Keyword: economics

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  • If you could punish anyone on the planet (heard on Fox Sports KLAC Los Angeles)

    08/18/2012 9:16:33 AM PDT · by doug from upland · 9 replies
    Fox Sports ^ | aug 2012
    Heard on a Fox Sports segment. The hosts had some kind of game show going with several contestants asking sports questions such as: Give me three certainties this year. One guy answered that the Giants make the playoffs, Cowboys don't make the playoffs, and Redskins make the playoffs. Another question was: If you could punish anyone on the planet, who would it be an what would you do. I expected the answer to be something about an opposing player or coach someone disliked. Answer from an enlightened sports fan = BARACK OBAMA. I would make him go back and take...
  • Paul Ryan's radical beliefs about budgets, politics, and society

    08/17/2012 8:44:03 AM PDT · by SumProVita · 10 replies
    The Catholic World Report ^ | August 16, 2012 | Carl E. Olson
    This is, without doubt, brazen and even radical stuff, full of the sort of triumphalistic, jingoistic, and greedy rhetoric you expect from Republicans and conservatives. Brace yourself: ...snip... Oh, wait. My apologies; the quotes above were all taken from the 1960 and 1964 Democratic Party Platforms. How did that happen? Whoops.
  • Banks Fight Back Vs. Holder's Race-Bias 'Witch Hunt'

    08/17/2012 4:08:20 AM PDT · by expat_panama · 8 replies
    INVESTOR'S BUSINESS DAILY ^ | 08/16/2012 | PAUL SPERRY,
    For the past three years, the Justice Department has filed a series of bruising lawsuits against U.S. lenders for race discrimination while hiding behind opaque investigative methods and hoping banks don't challenge the cases in court. But while most banks have quietly settled the record number of lending-bias claims, some are fighting back against what they call a never-ending "witch hunt."In interviews with IBD, bankers and their lawyers complain that Attorney General Eric Holder and his army of civil-rights prosecutors have built their cases around dubious statistical models instead of complaints from actual victims of discrimination.The DOJ filed at least...
  • The Tea Party and Progressives Speak Separate Languages

    08/16/2012 6:00:53 PM PDT · by billflax · 19 replies
    Forbes ^ | 08/16/2012 | Bill Flax
    Ample rebuttal has been served against President Obama’s “You didn’t build that!” claim. Obama retreated, but then recently insinuated “Romney-Hood” will help the rich rob the poor via tax breaks and describes Paul Ryan’s budget proposal as “thinly veiled Social-Darwinism.” As absurd as these ideas sound, crowds cheered. We’re not witnessing rival visions offering different paths to similar ends. The gulf extends beyond whether borrowing and spending better ushers prosperity as opposed to saving and producing; aggregate demand maintenance versus supply-side economics. It’s deeper. A widening political divide besets America. The sides not only propose competing, even contradictory methods, Left...
  • Nevada's housing problems: Do you want solutions or sound bites?

    08/15/2012 1:49:15 PM PDT · by NevadaPolicyResearchInstitute · 1 replies
    Write on Nevada ^ | August 15, 2012 | Victor Joecks
    Government created the housing bubble and has failed to fix the inevitable housing crash that followed — even after four years of trying. So what do believers in liberty and free enterprise propose? Freedom. Enforce contracts. Let the market work by allowing foreclosures. Is it going to be painful for some? Absolutely. But that pain — created by government inflating the housing bubble — is inevitable. Prolonging it is only hurting more and more people by delaying the recovery. And that's the true tragedy in this. By rewarding foreclosure, current government policy is ensuring that Nevada will have more foreclosure...
  • Paul Ryan's Nutty Views on Monetary Policy (Left-wing economists attack)

    08/15/2012 6:53:17 AM PDT · by SeekAndFind · 11 replies
    Economist View ^ | 08/15/2012 | Mark Thoma, Professor of Economics, University of Oregon
    <p>What did Ayn Rand teach Paul Ryan about monetary policy?, by Brad Plumer: In 2005, Paul Ryan explained that he often looks to Ayn Rand’s novel “Atlas Shrugged” as inspiration for his views on monetary policy. “I always go back to, you know, Francisco d’Anconia’s speech, at Bill Taggart’s wedding, on money when I think about monetary policy,”...he said in a speech at the Atlas Society. So what are Ryan’s views on this front? And what do they have to do with Ayn Rand? ...</p>
  • Keynesian Economics: Valid Principles or Re-Election Tactics?

