, including those at the Federal Reserve, who have failed to appreciate how much stress those rate increases is causing the banking system. The result has been three of the largest bank failures in U.S. history, which has surprisingly yet to create a contagion because of the overall resilience of the system not because of any great acumen on the part of government officials. The lesson should be to tread very carefully – do no harm – from here on out.
Next are the continual calls for higher taxes, especially in blue states where taxes are already quite high relative to other parts of the country. Yes, New York City is a vast, complicated place, with its own university system, a complex public transport network, not nearly enough affordable housing and billions of dollars in defrayed infrastructure needs. And yet there are other ways to meet public needs without endlessly raising taxes, as states such as Florida and Arizona have demonstrated.
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Source: TIME - 🏆 93. / 53 Read more »