Now that it’s less than two years before the 2024 Presidential election, a small crop of Republicans whose last names are not “DeSantis” or “Trump” seem to have convinced themselves that they’re viable Republican presidential candidates. These people are either wrong or running for Vice President. The lack of enthusiasm for all four of the would-be candidates is palpable.
Former UN Ambassador and South Carolina Governor Nikki Haley. For some reason (photogenic?), NRSC has been using her as one of their email begathon pitch-critters for a while, which probably explains why I’ve been receiving countdown emails (“I’m making a special announcement in 6 days.”) for her-not-even-remotely anticipated run. One struggles in vain to find the significant party faction Haley appeals to. Soft feminist Republican businesswomen? Indian-Americans? Plus: She appointed Tim Scott to the senate. Minuses: Backed Rubio in 2016, and was soft on culture war/social justice issues until about late 2020, and refused to fight transgender bathrooms, very low-hanging fruit for actual conservatives, back when she had a chance as SC Governor. No thank you. Effectively running for Vice President.
Former Vice President Mike Pence. Former Vice Presidents (Nixon, Bush41) used to have the inside tract to a White House nod in the Republican Party, but those days are gone. A solid, unexciting Vice President in the Walter Mondale mode for the first 46 months of his term who royally pissed off Trump supporters with his words and deeds in the last two months. Rational or not, Trump supporters now seem actively hostile to a Pence run, and since they were his only potential base of significant support (and only if Trump didn’t run), that’s a real obstacle, despite him checking almost all of the right policy boxes. If he runs (I have my doubts, as he doesn’t seem to have even his own website), he’s effectively running in the John Kasich lane (right down to the “unexciting Midwestern governor” background), which is a one-way ticket to Palookaville. No thank you. The only candidate here that we know isn’t running for Vice President.
Former Secretary of State Mike Pompeo. There was a time when being Secretary of State was a solid stepping stone to The White House. And that time was “the early 1800s,” as Martin van Buren was the last to do it, and only after a stint as Vice President. Which is bad news for Pompeo, arguably the most successful Secretary of State since James Baker. Between the Abraham Accords and keeping the War on Terror coalition together long enough to destroy the nascent caliphate of the Islamic State, Pompeo was a vast improvement over the largely ineffective Rex Tillerson, and worked well with foreign nations and international organizations that were, to put it mildly, not wild about his boss. And he has some other impressive credentials as well. “He graduated first in his class from West Point, and from Harvard Law and was on Harvard Law Review. After six years in the House of Representatives, he became CIA director for Trump, and then secretary of state – the only person ever to hold both jobs.” His short congressional tenure earned him a 97% score from the ACU. For me one of the biggest problems with Pompeo is that, like Haley, I primarily know his post-office career as a guy constantly in my inbox begging for money, and also talking like a career politician that’s already cranking up the baloney factory before properly introducing himself for a run. As Beto O’Rourke found out, three terms in the house is exceptionally thin electoral experience for a Presidential run. Plus his attempt to use “pipehitter” as a catchphrase for some sort of imaginary blue collar credibility was just laughable, as the term conjures drug addicts rather than plumbers. There’s just a bit too much standard issue political phoniness here, and Pompeo strikes me as someone who’s time has already passed. No thank you, but the softest no thank you of these four.
New Hampshire Governor Chris Sununu. I was only vaguely aware of Sununu The Younger, but his attack on DeSantis for having the balls to fight the poison of social justice instantly rocketed him to the bottom of my list. You would think Romney’s failure would have soured the party on moderate business-oriented governors, but evidently Sununu didn’t get the memo. Likewise, I doubt modern voters are interested in voting for Bush Lite The Next Generation. No thank you. An unwillingness to actual fight for conservative values is automatically disqualifying, and I don’t him bringing anything to the table as a Veep pick.
So there you have it. Four people who are not going to be the Republican Presidential Nominee in 2024.