    08/12/2012 12:03:38 PM PDT · by Jim Robinson · 30 replies
    decodedscience.com ^ | Aug 5, 2012 | By Walter McLaughlin
    Does the employment of Keynesian economics actually spark the economy, or merely help those in office keep their jobs? Low interest rates: check. Tax breaks: check Deficit spending to stimulate the economy: check. Three primary tools in the Keynesian toolbox, used in significant doses in order to combat economic instability. For decades, they have been the central tenets utilized by various governments in numerous battles to stabilize the economy, up to and including the recent devastation wrought by the post-2008 financial crisis. In this latest iteration and via numerous efforts bookended by TARP and QE2, the United States has invested...
  • Liberals, Progressives and Socialists (Walter Williams)

    08/06/2012 10:33:37 AM PDT · by jazusamo · 31 replies
    Creators Syndicate ^ | August 8, 2012 | Walter E. Williams
    In Europe, especially in Germany, hoisting a swastika-emblazoned Nazi flag is a crime. For decades after World War II, people have hunted down and sought punishment for Nazi murderers, who were responsible for the deaths of more than 20 million people. Here's my question: Why are the horrors of Nazism so well-known and widely condemned but not those of socialism and communism? What goes untaught — and possibly is covered up — is that socialist and communist ideas have produced the greatest evil in mankind's history. You say, "Williams, what in the world are you talking about? Socialists, communists and...
  • Sports Versus Politics (Thomas Sowell)

    08/06/2012 3:02:24 PM PDT · by jazusamo · 11 replies
    Creators Syndicate ^ | August 7, 2012 | Thomas Sowell
    It has long seemed to me that there is far more rationality in sports, and in commentaries on sports, than there is in politics and in commentaries on politics. What has puzzled me is why this is so, when what happens in politics has far more serious effects on people's lives. To take one common example, there are many people who believe that if the market fails, the government should step in. But, if Robinson Cano strikes out, does anyone suggest that the Yankees should send in a pinch hitter for him on his next time at bat? Everyone understands...
  • Obama Economic Plan Would Explode Debt to $25.4 Trillion

    08/04/2012 3:51:09 PM PDT · by Zakeet · 32 replies
    Big Government ^ | August 4, 2012 | Wynton Hall
    In presidential campaign ads, President Barack Obama claims that his economic plan includes “$4 trillion in deficit reduction.” For a president who has increased the national debt more than all U.S. presidents from George Washington to George H.W. Bush combined, the claim seems incredible. Indeed, it is. A new analysis of Mr. Obama’s budget reveals the president’s plan would add $10.6 trillion in debt accumulation over the next decade, bringing the U.S. federal debt to a jaw-dropping $25.4 trillion. Still, the president and his surrogates continue to claim the Obama plan would cut spending. “The President’s proposals… include a balanced...
  • Obama, You're No Bill Clinton On Economic Policies

    08/03/2012 5:56:13 AM PDT · by IBD editorial writer · 15 replies
    Investor's Business Daily ^ | 08/03/2012 | John Merline
    When the Democratic Party announced that Bill Clinton would deliver a prime-time speech at their convention in early September, convention head Antonio Villaraigosa left no doubt as to why. "President Clinton oversaw the longest economic expansion in U.S. history," he said, "pursuing many of the same policies that President Obama is proposing and implementing today." [snip] But a review of the record shows that Obama's policies — enacted or proposed — bear little resemblance to those adopted by Clinton during his eight years in office.
  • Milton Friedman's Centennial: Complete Episodes of "Free to Choose" Online

    08/02/2012 11:04:21 PM PDT · by GoodDay · 5 replies
    Free To Choose - Original 1980 Series: Volume 1 - The Power of the Market Volume 2 - The Tyranny of Control Volume 3 - Anatomy of Crisis Volume 4 - From Cradle to Grave Volume 5 - Created Equal Volume 6 - What's Wrong with our Schools Volume 7 - Who Protects the Consumer? Volume 8 - Who Protects the Worker Volume 9 - How to Cure Inflation Volume 10 - How to Stay Free Free To Choose - Updated 1990 Series Volume 1 - The Power of the Market Volume 2 - The Tyranny of Control Volume 3...
  • Obama’s Fallacy of Composition

