rate and imposing a 25% minimum tax on wealthy americans. here with a look at the coming showdown in congress our wall street journal columnists khan henninger and mary anastasia o grady and editorial board member kyle peterson. so, dan, i couldn t help but notice that the new york times this week portrayed the president s budget as moving to the center. is that how you see it? [laughter] whoa. well, it may be where the new york times describes the center. no, that budget moves smartly to the left. i mean, senator elizabeth warren was beside herself over all the tax increases on the wealthy. she just thought it was great. you know, this is really a peter pan judgment, paul. you just spread pixie dust everywhere, and the economy takes off. we could make fun of it, we say it s not going to happen because of the republican house. i could make a couple points about in this. one, if perchance, this is a campaign speech concern a campaign budget, there s no question about it, a
this week s actions demonstrate our resolute commitment to insure that our financial system remains strong and that depositors savings remain safe. paul: let s bring in jason trender, chairman and ceo of an investment strategy firm. jason, quite a week in financial markets. you know, the treasury secretary says all is well, safe and sound, but the markets aren t acting like it. just how big a question a problem is this in the banking system? well, paul, we don t know yet, but i think that, you know, history has taught us that, generally speaking, when there are problems like this in the banking system, they re not they generally don t tend to be isolated. i feel very strongly that in many ways the precursor for this has been 12 the years of i would say borderline irresponsible monoair the policy and fiscal policy paul: right. and so in some ways, it s not surprising that when inflation moves higher as a result of those policies, that people get caught offsides when
this is more about optics, i don t know if it s a turn to the middle. paul: khan, you have some concern dan, you have some people in the beltway always looking to see saying, well, you have this decision on willow, you ve got his decision to sign or say he would sign the override of the d.c. crime bill which is weak on crime, he said. and then you have him continuing, apparently, stories he will adopt some of donald trump s policies at the border to the stop the reduce the chaos there. what do you make of those moves, and is this, in fact, a larger move to the middle? well, i wouldn t describe it as a move to the pd middle. st it s basically a move away from the far, far left. he s hardly made it all the way over to the middle [laughter] paul: it depends on how you define middle, right? exactly right. when you consider joe biden has been pursuing, by and large, the policies that the progressives, bernie sanders and elizabeth
paul: khan, briefly, federal reserve next week meets. should they keep raising rates o? i think they have to. the european central bank raised its rate a half point this past week, and i think if they don t do it, heir going to remove any market discipline that is out will there right now. there s so many players out there who want those rates back towards zero, and i think the fed has to stay the course and make sure that discipline is still the in there and inflation is brought under control. paul: thank you, all. when we come back, florida governor ron desantis wades into the debate over aid to ukraine as a divide emerges in the republican 2024 the presidential field. aww. [ audience cheers ] maybe try switching your car insurance to progressive. you could save hundreds. [ audience laughter ] thanks, tv dad. we ll think about it, okay? look what i found. -a puppy! -a puppy! oh, no, no.
i think there are many factors that have contributed to high inflation. it s critical for the fed to address it, and the president is doing all that he can. paul: treasury secretary janet yellen telling lawmakers that fighting inflation is president biden s top priority as the federal reserve gets set to meet next week. but republicans are pointing to the administration s record spending as a key driver of inflation and one of the causes of the current bank panic. here s idaho senator mike crapo. president biden through all of this spending that he kid the in the last congress and the last two years has driven inflation up. and when the fed responded to push interest rates up, that that s what caused a liquidity crisis for these two banks. paul: let s bring in our panel, columnists khan henninger, kim strassel and mary mary anastasia o grady. mary, or janet yellen says