Fallout from the House speaker’s race, Biden busted for mishandling classified files, more blue state teachers raping their students, Cadillac’s EV breaks into double digit sales, and the Imelda Marcos disco musical! It’s the Friday LinkSwarm!
Kevin McCarthy finally wins Speaker of the House race on 15th vote after offering concessions to the House Freedom Caucus.
How is McCarthy doing? Early signs are encouraging. “The House of Representatives passed a new rules package Monday that overhauls the way it functions by putting up more barriers to congressional spending and creating a more deliberate process for passing legislation, which were key demands of the more conservative members of the Republican Party.” (Hat tip: Sarah Hoyt at Instapundit.)
House Speaker Kevin McCarthy (R., Calif.) used Thursday morning’s press briefing to criticize the Department of Justice’s handling of the issue.
“They knew this happened to President Biden before the election, but they kept it secret from the American public,” McCarthy told a scrum of reporters on Capitol Hill.
Chicago Board of Education Inspector General Will Fletcher reported 470 sexual complaints against Chicago Public School employees from students in 2022.
“The report details students being abused, groped, groomed, assaulted and threatened by school officials.
“One investigation found a former Junior ROTC staff member had sex with a 16-year-old high school student for a year. When he learned there was an investigation, the staff member threatened to kill the girl and her family if she cooperated with investigators.”
The teachers’ union in Chicago, Randi Weingarten’s American Federation of Teachers, so praised by Joe Biden, has done nothing and said nothing about it so far as I can tell, and I did look, focusing instead on promoting critical race theory into the school system. Left unsaid is that the union ensures that firing any of these teachers involved in this activity is virtually impossible. Chicago’s public schools’s firing rate of bad teachers owing to their union membership, as of a few years ago, is 0.1%.
What’s vivid here amid all this widespread predatory behavior from the teaching classes, which like Harvey Weinstein, are prolific campaign donors to Democrats, is that the low outrage factor stands in sharp contrast to the sexual abuse scandals of the Catholic Church, which was ordered by courts to pay billions in reparations to the victims, has seen its leaders publicly apologize for the abuses, and has many programs now to prevent child abuse by perverts in authority. This activity was evil and inexcusable and rightly punished.
As for the more widescale abuse now seen in Chicago’s public schools, along with comparable scandals in the Los Angeles public school system, and other bad cases in New York and other blue cities, well, crickets. The perversion has gotten out of control in Chicago and the story barely makes the national news.
How Biden’s inflation is destroying family budgets:
The reality of the inflation report for American families – year-over-year real wages have been negative for 21 straight months. pic.twitter.com/1Bh4DNqZBF
A federal appeals court on Friday struck down the Trump-era ban on bump stocks, a firearm accessory that enables a semi-automatic gun to shoot at an increased rate of fire.
In a 13-3 decision, the 5th Circuit Court of Appeals in New Orleans held that the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), acting under “tremendous” public pressure, short-circuited the legislative process by approving a rule to define bump stocks as “machineguns,” which are illegal to possess. The court said ATF did not have the authority from Congress to do so.
This is what a real pro-natalist policy looks like: “Hungary addresses falling birthrates by exempting moms under 30 from income tax for life.” More:
Hungary has taken several measures in recent years to encourage its citizens to have more children, including three years of paid parental leave and state-funded daycare.
The country previously suspended income tax for moms with four or more children, but this new policy specifically encourages women to have children sooner, which in the long run means a higher likelihood of having more children overall.
Israel hit Syria again, and I heard just about nothing about it. Ukraine has really pushed Syria out of the headlines.
Speaking of Ukraine, Russia has largely captured the salt mining town of Soledar, though at a high cost in man. And good luck checking those hundreds of miles of salt tunnels for partisans…
“Tesla plans Houston-area expansion with large new industrial site in Brookshire…Little is known about Tesla’s plans, but the Fortune 500 company signed a lease late last year for about 1.03 million square feet at 111 Empire West, part of the 300-acre Empire West Business Park in Brookshire.” A bold move, considering how radically car sales have dived this year.
