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Monthly Archives: October 2008

…Then, the finances. When I tell someone that I fear the U.S. is going to be completely transformed into a socialist economy, two of the most common responses I get are: (1) No way; and (2) There’s nothing wrong with that. Notwithstanding the validity of the second response, there is mounting evidence that “no way” […]

Anyone who knows me very well (and now, anyone reading this post) knows that I really struggle coming up with article titles. But, I think I could have come up with this subtitle (in the Wall Street Journal): The federal bailout needs a private rescue. This paragraph summarizes the point of the article: The Feds […]

My recent post noted that many low-income workers do not need additional tax credits to offset Social Security taxes because of the Earned Income Tax Credit. This afternoon, I was reminded of a related conversation I had with a former president of the National Tax Association (NTA). The NTA person (I don’t want to name […]

In today’s Wall Street Journal, William McGurn does an excellent job describing why it is impossible for Obama (or anyone else) to give an income tax cut to 95 percent of Americans. Why? Because approximately 40 percent of Americans don’t pay income taxes. McGurn writes: In most parts of America, getting money back on taxes […]

Here’s a revealing video clip of Barney Frank, chairman of the House Financial Services Committee, on CNBC’s Closing Bell. I found it pretty hard to decipher, but he does say something along the lines of “there are some very rich people we can tax.” I find this revealing for several reasons. First, it seems to […]

Testifying before Congress today, Fed Chairman Ben Bernanke urged lawmakers to pass a new “stimulus” package, one that would help “…limit the risk of a ‘protracted’ slowdown in the economy.” This provides perfect cover to those lawmakers who have been trying to pass a stimulus package of $150 billion since January. What, exactly, is a […]

This past weekend I attended a conference in Tucson and, while there, was able to get together with a former Nicholls professor, current co-author, Tom Dalton, who is now teaching at the University of Arizona.   In talking about the current crisis, he mentioned that one of his colleagues, Price Fishback, just wrote a blog […]

In one of my favorite books, A.J. Jacobs discusses something (I would imagine) all parents have experienced: looking at their child and thinking that they cannot let anything bad happen to them. When Jacobs goes too far protecting his child, drifting into the overprotective realm, his wife stops him with a code word: helmet. (As […]

Anna Schwartz, famous for collaborating with Milton Friedman, discusses the financial crisis in The Wall Street Journal’s Weekend Interview (by Brian Carney). She doesn’t exactly hide how she feels about the Fed’s response to the current mess: “In general, it’s easier for a central bank to be accommodative, to be loose, to be promoting conditions […]

My last post discussed what was happening to small banks in the midst of the “bailout”; this post provides a similarly scary account of the meeting that U.S. banking officials had with the CEOs of the nations largest banks. The full account is here in the Wall Street Journal (you may need a subscription). Among […]

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