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Ocasio-Cortez’s Selective Memory on the New Deal

Alexandria Ocasio-Cortez never misses the opportunity to bash capitalism.

At the 2019 South by Southwest festival, the Congresswoman derided capitalism, describing it as “irredeemable.” She says that the U.S. is currently facing the consequences of “putting profits over everything else in our society.” Curiously, the freshmen congresswoman pivoted her rant towards a critique of the New Deal.

How could such a staunch leftist like Ocasio-Cortez — who fashioned her pet legislation as the “Green New Deal” — criticize its 20th-century predecessor? She was able to do so by turning this discussion into a matter of race.

In her view, Roosevelt’s New Deal cut African Americans a raw deal:

“The New Deal was an extremely economically racist policy that drew little red lines around black and brown communities and it invested in white America.”

Ocasio-Cortez continued expanding on the New Deal’s harmful effects: “It allowed white Americans access to home loans that black Americans didn’t have access to, giving them access to the greatest source of intergenerational wealth.”

Misinterpreting the New Deal’s Racist History

The congresswoman is correct about the New Deal’s racist policies, albeit from an observational standpoint. I wrote about this previously, detailing how the federal government promoted segregated housing during the New Deal at the African-American community’s expense.

However, Ocasio-Cortez’s talk about the New Deal flagrantly omits other government interventions that clearly affected racial minorities in a negative way. The Wagner Act of 1935 — which established labor-union monopolies — gave incumbent unions tremendous power to exclude low-wage workers. During this period, union heavyweights discriminated against black workers in order to keep wages artificially high for white workers.

Similarly, the National Industrial Recovery Act of 1933 allowed the executive branch to create industrial cartels to restrict output and enact minimum-wage policies. This resulted in approximately 500,000 blacks being pushed out of the labor market thanks to high, non-market wages.

Despite these overlooked aspects of the New Deal, Ocasio-Cortez continues to race hustle and thinks that more government intervention will somehow “correct” past injustices that the government itself created.

How Limited Government Made African Americans Prosperous

In contrast to the New Deal, markets have historically helped racial minorities. It was during the Gilded Age that the African-American community was able to first establish itself as an economic force. This was an era when there was no welfare state, no federal tax maze, nor an alphabet soup of bureaucracy to impede capital accumulation and business creation.

During this time, African American civil society was at its peak. David Beito’s From Mutual Aid to Welfare State was a seminal work in demonstrating how the African-American community thrived without any form of government assistance before the New Deal. Civic organizations like the Independent Order of Saint Luke and the United Order of True Reformers “specialized initially in sickness and burial insurance,” and became leading institutions in African-American civil society.

The Independent Order of Saint Luke stood out for its entrepreneurial endeavors and ended up establishing the Saint Luke Penny Savings Bank of Richmond, which had the honor of having Maggie L. Walker as the first, black female bank president in American history.

Additionally, prosperous enclaves such as “Black Wall Street ” in Tulsa, Oklahoma’s Greenwood District and Detroit’s Black Bottom neighborhood demonstrated the power of black capitalism. No central planning was needed to establish these business neighborhoods.

Alexandria Ocasio-Cortez and her intellectual cohorts make sure that this history falls down the memory hole. Bashing capitalism is simply too easy and anything that disrupts the narrative, must be cast aside.

Is Capitalism Truly Irredeemable?

So, is capitalism irredeemable and worthy of eternal scorn? Human Progress depicts what capitalism has been able to achieve, even with the fiscal and regulatory shackles imposed on it:

“….in 1820, 94 percent of the world’s population lived in extreme poverty (less than $1.90 per day adjusted for purchasing power). In 1990 this figure was 34.8 percent, and in 2015, just 9.6 percent.”

Human Progress’s findings are in line with Mises’s view in Human Action that economies with nominal degrees of capitalism are still capable of delivering constant improvements in living standards: “The characteristic mark of economic history under capitalism is unceasing economic progress, a steady increase in the quantity of capital goods available, and a continuous trend toward an improvement in the general standard of living.”

Most importantly, capitalism has made us more humane in our treatment of domestic animals and has granted women and children unprecedented access to leisure activities and educational opportunities to improve economically. Sadly, select parts of the world — especially present-day Venezuela — have regressed into barbarism due to their political class’s complete rejection of capitalism and private property rights.