Other EVs update: “GM delivers record Cadillac Lyriq deliveries in Q4 – 12 per month.”
“David Byrne, Fatboy Slim Disco Musical ‘Here Lies Love’ Sets Broadway Debut. The musical, which has had a long journey to Broadway, centers on the life of Imelda Marcos, the former first lady of the Philippines.” They say the mirror ball shine bright on Broadway… (Hat tip: Dwight.)
One huge advantage Texas has over one-party Democrat-rule states is the salutary habit of running budget surpluses year after year after year. (Or, to be technically correct (“the best kind of correct!”), biennium after biennium after biennium.)
Now Comptroller Glenn Hegar has officially forecast that the Texas budget for 2024-2025 (the one the legislature will pass in the just-started legislative session) will be a $32.7 Billion surplus.
The historic Texas budget surplus estimate has grown even larger as Comptroller Glenn Hegar announced a $5 billion increase in an updated Biennial Revenue Estimate (BRE) on Monday.
The Texas Legislature convenes for the first day of its 88th Regular Session on Tuesday and now appears to have at its disposal $32.7 billion — a sum that has more than its fair share of stipulations and restrictions. Hegar’s July 2021 projection pegged the number at $27 billion.
“Even with constitutional spending limits and an inflation-influenced new normal, the enormous amount of projected revenue gives the state a remarkable, or a truly ‘once-in-a-lifetime,’ opportunity for historical actions this legislative session,” Hegar said, presenting the BRE Monday.
Tempering reactions, he added, “Don’t count on me announcing another big revenue jump two years from now.”
“The revenue increases that we’ve seen have been in many ways unprecedented and we cannot reasonably expect a repeat. We are unlikely to have an opportunity like this again.”
Overall, the comptroller estimates $188 billion available in general-purpose spending for the 2024-2025 budget, a 26 percent increase from the current biennium. The state will also receive an estimated $176 billion in federal dollars and other revenues that are non-discretionary, earmarked already with specific purposes.
Over half of the general revenue-related funds come from sales taxes and 13.2 percent from oil and gas severance taxes. Due to the high oil and gas prices over the last year, severance tax collections rose 116 percent in 2022; the average annual increase from 1996 to 2021 was just 7.5 percent.
Without new appropriations, Hegar estimates the Economic Stabilization Fund to reach a balance of $27.1 billion, slightly constrained by a constitutional limit.
Texas has had a Republican trifecta (House, Senate and Governor’s mansion) for two decades, and in that time it has followed the budget maxim of former governor Rick Perry: “Don’t spend all the money!” Conservative governance, free market policies, low taxes and fiscal prudence have all combined to keep the economy growing even in difficult times, a record few Democratic-dominated states even remotely approach.
The Texas Public Policy Foundation has more thoughts on how Texas government can reduce the Texas tax burden even further.
If you want to know why Florida Governor Ron DeSantis is a leading presidential contender in 2024, and Texas Governor Greg Abbott is not, this story about DeSantis shaking up a college board of trustees provides a big hint.
Governor Ron DeSantis appointed six new members to the New College of Florida’s Board of Trustees on Friday, directing the new conservative majority to reorient a public university that has been led astray by progressive ideologues in recent years.
In 2001, the New College of Florida (NCF) was designated the state’s honors college by the Florida legislature. Since then, the school has increasingly embraced progressive ideological causes, such as expanding DEI initiatives, all while missing its 2022 enrollment goal by 45 percent.
DeSantis’s six appointees are Christopher Rufo, Mark Bauerlein, Matthew Spalding, Charles Kesler, Debra Jenks, and Jason “Eddie” Speir. Several are well-known conservatives.
Rufo is a senior fellow at the Manhattan Institute and is best known for his activism against critical race theory in K–12 education, corporations, and higher education. Kesler is a senior fellow of the Claremont Institute and editor of the Claremont Review of Books, a quarterly conservative publication of political philosophy, history, and literature. Spalding is vice president of the graduate school of government at Hillsdale College in Washington, D.C., and has published books on the Constitution and the Founding.
