Economics

Black Reparations Parsed

By Richard Epstein

Richard Epstein

Known to students at the University of Chicago and NYU law schools as “the libertarian,” Richard Epstein has established himself as an expert in constitutional law, contracts, corporate law, real estate law, torts, labor law—and even Roman law. He is reputed to be more knowledgeable about Justinian’s Code than anyone since the Emperor Justinian himself. The Peter and Kirsten Bedford senior fellow at the Hoover Institution, Richard Epstein is the author of several books including, The Cas… [more]

| July 6, 2020

michelmond / Shutterstock.com

In the midst of today’s heightened racial unrest, the calls for black reparations have become more insistent. In their recent book, From Here to Equality: Reparations for Black Americans in the Twenty-First Century, William A. Darity Jr. and A. Kirsten Mullen write: “Racism and discrimination have perpetually crippled black economic opportunities.” The offenses cited are slavery, legal segregation under Jim Crow, and more contentiously, “ongoing discrimination and stigmatization.” Their book figured centrally in a recent article in the New York Times Magazine by Nikole Hannah-Jones, who launched the highly controversial 1619 Project. In her piece, “What is Owed,” she makes this claim:

Reparations are not about punishing white Americans, and white Americans are not the ones who would pay for them. It does not matter if your ancestors engaged in slavery or if you just immigrated here two weeks ago. Reparations are a societal obligation in a nation where our Constitution sanctioned slavery, Congress passed laws protecting it and our federal government initiated, condoned and practiced legal racial segregation and discrimination against black Americans until half a century ago. And so it is the federal government that pays.

Three Martini Lunch

Supremes & Faithless Electors, China & the Plague, NBA & Free Speech

July 6, 2020

Hosted by Greg Corombos, Jim Geraghty

Greg and Jim are both here! Today, they welcome a Supreme Court decision extolling the importance of honoring the verdict of the people in each state during presidential elections. They also shudder as China reports at least one case of the bubonic plague. And they have fun with the NBA allowing “personalized” messages on players’ jerseys that must come from a pre-approved list of messages.

The Coming Crisis in Media

By OccupantCDN

| July 6, 2020

The large corporate media complex is in trouble. With the shutdown in production caused by the Covid-1984 crisis, scripted TV series will be delayed starting their fall schedules. Sports networks have gone without any new content since March. Without new programing, viewers have little reason to tune in – even though, right now, they have more time than ever before to be entertained. Without viewers, advertisers are reluctant to pay up. Even worse for advertisers, could their products become associated with suddenly ‘problematic’ entertainment like a Police Procedural Drama. (Will shows like the “The Rookie” or “Bosch” be back?) In short the diversified media conglomerates like Disney, Warner Brothers have found all of their media streams drying up at once.

ESPN subscriptions where in decline long before the current compounding crisis struck:

Member Post

By Full Size Tabby

Full Size Tabby

Christian. Married 38 years - to the same person :-) . Identify most closely with "social conservatives." Professional - Intellectual property lawyer (mostly patents) experienced in managing very large patent portfolios for large multinational corporations. Job recently ended, so considering full retirement or consulting for smaller companies wanting to manage their patent portfolios more efficiently. Recently moved to north Texas (west of Fort Worth).

| June 28, 2020

Instead of canceling people and institutions on seemingly random and arbitrary bases, I propose a single set of actions to resolve both “canceling” of those responsible for “institutional racism” and providing reparations to its supposed victims. [This is applicable only in the United States.] The most prominent common factor in “institutional racism” in the United […]

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Three Martini Lunch

Businesses Sue Seattle, Anti-Trump Plot Unfolds, Cultural Anarchy

June 25, 2020

Hosted by Greg Corombos

With guest Rob Long

Rob Long is in for Jim again Thursday. Today, Rob and Greg applaud Seattle businesses for suing the city for failing to provide essential services while local politicians coddled the radicals in the CHAZ/CHOP area. They also react to revelations in Peter Strzok’s notes that Barack Obama and Joe Biden were in on the planning to target Michael Flynn and the Trump administration. And they unload on leftist radicals and their enablers as what supposedly started as an effort to rein in police brutality is now focused on tearing down a statue celebrating emancipation, destroying Mount Rushmore, and changing our national anthem.

