The biggest bailout plan (so far) will continue to be revised in an attempt to win approval of a congressional majority. The goal of the Emergency Economic Stabilization Act of 2008 is to put the brakes on the unwinding of … Continue reading
It’s finger-pointing time, folks. Whose fault is the ongoing financial crack-up that has hurt, angered, and frightened so many people? There is plenty of blame to go around, and the American people deserve to know the culprits. Simple justice, though, … Continue reading
It saddens me when I see a member of my profession go over to “the dark side,” that is, to politics. Politics replaces voluntary action with compulsion, private contract with coercion. Government intervention imposes distortions, inefficiencies, and extra costs on … Continue reading
Reactions to Governor Palin’s selection as Senator McCain’s running mate ranged from laughter to incredulity and then from alarm to panic. Indeed, editorials on the danger she poses to Senator Obama’s once inevitable coronation in November now radiate furrowed brows … Continue reading
September 15, 2008. Lehman Brothers, the giant Wall Street firm, declares bankruptcy. Merrill Lynch, the most famous stock brokerage company in the country, avoids the risk of eventually suffering a similar fate by being euthanized (i.e., bought and absorbed) by … Continue reading
It was bound to happen. In this “Year of the bailout,” why shouldn’t Detroit get into the act? The financial community has maintained a death-watch over GM and Ford for months as they hemorrhage floods of red ink. Bankruptcy is … Continue reading
News of the passing of Russian author Alexander Solzhenitsyn on August 3 brought me a flood of memories. Although I never met Mr. Solzhenitsyn, he had a profound effect on my life. He also had a great impact on the … Continue reading
High fuel prices have produced a tectonic shift in the United States’ political landscape. Recent polls indicate a strong surge of support for Uncle Sam lifting government restrictions against domestic drilling for oil. Blocking the development of domestic energy resources … Continue reading
Every year, Merriam-Webster, the dictionary company, holds a vote for “Word of the Year.” Don’t be surprised if 2008’s word is “bailout.” And if they start a “Phrase of the Year” category, how about “Too big to fail?” We heard … Continue reading
Economic growth in the United States is sluggish, and there are several reasons to be pessimistic about macroeconomic performance in the balance of 2008, if not beyond. The adjective “macroeconomic” is crucial. We should never forget that, even when major … Continue reading
Thrift used to be a virtue in America. In Asia, thrift remains a way of life—for example, it is estimated that the average Chinese family’s thrift rate is 30 to 40 percent—which helps explain the rapid growth rates there. A … Continue reading
An Indian government official recently criticized the Bush administration for blaming the growing middle classes of developing countries, such as India and China, for rising food prices. Although he may have misinterpreted the president’s remarks, his and other Indian critics’ … Continue reading
A recent International Monetary Fund research report listed the countries expected to suffer the worst currency depreciation—that is, the worst inflation—this year. Zimbabwe (a mind-boggling 300,000 percent-plus), Venezuela (25.7 percent), Bolivia (15.1 percent), Nicaragua (13.8 percent), and Argentina (9.2 percent) … Continue reading
In what has become an annual ritual, the wizards of Congress are going after the leaders of Big Oil again. This is political theater at its most cynical. It’s the modern version of the Salem witch hunt. The rapid rise … Continue reading
March 2008 may go down as a major turning point in U.S. financial history. The Federal Reserve crossed a Rubicon of sorts, lending tens of billions of dollars, not to a commercial bank, as has been its historical practice, but … Continue reading
Precarious. Ominous. Dismal. Woeful. Vulnerable. Perilous. These are just a few of the adjectives that describe the current condition of the United State’s financial markets. The crisis that I wrote about in this column last Dec. 27 has continued to … Continue reading
Senator Barack Obama, the eminently likable possible Democratic nominee for president, has sponsored a “Global Poverty Act” that would require the United States to increase foreign aid by approximately $65 billion per year. If the Senate passes this bill, it … Continue reading
Editor’s Note: The “V&V Q&A” is an e-publication from the Center for Vision & Values at Grove City College. Each issue will present an interview with an intriguing thinker or opinion-maker that we hope will prove illuminating to readers everywhere. In … Continue reading
Editor’s Note: “What role should companies play in modern society?” As Dr. Andrew W. Markley notes, “The issue has received increased attention in recent years due to several factors, including the process of economic globalization, government deregulation of economic activity, corporate … Continue reading
No, I am not getting ready to join the ranks of those clever economists and financial prognosticators who periodically cop a book deal by peddling a hyped-up title that feeds our perverse appetite for scary scenarios—Financial Armageddon, Get Rich While … Continue reading
