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
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keep themselves going. but with the higher interest rate, pretty soon you re going to start to see defaults on those things, and there s going to be the uncertainty in the banking sector. and i think the markets are factoring that in. if you look at the share price changes for all the big banks and the news about silicon valley bank having trouble, that s sort of the next step that happens when you re in a tightening cycle, consumers get overstretched, they start to default, they hand the things back to the banks, and the banks go into distress, and i think we re getting pretty close to that. paul: how worried should we be? silicon valley bank and silvergate capital closing shop, these look like there s not broader contagion at least so far, but, of course, these things are always you don t really know. how worried should we be about financial cracks beginning to open up in the economy? you know, i think we should be very worried. and the reason is that we ve got a biden administra