Affirmative Action and the YAHEIs

Voting for President matters because of SCOTUS appointments, right? [The Rude Awakening] June 30, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Affirmative Action and the YAHEIs - SCOTUS rules 6-3 against UNC and 6-2 against Harvard. - Race-based college admissions are a thing of the past. - This may be the best thing to happen to African-Americans in ages. [Do NOT Ignore This Message Hidden In You $1 Bill…]( On the face of this $1 dollar bill is a set of instructions for EVERYONE in America, which is legally binding… And is the main thing that gives your cash its value. But here’s the thing… This message represents a direct threat to Joe Biden’s plans for your money… Which could put the value of every dollar you own in SERIOUS jeopardy. Can you spot it? [>>Click Here to Learn the Truth About the U.S. Dollar]( [Click Here To Learn More]( [Sean Ring] SEAN RING Dear Reader, Happy Friday! Before I get to the end of affirmative action, I just want to let you know that I’ll be on Rickards Uncensored today at 10 AM ET. Dan Amoss, the hardest working analyst in the business, and I will talk about Russia, grain prices, electric vehicles, oil, the terrible European economic numbers, and AI (if we get to it). If you don’t know, Rickards Uncensored is a private Zoom call Matt Insley hosts weekly with Jim Rickards and other team members. This private group meets once weekly every Friday at 10 AM with Jim or a member of his team, where we carefully review all of the important developments from that week. Members of this special group can also directly ask Jim and all of us questions and more. In short, being a part of this group gives you direct access to Jim and his entire research staff – myself included. And it gives you access to all of our best predictions and insights. [Best of all, while Jim has previously charged thousands of dollars for up-close-and-personal access to him, you can join us in this group today for less than $10 per week.]( Of course, just one good insight per week could be worth many times more than that. And while we don’t advertise this special group often, because I’ll be this week’s special guest, I wanted to open this opportunity up to you today. As one of my readers, I’d hate to see you miss out. [To see how to secure your spot in the group today – before I go live this morning – click here now.]( Now, let’s get to affirmative action. Or, rather, past it! Affirmative Action Starts “Affirmative action” is a policy aimed at promoting equal opportunity and increasing representation of historically disadvantaged groups, particularly in education and employment. The concept of affirmative action originated in the United States during the civil rights movement in the 1960s. While various influences and events contributed to the development of affirmative action, one significant catalyst was President John F. Kennedy's [Executive Order 10925]( issued in 1961. This order required government contractors to take affirmative action to ensure that applicants were employed regardless of race, color, religion, or national origin. It was the start of the slippery slope. Another development came in 1964 with the passage of the Civil Rights Act in the United States. [Title VII of this act]( employment discrimination based on race, color, religion, sex, or national origin. The early implementation of affirmative action primarily focused on redressing historical racial discrimination African Americans faced. The purported aim was to provide opportunities and combat the effects of systemic racism that had long limited their access to education, employment, and other societal benefits. Over time, affirmative action expanded to encompass other disadvantaged groups, including women, Native Americans, Hispanics, and other minorities. The goals and specific policies of affirmative action have varied across different jurisdictions and institutions. Still, the underlying objective has consistently been to promote equal opportunity and diversity in various areas of society. But has that worked? Asian Americans would probably disagree. Market Distortion The whole point of affirmative action was to get the right people in the right places. By that, I mean skin color wouldn’t be a barrier to entry. That’s why it was called affirmative action. But over time, it turned into negative action. And I’m not pissing and moaning about white folks only. You should see what it’s done to Asian Americans trying to get into Ivy League schools. Look at this (and especially read the bottom part): [SJN] Credit: [@RitaPanahi]( This translates into a 140-point SAT penalty for Asians. It’s astounding they didn’t fight this earlier. [SJN] Credit: [@TheRabbitHole84]( Harvard’s admission policy has created an entire generation of what I call the YAHEIs (Yet Another Harvard Educated Idiot). The truth is no amount of education will turn a 100-IQ person into Elon Musk. That’s just not the way it works. Instead, we get generations of middlebrow kids who think they’ve turned into genius adults because they’re Ivy League graduates. It’s embarrassing. Read [Michelle Obama’s Princeton thesis]( and ask yourself if this it’s any more intelligent than an average 22-year-old would write. Then ask yourself: Would you ever want an affirmative action surgeon operating on you? Despite the brouhaha, is there more than this than meets the eye? Could this be a stealthy cash grab from failing universities? [Warning: Will “Bidenflation” Destroy Your Retirement?]( If you’re like most Americans, you’ve worked hard for decades to build your financial legacy. And now, as a result of Biden’s disastrous money printing policies, that’s all at risk. According to one top retirement expert, “Bidenflation” threatens to destroy your retirement and make your hard-earned savings worthless. That’s why you must take action right away to protect yourself… [Click here now to get the simple, step-by-step actions to survive “Bidenflation.”]