The Occupy Wall Street demonstrators are demanding “people before profits” — as if profit motivation were the source of mankind’s troubles — when it’s often the absence of profit motivation that’s the true villain. First, let’s get both the definition and magnitude of profits out of the way. Profits represent the residual claim earned by … Read more
With Europe and the regional Euro currency teetering on the edge of a cataclysmic crisis, politicians and central bankers are scrambling desperately to save their cherished dream of the European Union. All the supposed rules have already been broken as the continent’s rulers prepare ever-greater bailout packages for bankrupt governments and big banks. EU leaders … Read more
The Conservative Political Action Committee (CPAC) is holding its annual conference right now in Washington, D.C. and these comments by Libertarian Party Executive Director Wes Benedict caught my eye today: I’m sure we’ll hear an awful lot about “limited government” from the mouths of CPAC politicians over the next few days. If I had a … Read more
Years ago when our children were young we had a summer cabin on a lake in the mountains of upstate New York. Every now and then, an idyllic summer day would be interrupted by a violent storm. Typically the storm was preannounced by the sudden appearance of dark clouds that gave way to torrents of … Read more
The Grayson-Himes Pay for Performance Act of 2009 is ostensibly designed to prevent corporations that receive bailout money from wasting it on undeserved bonuses and executive pay. Already passed (along party lines) by the House Financial Services Committee, this law would make it illegal to award executives with “unreasonable or excessive” compensation, and it specifies … Read more
As angry as many people were about the bailout of Wall Street, something else makes people just about as angry: falling stock prices. It is probably for this reason that Washington decided to take the risk and push one of the more outrageously extravagant spending programs in the history of the world. The benefits of … Read more