“Democracy is the worst form of government except all those other forms that have been tried”-– Winston Churchill
The Biden administration’s plan to give federal workers the day off for Juneteenth is causing a scramble on Wall Street as bankers and officials at major exchanges figure out if they have to shut down to commemorate the new federal holiday.
Giving federal employees the day off means that federal bank regulators such as people working at the Fed would have the day off too, further signaling that Wall Street and US banks would also be closed for business.
Sounds simple enough, but it is not that easy to just close the Fed and the banking system given that US banks are so integral to the global financial system.
It is not just like turning off a light switch there’s a whole process involved in closing the banking system, which could not be done in one day and the cost in in the billions of dollars.
The NYSE had no comment but sources close to the Exchange said it has no plans to close and will re-evaluate the market holiday in Y 2022.
Thursday afternoon, the Fed released a statement announcing its offices in Washington DC will be closed in observance of Juneteenth but that all financial services will operate normally.
By a vote of 30 to 1 in the House, with unanimous support in the Senate, Juneteenth, 19 June commemorates the day in Y 1865 when news of Abraham Lincoln’s Emancipation Proclamation reached Texas, has been declared a federal holiday.
The Big Q: Why is to be called Juneteenth Independence Day?
This date will become another source of societal division as many Blacks celebrate their special Independence Day, and the rest of America continues to celebrate July 4th as Independence Day 2 wks on.
“Providence has been pleased to give this one connected country to one united people — a people descended from the same ancestors, speaking the same language, professing the same religion, attached to the same principles of government, very similar in their manners and customs.” — John Jay, The Federalist Papers
Three of our 6 Founding Fathers and most of the Presidents of the 1st 60 yrs of our republic were slave owners: George Washington, Thomas Jefferson, James Madison, James Monroe, Andrew Jackson, John Tyler, James Polk and Zachary Taylor, as well as the legendary US Senators Henry Clay and John Calhoun.
For the radical left to answer: If your adversaries in politics are fascists, racists, sexists, homophobes, xenophobes and bigots, as you describe them, why would, or should, such people accept and embrace your rule over them simply because you managed to post a plurality of ballots in an election?
Free, not fraudulent elections to decide who governs are the Key sacrament of democracy.
“So, why should people who are described with every synonym for “deplorable” not reject the politics of compromise and instead work constantly to overthrow the rule of people who so detest them?” — Patrick Buchannan
Have a happy, healthy weekend, Keep the Faith!