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Judge Bork’s Olympians & the Danger of Judicial Activism

May 5, 2017 by Jeff Carlson, CFA

“Liberals attempt through Judicial Activism what they cannot win at the ballot box” – Rush Limbaugh

“A Constitution is not meant to facilitate change. It is meant to impede change, to make it difficult to change.” – Justice Antonin Scalia

“The role assigned to judges in our system was to interpret the Constitution and lesser laws, not to make them. It was to protect the integrity of the Constitution, not to add to it or subtract from it – certainly not to rewrite it.” – Ronald Reagan

What is Judicial Activism?

Elizabeth Slattery of the Heritage Foundation offers the following from her article, How to Spot Judicial Activism:

“A simple working definition is that judicial activism occurs when judges fail to apply the Constitution or laws impartially according to their original public meaning, regardless of the outcome, or do not follow binding precedent of a higher court and instead decide the case based on personal preference.Continue Reading

Reversing the 9th Circuit Court of Appeals

April 29, 2017 by Jeff Carlson, CFA

“Unless judges are bound by the text of the Constitution, we will, in fact, no longer have a government of laws, but of men and women who are judges.” – President Ronald Reagan

The 9th Circuit Court of Appeals is not actually the most overturned court at present. That award currently goes to the 6th Circuit Court which serves Ohio, Michigan, Kentucky and Tennessee, with an 87% rate. The 9th Circuit Court comes in at third place with a 79% overturn rate. This is according to an examination of data from 2010-2015.

The Ninth Circuit’s overturn rate is somewhat overblown – but not by much. It’s true the Supreme Court actually reviews very few cases and the ones it selects are likely to be contentious. But that does not change the fact that the 9th Circuit Court of Appeals consistently ranks near the top for overturn rates. During the period of 1999-2008, a study by the ABA found the 9th Circuit ranked 2nd at 80.0% – placing behind the Federal Circuit Court which came in at 83.3%. The long-run average rate of reversal was 68% by comparison.

And the 9th Circuit is often reversed by a unanimous Supreme Court vote.Continue Reading

Judge Orrick’s Judicial Activism

April 27, 2017 by Jeff Carlson, CFA

“The role assigned to judges in our system was to interpret the Constitution and lesser laws, not to make them.” – President Ronald Reagan

Federal Judge William Orrick recently issued an injunction against President Trump’s proposed termination of certain types of federal funding for Sanctuary Cities through Executive Order 13768:

“The Counties’ motions for a nationwide preliminary injunction, enjoining enforcement of Section 9(a), are GRANTED. The defendants (other than the President) are enjoined from enforcing Section 9(a) of the Executive Order against jurisdictions they deem as sanctuary jurisdictions. This injunction does not impact the Government’s ability to use lawful means to enforce existing conditions of federal grants or 8 U.S.C. 1373, nor does it restrict the Secretary from developing regulations or preparing guidance on designating a jurisdiction as a “sanctuary jurisdiction.” IT IS SO ORDERED.”Continue Reading

The March for Science & the Reality of Dr. Lucy Jones

April 23, 2017 by Jeff Carlson, CFA

“Scientists begin from the assumption that there is an objective reality, independent of our hopes and desires.” – Dr. Lucy Jones

The March for Science took place on Saturday. Although billed as a non-partisan event, it was not. The movement was forced to update their website by changing multiple sections, including their statement on diversity. Here is the current statement:

“Inclusion, diversity, equity, and accessibility are integral to this mission and to our overall goals and principles. People have rightly pointed out that some of our own public communications, including social media posts, have not affirmed this stance. We hear your feedback and have been working to align our communications with our values. We are actively partnering with and seeking advice from organizations and individuals with expertise in this area. We cannot ignore issues of racism, sexism, homophobia, ableism, xenophobia, or any other form of discrimination in the discussion and implementation of science. Nor can we ignore the ways in which science has been misused to harm marginalized communities. The lack of inclusivity and diversity in STEM [Science, Technology, Engineering and Math] thwarts scientific advancements not only by limiting who conducts the research, but also by influencing what topics are studied, who participates in the research, and who will benefit from or be harmed by it.”