Indeed, Western mixed economies still have work to do, but the direction they must head towards is one of more liberalization, not government control.

The Invisible Iron Fist of Government Bureaucracy

Politicians like Ocasio-Cortez see poverty and working-class people struggling to make ends meet, but they don’t see the mountains of paperwork and regulations in the background that make the cost of living so high and make it difficult to run a small business. They also ignore the minimum wage laws that keep countless unskilled minority workers – their primary constituents – from entering the workforce and getting the experience they need to improve their lives.

Refuting the historical distortions and false narratives surrounding capitalism is incumbent upon on all free-marketers. George Orwell said it best, “Who controls the past controls the future. Who controls the present controls the past.”

Politicians like Alexandria Ocasio-Cortez come and go, but their ideas have staying power. When these ideas are allowed to go unchallenged, they can transform into veritable nightmares in the political arena. The very least we could do is challenge these flawed ideas. If we fail to do so, we are only sowing the seeds for our inevitable defeat.


Attorney General William Barr is beginning to call out the Obama & Hillary camps for the crimes they committed during the 2016 presidential elections.

Source: InfoWars

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PG&E names TVA’s William Johnson as CEO

FILE PHOTO: Pacific Gas and Electric (PG&E) trucks are seen parked on a road between homes destroyed by the Tubbs Fire in Santa Rosa, California
FILE PHOTO: Pacific Gas and Electric (PG&E) trucks are seen parked on a road between homes destroyed by the Tubbs Fire in Santa Rosa, California, U.S., October 11, 2017. REUTERS/Stephen Lam

April 3, 2019

(Reuters) – California energy company PG&E Corp on Wednesday appointed William Johnson as Chief Executive Officer and president.

Johnson has been the CEO of the Tennessee Valley Authority since 2013.

Reuters had reported on Tuesday that the company planned to make the appointment, citing a source.

(Reporting by Manas Mishra in Bengaluru; Editing by Sandra Maler)

Source: OANN

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Cops: Florida man stabbed nephew for hogging bathroom

Authorities say a 72-year-old Florida man repeatedly stabbed his nephew because he was taking too long in the bathroom.

Volusia County Sheriff's deputies and DeLand police arrived Tuesday to find the 29-year-old victim with wounds in his stomach and back.

Investigators said the victim lives in his vehicle in his father's driveway and that his father allows him to use the bathroom. According to a report, he was about to get in the shower when his uncle Dan Johnson started banging on the bathroom door, complaining he'd been in for too long. The victim said he opened the door and was stabbed repeatedly with a knife. Johnson told investigators the victim had taken a step toward him.

The Daytona Beach News-Journal reports Johnson was charged with aggravated battery with a deadly weapon and is being held without bond.

The victim is expected to survive.

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Information from: Daytona Beach (Fla.) News-Journal, http://www.news-journalonline.com

Source: Fox News National

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German aid group says 64 migrants rescued at sea off Libya

The German humanitarian group Sea-Watch says the ship it operates in the central Mediterranean Sea has rescued 64 migrants in waters off Libya.

Sea-Watch wrote Wednesday on Twitter that the people brought to safety from a rubber dinghy included 10 women, five children and a newborn baby.

The group said it carried out the rescue off the coast of Zuwarah after Libyan authorities couldn't be reached. Sea-Watch is asking Italy or Malta to open a port to the rescue ship, the Alan Kurdi.

Both countries have refused to accept ships that humanitarian groups have patrolling the Mediterranean. The embargos have led to dayslong delays in getting rescued migrants to land while European countries haggle over which will take them.

Sea-Watch says it still is searching for 50 migrants missing since Monday.

Source: Fox News World

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Jackson estate says HBO film violates non-disparagement contract: lawsuit

U.S. pop star Michael Jackson gestures during a news conference at the O2 Arena in London
FILE PHOTO: U.S. pop star Michael Jackson gestures during a news conference at the O2 Arena in London March 5, 2009. Jackson said he will hold a series of final concerts in Britain later in the year. EUTERS/Stefan Wermuth

February 22, 2019

LOS ANGELES (Reuters) – The estate of Michael Jackson filed a lawsuit on Thursday against HBO saying that its documentary about allegations of child sex abuse by the late singer breached a previous agreement by the cable channel not to disparage him.

The lawsuit, filed in Los Angeles Superior Court, said HBO could owe more than $100 million in damages for what the estate called the network’s “reprehensible disparagement” of the “Thriller” singer in the documentary.

