Justice Alito speaks out at national lawyers convention

Justice Samuel A. Alito gave a virtual address to a lawyers convention on Nov. 25th.  

At a little over 30 minutes; I'd recommend the YouTube video below, to anyone trying to understand why some Americans feel strongly that basic rights enumerated in the Constitution like Freedom of Speech, Freedom of Religion and Freedom of Assembly are being tested.   

This is not, IMO, a dry legal lecture for lawyers.  Rather it's a clear overview of recent actions by the courts, legislators and special interests and how those actions may collectively dilute protections sought by the Framers.  

Example: the uproar over Nevada's COVID restrictions (overturned on appeal) that prohibited religious gatherings of more than 50 people (regardless of precautions taken), while permitting a percentage of capacity as the governing measure of people able to patronize a casino; even if that percentage equates to more than 50 people.

In any event; the video is worthwhile viewing....

Avoid shopworn buzz phrases

At the office, I’ve used clichés many times. Business cliches are phrases that lack impact and often convey unintended impressions, or at least a serious lack of imagination. For your consideration, I’ve listed my top five most overused business phrases....

1.      “Get the low hanging fruit” – This relic is normally meant to convey the speaker’s opinion on prioritization. Pursuing whatever he/she advocates; will presumably result in a higher success rate because of fewer barriers. Be wary when you hear it. You may by closer to the orchard and your gut may tell you that more fruit: actually hangs higher, has already been picked, or already rotted -- than the speaker knows.

2.       “It is….what it is” – Of course. What else could it be? If you wish to say we must accept the current state and move on; just say that. 

3.    Here's another classic cliché and one typically used to answer a very simple and honest question like, how are you? I'm referring to the standard reply, "I'm living the dream". It might been amusing the first five times one hears it....but after that?

4.      “Let’s think outside the box” – This champion of tired metaphors reveals that the speaker trying to inspire or reward freethinking might lack imagination by using it to animate others. 

5.      “Our people are our most valuable asset” – How many mission statements, speeches and ads, include this syrupy old slogan? It automatically invites skepticism. List examples that demonstrate an organization’s commitment to employee well-being, as opposed to spouting a ubiquitous platitude.

www.freepik.com/photos/business"​>Business photo created by pch.vector - www.freepik.comption

A dried pasta revelation

Growing up, we ate pasta frequently in the Maddente home.  I still enjoy it; but all I'd ever learned about this staple is that it's a mortal sin to over cook it.  I never could discern any significant taste difference among the many different dried pastas on the market.  

Recently; I've learned something new.  Extrusion methods matter.

Food photo created by timolina - www.freepik.com

Here's a parallel.  Ever heard of "Steel Cut Oats"?  I used to think that's an either slightly pompous or at least a haute description used to sell oatmeal.  

I'm going to rethink that assumption and try steel cut oats.  That's because I've stumbled upon a dried pasta called "Bronze Cut" which is a reference to the metallurgy involved with the device that extrudes and cuts the pasta.  

For those interested in the science and engineering behind this alloy for pasta making purposes; here's an article.  For the rest of us, suffice it to say that the bronze cut process produces a noodle that's less dense and more porous.  It simply tastes better and it adheres to sauce (or sauce adheres to the pasta) ….better.  That's all I know.  

It costs a little bit more; but worth it.  Bon Appetit!  

A real estate CEO moves to TX

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rex.com

Last Saturday, a CEO named Peter Rex published an opinion piece in the WSJ that attracted a fair amount of attention on LinkedIn.  The article is entitled, "I'm Leaving Seattle for Texas So My Employees Can Be Free"  . 

I believe you'll find the views expressed in this piece reasonable and factual -- but unfortunately -- not widely promulgated by traditional media.  

Read more about Mr. Rex here.  

The downside of low interest rates (updated 1/2/2026)

Columnist Jeff Sommer published a piece called, "Dealing With the Dark Side of Low Interest Rates" in the May 17 edition of the New York Times. Mr. Sommer’s take is refreshing.  Monetary Doves and Pols on both sides of the aisle typically ignore the ill effects of low interest rates on conservative investors and senior citizens who receive abysmally low returns from their fixed income investments and don't have the time horizon for riskier investments.  

Mr. Sommer points out that in an ultra low rate world, retirees and those approaching retirement, are left with three poor choices... 

“Live on less, dip deeply into savings or take on more risk…”. 

A steady trough of cheap money and easy credit induces bad decisions that impact all of us.  As mentioned in this space over five years ago, a perennial ultra-low rate environment coupled with lax credit standards, was one of the factors that enabled the masses to over leverage and buy homes they couldn't afford before the housing bubble burst.  

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We hear much about the economic benefits of low interest rates including increased capital investment and consumer spending; but there's also a down side.  

Asset bubbles and inflationary pressures strike us all when the cost of credit stays too low, too long.  Yet, it's still easy to find pundits and politicians who always advocate for lower interest rates.  Cheap money.  Who's not for that?

As for the once unthinkable prospect of the FOMC taking short terms rates below zero (a scenario also cited in Sommer's column); it was comforting last week to hear Fed Chairman Powell publicly tamp down the likelihood.  

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1/2/2026 -- AI sourced supporting research for this post follows:

1. Chicago Fed: Underpriced Risk and Liquidity

The Federal Reserve Bank of Chicago has detailed how "easy money" environments fundamentally alter lender behavior.

