Pssst Wall Street: Change the Name from Bonuses to "Making Work Pay" Credits
President Obama, widely admired for his willingness and ability to engage in nuanced analysis, painted with pretty broad strokes when he attacked the bonuses recently paid by Wall Street banks: One point I want to make is that all of us are going to have responsibilities to get this economy moving again. And when I ... Pssst Wall Street: Change the Name from Bonuses to "Making Work Pay" Credits
Is the Stimulus Package Obama’s Patriot Act?
Why are the proponents of the stimulus package so reluctant to have a serious, non ad hominem-laden debate about whether it will, in fact, stimulate the economy? Because that’s not really its point. As Steve Horwitz explains: Bottom line: the more that those of us who are skeptical continue to even refer to this as ... Is the Stimulus Package Obama’s Patriot Act?
The Know Betters’ Stimulus Plan
National Economic Council Chairman Larry Summers was on Meet the Press yesterday defending President Obama’s proposed fiscal stimulus plan, which is heavily weighted toward government spending and away from tax cuts (and, to the extent it reduces taxes, does so via tax credits without cutting marginal rates). He started by emphasizing the magnitude of the ... The Know Betters’ Stimulus Plan
"I Pledge to Be a Servant to Our President"
I’m sorry, but this is just plain creepy. (Watch to the end.) It’s one thing to respect the President, to give him the benefit of the doubt, and to support him when he does the right thing. Hollywood would do well to do more of those things, and I will certainly do them for President ... "I Pledge to Be a Servant to Our President"
Sykuta on Bailing Out the Italians
My friend and Missouri colleague, Mike Sykuta, sent me the following insightful comments about the expected Fiat/Chrysler deal: Today’s Wall Street Journal reports that Fiat is expected to announce a new partnership with Chrysler LLC that will, in the end, result in Fiat taking control of Chrysler. So, what about that bailout of the US ... Sykuta on Bailing Out the Italians
What One Article Should Obama Read Tonight?
Imagine what must be going through President-elect Barack Obama’s head today. Tomorrow he begins what must be the most stressful job on the planet (just look at before-and-after pictures of Presidents Clinton and Bush, both of whom appeared to age decades in only eight years). He’s just come off a love-fest featuring the likes of ... What One Article Should Obama Read Tonight?
The Devilish Details of Detroit’s Deal
There are some pretty scary devils in the details of this Detroit bailout legislation. This WSJ article provides some specifics. Under the terms of the draft legislation, “the government would receive warrants for stock equivalent to at least 20% of the loans any company receives.” Let’s put that in perspective. General Motors is seeking around ... The Devilish Details of Detroit’s Deal
Whole Foods Brings It
“Now for the evidence,” said the King. “And then the sentence.” “No!” said the Queen. “First the sentence, and then the evidence.” So goes a famous passage of Lewis Carroll’s Alice in Wonderland. And so begins Whole Foods’ new lawsuit against the Federal Trade Commission. In the lawsuit, filed yesterday in federal court in D.C., ... Whole Foods Brings It
The D.C. Circuit Re-Disappoints in Whole Foods: An Analysis of the Amended Opinions
Being a “glass is half-full” type of guy, I figured there was no way the D.C. Circuit’s decision on Whole Foods’ petition for rehearing en banc could turn out poorly: Either the court would grant the motion and correct the panel’s mistakes, or the court would deny the motion, setting up an attractive opportunity for ... The D.C. Circuit Re-Disappoints in Whole Foods: An Analysis of the Amended Opinions
Principles for Bailout Management
I had the pleasure last week of participating in a bailout panel at William & Mary Law School. The William & Mary Federalist Society, which hosted the event, asked each panelist to address three topics: what led to the current situation, how the bailout plan will (or won’t) fix things, and suggestions for implementing a ... Principles for Bailout Management
My Encounter With Rahm
The business section of yesterday’s New York Times included advice to President-elect Obama from a number of econ-types. Greg Mankiw, for example, exhorted Obama to heed the advice of his (quite capable) economic advisers and, in essence, govern from the center. I would concur. Accordingly, I was pleased to see Obama name Rep. Rahm Emanuel ... My Encounter With Rahm
Mr. Anti-Smith Goes to Washington
Senator Barack Obama, October 30, 2008: You know I don’t know when, when they decided they wanted to make a virtue out of selfishness. Adam Smith, 1776: It is not from the benevolence of the butcher, the brewer, or the baker that we can expect our dinner, but from their regard to their own interest. ... Mr. Anti-Smith Goes to Washington
