I wonder if Obama is subject to more criticism from his own left, because the right was so soundly defeated in his re-election. Without the unity of opposition his supporters are more free to dissent.
I think that what cost the Democrats a loss on the gun control issue was a lack of trust. Just as George H. Bush betrayed his’ read my lips’ pledge on taxes, Obama betrayed a pledge not to interfere with gun ownership. Gun control advocates displayed a marked ignorance on the subject and appeared more interested in good intentions than clear results.
Glenn Reynolds. law professor and writer of the highly recommended blog Instapundit, poses his Third Law: any increase in power bestowed on the government will be used to acquire more power. This may explain the trust lapse on the gun issue. ( His first two laws are here.)
The two most important elements of financial success is managing return and risk. Return is easy to measure and compare, but risk is not. Risk analysis requires subjective and philosophical insight. Our financial collapse was largely possible because academics thought that risk could be mathematically quantified. Investment celebrities celebrate their return on the cover of Money Magazine which looks remarkably like People Magazine. Amateur investors flock to the better returns remaining ignorant of the underlying risks. When the risks become obvious is too late.
The same is true of economic and political policy. We celebrate the ‘return’ of growing home ownership while ignoring or burying the risk. The only difference is that instead of just investors losing, the entire economy suffers.
Does economic progress stall as we get used to an onslaught of new regulations, or must it be freed from excessive regulations to prosper? Like a dog gets used to its collar an economy can adjust to regulations that were previously considered onerous. But if the ultimate reward for risk is reduced less risk and its rewards will likely result. Incentives matter only to a point, but they do matter.
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