JD Vance Responds to Matthew Hennessey on Markets and Politics
Matthew Hennessey offers readers a confused argument in his op-ed 'Vance Is Wrong: The Market Isn't a 'Tool'' (May 27). He seems to have taken umbrage at a dual characterization I made of the market in a recent interview. I described it as both an exceptionally efficient way of provisioning goods and services, as well as a tool available to lawmakers as they go about the work of governance. Most important, however, I argued that reducing barriers to free markets shouldn't be the ultimate aim of our politics. Instead, we should use them, and other tools, to improve the well-being of our people.
Mr. Hennessey disputes the idea that the market can be operationalized. He describes the market simply—as a sort of universal reality 'governed by the laws of economics the way the physical world is governed by the laws of gravity.' It's an unusually mundane characterization for Mr. Hennessey, whose most recent book, 'Visible Hand,' is subtitled 'A Wealth of Notions on the Miracle of the Market.'
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Yahoo
8 minutes ago
- Yahoo
As Trump celebrates military, Texans protest president's aggressive immigration enforcement
McALLEN — Hundreds of people lined up near this border city's federal courthouse Saturday, waving American flags and holding signs criticizing President Donald Trump and Immigration and Customs Enforcement. It was a loud scene as anti-Trump chants were often drowned out by drivers honking to show support for the protesters' cause. Protests, marches and rallies are happening across Texas and the country Saturday in condemnation of the Trump administration's policies, including its aggressive immigration enforcement, and what many participants consider to be authoritarian actions. Angeline Garza, a 36-year-old elementary school teacher from Mission, said the protest was a way for her to advocate for the undocumented children and the kids of undocumented parents. 'Now more than ever, [deportations] are affecting a lot of people and they are seeing what the Trump administration wanted to do from the beginning, that it was not just about deporting criminals,' she said. The 'No Kings' protests, expected to last throughout the night Saturday, coincide with the Trump administration's planned military parade in Washington, D.C., which falls on the president's birthday and the U.S. Army's 250th anniversary. But the demonstrations also began hours after two Democratic Minnesota legislators and their spouses were shot at their respective homes Saturday. One of those legislators, Melissa Hortman, and her husband, Mark, were killed. [Texas DPS makes arrest after warning state lawmakers of 'credible threats' tied to Capitol protest] The Texas Department of Public Safety later Saturday warned Texas lawmakers and legislative staffers of 'credible threats' to legislators planning to attend the anti-Trump rally at the state Capitol in Austin. (DPS later announced it had made an arrest in relation to the threats.) Despite the Department of Public Safety's warning that they knew of 'credible threats' against speakers at an Austin protest, thousands of people gathered on and around Capitol grounds in a playful but at times tense gathering. The first hour of the protest was capped with a drag performance to a Rage Against the Machine song — encapsulating the protest's satirical tone. Organizers dressed as circus ringmasters blew bubbles, guided gatherers through a band-accompanied chicken dance and chanted in between speakers' remarks. Austin resident Charlotte Lichtenheld, adorned in clown makeup and a frill collar, said the outfit had a twofold purpose: to bring levity in the face of continuous stress caused by the issues she's concerned about, and to manifest a peaceful conclusion to the protest. 'While some of my friends chose to dress more incognito and have their identities less visible in case things took a bad turn, I chose to do the opposite,' Lichtenheld said. 'I wanted to embrace the more lighthearted side of protests and remind people that things don't always have to be so serious, and hopefully don't necessarily get so serious in that sense.' The fears of threats — and the politically motivated shooting of two Minnesota lawmakers earlier in the day — did not go unaddressed by speakers. State Rep. John Bucy III, D-Austin, pointed the blame at Trump for allegedly enabling those threats and the attack in Minnesota. 'I'm worried about my colleagues, I'm worried about their families, and I'm pissed off that we have a president whose rhetoric encourages acts of violence against elected officials across this country,' Bucy said during his speech on the Capitol's steps. Among the speakers were state and federal elected officials, such as Bucy and U.S. Rep. Lloyd Doggett, as well as drag queens and local advocates, all echoing a similar sentiment: Trump's actions were more aligned with a monarch than with an elected president. In Midland, more than 100 protesters marched on a city park downtown, lambasting Trump's forceful immigration policies and the agents who enforce them. At the evening demonstration, which was largely peaceful, a small group of counterprotesters joined the crowd to mock the chants and engage other protesters. Jorge Pando, a 47-year-old oil field worker and Midland resident, said he joined to protest Trump's deportation methods, hoping his voice will inspire reform of federal immigration policies. 