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Some thoughts on Netanyahu’s speech before Congress – and the Jewish Federation allocations to agencies
By BERNIE BELLAN After just having watched Prime Minister Netanyahu’s speech to Congress, I’m left wondering – as are probably most pundits, just who it was that Netanyahu was trying to reach?
There certainly wasn’t anything new in what he had to say. He offered his oft-repeated litany of warnings about the dangers posed by Iran and its surrogates in the Middle East and insisted that Israel will continue its war in Gaza until it has achieved its aims.
By now though, Netanyahu has backed down from his initial goal of “totally eradicating” Hamas to instead pressing for the removal of Hamas from power – to be replaced by some sort of Palestinian civilian administration (of course, without even giving a hint of which Palestinians could be expected to form that administration).
The timing of Netanyahu’s appearance before Congress was indeed strange. No doubt, he expected to be coming to America when President Biden was still determined to continue his hopeless quest to defeat Donald Trump, so Netanyahu was for sure anticipating that he could coddle up to a soon-to-be-elected President Trump by issuing heaps of praise in his speech for how much Trump had done for Israel.
There have been many reports that even Netanyahu – who has bent over backwards to flatter as supreme a narcissist as Donald Trump, had angered Trump when he issued congratulations to President Biden over his winning the 2020 election. (Anyone who refused to go along with Trump’s insistence that the election was stolen ended up on the wrong side of Trump.) Netanyahu’s coming to the US was meant largely to patch up those damaged feelings – especially when until Sunday, July 20, it seemed all but certain that Trump was headed to victory this coming November.
Then that darned Biden had to go and throw all of Netanyahu’s calculations into the dumpster. Now, instead of being able to offer a non-stop series of remarks intended to flatter the man who was all but certain headed to a sweeping victory in November, Netanyahu had to modulate his speech to also thank President Biden for the strong support he had shown Israel since October 7. Better to keep one foot in the Democrats’ camp too, Netanyahu realized.
Still, will Netanyahu’s speech make any difference at all in the coming US election? Not at all. Anyone who knows Trump understands that he really could care less about the Middle East – unless there’s money to be made for the Trump organization there.
What about Trump’s much ballyhooed “deal of the century,” which he kept talking about back when he was President – and on which his son-in-law Jared Kushner was working (quite constructively, I’ll admit) to bring about a larger peace deal that would have included Saudi Arabia, but which also got stuck on the thorny issue of creating a Palestinian state? Is there any likelihood that a Trump administration would want to revisit that plan? Not while Netanyahu and the right-wing fanatics who are keeping him in power are still calling the shots.
While the Republican Party is sure to give staunch support to Israel – no matter who is in charge in Israel, what can be said about the Democrats?
Kamala Harris is likely to try and steer clear of enunciating any kind of clear policies when it comes to providing support for Israel. Sure, she’ll repeat the standard mantra of America standing behind Israel, but when it comes to translating that policy into concrete action, I expect that Harris will bob and weave. The mere announcement that Biden was dropping his determination to remain in the presidential race – thus leaving the floor clear for Harris to step into the role as candidate, led to a huge torrent of support from among American Jews for Harris.
So, if Harris can count on the roughly 80% of American Jews who voted for Biden in 2020 to come around again – what does that mean for her working to gain back some other constituencies who had lost interest in voting for Biden? Are Arab Americans in Michigan – where they form a sizeable group of voters, now likely to return to the Democrat fold? We’ll have to wait for polls to tell us how likely that is – and just how much Harris’s entering the race instead of Biden will have narrowed the fairly large gap that existed between Trump and Biden. I rather tend to think that Harris will be able to continue building momentum and that the 5% of Americans who, to this point, have remained undecided about which presidential candidate they will vote for will largely swing her way. On top of that, large numbers of voters who indicated they would vote for Trump – largely because they found him less unattractive than Biden, will begin to switch over to Harris.
And, where does that leave Netanyahu and his Machiavellian calculations? Based on what has happened to date, when he has consistently torpedoed deals that would have led to a cease fire, he is likely simply to procrastinate – which will keep him in good stead with those two right wing fanatics who are propping him up: Smotrich and Ben Gvir.
Switching gears – there will be many interesting stories in the days to come on this website about different members of our Jewish community – both current and former – in particular, stories that Myron Love has written about relatively young members of our community who have stepped up to assume leadership roles, including brothers Harley and Bradley Abells, Jonathan Strauss, and Elena Grinshteyn. (So, if you’re reading this on July 24, keep an eye out for new stories soon to appear.)
I have to add a note of caution though – which I’m prone to doing when it comes to discussing the long term health of our Jewish community. And that note emanates from my own report on allocations to the beneficiary agencies of the Jewish Federation in this issue.