( [Click Here To Learn More]( Bakke to the Future My good friend and Rude reader, James, posted this on Twitter: [pub] Credit: [@Psyche_OS]( The Supreme Court decided Regents of the University of California v. Bakke in 1978. The case involved Allan Bakke, a white applicant who was denied admission to the University of California, Davis medical school. Allan Bakke argued he was rejected solely based on race, as the medical school had set aside 16 out of 100 seats for applicants from underrepresented minority groups as part of its affirmative action program. Bakke contended that this violated his rights under the Equal Protection Clause of the Fourteenth Amendment. In a closely divided decision, the Supreme Court ruled in favor of Bakke… but also upheld the constitutionality of affirmative action. The Court's decision had several key components: - Quota-based affirmative action: The Court held that using racial quotas in university admissions was unconstitutional. It found that the medical school's reserved seats for minority applicants constituted a quota system, violating the Equal Protection Clause. - Diversity as a compelling interest: The Court recognized that diversity in education is a compelling state interest that can be pursued through affirmative action. It acknowledged the importance of considering race as one factor among many in the admissions process to achieve a diverse student body. - Individualized consideration: The Court emphasized that affirmative action programs must engage in individualized consideration of applicants. It concluded that race could be considered a "plus factor," but not the sole determining factor in admissions decisions, underscoring the need for a holistic review of each applicant's qualifications. Could this be just a SCOTUS-induced cash grab? Yikes, that’s cynical. But just because it’s cynical doesn’t mean it’s false. Thanks For Voting For Trump! On average, SCOTUS justices agree with each other. And this makes sense, as the justices are supposed to interpret existing law. Famously, while former Justices Scalia and Ginsberg were on opposite sides of the political spectrum, they agreed with each other on 75% of their cases. And they used to attend opera together. But on significant cases like abortion and affirmative action, thank your lucky stars for one Donald J. Trump. One of the reasons I was so enthusiastic about his re-election in 2020 was the upcoming vacant Supreme Court seat. That outweighed the fact that Trump acted stupidly in shutting down the country. Why? Because SCOTUS decisions last a long time before being overturned. And I still think I was right about that. (The Biden economy proved me correct ages ago, anyway.) But look at the makeup of the court and see for yourself: [SJN] A 6-3 vote determined the UNC case, and a 6-2 vote determined the Harvard case. Justice Jackson recused herself from the Harvard case as she attended Harvard as an undergrad and law school student. Where did those six votes come from? If Trump had been re-elected, it would’ve been 7-2, and the Court would be an originalist court for a generation. Never Trumpers made an enormous mistake voting for Biden. I hope they don’t repeat that mistake next year. Wrap Up I’ll leave the final words on this piece to two genuine heroes. [SJN] Credit: [@RealBenCarson]( [SJN] Credit: [@RickyDoggin]( Have a fabulous long weekend! All the best, [Sean Ring] Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( In Case You Missed It… Time to Laugh at Wall Street [Sean Ring] SEAN RING Good morning Reader, Happy Thursday! Before I get into what we’ll be talking about today, I want to invite you to an event I’ll be hosting this week. Tomorrow, I’ll be the special guest on Rickards Uncensored along with senior analyst, Dan Amoss. With everything that’s going on right now — including market up-and-downs, sky-high inflation, geopolitical turmoil and more — you don’t want to miss it. If you don’t know, Rickards Uncensored is a private Zoom call hosted every week with Jim Rickards and other members of his team (me included). This private group meets up once per week every Friday at 10 AM and we carefully review all of the important developments from that week. Tomorrow, Dan and I will be talking about everything from the Russian-Ukrainian war… what’s happening with oil… questioning if we can trust AI… and actionable recommendations on how to play this market. [Click here to sign up.]( I hope to see you there! Now, about my week… I received some bad news in the last few days. Unfortunately, the house Pam and I wanted to buy in Asti is no longer available for sale. The reason is that the seller did some work on the house without reporting it to the government. And now the house plans don’t match the house. In Italy, this is a big no-no. I can’t tell you how thankful I am for hiring a law firm to take us through this process. Because I never would’ve figured this out on my own. So, in a sense, we were fortunate. But since I’m a little down over it, I thought I’d write a column to make me laugh and, hopefully, make you laugh. So here are my top 10 favorite Wall Street sayings. Some of them are funny, and some of them are wise. Let’s get into it. “If it flies, floats, or f*cks, it’s cheaper to rent.” - Marc Rich. This quote is easily my favorite. I’m devastated that no one told me this before I got married. If you ask any plane owner, yacht owner, or married man, they’ll tell you the same thing: there are some things in life that you should rent. “Took the anti-money laundering training. I suddenly have so many side hustle ideas.” - @overheardonwallstreet. How ironic. One of my human resources friends once told me, “The only thing unconscious bias training does is increase conscious bias.” In some parts of the world, sex education increases teenage pregnancy rates. So when I came across this quote, I laughed my ass off. It made complete sense to me. If someone teaches you all about money laundering, you’ll see ways to launder your own money, right? I was just conversing with my mother about moving her money around when she moved to Italy, but my mother’s money is completely clean. Still, moving it from account to account worldwide is similar to how money launderers move cash themselves. [Send Me Your Mailing Address!]