The SVB blame game, Pence swings at Trump
Gadfly: The SVB Blame Game
“The partisan blame game for the collapse of Silicon Valley Bank and Signature Bank is in full swing,” notes National Review’s Jim Geraghty.
“Politico offers a heroic narrative of President Biden saving Silicon Valley,” with “a 2018 partial rollback of the Dodd-Frank banking reforms” as a “scapegoat.”
No: “It was wildly risky to have almost an entire sector of the U.S. economy” banking with “one mid-sized bank.”
And the bank run that undid SVB was caused by the “collective, herd-like decision-making of Silicon Valley venture capitalists.”
The big lesson from Biden stepping in?
“If your bad judgment creates a problem big enough for the rest of the economy, the US government will come riding to the rescue. ‘Too big to fail’ is alive and well.”
Libertarian: Make It Easier for Teens To Work
Arkansas’ strangely-controversial Youth Hiring Act makes “it a bit easier for teenagers to enjoy gainful employment,” which “might not only fill jobs, it could also improve young Americans’ prospects for future prosperity,” says Reason’s J.D. Tuccille.
The “very minor reform” just “eliminates a requirement that 14- and 15-year-olds get permits from the state government in order to work,” matching laws in nearby states.
So teens can work “without bureaucratic approval, so long as their parents say it’s OK.” This will “expand opportunities for teenagers who have been in demand as many of their elders stepped out of the workforce in recent years.”
Plus, research by Harvard economist Raj Chetty “indicates a strong correlation between teenage participation in the labor force and upward mobility.”
More loosening of these rules “would be a great idea,” — but “prepare for a lot of hyperventilating by people who pretend that the best way to combat illegal child labor in the shadows is to prevent teens from being hired openly and legally.”
Conservative: Face the TikTok Threat
Team Biden claims to understand the threat of TikTok, which answers to the Chinese Communist Party, notes Bryan Burack at The Hill.
Yet the Bidenites back a bill, the RESTRICT Act, to let Commerce Secretary Gina Raimondo handle the problem however she wants, including by not doing anything — and Raimondo fears anyone who bans the platform will “lose every voter under 35, forever.”
So the administration’s “solution,” warns Burack, boosts “the risk” that TikTok’s national-security threat “will be left unaddressed” and crowd out “a more forward-leaning response that has already advanced in the House.”
“Any credible solution” must “end TikTok’s threat to US national security.”
From the right: Pence Swings at Trump
“Unlike some of his potential rivals” for the GOP ’24 prez nomination, ex-Veep Mike Pence “seems to understand that [Donald] Trump must be called out for his transgressions rather than simply ignored,” notes The Wall Street Journal’s Jason L. Riley after Pence last weekend slammed Trump’s behavior the day of the Capitol riot.
“Nikki Haley, Ron DeSantis, Mike Pompeo and other Republican presidential hopefuls” have “chosen a different tack” by “more or less ignoring” Trump, “hoping that his large lead in the polls will fade over time.”
“Voters looking for an alternative to Mr. Trump might find Mr. Pence’s denunciations more self-serving than principled.” Yet “Trump is unlikely to exit the stage without being elbowed aside,” so “Pence deserves credit for being the first to get physical.”
Inflation watch: The Pain’s Only Growing
Though headlines cheer “ ‘CPI inflation rate slows to 6%,’ ” thunders the Issues & Insights editorial board, “that 6% year-over-year bump is still three times the average inflation for the past three decades.”
And for most people “inflation hasn’t moderated.”
Price jumps for essentials “such as food, electricity, heat, and rent were almost all in double digits in February” year-over-year.
Though “Biden brags that wages are up” overall, “the costs of feeding a family and keeping the lights on at home are soaring at twice the rate of wages.”
And “the fact that none of the nation’s elites knows or cares reveals how dangerously out of touch they are.”
— Compiled by The Post Editorial Board