On September 24, President George W. Bush—a self-professed devotee of the free market—addressed the nation in an effort to drum up support for an unprecedented intervention in the U.S. economy. The political elite, left and right, were united in their desire to spend other people’s money to purchase depressed financial assets at premium prices. . . . → Read More: House Rejects Bailout Plan: Wall Street Loses, America Wins
Based on a September 18 Times (UK) report regarding the meeting of Middle Eastern finance ministers, the question was asked about the veracity of a plan for a single currency for the Middle East based on oil.
The answer is both true and false and maybe.
Yes, the immediate goal of the meeting last . . . → Read More: Is Oil-Based Currency a Reality?
In the late 1970s, the total compensation of chief executives in large American corporations was 35 times that of the average American worker. In 1993, Congress limited the tax deductibility of executive salaries to $1 million unless it could be demonstrated that the extra pay was linked to performance incentives. This contributed to . . . → Read More: The Bailout Plan & Wall Street CEOs’ Pays