'I want to change the country for immigrants,' Pando said. Daina Patton, a 35-year-old Odessa resident, said her fiancé, Ramon, had been detained while fetching tools for his work. The 35-year-old roustabout worker, who had moved to West Texas as a teenager, was undocumented. His work in the oil field, Patton said, kept the family afloat. Patton, who attended the protest with Ramon's brother and nephew, said Trump was targeting people who come to the country for work. 'They're attacking businesses, the working man, the people that actually came over here for opportunity,' Patton said. A small group of counterprotesters attempted to provoke the pro-immigrant rally in Midland, but their chants were drowned out by the pro-immigrant rally's response, which included the slogan, 'We fight with love, we fight with peace.' In McAllen, very few people in support of the president appeared, though one man waving two large black Trump flags paraded through the crowd. As he walked, about half a dozen people began following him and protesters chanted anti-Trump expletives at him. The man, who declined to give his name, eventually left the protest area without incident. In Odessa, more than 150 people gathered on the northeast side of the booming oil field city. Families, veterans and oil field workers lined up in front of a main roadway on Saturday, facing a heavily trafficked part of town. The protesters waved flags from the U.S., Mexico and El Salvador and recited the pledge of allegiance. They decried what they said was Trump's authoritarian and monarchical approach to the presidency. Protesters told The Texas Tribune that Trump and his Cabinet had abused legal proceedings and due process for immigrants and women. Suzanne Pack, a 62-year-old retired dietitian, said the Saturday protest was the first time she had ever been part of such a demonstration. She said she decided to attend after seeing the event advertised on social media. "I believe that the government is not taking seriously the importance of due process, and I also believe that women's rights are being tread upon, especially in Texas," Pack said. "I have a daughter of childbearing age. She's seven months pregnant today, and she's scared to death because of the challenges against fetal maternal health." Texas' 'No Kings' protests were planned primarily by progressive groups 50501, Women's March and Indivisible. The national groups are supported by dozens of smaller grassroots organizations and volunteers. This blitz of demonstrations throughout Texas and country are intentional, said 50501 San Antonio representative Alex Svehla, and highlight the movement's core message of 'executive overreach.' 'It's a whole wraparound regarding what Trump is doing,' Svehla said. As planned demonstrations across the U.S. grew in number this week, Immigration and Customs Enforcement agents were told to 'largely pause' enforcement in the agriculture and hospitality industries, The New York Times reported Saturday. Earlier this month, Trump deployed 2,000 California National Guard troops to Los Angeles in response to protests against immigration enforcement sweeps there. That deployment came without permission from California Gov. Gavin Newsom, a Democrat and frequent political foe of the Republican president. Texas Gov. Greg Abbott announced on Thursday he would be deploying over 5,000 Texas National Guard members across the state in anticipation of Saturday's protests. Roughly 2,500 of those are being diverted from Operation Lone Star border assignments, according to the Austin American-Statesman. 'It does not do any good to have the National Guard not deployed and have a city catch on fire, have crime and chaos break out, and take a day or two to get them there,' Abbott said in a Fox News interview on Thursday. Abbott has acknowledged in several statements that peaceful protesting is a constitutional right, but that officials 'will not tolerate the lawlessness we have seen in Los Angeles.' Abbott's comments have drawn criticism from protest organizers, who have said a crucial element of their events is their nonviolent nature. 'I think that we have seen some very irresponsible comments from Greg Abbott, unfortunately, that are in line with his authoritarian tendencies and certainly Trump's, which is of course the very thing that people are protesting about,' said Rachel O'Leary Carmona, executive director for Women's March. In Odessa on Saturday, the demonstrations were largely amicable, with many of the event's organizers communicating with law enforcement officials as the day progressed. The protest's organizers told the Tribune they had been in touch with local law enforcement officials for weeks before the event. Drivers honked their horns in support, but some of the marchers faced hecklers who shouted vulgarities at them. Leon Fowler, an 82-year-old Navy reserve and Air Force veteran and retired teacher of history and government, said Trump undermined democracy with his actions in the oval office. "I believe in following the law," Fowler said. "And what I've seen shows no respect for law and no respect for the Constitution." Uriel J. García contributed to this report. Disclosure: New York Times has been a financial supporter of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune's journalism. Find a complete list of them here. Big news: 20 more speakers join the TribFest lineup! New additions include Margaret Spellings, former U.S. secretary of education and CEO of the Bipartisan Policy Center; Michael Curry, former presiding bishop and primate of The Episcopal Church; Beto O'Rourke, former U.S. Representative, D-El Paso; Joe Lonsdale, entrepreneur, founder and managing partner at 8VC; and Katie Phang, journalist and trial lawyer. Get tickets. TribFest 2025 is presented by JPMorganChase.
