OK, so Greece is messed up. We know that. It’s not a surprise. The call for a referendum from Athens was a surprise but not the end of the world.
Gary Hart is a good big government liberal, with solid big government liberal credentials. And he is as fearful of the raging corrupt beast in Washington DC as any TEA Partier. Perhaps not quite.
Outrageous corruption in Washington is now legal. What once put elected officials in prison now is business as usual. DC is a hive of legal villainy. And if we don’t do something about it soon we are going to lose this precious thing. This unique flash of enlightenment. This anomaly in the experience of humankind. Our United States. Are we the generation which lets the American miracle descend into the mire?
This musn’t be. Not just for us, but also for millions and millions, billions, of people who look and have looked to the USA for leadership. The “shining light on the hill” is flickering.
Though we disagree with some (important) points here and there in this piece, generally it is good, especially considering Hart’s overall disposition toward large government.
He focuses only on corporate America however and as such he’s missing at least half the picture.
Hart’s broadly right though. Things are bad. We are flirting with real disaster. And sadly many of Hart’s buddies are the ones who put us on this path.
So the people will decide. That’s good I suppose. Is the EU about to retreat from its frontiers? Will the Greek people capitulate? What will equity and debt markets do? Which country is next? If you have the answer to any of these questions please feel free to contact me in short order.
The principal author of our current economic ills doesn’t seem to know history any better than monetary policy.
When the Obama administration announced that it was planning to replace Alexander Hamilton on the ten dollar bill with an unspecified woman, former Fed Chairman Ben Bernanke leapt into the fray. He said he was “appalled” by the decision since Hamilton “was without doubt the best and most foresighted economic policy maker in US history.” He proposed that Andrew Jackson be removed from the twenty dollar bill instead.
A New York Sun editorial on June 23 dryly noted that Hamilton was the author of the Coinage Act of 1792, which represents the very sound money that Bernanke has done everything in his power to destroy. The Sun, however, tempered its criticism with the following comment: “We understand that there are serious persons who reckon Hamilton, who was notoriously partial to federal power, would not have opposed the idea of fiat paper money. This point has been marked for us by no less a scholar than the journalist and historian Myron Magnet…. Let us stipulate Mr. Magnet’s point.”
Let us not stipulate Magnet’s point, because it is incorrect. Hamilton condemned paper money not backed by gold or silver as an evil. Here is what Hamilton actually said: “The emitting of paper money by the authority of Government is wisely prohibited….Though paper emissions, under a general authority, might have some advantage…, yet they are of a nature so liable to abuse—and it may even be affirmed, so certain of being abused—that the wisdom of the Government will be shown in never trusting itself with the use of so seducing and dangerous an expedient…. The stamping of paper is an operation so much easier than the laying of taxes, that a government, in the practice of paper emissions, would rarely fail…to indulge itself too far in the employment of that resource…even to [ the point of creating]…an absolute bubble.” [ Report to the House of Representatives, Dec 13, 1790]
I still think that those emails are hanging out there somewhere. Dead hard drive or not. There have got to be traces of her communications on many machines. But perhaps these hard drives have also been through the shredder at this point.
Either way, with the Supremes rewriting laws, the Federal Reserve failing to comply with subpoenas, and the executive branch pulling this sort of thing, Congress had better start asserting itself. But one wonders if Congressional leadership is particularly concerned at all.
What is going on in the USA right now? There is no “charting a way forward with this.” There seems a very clear path forward. No charting needed.
Think about how “friendly” Paris is. Then consider how “friendly” Paris taxi drivers are. Then consider how “friendly” said taxi drivers are likely to be to someone they see as taking their job.
Sometimes cronies wear pinstripes and sometimes they drive a Peugeot.
Senator Graham and Senator Rubio reintroduced Adelson’s bill.
In April of 2013 Marco Rubio had this to say;
“I blame that primarily, quite frankly, on decisions made by the Republican Party in the past to embrace crony capitalism and corporate welfare as conservatism, when, in fact, that’s not what we’re about. We are about upward mobility. We’re about the true free enterprise system.”
Et tu Rubio?
We are seeing an interesting shakeout this Congress There is a new generation of leaders in Washington who, for the most part, do actually want to shrink government. This stands in contrast with the old school Republicans who really have very little interest in reining in Washington. In fact in most cases the latter group has NO interest in reining in Washington.
King vs. Burwell decided whether Obamacare subsidies extend to those who live in states where “healthcare exchanges” haven’t been set up.
In what Justice Scalia says amounts to a “rewrite” of the law, the Supreme Court decided today, that such subsidies do in fact extend to people in all states whether or not they live in a state which has established an exchange.
The full text of the ruling can be read HERE.
This is an interesting tack.
At a dinner at the organization’s annual Atlas Summit, this year in Nashua, New Hampshire, the organization “dishonored” those who use government to enrich themselves at the expense of taxpayers and competitors as well as those with political power who empower these cronies. TAS CEO Aaron Day explained the origins of the contest. Nick Sorrentino, a contest advisor and operator of the againstcronycapitalism.com website, gave the keynote address documenting the current crony plague. And TAS scholar Edward Hudgins announced the winners. (Pictured at right.)
By Ed Ring, executive director, California Policy Center
About a year ago we published an editorial asking this question, “How much does professionalism cost,” using as an example the tragic death of Kelly Thomas. In that case, six police officers repeatedly struck with batons and tased an unarmed man, who died a few days later of his injuries. Since that tragedy back in 2011, numerous cases of police misconduct have surfaced, many of them with equally tragic consequences. The latest one, while inexcusable, is more farce than tragedy, involving a team of Santa Ana police officers who recently raided a marijuana dispensary in that city.
I am actually more open to this fellow’s arguments than I thought I might be at the outset of the article. He basically explains that despite all of his education, his degrees on the wall, he still must moonlight as a retail clerk to make ends meet. I thought for sure that the article was going to be another whining, “I have 4 degrees and I should be paid a fortune even though I provide little of value to the market” article. I was wrong, for the most part.
The author basically admits that he has fallen into the “adjunct trap.” Adjunct professors toil away at low pay as tenured professors enjoy high pay and limited schedules. The carrot has always been that one day an adjunct might be able to join the academic club. But for many reasons joining the club is and will remain a dream.
Well, there you go. Looks like TPP is going to happen. Like we said there were big lobbyist bonuses at stake.