GOP House Speaker boondoggle: A decade in the making

Just In | The Hill 

This week, the Republican Party is reckoning with an existential crisis that began with the loss of a winnable presidential election in 2012. Rep. Kevin McCarthy’s (R-Calif.) inability to unite his party and win the House Speakership has been a decade in the making.

Ten years ago, Mitt Romney’s defeat to President Barack Obama came only two years after the GOP gained six governorships, six Senate seats, and 63 House seats, marking one of the biggest wave elections in a century.

After languishing below 50 percent in approval polls for most of the intervening two years, Obama’s popularity ticked upward as the 2012 presidential race hit the home stretch, beginning Labor Day Weekend. A winnable election transformed into a glaring defeat.

As any responsible party might do, Republicans then set to work on determining what went wrong, and how to fix it. Their “Growth & Opportunity Project” report, released four months later, outlined seven areas where the GOP needed to improve, including enlarging the party’s tent by appealing more to women, young people, and non-white Americans.

The report’s authors were carefully selected with an eye toward 2016. Henry Barbour was a conservative operative and nephew of former Republican National Committee Chair Haley Barbour. Sally Bradshaw was a longtime political advisor to Florida Governor Jeb Bush — the presumed early frontrunner for the party’s 2016 nomination for president. Ari Fleischer was President George W. Bush’s first press secretary.

The final two authors were GOP national committeeman Glenn McCall and GOP national committeewoman Zori Fonalledas. A U.S. citizen, Fonalledas was shockingly (though perhaps not at all shockingly) jeered only a few months earlier on national television by hundreds of Republican delegates, with chants for her to “get out” of their country.

These five Republican leaders — under the direction of RNC Chairman Reince Preibus — were charged with presenting a unified path forward. Yet what happened to them symbolizes what’s happened to their party.

McCall was a delegate for Donald Trump in the 2016 election and currently serves as chair of the RNC Budget Committee, where most recently he’s tried to defend his Committee’s alleged financial mismanagement as largely Trump’s fault.

Fonalledas backed Sen. Marco Rubio’s (R-Fla.) presidential run in 2016, and now is adamantly lobbying for Puerto Rico statehood. Of course, Republicans will never support such a move, because it would assuredly give Democrats two more U.S. senators.

Bradshaw left the Republican Party in 2016, vowing to vote for Hillary Clinton instead if the election appeared close. Fleischer stood up for Bradshaw, lamenting that “Trump has moved in exactly the opposite direction from our recommendations on how to make the party more inclusive.” Still, these words seemed empty, as Fleischer fervently backed Trump in 2016 and in 2020.

Finally, Barbour has attempted to split the atom, marrying Trump’s greatness with his limitations while urging his party to improve its principles, messaging, inclusivity, and other facets born from 2012’s faded Growth & Opportunity Project report.

Now, the RNC is moving forward with another audit — but unlike a decade ago, Trump’s shadow looms ominously over the proceedings. His diehard support among tens of millions of Americans won’t easily fade. He recently appeared to threaten a third-party run if the GOP doesn’t give him the nomination again.

Would we expect anything less from a man who refused to admit he lost in 2020, who blames everyone — including his wife — for his shortcomings?

Wasn’t this always the end game of a party that abandoned a thoughtful, innovative, forward-looking action plan for a man who in the end reportedly supported hanging his vice president for not stealing the 2020 election?

This is why Kevin McCarthy’s problems are not his alone. They’re not House Republicans’ alone. They’re not the RNC’s alone.

This is about a broken party that for more than seven years has, to varying extreme degrees, put its future in the hands of a broken man.

Republicans would have picked their House Speaker by now . . . would have controlled the U.S. Senate . . . and possibly would have controlled the White House, if only they’d abandoned Trump after he admitted to sexually assaulting women on the Access Hollywood tape. Or if they’d abandoned him after he sided with Vladimir Putin against the United States in Helsinki. Or if they’d abandoned him after Jan 6, 2021. Instead, they are somehow worse off than they were 10 years ago. Until they realize it, they will remain broken.