    08/02/2012 6:10:45 PM PDT · by NaturalBornConservative · 3 replies
    Natural Born Conservative ^ | AUGUST 1, 2012 | Larry Walker Jr
    You Didn’t Build That!- By: Larry Walker, Jr. -The "framework" is not a person, natural or legal, to whom a debt can be owed, "institutions" do not act, "society" has no mind, no will, and makes no contributions. Only persons do these things. Imputing responsibility and credit for accumulated wealth, current production and well-being to entities that have no mind and no will is nonsense. It is a variant of the notorious fallacy of composition. ~ Anthony de Jasay *The fallacy of composition arises when one infers that something is true of the whole from the fact that it is...
  • MILTON FRIEDMAN SCHOOLS PHIL DONAHUE - 1979

    07/31/2012 4:57:09 PM PDT · by SaveOurRepublicFromTyranny · 16 replies
    THE FREEDOM POST ^ | July 31, 2012
    Today, July 31, 2012, would have been the great free-market economist Milton Friedman's 100th birthday. Below, is a series of interviews Friedman had on the Phil Donahue Show in 1979. Friedman repeatedly, in his customary polite demeanor, makes Donahue look like the Socialist fool that he is. I do have to credit Donahue, however, for allowing Friedman on his program to obliterate him. He's a little more tolerant than today's lefties in media. Watching these videos provides more plain, unadulterated, common-sense economic wisdom than most American universities today would provide over a four-year degree. Happy 100th Milton Friedman!...
  • “I, Smartphone”? (Video)

    07/31/2012 8:51:59 AM PDT · by Hojczyk · 4 replies
    “I, Smartphone” video is based on the essay “I, Pencil” penned by Leonard Read, in 1958, and has had a lasting impact on how we think about the market process. Why would the Institute for Faith, Work and Economics care about how a smartphone is made and why would we want you to care? Because God has given us the market process as the most powerful tool we have in a fallen world to serve each other by using our gifts. Yes, that’s right. Smartphones allow thousands of dispersed people from across the globe to bring their gifts to serve...
  • Milton Friedman's Centenary (Thomas Sowell)

    07/30/2012 1:05:57 PM PDT · by jazusamo · 16 replies
    Creators Syndicate ^ | July 31, 2012 | Thomas Sowell
    If Milton Friedman were alive today — and there was never a time when he was more needed — he would be one hundred years old. He was born on July 31, 1912. But Professor Friedman's death at age 94 deprived the nation of one of those rare thinkers who had both genius and common sense. Most people would not be able to understand the complex economic analysis that won him a Nobel Prize, but people with no knowledge of economics had no trouble understanding his popular books like "Free to Choose" or the TV series of the same name....
  • Economics, fear and why Obama should be worried

    07/30/2012 11:31:55 AM PDT · by guyshomenet · 1 replies
    Cowboy Confessional ^ | 7/30/2012 | Guy Smith
    Barack Obama may be staring down a long, dark hallway of unemployment. “Welcome to the club,” says 15.1% of the voters. It is unappetizing to agree with Gollum’s older brother, but proto-demon James Carville was correct in 1992 when he said “It's the economy, stupid.” Any president seeking reelection during a recession faces dismal prospects. Any President who campaigns on hope and declares that a lack of economic change in three years equates to a single term in office is fulfilling his prophesies. American voters rebel against nearly everything, but economic hardship and anything that slows traffic top their lists....
  • Justice Dept. Fights Bias in Lending

    01/14/2010 5:47:48 AM PST · by reaganaut1 · 12 replies · 578+ views
    New York Times ^ | January 13, 2010 | Charlie Savage
    The Justice Department is beginning a major campaign against banks and mortgage brokers suspected of discriminating against minority applicants in lending, opening a new front in the Obama administration’s response to the foreclosure crisis. Tom Perez, the assistant attorney general for the department’s Civil Rights Division, is expected to announce Thursday in New York that the administration is creating a new unit that will focus exclusively on unfair lending practices. “We are looking at any and every practice in the industry,” Mr. Perez said in a recent interview. As part of an expansion of the Civil Rights Division approved by...
  • I, Pencil

