Archive for July, 2011

A Ghastly Spectacle »

The workings of Congress are nauseating in the extreme. Senator Harry Reid has reportedly agreed to a deal with Republicans over the debt ceiling controversy that has dominated the political news for weeks. Although the same news reports indicate there are still some details to be fleshed out. It seems Congressional Republicans are hesitant...
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Balanced Budget Baloney »

Are we on the cusp of success for fiscal responsibility? As usual, conservatives describe the battle de jour as the ultimate clash between good and evil. And today, it is the attempt to force Congress to approve a constitutional balanced budget amendment before the debt ceiling is again raised. This is a bunch of...
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The Mirage of Constitutional Government »

The Supreme Court is set to decide on the constitutionality of Obama’s health care reform, particularly its individual mandate—the forcing of American to buy health insurance. Opponents of the law especially worry that the precedent would mean that the federal government could essentially mandate or prohibit any commercial behavior in the guise of interstate...
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Dodd-Frank: One Year Later, the Bailout Dilemma Remains »

Ever since the bailout of Continental Illinois Bank in 1984, bank bailouts have been an unpopular device invoked to protect the financial system from risks posed by troubled banks deemed “too big to fail.” Many taxpayers believe that bank bailouts are an abuse of taxpayer funds, especially when bank managers are allowed to keep...
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FDR Redux: A Cartoon Guide to Cutting the National Debt by 40% with the Stroke of a Pen! (Part II) »

(Continued from previous post). During the 1932 campaign, Franklin Roosevelt had a reputation as a mealy-mouth politician who made many promises but held his real plans close to his chest. The following cartoons capture that well: Of course, we now know that with his First Inaugural address (listen here), FDR took on the role...
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FDR Redux: A Cartoon Guide to Cutting the National Debt by 40% with the Stroke of a Pen! (Part I) »

Robert Higgs noted here on July 6th that FDR defaulted on the national debt by “going off the gold standard.” Moreover, FDR was (and is) much praised for his courageous action in favor of the “little guy” and against “sound money” bankers. FDR did this with a stroke of the pen (Executive Order) and...
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Warren Buffett’s Deficit Reduction Plan »

Warren Buffet says, “I could end the deficit in five minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP all sitting members of Congress are ineligible for reelection.” On the one hand, I’m fairly confident Buffett is correct that if such a law...
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Let Us All Sacrifice to Balance the Budget »

We’re often told that the budget can’t be cut without all of us sacrificing. This is used as a rationale to raise taxes. But it need not be that way. After all, aren’t we also told that everyone benefits from the government? Surely the poor do, or so we hear. And the middle class?...
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Justice Done in Louisiana! Whuda Thunk? »

In a shockingly unusual turn of events, a federal court in Louisiana has reached a just decision. This man-bites-dog decision involves my neighbors, the Benedictine brothers of St. Joseph Abbey and Seminary, about whose difficulties I wrote recently. The Louisiana funeral directors’ cartel was attempting to shut down the monks’ sale of the simple...
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The Profound Hypocrisy of a Clintonian State Department »

Hillary Clinton, whose State Department has been involved in overseeing renditioning, who ran for president in 2008 on a more pro-torture platform than John McCain, has condemned Turkey for human rights abuses. In particular, Turkey has cracked down on journalists and has plans to restrict internet freedom. In 1998, responding to the internet gossip...
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