Anthony B. Sanders
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Articles by Anthony B. Sanders
“Military” and “Foreign Policy” Are Not Magic Words to Give the Government Unrestrained Power Original
UNDER THE U.S. CONSTITUTION, courts serve as a vital check on executive power. The Supreme Court may soon consider whether that check should be removed each time the president utters the magic words “military” and “foreign policy.” It should reject this authoritarian power grab. To start to understand why, let’s imagine two scenarios. Scenario one: You are a U.S. citizen. And one day, the U.S. Army busts down your door, claims you are an enemy combatant, and ships you off to Guantanamo Bay.
Speed trap towns exceed constitutional limit, but lawmakers can help
Travelers can find scenic views in Georgetown, Louisiana. But if they stop for a visit, they have limited opportunities to spend money. The village has one gas station and variety store, along with a few other businesses. That is not much of a tax base. But the tiny community, with its population of 275 residents, has two additional moneymakers: a courthouse and a mile-long stretch of U.S. Route 165 that cuts diagonally through the village.
Baby Ninth Amendments: How Americans Embraced Unenumerated Rights and Why It Matters
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Where Does the Law Come From?
José Oliva is a victim of parliamentary supremacy—and federal security guards. In February 2016, Oliva—a then-70-year-old Vietnam veteran and former law enforcement officer—made a routine visit to his veterans’ hospital in El Paso, Texas for a dentist appointment. The guards asked him for his identification after he had already placed it in a security scanner bin. Not liking Oliva’s explanation for where the ID was, the guards tackled him, permanently damaging his shoulder.
State Courts Can Remove These Barriers to Work Opportunities
Photographer: Spencer Weiner-Pool/Getty Images By Anthony Sanders Opinion Dec. 5, 2022, 9:00 AM Licensing requirements in some states present unnecessary barriers for lower income occupations, says Anthony Sanders of the Institute for Justice. He says a case involving a lactation counselor in Georgia could provide a path to breaking down these road blocks. For many lower-income workers, the legal system fails to enforce some of their constitutional liberties.
Get to Know Your State’s ‘Baby Ninth Amendment’
Anthony Sanders is director of the Institute for Justice’s Center for Judicial Engagement. The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people. —Amendment IX, U.S. Constitution Worries about the U.S. Supreme Court’s failure to protect certain federal rights have focused new attention on state constitutions. Meanwhile, originalists remain interested in how to apply their ideas to different texts.
‘The People’ Have Decided
Book Review | Law & Culture, State Courts, Federal Courts by Anthony Sanders Summer 2022 | Volume 106 Number 2 | Download PDF Version of Article There are many great judges. Only some have a major impact on our law — or even more rarely on our larger culture and society — and most of those do so, unsurprisingly, by being judges. But a select few of these judges make their mark as much off the bench as they do on it. Judge Jeffrey S. Sutton is one of those.
Your Turn: Renting isn’t a crime, but Minnesota cities crack down anyway
More than one-third of U.S. families live in rental units. The housing arrangement is normal, yet many city councils see renting as a scourge, an unnatural condition to be eradicated. The bias manifests itself in many different policies, but an especially pernicious one is so-called “crime-free” housing ordinances.
School choice lessons from the cussing cheerleader
A high school cheerleader who ranted on Snapchat scored an important win in the U.S. Supreme Court last month. But as we appreciate the victory for students and free speech, we should not overlook an accompanying opinion by Justice Samuel Alito. His legal analysis not only reminds us why balancing free speech with administrative control is such a hard issue in public schools but also why school choice programs further free speech. The case, Mahaney Area School District v.
Some Jobs Are More Equal Than Others
Should your right to earn a living depend on whether your job is considered "speech"? Say you're a comedian. The First Amendment protects your jokes, funny or not, and it's very hard for the government to put you out of business. Now say you run a food truck. Where you can sell your meals is almost entirely at the mercy of your city council, even if it simply wants to protect your competitors. Why? Because the courts have decided that some rights are more important than others.
The Supreme Court punts, once again, in census ruling
© Greg Nash The Supreme Court punts, once again, in census ruling People cannot stand and be counted if census takers ignore them. Recognizing the risk, a coalition of states, organizations and individuals came to the U.S. Supreme Court for relief. But instead of adding clarity, the nation's final arbiter dodged the issue on Friday with a non-opinion opinion that leaves resolution of an obvious disagreement to another day. Essentially, the high court punted. A 6-3 majority in Trump v.
