On-Line Sports Betting

That’s the venue, but the question is much larger.

New York Governor Andrew Cuomo (D) is moving to authorize mobile sports betting, by having his government conduct “competitive bidding” for government permission to host such.

State Senate Racing, Gaming, and Wagering Committee Chairman Joe Addabbo (D, Queens) said in an interview that

he was glad the Democratic governor had shifted away from his opposition to online betting but believed the state should enact a more expansive system.
“I am not a believer that one sportsbook provider, or operator, can handle the volume in New York[.]”

Whose Money is it, Again?

Xavier Becerra (D), Joe Biden’s nominee for Health and Human Services, has long had a firm dislike for charitable organizations that don’t spend according to his requirements.

Case in point from then-Congressman from California Becerra on charitable foundations:

…someone needs to do something, especially when you’re using the taxpayers of America’s money to do your philanthropic work[.]

Notice that. Taxpayers’ money. Not working stiffs’ money. Not citizens’ money. Government’s money.

“We Cannot Erase the Last Four Years”

That’s Majority Leader Steny Hoyer’s (D, MD) lament as he closed the Progressive-Democrats’ case on the floor of the House during Wednesday’s impeachment “debate.”

We cannot erase the last four years.

Though the Progressive-Democrats tried every day of those four years. They and their Obama Executive Branch bureaucrats spied on the Trump campaign and trumped up charges against General Michael Flynn, false charges it took all this time to clear.

They and their Democratic National Committee commissioned a salacious and false dossier in an effort to besmirch a President and to serve as the foundation of an investigation that culminated in finding that President Donald Trump had done nothing wrong.

Newspeak In America

…via the leftwing Forbes magazine. And it’s a disappointing position for the used-to-be Conservative Steve Forbes to take via his magazine.

Randall Lane, the editor of Forbes magazine, issued a warning to businesses this week that they should avoid hiring any press secretaries that served in the Trump White House, claiming that doing so will make their companies instantly untrustworthy and subject to heightened journalistic scrutiny.

Lane went on:

Let it be known to the business world: hire any of Trump’s fellow fabulists…and Forbes will assume that everything your company or firm talks about is a lie.

American Energy

…independence today. Tomorrow, American energy dependence.

Bloomberg is reporting that the US didn’t import any oil at all from Saudi Arabia last week, the first time in 35 years. That’s part of a longer term trend in declining Saudi oil imports over the last six years, especially. See the graph just below.

This trend is a result of the US technology advance of fracking which both drove down the cost of getting the oil (and natural gas) out of the ground and drastically increasing our own oil and gas production—virtually eliminating our dependence on foreign oil and gas and making us net exporters of both.

Sound Money and the PRC

In a Letter to The Wall Street Journal Wednesday, one writer had this on the idea of the People’s Republic of China being a competitor with its renminbi as global reserve currency and its bond market as debt safe haven:

Credible money paired with reduced government spending have long been pillars of conservative rhetoric stateside, and with good reason.

Indeed. However, what the writer elided are the capital risk the PRC poses with its history of limiting or barring repatriation of profit, the economic risk from the PRC’s requirement that foreign companies give up their technologies and intellectual properties to domestic companies as a condition of doing business in the PRC, and the political risk of the PRC’s requirement that companies supply its intelligence community with any information that community “requests.”

It’s Not Our Money

That’s the position of New York Governor Andrew Cuomo (D). On the heels of the Progressive-Democrats winning both of Georgia’s Senate seats, giving control of the Senate to the Progressive-Democratic Party, he had this to say:

Washington has…literally have taken billions of dollars from us, and that was a function of the Senate and the president, and they are both gone. And today, Washington theft ends and compensation for the victims of the crimes of the past four years begins. New Yorkers have been crime victims by the theft of the federal government.
We want a return of the state’s property that was stolen by Washington over the past four years. They wouldn’t pay us state and local funding, even though this state has a $15 billion deficit….

Surrender?

Recall that the New York Stock Exchange, pursuant to an Executive Order regarding US investors and People’s Republic of China’s PLA-owned or -controlled companies, had begun the process of delisting China Telecom Corp Ltd, China Mobile Ltd, and China Unicom Hong Kong Ltd.

Now the NYSE has walked that back and decided not to proceed with the delisting. Exchange management have chosen to not provide any details or rationale for their, other than that their decision follows “further consultation” with federal regulators. The Exchange’s full statement can be read here; it’s carefully uninformative.

The Stock Market

Much is made of the market drop last spring pursuant to the government’s decision to close down our economy in response to the apparent (apparent because we were operating on vastly incomplete data, much of which was being deliberately falsified by the People’s Republic of China). Much is made, too, of the market recovery later in the spring as our economy was permitted by government to begin reopening.

Readers of this blog know that I view the market as economically strongly tied to the underlying economy, but only loosely tied to it temporarily.

Miami as Financial Center

Financial firms are starting to figure it out: in addition to a better climate and (much) friendlier tax regime, Miami is the place to be for them. I have a thought on one bit of that maybe-migration, the opening statement:

This city has long pitched itself as an attractive location for finance and tech firms, with its tax advantages, flight connections to New York and cosmopolitan flair. Its efforts appear to be paying off.