I can watch him every day. The man is absolutely amazing.
Many people say New Yorkers are tough, then I read an article in the NY Times regarding a pending strike of all Doormen in the City considering going on strike.
Who will safeguard my apartment as I sleep? Greet my children when they come home from school? Accept deliveries? Clean the hallways? Sort the mail? Operate the elevator? And who, for goodness sake, will let the cleaning lady in?
Residents, co-op boards and building management companies have been busy planning for the sudden complications that could come at 12:01 a.m. Wednesday with the possible departure of the building workers who, among many other things, hold open the city’s doors.
I am shocked that it takes nearly 70k a year to answer a door. Poor residents that can’t afford housing are forced to pay a building worker large sums of money. I imagine more than one door worker is required to cover the 7 days a week 24 hours a day.
I would welcome a strike if I were a New Yorker. There are plenty of qualified people who can open a door or call 911 once every other year. Just another Union story showing they never understand just how good they have it. Hopefully they strike and are replaced by electric opening doors. Good riddance.
Many people do not understand the moral hazard created by having FDIC insurance. Those lovers of big government never look at the unintended consequences, only those seen. We should never be saying thank goodness we had FDIC insurance in the first place. We need to look at the cause of failing banks. A typical response would be something like a fellow reader wrote.
The Federal Deposit Insurance Corporation: Implemented in 1933 under the Glass-Steagall Act, this federal program put and end to Depression era ‘runs’ on banks. Today, people don’t have to worry about losing everything because a bank fails. Pretty handy considering the fact that hundreds of banks have failed since the 2008 economic meltdown.
The reason FDIC should be abolished is the distortion in the banking industry it creates. For those who are not aware of what FDIC is it is Federal Deposit Insurance Corporation. It is a government backed insurance policy which guarantees bank account deposits up to 250k. If the bank goes bust, the insurance policy kicks in pays backs the money. In theory, it prevents runs on banks.
Having FDIC sounds good in theory, however what it actually does is punishes good banks and rewards bad banks. The first glaring issue is basically the premium which banks have to pay is from what I understand, uniform. If one bank decides to take depositors money and gamble it, they still pay the same fee as the conservative bank. This forces conservative banks to pay for bad behavior.
The second issue comes from the fact because it covers risk of loss; depositors have no care in the world how risky a bank is operating. Often the opposite of logic happens and bad banks actually offer far higher yields to deposit money with them. This forces good money out of the good banks and pushes over to bad banks again. Again rewarding the bad and punishing the good.
The final bad side effect of FDIC is low yields paid to depositors. Because the risk is now considered very low since Uncle Sam is backing the account, banks do not have to pay depositors for using their money. This is why you get .000001% when you deposit money in a checking account. This punishes savers and gives huge rewards to the banks.
Overall FDIC distorts the banking sector, allows Fractional Reserve Lending to lend out of control. The taxpayer gets the downside, depositors get zero interest. The only winner is the big bankers.
Drilling offshore for oil is a good start. It generates jobs, tax revenue, and helps with our need for fuel.
The biggest thing which is overlooked about opening drilling is how tight the oil market is. This may not lower prices by 2 dollars a gallon, but it should make shock far less common if we didn’t have such a tight supply. Literally if a tanker or two sinks, it can drive up markets to high price levels.
My guess is oil prices will eventually come lower as China’s economy finally blows up. Repubs will say see, but regardless, this is good for America.
Matt
http://talkofliberty.com