The Supreme Court punts, once again, in census ruling
People cannot stand and be counted if census takers ignore them. Recognizing the risk, a coalition of states, organizations and individuals came to the U.S. Supreme Court for relief. But instead of adding clarity, the nation’s final arbiter dodged the issue on Friday with a non-opinion opinion that leaves resolution of an obvious disagreement to another day. Essentially, the high court punted. A 6-3 majority in Trump v. New York denies that a dispute even exists.
Courts Should Not Exempt Labor Law From US Constitution
Law360 (December 3, 2020, 12:32 PM EST) -- Labor-management relations are highly regulated, and have been for decades. There's new hope, however, that rather than more regulation, both sides of the employment relationship will simply receive something the rest of us enjoy: the U.S. Constitution. Labor law is an odd alternative universe where individual rights often do not apply.
Judicial Independence Is Good for Emergencies and Normal Times Too
Commentary How should judges judge during a pandemic? The same way they should judge during normal times: By assessing the evidence and independently determining… Anthony Sanders is director of The Center for Judicial Engagement at the Institute for Justice in Arlington, Va. How should judges judge during a pandemic? The same way they should judge during normal times: By assessing the evidence and independently determining the law. At least four justices on the Texas Supreme Court agree.
Margin Call! Dirt-Cheap U.S. Mortgages Thwarted by $5 Billion in Margin Calls (ETFs Next!)
This is a syndicated repost courtesy of Confounded Interest . To view original, click here. Reposted with permission. As Ronald Reagan once said, “The most terrifying words in the English language are: I’m from the government and I’m here to help.” The same applies to The Federal Reserve. (Bloomberg) — The Federal Reserve’s emergency rescue of the U.S. mortgage market should have set off celebration among lenders trying to keep up with demand from borrowers.
Repo Madness! QE 3 ($40b a month) vs. Repo ($500b in 2 weeks)
Must Read by Anthony B Sanders • December 17, 2019 • 0 Comments This is a syndicated repost courtesy of Confounded Interest . To view original, click here. Reposted with permission. Fed Chair Jerome Powell says it not QE, so let’s just call it REPO MADNESS (the surge in Fed activity surrounding the repo market). QE3 had The Fed adding $40 billion per month in Treasuries and Agency MBS, then QT (quantitative tightening struck).
Court Refused to Accept Government Lies – InsideSources
In its closely watched census citizenship case, the Supreme Court issued a surprising decision that really shouldn’t be surprising: The court won’t accept “contrived reasons” the government offers to justify its actions. On Thursday, the court ruled that the federal government’s asserted reason for putting a citizenship question on next year’s census form was not actually the reason it did so, preventing the question from going on the form (at least for now).
Court refused to accept lies from government
By Anthony Sanders Sunday, July 7, 2019 | 2 a.m. In its closely watched census citizenship case, the Supreme Court issued a surprising decision that really shouldn’t be surprising: The court won’t accept “contrived reasons” the government offers to justify its actions.
CoCo Bonds Underperform in European Credit
Must Read by Anthony B Sanders • May 10, 2019 This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission. CoCo Bonds (aka, contingent collateral) bonds were once heralded as the safety net for banks. It was even proposed in a Congressional hearing for US mortgage giants Fannie Mae and Freddie Mac as the ultimate safety net. Unfortunately, CoCo bonds have proven more risky for investors than previously thought.
2017 Ends On A High Note: NY Fed NOWCAST Has Q4 GDP At 3.87% (Dow Up 38% Since Nov 4 ’16 Despite 4 Fed Rate Increases)
2017 Ends On A High Note: NY Fed NOWCAST Has Q4 GDP At 3.87% (Dow Up 38% Since Nov 4 ’16 Despite 4 Fed Rate Increases) Well, some good economic news on the US front. The New York Fed’s NOWCAST GDP forecast model has Q4 GDP at … 3.87%. The Dow Jones Industrial Average (DJIA) is up 38% since November 4, 2016 despite 4 rates increases from The Fed. I don’t think that The Fed should include more cowbell. Like this:Like Loading...
S&P 500 And Margin Accounts Near All-time High (Will Fed Rock the Boat??)
S&P 500 And Margin Accounts Near All-time High (Will Fed Rock the Boat??) The S&P 500 stock market index is near an all-time high. But then again, margin accounts at NYSE firms are also at all-time highs. Meanwhile, brokerage call money loan rates on margin accounts continue near the all-time low (despite recent increases in The Fed Fund Target rate).
