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OpenMarket: April 2010

  • Chris Horner on Offshore Oil and Obama Energy Policy

    April 30, 2010
    [youtube:http://www.youtube.com/watch?v=UGt3YheyE4E 285 234]
  • When White House Correspondents Go Green, Follow the Money

    April 30, 2010
    In the Politico today, there's a story about how the Natural Resources Defense Council is advising the White House Correspondents’ Association on how to “go green” with their annual dinner. They seem to be taking this very seriously:
    Every two weeks, the greening team — including [NRDC senior scientist Allen] Hershkowitz and representatives from the Hilton — held a conference call to make sure every procurement decision and operation at the event would be as green as possible.
    The story goes on to explain that they will be offsetting all of the energy use associated with the dinner – including the private jet to fly host Jay Leno out from L.A. and back. With advice from the Portland-based nonprofit the Bonneville Environmental Foundation, they’ve...
  • Regulation of the Day 136: Off the Record

    April 30, 2010
    If you work for the Department of Energy's Federal Energy Regulatory Commission, a regulation in 18 CFR 385.2201 requires you to keep records of off-the-record communications.
  • Hypocritical California Government Boycotts Against Arizona Over Immigration Law

    April 29, 2010
    "Representatives at three levels of California government were quick to call for economic measures against neighboring Arizona this week in the wake of its passage of a tough new immigration law. . .On Tuesday, seven members of the Los Angles City Council signed a proposal for a boycott that urged the city to 'refrain from conducting business' or participating in conventions in Arizona. Also on Tuesday, San Francisco Mayor Gavin Newsom imposed an immediate moratorium on city employees traveling to Arizona.  And California Senate leader Darrell Steinberg said the state should...
  • CEI Weekly: CEI Protects Main Street From Financial Reform Bill

    April 29, 2010
    CEI weekly is a compilation of articles and blogs from CEI's staff. This week features CEI's coalition efforts with other organizations to show the harms of the new financial reform bill.
  • Bachman v. A.G. Edwards class action settlement objection

    April 29, 2010
    The attorneys in the case of Bachman v. A.G. Edwards, Inc. negotiated what they call a $60 million settlement. Which sounds good, until you actually look at the settlement:
    • The attorneys are asking for $21 million of the $60 million, or 35%;
    • 35% is actually an underestimate, because $34 million of the $60 million consist of $8.22 coupons, issued in sets of three to be used once a year to pay for mutual fund fees--assuming that the class members remember to use an $8.22 coupon in 2012;
    • the attorneys' fees get paid immediately, while the class does not get paid until ninety days after all appeals are resolved;
    • and even if the court reduces the attorneys' fees, the reduction goes to a charity run by A.G. Edwards's successor, Wells Fargo, rather than to...
  • "Nearly Two-Thirds of Americans Say the Stimulus Isn't Working"

    April 29, 2010
    "Nearly two-thirds of Americans do not believe the $787 billion stimulus package the president passed last year has helped create jobs, according to a new Pew Research Center poll."
    As the Washington Examiner notes, "a recent survey of business economists showed they didn’t think the stimulus was creating jobs, either."  President Obama falsely...
  • Things are getting better and better

    April 29, 2010
    The clever video trailer for Matt Ridley's soon-to-be-released book The Rational Optimist: How Prosperity Evolves, has the theme that "everybody is working for everybody else" to provide enormous choices that kings couldn't command. Here's an excerpt from the description of the book:
    Yet Matt Ridley does more than describe how things are getting better. He explains why. Prosperity comes from everybody working for everybody else. The habit of exchange and specialization—which started more than...
  • "How many regulators does it take . . .?

    April 29, 2010
    On Bankstocks.com Thomas Brown has a clever piece about why a new consumer financial protection agency doesn't make any sense.  He describes a commercial bank he visited where six FDIC consumer protection people were sent to examine the bank's consumer loans.
    Here's the problem: the bank that the six regulators were planning to camp out in for two weeks doesn't make consumer loans. It's a business bank, whose consumer loan book consists of all of 20 loans that add up to a grand total of . . . . $1.3 million. Do the math, and, per regulator, that works out to just over three loans of around $217,000 each. Two weeks! Thus you see the bureaucratic mindset at work. What in the world can those people be thinking? I can't think of a better illustration of why a new regulatory...
  • An Oldie But A Goodie: John Christy's Letter to Lisa Jackson on Fuel Economy Regulation

    April 28, 2010
    Well, it's not really so old. I'm referring to a March 10, 2009 letter by atmospheric scientist John Christy to EPA Administrator Lisa Jackson. I post it on Open Market and GlobalWarming.Org because it is hard to find on the Internet, and Dr. Christy makes a key point that will need to be made again and again in the upcoming Senate battle over the Murkowski resolution of disapproval to veto EPA's endangerment finding. The endangerment finding is the  statutory prerequisite for the joint greenhouse gas/fuel...

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