Tag Archives: markets

An Extortion Lawsuit

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Lawyer Anthony Russo of the Florida-based Russo Firm, says his client Cynthia Kelly and “not less than 100” and perhaps even “thousands” of others have suffered horrific emotional damage.

It seems that seasonal versions of Hershey’s Reese’s chocolate-covered peanut butter candies variously depicted pumpkin shapes with the candy’s peanut butter filling showing through eyes and a mouth carved into the chocolate or football shapes with laces similarly carved. On unpeeling the wrapper, though, shocker of shockers, the chocolate coverings were intact. The bodice-ripping. The emotional rending, the fall-to-the-floor sobbing paroxisms (I exaggerate, but not by much). Lawyer Russo is suing Hershey over the riptide of emotion the nefarious company has so callously caused.

However.

Omitted in this editorial is that the Reese’s packaging also depicts a bite already taken out of the candy, exposing the peanut butter filling inside the chocolate coating—and that that depiction has been there for years.

Did the “plaintiffs” not expect to unwrap this candy and see a bite actually already taken?

Not only should the plaintiffs be sharply sanctioned for this frivolous suit, the lawyer bringing it and the firm employing him (yes, it’s his firm, but still, the firm) should be especially sharply sanctioned for being a party to this frivolous suit. Lawyers, especially, should know better.

Hershey should refuse to settle and instead crushingly defeat the lawyer and plaintiffs in open court, taking no prisoners. Let it not be over quickly, the plaintiffs and lawyer will not enjoy it, and Hershey is not their patsy. $5 million or more that the plaintiffs want and of which Russo wants his cut? Sounds about right to me. That’s what the plaintiffs, the lawyer, and the law firm should be required to pay Hershey.

Punishing Success

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Los Angeles has decided that the successful are too successful, and they must be knocked down. To that end, the city’s government has decided to tax the sales proceeds of the wealthy’s homes at 4% on homes sold for $5-$10 million and at 5.5% on homes sold for more than $10 million. This is on top of the real estate brokers’ ordinary 6% fee, and it’s paid by the buyer. Not that that will have any impact on the seller’s ability to sell at a fair price, or anything.

LA isn’t alone in this “mansion tax” move, either. Other jurisdictions, mostly at the State level (it won’t be long before California broadens LA’s move), are doing this, also. They’re all Progressive-Democrat-run, too, all but one of them exclusively so.

  • Connecticut: 2.25% on properties surpassing $2.5 million. Progressive-Democrat Governor, Senate, House
  • District of Columbia: 1.45% on properties sold for $400,000 or more. Progressive-Democrat Governor, City Council
  • Hawaii: Marginal rates ranging from 10% to 20% for estates valued over $5.49 million. Progressive-Democrat Governor, Senate, House
  • New Jersey: 1% on real estate transactions exceeding $1 million. Progressive-Democrat Governor, Senate, House
  • New York: 1% to 3.9% on residential acquisitions of $1 million or more. Progressive-Democrat Governor, Senate, House
  • Vermont: 16% on properties valued over $5 million. Republican Governor, Progressive-Democrat Senate, House
  • Washington: Graduated rates starting at 1.28% for properties sold at a minimum of $500,000. Progressive-Democrat Governor, Senate, House

And, to repeat,

  • Los Angeles: 4% on homes sold for more than $5-$10 million and 5.5% on homes sold for more than $10 million. Progressive-Democrat Mayor, City Council

This is behavior of the green-eyed jealous politicians of the Progressive-Democratic Party: seizing the produce of success and redistributing it for their own political gain. It’s also just one more incentive for the successful to leave these jurisdictions altogether.

Medical Marijuana

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Amid the long and still growing controversy and disconnect between States’ handling of marijuana—viz., State level legalization of marijuana sales both for recreational and medicinal purposes—and Federal law maintaining marijuana trafficking as illegal, one aspect of that controversy keeps getting overlooked.

States often rationalize their legalization of marijuana with the claim that medicinal marijuana is good. This overlooks the fact that marijuana has no more medicinal value than does the opium poppy. There is a growing body of anecdotes that indicate that there can be medicinal value from some of the chemicals in marijuana, just as there is established medical value in some of the chemicals, viz., morphine and codeine, in the opium poppy.