B.J. Rudell is a longtime political strategist, former associate director for Duke University’s Center for Politics, and recent North Carolina Democratic Party operative. In a career encompassing stints on Capitol Hill, on presidential campaigns, in a newsroom, in classrooms, and for a consulting firm, he has authored three books and has shared political insights across all media platforms, including for CNN and Fox News.

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Gallego builds political team ahead of Sinema showdown

Politics, Policy, Political News Top Stories 

Rep. Ruben Gallego (D-Ariz.) is taking new steps to build a Senate campaign-in-waiting, signing on a pollster, interviewing paid media firms, and pulling in veterans from Sens. John Fetterman, Mark Kelly, and Raphael Warnock’s teams.

Gallego’s most recent moves, first shared with POLITICO, include hiring a finance director: Danny Carroll, who previously worked for Kelly’s reelection campaign in 2022.

It is, in part, a gesture of defiance directed at Sen. Kyrsten Sinema (I-Ariz.), whose recent switch in party registration to independent served as an implicit warning to Democrats that if they ran against her they risked splitting the vote and handing the seat to the Republicans.

Gallego, a Marine combat veteran who has built a reputation as an unabashed progressive, has made clear he’s been unswayed by Sinema’s moves. The congressman has also enlisted Chuck Rocha, a former top aide to Bernie Sanders’ 2020 presidential campaign, as a senior adviser. Rocha will be tasked with, among other things, spearheading and overseeing Gallego’s Latino outreach effort, a critical element in the battleground state of Arizona where a third of the population is Hispanic.

At the same time, Gallego has been working to build up a war chest. Since Sinema made her announcement, he has received more than 25,000 individual financial contributions, his advisers told POLITICO. At the end of 2022, Gallego’s House campaign committee had $1.1 million on hand, according to the most recent campaign finance reports — money that could be used in a Senate bid, should he launch one.

“Gallego has assembled an amazing team of Democratic operatives behind the biggest wins of 2022,” said Rebecca Katz, a top consultant to Gallego who founded the Democratic firm New Deal Strategies and helped guide Fetterman’s 2022 win. “The latest polling shows that Gallego is the strongest Democrat to hold this seat and the best candidate period for preventing Republicans from winning Arizona in 2024.”

The behind-the-scenes effort by Gallego amounts to an attempted show of force against Sinema. The senator announced she was changing her party registration from Democratic to independent in December, in what was perceived as an attempt to avoid a primary and scare off potential progressive challengers.

But Gallego’s moves also are an exhibition of strength against potential Democratic contenders who he would prefer to stay out of an already-crowded race.

Rep. Greg Stanton, a more moderate Democrat also rumored to be eyeing a run, had $64,000 on hand at the end of last year after having waged a successful race in a toss-up district this fall. Other possible Democratic contenders include Tucson Mayor Regina Romero and Phoenix Mayor Kate Gallego, who is Ruben Gallego’s ex-wife.

Sinema, who had $7.9 million in the bank as of the most recent filing, has not officially announced whether she will run for reelection in 2024. But she has filed paperwork to run as an independent.

Hannah Hurley, a spokesperson for Sinema, declined to provide a comment for the story, pointing to the senator’s recent remarks that she is not focused on politics right now.

Andy Barr, a Democratic consultant who is a veteran of Arizona campaigns, said that Gallego “would probably start as the frontrunner for the primary,” though “if Greg Stanton wanted to jump in, that would make it a little complicated.”

“People think of Ruben as this progressive firebrand — that’s sort of a label that gets put on him — but him being a veteran and him having served in combat is going to really matter in a way that people aren’t quite grasping,” Barr added. Barr has previously worked for both Gallego and Stanton, but is currently not involved with them or any possible 2024 Senate campaign.

