While we need to be concerned about the financial condition of essential industries, we should not lose sight of the need to be concerned with the financial condition of the nation they want to bail them out.
Read MoreWhen CEO bonuses were paid in 2008 after the bailouts America was justifiably outraged and it is reasonable to include conditions to avoid this outcome again. It is equally outrageous and irresponsible to load this bill with unrelated political swag and enforce long term changes in corporate governance and other purely political agendas in order to address a very short-term set of problems.
Read MoreIn the meantime, we will achieve long sought goals of dramatically reducing our carbon footprint, inequality, and even DUI’s and simultaneously realize they were far less important than we thought. We will also hopefully learn to appreciate institutions, forces, and fellow citizens and workers we took for granted and even criticized a few months ago that are now critical to our survival.
Read MoreWe will never know if we overreacted. If the threat turns out to be less than predicted, we will assume our actions were merited and responsible. It could be a dry run for a contagion that is far more lethal. Our agencies and professionals will always error on the side of overestimating an unknown threat to public health. Outrage and fear are hard risks to mitigate.
Read MoreIt seems that this can go on indefinitely because we cannot envision the central banks losing control of interest rates, but absence of evidence is not evidence of absence. Believers in Modern Monetary Theory mistake this trend for a true principle. Central banks will remain active in controlling interest rates because the debt is so large that any spike in interest rates would be disastrous. We are stimulating a zombie economy reliant on low interest rates provided by a central government even more dependent on low interest rates.
Read MoreWe have taken a detour on Hayek’s Road to Serfdom; we have managed to cede more power to the central government while retaining much of the individualism of the Constitution. This is a unique outcome in political evolution attributed to the genius of the Constitution itself combined with a unique American political culture that shrouds it. At its best progressivism expanded the promise of political equality into the economic sphere, assuring equal economic opportunity if not results; at its worst it was seduced by the false confidence of the historicists shared by its technocratic sisters in Europe.
Read MoreThe Corona virus may succeed in realigning the balance of trade better than any of Trump’s tariffs or negotiations. The Chinese market is still so large that it cannot be ignored, but it also can no longer be depended on to be a consistent and secure source of supply of critical components for American manufactured goods.
Read MoreThe voters, however, cannot escape some responsibility for this outcome. The more dependent we become on the government to solve our local and personal problems the more disappointed we will become with the results and the more likely we will be seduced by radical solutions.
Read MoreCapitalism becomes the basket where you place all your gripes about our economy. Capitalism is just a form of political freedom and like all rights and freedoms they’re not unrestricted and unregulated. There are good regulations and bad regulations. Good regulations support the proper functions of liberty and free markets; bad regulations undermine the institutions that support liberty and markets. If much of our problems come from bad regulation and bad government policy, then how is handing more power that source going to help? Progressivism grew to protect us from special interests, but what happens when the special interest we need to fear the most is the one that seeks to protect us?
Read MoreSocialism hinges on a belief in a general or unified will that is a myth. We are a diverse nation with diverse and competing interests and our Constitution is the most advanced political system ever devised for dealing with these competing interests. The belief in a unified interest becomes a justification for imposing one group’s interests on another. This is the essence of Hayek’s noted Road to Serfdom.
Read MoreBernie is the moral supremacist progressive of the first Progressive Era of 1900-1920 that reacted to the Gilded Age and inequality of that period. Bloomberg is the elite technocrat Progressive of the second Progressive Era of 1932-1980; beginning with the New Deal and ending with the Great Society. The irony of a “progressive” reclaiming old and exhausted positions from fifty to a hundred years ago is lost on most who accept progressivism.
Read More“Properly understood, the “1619 Project” isn’t about black history. It’s about today’s racial disparities. It’s about applying current ideologies to past events, in the continuing attempt to blame the past actions of whites for the current problems of blacks.”
Read MoreLevin observes that for the left it is forever 1965 and we are just one huge federal program away from supreme social justice. For the right it is forever 1981 and we are just one big tax cut away from economic nirvana. The conditions of 1965 or 1981 no longer exist.
Read MoreThe problem with greater federal power is no longer legitimacy but competence. The failure of the left to maintain control of their sacred institutions has not led them to decry it’s competence but to question its legitimacy; but by not supporting the institutions they relied on they have brought their own legitimacy into question.
Read More“The destructive nature of socialism comes not from its tendency to trample on democracy (though socialism often does trample on democracy) but from its total disregard for rights — rights that are, in the context of the United States and other liberal-democratic systems, beyond the reach of mere majorities.”
Read More“The rising authoritarianism of our time is not an aberration but the ordinary natural fulfillment of mass democracy when it has overflowed its constitutional restraints”
Read More“The problems of socialism are problems of socialism — problems related to the absence of markets, innovation, and free enterprise and, principally, problems related to the epistemic impossibility of the socialist promise: rational central planning of economic activity. The problems of socialism are not the problems of authoritarianism and will not be cured by democracy.”
Read MoreThe impeachment seemed liked a hail Mary from the inception, motivated more by rage than reason. That is precisely why the constitution designed the process as they did to start in the House and then move to the Senate. Rather than viewed as a Constitutional crisis, it should be affirmed as its proper functioning. It does not become a threat to the constitutional order just because you disagree with the outcome.
Read More“The right of property is of course always and everywhere a necessary but not insufficient condition for the flourishing of genuine liberty, which is a different thing from genuine democracy. Democracy despises property when it does not envy it and envies it when it does not despise it, and hence Senator Bernie Sanders et al. extol democracy in their war on property, which is a war on liberty, its sometime synonym. “
Read MoreA moderate Democratic party could have leveraged this impeachment to certain victory in Congress and the Whitehouse. The new radicalized Democratic party will have a much tougher time.
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