Shibboleths About Regulation
Steve Chapman demolishes them. His context is the Bernie Madoff scandal, but really, his words apply in a much more macro sense: . . . Advocates of stricter regulation often talk as though the choice for protecting investors is between imperfect market mechanisms and foolproof government regulations. In fact, governments, like every other institution, are staffed by fallible individuals who can be fooled as easily | Read More »
Obamulus Economics and Its Fallacies
Recently, President-elect Obama has openly reversed the course of Ronald Reagan’s “government is the problem” and even Bill Clinton’s “the era of big government is over.” He has given us insight into his short-fuse plan for government intervention into the economy based upon huge deficit spending. All the while, trying to garner support from voters in a campaign style message relying on the prediction of | Read More »
That’s how fast Ronald Reagan was spinning in his grave yesterday as The One delivered his speech on the economy. When President Reagan entered office in 1981, he was faced with an economic problem brought on by four years of Carter ineptitude. Did he call for massive government intervention? No. Let me refresh your memory, in case you need it: In this present crisis, government | Read More »
Liberalism vs. Capitalism
Capitalism has kind of gotten a bad rap, and here in America of all places. Never mind that our unprecedented economic growth can only be attributed to capitalism, the free market, the curiously successful idea that a man should be allowed to keep the fruits of his labor rather than handing ALL or even some of it over to the government. When stated in this | Read More »
Time for the GOP to Get Out of the Way
With yesterday’s announcement from the Congressional Budget Office that the fiscal year 2009 federal budget deficit is projected to be $1.2 trillion dollars, Republicans in the House and Senate should realize that the time has come for them to pull their support for any economic stimulus package proposed by the incoming Obama Administration. The CBO’s budget numbers don’t include the as yet unseen stimulus bill, | Read More »
Spending money that we don’t have for projects that we don’t have to have
Republicans push back against turning a stimulus package into a bloated boondoggle. Republican Senators spent the day at a retreat at the Library of Congress with three distinguished economists–Martin Feldstein, Larry Lindsey, and Peter Wallison–talking about how to get the economy going. At the conclusion of the retreat Senators McConnell and Alexander spoke about what an economic stimulus ought to contain: Senator Alexander: We — | Read More »
Inheriting the worst economy since FDR?
Since Barack Obama became president-elect, many in the mainstream media have claimed he will inherit the greatest economic crisis since FDR. Interestingly, many in the media made similar claims before Ronald Reagan was sworn in as president. For example, according to the January 19, 1981 issue of Newsweek, “When Ronald Reagan steps into the White House next week, he will inherit the most dangerous | Read More »
Rescuing the Economy from the Government.
As we have learned from the past, the best way for the government to “rescue the economy” is to let go of the power they have over it. I’m not an expert on the economy by any stretch of the imagination, my experience in economic matters amounts to a semester in Macro and Micro economics, both of which I barely attended. But based on what | Read More »
Obama: ‘Trillion-dollar deficits for years to come’
President-elect Obama predicts “trillion-dollar deficits for years to come.” “We’re already looking at a trillion-dollar budget deficit or close to a trillion-dollar budget deficit, and that potentially we’ve got trillion-dollar deficits for years to come, even with the economic recovery that we are working on at this point,” Obama said. The federal deficit was about $455 billion for fiscal year that ended on Sept. 30, | Read More »
Missouri News and Notes January 5, 2008
A round up of the recent news from the twenty fourth state.
2009 Coming Attractions
2008 was one of the most interesting years in recent history. It held many surprises, which brought both reason to cheer and brought great disappointment. We experienced a historic and for conservatives very disappointing Presidential election. An economic down turn that shaped our economy and the election. Great strides in Iraq because of the tremendous efforts of Americas finest. 2009 will be another historic year | Read More »
“Buy America” (Part Deux)
From Bloomberg: Obama’s advisers are looking at including a “buy American” provision in the economic-stimulus legislation that the incoming administration has made its first priority. “We are reviewing the buy American proposal and we are committed to a plan that will save or create 3 million jobs, including jobs in manufacturing,” said Jen Psaki, a spokeswoman for Obama’s transition team. So, economic nationalism is back | Read More »
Quote Of The Day (Part Deux)
The next time someone bemoans the evil of “laissez-faire capitalism” to you, utter the number 69,428. That’s the number of pages in the 2006 edition of the Federal Register, the official government compendium of rules and regulations, the handy-dandy list of things you must do, and not do, if you want to do . . . well, just about anything. “Laissez faire” is the bogey | Read More »
Via Dan Drezner, we learn that protectionism has returned to the steel industry. This should surprise no one; remember that in the Bush Administration’s first term, the steel industry sought–and got–tariffs placed on imported steel that it swore would only be necessary for a short while until the industry was able to recover from tough times. The industry asked the Administration to forget that it | Read More »
Just a reminder… when did the Financial mess start?
Bush tried to regulate and supervise Fannie and Freddie… but the Democrats scoffed at it all and blocked Bush from trying to fix the financial mess. So, whose fault is the economic mess? Here is what Representative Barney Frank said in 2003 about Fannie and Freddie: “Fannie Mae and Freddie Mac are not in a crisis.” “The more people, in my judgment, exaggerate a threat | Read More »