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From the opinion pages of the Wall Street Journal, this is Potomac Watch.

Welcome.

I'm Paul Gigo, the opinion editor of the Wall Street Journal.

And today we have a special edition of Potomac Watch with my guest, David McCormick.

He's a graduate of West Point, veteran of Desert Storm in Iraq, former CEO of the investment firm Bridgewater Associates.

And most recently, a Republican Senate candidate in Pennsylvania.

He's also the author of a new book, Super Power in Parallel, a battle plan to renew America.

Welcome, David. Nice to have you with us.

Paul, thanks for having me.

All right. Let's talk about it in your book and politics and so on.

But first, you're a veteran of Wall Street.

I want you to get your take on what you think is happening here with this little financial panic we've been having.

The failure of two mid-sized banks.

How extensive is this problem?

Well, I think the problem is quite extensive in the sense that the context for this is more than a decade of excess, excess in spending.

That was accelerated dramatically under Joe Biden with more than $10 trillion of incremental spending and 40% increase in discretionary spending,

but also a decade of excess in the sense of extreme low interest rates.

And that has created an environment where investors have allocated capital as if it were risk-free.

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