“Governor DeSantis is leading the nation in educational reform and post-secondary responsibility,” Spalding said in a statement to National Review. “I am honored by the appointment and look forward to advancing educational excellence and focusing New College on its distinctive mission as the liberal arts honors college of the State of Florida. A good liberal arts education is truly liberating and opens the minds and forms the character of good students and good citizens.”
While they must first be confirmed by the GOP-controlled state senate, the selections are on board with the governor’s plan to refocus NCF. DeSantis chief of staff James Uthmeier says the administration intends to convert the college to a classical model akin to that of Hillsdale College. The Michigan conservative bulwark rejects the neo-Marxist school of thought, including critical race theory and its contention that white supremacy is intrinsic to America’s national fabric and that positive discrimination is necessary to rectify historical racial injustice.
“It is our hope that New College of Florida will become Florida’s classical college, more along the lines of a Hillsdale of the South,” he told National Review.
I have no doubt that Rufo and the other new regents will do their best to purge New College of Florida of the poison of Critical Race Theory and other radical social justice teachings.
Has the Texas Governor ever appointed a true conservative reformer to a college school board? One: Wallace Hall, appointed to the University of Texas System Board of Regents, who dug deep into the scandal of the offspring of the well-connected receiving preferential treatment for admission into college administration programs.
The problem is, Hall was appointed by Rick Perry, and Abbott essentially hung him out to dry, failing to take any action on the scandals he uncovered and failing to reappoint him when his six-year term was up.
From the outside, Abbott seems like a fairly conservative governor, and he is when compared to the likes of Gretchen Whitmer or Gavin Newsom. But at heart, Abbott seems to be a cautious, consensus-driven politician who is reluctant to rock the boat. When it comes to real efforts to sand-blast the social justice rot out of higher education, the contrast between him and DeSantis is night and day.
More moving trucks left from California than any other state in 2022 for the third year in a row, while more Americans are flocking to Republican-led states like Texas and Florida, a new study published on Jan. 3 has found.
The study was conducted by the moving truck rental company, U-Haul, and found that Texas, Florida, and the Carolinas were the preferred destinations for one-way moving trucks in 2022, with those states ranking as the top growth states on the annual U-Haul Growth Index.
U-Haul’s Growth Index is compiled according to the net gain of one-way U-Haul trucks arriving in a state or city, versus those departing from that state or city each calendar year across the U.S. and Canada and is a strong indicator of what kind of job states and cities are attracting and maintaining residents, according to the company.
Texas is the top destination for U-Haul trucks for the second consecutive year and the fifth time since 2016, according to the study. That is followed by Florida, which has been a top-three growth state for seven years in a row. South Carolina, North Carolina, Virginia, Tennessee, Arizona, Georgia, Ohio, and Idaho also saw strong growth rates in 2022, the study found.
I think I’ve posted a variation on this story just about every year I’ve published this blog…
From July 2021 to July 2022, 300,000 more people moved out of the state than moved in. New York had the largest population loss—in both percentage and absolute terms—experienced by any state during that period.
Sadly, this was both predictable and preventable.
In March 2021, a study of New York found that its already staggeringly high tax burden had worsened due to an increase in the top marginal tax rate to almost 15% for those in New York City. The study projected that the flood of people leaving would only accelerate—and it did.
Even before that study, the Empire State lost so many people that it cost New York a seat in Congress after the 2020 census. This exodus is a direct response to New York’s obscenely high taxes.
Just how bad is it? Compared with other states, New Yorkers:
Pay the highest total tax burden and highest share of personal income (14%) in taxes.
Endure the second-worst overall business-tax climate.
Face the highest individual income-tax rate and income-tax collections per capita.
Pay the second-highest state and local corporate income tax collections per capita.