    07/27/2012 10:26:09 PM PDT · by smokingfrog · 3 replies
    Foundation For Economic Education ^ | December, 1958 | Leonard E. Read
    "I, Pencil" is an essay by Leonard Read. The full title is "I, Pencil: My Family Tree as Told to Leonard E. Read" and it was first published in the December 1958 issue of The Freeman. It was reprinted in The Freeman in May 1996 and as a pamphlet entitled "I... Pencil" in May 1998. In the reprint, Milton Friedman wrote the introduction and Donald J. Boudreaux wrote the afterword. "I, Pencil" is written in the first person from the point of view of a pencil. The pencil details the complexity of its own creation, listing its components (cedar, lacquer,...
  • The Threat to Greek Democracy

    07/26/2012 10:13:21 PM PDT · by bruinbirdman · 4 replies
    American Foreign Policy Council ^ | 7/23/2012 | E. Wayne Merry
    Everyone knows Europe faces the potential for Greek financial collapse, with serious ramifications for the euro zone and its financial institutions. Less discussed is the Greek impact on another key European institution, the less restrictive border regime instituted under the Schengen Treaty, and the danger of failure of constitutional democracy in an EU member state. Perhaps the smartest thing modern Greece ever did was join the European Community (now the European Union) in 1981. The Greeks’ dumbest move was to join the euro twenty years later. The EU gave their Third World economy a First World lifestyle. This miracle was...
  • Businessmen Versus Bureaucrats

    07/24/2012 4:12:02 PM PDT · by SupplySider · 7 replies
    SmartMoney ^ | 7/23/12 | Jonathan Hoenig
    There are generally just two ways people deal with each other: with reason or with force. Reason is the businessperson's approach. Regardless if he is a trader, a CEO or lemonade-stand operator, the capitalist understands that if he wants something from you, he's got to offer you a value in return. He can't force you to buy his real estate, "green" energy, or failing auto company, he can only try and convince you though discussion and trade that it's in your own self interest. The choice is always yours. That basic fundamental negates the cliched and commonplace assertion, popularized even...
  • Natural Disasters Are Economically Good? So says the Left

    07/23/2012 6:11:03 PM PDT · by MichCapCon · 13 replies
    Capitol Confidential ^ | 7/20/2011 | Jarrett Skorup
    It’s like clockwork: Whenever a natural disaster strikes, certain economists praise the “silver lining” of this “stimulated demand” and the positive economic effects that are sure to come from this calamity. The Japanese earthquake and tsunami are no exception. In “The Silver Lining of Japan’s Quake,” New Perspectives Quarterly editor-in-chief Nathan Gardels writes for the Huffington Post, “No one… would minimize the grief, suffering and disruption caused by Japan's massive earthquake and tsunami. But if one can look past the devastation, there is a silver lining. The need to rebuild a large swath of Japan will create huge opportunities for...
  • New Film About America's Bubble Economy

    07/21/2012 5:53:10 PM PDT · by LibertyTyler · 8 replies
    www.TheBubbleFilm.com "The Bubble," a new film featuring experts that predicted the last economic crisis, argues America is facing an even worse financial bubble. Business leaders, politicians and financial commentators such as Jim Rogers, Peter Schiff, Ron Paul, Marc Faber, Jim Grant and 10 others examine Washington's economic policies and its impact on America. The film is co-written by Dr. Tom Woods and inspired by his New York Times best seller "Meltdown." “Americans have been fed a cartoon version of what has happened to the economy over the past several years," said Woods. "They believe the government was merely an innocent...
  • Detroit: The Triumph of Progressive Public Policy

    07/20/2012 1:11:42 PM PDT · by MichCapCon · 11 replies
    Capitol Confidential ^ | 7/20/2012 | Jarrett Skorup
    Still one of my favorites... Imagine a city where all the major economic planks of the statist or "progressive" platform have been enacted: A "living wage" ordinance, far above the federal minimum wage, for all public employees and private contractors. A school system that spends significantly more per pupil than the national average. A powerful school employee union that militantly defends the exceptional pay, benefits and job security it has won for its members. Other government employee unions that do the same for their members. A tax system that aggressively redistributes income from businesses and the wealthy to the poor...
  • The 20 Best Quotes From Ayn Rand

