Commentary On Mar. 9, Silicon Valley Bank (SVB) lost 60 percent of its value. It showed an aftertax loss of $1.8 billion. Silicon Valley is unique in that, since its inception, its primary target market has been the startup community in the Bay Area. As it expanded across the country, it targeted the startup market….
Recession Is Needed to Curb Inflation
March 9, 2023
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The year 2023 seems a turnaround year for the world economy: Not only in the real estate sector, where prices are on the rebound. Indeed, inflation and the interest rate hike will still be the focus, at least for the first half of 2023; recession, if any, should be later. The picture is getting clearer:…
Why Tax Stock Buybacks?
March 8, 2023
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Commentary The Biden administration has passed a 1 percent tax on stock buybacks. A stock buyback is when a public company uses its own cash to buy back its own stock. Sometimes it is financially in the best interest of the company to actually borrow money to buy back stock. Democrats dislike stock buybacks because…
The Fair Tax of 2023: A Great Idea with a Major Flaw
Commentary Twenty-five Republican members of the House of Representatives co-sponsored a bill to radically overhaul the U.S. tax system. The Fair Tax Act of 2023 (H.R.25) proposes to eliminate all federal income taxes, replacing the revenue with a national sales tax of 23–30 percent. The bill is well-thought out and extremely thorough. It effectively would…
The Economic Upheaval Has Just Begun
March 7, 2023
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Commentary This weekend, a good man who owns a landscaping business came up to the microphone during a question and answer period following my speech at an event. He posed a simple but sincere question. He has endless demands for his services. He has all the capital he needs. He has a thriving business with…
As ‘Blue’ States Rezone Their ‘Red’ Suburbs, It’s Not Really About ‘Affordable Housing’
March 6, 2023
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Commentary A recent New York Times opinion piece titled, “The Era of Shutting Others Out of New York’s Suburbs Is Ending,” discussed a growing trend among state legislatures, particularly in “blue” states, to force changes in local zoning laws in the suburbs to allow more multifamily housing. Traditionally, suburbs are zoned mostly for single-family homes….
Stagflation Perils
Commentary “The decade ahead may well be a Stagflationary Debt Crisis the likes of which we’ve never seen before,” warns New York University economics professor emeritus Nouriel Roubini, who has the distinction of having forecast the home mortgage-driven 2008 financial debacle as early as 2006. The Turkish-born Roubini is no conservative, having served on President…
Buffett On Buybacks
March 4, 2023
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Commentary Warren Buffett defended stock buybacks in Berkshire Hathaway Inc.’s 2022 Annual Report (pdf), pushing back on those railing against the practice he believes benefits all shareholders. “When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued…
The Fair Tax Act Can Benefit All Americans
On Jan. 10, 2023, Rep. Buddy Carter (R-Ga.) introduced H.R. 25, the Fair Tax Act, to replace the current tax code with a national consumption tax known as the FAIRtax. “Each household will receive a monthly prebate based on federal poverty levels and household size that will allow families to purchase necessary goods, such as…
The Question of College
March 3, 2023
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Commentary Student debt debates have among other things enlivened conversation about the nation’s long-standing emphasis on college. With so many graduates unable to repay the cost of their education, questions naturally have arisen about whether college effectively serves the economy’s skills needs and, accordingly, whether many now in college might do better with some other…
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