Bear in mind, the above reflects the March for Science’s adjusted and “de-politicized” statement.  Now, here are direct quotes – really, I’m serious – from the original statement:Continue Reading

Why Socialism Fails

April 20, 2017 by Jeff Carlson, CFA

“Democratic socialism is legalized theft in the name of the people against the vilified few. It is a battle against income inequality by means of collective immiseration. It is the subjugation of private enterprise and personal autonomy to government power.” – Bret Stephens

“To be a socialist is to submit the I to the thou; socialism is sacrificing the individual to the whole.” – Joseph Goebbels

In yet another move of socialist brilliance, the Venezuelan government of Maduro announced the seizure of the General Motors plant located in Valencia. GM immediately announced the layoff of the division’s 2,700 workers. Venezuela has seized more than 1,400 companies since the socialist rise to power in 1999 under Hugo Chavez. Almost all seized companies have ceased operation.

As noted by Ana Quintano, “forty years ago, Venezuela was the fourth richest nation, per capita, in the world. Today, its economy is collapsing. Such are the wages of Chavismo.”Continue Reading

Liberal Causes & Sudden Insights – Why Facts Fail

March 29, 2017 by Jeff Carlson, CFA

“We have to pass the bill so that you can find out what is in it” – Nancy Pelosi

Do you ever wonder why the Left always seems so unanimous? How Democrats seem to circle the wagons around their own while Republicans seem a more fractious bunch? I have been exploring the differences between the Left and the Right in general, and specifically in two earlier pieces, The Left and the Right – Shoulds and Coulds and Liberals, Conservatives and Fiscal Choices. Here are a few of the earlier thoughts I had on the matter:

Most on the Left start with good intentions and end in poor implementation.

Conservatives favor issues. Liberals favor causes.

Conservatives argue with logic. Liberals argue with emotion.

Conservatives are fiscally focused. Liberals are socially focused.

Conservatives think Government is the problem. Liberals think Government is the solution.Continue Reading

Climate Change Debate – Politics, False Consensus, Questionable Science & Some Questions

March 24, 2017 by Jeff Carlson, CFA

“If it disagrees with experiment, it is wrong. In that simple statement is the key to science.” – Richard Feynman

“In questions of science, the authority of a thousand is not worth the humble reasoning of a single individual.” – Galileo Galilei

“The debate is settled. Climate change is a fact” – Barack Obama

There is a certain purity to science. The Scientific Method – elegant in its simplicity and maddening in its application – lays down the path to knowledge:Continue Reading

Liberals, Conservatives and Fiscal Choices

March 20, 2017 by Jeff Carlson, CFA

Democrats and Republicans are diametrically opposed in so many ways but I think it comes down to a couple basic factors. As I noted in the The Left and the Right – Shoulds and Coulds, the Left tends to argue with emotion while the Right tends to argue with logic. I think most on the Left start with good intentions and end in poor implementation. I summed up the article thusly:

Liberal policies tend to tell you what to do. Conservative policies tend to motivate you to do something.

When I engage in discussions with Democrats I always seem to come away from the conversation having just heard a mandate of some kind. Continue Reading

Wiretaps, Russians & the New York Times

March 9, 2017 by Jeff Carlson, CFA

A Paranoid is someone who has all the facts – William Burroughs

When the election ended the Left’s claims grew louder.

The Russians hacked the election.

Except they didn’t.

When Donald trump assumed the Presidency, the Left’s claims grew deafening.

President Trump colluded with the Russians.

Except he didn’t.

It all seems a bit unreal.

The truth might be even crazier.Continue Reading

The Left’s Russian Hypocrisy

March 4, 2017 by Jeff Carlson, CFA

The current uproar over Russian influence in the election process has reached a crescendo with the furor over Jeff Sessions’ testimony. Which is odd, given the Left’s silence on so many similar – and larger – issues.

Attorney General Jeff Session has been accused by Democrats of lying under oath and perjury. Here is the pertinent portion of the transcript containing the question posed by Franken and the answer by Sessions.Continue Reading

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Jeff Carlson is a CFA® charterholder.

He worked for 20 years as an analyst and portfolio manager in the High Yield Bond Market. He holds degrees in finance and economics.

He can be found on X (Twitter) at @themarketswork or on Substack at Truth Over News

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