A number of Republican names have been floated as possible Senate candidates in 2024, including unsuccessful 2022 gubernatorial candidate Kari Lake, failed 2022 Senate nominee Blake Masters, Treasurer Kimberly Yee, Rep. Andy Biggs (R), Pinal County Sheriff Mark Lamb, and former Rep. Matt Salmon.

Lake has recently fielded calls from supporters encouraging her to run for Senate, according to a person familiar with those calls.

“On the Republican side, I think this has all the makings of a total jungle primary with several candidates running,” said Brady Smith, an Arizona-based GOP strategist. “Republicans in Arizona looking at this race are cautiously licking their chops.”

Gallego has taken other steps toward a Senate run in recent weeks. As previously reported by POLITICO, he brought on board GBAO Strategies, a Democratic pollster that consulted Fetterman and Warnock’s campaigns in 2022.

For grassroots fundraising, Gallego has recruited the digital firm Aisle 518. Meanwhile, Katz, who has served as Fetterman’s longtime top strategist, is taking on a similar role for Gallego that she had for the now-Pennsylvania senator, working as a general consultant and orchestrating Gallego’s communications strategy.

Kipp Hebert and Carina Chacon from Katz’s firm are also joining the Gallego effort.

As for when Gallego will make an official announcement about a possible Senate campaign, his advisers are keeping quiet, with Katz only saying it will come “soon.”

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Bank of America's top 2023 picks include an under-the-radar tech stock

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The Fed just gave a veiled warning to investors: Expect more stocks pain if markets keep betting on rate cuts

Business Insider 

Federal Reserve chair Jerome Powell speaking at a news conference in July 2022. The central bank has warned that there could be further pain ahead for stocks if investors start betting it will cut interest rates later this year.

Markets will suffer if investors carry on expecting rate cuts, according to the latest Federal Reserve minutes.
Bets on a Fed pivot “would complicate the committee’s efforts to restore price stability,” the minutes read.
Some strategists believe that the central bank is now easing up on its monetary tightening campaign as inflation shows signs of cooling.

Some Federal Reserve policymakers have signaled that financial markets could suffer if investors carry on expecting interest-rate cuts, according to minutes from the central bank’s December meeting.

The latest release from the Fed suggests it’s still premature for markets to start factoring in any loosening of monetary policy in 2023 – and that a flurry of bets to the contrary will likely necessitate more interest-rate increases to bring inflation under control.

“Participants noted that, because monetary policy worked importantly through financial markets, an unwarranted easing in financial conditions, especially if driven by a misperception by the public of the committee’s reaction function, would complicate the committee’s effort to restore price stability,” the minutes read.

The central bank slowed the pace of its current tightening campaign for the first time in December when it raised rates by 50 basis points, after four previous hikes of 75 basis points each.

Some strategists saw that move as a bullish signal for stocks, expecting the Fed to stop its rate increases in the near future and eventually pivot to cutting borrowing costs later in the year as inflation cools towards its 2% target.

But the Fed appears to have issued a veiled warning that investors piling into stocks right now would in itself be inflationary – which could then require the central bank to boost rates further at a later date.

“No participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023,” the minutes read. 

“A number of participants emphasized that it would be important to clearly communicate that a slowing in the pace of rate increases was not an indication of any weakening of the committee’s resolve to achieve its price-stability goal or a judgment that inflation was already on a persistent downward path.”

The benchmark S&P 500 fell 0.3% after the Fed minutes were released at 2PM Eastern Time on Tuesday.

Interest-rate increases tend to weigh on stocks, because higher borrowing costs eat into companies’ future cash flows, reducing their overall valuation.

Savings accounts also start to offer greater yields, making it attractive for people to hold onto their cash rather than investing it.

Read more: Fed minutes and US jobs data might drive the first major market moves of 2023. Here’s what you need to know.

