771
Austrasian King Carloman dies, leaving his brother Charlemagne King of the now complete Frankish Kingdom.
1110
First Crusade: The Crusaders sack Sidon.
1259
Kings Louis IX of France and Henry III of England agree to the Treaty of Paris, in which Henry renounces his claims to French-controlled territory on continental Europe (including Normandy) in exchange for Louis withdrawing his support for English rebels.
1563
The final session of the Council of Trent is held (it opened on December 13, 1545).
1674
Father Jacques Marquette founds a mission on the shores of Lake Michigan to minister to the Illiniwek (the mission would later grow into the city of Chicago, Illinois).
1783
At Fraunces Tavern in New York City, US General George Washington formally bids his officers farewell.
1872
The crewless American ship Mary Celeste is found by the British brig Dei Gratia (the ship had been abandoned for nine days but was only slightly damaged).
1971
McGurk’s Bar bombing: An Ulster Volunteer Force bomb kills 15 civilians and wounds 17 in Belfast, Northern Ireland.
1992
Somali Civil War: President George H. W. Bush orders 28,000 US troops to Somalia in Northeast Africa.
***
Attracting global talent is not China’s strength—the world’s best would rather join the United States. But if America abandons the openness that has long underpinned its exceptionalism, it will squander one of its biggest advantages and decline into a second-rate power.--Tabarrok
***
“I inherited the worst inflation in history.” (From Trump's cabinet meeting)
Actually, he inherited 3% inflation. Which is about where it remains today.
(Inflation peaked at 23.7% in 1920 . . . nearly 14% in 1947 and again in 1980 . . . and 9.1% during the worst of the COVID supply chain disruptions in tcontinues to show in his harrangues of he middle of Biden’s presidency . . . but had dropped to 3% by the time he left, leaving Trump an economy The Economist called “the envy of the world.”)--This reminder is from a pretty left guy. But, of course, one must remember the interest rates are a function of many things, and spending--legislature-- is one. Presidential input is far less important than the Fed, as Trump's constant haranguing of Powell shows. And Biden didn't do anything on purpose.
Is this just another 'Zito's exaggeration'? Or is this more of a problem?
***
Swedish economist Assar Lindbeck called rent control, “the most efficient technique presently known to destroy a city—except for bombing.”
***
Imitations of Democracy
There was certainly a lot of input in the NYC election this year, but it is likely the same players, just a new way to keep score.
One of the first major organizations to endorse Mamdani in the mayoral primary was Region 9A of the United Auto Workers, which may sound strange to outsiders because there’s almost no automobile manufacturing in New York. The ever-flexible UAW is instead one of the key organizers of the city’s subsidized professional class.
UAW Local 2110 represents “over 3,000 workers in universities, publishing, museums, law firms, and other offices.” UAW Local 2320 represents New Yorkers “who work in federally-funded legal services programs,” as well as “in various human services programs.” Local 2325 claims “over 3,000 legal and social service workers” among its members and boasts “chapters at over 30 nonprofits.” Local 2710 speaks for more than 3,000 “student workers” at Columbia University, joining the 4,000 “academic workers” at New York University and the New School who belong to Local 7902. The UAW spent more than $6 million nationally supporting Democrats in the 2024 election cycle; UAW president Shawn Fain spoke in prime time at that summer’s Democratic National Convention.
The United Federation of Teachers, the city’s massive public school employees union, endorsed Mamdani in early July. The group has a $4.5 million annual political budget, which, in fairness, is a small fraction of the $175 million it receives in revenue each year.
Many of the most recognizable faces in New York politics are now creatures of the "subsidized knowledge economy." People such as Randi Weingarten, longtime president of the American Federation of Teachers, and Zephyr Teachout, the activist and legal theorist, remain fixtures and power centers despite never having served in elected office. No serious politician attempts a run at a major office in New York without meeting with Al Sharpton, nonprofit industry pioneer and longtime director of the National Action Network. Sharpton appeared at a Harlem rally with Mamdani in late June, days after he locked up the Democratic nomination despite his notably poor performance in Black neighborhoods. Antonio Reynoso, Brooklyn’s young progressive borough president and a possible future mayor, began his working life as a community organizer for ACORN. Linda Sarsour rose to local and national prominence as director of the Arab American Association of New York. Sarsour’s good friend Brad Lander, the city comptroller and a crucial Mamdani primary endorser, headed a nonprofit development corporation in Park Slope and the nonprofit Pratt Center for Community Development before entering electoral politics in the late 2000s.
There was certainly a lot of input in the NYC election this year, but it is likely the same players, just a new way to keep score.
One of the first major organizations to endorse Mamdani in the mayoral primary was Region 9A of the United Auto Workers, which may sound strange to outsiders because there’s almost no automobile manufacturing in New York. The ever-flexible UAW is instead one of the key organizers of the city’s subsidized professional class.
UAW Local 2110 represents “over 3,000 workers in universities, publishing, museums, law firms, and other offices.” UAW Local 2320 represents New Yorkers “who work in federally-funded legal services programs,” as well as “in various human services programs.” Local 2325 claims “over 3,000 legal and social service workers” among its members and boasts “chapters at over 30 nonprofits.” Local 2710 speaks for more than 3,000 “student workers” at Columbia University, joining the 4,000 “academic workers” at New York University and the New School who belong to Local 7902. The UAW spent more than $6 million nationally supporting Democrats in the 2024 election cycle; UAW president Shawn Fain spoke in prime time at that summer’s Democratic National Convention.
The United Federation of Teachers, the city’s massive public school employees union, endorsed Mamdani in early July. The group has a $4.5 million annual political budget, which, in fairness, is a small fraction of the $175 million it receives in revenue each year.
Many of the most recognizable faces in New York politics are now creatures of the "subsidized knowledge economy." People such as Randi Weingarten, longtime president of the American Federation of Teachers, and Zephyr Teachout, the activist and legal theorist, remain fixtures and power centers despite never having served in elected office. No serious politician attempts a run at a major office in New York without meeting with Al Sharpton, nonprofit industry pioneer and longtime director of the National Action Network. Sharpton appeared at a Harlem rally with Mamdani in late June, days after he locked up the Democratic nomination despite his notably poor performance in Black neighborhoods. Antonio Reynoso, Brooklyn’s young progressive borough president and a possible future mayor, began his working life as a community organizer for ACORN. Linda Sarsour rose to local and national prominence as director of the Arab American Association of New York. Sarsour’s good friend Brad Lander, the city comptroller and a crucial Mamdani primary endorser, headed a nonprofit development corporation in Park Slope and the nonprofit Pratt Center for Community Development before entering electoral politics in the late 2000s.
Legal and social service workers, workers in universities, publishing, museums, law firms, and other offices, the old-time "student workers," NGOs, non-profits, and somebody named Zephyr, all joining together to create an inexperienced band of nonproductive self-interest, all intent on moving the sideshow under the main tent. So they can soldier on, oblivious to the nation's requirements and their fellow citizens' needs, and ignoring their own philosophical and economic limits.
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