Have the fourth-highest property taxes and local sales-tax rate (on average).
Pay the highest cigarette taxes and ninth-highest gasoline taxes.
Remember how I’ve noted that semiconductor memory manufacturers make money hand-over-fist in boom times and barely break even during busts? “Samsung Profits Plunge 69% As Global Chip Demand In ‘Full-Fledged Ice Age.'”
Turnabout is fair play: “U. Houston Prof Tells Students to Report Teachers Berating ‘White People or Christians to DEI Office.'”
Denver Mayor Michael Hancock takes pride in virtue signaling his city as a refuge for illegal aliens. Guess what?
Greetings, and welcome to a Christmas Eve Eve LinkSwarm! It got down to 14°F yesterday, and only up to a balmy 30°F or so today. In addition to trying to stay warm, I’ve been working finishing up my latest Lame Excuse Books catalog, which went out earlier this evening. (Drop me a line if you want a copy.) Due to that, I think I’m going to break this LinkSwarm into two parts.
House passes pork-filled omnibus spending bill that 18 Republican senators let escape the senate. The amount of bad stuff in here will probably require multiple links tomorrow…
Gov. Gavin Newsom, newly inaugurated Los Angeles Mayor Karen Bass and legislative leaders are pledging decisive action on California’s homelessness crisis, which raises a pithy question: Why did it erupt during a period of strong economic growth?
The reasons often offered include a moderate climate, the availability of generous welfare benefits, mental health and drug abuse. However, a lengthy and meticulously sourced article in the current issue of Atlantic magazine demolishes all of those supposed causes.
Rather, the article argues persuasively, California and other left-leaning states tend to have the nation’s most egregious levels of homelessness because they have made it extraordinarily difficult to build enough housing to meet demands.
Author Jerusalem Demsas contends that the progressive politics of California and other states are “largely to blame for the homelessness crisis: A contradiction at the core of liberal ideology has precluded Democratic politicians, who run most of the cities where homelessness is most acute, from addressing the issue.
“Liberals have stated preferences that housing should be affordable, particularly for marginalized groups … But local politicians seeking to protect the interests of incumbent homeowners spawned a web of regulations, laws, and norms that has made blocking the development of new housing pitifully simple.”
Demsas singles out Los Angeles and the San Francisco Bay Area as examples of how environmentalists, architectural preservationists, homeowner groups and left-leaning organizations joined hands to enact a thicket of difficult procedural hurdles that became “veto points” to thwart efforts to build the new housing needed in prosperous “superstar cities.”
While thriving economies drew workers to these regions, their lack of housing manifested itself in soaring rents and home prices that drove those on the lower rungs of the economy into homelessness.
Benjamin Netanyahu manages to form new government in Israel. It only took two months since the election!
Mayor Adler’s legacy in Austin:
I just came home today from a 4 day business trip in Austin. Homeless and drug addicts were everywhere. Girls looked like guys, guys looked like girls. In my hotel last night I was woken 3 times from separate bouts gunfire. What happened to this great city?
The Biden Administration, in its never-ending quest to punish the oil and gas industry for supplying cheap, reliable energy, tried to block the export of liquefied natural gas to Asia. Then Ted Cruz stepped in.
The U.S. Department of Energy (DOE) announced the approval of permits to export liquefied natural gas to Asia after Sen. Ted Cruz (R-TX) held four agency nominees hostage.
Two Sempra Energy facilities on the West Coast will now be able to ship Texas-produced liquefied natural gas (LNG) to Asia, increasing the supply that competes with Russia to fuel the rest of the continent. They will also allow the transport of LNG supplies by pipeline to Mexico.
The approvals come after the Biden administration’s reticence and Cruz’s corresponding holds placed on four nominees to positions in the DOE. Those nominees are David Crane, to work under DOE Secretary Jennifer Granholm; Jeffrey Matthew Marootian and Gene Rodrigues, both nominated to serve as assistant secretaries; and Evelyn Wang, up for director of the Advanced Research Projects Agency-Energy.
