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Putting It In Reverse

The once stalwart US auto industry has been brought to its knees. A plethora of problems, including poor management decisions and crippling labor laws, have virtually wiped out shareholder value and corporate profitability, endangering thousands of jobs and retiree pension benefits. The executives of the “Big Three”—Ford, General Motors, and Chrysler —are now asking for […]

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What Laissez-Faire?

In response to the economic crisis now spilling over into the European markets, French President Nicolas Sarkozy called for an end to laissez-faire and an increase of government control over the financial markets. “Laissez-faire is finished, the all-powerful market that is always right, that’s finished,” Sarkozy said in a widely anticipated speech, his first in […]

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If Only All The Goldman Partners Thought This Way

Over at the Huffington Post, former Goldman Sachs partner Greg Zehner writes that Ayn Rand foresaw the economic crisis the United States now faces, as well as the disastrous consequences the various proposed bailouts will have. “Ayn Rand warned us this would happen. In the classic, Atlas Shrugged, she wrote about governmental powers manipulating markets […]

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Blank-and-Effect: The Economics of Pragmatism

In the latest of a series of new government interventions into the economy, President Bush announced a new plan to bail the financial industry out of hundreds of billions of dollars of bad assets. This follows an $85 billion bailout and effective takeover of the nation’s largest insurance company, as well as a several-hundred billion […]

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Mixed Economy, Decisively Bad Results

The Wall Street Journal recently ran an excellent editorial examining the bad business and corruption that arises “when you combine private profit with government power.” Created by an act of Congress in 1938, Fannie Mae is a government sponsored enterprise (GSE) that owns or guarantees nearly one half of the $12 trillion US mortgage market. […]

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