    07/20/2012 12:26:45 PM PDT · by Kaslin · 105 replies
    Townhall.com ^ | July 20, 2012 | John Hawkins
    20) "Ask yourself why totalitarian dictatorships find it necessary to pour money and effort into propaganda for their own helpless, chained, gagged slaves, who have no means of protest or defense. The answer is that even the humblest peasant or the lowest savage would rise in blind rebellion, were he to realize that he is being immolated, not to some incomprehensible noble purpose, but to plain, naked human evil." 19) "The smallest minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities." 18) "Pity for the guilty is treason to the innocent."...
  • A Cumberland Gap between Obama and Econcomic Literacy

    07/20/2012 6:36:33 AM PDT · by Desperado67 · 3 replies
    Examiner.com ^ | 07/18/2012 | Rob Binsrick
    This past weekend Barack Obama once again displayed his ignorance of how the national economy and businesses operating within it work. This article explains how private industry drives the government rather than the government promoting private industry.
  • Quite Possibly The Dumbest Thing I’ve Heard An Economist Say

    07/17/2012 1:12:56 PM PDT · by Zakeet · 19 replies
    Zero Hedge ^ | July 17, 2012 | Simon Black
    In the mid-1800s, a cousin of Charles Darwin by the name of Francis Galton wrote a series of works expanding on an old idea of selective breeding in human beings. Galton’s theory became known as eugenics. At its core, eugenics was underpinned by an assumption that talent and genius were hereditary traits, and that deliberate breeding could improve the human race. Within decades, intellectuals were spending their entire careers studying these ideas, quickly spawning a number of different fields dedicated to ‘racial sciences.’ Scholars began closely examining racial differences and building volumes of statistics on everything ranging from intelligence to...
  • Are Conservatives Really Misrepresenting President Obama’s Remarks on Business?

    07/16/2012 9:47:45 AM PDT · by Sark · 10 replies
    A couple of days ago, I posted a blog criticizing President Obama over remarks that I perceived to be insulting toward entrepreneurs. In particular, I quoted the following excerpt from his speech: “If you’ve got a business — you didn’t build that. Somebody else made that happen.” Since that time, I’ve witnessed a backlash against my post and those of other conservatives who have made similar arguments. While I don’t intend to respond to every backlash like this, I believe that the arguments being made are credible enough to merit a response in this instance. The people castigating myself and...
  • According to President Obama, Entrepreneurs Don’t Build Businesses

    07/15/2012 11:15:14 AM PDT · by Sark · 42 replies
    Last night, President Barack Obama delivered some telling remarks to a fire station full of people in Roanoke, Virgina. I’ll save you the trouble of reading the (long and uninspired) speech and provide you with the most interesting part: “If you’ve got a business — you didn’t build that. Somebody else made that happen.” – President Barack Obama, July 13th, 2012. It would be easy to respond with something along the lines of, “Somebody else made that happen? Who? Who magically imagined the product or service, started the business, built it up, and created the jobs? Who was it? The...
  • Oh What A Night ...

    07/09/2012 11:34:20 AM PDT · by Why So Serious · 48 replies
    I was pulling my hair out Saturday next door in the neighbor's yard as this bleeding heart liberal democratic lawyer tore me apart in front of his 25 year old son and his friends. They could not believe that I was against Obamacare. One 25 year old kid asked me why I would be against something that is "FREE"? I was on the grass rolling around laughing. After I questioned we discovered that he worked and has a car. I asked him if it was okay to take money from him to by my two sons cars, because they do...
  • Pontiac Turnaround Stories: City Versus Schools

    07/07/2012 7:23:34 AM PDT · by MichCapCon · 2 replies
    Michigan Capitol Confidential ^ | 7/1/2012 | Anne Schieber
    Both the Pontiac School District and the city of Pontiac are operating with deficits, but the city is climbing out of the hole while the school district suffers. Why? Because the schools are operating with the same officials at the helm trying to implement a deficit elimination plan while the city recovers thanks to a strong emergency manager. In spite of its own plan to get out of the red, the Pontiac School District faces a $24.5 million deficit. That's 32.4 percent of its annual revenue. Of the 48 Michigan public school districts with deficits, only two of comparable size...
  • O-Zombies

