Race and College Admission

During final arguments in the civil suit against Harvard over its use of race in its admission decisions, Harvard’s lawyers insisted that

plaintiffs had to prove admissions officers were motivated by racial animus….

This is a disingenuous argument, though. Racial animus isn’t necessary to get a disparate impact ruling.  With disparate impact established in the courts, for the time being, it’s clear that racial animus doesn’t have to be proved in Harvard’s bias case, either.

The Harvard lawyers weren’t through, though.

Harvard’s lawyers said race is only used as a preference among the most competitive applicants, in the same way exceptional musical talent can make a difference in admissions.

Here is the lie of the Harvard personnel. They deny race plays a role, yet they admit using race to play a role.

Beyond that, applicants’ musical talent (for instance) is entirely under those applicants’ control to acquire. Their race, however, is an accident of birth over which they have no control.  It’s an entirely irrelevant and valueless characteristic in determining merit.

Federal Reserve Bank Regulations

The current iteration of the Federal Reserve Bank Board of Governors, with several President Donald Trump appointees, is proposing a rule that would significantly ease the amount of cash big banks must keep on hand to cover bills due within 30 days.  The savings from this are expected to aggregate to $77 billion per year—not a lot compared to the total of liquid assets held by those banks already.

There is a rumbling, though.  An Obama appointee to the BoG, Lael Brainard, is objecting to the regulatory easing.

She added that banks are “providing ample credit and earning ample profits” under current liquidity requirements.

Yep. There it is again.  “I do think at a certain point you’ve made enough money. …you can just keep on making it if you’re providing a good product or providing good service.”

Because the Progressive-Democrat Fed Governor knows better what constitutes sufficient profit and what “good” service is; market participants’ views are unimportant, and she does not hear them.