by Stephen Green, PJ MediaNovember 11, 2024.
California’s electric vehicle mandates, which take effect next year, are “impossible” to meet and will result in reduced choices on dealer lots.
“I haven’t seen a forecast from anyone,” Jack Hollis, chief operating officer of Toyota Motor North America, said during a roundtable discussion on Friday, “government or private, anywhere that has told us that that number is achievable. At this point it seems impossible.”
by Arnold Kling, In My TribeNovember 11, 2024.
Extract:
Before the creation of the Fed, America suffered from periodic financial crises. Since the founding of the Fed. . America has suffered from periodic financial crises.
The populist era in American banking finally ended in the 1980s. Previously, a bank could not have a branch in more than one state. Many states allowed only one branch within the state. Our contemporary banking system, dominated by a handful of large national institutions operating in every city, would have been unrecognizable until the early 1970s.
Before the deregulation of the 1980s, our financial system was so fragmented that savings on the East Coast, where there was a surplus, could not flow to the West Coast, where they were needed. The Federal Home Loan Mortgage Corporation, now known as Freddie Mac, was founded in 1970 largely at the urging of California homebuilders and home lenders, who were desperate for capital from New York and other eastern states.
Comment from DRH: One of the most striking parts of Jeff Hummel’s Monetary Theory masterclass at San Jose State University, which I posted online in early 2021, were the facts about how primitive the American banking system was compared to it. of the system in my native Canada. Restrictions on branch banking were a key element in the beginning of the Great Depression.
by Miles Smith IV, Law & FreedomNovember 12, 2024.
Extract:
In 1833, Crockett—despite remaining a committed political Jacksonian—openly defied Jackson, especially over what he believed was the president’s unconstitutional veto of the Bank of the United States. Crockett never embraced the bank and was not a “bank man,” but he was convinced that the Bank’s charter was constitutional and that Jackson acted outside his authority when he vetoed the recharter in 1832. Jackson’s veto convinced Crockett that ” that Old Hickory had done that’. becoming a tyrant, now aided by Van Buren as vice president, of course the self-chosen successor.” During the 1834 convention, Crockett “spoke out strongly in favor of rechartering the bank and retaining its deposits,” and accused Jackson of “attempting to close the bank in order to take control of and retain its deposits.” for the purpose of ensuring Van Buren’s safety.” follow-up.” The United States, he declared, could “be a nation of laws or have a despot.” Crockett, who still actively supported most of the Jacksonian political program, nevertheless responded to Jacksonian journalists who questioned his intelligence by mocking Jackson. “I am being protested for wanting to learn. Look at your president. Look at your president, I say. What does he know?”
Voters in Tennessee – loyal to Jackson – finally sent Crockett packing for good in the gall of 1834. When he left office in early 1835, Crockett apocryphally quipped, “I told the people of my district that I would serve them as faithfully as I had done. finished; but if not, they could go to hell, and I’d go to Texas. Where Crockett didn’t go was to go to the opposition or the press to make himself a darling of the Whig Party. He did indeed go to Texas, where he is now buried after his death in battle against the Mexican dictator’s forces at the Alamo in March 1836.
by Nicholas Antonius, Cato at FreedomNovember 12, 2024.
Very much [sic] The interest on a job should be included in the unemployment rate, just as the interest on a bank account should be included in the interest without a bank account. Ideally, this interest would be quantified as the number of people who have tried to open an account in the last six months. While this exact information is not currently available, it is from the Federal Deposit Insurance Corporation biennial survey among households without a bank accountdoes have a question that asks unbanked Americans how interested they are in opening an account, and the numbers are astonishing.
More than 70 percent of unbanked Americans routinely say they are not interested in having a bank account (Exhibit 1).