For the conclusion of the President's Day holiday weekend, I submit below the usual weekly summation, the top positive being the 48 million vaccinations that have so far been given in the U.S. (with many more on the way in the next weeks and months), the main negatives being the 2nd impeachment (which of course was wrapped up the day after this list was published) and unemployment claims rising more than expected by about 5 percent.
The bonus to end this weekend is a debate on First Amendment issues as they apply to social media platforms. Barry Ritholtz takes the position that these are companies are allowed to make their own rules and control their own organizations. Leave the Congress out of it. His guest takes the opposite view. My view is that the answer is in the middle. Yes, there are no First Amendment rights for users of privately owned platforms; the company gets to decide what's proper and not. Yet the government is certainly within the scope of its constitutional duties when these users are breaking laws or interfering with constitutional processes. You can be your own judge. Try to have a good week even though we're getting slammed with snow.
Succinct Summation of Week’s Events 2.12.21
Succinct Summations for the week ending February 12th, 2021
Positives:
1. 159 million vaccinations worldwide, including 48 million in US have been given, with the US averaging 1.62 million doses per day.
2. Job openings rose to 6.646M in December, the most since July.
3. CPI rose 0.3% m/o/m, meeting expectations.
4. Ahead of the Lunar New Year, financing in China came in at 5.17 Trillion
5. Wholesale inventories rose 0.3% m/o/m, above the expected increase of 0.1%.
Negatives
1. Trump’s 2nd impeachment trial produced damning evidence of the ex-President’s by his own words, and by explicit videos of his supporters.
2. Initial claims totaled 793k, 33k above expectations
3. Home refinance apps fell 4.0% w/o/w, below prior increase.
4. Home mortgage apps fell 5.0% w/o/w, below prior increase .
5. Consumer sentiment stands at 76.2 this month, below expectations.
2-15-21 Debate: Should Social Media Be Allowed to Ban Users? - The Big Picture
Debate: Should Social Media Be Allowed to Ban Users?
Source: Advisor Perspectives
After I wrote a few pieces about the social media firms banning bad actors (including POTUS) on their platforms, Robert Huebscher of Advisor Perspectives reached out to discuss. We swapped a few emails on it, and at his suggestion, we recorded a debate on the topic.
To be fair to Robert, I think his side of the debate is much harder to argue. These are all private actors, so there are no First amendment issue; And as I emphasize, these are private, for profit companies. If they are not permitted to control their own platforms, it turns private property into a meaningless concept.
I am frequently unhappy with the decisions Facebook’s Mark Zuckerberg makes, but what is the alternative? Letting Senators Ted Cruz and Elizabeth Warren, or Representatives Matt Gaetz and AOC determine what we hear and read? No thanks!
If you think Facebook sucks, then you can (as I did) vote with your feet + dollars, and go elsewhere.
Putting Congress in charge of content is not a solution I endorse . . .
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