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Exiled Venezuela lawmakers chosen to lead anti-Maduro fight

Top News: US & International Top News Stories Today | AP News 

FILE – Opposition leader Juan Guaido explains the income and expenses of his self-proclaimed, parallel government in Caracas, Venezuela, Sept. 16, 2022. Venezuela’s opposition on Thursday, Jan. 5, 2023, has selected an all-female team of exiled former lawmakers to replace Guaido as the face of its efforts to remove socialist President Nicolas Maduro. (AP Photo/Ariana Cubillos, File)

CARACAS, Venezuela (AP) — Venezuela’s opposition has selected an all-female team of mostly unknown exiled former lawmakers to replace the beleaguered Juan Guaidó as the face of its faltering efforts to remove socialist President Nicolas Maduro.

Last week, politicians who were elected to the National Assembly in 2015 voted to oust Guaidó from his role as “interim president,” a title he claimed as head of what was widely considered the South American nation’s last democratically elected institution.

On Thursday, those same former lawmakers chose Dinorah Figueroa as his replacement. She’ll be joined by two other backbenchers — Marianela Fernández and Auristela Vásquez — in a triumvirate leadership of a legislature that operates as a symbolic shadow to Maduro’s rubber-stamping National Assembly, which convened Thursday in its neoclassical chambers.

The women represent three different parties that had been pushing for Guaidó’s removal as a way to reconnect with disillusioned voters ahead of next year’s presidential elections. But it remains to see how, living outside Venezuela, they will manage to mobilize their compatriots to counter Maduro’s increasingly firm grip on power.

Figueroa, a medical surgeon who has been living in Spain, appealed for unity in her first address to fellow Maduro opponents. She also promised to work to shield the OPEC nation’s extensive oil assets abroad, which include Houston-based refinery Citgo, from seizure by a long list of creditors stiffed by Maduro’s profligate spending over the years.

Hub peek embed (apf-politics) – Compressed layout (automatic embed)

“I have the conviction that this parliament will raise the flag of faith, hope and justice,” Figuera said in the session, which was held virtually, in a Zoom meeting, because so many opposition politicians like her have fled Venezuela in recent years.

In January 2019, the National Assembly, then controlled by the opposition, voted to stop recognizing Maduro as president after several top opponents were barred from running against him. It then appointed Guaidó, who was one of the few leaders in his Popular Will party to avoid arrest or exile, to be the nation’s “interim president,” in accordance with the order of succession outlined in Venezuela’s constitution.

Guaidó was quickly recognized as Venezuela’s legitimate leader by the United States and dozens of governments in Europe and Latin America.

But his interim government was unable to win over the military, the traditional arbiter of political disputes in Venezuela, and the opposition-controlled National Assembly’s five-year mandate officially ended at the close of 2020. With leftist leaders winning elections across Latin America in recent years, the U.S.-led international coalition to pressure Maduro has also frayed. Colombia, Brazil and Spain are among the countries that recently re-established diplomatic ties.

Guaido, in Thursday’s meeting, thanked his many supporters, both domestic and foreign, in what was something akin to a farewell address. Standing at a lectern emblazoned with the Venezuelan presidential seal, the 39-year-old said he would remain in Venezuela — despite calls for his arrest from among Maduro’s more radical supporters — and urged his successors to rebuild the unity needed to unseat Maduro.

“We can’t generate a power vacuum that only benefits the de-facto dictator,” he said.

Guaido’s departure from the political scene may only be temporary however.

Although no longer the harbinger of hope he was when he rose from obscurity amid a wave of street protests to challenge Maduro’s rule, he remains a popular figure in the otherwise rudderless opposition, admired for his bravery and commitment to the cause of Venezuela’s democracy if not for always delivering results. He’s expected to be among those who will compete in opposition primaries this year to see who runs against Maduro in 2024.

Meanwhile, Maduro’s supporters seemed to be relishing the opposition’s squabbles.

At Thursday’s session inaugurating the legislative year, loyalist lawmakers re-elected Jorge Rodriguez to lead the National Assembly. Rodriguez, a close Maduro ally, accused the opposition of causing imposing undue “pain, suffering and aggression against the Venezuelan people” by supporting U.S. sanctions on the country.

