The graveyard of American businesses is receiving another occupant. Orwigsburg, Pennsylvania-based apparel manufacturer FesslerUSA, over 100 years old, is closing its doors. The company, founded in 1900, began by producing cotton underwear, and most recently has marketed private-label fashion knitwear. Its all-American approach to business reflected the values and ingenuity that made American capitalism thrive.
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.
Moody’s, one of the big three credit rating agencies, has announced new rules to be effective on September 1 that bring an additional dose of reality to the size of the funding gaps that currently exist with public pension plans.
Selling lemonade, raw milk, or any other comestible is not a crime. That is the message of the second annual Lemonade Freedom Day. The event, to be held at the U.S. Capitol’s reflecting pool at noon Saturday, is being organized by the groups Lemonade Freedom Day and the Raw Milk Freedom Riders, both of which want the government to stop interfering in voluntary exchanges between food producers and food consumers.
Ten months after stitching together the pieces of the MF Global collapse and bankruptcy in October, 2011, the New York Times reported that criminal investigators aren’t likely to file criminal charges against the prime suspect: CEO Jon Corzine.
At a recent campaign appearance President Barack Obama touted the alleged success of the federal government’s bailout of the automobile industry, saying it saved “more than one million jobs.” But while the auto bailout may have kept certain workers on the job, it has taken taxpayers for a ride — and the toll keeps mounting.
American lawmakers on both sides of the aisle are expressing serious concerns about a bid by the communist dictatorship ruling mainland China to purchase Canadian energy firm Nexen and its vast U.S. oil and natural gas holdings. The deal by the Chinese regime, acting through its state-owned front company China National Offshore Oil Corporation (CNOOC), also represents a potential national security risk, warned Republican and Democrat members of Congress.
If approved by authorities in the United States and Canada, the Nexen takeover would mark the first time that the communist Chinese dictatorship would be operating U.S. leases in the Gulf of Mexico.