CNET
9 minutes ago
- CNET
Tariff Impacts Are Real: I Found 13 Companies With Official Price Hikes
Higher prices for a lot of popular products seem inevitable on our current trajectory. James Martin/CNET In a lot of ways and for a lot of products in the US, the biggest impacts of President Donald Trump's aggressive tariff plans are still a ways off in the near future. Still, numerous companies have already hiked prices or said that they will be increased in the near future -- including, most recently, a popular and CNET-approved brand of smart lights. The fact of the matter is that tariffs -- a tax placed on the importing of certain products into a country -- will ultimately cause prices to go up, with Walmart characterizing these eventual price hikes as "inevitable" during its earnings call last month. Given Trump's push to place historically high tariffs on goods from almost every country in the world, you can also expect these price hikes to hit a huge variety of products. This truth has begun to sink in for a lot of Americans, if a recent survey conducted by CNET is anything to go by. According to the results, about 38% of consumers feel pressured to make certain purchases before tariffs cause them to go up in price. About 10% said that they had already made certain purchases out of the hope that they'll avoid a future price hike, and 27% said they had delayed purchases for products that cost more than $500. Overall, these concerns about prices were felt the most around popular tech pieces like smartphones, laptops and home appliances. To help you keep score, I've put together a list of all the companies that have either confirmed or warned of price hikes due to Trump's tariffs. As other companies make such announcements, you can expect new names to be added here. Continue on for all those details, and for more, find out why it's best if you wait on buying a new iPhone. Best Buy Without getting into specifics, Best Buy CEO Corie Barry told the Wall Street Journal late last month that it has already raised prices on certain products as part of its response to the tariffs. e.l.f. Known as an affordable option in the beauty world, e.l.f. announced in late May that it would be implementing a $1 price hike across its product line in response to the tariffs. CEO Tarang Amin claimed that the reaction from customers was positive, on account of the company's transparency. "We're not trying to pull anything over on anyone," Amin told Fortune. "This is exactly what we're facing, and they understand." Macy's Speaking to CNBC in late May, Macy's CEO Tony Spring said that price hikes will be implemented on some products due to tariffs, while also emphasizing that other tactics -- like discontinuing certain products altogether -- will also be a response to rising costs. Mattel Known for brands like Barbie and Hot Wheels, Mattel sounded the alarm over likely price increases during an early May earnings call. While it's unclear how much the toymaker's prices have increased since then, the company told investors that it would be, "where necessary, taking pricing action in its US business," or to put it plainly, raising prices for consumers to mitigate the impact of tariffs. Nikon Camera-maker Nikon will introduce price hikes in response to Trump's tariffs, effective June 23. This move will only target lenses and accessories the company makes and sells, so the cameras themselves are safe for now. "We will be carefully monitoring any tariff developments and may adjust pricing as necessary to reflect the evolving market conditions," a statement from Nikon explained. "We wish to thank our customers for their understanding and know that we are taking every possible step to minimize the impact on our community." Philips Hue Parent company Signify announced that prices for its popular and highly regarded Philips Hue brand of smart lights will see price hikes effective July 1. The company also confirmed that this decision was made "as a direct result of tariffs." "Signify reserves the right to modify prices based on new or additional tariffs becoming effective in the future," the company's official statement explained. Ralph Lauren Sales at the luxury goods retailer Ralph Lauren have apparently remained steady amid recent uncertainty, but the company is still forging ahead with a plan to combat tariff impacts by raising prices more than it had already intended to, according to the Wall Street Journal. Shein and Temu Trump's tariffs have made a notable target of China, hitting the country with a 30% rate only after initially hiking it all the way to 145%. Online retailers like Shein and Temu rely on direct shipments from markets like China in order to offer the rock-bottom prices that made them famous, so it's little surprise now that they've had to raise prices. The Trump administration has furthered the issues faced by these companies by doing away with a rule known as the "de minimus" exception, which used to exclude smaller purchases under $800 from import taxes. With that rule gone, Trump's China tariffs will now apply to both bulk orders of industrial