“People cannot think unless they are free to think. Government rules and regulations literally prevent thought and prevent experimentation. A free market is a massive experiment in competing ideas, the most productive of which win out. Most of the experiments
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“Because we believe that the way to achieve optimal organizational performance is to allow individual employees to use their minds effectively, we operate with a highly decentralized organizational structure. One problem for the large banks that had regulator-driven risk-management systems
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“Despite the unending failures of statist economies from the Soviet Union to Eastern Europe, to North Korea, to Cuba, and so on, liberals hold on to the belief that intellectual elites with good intentions can direct human activities better than
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John Allison When the Federal Reserve steps in and uses monetary policy to stop the downside correction process, all it achieves is to defer problems to the future and make them worse. Its action delays and distorts the natural market
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In economic terms, spending on housing is consumption, not investment. We live in a house, and therefore we consume the house. Houses are not used to produce other goods. A manufacturing plant that makes computer parts is a production investment.
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One factor that undoubtedly influenced the rating agencies was the way they were compensated. For years, the agencies had charged the buyers of the bonds for rating the bonds, a system encouraged by S&P, Moody’s, and Fitch and that led
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The Supreme Court decision in Kelo v. City of New London upheld the city’s right to use eminent domain to take property from one private citizen and give it to another private citizen under the justification that the use under
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