    07/07/2012 7:07:42 AM PDT · by dps.inspect · 6 replies
    7/7/12 | me
    If you are still a supporter of Obomanomics, after this last report, you are an O-Zombie... there is no hope for you or the rest of us if your kind outnumber our kind. The good news is that rationality still has a foothold with a great many of us... I think... Many who bought into the Obama-hype, have seen their error. (My evidence is merely anecdotal, but I'll take that...) The bad news is, there are still many who drag their limbs Zombie-like in support of this mad-man president, regardless of their personal circumstance. I'm not so sure they really...
  • What did Keynes do?

    07/07/2012 6:16:34 AM PDT · by Economus · 40 replies
    There is a man who the left wing thinks is some kind of superhero. John Maynard Keynes. This idiot, this "superhero", said that we need to give money to the poor when the economy is doing poorly. This Keynes agrees with Paul Krugman. We need to find a way to disagree with this old historical figure. Because Keynes was always against the banks, he was always against the authority. Keynes knew what he wanted and he would not be afraid to tell it. We need to stand up to the banks and tell them that their orthodox methods are a...
  • How to Win a Three-Way Gunfight

    07/06/2012 1:20:50 PM PDT · by DogByte6RER · 27 replies
    IO9 ^ | July 6, 2012 | Esther Inglis-Arkell
    How to Win a Three-Way Gunfight Truels are things guaranteed to make any Western fifty percent better — by adding a third person to a duel. Each person can choose his or her target, and the worst person might very well be the winner — provided they play it smart. Learn how to win yourself a truel, gunslinger-style. Game theorists have thought about the problem of duels for a long time. As much as the Old West was depicted as a lawless place where anything might happen, it was also known for hanging its criminals high — which meant that...
  • EU: German Dominance in Doubt after Summit Defeat

    07/02/2012 11:30:44 PM PDT · by bruinbirdman · 9 replies
    Spiegelonline ^ | 7/2/2012 | SPIEGEL Staff
    Outfoxed by Club Med Chancellor Merkel suffered a bruising defeat at last week's Brussels summit after leaders of Italy, Spain and France ganged up on her. Europe's power relations have shifted as a result. It looks like Germany will no longer be calling the shots in the EU. It was Monti, of all people, "Super Mario," as he's called in Berlin. The affable economics professor from Lombardy, the man the German Chancellery felt was the best thing that could have happened to Italy. The man who could "save Europe," at least according to Time magazine. It was Monti, of all...
  • Teaching Economics (Thomas Sowell)

    07/02/2012 6:34:10 PM PDT · by jazusamo · 18 replies
    Creators Syndicate ^ | June 3, 2012 | Thomas Sowell
    Having taught economics at a number of colleges for a number of years, I especially welcomed a feature article in the June 22nd issue of The Chronicle of Higher Education, on how economics courses with the same name can be very different at different colleges. It can also be very different when the course is taught by professors in the same department who have different approaches. The usefulness of the three approaches described in the article depends on what the introductory course is trying to accomplish. One professor taught the subject through a steady diet of mathematical models. If...
  • Democrats May Drop Speedway Event at Charlotte Convention

    06/26/2012 6:03:05 AM PDT · by Zakeet · 32 replies
    Bloomberg | June 25, 2012 | Hans Nichols
    Bloomberg therefore link only as per their requirements: Democrats May Drop Speedway Event at Charlotte Convention Gist of article: Rats have already shortened the convention from four days to three ... Rats are about $27 million short on money ... the Royal Idiot and the unions won't chip in ... times are tough!
  • Has Obama’s theory of ‘bottom-up economics’ ever actually worked?

    06/25/2012 9:42:37 AM PDT · by Dysart · 13 replies
    AEI ^ | 6-25-12 | James Pethokoukis
    Great catch by Hot Air’s Erika Johnsen of President Obama elaborating on his economic philosophy: He told his audience Republicans, including presumptive presidential nominee Mitt Romney, “believe that we should go back to the top-down economics of the last decade.” “They figure that if we simply eliminate regulations and cut taxes by trillions of dollars, then the market will solve all of our problems,” Obama said. “They argue that if we help corporations and wealthy investors maximize their profits by whatever means necessary — whether through layoffs or outsourcing or union-busting — that it will automatically translate into jobs and...
  • From A Crumpled Napkin...

