image: Ethan at the Bright Star Boxing Academy
Ethan, 18, agrees. He joined the academy aged 14. By then he had already been arrested several times for getting into fights.
He believes bullying sparked anxiety and depression. “Someone could look at me, I’d be angry,” he says.
“Social media – that’s definitely a massive part. You’ve got so many people that are living this material life. They’ve got loads of money.
“My main thing was seeing people with amazing bodies – I felt I couldn’t reach that point and it made me self-conscious, which would add on to the anger which then turned to hatred towards other people.”
Image: Ethan says boxing has helped him turn his life around
Without the support of the boxing academy, he believes, he wouldn’t have been able to turn his life around.
“I would either be in prison or I would have done something a lot worse to myself,” he says.
“It’s just this massive mess in your head where you’ve got a million thoughts at once – you don’t know what to think or how to even speak sometimes,” he adds.
“All we need is someone that’s got the time for us… and the understanding that it’s a war in our heads.”
A government spokesperson told Sky News: “We have seen too many preventable tragedies caused by the failings of mental health services, and it’s unacceptable that young people have not been getting the care and treatment they need to keep them, their families and the wider public safe.
“We are working to ensure children and their families get that help. We are investing over £50m to fund specialist support in schools, launching a Young Futures hub in every community, and providing access to a specialist mental health professional in every school in England.”
Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK
Jamison Hensley is a reporter covering the Baltimore Ravens for ESPN. Jamison joined ESPN in 2011, covering the AFC North before focusing exclusively on the Ravens beginning in 2013. Jamison won the National Sports Media Association Maryland Sportswriter of the Year award in 2018, and he authored a book titled: Flying High: Stories of the Baltimore Ravens. He was the Ravens beat writer for the Baltimore Sun from 2000-2011.
The NASCAR legend announced Friday on social media that he has secured the right to use a stylized version of No. 8 and will abandon the original No. 8 logo used by Earnhardt’s JR Motorsports. This decision came two days after Jackson filed an opposition claim with the U.S. Patent and Trademark Office to stop Earnhardt from putting that JR Motorsports version of No. 8 on merchandising.
“We are looking forward to the remainder of an already successful season,” Earnhardt wrote on social media.
Jackson, who has worn No. 8 since his college days at Louisville, previously registered the trademark “ERA 8 by Lamar Jackson.” His filing had argued Earnhardt’s attempt to trademark that particular version of No. 8 would create confusion among consumers.
The trademark review for a challenge can take more than a year. If the U.S. Patent and Trademark appeal board would have denied Earnhardt, Jackson could have sued him if Earnhardt had used it for merchandising.
This isn’t the first time that Jackson has tried to stop another athlete from filing a trademark on this number. In July, Jackson challenged Hall of Fame quarterback Troy Aikman’s attempt to use “EIGHT” on apparel and bags.
When asked about this dispute last summer, Jackson said, “We’re going to keep this about football. That’s outside noise. We’re sticking with [talking about training] camp, football, and that’s it.”