• Underpricing Risk: Research shows that excess liquidity encourages lenders to be overaggressive, often underpricing the risk of loans in hopes that growth will offset future losses.

• Historical Correlation: Analysis of the last 200 years of stock market bubbles indicates that, excluding war years, every major bubble occurred during periods of low inflation and low interest rates.

2. IMF (2025): Stretched Valuations and Stability

The most recent Global Financial Stability Report (October 2025) warns that the legacy of low-rate environments continues to pose risks.

• Valuation Disconnect: The report finds that financial stability risks remain elevated because asset prices are stretched well above their fundamental values.

• Nonbank Vulnerabilities: It highlights that nonbank financial institutions (NBFIs), which grew significantly during the low-rate era, now act as "liquidity providers" in ways that could amplify market shocks if valuations suddenly correct.

3. Richmond Fed: The Housing Bubble Precedent

The Richmond Fed has published extensively on how low rates create "the perfect environment" for speculative bubbles.

• Speculative Shifts: Their research suggests that when returns on safe assets drop, investors speculate on riskier assets like housing to find yield, a primary driver of the early 2000s housing boom.

• Financial Frictions: Another brief explains that bubbles increase the net worth of borrowers artificially, which temporarily eases credit but leads to severe "bubbly" recessions when the prices collapse.

4. European Research: Impact on Savers and Pensions

Studies for the European Systemic Risk Board (ESRB) and other EU bodies focus on the demographic toll of "low for long" rates.

• Solvency Pressures: Protracted low rates put immense pressure on the solvency of pension funds and life insurers that provide long-term return guarantees.

• Retirement Adequacy: The OECD notes that these environments force institutions to scale back benefit promises, directly impacting retirement income adequacy for conservative savers.

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Research Summary for Your Blog Post

Research Source	Key Supporting Document	Core Conclusion
Chicago Fed	Asset Price Bubbles Report	Low rates lead to excess liquidity and underpriced risk, fueling bubbles.
IMF (2025)	Global Financial Stability Report	Stretched asset valuations and nonbank financial risks threaten stability.
Richmond Fed	Asset Bubbles & Imbalances	Low rates were a primary factor in the housing bubble of the early 2000s.
ESRB / OECD	Macroprudential Policy Report	Savers and pension beneficiaries bear the brunt of low-for-long environments.

The public courtesy award goes to Ricky Gervais

A few winners at the Golden Globe Awards on January 5th decided to espouse their personal political views to the public, even after host Ricky Gervais admonished them not to do so.

Freepik image 

The majority of us don't tune in to the Golden Globes to watch Stars advocate for a cause celebre.  It's not a free speech issue; it's a public courtesy issue.  Want to speak out about Abortion?  How about Gun Rights or Gun Control?  OK; but please choose an appropriate forum.  Actor Charlton Heston spoke out about protecting Second Amendment rights in 2012 but he made his Gun Rights remarks at an NRA convention, not the Golden Globe Awards.  Big difference.

There's no shortage of outlets to express one's political opinions on one's own time.  Golden Globe Award viewers deserve to hear from invited artists about their art and not by using that forum as polarizing crusaders.

Mr. Gervais is an intellectually honest Progressive who was speaking to his peers that evening because some of them insist on pontificating about matters having nothing to do with why they are being recognized.  He told them...

"So, if you do win an award tonight; don't use it as a platform to make a political speech."  

Then Mr. Gervais added....

"You’re in no position to lecture the public about anything," 

Bravo Ricky! 

  

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On 2/4/2025 Ricky Gervais posted this picture on X with a caption, "They're still not listening".  How right he is.

Viva Espana

My wife and I recently returned from a vacation in Spain.  I haven't posted in months and it's a pleasure to share some beauty and love that we witnessed. 

Let's start with the Spanish people themselves.  They are as warm and courteous as I'd heard and quite tolerant of Americans seeking assistance.  They're also, by and large, very well dressed! 

A word about our tour guide, Mr. Federico García Barroso.  Mr. García Barroso is, and I don't often use this word to describe others -- remarkable.  He's the kind of man who can brighten lives simply by doing what he loves to do, which is sharing his knowledge of Spain's rich history and art.  

An accomplished guide, Mr. García Barroso is also a lover of music and a fine tenor.  At the closing dinner for our travel group, he sang four songs.  One in French, one in Spanish, one in English and one in Italian.  Like I said....remarkable.  Here's a taste...CLICK HERE.

The treasure trove of art in Spain including sculptures, paintings and of course, architecture, has always been a source of pride for the Spanish.  An example; the Basilica known as the Sagrada Familia the construction of which, began in 1882, is one of the most stunning edifices I've ever seen.  Spanish authorities are working diligently to complete its construction by the 100th anniversary of the death of its renowned architect, Antoni Gaudi, in 2026.

Below you'll see a photo -- untouched and taken only with natural light -- of the interior.  I was amazed by the columns alone, which resemble giant trees in a luminous forest.  The tops of the columns literally "branch out" to support the top structure.  We learned that Gaudi's work contains rich symbolism of the natural world and the divine.  These columns are part of his expression. 

If you have the opportunity, please visit the Sagrada Familia in Barcelona.   



John Maddente photo