Checking out at the grocery store the other day, I paid for my sack of rolls. The checkout person handed me my bag. “Thank you,” I said. “You’re welcome,” she said. I walked away with a sense that something was wrong. Do checkout people usually say “you’re welcome” and nothing else? Not usually. Usually they … Read more
It helps now and then to revisit past events, especially in the financial industry. Some news items are ascribed momentous importance and considered milestones in our financial history, but beyond the immediate emotional response they evoke, they have no real lasting import. Others, however, hold lessons for the future and should be remembered. Here are … Read more
Despite profits of $85 million in 2008, Planned Parenthood is facing serious financial difficulties. According to a recent Harvard Business School case study, Planned Parenthood Federation of America (PPFA) is structured as a 501(c)(3) non-profit organization with multiple affiliates, each of which is also a 501(c)(3) non-profit. The national entity lobbies on national policy, sets … Read more
I’ve often heard people talk about their most beloved aspect of our Faith. When asked, “What’s your favorite thing about being a Catholic?” some well-instructed souls will cite the Eucharist, while others will speak of their devotion to Our Lady. The pointier heads in the room might cite the Church’s rich storehouse of worldly and … Read more
Those of us who have argued for alternatives to individualistic capitalism and the bureaucratic welfare state are often told that we are good at pointing out problems but come up short on solutions — it’s a charge distributists hear often. Nevertheless, Pope Benedict XVI’s latest encyclical, Caritas in Veritate,challenges us to overcome the “market-plus-State” model, … 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
When the Democratic Party gained control of Congress three years ago, as part of its “100 Hour” plan it quickly introduced legislation to raise the federal minimum wage from $5.15 per hour to $7.25 per hour. The partisan debate was predictable: Democratic advocates of the raise cited concern for poor and working families, and Republican … Read more
People who study economics are often told that modern capitalism is an outgrowth of a certain English Protestant or agnostic tradition represented by writers such as John Locke, David Hume, Adam Smith, and John Stuart Mill. The notion of a link between capitalism and Protestantism owes a lot to Max Weber’s famous thesis The Protestant … Read more
It might surprise some to learn that the basic idea behind the “welfare state” did not originate with either Marxist revolutionaries or bleeding-heart liberals, but rather with a head of state usually identified with conservatism: Otto von Bismarck. Faced with a growing threat from the German socialist movement, in the 1880s Bismarck established four programs … Read more
The economy is in free fall and we may be facing another Great Depression. In response, the government is scrambling to spend its way back to health. Is this really the best solution? Brian Saint-Paul spoke to Thomas Woods Jr., author of the New York Times bestseller, Meltdown: A Free-Market Look at Why the Stock … Read more
For the securities industry to unravel as spectacularly as it did in September, many parties had to pull on many threads. Mortgage bankers gave loans to Americans for homes they could not afford, often based on inflated house appraisals and no documentation of income or assets. Mortgage bankers immediately transferred these mortgage loans to Fannie … Read more
Deal Hudson spoke with fundraising guru Chuck Piola about what Catholic non-profit organizations can do to survive the current economic crisis. Chuck Piola has been called “The King of Cold Calls” by Inc.Magazine. In 1986, he and his business partner formed NCO Financial Systems. Over twelve years, NCO grew from sixty clients to 80,000; $70,000 … Read more
Catholics are seriously annoyed at the way the holiday season is changing. If you are among them, you are probably already annoyed at this article, because I didn’t say Christmas season. It is Christmas, for goodness sake, so why can’t we just say that? I received an e-mail the other day from Amazon.com headlined, “The … Read more
As a pro-life Catholic, I wouldn’t vote for a politician with radical pro-choice views. And, for the most part, even those who disagree with me respect that position. But people begin to raise eyebrows when I say I believe that raising taxes on the wealthy to benefit the less well-off is wrong as well. How … Read more
Frank J. Hanna III has become one of the leading Catholic philanthropists in the nation. His Solidarity Foundation recently obtained the oldest extant copy of portions of the Gospels of Luke and John and presented them to Pope Benedict XVI for the Vatican Library. A merchant banker in Atlanta, Hanna is the CEO of HBR … Read more
Trade and open markets have been the bedrock of our nation’s growth and prosperity since at least the end of the Second World War. But it was not always so: We learned the hard way that protectionist policies are not an effective cure for economic problems at home and in many cases have severely worsened … Read more
Small is beautiful. Or, the bigger the business, the bigger the bailout. Congress has promised over $1 trillion from our hands to “rescue” gargantuan businesses. When corporations demand the largest free ride in our history, it’s time to rethink economies of scale. Socialism is a silly solution — there, everything becomes one gargantuan business. We … 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
There was a brief controversy in the summer of 2003, when a group of liberal and progressive Catholic figures held a closed-door meeting to discuss Church matters with several high-level prelates, including Archbishop Wilton Gregory and Theodore Cardinal McCarrick. Deal W. Hudson and others at the time observed that the group had a number of … Read more
A Splendid Exchange: How Trade Shaped the World William J. Bernstein, Atlantic Monthly Press, 494 pages, $30 It was the year 1600 and coffee had become wildly popular all over Europe, just as it had been popular all over the Muslim world since its discovery 900 years earlier. The sitting pope was Clement VIII. His … Read more