Big Victory for 2nd Amendment Advocates

In a 5-4 decision, the Supreme Court has finally ruled in the McDonald case, finding that the 2nd Amendment right to keep and bear arms applies not only against the federal government, but against meddling states as well.

Glenn Reynolds has some thoughts:

[I]t really is interesting how much emphasis the majority, and Justice Thomas’s concurrence, put on the racist roots of gun control. See this article and this one by Bob Cottrol and Ray Diamond for more background. And isn’t it interesting that this is happening on the same day the Senate’s last Klansman went to his reward?

It is interesting, but not surprising. The sad truth is that of the federal and state governments' over-reaches, from bans on guns to minimum wage laws, result from a majority seeking to deny certain rights to minorities, originally on racist grounds. What the majority never seems to remember at these times is that once the government is armed in unconstitutional ways, it's only a matter of time before it seek to turn those arms against everyone, majority included. "First they came...."

Tomorrow is a Big Day At the Supreme Court

The biggest news is likely to come when the court issues its decision in McDonald v. City of Chicago, finally putting to rest the question (after more than 200 years of American history) of whether the 2nd Amendment prohibition against governmental bans on firearms applies to the States or only the federal government.

Lyle Denniston has a complete preview of the day.

How Far We've Come

More on the origin of this story and photo can be found a Frank Munger's Atomic City.

Deflation

Ambrose Evans-Pritchard:

Fed watchers say Mr Bernanke and his close allies at the Board in Washington are worried by signs that the US recovery is running out of steam. The ECRI leading indicator published by the Economic Cycle Research Institute has collapsed to a 45-week low of -5.7 in the most precipitous slide for half a century. Such a reading typically portends contraction within three months or so.

Key members of the five-man Board are quietly mulling a fresh burst of asset purchases, if necessary by pushing the Fed's balance sheet from $2.4 trillion (£1.6 trillion) to uncharted levels of $5 trillion. But they are certain to face intense scepticism from regional hardliners. The dispute has echoes of the early 1930s when the Chicago Fed stymied rescue efforts.

"We're heading towards a double-dip recession," said Chris Whalen, a former Fed official and now head of Institutional Risk Analystics. "The party is over from fiscal support. These hard-money men are fighting the last war: they don't recognise that money velocity has slowed and we are going into deflation. The only default option left is to crank up the printing presses again."

It won't work, at least not until deflation has run its course. Printing money does not spur growth if the excess liquidity is just used to pay down debt or purchase treasuries rather than being placed at risk. And, the factors that cause us to choose safety over risk--higher taxes, increased regulation, aging demographics, unprecedented levels of debt, and a declining social mood--will not soon change.

Check out the funding status...

...of the nation's 100 largest private defined benefit pension plan's here.

Sadly, the private sector is in MUCH better shape that the public sector. Many state and municipal governments continue to make promises to their employees that they simply won't be able to honor.