Finance & Banking

NYC’s unconstitutional law forcing businesses to de facto hire the people the state wants them to hire goes into effect. New York City Local Law 144 forces companies to submit their hiring algorithms to DNC activists who will then dictate to them who they can actually hire as opposed to who they want to hire. Merit is no longer to be considered, rather, preferential treatment is to be given to people that do not fit into one of the following categories: white, cis-gendered, heterosexual, male, female, non-leftist.

Failure to submit to the de facto state trade union that is not unlike the kind created by mid-20^th Century Germans will result in thousands of dollars of fines that will lead to imprisonment if you rightly refuse to pay a fine for an unconstitutional law.

In defense of the unconstitutional law, leftist activist Daniel Shwarz, a senior member of the of the Orwellian named ACLU (NY Chapter), said the law doesn’t go far enough in assuring only proper leftist-approved people get selected. He claimed, “The … proposed rules [must be strengthened to] ensure broad coverage of [hiring algorithms], expand the bias audit requirements and provide transparency and meaningful notice to affected people in order to ensure that [algorithms] don’t operate to digitally circumvent New York City’s laws against discrimination. Candidates and workers should not need to worry about being screened by a discriminatory algorithm.”

These are all dog whistles for the new fascism the left is currently forcing on the American people.

First Republic Bank was seized by auditors and sold to JPMorgan, which, before the acquisition, already claimed 10 percent of all U.S. bank deposits, and is the biggest bank in the U.S. The failure was the second biggest banking failure in history, which follows the third and fourth biggest failures that happened in March of this year.

Immediately after the failure, bank stocks sharply moved down, with some banking shares dropping as much as 28%.

The move happened on Monday, May 1^st, when regulators seized control of First Republic Bank and handed it over to the Federal Deposit Insurance Corporation, who then accepted a bid from JP Morgan to buy all the assets. The bank had $229 billion in assets at the time of the seizure.

According to JPMorgan CEO Jamie Dimon, they will make a “modest” $2.6 billion gain, but they will also have to spend $2 billion to complete the full restructuring and integration with his company.

What JPMorgan gains is $92 billion worth of customer deposits, as well as $173 billion outstanding loans.

In the deal, JPMorgan will give the FDIC $10.6. They will not assume the corporate debt or preferred stock. They will repay $25 billion of deposits made by other major banks into the now failed bank.

What JPMorgan gets is an immediate windfall of $2,6 billion and about $500 million net income increase. The FDIC will also provide 80% coverage for single-family residential mortgages over seven years and 80% coverage for five years on commercial loans.

First Republic seems to have specialized in large deposits and big loans at low interest rates. The average median single-family home borrower had cash assets averaging $685,000. This accounted for half of their business, making them vulnerable to high-interest costs. As the Federal Reserve raised interest rates, First Republic was accruing debt by having to pay shareholders compounded interest amounting to 19.5%, which is more than double the average.

What it has in common with the other banks that failed is a specialization in serving wealthy clients and large organizations. Non-profits and schools, for instance, accounted for 22% of its loans.

By the end of December, First Republic saw its gross unrealized losses grow from $53 million at the end of 2021 to $4.8 billion by the end of 2022.

There appears to be no cryptocurrency attached to this bank failure, which is a factor in the other two major banks failing.

A Federal lawsuit challenging an EPA regulation on fishermen could break the so-called Chevron defense, which has been used to justify the executive branch’s use of regulations to create de facto new laws. The conservative court appears to be telegraphing a willingness to overthrow the Chevron defense, which could significantly limit the power of federal agencies to create increasingly broad-ranging regulations that might not be in the scope of the legislation that created those powers in the first place.

Loper Bright Enterprises and other fishing companies are suing the Federal government over a new federal regulation created by the EPA that would lower fishing vessals’ incomes by 20 percent or more. The EPA has created a rule that requires fishing vessels to monitor 50 percent of their declared herring fishing trips. The rule would require the vessels to use monitoring services that would cost $700 and more a day.

The lawsuit was chosen for review by the conservative judges of the Supreme Court, leading some to question whether this case could undermine what’s called the “Chevron Defense.” This is a precedent that gives deference to federal agencies in interpreting the intentions of the legislation that they base their claims to create new laws without having them pass the legislature.

These new laws are called regulations, which is de facto new law that can bypass the halls of congress and the White House.

The lawyers for the fishermen are going directly after the Chevron defense, saying of it that it “encourages the executive branch’s aggrandizement at the expense of the judiciary, Congress and the citizenry.”

The lawsuit was rejected in a lower appeals court, the District of Columbia Circuit. The Court ruled that the precedent set in Chevron V Natural Resource Defense Council in 1984 still applies.