News Story of the Day: billionaire investor Carl Icahn believes banking and environmental regulations stifle economic growth in the United States. Icahn, who has joined the Donald Trump administration as a special advisor to regulatory reform, issued a statement as part of the Trump transition team.
“Under President Obama, America’s business owners have been crippled by over $1 trillion in new regulations and over 750 billion hours dealing with paperwork,” Icahn said in a statement. “It’s time to break free of excessive regulation and let our entrepreneurs do what they do best: create jobs and support communities.”
It should be interesting to see if Icahn can actually eliminate regulations or will he swap some for others he thinks are best.
Chart of the Day: is the Dow Jones Industrial Average (DJIA) overbought? As this chart from Bloomberg suggests, history proves that the Dow is being overbought, which doesn’t necessarily prove to be great in the future.
Illustration of the Day: thanks to artificially low interest rates and an appetite for borrowing, American consumers are taking on an immense amount of debt. This infographic from Visual Capitalist shows that you must ask the question: how much debt is too much debt?
Quote of the Day: legendary free market economist Thomas Sowell recently wrote about the diversity scam in higher education. Here is an excerpt from his op-ed entitled “The ‘Diversity’ Fraud“:
Fast forward to today. It is common, at colleges and universities across the country, for the test scores of Asian American students who have been admitted to a given college to be higher than the test scores of whites or of blacks or Hispanics.
That may not seem strange, since that is true of test scores in general. But, at any given institution, applying the same standards to all, the test scores of students at a particular institution would tend to be similar. More Asian Americans would be admitted to higher ranked colleges and universities, however, if the same standards were applied to all.
In short, something very much like the quota limits that were applied to Jews in the past are now being applied to Asian Americans — and, once again, are being justified by diversity.
But what justifies diversity? Nothing but unsupported assertions, repeated endlessly, piously and loudly.
Today, as in the past, diversity is essentially a fancy word for group quotas. It is one of a number of wholly subjective criteria — such as “leadership” — used to admit students to colleges and universities according to their group membership, rather than according to their individual qualifications.
Video of the Day: John Stossel of the Fox Business Network is leaving the show. He has been the only one in the mainstream media to promote the virtues of free markets, capitalism and libertarianism, and he has done a pretty good job for the past several years. It will be disappointing to see him go. In order to honor his exit, let’s take a look at a segment called “The Doom & Gloom Myth”:
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