As I observe in my story about those allocations, while the total amount to be distributed has remained fairly constant the past two years, it is somewhat lower than what it was three and four years ago, and when inflation is taken into account, it is far less than what it was 10 years ago.
While the Combined Jewish Appeal has been successful in realizing its goals each year for the past many years, again, when inflation is taken into account, what the community is raising relative to what it raised 10 years ago is far less.
But, as I’ve also noted in my reports about the Jewish Foundation each year that it announces the total value of grants it has distributed, it is the Foundation that has been very much stepping into the breech between what the needs of the community are and what has been raised by the Combined Jewish Appeal.
This past year the Foundation distributed just under $7 million in grants. That was also approximately how much the Foundation distributed the previous year, but it was a huge increase from just two years prior (2020) when the Foundation distributed a little over $5 million in grants.
And, as I reported in the July 3 issue, the Foundation is now committed to distributing 5% of the total value of its investment portfolio next year. Considering that the portfolio is now valued at over $160 million, that means the Foundation is likely to distribute over $8 million in grants in the coming year. Add to that the fact that the Foundation continues to receive a very large number of contributions each year ($5.8 million this past year), and the Foundation has become the bedrock of the financial sustainability of our Jewish community. Where would be without the Jewish Foundation? I’d hate to think.
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Somalia’s South West State Says It Has Severed Ties With the Federal Government
FILE PHOTO: Somalia’s presidential candidate of South West state Abdiaziz Hassan Mohamed speaks inside the Somali Parliament house in Mogadishu, Somalia April 30, 2018. Photo: REUTERS/Feisal Omar/File Photo
Somalia’s South West state said on Tuesday it was suspending all cooperation and relations with the government in Mogadishu, the latest sign of strain in the Horn of Africa country’s fragile federal system.
At a press conference, South West officials accused the federal government of arming militias and trying to unseat the state’s president, Abdiaziz Hassan Mohamed Laftagareen. Somalia’s defense and information ministers did not respond to Reuters’ requests for comment.
Disputes over constitutional changes, elections and the balance of power between Mogadishu and regional administrations repeatedly open up political fault lines in Somalia. The South West administration says relations with Mogadishu worsened after the federal government pushed through constitutional amendments opposed by some state leaders.
Travel agencies told Reuters on Tuesday that commercial flights between Mogadishu and Baidoa, the administrative capital of South West state, had been halted. Humanitarian flights, including for United Nations operations, were continuing. Baidoa, which lies about 245 km (150 miles) northwest of Mogadishu, is a politically and militarily sensitive city because it hosts federal troops, regional security forces and international humanitarian operations in a zone affected by drought, conflict and displacement.
The Mogadishu government’s relations with other states have also been fraught. Somaliland declared independence in 1991 and has long been outside Mogadishu’s control. The administration of semi-autonomous Puntland said in March 2024 it would no longer recognize the federal government until disputed constitutional amendments were approved in a nationwide referendum.
Semi-autonomous Jubbaland suspended ties with Mogadishu in November 2024 in a dispute over regional elections.
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Report: Iran Sees Control of Strait of Hormuz as Victory Over US, Israel
An LPG gas tanker at anchor as traffic is down in the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Shinas, Oman, March 11, 2026. Photo: REUTERS/Benoit Tessier/File Photo
i24 News – Iran is showing no indication it is ready to end the war with the United States and Israel, as officials say Tehran is relying on its control over the Strait of Hormuz to increase global economic pressure and strengthen its position.
According to regional officials cited by The Washington Post, Iran is rejecting diplomatic efforts to identify an off-ramp and instead escalating attacks on neighboring countries. An Iranian diplomat said the strategy is to “make this aggression super expensive for the aggressors,” as Tehran faces sustained military pressure.
The Strait of Hormuz remains central to Iran’s calculations. The waterway carries roughly one-fifth of global fuel shipments, and its partial closure has disrupted energy markets. US President Donald Trump issued a 48-hour deadline for Iran to reopen the route, warning of further escalation if it does not comply.
Iranian officials and diplomats said the leadership views its ability to maintain pressure through the strait as a short-term success, even as infrastructure damage mounts. “They don’t feel any pressure to negotiate,” one European diplomat based in the Gulf said, adding that Iran sees its influence over oil markets as a form of leverage.
At the same time, efforts to mediate a ceasefire have so far failed. Officials from Qatar and Oman approached Iran last week, but Tehran said it would only engage if US and Israeli strikes stopped first. An Iranian diplomat said the country would not accept a “premature ceasefire” and is seeking guarantees, including compensation and commitments to prevent future attacks.
The war has already caused significant damage. The Pentagon says more than 15,000 targets have been struck across Iran, while Iranian authorities report over 1,200 civilian deaths. The conflict has also expanded regionally, with Iranian strikes targeting energy infrastructure in Gulf states following attacks on its own facilities.
