The Federal Bureaucracy-Plutocracy »

According to an analysis of federal payroll data by USA Today, the federal bureaucracy has flourished during the current recession. Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants during the recession’s first 18 months—and that’s before overtime pay and bonuses are counted. Federal workers are enjoying...
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Robert Higgs on Fox News: The Folly of Obama’s Spending Spree »

Independent Institute Senior Fellow Robert Higgs is interviewed here by Judge Andrew Napolitano on Fox News’ program, “Freedom Watch,” regarding the utter folly of the gigantic federal spending programs first started under George W. Bush and now enormously expanded by Barack Obama and the U.S. Congress. Prolonging the recovery amidst enormous economic confusion and...
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Bank of America Settlement on Hold »

In a blog post last week I questioned the fairness of the $33 million settlement Bank of America had agreed to with the SEC for concealing information related to its merger with Merrill Lynch. Now U.S. District Court Judge Jed Rakoff has put that settlement on hold, saying he is not convinced the settlement...
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Regime Uncertainty Exemplified in the Fannie/Freddie Debacle »

The February issue of Vanity Fair has an interesting article on the politicking associated with the Fannie/Freddie debacle. Toward the end of the story (p. 146), the author, Bethany McLean, describes a late-stage episode in this tale that nicely exemplifies the concept of regime uncertainty. I proposed the idea of regime uncertainty in a 1997 article...
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Onion News Network Satirizes the Bailouts »

The Onion News Network has recently and incisively parodied the utter foolishness of the escalating campaigns for monstrous, federal government bailouts. In The Know: Should The Government Stop Dumping Money Into A Giant Hole? For the authoritative examination of how federal policies are responsible for directly creating the financial crisis, see the recent Independent...
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Metaphors Reveal the Economic Ignorance of Politicians and Journalists »

The past few weeks have been a difficult time for economic educators. Never has it been more obvious that all their efforts have been in vain. Neither the politicians nor the journalists, who have been spewing out words at a rapid rate with regard to the so-called financial crisis and the proposed financial bailout, have a...
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Bailout Will Only Worsen Federally Caused Crisis »

On the second try in a week, the $700 billion bailout (“rescue”) bill (“The Emergency Economic Stabilization Act of 2008”) was easily stampeded through the House with a vote of 263 to 171, despite public opposition. The measure strongly and eerily resembles the Reconstruction Finance Corporation (RFC), which as Independent Institute Senior Fellow Robert...
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And Now a $700 Billion Bailout »

The Bush Administration’s proposal to ram through without any deliberation a $700 billion Treasury Department, blank-check bailout of Wall Street firms is astounding and unprecedented and would increase the federal debt ceiling to an incredible $11.3 trillion. In response, Democrats have unhesitatingly joined in as is reported by the Los Angeles Times: Democratic leaders...
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  • MyGovCost.org
  • FDAReview.org
  • OnPower.org
  • elindependent.org