Three Martini Lunch

A Win for Free Speech, Retail Sales Soar, Playground Politics

June 16, 2020

Hosted by Greg Corombos, Jim Geraghty

It’s all good news on Tuesday’s Three Martini Lunch! Join Jim and Greg as they cheer a new rule which no longer requires many nonprofits to disclose donors to the IRS. They also cheer retail sales from May more than doubling expectations and suggesting Americans are ready to buy again. And they cheer politicians in the Williamsburg section of Brooklyn for defying New York City Mayor Bill de Blasio and busting open locked playgrounds in response to the city’s heavy-handed crackdown on the Orthodox Jewish community over COVID restrictions.

The Unexpected Job Losses

By Bishop Wash

| June 15, 2020

We have a basic unlimited car wash plan with a chain car wash. No, it isn’t A1A Car Wash, even though we’re in Albuquerque. It’s an automated car wash with an option to have interior work done. During the lockdown, they closed their locations and stopped charging the monthly fee. They would occasionally send me messages about plans they were working on to reopen safely. Sometime around May 10, they reopened for exterior service only.

In the Before Time, there were maybe 15 people working a shift. Cashiers for the interior and exterior lanes, four to six people working the interior cleaning, a person on the entry of the wash, two people wiping cars as they exit the wash, two or three doing interior cleaning on exit, and I’m sure a shift manager somewhere. Now there are maybe three or four people working. One cashier, since only the exterior lane is open; one at the entrance to the wash; one at the exit probably watching so the wash doesn’t have an issue; and probably a shift manager.

We all know about the vast numbers of unemployed because of the lockdown and everyone probably knows of at least one business that has announced they won’t reopen. Those are known losses now. How many jobs won’t be there when businesses fully reopen? Over the course of the month, the car wash has been reopened, they’ve added a few items to the automated line. At the end, a second row of dryer blowers has been added and a buffing roller has been installed to take the place of wiping the car. There are nine locations in town and over 300 nationwide. If just those two positions aren’t available upon return and estimate that there are three or four shifts to fill, that’s 1,800 to 2,400 jobs nationwide that won’t need to be filled for this one car wash company.

Three Martini Lunch

Hickenlooper’s Hapless Defense, Inslee’s Obvious Lie, Politics of ‘Paw Patrol’

June 11, 2020

Hosted by Greg Corombos, Jim Geraghty

Join Jim and Greg as they enjoy watching former Colorado Gov. John Hickenlooper blame his ethics problems on “dark money” Republicans after an independent commission found him guilty of improperly accepting gifts while in office. But will it really damage his bid for U.S. Senate? They also shake their heads as Washington Gov. Jay Inslee pretends not to know a group of radicals is claiming several square blocks in Seattle as ” an “autonomous state” that is separate from the United States. And as the cancel culture claims the TV shows “COPS” and “Live: PD,” they fire back at the unhinged push against the Nickelodeon cartoon “Paw Patrol.”

Liquidating the ‘Hood

By Locke On

| June 6, 2020

Stranded assets are the beached whales of capitalism. Capital invested in what looked like a good long term bet, that has now turned into an illiquid headache due to a change of circumstances. This term is often used in the context of regulation and environmentalism, but assets can become stranded in other ways:

If you keep even half an eye on the investing scene, you know that commercial real estate in general, and retail in particular, has been in trouble for some time. The advance of online shopping and networked business in general has been relentless and deadly. ‘Category killer’ store fronts and department stores alike have fallen to bankruptcy and reorganization, shopping malls have lost their anchor tenants, gone under and been rebuilt into everything from housing to entertainment centers. And that was before COVID, and before looters and arsonists showed up at the door.

New Small Aircraft Takes Flight

By OccupantCDN

| June 5, 2020

Cessna has designed a new aircraft. The Cessna 408 SkyCourier, I believe, is the largest aircraft that Cessna has made. It’ll carry up to 19 passengers or three tons of cargo for 460 miles at 230 mph. Powered by twin turbo prop engines, it’s almost the exact opposite of any plane that Boeing makes. A high wing design, it’s far smaller, short-range and cheap — around $5.5 million each. For a commercial plane, that’s a bargain. Its first flight was just a few weeks ago, on May 17, it has yet to receive FAA certification, but is expected to enter service next year.

