The U.S. automotive industry operates in a highly regulated environment, a fact largely overlooked in recent congressional hearings over federal loan guarantees to domestic firms. These regulations affect more than three million American blue- and white-collar workers employed in the industry, along with shareholders and other investors, including retirees (and their spouses) vested in pension funds.
Reading the newspapers, I wonder which straw will break the camel’s back when it comes to illegal immigration. What will finally cause Americans to rise up and take back their country? The tenth family killed by an illegal-alien drunk driver? The 100th housewife butchered by an illegal-alien murderer? Or the next lawsuit that awards damages to illegal aliens after they have trespassed and vandalized a citizen’s property?
The Federal Reserve is handing out money to banks deemed “too large to fail” without knowing how much funding will be required and how long it will take for them to be restored (or to fail). The regulators would be wise to consider the experience of the state of Texas, which went through a very severe recession, accompanied by a collapse of banking, in the 1980’s.
“Libero Ingresso” says the little sign on the doors of an Italian shop. English speakers who know enough Italian to translate the words, Free Entrance, sometimes wonder if there was a time when Italian shopkeepers charged customers an admission fee, to be refunded, perhaps, if a purchase was made. It is just the sort of thing you might expect of Old Europe.