building materials and those shoes you've been looking to buy from Shein. Subaru Subaru has hiked prices across almost its entire line. The increase ranged from $750 to $2,055, depending on the model, with only the EV Solterra avoiding any change. As has become a trend with some companies, Subaru avoided attributing the price hikes to Trump's tariffs, citing only the common refrain of "market conditions." Trump has notably disparaged companies that explicitly lay the blame for price hikes on his policies. "The changes were made to offset increased costs while maintaining a solid value proposition for the customer. Subaru pricing is not based on the country of origin of its products," a Subaru spokesperson said in a statement to Car & Driver. Stanley Black & Decker In an earnings report published April 30, toolmaker Stanley Black & Decker addressed "Price Actions in Response to US Tariffs," stating that it had "implemented an initial price increase in April and notified our customers that further price action is required," and was also looking into ways to shift its supply lines to minimize the impact of tariffs. Volvo The price impact of tariffs at Swedish automaker Volvo are confined, for now, to just one model: the electric EX30. Initially it was set to start at $34,950 in the US -- a competitive price for an EV -- but tariffs targeted at imported cars forced the company to raise the price to $46,195, a 32% bump. Walmart The biggest grocery chain in the US, Walmart is perhaps the most prominent company yet to announce imminent price hikes due to Trump's tariffs. During the company's earnings call in May, CEO Doug McMillan said price hikes would begin by the end of May and impact things like food, electronics and toys. For more, see why buying refurbished tech helps you dodge tariffs and helps the planet.
Fast Company
18 minutes ago
- Fast Company
Why your brain matters more than ever in the AI age
It can be enthralling to watch artificial intelligence models progress toward a mastery of deep learning. But are we as equally invested in our own abilities to think and learn? The human capacity to think deeply, find meaning, and apply wisdom is what makes us unique. Yet, it is increasingly tempting and easy to rely on the fast, accessible answers that AI provides. In a recent McKinsey study of organizations that use generative AI, only 27% said that employees review all content created by gen AI before it is used. One-third of respondents said that only 20% or less of gen-AI-produced content is checked before use. The antidote in this moment is critical thinking. Critical thinking is sometimes called 'careful thinking,' as it involves questioning, interpretation, and discernment. Critical thinking is not always our default mode, and it's already under siege from frequent AI usage. However, critical thinking skills can be taught. Moreover, according to our latest research, leaders with strong critical thinking skills have better outcomes, such as confidence in their ability to lead and lower burnout. Thinking Slow or Not at All Whether it's a matter of being lazy or economical, humans don't think a lot if we don't have to. This isn't necessarily a bad thing. Researchers estimate that our conscious brains process information at a rate of 10 bits per second. (AI models process data at trillions of bits per second.) So, we conserve our limited mental horsepower for complex tasks rather than 'wasting' it on simple or repetitive tasks. This is why we go into autopilot mode when we drive familiar routes or rely on mental shortcuts to make decisions. (For example, we are prone to judging a person's trustworthiness based on appearance instead of interactions.) Our slow brains have a new, fast friend called AI. That's a good thing, right? It can be. AI can rapidly process vast amounts of information, recognize patterns that lie beyond human reach, and provoke us to consider new angles. AI-based tools will expand our understanding of business performance, team dynamics, market trends, and customer sentiment. But our new friend can also exacerbate our tendency for cognitive laziness. Remember those mental shortcuts we take? In one shortcut, we overtrust answers from automated systems and don't pay attention to contradictory information, even if it's correct. As AI tools become even smarter and slicker—and answers are delivered in highly confident tones—this automation bias can grow. The downside to all of this is the risk of losing one's own capacity for thinking, learning, and reasoning. Guillaume Delacour, global head of people development at ABB, a technology leader in electrification and automation, spoke to us about the importance of critical thinking for leaders in the age of AI. 'One of the big benefits of AI is that it always has an answer—but this is also a major challenge,' he noted. 