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TOTM Ask any conservative what the problem with America is today, and the answer you will get is government spending. But ask that same conservative, or . . .
Ask any conservative what the problem with America is today, and the answer you will get is government spending. But ask that same conservative, or any conservative for that matter, what to do about it, and the shoulders will inevitably shrug. Politicians, including conservatives, simply cannot be trusted when they get control of the purse strings. The problem is a familiar one in law and elsewhere — it is called the pre-commitment problem. Political leaders can promise to cut spending, but can’t resist reneging on the promise when in power; governments can promise not to bail out banks, but know that they must when the manure hits the fan. (For instance, Fannie Mae bonds explicitly disclaimed any government guarantee, but the bail out of Fannie Mae continues to cost us tens of billions of dollars.)
Read the full piece here.
TOTM Let me say at the outset, some of my prior beliefs. First, I believe in the marketplace of ideas and think that more speech is . . .
Let me say at the outset, some of my prior beliefs. First, I believe in the marketplace of ideas and think that more speech is generally better than less speech. I believe the Founders shared this belief and enshrined it in the “no law” component of the First Amendment. I believe this is especially true for speech about politics. Why else would we allow the Nazis to march in Skokie? Other countries don’t let Nazi’s march because they (rightfully) view their ideas as repugnant. But we let them march. We do so because we are more confident in our citizens’ ability to know right from wrong, to look beyond rhetoric for substance, and to be able to weigh competing claims of truth. If we didn’t trust the people to make decisions based on all available information, if we didn’t trust the people to be able to filter speech according to its source and content, if we didn’t trust the people to know what is good for them, we wouldn’t let the Nazi’s march. But we let them march.
TOTM Well, it looks like Congress is going to attempt to enact the Senate’s health care bill using the reconciliation process. President Obama certainly suggested as . . .
Well, it looks like Congress is going to attempt to enact the Senate’s health care bill using the reconciliation process. President Obama certainly suggested as much in Thursday’s Health Care Summit, downplaying the significance of such a move and suggesting it may be necessary in order to “move forward.”
TOTM I’m sure it’s an honor just to be nominated. A recent opinion from Judge Posner cites our very own Josh Wright (Joshua D. Wright & . . .
I’m sure it’s an honor just to be nominated.
A recent opinion from Judge Posner cites our very own Josh Wright (Joshua D. Wright & Todd J. Zywicki, “Three Problematic Truths About the Consumer Financial Protection Agency Act of 2009,” Lombard Street, Sept. 14, 2009, available here) (by the way, the essay has drawn a few comments, my favorite of which is definitely the one titled, “are you stupid or scumbags[?]”).
TOTM From Larry Ribstein: A few years later, Henry Butler and I wrote a book decrying SOX, and discussing the evidence that was accumulating against it, . . .
From Larry Ribstein:
A few years later, Henry Butler and I wrote a book decrying SOX, and discussing the evidence that was accumulating against it, as well as the SOX suit. Here’s an excerpt from the book abstract…
TOTM I feel no great urgency to revise the Guidelines. True enough, they’re more of an analytical thought experiment than an accurate description of how merger review . . .
I feel no great urgency to revise the Guidelines. True enough, they’re more of an analytical thought experiment than an accurate description of how merger review takes place in the agencies, but who’s really fooled? Perhaps some business people think that the Guidelines are a computer program waiting for the introduction of the relevant data to spit out the answer, but most sophisticated executives contemplating a merger will understand that the Guidelines are just a beginning point for conversation.
TOTM Over at Crooked Timber, Tyler Cowen comments on Steve Teles’ book on conservative legal movements. I never get tired of plugging Steve’s book (as he . . .
Over at Crooked Timber, Tyler Cowen comments on Steve Teles’ book on conservative legal movements. I never get tired of plugging Steve’s book (as he knows), so I’ll do it again here: It’s a great book, a riveting read, and instructive, to boot. Buy a copy today!
TOTM Predicting what antitrust enforcement regimes in the current economic environment is a tricky business. I’ve done my best here. One probably cannot think of a . . .
Predicting what antitrust enforcement regimes in the current economic environment is a tricky business. I’ve done my best here. One probably cannot think of a better source for such predictions than those from the soon-to-be AAG Christine Varney, who recently spoke at an American Antitrust Institute panel on Section 2 enforcement (you can hear the panel audio at the link). I had an RA transcribe Varney’s remarks so please note that all remarks attributed as quotations here may not be exact.
TOTM The Irish Competition Authority releases a report offering the stunning finding that “The retail planning system limits competition among grocery retailers and as a result . . .
The Irish Competition Authority releases a report offering the stunning finding that “The retail planning system limits competition among grocery retailers and as a result consumers are not getting the best possible choice or value for money.”