Real Median Household Income Rises To $59,345, Barely Beating 2002 and 2008 Levels (No Real Growth For Households)
According to Sentier Research, Median Household Income for May 2017 rose to $59,345. This figure exceed the previous highs of 2002 and 2008. What is remarkable about these figures is that real median household income in the US has not risen since 2002. Yet home prices rose dramatically in the 2000s only to collapse. Home prices are rising again (with the FHFA Purchase-only home price index now exceeding the 2007 bubble highs).
The Austrian Solution: Austria Issues 100 Year Sovereign Bond (100 Years at 2%?)
Sadly, Congress has absolutely no controls on the willingness to spend money and promise entitlements to borrowers. Spending is a runaway trend in Washington DC. Much of this spending is entitlement spending, such as Medicaid and Medicare. The explosion of Federal spending and entitlements will eventually recover an Austrian solution: 100 year debt. Until recently, Austria already led nations with the longest sovereign debt maturity of 70 years.
Atlanta Fed Increases Q3 Real GDP Forecast To 3.0% As Catastrophe Bonds Plunge (Fed Not Likely To Raise Rates Again Until September 2017 Meeting)
The Atlanta Fed’s GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2017 is 3.0 percent on September 8, up from 2.9 percent on September 6. The forecast of the contribution of inventory investment to third-quarter real GDP growth increased from 0.87 percentage points to 0.94 percentage points after this morning’s wholesale trade report from the U.S. Census Bureau.
Retail CMBS-Loan Loss Severity at 49.4% for 2Q (Washington DC Highest Rate of Delinquencies)
According to Moody’s, CMBS loans backed by retail properties are the worst performing asset class. Bloomberg – CMBS loans backed by retail properties continued to have the highest cumulative loss severity among the five major CMBS property types during 2Q, at 49.4%, Moody’s analysts Keith Banhazl and Matthew Halpern write in research note.
Oct. 5 Maturity T-Bill Rate Surges as Debt-Limit Drives Out Investors
Oct. 5 Maturity T-Bill Rate Surges as Debt-Limit Drives Out Investors (Bloomberg) — Rate on Treasury bills maturing Oct. 5 rose by roughly 5bp to 1.1375% as investors continue shunning short-term securities vulnerable to a debt-ceiling deadline. “If you’re invested in a money fund because you wanted to be safe, the story of, ‘Oh, we’re being so safe.
Toronto Home Prices Crash, Worst Decline in 17 Years (Swings Like a Pendulum Do)
Toronto Home Prices Crash, Worst Decline in 17 Years (Swings Like a Pendulum Do) Toronto swings like a pendulum do. Or what goes up must come down. Toronto home prices fell 4.6% in July, the biggest decrease in 17 years. Transactions tumbled 40 percent to 5,921, the biggest year-over-year decline since 2009, led by detached homes. New listings in Toronto have collapsed. Is the west coast of the USA next? Canadian PM Justin Trudeau visiting “The Great Mall of China.” Psst, Justin.
Household Debt Growth YoY Now Equals Federal Public Debt Growth (Thanks To Debt Ceiling On Feds)
Yes, the US public debt is temporarily frozen at the statutory debt limit (with the exception of fiscal shenanigan with public debt held by investors versus intragovernmental lending). You can see the rapid expansion of household debt between 2000 and 2007 compared with after 2007. But it was the Federal government that greatly expanded debt after 2007, not households.
Illinois: The Puerto Rico of the Plains (State Finances in “Crisis Mode” as PowerBall and MegaMillions Pull Out)
Ah, Illinois. Once known as “The Land of Lincoln,” it is now known as “The Puerto Rico of the Plains.” Illinois has the distinction of having the lowest municipal bond rating of any state. Only Puerto Rico, which is NOT a state, has a lower municipal bond rating (S&P rates them as ‘D’ since Puerto Rico has defaulted on the debt). S&P has downgraded Illinois to BBB-.
Fear!! Deutsche Bank to Restructure Corporate, Investment Banking (But Will That Increase Their Crashing Earnings?_
Germany’s Deutsche Bank is been trying to reinvent itself … again. According to Bloomberg’s Matt Scully, Deutsche Bank To Restructure Corporate, Investment Banking. Deutsche Bank AG is giving Marcus Schenck, co-head of the newly combined investment bank and trading business, responsibility for overseeing clients in a reorganization that will see the bank focus on corporate customers, according to a copy of a memo seen by Bloomberg.