A Senate procedural tool, the hold is “an informal practice by which a senator informs Senate leadership that he or she does not wish a particular measure or nomination to reach the floor for consideration.”
Cruz used a similar maneuver back in May to force permit approvals, including one for a Port Arthur facility.
“This decision is a long overdue win for Texas and America,” Cruz spokesman Dave Vasquez said in a statement provided to The Texan.
“These permits will enable West Coast liquefied natural gas export facilities to send U.S. natural gas from Texas and other Western states by pipeline to Mexico, and from there export the LNG to Asia. As a result, American allies and partners in Asia will have access to newer and cleaner alternatives to the coercive energy blackmail pushed by Russia and China.”
The permits will enable the cheaper sale of Texas LNG supply to Asia; it also enables shippers to avoid the congested Panama Canal, thus expediting the supply. In total, the two permits will allow the exchange of 2.33 trillion cubic feet per year of LNG.
In 2021, Texas producers generated 10.3 trillion cubic feet of natural gas.
It’s good to have a senator on your side that knows how to play the game…
I’m going to leave the whys and hows of how Republicans lost a winnable seat to others. What I am going to note is that we know, with a 100% surety, one reason Walker didn’t lose the runoff: A failure to send out enough donation solicitation emails.
The Walker campaign sent out a shitload of those.
Because I have a blog, am signed up to various political sites, and have occasionally donated small amounts of money to various Republican candidates, I get a tsunami of fundraising emails, all of which filed in a Political folder. And no one, including the Ted Cruz campaign (I donated to both senate and presidential runs) has sent me more email solicitations than the Herschel Walker campaign.
Since Walker announced his run on August 25, 2021, I have received no less than 751 fundraising emails. Here’s a screencap of just the Walker emails I received July 19-26:
But it’s not just Walker himself asking for money for his campaign. People who have asked me for money for Walker include:
Mary Vought (executive director of the Senate Conservatives Fund)
President Trump
Marco Rubio
Jim Jordan
Ted Cruz
Ron DeSantis
Nikki Haley
Brian Kemp
Ronna McDaniel (RNC chairwoman)
Elise Stefanik
Tim Scott
Mike Pompeo
Erich Pratt (Gun Owners of America)
Charlie Kirk (for Turning Point PAC)
Josh Hawley
Tom Cotton
Etc.
Even his dog Cheerio “sent” me email asking for money. The response must have been underwhelming, because they stopped sending those a while back.
I realize campaigns need to do fundraising. But clearly carpet bombing people’s inboxes goes far past the point of diminishing returns.
So, I for one, am looking forward to not receiving a zillion emails from Herschel Walker from now on.
(Ironically, I received one today from John James via The Post Millennial, despite the runoff being over…)
State budgets for Texas and California are in the news, and once again the two largest states in the union are headed in opposite directions:
In Texas, lawmakers are wrangling about what to do with a $27 billion surplus.
The Texas Legislature is in for a fight over how to spend its expected pot of money from inflation-driven record consumption tax collections.
Trying to direct the Legislature and the Texas House specifically often resembles herding cats — 150 members with 150 different ideas on how the $27 billion projected surplus should be appropriated.
Comptroller Hegar indicated this week that the total might grow even more by the New Year. He will provide an updated certified revenue estimate in January.
Whether it grows or not, the sum will be a large pot with which the Legislature can do a lot.
The foremost suggestion is to buy down property taxes through ramped-up compression of local ad valorem tax rates.
Gov. Greg Abbott has called for spending “at least half” on “the largest property tax cut ever in the history of Texas.” Lt. Governor Dan Patrick first called for using $4 billion to cut taxes and then upped that to possibly more than half of the total.
The Legislature already has $3 billion earmarked for a buydown next session from holdover American Rescue Plan Act funds.
That’s the estimated deficit Gov. Gavin Newsom and state lawmakers will confront when crafting a budget for the upcoming fiscal year, the Legislature’s nonpartisan fiscal advisor announced Wednesday.