Socialist party boss Diosdado Cabello also took a shot at the rival legislature, saying: “They love to live in a fantasy, they love to live dreaming.”

The Biden administration has largely tried to avoid wading into the opposition’s feuding while continuing to pressure Maduro to make meaningful concessions to the opposition in negotiations taking place in Mexico that would pave the way for free and fair elections.

U.S. State Department spokesman Ned Price said Tuesday that the U.S. stands ready to work with any individual, or collective body, chosen by the 2015 National Assembly to represent it.

“Our approach to Nicolás Maduro has not changed,” Price said Tuesday. “He is illegitimate. We support the 2015 National Assembly as the only remaining vestige of democracy in Venezuela.”

___

Goodman reported from Miami.

 

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Workers still quitting at high rates — and getting a big bump in pay

Filadendron | E+ | Getty Images

The share of workers who quit their jobs jumped in November for the first time since last spring — and they’re getting a big pay bump for moving, data shows.

The “quits rate” among U.S. workers was 2.7% in November, up from 2.6% the prior month, according to U.S. Department of Labor data issued Wednesday. It was the first time the rate increased since last March.

The quits rate measures the number of people who quit their jobs during the month as a percent of total employment.

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Almost 4.2 million people left their jobs voluntarily in November, according to Labor Department data. Workers who quit overwhelmingly do so in order to take new jobs, economists said.

The labor market remains strong by historical standards, characterized by a high level of job openings and low layoffs. That translates to ample opportunity for workers, who generally get an increase in pay when they accept a new position.

“Job switching is one of the best ways to get a raise,” said Nick Bunker, economic research director at Indeed. “People are quitting their jobs because it pays to quit their job.”

In fact, the difference in wage growth for job switchers relative to those who stay in their current role is at a record high, said Julia Pollak, chief economist at ZipRecruiter.

Job switchers got a 7.7% increase in wages in November from a year earlier, versus a 5.5% increase for job stayers, according to the Federal Reserve Bank of Atlanta. That 2.2-point difference is about three times higher than the 0.7-point historical trend, Pollak said.

“There are clearly big benefits to switching jobs right now,” Pollak said.

Why this is a ‘golden era’ for job seekers

Quickly rising pay for the average American is a byproduct of a surge in demand for labor that started in 2021 as large sections of the U.S. economy began to reopen after a period of pandemic-induced dormancy.

Job openings ballooned to record highs. Quits increased in lockstep — a trend that came to be known as the Great Resignation. Layoffs fell to historic lows as businesses sought to hang onto their existing workers.

“This is one of the best times ever for workers and jobseekers,” said Pollak, adding that workers have an unprecedented degree of job security and opportunity. “It remains a sort of golden era.”

JOLTs data holds strong despite Fed rate hikes

While job openings and the level of quitting have declined from peaks in late 2021 and early 2022, they remain elevated by historic standards. Quits will likely remain high until labor demand takes a serious downturn, Bunker said.

Of course, wage growth hasn’t kept pace with inflation for the average worker. So-called “real” hourly wages — a measure of pay after accounting for inflation — declined by 1.9% in November, according to the Labor Department.

In other words, the average consumer lost buying power because rapidly rising prices for goods and services outstripped pay growth.  

But job switchers did better at keeping up with inflation than those who stayed at their jobs. In fact, in November, their annual 7.7% wage growth beat the 7.1% annual inflation rate, according to a comparison of Federal Reserve Bank of Atlanta wage data relative to the consumer price index.

Policymakers try to cool job market to tame inflation

Wage growth is feeding into inflation, which has declined but remains near its highest level in about four decades. The U.S. Federal Reserve has been raising interest rates aggressively in a bid to reduce demand in the economy, cool the labor market and snuff out stubbornly high inflation.

