In The Wall Street Journal, Charles W. Calomiris makes the case that deposit insurance encourages risky behavior and makes the banking industry less safe. He writes: Silicon Valley Bank’s failure makes many Americans grateful for deposit insurance, which protects accounts holding $250,000 or less. But the SVB episode also illustrates the dangers of deposit insurance. A banking system dominated by government insurance, plus too-big-to-fail protection that effectively insures all deposits at the largest banks, lacks essential market discipline, is systemically unsafe, is more likely to see … [Read more...]
The Unintended Consequences of Governments Trying to Help
In 1986, President Ronald Reagan told assembled reporters in Illinois that "The nine most terrifying words in the English language are ‘I’m from the government and I’m here to help.’” He was talking about farm policy at the time, but the same types of unintended consequences that made 1980s agricultural policy a mess are being employed in labor markets today. Callum Borchers explains in The Wall Street Journal how a new initiative by New York on pay transparency could actually hurt pay equity by enticing firms to make the hiring process even more opaque. He writes: Almost every day, someone … [Read more...]
RIGHT TO WORK: Ford Will Build New Truck in Kentucky
Ford has chosen a location for the production of its new F-Series Super Duty truck. The destination for $700 million in new investment and 500 permanent jobs is the Right to Work state of Kentucky. The government of Louisville stated in a press release on the investment: Today, Mayor Greg Fischer joined Gov. Andy Beshear and Ford executives to announce that Ford Motor Co., which has produced motor vehicles in the commonwealth for 109 years, will expand its presence in Louisville with a $700 million investment creating 500 full-time jobs as the company prepares to produce the all-new Ford … [Read more...]
McWAGE CONTROLS: California Wants to Set Wages for Fast Food Work
At $15.00/hour California already has the highest minimum wage among the states (though D.C.'s is higher at $16.10). Now the state's politicians want to create an entirely new process for setting wages for fast food workers. The state would grant power over fast food wages to an unelected group of appointees chosen by the state's politicians. Heather Haddon and Christine Mai-Duc report for The Wall Street Journal: California’s Legislature passed a bill Monday to create a government panel that would set wages for an estimated half-million fast food workers in the state, a first-in-the-U.S. … [Read more...]
Why Is this “Fiscal Responsibility” Group Rubber Stamping the Manchin-Schumer Spending Bonanza?
You have seen Joe Manchin break his pledges to the American people and West Virginians to support the so-called Inflation Reduction Act of 2022, which has nothing to do with reducing inflation. Instead, it creates new spending and taxation to support the priorities of Joe Biden and Senate Majority Leader Chuck Schumer. You'd think that the activist groups focused on fiscal responsibility would oppose such brazen spending, and many of them did. But in The Wall Street Journal, economist Stephen Moore points out one group that gave the bill a rubber stamp, the Committee for a Responsible Federal … [Read more...]
Schwab Fined for Failing to Disclose Conflicts of Interest
Charles Schwab was fined for failure to disclose certain conflicts of interest. Investment News reports: The SEC is paying close attention to advisers’ disclosures and potential conflicts of interest, and Schwab isn’t the only firm that has faced recent changes. San Diego-based Madison Avenue Securities was fined $800,000 earlier in June for failing to disclose or not adequately conflicts associated with compensation the firm received from certain advisory client investments. “This certainly won’t be the last enforcement action for the year involving disclosures and conflicts,” said Max … [Read more...]
California’s Unions Are Trying to Strangle Ronald McDonald
You won't find a state any better at discouraging business than California. Unions are pushing the state's legislature to craft new laws that will force parent companies to take responsibility for more of what franchisees do, leaving them less likely to build new franchises. It doesn't take too much thought to see how this will hurt job creation. The Wall Street Journal reports: Democrats claim fast-food restaurants pay “poverty wages,” and the legislation directs the council to “supply the necessary cost of proper living to fast food restaurant employees.” According to MIT, the “living wage” … [Read more...]
Biden and Democrats Are Trying to Kill Right to Work Laws
Joe Biden and the Democrats in Congress are trying to kill the Right to Work laws passed in 27 of America's states. Those laws protect workers from forced unionism, and Biden wants to take that freedom away from American workers forever using a proposal known as the Pro Act. Mark Mix explains at Real Clear Markets: The “PRO-Act” would make it easier for union bosses to capture entire workplaces with little worker support, and kill all 27 state Right to Work laws so workers everywhere could be forced to pay union dues or fees just to get or keep a job. The bill would radically reduce … [Read more...]
Tesla Comes Under Greater Scrutiny than Ever Before
As Elon Musk, CEO of Tesla, attempts to personally buy Twitter in what appears to be an effort to expand free speech on the platform, the National Highway Traffic Safety Administration has decided to, coincidentally of course, apply greater scrutiny than ever before to Tesla's autopilot feature. Bloomberg reports: Derrick Monet and his wife, Jenna, were driving on an Indiana interstate in 2019 when their Tesla Model 3 sedan operating on Autopilot crashed into a parked fire truck. Derrick, then 25, sustained spine, neck, shoulder, rib and leg fractures. Jenna, 23, died at the hospital. The … [Read more...]
MY SCOTTSDALE STORY: AZ Proves the Value of Freedom
Look, not too long ago, Your Survival Guy spent a long weekend at the Scottsdale, AZ Four Seasons and loved it. I can see why wealthy Americans are flocking there. If you like golf and beautiful weather you’re good to go. Check out this article below. When you go through the reasons Paradise Valley, AZ (between Phoenix and Scottsdale) is surging with new residents from other states, one trend stands out to me—more freedom, fewer lockdown restrictions. This is a trend that’s not going away as we begin to realize that COVID is yet another way to suppress your freedom. Make sure you have your … [Read more...]
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