Spain’s Liberbank Teeters On Failing Thanks To Falling Earnings Per Share (Another One Bites The Dust?)
The European banking crisis is not over. Just last week, Spain’s Banco Popular collapsed and was sold to Banco Santander for 1 Euro. Now, Spain’s Liberbank is also teetering on failure. Like Banco Popular, Liberbank’s earnings per share (EPS) look like US retailers Macy’s, Sears and JC Penney. But online retailers aren’t killing Spanish banks. Liberbank is a small retail bank that was created out of the merger of three regional savings banks in 2011.
Yellen’s America Is Facing a $13 Trillion Consumer Debt Hangover
Actually, the title of the Bloomberg article was Trumps’s America Is Facing a $13 Trillion Consumer Debt Hangover, but that was a misleading title. Trump has only been President since January and household debt growth has been growing (again) since 2012. After bingeing on credit for a half decade, U.S. consumers may finally be feeling the hangover. Americans faced with lackluster income growth have been financing more of their spending with debt instead.
Canada’s Housing Bubble Explodes (Biggest Mortgage Lender Home Capital Stock Crashes Most In History) | Confounded Interest on WordPress.com
Bloomberg – Home Capital Group Inc. plunged the most on record after disclosing that it struck a deal for a C$2 billion ($1.5 billion) credit line to counter dwindling deposits, at terms that will leave the alternative mortgage lender unable to meet financial targets. The non-binding agreement with an unnamed counterparty will be secured by a portfolio of mortgage loans originated by Home Trust, the Toronto-based firm said in a statement Wednesday.
Ratings Shopping Haunts Commercial Mortgage Bonds as Risks Rise | Confounded Interest on WordPress.com
The retail slaughter caused by on-line shopping (Amazon effect) and sluggish wage growth since The Great Recession are taking a toll on large shopping mall stores and, as a consequence, commercial mortgage-backed securities (CMBS). (Bloomberg) – Matt Scully and Adam Tempkin – Only a decade ago, global investors got a hard lesson about the dangers of relying on rosy bond ratings. Now they’re getting a reminder — this time in frothy corners of the $528 billion U.S. commercial-mortgage bondmarket.
Ride sharing: 10 years of freedom in personal transportation
Ten years ago, “ride sharing” was something parents did driving kids to soccer practice. How times have changed. Today, Uber and Lyft are household names for pairing you with strangers who will safely drive wherever you want to go. But this ongoing transportation revolution is not just the work of Silicon Valley visionaries. An Ecuadorean immigrant in Minneapolis, Luis Paucar, heralded the beginning of this trend.
Germany’s Henkel First NON-Financial Companies to Market Bonds With Negative Yields
Germany’s Henkel First NON-Financial Companies to Market Bonds With Negative Yields This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission. We know that Bank of Japan and other Central Banks, as well as sovereign yield in a number of countries, have gone to negative yields.
The Wall Street Examiner
The NAR reported a decline of 3.2% in existing home sales in July. This was the seasonally adjusted fudgepack number. It prompted the Dow Jones flagship Wall Street Journal to trumpet: U.S. Existing Home Sales Fall for First Time Since February I prefer to look at the actual data, using the annual rate of change as the basis for comparison. To see whether momentum is slowing or growing, we can compare the annual growth rate of the current month to recent past months.
The Wall Street Examiner
This is a syndicated repost courtesy of Money Morning - We Make Investing Profitable. To view original, click here. Reposted with permission. With the U.S. corporate tax rate at 35% – the highest in the world – hundreds of U.S. companies have piled up billions of foreign-earned profits in overseas tax havens. As long as they don’t bring the money home, they can avoid paying Uncle Sam.
Negative Rates for the People Arrive as German Bank Surrenders
This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission. A small German bank just went negative on RETAIL bank deposit rates as opposed to corporate (business) deposit rates. (Bloomberg) — When the European Central Bank introduced a negative interest rate on lenders’ deposits two years ago, few thought things would ever go this far.
World Leaders Will Use G20 to Whine About Donald Trump Instead of Fixing Economies
This is a syndicated repost courtesy of Money Morning - We Make Investing Profitable. To view original, click here. Reposted with permission. he G20 Summit is upon us again. Sort of. Yes, the financial heads of 20 leading global economies will meet this weekend, July 23-24, for the third time in 2016. Expectedly on the finance ministers’ agendas will be the Brexit fallout, as well as growing military tensions in the South China Sea.