( The biggest gold bull market in history has just begun. That’s why New York Times best-selling author Jim Rickards has arranged to send his must-read book on gold to any U.S. citizen with a valid mailing address today. [Click here now to see how to claim your copy of The New Case For Gold](. [Click Here To Learn More]( "Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway." - Warren Buffett. The first thing until private banking graduates is never to tell their clients that they will increase their wealth. They are protecting their wealth and assets. They’re putting your money into suitable investments. They’re minimizing clients’ tax liabilities, helping clients create succession plans, and showing clients how to give their money away to charity. That’s it. Forget about increasing clients’ wealth. The clients already know how to do that. “A bull market is like sex. It feels best just before it ends.” - Barton Biggs. As the night is darkest before dawn, the market is the most euphoric right before it crashes. We’ve seen this many times, most notably in 1999, right before the March 2000 NASDAQ crash. The market was positively screaming from 1997 onwards. Most people thought the NASDAQ was a high-yield savings account. It was embarrassing following that rally; the NASDAQ fell from March 2000 until the end of 2003. It went from 5,000 to 1,100 points, a nearly 80% drop. Many people don’t remember that because they were either born too late or were there and don’t want to remember. “Given a 10% chance of a 100 times payoff, you should take that bet every time.” - Jeff Bezos. This is an excellent saying because it helps ones distinguish between probability and expectation. Most people would look at this and say, “If I only have a 10% chance to make money, why even bother?” But if you have a 10% chance to make 100x your money, your expectation or expected value is a 10x gain (10% x 100x). A 10x gain: that’s why you should take that bet every time. “Picking bottoms gets you smelly fingers.” - Unknown. I can’t remember where I heard this, but it’s true: Nobody has ever picked a bottom. No one knew March 2009 would be the bottom of the market. That’s why it’s essential to remain somewhat invested at all times because no one can pick tops or bottoms. “God created economists to make weathermen look good.” - Unknown. Another example illustrates that economists cannot predict anything. I can’t tell you how many years I’ve looked at a January forecast where not a single economist was even close to where interest rates would end up on December 31. It’s embarrassing. Why bother? “There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.” - John Kenneth Galbraith. Galbraith hit the nail on the head with this one. There is no shame in not knowing. Most of us don’t know. Of course, when I write the Rude, I want to be as truthful in the present as possible. And yes, of course, I look forward — using technical analysis, especially the monthly asset class reports. But I don’t know what’s going to happen. I try to guess what’s going to happen. But for bloggers like Paul Krugman, he thinks he knows what will happen in the future. His hero is Hari Seldon of Asimov’s Foundation series. He joined the economic profession to try to predict the future. He is atrocious at it. Krugman is the perfect example of an economist who doesn’t know that he doesn’t know. “It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.” - George Soros. Before he turned into Emperor Palpatine, George Soros was the greatest trader God ever made. He was a wunderkind, an incredible economist with outstanding macroeconomic knowledge. Soros broke the Bank of England in 1992, which threw the UK out of the Exchange Rate Mechanism that would’ve brought the UK into the Eurozone. Quite frankly, I thought The Queen should’ve knighted him for that. To this day, if you mention Soros’ name to anyone who works at the Bank of England, they will break out into hives. Soros is exactly right about this, though. If you take many small wins and then suffer one colossal loss, you will have a negative return on your portfolio. But if you win huge, even once, and suffer many small losses, you will be okay. This is the one bit of advice from George Soros I want you to take. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” - Peter Thiel. There are many reasons to like Peter Thiel. He’s an intelligent man, an excellent investor, and a genuine insider. And he was one of the first and only to support Donald Trump from the Left Coast. He is correct about thinking for oneself. Thinking is challenging; that’s why nobody wants to do it. Figuring things out on your own is tricky; that’s why masterminds are so important. That’s why learning from YouTube videos is essential. You can create your path by learning how to think on your own. Wrap Up Thank you for indulging me in this catharsis. I hope you learned something and had a laugh along the way. Let me know what you thought by emailing me [here](mailto:feedback@dailyreckoning.com). Have a wonderful rest of your week! I hope to see you tomorrow on the Rickards Uncensored call ([here’s the link again]( in case you missed it). All the best, [Sean Ring] Sean Ring Contributing Editor, The Morning Reckoning feedback@dailyreckoning.com Twitter: [@seaniechaos]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Rude Awakening e-mail subscription and associated external offers sent from Rude Awakening, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@rudeawakening.info. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. 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