Arnold Kling ponders the consequences of the rise of FOOL – the Fear Of Others’ Liberty. A slice:
Although ordinary people can be FOOLs, I believe that the bigger danger comes from elites behaving like FOOLs. Putting out regulations against gas stoves is an idea that originates with elites.
Politicians often compete for votes by stoking fear. Fear of being cheated in commerce. Fear of health problems. Fear of economic adversity. Fear of foreigners. Fear of terrorism.
In recent years, fear of others’ beliefs has become a big issue. People on the left fear Trump supporters. People on the right fear the Woke. Some of this increased fear probably comes from people spending more time on line, where people on your side are constantly bombarding you with outrageous stuff being said by people on the other side.
Kevin Corcoran talks toasters.
The bureau says the banks committed an “unfair, deceptive, or abusive act” under the Consumer Financial Protection Act by marketing Zelle as “secure” even though scammers use it. But the security claim refers to the fact that Zelle can’t be easily hacked. Charlatans also use the U.S. Postal Service, social media, email and telecom networks.
No less than acting Comptroller of the Currency Michael Hsu noted in a recent speech that while banks have stepped up fraud protection, social-media platforms, email providers, telecom companies and law enforcement need to do more. Nearly 60% of scams originate on social media. Banks and bank regulators “cannot solve the problem on their own,” he said.
The CFPB nonetheless demands that Zelle and its bank owners compensate swindled customers, which the law doesn’t require. Under the Electronic Funds Transfer Act, banks must reimburse customers only for unauthorized transactions—i.e., when someone obtains access to a customers’s account or device and sends a transfer he didn’t approve.
But Mr. Chopra says banks must also reimburse customers for “induced fraud.” This will encourage more fraud. Customers will be less circumspect if they know banks are on the hook if they get conned.
Joe Lancaster explains that Bernie Sanders and his MAGA bros are mistaken about immigration.
Most things government does, it does because a constituency — intense, articulate and well-lawyered — wants it done. Or because government wanted to create such a constituency that, benefiting from it, will demand its continuance, and expansion.
Transforming the strange and embarrassing charisma of wealth into political power, beginning around 4 a.m. on a December day, Musk unleashed more than 150 posts on X to kill a bill to fund the government. This fusillade of opinions and falsehoods provoked a digital uprising in the countryside and stampeded congressional Republicans. An exultant Musk, confusing himself with the American public, cried, “The voice of the people has triumphed!” And, making God his accomplice, he added: “Vox populi, vox dei.” With remarkable precision, Ramaswamy chimed in, “That’s how America is supposed to work.” This, of course, is exactly wrong.
The framers’ institutional handiwork was designed to temper and refine, by slowing and filtering, the translation of impulses into policy.
