Category Archives: politics

Courage

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Republic of China President Tsai Ing-wen is making a formal diplomatic trip to Belize and Guatemala. En route, she’ll make “transit stops” in New York on the way out and in Los Angeles on the way back.

While in New York, Tsai is expected to meet with House Speaker Kevin McCarthy (R, CA).

The People’s Republic of China’s government men are dismayed. No mind. If President Joe Biden (D) had any courage, Tsai would make an additional transit stop, this one in DC, in the Oval Office, to meet with Biden.

But he doesn’t, so she won’t.

Mistake

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Treasury Secretary Janet Yellen wants to extend the Federal government’s intrusion into our banking system.

Our intervention was necessary to protect the broader US banking system. And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion[.]

No, it wasn’t. No, it would not be.

Businesses thrive or fail on their managers’—individual Americans acting in concert with other individual Americans—performance or failure to perform. We individual Americans thrive, or not, on our own decisions, made out of our own obligations and determination to get ahead.

It isn’t government’s job to inure us individual Americans or our businesses from the vagaries of the marketplace or—especially—from our own poor decision-making. It’s government’s job to create and enforce a framework within which our free market can operate freely, and within which personal responsibility, whether as individuals or as business managers, can operate freely.

If our decisions are without consequence, we are neither operating freely nor in accordance the requirements of our personal responsibility.

Terrorists in the Mix

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CBP agents have caught 70 illegal aliens who are also terrorists on the government’s terrorist watchlist (including one who illegally entered through our northern border). That’s just in the five months of the current fiscal year, and those 70 compare with the 98 caught in the entirety of the prior fiscal year. This year’s pace, according to my third-grade arithmetic, works out to 168 terrorists that might be caught over the full course of this year.

That’s also only the ones we know about. Left uncounted, because unknown, are the number of terrorists in the vast numbers of illegal aliens flowing across our borders that escape CBP capture and detention and those among the vast numbers of illegal aliens flowing across our borders undetected.

Nor do we know how many terrorists are among the illegal aliens that CBP does capture but that the Biden administration orders released under President Joe Biden’s (D) Catch and Release program.

Wrong Answer

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The Biden/Regan Environmental Protection Agency has decided to get into individual municipalities’ business.

For the first time in 26 years, the US Environmental Protection Agency has issued new guidelines for drinking water safety. Municipal utilities will be required to install expensive filtration systems to lower the amount of PFAS in water supplies.

The cost of such “guidelines” will run to billions of dollars just for Illinois’ cities, towns, and villages. Multiply that by all the cities, towns, and villages across the US and our territories—the reach of the EPA—and we get a ton of costs.

PFAS (Per- and polyfluoroalkyl substance) and the related PFOS (perfluorooctanesulfonic acid) are chemicals that don’t appear to break down in anything approaching a useful time frame, and they are associated with a variety of cancers. That makes it useful to avoid ingesting them or inflicting them on our environment.

However.

While removal of these chemicals is a good idea, doing that alone and at the end of the production-use-disposal chain will cost the relevant jurisdictions vast sums in perpetuity. Too, after the chemicals are removed from our water supplies—what then? What will we do with those now concentrated perpetual chemicals? Nuclear waste at least breaks down after some, often extended, period of time.

Focusing on developing other materials that don’t require these chemicals, at the beginning of the production-use-disposal chain would be initially expensive and long-term far cheaper. But that wouldn’t maintain EPA power.

Whitewash

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It seems the Federal Reserve knew of the risks stemming from SVB management moves as long ago as 2019 [emphasis added].

In January 2019, the Fed issued a warning to SVB over its risk-management systems, according to a presentation circulated last year to employees of SVB’s venture-capital arm….
The Fed issued what it calls a Matter Requiring Attention, a type of citation that is less severe than an enforcement action. Regulators are supposed to make sure the problem is addressed, but it couldn’t be learned if the Fed held SVB to that standard in 2019.
…
Following the 2019 warning, the Fed informed SVB in 2020 that its system to control risk didn’t meet the expectations for a large financial institution, or a bank holding company with more than $100 billion in assets, the presentation to employees at SVB’s venture-capital arm said.

And:

Over time, the central bank issued numerous warnings to SVB, suggesting the bank’s problems were on the radar of the Fed, the bank’s primary federal regulator.

So, what was done by the Fed’s regulators in response to this string of noncompliances?

A central-bank review of its oversight of SVB is due by May.

Will those prior whitewashes be followed up with an official whitewash?

I’m not holding my breath over a favorable outcome, which IMNSHO would include, at the very least, the public firing for cause of the Fed regulator(s) directly responsible for SVB oversight and that individual’s/team’s supervisor. Pour l’encouragement des autres régulateurs.