The Election Won’t Change Much in DC. The Real Battle Is Now in the States.
The votes are still being counted, but one thing is already clear: very little will change in Washington after this election.
The House of Representatives will likely be controlled by Republicans, but the majority enjoyed by the GOP in the House will be small. This will provide a veto over some of the worst legislation being pushed by the Biden administration, but history has made it abundantly clear that the GOP is more than willing to compromise and “work with” Democratic administrations rather than simply kill bills.
How to Think about the Economy: Mises Seminar in Tampa
The Red Wave that Wasn’t
Podcast: The Fed Is Screwing Up Housing Again
Tom Woods and I discuss how housing regulation and monetary policy have led to inflation, shortages, and a host of economic problems: Ep. 2233, The Fed Is Screwing Up Housing Again.
The Near Collapse of the UK Pension Sector Exposes Failures by Financial Regulators
In an earlier article, I explained that the collapse in the long-dated UK government bond (or gilts) market on September 28 that followed the ill-fated Kwarteng “mini budget” of a few days earlier had exposed a hitherto underappreciated problem: UK pension schemes were massively exposed to changes in long-dated gilts rates.
The week after the mini budget, the gilts market became very unsettled. To quote the Financial Times:
