Business

The Last Straw of US

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Well, that’s it for Disney for now and the predictable future anything whatsoever to do with a Disney brand anything for this family. Disney-brand movies, Disney-owned media outlets, toys, games and clothing with Disney characters on them, the parks the whole ball-o-wax. I was pretty certain I was done with them when I wrote this, almost a year ago. (Disney was already circling the drain with me, the year before, when this posted.) This most recent release of theirs has gone beyond offensive wokery, romped through partisan propaganda and plunged headlong into purveying outright lies lies about American history, which to me, as a passionate reader of history (as well as a scribbler of historical fiction) is a form of blasphemy. Worse than that a putrid and manipulative lie.

Slavery did not build this country. The ‘peculiar institution’ as it was described in antebellum writings, in fact rather retarded industrial development in the old South. I will concede that extensive production of cash crops as rice, tobacco, indigo and cotton did depend on slavery. Those enterprises enriched a small, elite fraction of Southern slaveholders and kept the rest of the South relatively poor, undeveloped, and almost medieval in backwardness, although like the medieval nobility, convinced of their own superiority. Industry, innovation, and immigration all inclined to those places North of the Mason-Dixon line, while the South stagnated, even after Northern victory in the Civil War brought an end to chattel slavery.

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“How Twitter Pushed Stakeholders under the (Musk) Bus”

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Here.

Abstract:

This paper provides a case study of the acquisition of Twitter by Elon Musk. Our analysis indicates that when negotiating the sale of their company to Musk, Twitter’s leaders chose to disregard the interests of the company’s stakeholders and to focus exclusively on the interests of shareholders and the corporate leaders themselves. In particular, Twitter’s corporate leaders elected to push under the bus the interests of company employees, as well as the mission statements and core values to which Twitter had pledged allegiance for years.
 
Our analysis supports the view that the stakeholder rhetoric of corporate leaders, including in corporate mission and purpose statements, is mostly for show and is not matched by their actual decisions and conduct (Bebchuk and Tallarita (2020)). Our findings also suggest that corporate leaders selling their company should not be relied upon to safeguard the interests of stakeholders, contrary to the predictions of the implicit promises and team production theories of Coffee (1986), Shleifer-Summers (1988) and Blair-Stout (1999).

There is tension between the interests of owners and those of other “stakeholders”, which is why the interests of non-owner stakeholders require justification as in the linked article. The authors beg the question — they assume stakeholder interests are comparable to owner interests — then find a problem because Musk values his ownership interest in Twitter above the interests of the people he bought out and of the company’s non-owner employees. So what should Musk get in exchange for the $billions he spent? Arguments for more stakeholder rights are arguments for less property rights.

House

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As my daughter has taken up a new career (one which she is thoroughly enjoying, now that she has a successful sale under her belt and another three or four potentially serious and committed buyers on the horizon in the coming new year) I have had, perforce, to take an interest in the market for houses, in this, a moderately prosperous Texas city. Well, moderately prosperous, in spite of all the (explicative deleted) that the current economy and the Biden administration can throw at us. By all evidence that my daughter has noted locally, (mostly in price reductions for a number of listings) the property bubble has well and truly burst, or is now in a mode of slow deflation. Conventional wisdom among realtors who have been in it for years, is that prices for houses are on a seven-year-long boom and bust cycle. We’re about to head into the ‘bust’ downslope. Anyone who does have the wherewithal the bulging pocketbook to buy outright or a high-enough credit rating qualifying for a loan at favorable rates to buy a house in the next couple of years will have their pick of properties, at least in this part of Texas.

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All Hat and No Cattle – Section 25C Tax Credits

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I love that expression. There are lots of explanations of the saying, but I take it to mean (and I assume most do) that it is meant to describe a big talker – one who says a lot but doesn’t really have/do much to back it up.

As the dust has begun to settle from the Inflation Reduction Act (I always laugh at that title), that saying keeps going through my head.

There are a lot of things in the IRA that are HVAC related and one of them was the extension and expansion of 25C Tax Credits. Before I go any further, a short primer on tax credits.

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Another One Bites the Dust…

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Or perhaps and I dearly hope, only takes a small nibble and backs off in revulsion, once the target customers for the item in question have their say. I speak of the American Girl book imbroglio. A book by an in-house writer with all the proper and up-to-the-moment proggie qualifications and sympathies has been distributed as part of toy behemoth Mattel’s American Girl brand. The book, aimed at pre-teens and tweens, openly suggests changing gender by chemical and surgical means, should they not feel comfortable in their bodies as girls. By the term girls, I mean the pre-mature of the female sex. (Honestly, looking at the picture of the author, I am not surprised at her proggie leanings. Facial piercings anything but a small hole in each earlobe for earrings now constitutes a social warning for me.) Look, puberty as it is, remains a miserable and confusing enough experience for many teens. Encouraging and enabling girls to take powerful drugs to delay puberty and have their breasts surgically removed if they are a little unhappy with the form that their bodies have or are assuming … this is not helpful. Appearing to countenance keeping parents in the dark if they do not support this chemical and surgical mutilation … even more so not-good. This development with American Girl is horrifying, but, alas, not particularly surprising, given how just about every long-time and supposedly family-friendly mass establishment such as Disney has gone all-in woke for the latest social media fad. Those fond parents and grandparents who buy American Girl merch for their daughters and granddaughters are not the least bit happy about this development not the least because it’s coming on to Christmas, where indulgent generosity is expected, not least by retail outlets hoping to make up for an otherwise bleak economic year.

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