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Operation Choke Point and Marijuana Legalization

Every U.S. bank, whether a national bank or a state bank, is insured by the Federal Deposit Insurance Corporation (FDIC). And to their everlasting shame, FDIC was one of the agencies that helped implement Operation Choke Point. The point of this program was to deny banking services to businesses alleged to be high risk. The fact that many of those businesses were also politically opposed by the Obama administration is, um, irrelevant, Continue Reading →

CalPERS Meets Reality

The California Public Employees Retirement System (CalPERS) is the largest public pension fund in the country. Public pension plans keep two sets of books. The accounting method reported to the public uses actuarial standards. The other method, not reported ever, uses market values. Any economist worthy of the title will tell you that market valuation is the correct way to value, well, just about anything. The scandal is what happens when a pension plan tries to leave CalPERS’s not-so-tender embrace. Continue Reading →

Another San Jose Job Killer

There is indeed a “crisis of underemployment.” But Mr. Field does not understand the source of the crisis. Failing to diagnose it correctly, he offers a solution that will, in reality, make the problem worse. The negative effects of Mr. Field’s proposal include slower business growth, companies moving to neighboring towns, and, possibly, much higher costs. One benefit is likely to be a proliferation of new businesses (which, presumably, can hire all the part-time workers they want). Continue Reading →