Wage growth has moderated a bit from 2021, though remains strong relative to its pre-pandemic trend, Bunker said. If wages continue to increase at rapid rates, policymakers may feel the need to raise borrowing costs even more than anticipated — cooling the labor market further in the process.

Currently, the brakes don’t seem to be slamming on the labor market, at least not in the near future.

“The labor market is the bedrock source of strength for the U.S. economy right now,” Bunker said.

Some economists recommend workers prepare in case a downturn eventually comes, and increased layoffs with it.

“Even for those who believe their employment is stable, it would be wise to keep job contacts intact in case things change over the course of the year,” said Mark Hamrick, senior economic analyst at Bankrate.

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One of the last pre-Elon Musk Twitter executives to leave the company said he and the billionaire exchanged ideas at 3 a.m.

Business Insider 

Behnam Rezaei said he exchanged late-night messages with Elon Musk about ideas for the site.

A former Twitter exec said he and Elon Musk used to swap ideas for the site late at night.
Behnam Rezaei, Twitter’s head of product and engineering, said he left Twitter this week.
Rezaei said in a tweet that he and Musk discussed “product ideas or bugs” at 3:00 a.m.

One of the last remaining executives from Twitter 1.0 says he and new owner Elon Musk used to exchange ideas for the site into the late hours of the night.

Behnam Rezaei, Twitter’s head of product and engineering, said on Wednesday that he had left Twitter the previous day. In a thread on Twitter he described his five and a half years working at the social-media giant.

As well as discussing his role and praising his former colleagues, Rezaei posted about what it was like to work alongside Musk.

Rezaei said that he had worked with Musk “to transform the company towards his vision” and they had exchanged 3 a.m. texts about “product ideas or bugs.”

Musk, who is known for his headstrong approach to work, has said he has slept at Twitter’s offices since taking over, and other staffers have appeared to sleep there too. The tech mogul has previously said that he sleeps for around six hours a night on average, and he often tweets well into the night.

“I also learned from up close Elon Musk’s framework to scale the efficiency of a startup to a midsize company to achieve the unachievable,” Rezaei tweeted. “Thank you Elon.”

Though he used the blue heart emoji and hashtag #lovewhereyouworked that have become symbolic among former Twitter staff, Rezaei’s tweets are in stark contrast to those of many other Twitter employees who left the company.

Former staff appear to have largely avoided mentioning Musk in their farewell posts on Twitter and LinkedIn, instead choosing to talk about how they “had it good at Twitter 1.0,” a phrase used to refer to the company pre-Musk. Some have tweeted thinly-veiled criticisms of the company’s new owner.

Rezaei’s posts suggests an amicable parting, in contrast to the thousands of other Twitter staff who were abruptly laid off the week Musk took charge of the company.

Platformer journalist Zoë Schiffer said that Rezaei had been one of the last remaining leaders at the site from pre-Musk Twitter. Schiffer said that he resigned from the company, though in his tweets Rezaei did not specify whether he quit or was laid-off.

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Pelosi: Republicans’ ‘cavalier’ attitude in Speaker election ‘frivolous, disrespectful’

Just In | The Hill 

Former Speaker Nancy Pelosi (D-Calif.) is criticizing the GOP’s approach to the Speakership election as it reaches its third day, saying that Republicans’ “cavalier” attitude is “frivolous, disrespectful.” 

“All who serve in the House share a responsibility to bring dignity to this body,” Pelosi tweeted late Wednesday. “Sadly, Republicans’ cavalier attitude in electing a Speaker is frivolous, disrespectful and unworthy of this institution.” 

“We must open the House and proceed with the People’s work,” she continued. 

The House has been brought to a standstill as the body has been unable to elect a Speaker during the first two days of its new session. The House is not able to conduct any additional business, including swearing in new members, until a Speaker is elected. 

House GOP leader Kevin McCarthy (Calif.) has tried to consolidate Republicans to stand behind him, but 19 GOP members voted for another candidate on the first two ballots, and 20 members voted for someone else on subsequent ballots, denying him victory. 

