The last time a major central bank knowingly tried to end a low-rate policy regime occurred in Japan in the late 1980s. Since then, no central banker has wanted to repeat this unhappy experience.
Transportation problems mixed with an ongoing government spending spree are pushing prices higher. But output doesn't exactly seem to be roaring ahead. That raises the specter of stagflation.
The State of Missouri has adopted a new law mandating that state and local officials no longer assist in enforcing federal gun laws. The strategy has already been proven to work in states refusing to enforce federal marijuana laws.
Powerful federal politicians have many ways of expressing their displeasure with America's private sector, and this is partly why we so rarely hear any real criticism of the feds from corporate America.
The SALT tax deduction allows state and local taxes—like property taxes—to be deducted from federal taxes. To cap it is to pave the way for the federal government to tax income twice.
Benjamin Rush was indecent enough to let slip the admission that the Constitution was a national government that ultimately eliminated the states. The other Federalists knew that it was not polite to admit this in public.
Empowering state legislatures—or worse, the federal government—to abolish local regulations would be a grave mistake.
“Mortgage companies have ramped up their purchases of government-backed mortgages in forbearance, and they are selling these loans back to investors at a profit.”
The Fed isn’t here to take away the punch bowl anymore. The Fed is the punch bowl.
When markets are mostly free, prices adjust freely and constantly to adapt to new realities. Yet Keynes failed to understand how market rigidities are caused by government intervention. He blamed markets instead.