There also, though, is a growing body of evidence that uncontrolled use of marijuana is physiologically and mentally damaging to the users as they become increasingly dependent—emotionally as well as physiologically—on the plant’s drugs. Further, chronic use of the plant appears to lead to damage to still-developing brains (which development continues into a person’s mid-twenties) and to slower developing damage to mature brains.

What really needs to happen is research into marijuana to identify the chemicals and combinations of chemicals in marijuana, if any, that do have medicinal value. Once that research has been done, and specific chemicals’/chemical combinations’ medical value established, then marijuana growing should be licensed just as is opium poppy growing for the medicinal value of some of its chemicals. The marijuana chemicals/combinations with medical value then should be marketable as prescription drugs for particular medical uses, just as poppies’ prescription-required drugs, are.

Rebuilding San Francisco?

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San Francisco is moving to alter certain requirements and political priorities in order to increase residential housing construction. San Francisco even has changed some actual rules so developers can build market-rate apartments with fewer requirements to provide affordable housing. One project coming out of these moves is this one:

In what would be the city’s most ambitious residential development in several years, local property developer Bayhill Ventures last month announced plans for a 71-story rental tower in San Francisco’s ailing financial district.

Cabrini Green come to San Fran, degentrifying the financial district? Only with the critical difference that this area will have even fewer police with which to enforce laws and keep folks safe than Chicago provided Cabrini Green.

It’s not certain that that outcome will be realized. However, the construction comes inside an established environment of a reduced police force; laws decriminalizing, among others, drugs and shoplifting; and prosecutors reluctant to prosecute. (Yes, I’m aware that San Francisco residents recalled an especially egregious non-prosecuting prosecutor, but his replacement is better only compared with that low bar.)

We’ll see.

“Emergency Powers”

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Progressive-Democratic President Joe Biden has invoked the Defense Production Act of 1950 as an excuse to pour more of our tax dollars into his global warming foolishness. He’s using the Act to pump $169 million into nine projects across 15 sites nationwide in an effort to accelerate electric heat pump manufacturing. There are some serious problems with this. In no particular order:

Biden claims that heat pumps only use electricity; they don’t burn coal or oil or natural gas. That’s a disingenuously narrow view of the situation. Heat pumps do use only electricity at their point of use. However, that electricity comes from somewhere—primarily coal- and natural gas-fired electricity generating stations. At the times the heat pumps are needed the most—in the depths of heating and cooling seasons—”green” energy sources generally aren’t available: at night, when the sun doesn’t shine; when the sky is overcast, and sunlight is limited; when the wind isn’t blowing enough or is blowing too strongly. This is a shortfall that’s disastrously exacerbated by Biden’s open effort to destroy our hydrocarbon-sourced energy industry. Oil-, natural gas-, and coal-fired power plants are reliable, efficient, and don’t care about sun or wind.

Further, heat pumps get increasingly inefficient where temperatures are routinely cold and where temperatures are routinely hot. They work, after all, by trying to pump heat (hence the name of the devices) from inside the house to the hot outside for cooling, or by trying to pump heat from the cold outside into the house for heating.

Another problem is that the Defense Production Act was passed to support government-managed manufacturing (for good or ill) during times of conflict. We’re not at war with anybody now, and haven’t been for a few years—not since the fight against terrorists in Afghanistan, when Biden made his panic-ridden exit from that. Using the Act as an excuse for funding global warming-related matters is an abuse of the Act that warrants its heavy modification, if not outright rescission.

Yet another problem flows from Biden’s claim that his invocation is to boost domestic production of these heat pumps, especially by domestic manufacturers.

These awards will grow domestic manufacturing, create good-paying jobs, and boost American competitiveness in industries of the future.

Yet he’s pouring those millions into companies like Copeland, Honeywell International, Mitsubishi Electric, and York International Corporation.

Mitsubishi is a Japanese company, headquartered in Tokyo. York is wholly owned by Johnson Controls, and Johnson, while claiming to be an American company, is headquartered and domiciled in Cork, Ireland. That’s a lot of “domestic” manufacturing money—our tax dollars—going to foreign companies. Even if they do the actual manufacturing in the US, they’ll be taking off their (significant) cuts in Tokyo and Cork on the way by.