CNN’s Error Inadvertently Gets it Right

A recent headline at CNN.com said “Fed bails out GMAC with $6 billion.” Since I had heard it was the Treasury department funding the GMAC giveaway, I had to check the story to make sure this wasn’t another $6 billion being thrown down the drain. Fortunately, CNN just got it wrong: it was the . . . → Read More: CNN’s Error Inadvertently Gets it Right

The System of the World (Part I)

What is the System of the World? One social scientist defines it as follows:

“…a social system, one that has boundaries, structures, member groups, rules of legitimation, and coherence. Its life is made up of the conflicting forces which hold it together by tension and tear it apart as each group seeks . . . → Read More: The System of the World (Part I)

When Up is Down and Rocks can Fly

The New York Times published an article today placing blame on the Bush Administration for the current (latest) global economic meltdown.  The staff piece recounts the actions of George Bush- in championing home ownership, in allowing banks, brokers, and finance companies to expand home lending, and in failing to reform Fannie Mae and Freddie Mac- . . . → Read More: When Up is Down and Rocks can Fly

How a Free(d) Market Would Give Us Zero Unemployment

One persistent problem in America’s political discourse is the misuse of the term “free market.” So-called “conservatives” like President Bush and his Republican acolytes like to claim that they support the “free market,” and liberals, normally skeptical of everything that comes out of conservatives’ mouths, take their word for it. The Right defends the . . . → Read More: How a Free(d) Market Would Give Us Zero Unemployment

The Recession Brings the Division of Labor to My Neighborhood

I really hate shoveling snow. I live on a large corner lot with lots of sidewalk, so the job can take me over an hour. Snowblowers, I’ve found, are overrated. I’ve had two and neither did a very good job and both had maintenance issues. I bought both used, so that might be part . . . → Read More: The Recession Brings the Division of Labor to My Neighborhood

International Human Rights Day

International Human Rights Day is the kickoff to a year long socialist propaganda campaign by the United Nations. . . . → Read More: International Human Rights Day

Perpetual Motion Economists

The big difference between the perpetual motion “engineer” of yesteryear and the social “engineer” of today is that the former was playing with toys, things that didn’t have much effect on others. The latter is very dangerous because his or her irresponsible and ill fated experiments affect millions, even billions of people. . . . → Read More: Perpetual Motion Economists

Missing The Obvious

Some people who attack capitalism don’t realize they are capitalists themselves. Their indictment of capitalism is an indictment of themselves. . . . → Read More: Missing The Obvious

Why the efforts to rescue the economy may fail

In an attempt to resolve the present credit crisis, the United States government has taken many steps. Since September, it placed Fannie Mae and Freddie Mac, the mortgage giants under conservatorship, taken a majority stake in the American International Group and passed a $700 billion rescue package for the financial sector. The Treasury . . . → Read More: Why the efforts to rescue the economy may fail

Adverse Selection: When Is It OK to Lie to Insurance Companies?

Demonstrates the Key aspects of Adverse Selection and how Insurance companies want the business of those who least need it. . . . → Read More: Adverse Selection: When Is It OK to Lie to Insurance Companies?