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Tag Archives: business

Inside the big GOP fight over the influential Export-Import Bank

Interesting that the author of the attached article so closely associates the battle to end the Import-Export Bank (Boeing’s Bank) with the Kochs.

To be sure the free market folks in the Koch world have been adamant in their opposition to Ex-Im but this is a anti-crony thing not a Koch thing.

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Is the stock market really “rigged?”

I remember sitting in my car in college listening to Howard Stern on the radio before class sometime in 2000. Howard and his crew were talking about the stock market which was roaring. The Tech Bubble was in full effect. The sky was the limit. If you weren’t in the market you were losing out. It was a similar vibe to the Housing Bubble which would emerge only a few years later.

Stern took a call from a listener.

The caller, who sounded like he might have been on the tail end of a serious bender explained in candid terms that he was affiliated with some unsavory characters and that he and his unsavory friends were manipulating the market up. He said there was little under the prices of many of the stocks which were rising at breakneck speed.

In a few months we would see how right that caller was.

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Why do people fear the Kochs so much?

So the Kochs are going to spend a billion (on think tanks, etc.) in the next election. You know what? I don’t care.

Why Nick? You’re against crony capitalism. Super rich guys spending money on elections doesn’t concern you?

On one level it does. One should always keep a close eye on anyone throwing money around in the political sphere. If the Kochs ever try to buy a law for their benefit, if they ever posture for a crony handout paid for by the taxpayers we will be the first to highlight them.

But it’s not like the Kochs are trying to get the state to work on their behalf. They aren’t trying to leverage the power of the government for their ends.They aren’t like Tom Styer for instance, the biggest political giver of the last cycle who wants specific legislation enacted which will benefit his bottom line in addition to his political aims. The Kochs simply want a smaller state and that in my book is a very admirable thing.

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Uber in San Francisco is bigger than the taxi industry is or ever was

Uber has been fun to watch. And even though the company did hire a crony of its own recently to deal with urban politicians looking to shake down the company, Uber is still a very good free market story. It’s busting up government sponsored taxi regimes in cities all over the world and generally providing a much higher quality product than the old taxi companies were. It’s putting the heat on politicians and transit unions. (When the BART workers struck last year it was Uber and similar services which came to the rescue of commuters.) It is creating value.

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Behind the 8% plunge in China’s stock market (today)

As we have noted for a while, the Ultimate Crony Capitalist state, China, is seeing very rough waters economically. A massive property bubble (and bust) fueled by Keynesian shortsightedness, not unlike the one we experienced here a few years ago, but much bigger is gripping the country. The Chinese dream is “maturing.” For the first time since emerging from the insanity of Mao the PRC is experiencing real economic pain.

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