The projection marks a stunning reversal from back-to-back years of unprecedented prosperity: The budget for California’s current fiscal year clocked in at a whopping $308 billion, fueled by a record $97 billion surplus that was by itself enough to treat every state resident to a $7,500 vacation. The year before, Newsom and lawmakers approved what was at the time a record-busting $263 billion budget that included a $76 billion surplus.
Snip.
The Legislative Analyst’s fiscal outlook doesn’t take into account soaring inflation rates or the increasingly likely possibility of a recession. Due to inflation, “the actual costs to maintain the state’s service level are higher than what our outlook reflects,” the analyst’s office wrote. The estimated $25 billion deficit thus “understates the actual budget problem in inflation-adjusted terms.” And, if a recession were to hit, it would result “in much more significant revenue declines,” meaning California could bring in $30 to $50 billion less than expected in the budget window.
I don’t think there’s any “if” about a recession anymore.
For a while California’s tech and entertainment industry strengths were outrunning its massive blue state economic mismanagement and green energy delusions. That’s no longer the case.
The problem with the blue state model is that they either run out of other people’s money, or people take it with them when they move before the state can take it away. Still others leave to avoid the outrageous cost of living. No wonder U-Haul ran out of trucks to leave the state.
Budgets are hard to balance even in good times, given competing priorities and political factions. It becomes much harder in a recession. And it becomes nearly impossible when you try to fund not only the regular Democratic Party graft and fraud, but social justice madness and green energy delusions.
Which is why so many Californians are getting out while the getting is good…
Governor Ron DeSantis said in his victory speech that, not only did he win the Florida gubernatorial race, but he has also “rewritten the political map.” It is difficult to argue with that assessment. He beat Democrat Charlie Crist by 20 percentage points and flipped Democratic strongholds such as Miami-Dade County.
A particularly potent force in his campaign has been culture-war issues — battles DeSantis won by going on the offensive. “We fight the woke in the legislature,” he said in his speech. “We fight the woke in the schools. We fight the woke in the corporations. We will never, ever surrender to the woke mob. Florida is where woke goes to die.”
As with Trump, DeSantis’s political aggressiveness wins him admirers. The tactics that some conservatives consider morally or philosophically dubious appear only to intensify his popularity.
In March, the Republican Florida legislature passed the Parental Rights in Education Act, preventing teachers from instructing kindergarten through third-grade students in gender identity and sexuality. “I would say when you oppose a parent’s rights and education bill, which prevents six-, seven-, eight-year-olds from having sexuality, gender ideology injected in their curriculum, you are the one that’s waging the culture war,” DeSantis said in defense of the bill. DeSantis also signed the Stop W.O.K.E. (Wrongs to Our Kids and Employees) Act, preventing critical race theory from being promoted or advanced in schools and corporations.
When Walt Disney executives criticized the education law as a “Don’t Say Gay” bill, DeSantis retaliated by questioning whether the corporation’s 50-year-old “independent special district” status should go under “review” to ensure that it is “appropriately serving the public interest.” Charles C. W. Cooke warned about the dangers of this move. Yet, however short-sighted, it was undoubtedly effective culture-war politics. DeSantis’s enemies fell into the trap: Democrats revealed their hypocrisy by rushing to the defense of big business.
DeSantis has also won the PR fight on immigration. His morally dubious decision to fly asylum seekers to Martha’s Vineyard revealed Democrats’ hypocrisy. His hard line on immigration does not dampen support among Hispanics. According to a Telemundo/LX News poll, DeSantis had a 51 percent to 44 percent lead over Crist among Hispanic voters. A bilingual pollster who conducted the survey explained: “There are lots of Hispanic voters in this state who really like the governor’s style, this strongman who won’t back down.”
