As readers of this blog are well-aware, crony-capitalism is one of the most-pressing issues facing America today. Every day, story after story appears in which we see massive, well-heeled businesses using their influence with government to gain a competitive advantage—either by attempting to siphon public monies to their ventures, or worse, using their size to gin the rules in their favor, creating hurdles for their smaller competitors so that they will wither and die.
You bet there is. It’s what we are fighting for. An economic system based on real prices, open markets, and sound money would serve the world so much better than the centrally planned, top down, command and control, fiat money system we must now endure.
There are few states which to me embody dysfunction more than Illinois. The place is out of control. It is hamstrung by state employee and teacher unions which demand to be paid lavish pensions even though the state is effectively out of money and is clinging to its credit rating. If they are allowed, the Illinois state employee unions will hollow out the finances of the state (even more) and Illinois will continue down the path Detroit has already walked.
We all knew this was coming. Cantor spent the summer in the Hamptons figuring out which bank he wanted to sign on with. His district doesn’t even have a new representative in Washington DC yet, but Moelis and Co. now does.
It’s been tough to save money since the Crash. Right now many of us are receiving a negative real interest rate on our savings. (If we have savings.) That is, the interest we get on our money is not enough to keep up with inflation. From the moment we buy a CD or deposit money into an interest bearing account we are actually losing money. (We are losing even more money though if we keep it in our mattresses – by a very small amount.)