    06/21/2012 6:49:14 AM PDT · by Wings-n-Wind · 6 replies
    self | June 21, 2012 | self
    I suspect the essentials of Keynesian economic theory were scribbled as a faculty prank on a monogrammed napkin in the Harvard Business School cafeteria. After a few laughs, the discarded joke was left on the table with empty coffee cups and a half-eaten bagel; only to be discovered minutes later by an opportunistic work-study sophomore clearing the table. The crumpled napkin was auctioned as the hottest & newest economic pop-theory to a fast-talking tabloid freelancer (who had been to Vegas with his columnist-buddy at The Globe, and had the goods on him). After some hard-nosed and expensive negotiations, the freelancer...
  • Argentina’s economic fiesta is over [a self-inflicted crisis Obama also favors]

    06/17/2012 3:51:19 AM PDT · by Cincinatus' Wife · 9 replies
    Miami Herald ^ | June 17, 2012 | Andres Oppenheimer
    [SNIP of current situation].................. Judging from dozens of interviews here last week, there is only one reason for Argentina’s current decline — and it’s the usual one. It’s politics, of course. Fernández de Kirchner’s populist government has given away massive subsidies in its quest to win elections, much like Hugo Chávez in Venezuela. While ever-growing subsidies work while commodity exports keep rising, they can leave a country bankrupt once world commodity prices stop growing. While neighboring Chile under both center-left and center-right governments has saved in good years to maintain its social programs during bad years, Argentina has done exactly...
  • Skip the falsehoods, Mr. President, and give us a plan (from Milbank and WaPo no less!)

    06/15/2012 4:23:27 AM PDT · by RoosterRedux · 11 replies
    WaPo ^ | 6/14/2012 | Dana Milbank
    I had high hopes for President Obama’s speech on the economy. But instead of going to Ohio on Thursday with a compelling plan for the future, the president gave Americans a falsehood wrapped in a fallacy. The falsehood is that he has been serious about cutting government spending. The fallacy is that this election will be some sort of referendum that will break the logjam in Washington. Fallacy first. “Both parties have laid out their policies on the table for all to see,” Obama said. “What’s holding us back is a stalemate in Washington between two fundamentally different views of...
  • Minimum Wage, Maximum Harm - Bad economics hurts low-income workers

    06/13/2012 7:40:39 AM PDT · by MichCapCon · 21 replies
    Capitol Confidential ^ | 6/12/2012 | Jarrett Skorup
    If some legislators have their way, the state would gradually raise its minimum wage to $10 per hour and adjust it to inflation. This would give Michigan the highest mandated minimum wage in the nation. It would also greatly harm the majority of workers and businesses in the state. According to MLive, bill sponsor Sen. Bert Johnson, D-Highland Park, said, "My bill would shrink government spending and drive demand for products and services." Some questions for Sen. Johnson and those who support the proposal: If raising the minimum wage to $10 an hour is good for workers and would "drive...
  • Funding vs. Income - Why Liberals Don't Understand Economics

    06/12/2012 10:10:36 AM PDT · by TexasNative2000 · 18 replies
    June 12, 2012 | TexasNative2000
    How do you make money? A seemingly simple question, but it has serious ramifications. How you answer goes a long way towards your view on how the economy works and what must be done in order for the economy to thrive. Ostensibly, we all want to make money - to provide for ourselves and our families, to save for the future, to support good and worthy causes. Only the monks and Spartans among us seek not to do so. They view money as a hindrance at best and, at worst, evil. Understanding the process by which one makes money is...
  • I Told You So

    06/07/2012 4:37:59 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | June 7, 2012 | John Ransom
    Today I get to brag a little about the economic and stock market forecast that I penned back on December 23rd, 2011. Yeah. I know. You all are used to my dazzling wit, political acumen, and my stylish turns of phrase. But really, I know quite a bit about finance too, even if I use my finance superpowers only on occasion and prefer to be the ringmaster here at Townhall Finance.The slowdown that I predicted has been a little ahead of my expectations. But it's close enough for Obama's horseshoe and hand grenade economy. Below you'll find the salient part of the forecast,...
  • Bye-Bye, Bush Boom

