Author Archive: Glenn Reynolds

WHAT HE’S DONE IS PHENOMENAL, AND BASICALLY WITHOUT PARALLEL IN HUMAN HISTORY:

EVERYTHING IS GOING SWIMMINGLY: It’s Been 30 Years Since Food Ate Up This Much of Your Income. “The last time Americans spent this much of their money on food, George H.W. Bush was in office, ‘Terminator 2: Judgment Day’ was in theaters and C+C Music Factory was rocking the Billboard charts. Eating continues to cost more, even as overall inflation has eased from the blistering pace consumers endured throughout much of 2022 and 2023. Prices at restaurants and other eateries were up 5.1% last month compared with January 2023, while grocery costs increased 1.2% during the same period, Labor Department data show.”

George H.W. was a one-termer.

#JOURNALISM:

In case they wondered why people are cheering the layoffs.

OPEN THREAD: Because I love you and want you to be happy.

NOT SEXY ENOUGH TO GET THE ATTENTION IT DESERVES: CDR Salamander: Sealift: a Tragedy of Numbers. “Have you ever seen the horror movie where victims knew they were doomed left a written record – or just their name – so there would be some proof they ever existed? Maybe they left evidence for others in the future to find out what happened, who the perpetrator was … what caused the unfolding tragedy? After reading the letter of February 6th from Rep. Mike Gallagher (R-WI), Chairman of the Select Committee on the Chinese Communist Party, to Ann C. Phillips, Administrator, Maritime Administration, that is exactly what came to mind.”

ELON NEEDS ALLIES: Musk’s SpaceX Forges Tighter Links With U.S. Spy and Military Agencies: Company has grown from a for-hire rocket launcher into a major national-security contractor. His overriding goal is to establish a spacefaring civilization. To ward off his enemies, he’s allied himself with the most powerful part of the Deep State. I hope it works. The risk is that SpaceX will be turned into just another bloated defense contractor. I think that risk is low as long as Musk is at the helm.

FIGHT THE POWER: En Banc Fifth Circuit Will Hear NCLA Lawsuit Against Legally Defective Nasdaq Board Diversity Rules.

The U.S. Court of Appeals for the Fifth Circuit has agreed to an en banc rehearing of the New Civil Liberties Alliance’s National Center for Public Policy Research v. SEC lawsuit challenging “Board Diversity Rules” that SEC promulgated without statutory authority. These rules impose race, gender, and sexual orientation quotas on corporate board membership for companies listed on the Nasdaq stock exchange, along with compelling corporate speech to explain any quota missed. SEC also furnishes lists of quota-satisfying names to companies unable to meet such quotas on their own. NCLA welcomes the opportunity to argue this case before the full Fifth Circuit, where we will urge the Court to set these unlawful rules aside. The Court also granted the petition for rehearing en banc filed in the case by the Alliance for Fair Board Recruitment.

Nasdaq reported a wave of alleged investor interest in discriminating against some companies and in favor of others based on the gender, race, and sexual orientation of those companies’ directors. Nasdaq responded by proposing a set of rules to SEC that would help investors discriminate with respect to these identities. One Rule forces every Nasdaq-listed company to either include on its board minimum quotas of individuals of a certain gender, race, and sexual orientation, or else to explain why the board does not meet such quotas. The Rules also require the companies to publicly disclose information about their directors’ self-identified gender, race, and sexuality. These measures compel speech in derogation of the First Amendment, and they further violate Americans’ rights to due process of law and equal protection under the law.

Reminder/Disclosure: I’m on the NCLA Advisory Board.