Documentary “Leaving Neverland” is due to be broadcast on AT&T owned HBO on March 3 and 4 after a world premiere at the Sundance film festival last month.

In the documentary, two men who are now in their 30s, say they were befriended by Jackson and were sexually abused by him starting from when they were 7 and 10 years old.

Jackson, who died in 2009, was acquitted at a 2005 criminal trial in California on charges of molesting a different, 13-year-old boy, at his Neverland ranch.

The lawsuit does not seek to prevent the broadcast of the documentary but says it violates a 1992 contract for HBO’s broadcast of Jackson’s “Dangerous” world tour, in which the network agreed not to disparage him at that time or in the future.

The estate is seeking to enforce a clause in the 1992 contract saying it entitles the estate to arbitrate the dispute.

“Despite the desperate lengths taken to undermine the film, our plans remain unchanged,” HBO said in a statement on Thursday. “HBO will move forward with the airing of the two-part documentary on March 3rd and 4th. This will allow everyone the opportunity to assess the film and the claims in it for themselves.”

The singer’s family last month called the documentary and news coverage of the accusations in it a “public lynching” and said Jackson was “100 percent innocent.”

Howard Weitzman, an attorney for the Jackson estate, said in a statement on Thursday that HBO “could have and should have ensured that ‘Leaving Neverland’ was properly sourced, fact checked and a fair and balanced representation.”

He said the network had “breached its agreement not to disparage Michael Jackson by producing and selling to the public a one-sided marathon of unvetted propaganda to shamelessly exploit an innocent man.”

(Reporting by Jill Serjeant and Jonathan Stempel; editing by Howard Goller and Grant McCool)

Source: OANN

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Macquarie backs drone map, electric-vehicle businesses

A man operates a drone over olive trees in Nabatieh
FILE PHOTO: A man operates a drone over olive trees in Nabatieh area, Lebanon October 25, 2018. REUTERS/ Jamal Saidi

February 19, 2019

By Joshua Franklin

NEW YORK (Reuters) – Macquarie Group, the world’s largest manager of infrastructure assets, has seeded money in a map system for drones and an electric-vehicle sharing business, it said on Monday.

The investments highlight how money managers are looking beyond traditional infrastructure projects, such as toll roads and airports, to burgeoning technologies.

“The overarching theme is that technology is revolutionizing the infrastructure world,” Stephan Feilhauer, senior vice president at Macquarie Capital, said in an interview.

Macquarie said in a statement it had backed AirMap, a provider of airspace information for drone operators, and Envoy Technologies, which offers on-demand electric vehicles in urban areas. It also put money into soil analytics company Teralytic.

The investments are part of Macquarie Capital Venture Studio (MCVS), which was set up with R/GA Ventures about a year ago to back and support emerging tech companies relating to infrastructure.

The companies will receive about $1 million of cash and support services with the possibility of a further $10-$20 million of follow-on investment, Feilhauer said.

Earlier investments out of MCVS include Zero Mass Water, which aims to produce water from sunlight and air, and cyber security start-up Mission Secure, Inc.

“Infrastructure technology, or ‘InfraTech’ is a crucial theme for Macquarie and we absolutely look to continue making further investments in that space,” said Feilhauer.

(Reporting by Joshua Franklin in New York; Editing by Susan Thomas)

Source: OANN

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Lithuania detains 26, including judges, in corruption probe

A Lithuanian official says 26 people, including eight judges in different courts, have been detained in a corruption probe, suspected of "large-scale bribery, trading in influence and abuse of powers in the court system."

Zydrunas Bartkus, head of Lithuania's anti-corruption agency, on Wednesday named the suspects, who included justices with Lithuania's Court of Appeal and the Supreme Court, and five lawyers, among others.

One case was about a high-profile corruption scandal involving a southern Lithuania estate that a prosecutor claimed was illegally built in a pristine area. A court eventually rejected that claim, citing a 2015 change in government policy. After that, Lithuania's anti-corruption agency opened an investigation into the court system.

Source: Fox News World

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Britain's Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador's residence in Beijing
Britain’s Chancellor of the Exchequer Philip Hammond looks on during an interview with Reuters at the British Ambassador’s residence in Beijing, China April 26, 2019. REUTERS/Florence Lo/Pool

April 26, 2019

BEIJING (Reuters) – British finance minister Philip Hammond said on Friday that he had a “very constructive meeting” with his counterpart in the opposition Labour Party before leaving for Beijing and that he was optimistic about finding common ground.

Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing, said talks with Labour aimed at finding a way forward on Brexit had not stalled.

“I’m optimistic that we will find common ground,” he said. “Both sides have got clear positions and both sides will have to compromise in order to reach an agreement.”

Hammond added that he absolutely did not favor a no deal exit from the European Union.

(Reporting by Ben Blanchard; editing by Darren Schuettler)

Source: OANN

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Police secure the area where the body of a woman was discovered near the village of Orounta
Police secure the area where the body of a woman was discovered near the village of Orounta, Cyprus, April 25, 2019. REUTERS/Stefanos Kouratzis

April 26, 2019

NICOSIA (Reuters) – Cypriot police searched on Friday for more victims of a suspected serial killer, in a case which has shocked the Mediterranean island and exposed the authorities to charges of “criminal indifference” because the dead women were foreigners.

The main opposition party, the left-wing AKEL, called for the resignation of Cyprus’s justice minister and police chief.

Police were combing three different locations west of the capital Nicosia for victims of the suspected killer, a 35-year-old army officer who has been in detention for a week.

The bodies of three women, including two thought to be from the Philippines, have been recovered. Police sources said the suspect had indicated the location of the third body, found on Thursday, and had said the person was “either Indian or Nepali”.

Police said they were searching for a further four people, including two children, based on the suspect’s testimony.

“These women came here to earn a living, to help their families. They lived away from their families. And the earth swallowed them, nobody was interested,” AKEL lawmaker Irene Charalambides told Reuters.

“This killer will be judged by the court but the other big question is the criminal indifference shown by the others when the reports first surfaced. I believe, as does my party, that the justice minister and the police chief should resign. They are irrevocably exposed.”

Police have said they will investigate any perceived shortcomings in their handling of the case.

One person who did attempt to alert the authorities over the disappearances, a 70-year-old Cypriot citizen, said his motives were questioned by police.

The bodies of the two Filipino women reported missing in May and August 2018 were found in an abandoned mine shaft this month. Police discovered the body of the third woman at an army firing range about 14 km (9 miles) from the mine shaft.

Police are now searching for the six-year-old daughter of the first victim found, a Romanian mother who disappeared with her eight-year-old child in 2016, and a woman from the Phillipines who vanished in Dec. 2017.

The suspect has not been publicly named, in line with Cypriot legal practice.

A public vigil for the missing was planned later on Friday.

(Reporting By Michele Kambas; Editing by Gareth Jones)

Source: OANN

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An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard
FILE PHOTO: An employee looks up at goods at the Miniclipper Logistics warehouse in Leighton Buzzard, Britain December 3, 2018. REUTERS/Simon Dawson

April 26, 2019

LONDON, April 26 – British factories stockpiled raw materials and goods ahead of Brexit at the fastest pace since records began in the 1950s, and they were increasingly downbeat about their prospects, a survey showed on Friday.

The Confederation of British Industry’s (CBI) quarterly survey of the manufacturing industry showed expectations for export orders in the next three months fell to their lowest level since mid-2009, when Britain was reeling from the global financial crisis.

The record pace of stockpiling recorded by the CBI was mirrored by the closely-watched IHS Markit/CIPS purchasing managers’ index published earlier this month.

(Reporting by Andy Bruce, editing by David Milliken)

Source: OANN

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Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing
Malaysian Prime Minister Mahathir Mohamad speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo

April 26, 2019

KUALA LUMPUR (Reuters) – Fewer than half of Malaysians approve of Prime Minister Mahathir Mohamad, an opinion poll showed on Friday, as concerns over rising costs and racial matters plague his administration nearly a year after taking office.

The survey, conducted in March by independent pollster Merdeka Center, showed that only 46 percent of voters surveyed were satisfied with Mahathir, a sharp drop from the 71 percent approval rating he received in August 2018.

Mahathir’s Pakatan Harapan coalition won a stunning election victory in May 2018, ending the previous government’s more than 60-year rule.

But his administration has since been criticized for failing to deliver on promised reforms and protecting the rights of majority ethnic Malay Muslims.

