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Archive for July 8th, 2010

Thanks to Instapundit for drawing attention to this Financial Times report showing how ultra-rich elitists and politicians flew to South Africa on private jets, which meant both big carbon footprints and also resulted in ordinary people missing a key soccer match because the airport was too cluttered for many commercial planes to land. The Hypocrite-of-the-Year Award goes to Leonardo DiCaprio, who piously lectures ordinary people about how they should be good environmentalists (translation: pay higher energy taxes and reduce travel), but then engages in Al Gore-style global jet setting.
Hundreds of fans bound for Durban for the Germany-Spain World Cup semi final missed the game because their flights were unable to land, after air traffic authorities closed the city’s airport because of congestion on the runway caused by private aircraft. …Wire services reported that among the VIPs heading for the semi-final by jet were Spain’s King Juan Carlos, South African President Jacob Zuma, actor Leonardo DiCaprio and socialite Paris Hilton. The BA pilot, who held his plane for around 45 minutes above Durban in the vain hope of getting a landing slot, told passengers he had no choice but to take the plane to Johannesburg because the plane’s fuel was starting to run low. He announced that the problem was caused by the airport allowing too many private jets to land at Durban, leaving the runways clogged up and unable to accept scheduled flights. Confusion was heightened at OR Tambo airport by the lack of any senior officials to explain the problem. One junior official said she believed around 15 scheduled flights, mostly from Johannesburg, were unable to land in Durban.

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Diana Furchtgott-Roth of the Hudson Institute provides an additional reason why the Dodd-Frank bailout legislation is bad for the American economy. But this shouldn’t be too surprising. Senator Dodd and Congressman Frank are akin to a couple of foxes designing rules for the construction of henhouses. So we get government-mandated racial and sexual discrimination in addition to more bailouts, more moral hazard, more red tape, more spending, and no reform of Fannie and Freddie. What’s not to love about this festering pile of you-know-what?
In a major power grab, the new law inserts race and gender quotas into America’s financial industry. In addition to this bill’s well-publicized plans to establish over a dozen new financial regulatory offices, Section 342 sets up at least 20 Offices of Minority and Women Inclusion. This has had no coverage by the news media and has large implications. The Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the 12 Federal Reserve regional banks, the Board of Governors of the Fed, the National Credit Union Administration, the Comptroller of the Currency, the Securities and Exchange Commission, the new Consumer Financial Protection Bureau…all would get their own Office of Minority and Women Inclusion. Each office would have its own director and staff to develop policies promoting equal employment opportunities and racial, ethnic, and gender diversity of not just the agency’s workforce, but also the workforces of its contractors and sub-contractors. …the bill specifies that the “fair” employment test shall apply to “financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants and providers of legal services.” That last would appear to rope in law firms working for financial entities. Contracts are defined expansively as “all contracts for business and activities of an agency, at all levels, including contracts for the issuance or guarantee of any debt, equity, or security, the sale of assets, the management of the assets of the agency, the making of equity investments by the agency, and the implementation by the agency of programs to address economic recovery.” This latest attempt by Congress to dictate what “fair” employment means is likely to encourage administrators and managers, in government and in the private sector, to hire women and minorities for the sake of appearances, even if some new hires are less qualified than other applicants. The result is likely to be redundant hiring and a wasteful expansion of payroll overhead.

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In a debate with one of the hopeless ideologues from the Center for American Progress, I criticize the corrupt deals between big government and big business, I warn about the big tax increases scheduled to take effect next year, I explain that Republicans did Obama a favor by blocking a bill to subsidize unemployment, and I laugh at the notion that government spending stimulates an economy.

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