FedEx has signed on to take the first 50 — with options on 50 more.

Three Martini Lunch

Stunning Jobs Report, NYT Pandering, Dismantle the Police?

June 5, 2020

Hosted by Greg Corombos, Jim Geraghty

Join Jim and Greg as they cheer a May jobs report that was more than 10 million jobs better than the experts predicted. They also groan as the New York Times leadership continues to grovel to its millennial and Gen Z staffers who remain traumatized that an opinion column they don’t agree with ended up in the paper. And they use pop culture and common sense to explain why the plans of some Minneapolis City Council members to “dismantle” the police are insane and counterproductive.

Member Post

By Mim526

Mim526 is a member of Ricochet.

| June 5, 2020

Take this, capitalism-hating anarchists out to burn it all down. I am not a bit surprised to discover many Americans are made of sterner stuff than expected and got busy getting on with it. @EamonJavers 5:32 AM · Jun 5, 2020 Whoa – payrolls rose 2.5 million in May. That is a huge beat, and […]

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Three Martini Lunch

King & Plame Lose, Politics of the Lockdown, WHO Knew China’s Lies

June 3, 2020

Hosted by Greg Corombos, Jim Geraghty

Join Jim and Greg as they reflect on Iowa Rep. Steve King losing his GOP primary and Valerie Plame going up in political flames in her congressional bid in New Mexico. With politicians cracking down on everyday social distance violators but encouraging the demonstrators to take to the streets in close quarters, just how much of our stay-at-home orders was politics and how much was about public health? And they welcome the World Health Organization close to reality as reports suggest it knew about China’s lies and stalling tactics in the critical early days of the pandemic.

Who Is WHO? COVID-19, Massachusetts, and the unhealthy World Health Organization

June 2, 2020

Hosted by Joe Selvaggi

With guest Lanhee Chen

Hubwonk host Joe Selvaggi and Pioneer Healthcare Senior Fellow Josh Archambault are joined by Hoover Institution’s Dr. Lanhee Chen to discuss the role that the World Health Organization (WHO) plays, what dysfunction may have contributed to the scale of the COVID-19 pandemic, and what steps can be taken to bring back transparency and trust.

Three Martini Lunch

SpaceX Success, Arrivederci Corona, Carnage in Our Cities

June 1, 2020

Hosted by Greg Corombos, Jim Geraghty

Join Jim and Greg as they marvel at the SpaceX launch, celebrate the plummeting COVID-19 numbers in Italy, and unload on destructive rioters and feeble “leaders” as dozens of American cities descend into chaos.

Unwind from China? Can It Be Done?

By SkipSul

The road goes ever on and on Down from the door where it began Now far ahead the road has gone And I must follow, if I can. Still Round the corner there may wait Some new road or secret gate And though oft I've passed them by A day will come at last when I Shall take the hidden paths that run West of the moon, East of the Sun

| May 28, 2020

This is a subject that has come up first in the comments with the @jameslileks post “Watching the CCP Press,” and which @iWe explored further by asking “whether one would trade with Nazi Germany.” We need additional information, indeed hard data, to even begin to look at the practicalities. Some here have mandated that we somehow absolutely cease trade with China. Others (and indeed most, I should think) would argue that an absolute embargo is both undesirable, and indeed impossible in any situation short of open warfare, but that we should certainly reevaluate what we are trading with China, and how we are doing so.

But to even have that discussion we need to know something of the extent of what we buy from China (and really, from everywhere else too), and how that really affects us, otherwise, should the absolutists be granted their immediate wish and all trade cease, the results may be distinctly unpleasant. I own and run a company that manufactures electronics, and so, at least as far as electronics go, I do have rather a lot of insight into what exactly comes out of China, and whether alternatives exist. I have done a Country of Origin query on the bills of materials (BOMs) for a couple of my products, and will detail those below, and what the implications are.

