According to the text of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the law is supposed “to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail,’ [and] to protect the American taxpayer by ending bailouts.”
However, as is usually the case with federal laws, Dodd-Frank does precisely the opposite.
Friday’s jobs report from the Bureau of Labor Statistics (BLS) stated that “total non-farm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged [from September] at 7.9 percent.”
Another day, another subsidized “green energy” firm going bankrupt. This time it’s A123 Systems Inc., a Massachusetts-based manufacturer of batteries for electric cars that received about $500 million in state and federal assistance, including a $249 million grant from the U.S. Department of Energy (DOE).
A123, which has tumbled in value from $2.3 billion to just $11 million, filed for bankruptcy in Delaware on Tuesday after missing an interest payment on $143.8 million of debt.
The Bureau of Labor Statistics (BLS) issued its latest jobs report on October 5 and confounded nearly everyone. The first part of the report, based on their survey of households, showed a surprising – even astonishing – rise of total employment in September approaching a million jobs (873,000, to be exact). But in the same breath the report noted that, based on their survey of businesses, only 114,000 new jobs were added, about in line with most economists’ expectations.
In what his attorney called “a huge victory for food freedom,” a Minnesota farmer was acquitted by a jury of the “crime” of distributing unpasteurized milk to members of a food cooperative.
On September 20, “after a three-day trial and more than four hours of deliberation,” reported the Minneapolis Star Tribune, “a Hennepin County jury found Alvin Schlangen not guilty of three misdemeanor counts of selling unpasteurized milk, operating without a food license and handling adulterated or misbranded food.” Each count carried a maximum sentence of three months’ imprisonment.