It is now twenty years since the publication of Centesimus Annus, yet only halting steps have been made towards an adequate reception of it. In his concluding remarks to that great encyclical, the Holy Father warned that the Church’s social teaching was no mere theory, “but above all else a basis and a motivation for … Read more
The federal government has lost another 72 million of your tax dollars. Here we go again. The feds have gambled with your money again, and they’ve lost it again; this time with a company called Beacon Power. You’ve probably never heard of this company. Candidly, before the announcement of its bankruptcy filing this week, … Read more
It’s hard to keep up with all the arguments and proposals in the debt limit struggle. But what’s at stake is fundamental. The bedrock issue is whether we should have a larger and more expensive federal government. Over many years, federal spending has averaged about 20 percent of gross domestic product. The Obama Democrats have … Read more
When Donald Rumsfeld was Secretary of Defense, he coined some phrases about knowledge that apply far beyond military matters. Secretary Rumsfeld pointed out that there are some things that we know that we know. He called those “known knowns.” We may, for example, know how many aircraft carriers some other country has. We may also … Read more
Among the consequences of the recent and ongoing financial crisis and economic downturn is a rekindling of interest in the moral dimension of economic life. In a recent two-part article at Catholic Exchange, Rev. Seamus Finn, OMI, identifies one particular area of renewed attention: moral investing. Ethical investing — usually called socially responsible investing (SRI) … Read more
One of the sad and dangerous signs of our times is how many people are enthralled by words, without bothering to look at the realities behind those words. One of those words that many people seldom look behind is “education.” But education can cover anything from courses on nuclear physics to courses on baton twirling. … Read more
That is the question asked by the left-leaning Christian organization, Sojourners, in its campaign of the same name. It is a most appropriate question given the battle over the budget and given this time of year, not long after the most holy holiday of the year for Christians. Sojourners claims that, despite record budget … Read more
Many people have commented on the speed with which John Paul II seems to be progressing toward sainthood, with some raising questions about whether it’s appropriate. Over at the National Catholic Reporter, though, John Allen says that John Paul isn’t the first to travel quickly through the process — just ask St. Francis (18 months … Read more
Eighteen months later and billions of dollars spent have not resulted in the new jobs that the stimulus program was intended to create. Private-sector employment has actually declined an estimated two million additional persons since the inauguration of the program. The elusive goal of creating private-sector jobs is the subject of much commentary among economists, … 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
Bob Collins at Minnesota Public Radio received a first-class letter from the U.S. Census, telling him that they’ll be sending him another letter next week. The apparent foolishness of the exercise got him thinking about its expense: There were 105,480,101 households in 2000. At 500 sheets of paper per ream, that’s 210,960 reams of paper … 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
I had just boarded the late afternoon train from Paddington Station headed west to Bristol. Commuters were jostling for places, bags were being stashed, and those of us who managed to find seats were settling down with a book or a sandwich for the journey, when suddenly a voice came over the intercom. It was … Read more
A colleague of mine was once in over his head with investors to whom he owed millions of dollars. On one particular day, they paid him a polite visit at his home, asking about the status of the investment and hoping for some indication of how soon they would receive their promised return. My colleague … Read more
While the politicians run around the country telling us of their plans to make our lives better — what wizardry they command; merely to make speeches, pass laws, and print paper, thereby making us prosperous and secure! — free enterprise is busy actually accomplishing this, and with little or no fanfare. This is the thought … Read more
During Lent, you will hear some version of the following from the pulpit: “This is the season to volunteer in charitable causes, to give back in service to the community, in a labor of love.” One cannot argue with the instruction here, or the sentiment behind it. Lent is indeed a time for giving and … Read more