This is the first time in a century that the House did not elect a Speaker on the first ballot. The House conducted three ballots on Tuesday and three additional ballots on Wednesday, but the vote count has remained roughly the same each time. 

The House adjourned Wednesday afternoon to return at 8 p.m. for more votes, but it narrowly voted to adjourn again until Thursday at noon. Democrats opposed adjourning Wednesday night, wanting to proceed with the voting. 

McCarthy made several concessions to hardliners in his party ahead of the votes to try to win their support, but opponents have not been satisfied enough to back him for the position. 

McCarthy has reportedly offered more concessions in his bid to gain the support of hardline Republican opponents.

The Congressional Leadership Fund, a PAC that works to fund and elect Republican House candidates, agreed on Wednesday to not spend in any open-seat primaries in safe Republican districts as part of a deal for an influential conservative organization, the Club for Growth, to support McCarthy’s bid.

A photo of Pelosi was also taken by The Associated Press during the House session Wednesday showing her reading a New Yorker article called “What Kevin McCarthy will do to gain power.”

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'I know he could hear me': Colts' Rodney Thomas II details bedside hospital visit with Damar Hamlin as he remains in critical condition



CNN
 — 

As Buffalo Bills player Damar Hamlin remains in critical condition after suffering a mid-game cardiac arrest, his childhood friend and high school teammate, Indianapolis Colts safety Rodney Thomas II, says there is “no doubt in my mind” that Hamlin will recover.

Thomas drove directly to the hospital where Hamlin was being treated Monday night, where he said Hamlin lay sedated after being rushed from the field during the Bills’ game against the Cincinnati Bengals.

“I know he could hear me,” Thomas said while speaking to reporters Wednesday. He said he was able to be in the room with Hamlin and hold his hand. “Even if he couldn’t hear me, it didn’t matter. I said what I had to say.”

The pair, who became close friends while teammates at their Pittsburgh high school, spoke daily and had talked earlier Monday before Hamlin’s collapse.

“It calmed me way down,” Thomas said of seeing his friend. “It made the trip home a lot easier. I could go home and know he’s gonna be straight. I got him. We all got him. Everybody’s behind him.”

Hamlin remains under intensive care at the University of Cincinnati Medical Center following his collapse during the first quarter of Monday night’s game, though he has been showing “signs of improvement” his team said in a statement Wednesday.

His heartbeat was restored on the field, the Bills have said, before he was carried from the stadium in an ambulance while stunned and visibly emotional players and fans looked on. Hamlin is on a ventilator and was “flipped over on his stomach” in the hospital to help relieve some of the strain on his lungs, his uncle Dorrian Glenn told CNN Tuesday.

Since his hospitalization, Hamlin has received a nationwide outpouring of support from fans and players across the sports world, including more than $7 million donated to his foundation’s toy drive GoFundMe as of Thursday morning. Several athletes have donned Hamlin’s number, 3, or his jersey while teams across the league have honored him through jumbotron messages and light displays at their stadiums.

The Bills-Bengals game was postponed after Hamlin’s collapse with the Bengals leading 7-3. The NFL is discussing how to handle the incomplete game – which will not be continued this week – but has yet to announce a strategy.

Initially regarded as an important late-season matchup with significant playoff implications, the showdown averaged 21.1 million viewers on ESPN during gameplay, according to Nielsen ratings. After Hamlin’s collapse, viewers grew to a historic 23.9 million, making the telecast the most watched “Monday Night Football” in ESPN history.

It is still unclear what caused Hamlin’s cardiac arrest, but NFL chief medical officer Dr. Allen Sills said the league will investigate what could have led to the player’s collapse during the game.

Any time a player is evacuated from the field, the NFL and its medical experts perform a detailed review of what happened, Sills explained on a call with reporters Wednesday. They also examine the role protective equipment may have played, he said.

In some cases, Sills said, the medical team will not be able to determine what caused the problem.

