In the past few days, two large American banks have failed. Everyone in the financial world is now holding their collective breath, hoping that this will be the full extent of the damage and that we won't see more banks shutter their doors as well. The bank failures (even if they stop at two) will have other widespread economic consequences as well. This all might just convince the Federal Reserve not to hike interest rates another half a percent when they meet next week (which was anticipated by many) and instead leave them where they are for now. Rising interest rates played a role in the failure of Silicon Valley Bank, the first to fail. There will likely be political fallout as well, as Congress holds hearings and investigates and possibly even passes some changes to the banking laws. This would be appropriate, since the real reason these banks failed is that they were allowed to run too much risk.

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We have to warn everyone up front here that this week's Friday Talking Points column is not going to follow the normal format. Most of it is actually going to review the speech that President Joe Biden gave yesterday in Philadelphia, Pennsylvania. Biden went to Philly to introduce his annual budget proposal, which was publicly released just before he spoke.

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President Joe Biden released his third budget proposal today. It is an opening bid which both lays out Biden's negotiating position in the upcoming showdown with congressional Republicans. But it also unveils a policy blueprint for Biden's yet-to-be-announced re-election campaign. Biden used his budget to showcase his unfinished agenda -- much of which was included in his earlier "Build Back Better" proposal -- and indicate where his political priorities lie. It is a promise to the American people what Biden will be fighting for, whether for the next two years or the next six.

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President Joe Biden is reportedly going to unveil his budget proposal tomorrow. Like any White House budget proposal, it will contain both some good ideas and some bad ideas, and it will be argued about by both sides of the political divide. Progressives will argue it doesn't contain enough of their agenda items, moderate Democrats will argue it contains too many progressive ideas, and the Republicans will try to demonize it as the worst idea anyone has had since the dawn of time. Also, like all presidential budgets, it will not pass Congress intact -- not by a long shot. The House and the Senate will want to pass their own budgets, and at most they'll co-opt a few ideas from Biden's budget while charting their own course on much of it. But politically, Democrats will have a window of time where they will be able to make a potent point: something is better than nothing.

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Donald Trump is running for president again. Forgive me if this was an unnecessary thing to point out, but at times it seems like the public almost needs a reminder of this fact, due to Trump's almost non-existent campaign so far. Personally, I am left wondering when Trump is going to get back to his signature giant rallies and start actively running once again in a big way. If President Joe Biden announces his re-election bid, it will almost certainly clear the Democratic field of serious contenders, so the primary fight on the Republican side is going to be the only game in town for the next year or more. But so far, it has been a real snoozefest.

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Apparently, there was a big murder trial down South that culminated this week, but we have to admit that since it wasn't an overtly political case, we just didn't pay much attention to it. Instead, as always, we had our nose to the grindstone of sifting through the week's political news so that you don't have to. In other words: Welcome to another installment of Friday Talking Points!

We're going to start this week with some good news. Not great news, mind you, but pretty good nonetheless. A spate of actual bipartisanship broke out in the Senate this week and with amazing speed (for Congress in general and for the Senate in particular) they came up with proposed legislation that might actually have a chance of passing. Well, passing the Senate at least, since nobody has any clue of what the GOP House will do these days.

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Pharmaceutical giant Eli Lilly announced today that they would be slashing their prices for insulin by 70 percent. Think about that for a moment -- a corporation was pricing a product so high that it can cut the price by 70 percent and still make money off of it. That should be seen as nothing short of obscene to the average person. But what is interesting about this announcement is that it seems a combination of public shame and some competition in the marketplace has brought about this change. And that's worth celebrating a little bit, even if the case isn't exactly cut-and-dried.

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Game theory is a rather fun branch of mathematics that tries to predict the odds of having what you want happen, when stacked up against other rational agents. I've never studied it formally myself, but it's always intrigued me. The classic example (to me, anyway, and which I am not going to bother to explain) is that the contestant on Let's Make A Deal should always change their choice (of Doors Number One, Two, or Three) after the host reveals one of the prize packages, because doing so actually doubles the odds of getting the best prize package instead of the booby prize. Those are the sorts of puzzles it tries to figure out -- like what is the best amount of money to bet at the end of Jeopardy! (depending on how much you and your opponents have at the time). But both of those are examples with easily-quantifiable odds, which aren't always (in real life, outside of game shows) all that easy to accurately predict. So I'm using the term rather loosely here, not in a strict "figure the odds" mathematical way -- more of "gaming it out" than formal game theory. But the Biden conundrum has certainly been getting a lot of attention lately, so I thought I'd take a shot at playing the game too. Or, at the very least, outlining it in a rational fashion for everyone else to play too.

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Trains were at the heart of the political scene this week. Internationally, President Joe Biden took a 10-hour train ride to get to Kyiv in person (which he must have thoroughly enjoyed, knowing his general love of trains). Domestically, the trainwreck in Ohio became sidetracked into a political circus.

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I begin today with a rather anti-sign song lyric, which is somewhat counterproductive since I am actually about to take a very pro-sign stance. But when it gets right down to it, there just aren't a whole lot of songs about signs to choose from, so we must make do with what we've got. This is also an unusual column for me to write since I will be inveighing against the heavy hand of the federal government, which I usually save for my thoughts on the federal War On Drugs and a few other choice issues.

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