By Stephen Green, PJ Media, November 11, 2024.
California’s electric vehicle regulations that go into effect next year are “impossible” to meet and will result in fewer site options for dealers.
“Nobody, government or private, is saying that those numbers are achievable,” Jack Hollis, chief operating officer of Toyota Motor Corporation North America, said in a roundtable discussion Friday. At the moment, that doesn’t seem possible. ”
Arnold Kling, “In My Tribe,” November 11, 2024.
excerpt:
Before the creation of the Federal Reserve, the United States suffered periodic financial crises. Since the establishment of the FRB. .America is periodically hit by financial crises.
The era of populism in American banking finally came to an end in the 1980s. Previously, banks could not have branches in more than one state. Many states allowed only one chapter within the state. Our modern banking system, dominated by a small number of large national institutions operating in each city, would have been unrecognizable in the early 1970s.
Before deregulation in the 1980s, the financial system was so fragmented that surplus savings on the East Coast could not flow to the West Coast, where it was needed. The Federal Home Loan Mortgage Corporation, now known as Freddie Mac, was created in 1970 at the forefront of California home builders and mortgage lenders seeking to obtain capital primarily from New York and other eastern states.
DRH Comment: The most eye-opening thing about Jeff Hummel’s master’s level financial theory class at San Jose State University that I took online in early 2021 was how the US banking system compares to the US banking system. The fact is how primitive it is. This is the system in my home country of Canada. Restrictions on branch banking were an important factor at the beginning of the Great Depression.
Miles Smith IV, Law and Liberty, November 12, 2024.
excerpt:
By 1833, Crockett openly defended Jackson, even though he remained an ardent political Jacksonian, especially because he believed in the president’s unconstitutional veto over the Bank of the United States. Although Crockett never believed in banks and was not a “banker,” he believed that the bank’s charter was constitutional and that when Jackson vetoed the recharter in 1832, he overstepped his authority. I was convinced that I had acted accordingly. He became a tyrant by appointing Van Buren, his clearly hand-picked successor, as vice president. ” In Congress in 1834, “Crockett insisted that the bank be rechartered and kept its deposits,” and that Jackson “had no control over the deposits himself for the purpose of ensuring Van Buren’s safety.” “They are trying to close down banks.” Inheritance. “The United States,” he declared, “can be a nation ruled by law, or it can be a tyranny.” Crockett remained an active supporter of most Jacksonian political programs, and responded to Jacksonian newspaper reporters who questioned his intelligence by mocking Jackson. “What I want to learn is the opposite. Look at your president. Look at your president, I say, what does he know?”
Tennessee voters loyal to Jackson finally sent Crockett packing for good in 1834. When Crockett retired in early 1835, he falsely joked: Donated. But if they don’t, they might go to hell and I’ll go to Texas. ” What Crockett did not do was make himself a Whig darling to the opposition parties and the press. In fact, he went to Texas and died fighting the Mexican dictator’s forces at the Alamo in March 1836, where he is now buried.
By Nicholas Anthony, Cato at Liberty, November 12, 2024.
very similar [sic] Interest in jobs should be factored into unemployment rates, and interest in bank accounts should be factored into unbanked rates. Ideally, this interest is quantified as the number of people who have attempted to open an account in the past six months. Although this exact information is not currently available, the Federal Deposit Insurance Corporation’s biennial survey of unbanked households includes a question asking unbanked Americans how interested they are in opening an account. There are, and the numbers are astonishing.
More than 70% of unbanked Americans routinely say they are not interested in owning a bank account (Figure 1).