The doctor also addressed theories that the cardiac arrest could have been caused by commotio cordis, which occurs when severe trauma to the chest disrupts the heart’s electrical charge, causing dangerous fibrillations.

“You have to have the right type of blow hitting at the right spot on the chest with the right amount of force at just the right time in that cardiac cycle. So a lot of things have to line up for that to happen,” he said, emphasizing that while it is possible, investigators will consider all options.

Sills attributed the “transformational response” of medical personnel when Hamlin collapsed to the “60-minute meeting” that is held among medical teams and NFL officials before every game. During the meeting, teams identify the location of medical equipment and nearby medical centers, and establish a chain of command in case of an emergency, including cardiac arrest, among other things.

Hamlin’s collapse is the latest in a string of recent tragedies that have struck the community of Buffalo and and its beloved football team, including a racist mass shooting and a historic blizzard that left at least 41 people dead in Erie County, New York.

A high-ranking official within the Bills organization told CNN’s Coy Wire that they broke down in tears after day and night-long meetings on Tuesday, sobbing because of the heaviness of the situation.

The series of difficult blows to Buffalo have emotionally piled up within the organization, the source said, adding that through it all, the team has tried to be a source of strength for the city, the source tells Wire.

The source pointed to the performance of Buffalo Sabres hockey forward Tage Thompson on Tuesday night as a “glimmer of hope” at a time when the team needs inspiration.

Hamlin’s jersey number, 3, was a recurring motif throughout the game, played on January 3. Thompson’s three goals during overtime brought the Sabres a win. It was Thompson’s third hat trick of the season and his third goal came fortuitously in the third minute of overtime.

The Sabres also wore “Love for 3” t-shirts honoring Hamlin before the game.


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Silvergate Stock Plunges As FTX Collapse Triggers $8.1 Billion In Customer Withdrawals

TheStreet 

“The digital asset industry has undergone a transformational shift, with significant over-leverage in the industry leading to several high-profile bankruptcies,” Silvergate said.

Silvergate Capital  (SI) – Get Free Report shares plunged lower Thursday after it said the collapse of FTX lead to a rush of withdraws at the crypto lending specialist amid what it called a “crisis of confidence across the digital asset ecosystem.”

Silvergate said in a limited update to its fourth quarter earnings that deposits from digital asset customers fell $8.1 billion over the three months ending in December, compared to third quarter levels, to around $3.8 billion following the FTX Chapter 11 bankruptcy filing in early November. 

The rush to withdraw lead Silvergate to sell $5.2 billion of its digital assets at a $718 million loss to their book value in order to maintain liquidity. The lender also said it will cut around 40% of its staff, taking a charge of around $4 million along the way, in order to reduce costs. 

Stocks Edge Higher, Jobs Data, Amazon, Johnson & Johnson, Walgreen – Five Things To Know

“In response to the rapid changes in the digital asset industry during the fourth quarter, we took commensurate steps to ensure that we were maintaining cash liquidity in order to satisfy potential deposit outflows, and we currently maintain a cash position in excess of our digital asset related deposits,” said CEO Alan Lane.   

Silvergate shares were marked 40% lower in pre-market trading immediately following the group’s fourth quarter update to indicate an opening bell price of $13.22 each, a move that would lop more than $277 million from its market value. 

FTX, at one time the second largest crypto platform in the worlds with a market value of around $32 billion, filed for Chapter 11 bankruptcy protection in early November amid a liquidity crisis triggered by the illegal use of customer deposits to back risky trades made by the group’s wholly-owned hedge fund known as Alameda Research. 

Its former CEO and founder, Sam Bankman-Fried, has been charged with eight counts of fraud and conspiracy by federal prosecutors in the Southern District of New York

The U.S. Securities and Exchange Commission has charged him with building a ‘house of cards on a foundation of deception’ from the world’s second-largest crypto exchange while defrauding investors of more than $1.8 billion in order to expand his business empire and fund a lavish lifestyle that included luxury real estate purchases.

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