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« on: May 14, 2019, 03:44:50 PM » |
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The Patriot Post Digest 5-10-2019
From The Federalist Patriot
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The Patriot Post® · Mid-Day Digest
May 10, 2019
https://patriotpost.us/digests/62941-mid-day-digest
THE FOUNDATION
“Public opinion sets bounds to every government, and is the real sovereign in every free one.” —James Madison (1791)
https://patriotpost.us/fqd/62931-founders-quote-daily
IN TODAY’S EDITION
Facebook’s cofounder says it’s time to breakup the company.1
The socialist solution to high credit card interest rates.2
Daily Features: More Analysis3, Columnists4, Headlines5, Opinion in Brief6, Short Cuts7, Memes8, and Cartoons9.
IN BRIEF
Time to Break Up Facebook? Cofounder Says Yes10
In an op-ed published in The New York Times on Thursday, Facebook cofounder Mark Hughes states unequivocally, “It is time to break up Facebook.” Hughes argues that Facebook has become too powerful and that Mark Zuckerberg reigns over a nearly worldwide monopoly in social media. He points to Facebook’s acquisition of Instagram and WhatsApp, noting that “about 70 percent of American adults use social media, and a vast majority are on Facebook products.”
Hughes also notes the aspect of Facebook that has raised the ire of many on the political Right — its censorship of speech. “The most problematic aspect of Facebook’s power is Mark’s unilateral control over speech,” Hughes argues. “There is no precedent for his ability to monitor, organize and even censor the conversations of two billion people.” Hughes points to the recent banning11 of several individuals for being “dangerous” even though they did not break any of Facebook’s rules.
Hughes then offers his solution to the problem. First, enforce existing anti-trust laws to break up the monopoly. If he had stopped there, we would have little argument with him. In fact, his quoting of Adam Smith — that “competition spurs growth and innovation” — is a welcome recognition of the problem. However, like so many on the Left, he isn’t content to let the government simply enforce anti-trust laws. No, government must be given even more power to regulate Americans’ speech.
He writes, “Just breaking up Facebook is not enough. We need a new agency, empowered by Congress to regulate tech companies. … The agency should create guidelines for acceptable speech on social media. This idea may seem un-American — we would never stand for a government agency censoring speech. But we already have limits on yelling ‘fire’ in a crowded theater, child pornography, speech intended to provoke violence and false statements to manipulate stock prices. We will have to create similar standards that tech companies can use. These standards should of course be subject to the review of the courts, just as any other limits on speech are. But there is no constitutional right to harass others or live-stream violence.”
The idea “seems un-American” because it is un-American. Hughes points out examples of “regulated speech,” but they are so regulated because they are directly criminal and are only punished after the fact. Our system is designed to maximize the protection of Americans’ right to free speech — especially political speech — not to prevent criminal speech. Such is the realm of totalitarian systems.
What is interesting about Facebook is that both sides of the political aisle are calling for its head. However, leftists like Elizabeth Warren are doing so not out of a concern for promoting free enterprise but as Big Government anti-corporatists whose goal is socialism.
https://patriotpost.us/articles/62929-time-to-break-up-facebook-cofounder-says-yes
Socialists Come for Your Credit Cards12
Americans collectively carry more than $1 trillion in credit card debt and $4 trillion in total consumer debt. Most folks don’t pay off their cards each month, and credit card companies charge very high interest rates on that debt, which disproportionately hurts poor and younger Americans. Last year alone, credit card companies raked in $113 billion in interest and fees, a 35% increase from 2012. It’s a massive issue affecting millions of people who would benefit from good financial counseling and planning. But, as usual, the leftist solution is worse than the problem, even if it does — like Democrat offers13 on college tuition and student loans — have populist appeal across party lines.
Socialists Bernie Sanders and Alexandria Ocasio-Cortez have teamed up to introduce the Loan Shark Prevention Act. The legislation would limit credit card interest rates to 15% — significantly lower than the “extortion-level interest rates” Ocasio-Cortez says companies now charge. According to The Washington Post, “For borrowers with high credit scores, the average rate was 17.73 percent last week. … For those with poor credit scores, the average is now about 24.99 percent.” The median interest rate is currently 21.36%.
Those rates have climbed precipitously in recent years. In part, that’s for good reason. People with lower credit scores have a poor track record repaying debt. And the financial crisis of 2008 was driven by banks taking undue risks (mandated by Democrat law14) on borrowers with ubgone21. Hedging against that is a basic business decision, and the result of the legislation to “fix” the problem is that fewer poor people will be able to get credit cards. It’s reminiscent of Barack Obama’s regulations on ubgone2315. Those lenders are distasteful but sometimes necessary options, and enlightened bureaucrats in Washington aren’t going to improve anything.
Speaking of ubgone23, the Sanders-AOC legislation aims to create an alternative “not-for-profit public option for basic banking services” via … the U.S. Postal Service. Yes, the same U.S. Postal Service that has lost $69 billion since 200716. As Hot Air’s Ed Morrissey quips, “The idea that the US Postal Service is a good model for any kind of ‘public option, let alone banking, is an absolute riot.” But Sanders and AOC are totally serious.
By introducing regulation and eliminating options, argues Reason’s Peter Suderman, “What Sanders is actually bragging about is eliminating choices — choices that may seem unfortunate or unpleasant to the sort of people who, say, own three homes and write bestsellers that make them millionaires17 — but which often benefit the people who make those choices: lower-income people with less stable finances. In essence, Sanders is proud of having eliminated useful financial tools for the poor.” Nonetheless, it will win him and the Democrat Party votes, so they’ll keep doing it.
https://patriotpost.us/articles/62927-socialists-come-for-your-credit-cards
Mother’s Day
As we celebrate Mother’s Day Sunday, we’re reminded that among the 10 Commandments there is but one that comes with a promise: “Honor your father and your mother, that your days may be long in the land that the LORD your God is giving you” (Exodus 20:12).
Abigail Adams once wrote her son John Quincy, saying, “What is it that affectionate parents require of their Children; for all their care, anxiety, and toil on their accounts? Only that they would be wise and virtuous, Benevolent and kind.”
President Woodrow Wilson signed legislation in 1914 proclaiming Mother’s Day a national holiday, but we certainly don’t need a holiday to express our appreciation to moms everywhere.
May God bless each and every mother among our Patriot readers.
For further reference, see Motherhood: More Than a Full-Time Job18, and The Culture vs. Motherhood19.
ON OUR WEBSITE TODAY
Featured Analysis: Dems Blame Trump, Credit Obama for Economy20 — If they can’t get the recession they hope for, they’ll credit Obama for the good times.
China 'Broke’ Deal on U.S. Trade Talks21 — Trump calls out Beijing’s attempt to sneakily change the deal in its favor.
Trump, Putin, and Venezuela22 — What’s the deal with the American and Russian presidents when it comes to Venezuela?
Federal Student Loans: From ‘Profitable’ to Indebted23 — Instead of $114 billion in revenue, the CBO now expects $31 billion in losses over 10 years.
Grassroots Perspective: Freedom Is Not Free24 — Vietnam still provides lessons about the high cost of sustaining freedom.
Video: Understanding Socialism25 — Unlike capitalism, socialism is not about our individual happiness but envy of others.
Video: ‘Brave’ Pro-Abortion Politician Bullies Women26 — PA State Rep. Brian Sims went viral after filming himself harassing pro-life women. |