'It can be too easy to accept the outcomes it generates. Good leaders have always needed critical thinking, but in our AI-enabled workplace, where every question has an instant answer, this skill is even more important.' Are You a Strong Thinker? Critical thinking is the ability to evaluate situations objectively and make informed, well-reasoned decisions. It requires us to consider biases, question assumptions, and incorporate multiple perspectives. With critical thinking, it's like your brain is doing a workout rather than just lounging on the couch. And, like a physical workout, critical thinking requires discipline, self-awareness, and effort. But the payoff is pretty significant. We recently assessed 227 leaders on their level of critical thinking and divided the group into high and low critical thinkers. We assessed how well each group is likely to operate in the new world of AI, as well as their overall experience as a leader. The differences are striking. Leaders Who Don't Think Will Struggle In a world in which answers can come fast and easily, leaders who score low on critical thinking are at greater risk of letting machines do the thinking for them and becoming increasingly less sharp. · Low critical thinkers are 18% more likely to have confirmation bias than high critical thinkers. Confirmation bias is the tendency to look for or favor information that confirms our existing beliefs. · Low critical thinkers are 32% more likely to over-rely on gen AI for answers. · Low critical thinkers are 36% more likely to demonstrate cognitive failures. Cognitive failures are everyday lapses in memory or functioning during situations we normally are on top of, such as forgetting where you put the car keys. Leaders Who Think Will Thrive Strong critical thinkers have a protective shield against the threats of AI. Critical thinking balances the pull toward cognitive laziness and guards against our natural tendencies to accept and rely on what AI tells us. Moreover, these thinkers have a better experience as a leader. · High critical thinkers rate themselves 14% higher than low critical thinkers on their ability to perform well in their roles. · High critical thinkers rate themselves 13% higher than low critical thinkers on their ability to lead others effectively. · High critical thinkers rate themselves 10% higher than low critical thinkers on their ability to lead confidently into the future. Additionally, high critical thinkers report 21% less burnout in their roles and 16% higher job satisfaction. In important ways, thinking can be a secret weapon for leaders, enabling them to be better at and happier in their jobs. Strengthening Your Thinking Muscle The encouraging news for leaders is that critical thinking is not a 'you have it, or you don't' proposition. Each of us can be a critical thinker, but we need to intentionally rewire our relationship to thinking in order to cultivate this vital leadership skill. Here are a few things to try. Think about your thinking. In the course of a day or week, try taking a mental step back to observe how you think. You could ask yourself questions such as: · What is a belief or assumption that I questioned? · Did I change my mind about something important? · Did I avoid any information because it challenged me? · Did I feel uncomfortable in any ambiguous situations? The underlying skill you are practicing here is the ability to observe how you think and to discern what may be influencing your thoughts. Is there a past experience or possible bias that is playing a role? How much does stress or the need for speed factor in? Practice 'why' questions. When looking at a situation, ask yourself why it happened, why it matters, and/or why a particular conclusion was reached. This habit encourages 'second looks' and slows us down to uncover underlying assumptions, potential biases, and hidden logic. This approach not only deepens our understanding but also stretches our ability to evaluate information from multiple perspectives. Make AI your thinking partner. If we are not careful, our predisposition to cognitive laziness will drive us to pick the fast answers that come from AI models versus the deeper mental workout that comes from wrestling with complex ideas or considering underlying assumptions. But that doesn't mean AI can't play a role. When used well, AI tools can be very effective critical thinking coaches, nudging us to consider new angles or refine our arguments. Always make sure you challenge AI by asking questions such as: How did you come up with that result? Why should I believe that what you are suggesting is correct? What questions should I ask to improve my critical thinking? Bigger Comprehension Thinking has always set humans apart—something to be taught, mastered, and celebrated. In 1914, IBM founder Thomas J. Watson declared 'THINK' as the mantra for the struggling machine organization, saying ''I don't think' has cost the world millions of dollars.' We have arrived now at an incredible point when machines can think and learn in ways far surpassing human abilities. There are benefits to this—ways in which AI can make us all smarter. The key is to stay alert and grounded in what is uniquely human: the ability to examine an answer with clarity, to grasp what's around and underneath it, and to connect it to a bigger comprehension of the world around us.