Despite mounting losses, analysts say Iran’s leadership believes prolonging the conflict could shift pressure onto Washington and its allies through rising energy prices and regional instability. “We’re still on an escalatory path,” said Alan Eyre, a former US official, adding that Tehran is attempting to “up the costs” rather than move toward negotiations.
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Persistent Iran War, Energy Price Surge Set to Sway Wavering Stocks
Stock ticker. Photo: Ahmad Ardity/Wikimedia Commons.
A Middle East crisis that has convulsed markets should remain the focal point for Wall Street in the near term, as investors stay glued to developments in Iran and the fallout from surging energy prices.
As the US-Israeli war on Iran stretches to three weeks, an over 40% jump in oil prices is driving worries about higher inflation and stagnating economic growth.
Inflationary concerns on Friday were prompting markets to rule out any equity-friendly interest rate cuts this year, which investors previously had been counting on, with futures trading instead suggesting modest chances of hikes in 2026. Federal Reserve Chair Jerome Powell expressed deep uncertainty at the US central bank’s meeting on Wednesday about how the crisis would factor into the economy, muddying its ability to forecast conditions ahead.
US stocks suffered sharp declines to end the week. The benchmark S&P 500 stock index posted its fourth straight weekly decline and hit a six-month low, while the Nasdaq Composite ended down nearly 10% below its October all-time high.
Middle East tensions escalated this week. Iran attacked energy facilities across the region following Israel’s strike on its gas field, while officials told Reuters on Friday that the US military is deploying thousands of Marines to the Middle East.
“This is a situation that’s so fluid,” said Chris Fasciano, chief market strategist at Commonwealth Financial Network. “We could have a resolution in the next week or it could go on for some time. And the longer it goes on, you start to think about the impacts it could have on the US economy.”
WATCHING OIL, STOCKS’ ‘ORDERLY’ REACTION
Swings in crude prices have rippled through asset classes. US crude settled around $98 a barrel on Friday, while Brent ended around $112. In addition to the attacks on energy infrastructure, traffic has stalled in the Strait of Hormuz, through which around a fifth of the world’s crude oil and liquefied natural gas normally passes.
The 20-day correlation between the S&P 500 and US crude stood at -0.89 late on Friday, according to LSEG data, a strong inverse relationship that showed they have tended to move in opposite directions.
“If you’re a trader, you watch oil prices because I do think that that’s generally giving the leading indicator as to how the financial markets are viewing the outlook for the conflict,” said Eric Kuby, chief investment officer at North Star Investment Management Corp.
The S&P 500 energy sector, which includes shares of oil companies, has gained since crude prices began to spike in late February, but the group accounts for less than a 4% weight in the benchmark index.
The latest declines left the S&P 500 down 6.8% from its record closing high set in late January. The pullback has mostly lacked the chaotic quality of the abrupt equity slide last April following President Donald Trump’s “Liberation Day” tariff announcement that set off broad economic worries, Fasciano said.
“This has been fairly orderly, which I think is an encouraging sign,” Fasciano said. “And I think it’s because the underlying fundamentals for corporate America are still fairly robust and are offering some support.”
TREASURY YIELDS, MARKET TECHNICALS ALSO IN FOCUS
Fast-climbing Treasury yields, driven higher by the energy price spike and caution from global central banks, were looming as a risk factor for stocks. The benchmark 10-year Treasury yield was last at 4.38% on Friday, its highest level since last summer.
Keith Lerner, chief investment officer at Truist Advisory Services, said he was watching whether the 10-year Treasury yield sustainably rises above 4.3%, which could increase pressure on stocks, while he was also eyeing 4.5% as a key level.
“Rates going higher means borrowing costs are somewhat higher. And then that could actually slow the economy,” Lerner said. “At some point, if they keep going higher, then the relative attractiveness of (bond) yields becomes more attractive relative to equities.”
Stocks were also around key technical levels. The S&P 500 on Thursday closed below its 200-day moving average — a closely watched long-term trendline — for the first time since May. With another decline on Friday, the index ended at its lowest point since September and fell below November lows that strategists had also identified as worrisome levels.
Reports on manufacturing, services activity and consumer sentiment highlight a relatively light week ahead for US economic data. A major energy conference in Houston that will feature top global industry executives could draw Wall Street’s attention.
Events in Iran were likely to loom largest. In a note on Thursday morning, analysts at UBS Global Wealth Management said the latest developments were “pushing markets to price in a higher risk of prolonged conflict, deeper infrastructure damage and higher-for-longer crude prices.”
“While a less damaging outcome in the Strait of Hormuz remains possible, recent events have narrowed that path and heightened the risk of continued volatility,” the UBS analysts said.