Of 1,204 survey respondents, 46 percent felt that the “country was headed in the wrong direction”, up from 24 percent in August 2018, the Merdeka Center said in a statement. Just 39 percent said they approved of the ruling government.

High living costs remained the top most concern among Malaysians, with just 40 percent satisfied with the government’s management of the economy, the survey showed.

It also showed mixed responses to Pakatan Harapan’s proposed reforms.

Some 69 percent opposed plans to abolish the death penalty, while respondents were sharply divided over proposals to lower the minimum voting age to 18, or to implement a sugar tax.

“In our opinion, the results appear to indicate a public that favors the status quo, and thus requires a robust and coordinated advocacy efforts in order to garner their acceptance of new measures,” Merdeka Center said.

The survey also found 23 percent of Malaysians were concerned over ethnic and religious matters.

Some groups representing Malays have expressed fear that affirmative-action policies favoring them in business, education and housing could be taken away and criticized the appointments of non-Muslims to key government posts.

Last November, the government reversed its pledge to ratify a UN convention against racial discrimination, after a backlash from Malay groups.

Earlier this month, Pakatan Harapan suffered its third successive loss in local elections since taking power, which has been seen as a further sign of waning public support.

Despite the decline, most Malaysians – 67 percent – agreed that Mahathir’s government should be given more time to fulfill its election promises, Merdeka Center said.

This included a majority of Malay voters who were largely more critical of the new administration, it added.

(Reporting by Rozanna Latiff; Editing by Nick Macfie)

Source: OANN

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The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 25, 2019. REUTERS/Staff

April 26, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares slipped on Friday after losses in heavyweight banks and Glencore outweighed gains in healthcare and auto stocks, while investors remained on the sidelines ahead of U.S. economic data for the first quarter.

The pan-European STOXX 600 index was down 0.1 percent by 0935 GMT, eyeing a modest loss at the end of a holiday-shortened week. Banks-heavy Italian and Spanish indices were laggards.

The banking index fell for a fourth day, at the end of a heavy earnings week for lenders.

Britain’s Royal Bank of Scotland tumbled after posting lower first quarter profit, hurt by intensifying competition and Brexit uncertainty, while its investment bank also registered poor returns.

Weakness in investment banking also dented Deutsche Bank’s quarterly trading revenue and sent its shares lower a day after the German bank abandoned merger talks with smaller rival Commerzbank.

“The current interest rate environment makes it challenging for banks to make proper earnings because of their intermediary function,” said Teeuwe Mevissen, senior market economist eurozone, at Rabobank.

Since the start of April, all country indexes were on pace to rise between 1.8 percent and 3.4 percent, their fourth month of gains, while Germany was strongly outperforming with 6 percent growth.

“For now the current sentiment is very cautious as markets wait for the first estimates of the U.S. GDP growth which could see a surprise,” Mevissen said.

U.S. economic data for the first-quarter is due at 1230 GMT. Growth worries outside the United States resurfaced this week after South Korea’s economy unexpectedly contracted at the start of the year and weak German business sentiment data for April also disappointed.

Among the biggest drags on the benchmark index in Europe were the basic resources sector and the oil and gas sector, weighed down by Britain’s Glencore and France’s Total, respectively.

Glencore dropped after reports that U.S authorities were investigating whether the company and its subsidiaries violated certain provisions of the commodity exchange act.

Energy major Total said its net profit for the first three months of the year fell compared with a year ago due to volatile oil prices and debt costs.

Chip stocks in the region including Siltronic, Ams and STMicroelectronics lost more than 1 percent after Intel Corp reduced its full-year revenue forecast, adding to concerns that an industry-wide slowdown could persist until the end of 2019.

Meanwhile, healthcare, which is also seen as a defensive sector, was a bright spot. It was helped by French drugmaker Sanofi after it returned to growth with higher profits and revenues for the first-quarter.

Luxembourg-based satellite operator SES led media stocks higher after it maintained its full-year outlook on the back of the company’s Networks division.

Automakers in the region rose 0.4 percent, led by Valeo’s 6 percent jump as the French parts maker said its performance would improve in the second half of the year.

Continental AG advanced after it backed its outlook for the year despite reporting a fall in first-quarter earnings.

Renault rose more than 3 percent as it clung to full-year targets and pursues merger talks with its Japanese partner Nissan.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Gareth Jones and Elaine Hardcastle)

Source: OANN

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