US Money Velocity Worse Than During Great Depression (Add In A Credit Bubble That Burst …)
US Money Velocity Worse Than During Great Depression (Add In A Credit Bubble That Burst …) This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission. How bad and destructive was the credit bubble from 1995 to 2007? Money velocity (using the St Louis Adjusted Monetary Base) has tanked since the financial crisis and is worse now than during The Great Depression. Also, it doesn’t help that GDP growth has been lame since 2009.
Germany And Denmark Join The Negative 10Y Sovereign Yield Club (Now 4 Strong!)
Germany And Denmark Join The Negative 10Y Sovereign Yield Club (Now 4 Strong!) This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission. Germany and Denmark are the latest countries to join the negative 10 year sovereign yield club. Graphically, Of course, the EFSF (European Financial “Stability” Facility) is not a country.
Great Britain Pound Falls To 1.30 Versus US Dollar
Brexit or Central Bank bubbles bursting (or leaking air)? The Great Britain Pound fell to 1.30. Is it Brexit or the Central Bank asset bubbles leaking air? The UK office index also is taking a hit. Once again, Brexit versus central bank bubble leaking air? The world needs to wear Depends XL size.
Tenants' privacy rights should be protected
Minnesotans — and in particular, tenants in Golden Valley — have a new reason to remember to empty their dishwashers and keep their bathrooms clean. That’s because the city of Golden Valley is asking the Minnesota Court of Appeals to grant it a warrant to inspect the rental property of Jason and Jacki Wiebesick to check that they are, among other things, maintaining a clean kitchen and a tidy toilet. But the Wiebesicks are fighting back.
Deflation Derby: US Import Prices Fall -9.4% In November (Versus 06.3% For Exports)
Deflation Derby: US Import Prices Fall -9.4% In November (Versus 06.3% For Exports) This is a syndicated repost courtesy of Confounded Interest - Online Course Notes For Financial Markets. To view original, click here. Reposted with permission. US import prices YoY fell -9.4% YoY in November as the US Dollar continues to appreciate. On the export side, export prices YoY fell -6.3%. It appears that export prices are not falling as fast as import prices.
The Wall Street Examiner
You Won’t Believe the Latest Country To Join The Negative Yield Club This is a syndicated repost courtesy of Confounded Interest - Online Course Notes For Financial Markets. To view original, click here. As a sign of how poorly Europe is faring, Italy just joined the ranks of Europe’s NEGATIVE YIELD CLUB. Italy becomes the 16th member of Europe’s 2Y Negative Yield Club. Much of Europe belongs to the stagnant growth club as well.
If Caterpillar’s Data Is Right, This Is A Global Industrial Depression
Most cats bounce at least once when they die, but not this one: after CAT posted its first annual drop in retail sales in December of 2012, it has failed to see a rise in retail sales even once. In fact, since then Caterpillar has seen 34 consecutive months of declining global sales, and 11 consecutive months of double digit declines! Why is this important?
Smells Like A Rat--Putin’s Successful Attack On Syrian Terrorists Exposes Washington’s Phony Anti-ISIS Campaign
Perhaps the most amusing thing about Russia’s intervention in Syria is the degree to which it made the world wake up and question the West’s “anti-ISIS” strategy. While everyone has been quick to characterize Moscow’s actions as the latest and perhaps greatest example of Vladimir Putin calling Washington’s bluff, it’s important to understand exactly why that’s an accurate characterization here.
Why August 2015 Was Just An Appetizer
Excerpted from Artemis Capital Management letter to investors, True knowledge is not what you know but certainty in what you do not. Volatility is simply about putting a price on that. Drawing from the famous quote by Donald Rumsfeld, former US Secretary of Defense(20), the trader of volatility must be able to identify “known unknowns” and “unknown unknowns” while simultaneously making a market in both.
Petro-Dollar Reserve Burn Intensifies--Saudi Net Foreign Assets Down $90 Billion Since Sept. 2014
Two weeks after Beijing shifted to a new currency regime in an effort to bring about a managed yuan devaluation, we explained why it really all comes down to the death of the petrodollar. When China began to burn through its FX reserves in a frantic attempt to put the deval genie back in the bottle, the world suddenly awoke to what it means when emerging markets begin burning through their rainy day funds. Of course the reserve burn had been unfolding for quite sometime.
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