The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. – F.A. Hayek
Posted in Classical Liberalism on Mar 22nd, 2009
I don’t normally excerpt entire posts from other bloggers, but in case there is any confusion at all about where I am intellectually, this tells is nicely, if a little crass. Bottom line, as much as I understand good economics to be consistent with my moral principles, in my view the former in no way [...]
Posted in Economic Illiteracy on Mar 20th, 2009
Is this. So the budget will actually be $200 billion further in deficit this year than we were told just a month ago (once again, CHANGE we can believe in!). When you start talking in trillions, we see that the deficit will be $1.8 trillion instead of $1.6. That doesn’t look too bad now does [...]
Posted in Uncategorized on Mar 20th, 2009
Dear Masters of the Universe: Just wanted to send a note of thanks for making it so much more attractive for me to save for my children’s college education since you started monkeying around with the economy. With yesterday’s announcement that the Fed will start intervening in the long-term Treasury market, the one remaining attractive [...]
Posted in Corporatism on Mar 19th, 2009
I guess we now know why GM does not need additional bailout funds this month, they are getting it through their suppliers. So not the automakers are getting help on FIVE fronts: Direct government bailout money Cheap access to credit via their finance companies such as GMAC Bailout funds for their parts suppliers Government guarantees [...]
Posted in Corporatism, Money on Mar 19th, 2009
This in today’s news: The head of Kellogg Co., the world’s largest cereal maker, planned to urge Congress on Thursday to revamp how the government polices his industry. Kellogg lost $70 million in the recent salmonella outbreak, after it had to recall millions of packages of peanut butter crackers and cookies. Chief executive David Mackay [...]
Posted in Government Gone Wild on Mar 19th, 2009
From Paul Jacob at Common Sense: The town of Union, New York, is slated to receive almost $600,000 from the Department of Housing and Urban Development. Why? To combat homelessness. Problem? There isn’t one — that is, there isn’t a homeless problem in Union. Yep, I am sure this is just a minor oversight, a [...]
Posted in Education on Mar 18th, 2009
In a 1971 Supreme Court Case (Griggs v. Duke Power), the court found that: On the record before us, neither the high school completion requirement nor the general intelligence test is shown to bear a demonstrable relationship to successful performance of the jobs for which it was used. Civil rights advocates and progressives celebrate such [...]
Posted in Health Care on Mar 17th, 2009
The New York Times does some honest reporting: Thanks to new taxes and fees imposed last year, the health plan’s jittery finances have stabilized for the moment. But government and industry officials agree that the plan will not be sustainable over the next 5 to 10 years if they do not take significant steps to [...]
Posted in Politics on Mar 13th, 2009
Here is yet another indication of his brilliance: House Financial Services Committee chairman Barney Frank agreed that officials believed at the time that the good times would last and that bank failures would not be a problem.” That is in reference to 95% of banks not paying into the FDIC insurance fund between 1996 and [...]
Posted in Flotsam and Jetsam on Mar 13th, 2009
This is not why I play, by the way.
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