On transgenderism, DeSantis has been utterly fearless. He stated that, in children, most “dysphoria resolves itself by the time they become adults” and “it’s inappropriate to be doing basically what’s genital mutilation.” While other Republican states have tried to use legislation to stop gender experiments, DeSantis appointed a state medical board that banned doctors from prescribing puberty blockers, hormones, and gender-transition surgeries. This way, his enemies can’t claim that politicians are interfering in the medical profession. Rather, it’s medical professionals keeping politics out of health care.
FTX’s new CEO and liquidator, John Ray III, who also oversaw the unwinding and liquidation of Enron, admits that “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
And just in case his shock at FTX’s fraud of epic proportions was not quite clear enough, he adds that “from compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Snip.
Below we excerpt some of the most notable highlights from the affidavit, which we embed at the bottom of the post and which everyone should read to get a sense of just how massive Sam Bankman-Fried’s fraud was.
I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity.
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.
For purposes of managing the Debtors’ affairs, I have identified four groups of businesses, which I refer to as “Silos.” These Silos include:
(a) a group composed of Debtor West Realm Shires Inc. and its Debtor and non-Debtor subsidiaries (the “WRS Silo”), which includes the businesses known as “FTX US,” “LedgerX,” “FTX US Derivatives,” “FTX US Capital Markets,” and “Embed Clearing,” among other businesses;
(b) a group composed of Debtor Alameda Research LLC and its Debtor subsidiaries (the “Alameda Silo”);
(c) a group composed of Debtor Clifton Bay Investments LLC, Debtor Clifton Bay Investments Ltd., Debtor Island Bay Ventures Inc. and Debtor FTX Ventures Ltd. (the “Ventures Silo”);
(d) a group composed of Debtor FTX Trading Ltd. and its Debtor and non-Debtor subsidiaries (the “Dotcom Silo”), including the exchanges doing business as “FTX.com” and similar exchanges in non-U.S. jurisdictions. These Silos together are referred to by me as the “FTX Group.
Each of the Silos was controlled by Mr. Bankman-Fried. Minority equity interests in the Silos were held by Zixiao “Gary” Wang and Nishad Singh, the co-founders of the business along with Mr. Bankman-Fried. The WRS Silo and Dotcom Silo also have third party equity investors, including investment funds, endowments, sovereign wealth funds and families. To my knowledge, no single investor other than the co-founders owns more than 2% of the equity of any Silo.
Much, much more at the link, including an eye-dropping, deeply incriminating Twitter thread by founder Sam Bankman-Fried about the step-by-step decisions they made that weren’t really illegal because they had such good intentions.
BlackRock’s energetic focus on ESG investing is affecting its bottom line. The index fund’s performance is deteriorating, and risks are accumulating. In the face of this situation, UBS Wealth Management recently downgraded ratings for BlackRock (NYSE: BLK) by now listing it as a “Neutral” recommendation rather than a “Buy.” The bank also cut the target stock price to $585 from $700.
The new recommendations were made based entirely on BlackRock’s reckless ESG positioning. UBS says that stubborn insistence on this course could also trigger increased regulatory inspections and investor withdrawals.
Thus, the company pressuring countless firms to adopt more “woke” positions has suddenly found a boomerang coming in its direction. Investors and analysts are now telling BlackRock that ESG shenanigans are bad business and want it stopped.
Another one of those things that makes you go “Hmmmm“: “The Funeral Business Is Booming (And Not Because Of COVID)…We’re having to do at one point of time 20 percent more funerals which is unheard of…the third quarter of this year, we did 15% more calls than we did in the third quarter of 2019.”
Jay Leno is expected to make a full recovery after getting seriously burned in a gasoline fire from one of his many cars. Conan O’Brien should call him up and go “Jay, when I said ‘die in a fire,’ I meant it figuratively, not literally!”
“This was a close call,” said one Republican leader in Washington. “We were worried that we would achieve massive victories tonight, but we thankfully snatched defeat from the jaws of victory to achieve a much more proper and sensible red trickle, like the proper gentlemen we are.”
