Created in 1937, The Agriculture Marketing Agreement Act was one of the several 'New Deal' laws passed under FDR's administration with the intention of revitalizing the economy. After yesterday, a portion of the law has been ruled unconstitutional for violating the 5th amendment rights of a raisin farmer. Previously under the law, the Raisin Administration Committee claimed the right to take a portion of all raisin farmers' crops in order to artificially raise the price of raisins, but the Supreme Court ruled that this fundamentally violated the property rights of farmers. There is a lot more to the ruling, but that's the gist. Also, fun fact: the article I linked to was written by a Trevor Burrus, one of the speakers I had the pleasure of listening to at KFP's opening seminar this early June. The guy knows his stuff when it comes to constitutional law.
NSA/GCHQ documents show they attacked security software providers to find vulnerabilities, intercept communications
I would say I am surprised, but....
This revelation goes with the fact that GCHQ actively participates in counter-information activities, such as creating multiple fake accounts across all of social media to belittle critics of surveillance, support proponents, plant misinformation, and create a general environment of confusion. Nothing but the best for the leaders of the free world.
I have not read it yet, but McCloskey is always interesting.
Good article from the NYT, basically points out that Rand's proposed tax plan (while overall good) is basically a dressed up VAT, meaning that its benefits come from its ability to comprehensively tax everything without fail. Still better than the archaic and inefficient tax code we currently have, imho.
While we're at it, Jeb's '4% GDP growth' is crazy talk. My problem with his proposal is that he will never be willing to enact the necessary reforms that would spur the growth necessary to see such economic progress. At best, he'll throw a few minor reforms and fall flat on his face when 4% GDP growth never shows. It is not that I do not believe high economic growth is possible, but that I believe Jeb would never be willing to do the things necessary to spur this growth. A bunch of economists agree.
Long over due for a market 'correction,' China's major stock indexes experience a crashed over the weekend. The source of the correction comes from the overvaluation of several tech stocks, some of which have experienced an over 100x increase in value. This is the biggest correction the Chinese market has seen since 2008.
If this precedence holds for larger rulings (as in, for all Uber drivers in Cali), then Uber's cost of business will sky rocket will make its relations with drivers much more rigid. Employee classification entails that Uber provides all the various benefits of employment, such as medical insurance and mandatory time off, despite the very 'consensual' relation Uber has with drivers (they can work as much as they want, when they want, etc).