Well that didn’t take long. Just one week into the Biden presidency, America’s ruling class has put the hoi polloi in its place by bailing out a flailing hedge fund because a bunch of COVID-bored bloggers and small investors were about to push it into insolvency. First, some background. In May of 2020, the car rental company Hertz filed for bankruptcy sending its share price to 56 cents. Day traders decided to start bidding up the price, increasing it ten-fold. It was not because these day traders thought the stock should be worth more. It was because they hoped they could buy it, let suckers buy it for more, then dump in for a nifty profit – a practice called “pump and dump.” Think if it as playing musical chairs, only the last person sitting in the chair is the loser, not the winner. Fast forward to today. Day traders decided to do the same with a stock called GameShop. GameShop sells video games from retail outlets in malls – a business model that is slightly better than manufacturing buggy whips and … [Read more...]
School Vouchers are a Quick Way to Correct Racial Injustice
When I was in first grade, I was mistakenly given an eighth-grade portion of food that I could not possibly finish. As I was presenting my uneaten portion to the woman at the garbage disposal, a redoubtable nun towering over me said, “Joseph, the pagan babies in Africa are starving and you’re wasting that good food.” I responded, “Sister, if I eat the food, the pagan babies still won’t get it.” Wap! The nun backhanded me across my face and the tray went flying. Many people who attended Catholic schools in the 1960s can recount similar stories. But on the balance, these schools did an excellent job. At my grade school, even the slowest child in the class could read, write and do basic math by the eighth grade. We learned right from wrong and learned to love our country. To this day, I can still recite most of the Gettysburg address. Connecticut is trying to redress historical racial inequalities and there would be no faster way than to allow minorities to … [Read more...]
Predictions for 2021
Once again, it is time to embarrass myself and predict what will happen in 2021. But unlike most pundits who hope you will forget their previous prognostications, I will review predictions for 2020. 1. The stock market will gain around 5%. Correct (Dow up 6% but S&P up 15%). 2. Bernie Sanders will be the Democratic nominee. Incorrect, but he was robbed 3. President Trump will win reelection. Incorrect, but he was robbed. 4. The Republicans will hold the Senate. Technically correct but this could change with the Georgia races. 5. The Republicans will retake the House. Incorrect 6. LSU will win the national football college championship. Correct 7. The Baltimore Ravens will win the Super Bowl. Incorrect, the Kansas City Chiefs won. As usual, my predictions are … [Read more...]
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