Further to the Government Bailout of SVB Depositors

The Biden administration and his…regulators…are, indeed, bailing out all SVB depositors, including those with deposits larger than the FDIC’s insurance of deposits worth $250k or less. This is being done under the administration’s claimed “systemic risk exception” in order to bail out the bank’s uninsured deposits—which is to say the bank’s uninsured depositors.

That is a power that was used during the 2008 financial crisis. Measures such as this can be controversial, with some arguing that it creates what is known as a “moral hazard”—that by letting banks or their customers know the government will backstop them in a crisis, they will think less about risks.

“Banking System is Safe”

That’s what President Joe Biden (D) claims after the Silicon Valley Bank collapse.

Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you that we will not stop at this. We will do whatever is needed.

But that’s true only if regulators do their job and enforce the rules in place—as they chose not to do in the runup to SVB’s failure—and if risks are well-known and left to the responsibility of the risk-takers in a free market rather than laid off to us taxpayers to make those taking the risks whole.

Rules for Investing in the People’s Republic of China

The Biden administration is starting to pay lip service to setting rules for American businesses’ investing in the People’s Republic of China. It’s

preparing a new program that could prohibit US investment in certain sectors in China, a new step to guard US technology advantages during a growing competition between the world’s two largest economies.

And, of course, the effort will need new taxpayer money.

Treasury and Commerce departments said they expected to finalize their policy on the issue in the near future. Both agencies said they expected to seek additional resources for the investment program in the White House budget, which will be released next week.

Illinois and the 2nd Amendment

In a Just the News article concerning an Illinois district judge’s impending order declaring unconstitutional that State’s Progressive-Democratic Party-run government ban on a broad range of firearms and the requirement for citizens to register with that government those firearms they already possess, there’s this closing paragraph.

In federal court, four cases consolidated in the Southern District of Illinois have a hearing set for April 12. The state filed its response to a motion for a preliminary injunction Thursday arguing the ban addresses dangerous and unusual weapons the Founders of the US Constitution couldnt imagine in the 18th Century. Plaintiffs argue the law violates the Second Amendment right to keep and bear arms.

Gun Control and Racism

Jacob Gershwin opened his Wall Street Journal piece on gun control with this lede:

Historical, racist gun laws are taking on new relevance in legal battles over modern-day gun regulations, following a Supreme Court ruling that expanded the right to bear arms.

He followed up [emphasis added]:

In the 1700s and 1800s, states across the country passed laws to keep guns out of the hands of slaves, free Black people, Native Americans and Catholics. Such discriminatory gun restrictions would be unconstitutional today, but they have entered the gun-rights debate as judges look to apply the Supreme Court’s decision last June that said gun restrictions must be anchored in historical traditions.

Yet Another Reason…

…for State and local jurisdictions to stop taking government funds. This one is from HUD.

In proposed regulations that would touch any jurisdiction that accepts any sort of HUD funding, fair housing must mean a plan to “promote equity in their communities, decrease segregation, and increase access to opportunity and community assets for people of color and other underserved communities.”

Sounds reasonable.


Those required to comply will include more than 1,200 cities and counties receiving HUD funding. All will be required to develop “equity plans.”
Such equity could mean anything from building low-income housing to redrawing school district lines for racial or socio-economic integration, all as assessed by the HUD bureaucracy.

“Common Sense”

The Progressive-Democratic Party is attempting to use its Newspeak Dictionary to redefine “Nonsense” as “Common sense.” The latest example of this is President Joe Biden’s (D) latest call for “common sense” gun reforms. He made his latest demand in response to a series of murders with guns in Mississippi. In that series, the murderer used a shotgun and two handguns to murder six people across three locations in his single rampage. Biden’s demand:

That includes requiring background checks on all gun sales, banning assault weapons and high-capacity magazines, fully closing the boyfriend loophole to keep guns out of the hands of domestic abusers, requiring safe storage of guns, and eliminating immunity for gun manufacturers who knowingly put weapons of war on our streets.

Caveat Emptor

In a Wall Street Journal editorial centered on the rule-making moves by the Biden administration’s Consumer Financial Protection Bureau and Federal Trade Commission to cap or to outright ban so-called junk fees, there’s this tidbit offered in all seriousness by the FTC’s Lina Khan (the WSJ didn’t directly attribute this to her, but she’s the FTC’s Chair, so the tidbit wasn’t offered without her prior permission):

Consumers who select and travel to dealerships based on an advertised offer, only to learn late in the process (if at all) that the advertised offer does not apply, have often spent hours trying to purchase a car[.]

Lies of a Progressive-Democrat President

President Joe Biden (D) has long claimed that his tax-raising plan and his IRS would not target anyone making less than $400,000 per year. He repeated that claim in his State of the Union speech last Tuesday.

Under my plan, nobody earning less than $400,000 a year will pay an additional penny in taxes.

Never mind. His IRS’ latest proposed rule:

The proposed SITCA [Service Industry Tip Compliance Agreement] program is designed to take advantage of advancements in point-of-sale, time and attendance systems, and electronic payment settlement methods to improve tip reporting compliance.


US District Judge William Shubb blocked California’s Progressive-Democratic Party-dominated State house and Governor’s mansion law that sought to punish doctors accused of promulgating Covid “misinformation.” By “misinformation, those worthies meant anything that didn’t comport with California’s “medical consensus.” The block is, on the whole, good, but Shubb unfotunately centered his ruling on the difficulty in correctly defining “consensus” in this or that endeavor, or in correctly identifying the sources qualified to define the relevant consensus.

That’s merely a subset of the larger problem with consensus, though.