    06/03/2012 3:15:20 PM PDT · by StevieRay20 · 11 replies
    The New York Times ^ | July 6, 2004 | Paul Krugman
    Bye-Bye, Bush Boom By PAUL KRUGMAN Published: July 06, 2004 When does optimism -- the Bush campaign's favorite word these days -- become an inability to face facts? On Friday, President Bush insisted that a seriously disappointing jobs report, which fell far short of the pre-announcement hype, was good news: ''We're witnessing steady growth, steady growth. And that's important. We don't need boom-or-bust-type growth.'' But Mr. Bush has already presided over a bust. For the first time since 1932, employment is lower in the summer of a presidential election year than it was on the previous Inauguration Day. Americans badly...
  • Pending Home Sales Unexpectedly Slide in April

    05/30/2012 7:43:30 AM PDT · by mykroar · 66 replies
    FoxBusiness.com ^ | 5/30/2012 | Reuters
    Contracts to purchase previously owned homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching bottom. The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed in April, fell 5.5 percent to 95.5, its lowest level since December. Economists polled by Reuters had expected signed contracts, which lead existing home sales by a month or two, to rise 0.1 percent after a previously reported 4.1 percent gain. The housing market has been one of the U.S. economy's weakest links as it recovers...
  • Our Nation's Future (Walter E. Willams column)

    05/29/2012 5:17:46 PM PDT · by dynachrome · 16 replies
    creators.com ^ | 5-29-12 | Walter E. Williams
    Our nation is rapidly approaching a point from which there's little chance to avoid a financial collapse. The heart of our problem can be seen as a tragedy of the commons. That's a set of circumstances when something is commonly owned and individuals acting rationally in their own self-interest produce a set of results that's inimical to everyone's long-term interest. Let's look at an example of the tragedy of the commons phenomenon and then apply it to our national problem. Imagine there are 100 cattlemen all having an equal right to graze their herds on 1,000 acres of commonly owned...
  • Biden: Romney’s Economics Sound Like I’ll Have Another, ‘Except Horse Is a Winner’

    05/22/2012 4:26:24 PM PDT · by Nachum · 14 replies
    ABC News ^ | 5/12/12 | Devin Dwyer
    Vice President Joe Biden today said Mitt Romney’s economic policies bring to mind Kentucky Derby and Preakness champ I’ll Have Another, “except the horse is a real winner.” On the stump in Keene, N.H., this afternoon, Biden said the economic values Romney would bring to the White House were displayed during his tenure at private equity firm Bain Capital and manifest on the campaign trail, particularly in his calls to roll back Democrats’ health care overhaul, Wall Street reforms and other consumer protections. “The governor’s philosophy seems to be whatever the last administration does, let’s do it and do more
  • Productivity Leads To Prosperity

    05/22/2012 5:15:03 AM PDT · by MichCapCon · 2 replies
    Capitol Confidential ^ | 5/22/2012 | Jarrett Skorup
    Columnist Rick Haglund is worried that a proposed cut in the property tax now imposed by the state and local governments on business tools and equipment "may be a job killer," because it would facilitate producing more goods and services per worker. He turns instead to an economist's suggestion that the state may be better off "giving special tax breaks on new investments" as a potentially better idea. “The big story in manufacturing in the past 60 years or so has been an astounding increase in productivity," Haglund wrote. "It takes just 177 manufacturing workers today to perform the same...
  • Ayn Rand about Economic Education

    05/18/2012 6:39:22 PM PDT · by Misterioso · 27 replies
    The Free Market ^ | February 28, 1946 | Ayn Rand
    Excerpts from a letter of Ayn Rand to Leonard Read, the founder of the Foundation for Economic Education, February 28, 1946 -- "The Free Market", 2001 No. 1You imply that the cause of the world’s troubles lies solely in the people’s ignorance of economics and that the way to cure the world is to teach it the proper economic knowledge. This is not true – therefore your program will not work. You cannot hope to effect a cure by starting with a wrong diagnosis. The root of the whole modern disaster is philosophical and moral. People are not embracing collectivism...