Charles Payne
As we wait for the national economy to take off, we are reminded that local economies are engaged in heavy tax-and-spend policies that support massive public projects and large welfare regimes are losing traction each day.  Progressive ideology with respect to budgets and spending can bring down even the mightiest.

In this case it is bringing down Superman.

In 1886 Samuel P. Colt founded the Industrial National Trust Co as the foundation for financial dealings. Named after and raised by his uncle, famed firearms inventor and business man, Samuel would be a prominent player in the history of Rhode Island his entire life (and afterlife, too).

In 1928 he built what is still the largest building in the state, commonly called The Superman building for its likeness to the Daily Planet building in the old television show.

In a few days the building will go dark. The last tenant, Bank of America (Industrial Trust became Industrial Bank, which became Fleet Bank which was acquired by Bank of America) will not renew its lease of 20% of the building. This is a truly sad day for the state but a harsh reminder of the regressive nature of high taxes and regulations and corruption.
It's less important that the state's ideology has led it to be among the first to abolish the death penalty, legalize medical marijuana and even legalize some prostitution; its notion of freedom hasn't applied to business or facilitating success.

The legacy of Industrial Bank was impressive as it survived the massive turn on banks during the Panic of 1907 and Great Depression because of its reliance on maritime and agrarian business.

Turning out the Lights

High taxes have ruined Rhode Island but the state is so entrenched with this way of raising revenue it's hard to see how it can reverse course.

Charles Payne

Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks. He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI), founded in 1991 which provides subscription analytical services to both individual and institutional investors.