Product 1:

Are Cities Over? It’s Time for Some Skepticism About That Idea

By James Pethokoukis

James Pethokoukis

James Pethokoukis is a columnist and blogger at the American Enterprise Institute. (Previously, he was Washington columnist for Reuters Breakingviews, the opinion and commentary wing of Thomson Reuters.) In addition, he is an official CNBC contributor. Pethokoukis has written for many publications, including The New York Times, The Weekly Standard, Commentary, National Review, The Washington Examiner, and The Daily. Pethokoukis has appeared numerous times on MSNBC, Fox News Channel, Fo… [more]

| May 27, 2020

I recently did an AEI online event on the future of the American city in the age of pandemics. As a recent Financial Times piece put it: “Almost overnight, cities have gone from being places of dreams and ambition to fearful symbols of mortality. The rich have retreated to the countryside, just as they did in Europe during the Black Death. Until now, cities have always bounced back.”

But will cities rebound this time? That was the first question I asked my esteemed panel. And here is some of what they told me:

Alain Bertaud, New York University’s Marron Institute of Urban Management:

Report from the Heartland: Holiday Weekend Edition

By Dominique Prynne

Dominique Prynne

Passionate: Wife. Mother. Capitalist. Southern: Food, Cocktails, Literature & Saints Football

| May 27, 2020

We have friends who own a place on a lake near Hot Springs, Arkansas who invited us up for the weekend, so we went! Hot Springs is a tourist town with a horse racing track, a casino, several lakes, and historical bathhouses. Of course, the bathhouses were closed. Restaurants were recently allowed to re-open and operate at 33% capacity. Retail finally opened back up around the first of May. My friends reported that the casino closed in March, but the horses kept racing, to an empty grandstand, until the season culminated with the Arkansas Derby on the first Saturday in May. Apparently, with online betting, the family-owned racetrack did just fine, despite the lack of free-spending spectators on site.

The action appeared to be out on the lakes: Boats everywhere! Families loaded up on pontoon boats, dragging the kids on a tube across the water. Jet skis aplenty and show-boaters skiing or wake-boarding behind powerful in-board engines. Nearly every boat was flying an American flag and I spied a couple of boats flaunting a white flag with “TRUMP” in big red letters. Our friends’ neighbor popped over to say hello while we were grilling. They are a retired couple that live in Lake Tahoe, CA, but inherited the lakehouse next door. The CA folks said that CA will not allow any boats on the water on Lake Tahoe so they loaded up and drove the three days to Arkansas to escape from CA and enjoy time on the lake. They had no immediate plans to return to CA.

Three Martini Lunch

More Michigan Mayhem, Trump’s Twitter Rant, Dems’ Big 2020 Fear

May 26, 2020

Hosted by Greg Corombos, Jim Geraghty

Join Jim and Greg as they discuss the stunning hypocrisy of Michigan Gov. Gretchen Whitmer and her husband and other Democratic governors over Memorial Day weekend. Greg also shares a very disturbing story about voting by mail in his home state. They also shudder as President Trump spend time on Twitter trying to implicate MSNBC’s Joe Scarborough in the death of a congressional intern nearly 20 years ago. And they react to economic officials from the Clinton and Obama administrations admit they are terrified that the economy could be rebounding by Election Day.

Hubwonk Ep. 7: Covid Testing: What went wrong, where we are & when we’ll get closer to normalcy

May 26, 2020

Hosted by Joe Selvaggi

Join host Joe Selvaggi and Pioneer’s Bill Smith in a conversation with Hannah Mamuszka, expert in diagnostic medicine, on why the U.S. lacked adequate early testing, what current testing looks like in the Commonwealth, and where testing technology needs to be to support public gatherings in the future.

Hannah Mamuszka is Founder & CEO of ALVA10, a healthcare technology firm. Hannah has spent her 20+ year career in diagnostics – both in pharma and at diagnostics companies, in the lab and on the business side. She believes that the challenges of diagnostic technology fully impacting patient care are more commercial than technical, and conceived of ALVA10 to create a mechanism to pull technology into healthcare by aligning incentives through data. She regularly speaks on issues regarding advancement of technology in healthcare, is on the Board of Directors for two diagnostic companies and writes a column on the value of diagnostics for the Journal of Precision Medicine.

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