Showing 9 of 45 Publications

The Party of No

TOTM In the comments to my last post on Mr. Obama’s health proposals (which have gotten worse — price controls!?), “Chris” and I have been having . . .

In the comments to my last post on Mr. Obama’s health proposals (which have gotten worse — price controls!?), “Chris” and I have been having a back-and-forth about what he characterizes as a uniquely Republican disease — obstructionism. He calls Republicans “the Party of No.”

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Intellectual Property & Licensing

Mr. Obama, go to ‘China’

TOTM The president revealed his last-ditch plan to reform our healthcare system today. (Funny the plan is revealed before the “bipartisan” meeting about health care being . . .

The president revealed his last-ditch plan to reform our healthcare system today. (Funny the plan is revealed before the “bipartisan” meeting about health care being trumpeted for political reasons.) One thing I was hoping to see in the proposal is missing — an increase in the eligibility age for Medicare (and, while we are at it, Social Security). Although I would prefer to see us do away with these entitlement programs, if we have them, why not make them solvent and sensible? When these programs were passed, people lived a lot shorter lives than they do today, and a simple indexing to life expectancy would go a long way toward reducing our national fiscal crisis. Not only would this reduce our government-funded health care expenses, it would encourage 65 year olds to stay in the work force. Take my Dad. He retired to a life of reading history books when he hit that magic number, even though he was still energetic, capable, and earning a good living at the time. Our perverse entitlement programs encouraged him to do this, to accept government handouts even though he doesn’t need them, and mandated that he go onto a government-run insurance program, even though he could easily afford his own health care bills or insurance. This makes absolutely no sense. Any system that takes people like this out of the work force and bestows upon them welfare without regard to need is not just stupid, it is immoral.

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Government ownership of land

TOTM I love our national parks as much as the next guy (probably more, having visited every major one and dozens of smaller ones, and loving . . .

I love our national parks as much as the next guy (probably more, having visited every major one and dozens of smaller ones, and loving every minute of nearly every visit), but can someone tell me why the federal government owns so much of our country? Some maps tell the story. See here and here. Now comes news from the Obama administration that there are plans to make more land off limits to economic uses. See here. I understand the temptation to think of nature as benign, aesthetically valuable, and like a piece of antiquity to be preserved, but I think we go too far when we sacrifice economic progress for desert plants, tall trees, fish, and other nonhuman things. Fundamentally the claims of favoring these things for some abstract goals of preservation are antihuman. They are also often ways for politicians to serve their own interests and those of favored constituents over the general welfare.

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Innovation & the New Economy

Thoughts on ‘The Small Bill’

TOTM Writing in the Weekly Standard, Jeffrey Anderson offers an alternative to Obamacare (or should we call it Pelosireidcare?). The seven provisions in the “Small Bill” . . .

Writing in the Weekly Standard, Jeffrey Anderson offers an alternative to Obamacare (or should we call it Pelosireidcare?). The seven provisions in the “Small Bill” seem sensible to this nonexpert. Allowing insurance to be sold interstate is likely to bring down costs and improve service — wouldn’t some competition from Geico Health Insurance be a good thing? I can already imagine the commercials. Another proposal is to cap noneconomic damages in medical malpractice suits. Again, this seems like a no-brainer.

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Financial Regulation & Corporate Governance

What caused the crisis?

TOTM Writing in the Wall Street Journal, Alan Greenspan, who was at the helm of the Fed during the relevant time period, tells us (surprise!) it . . .

Writing in the Wall Street Journal, Alan Greenspan, who was at the helm of the Fed during the relevant time period, tells us (surprise!) it wasn’t the Fed’s fault. Greenspan notes that short-term interest rates, which the Fed controls, are only loosely correlated with long-term interest rates, which are most relevant to real estate investing (think, 30-year mortgages). Therefore, the Fed (read: Greenspan) can’t be to blame.

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Financial Regulation & Corporate Governance

Paul Krugman is a partisan hack

TOTM Occasionally I read Mr. Krugman’s column for entertainment purposes — sort of like watching Project Runway or Animals Gone Wild. This morning was one of . . .

Occasionally I read Mr. Krugman’s column for entertainment purposes — sort of like watching Project Runway or Animals Gone Wild. This morning was one of those occasions. The man is a partisan hack of the worst sort. Why does anyone take his political observations seriously?

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Innovation & the New Economy

Art and Politics

TOTM When I first met my father in law, he spent hours trying to convince me of the cultural superiority of his tastes. Some of these . . .

When I first met my father in law, he spent hours trying to convince me of the cultural superiority of his tastes. Some of these were indeed triumphs. I’m thinking here of “Dr. Strangelove,” “The 400 Blows,” and the music of Richard Wagner. (Others were not. I’m thinking here of “Children of Paradise,” a movie about mimes.) His love of Wagner is curious; he was born in Israel and almost his entire family was murdered in the Warsaw ghetto. This is not a trivial issue. Hitler loved Wagner too, and used his music for political ends. Wagner was himself a hater of Jews. Accordingly, Israel banned public performance of Wagner’s music nearly six decades ago, and the taboo was not broken until 1995 when “The Flying Dutchman” was played on Israeli radio. Six years later Daniel Barenboim (a Jew) led the Berlin Staatskapelle in a performance of an overture from “Tristan und Isolde” at an Israel Festival, which only reignited the controversy.

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Intellectual Property & Licensing

‘Diminishing the price of law’

TOTM The lesson from Jones, see my post below, is that law untamed can be very costly, and with little benefit. This is, of course, not . . .

The lesson from Jones, see my post below, is that law untamed can be very costly, and with little benefit. This is, of course, not a new idea. In a critical essay of “Southey’s Colloquies on Society,” Lord Thomas Macaulay wrote eloquently about the cost of law and government…

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Financial Regulation & Corporate Governance

Who decides how much to pay?

TOTM What is the proper role for judges in deciding how much investment advisers to mutual funds should be compensated? This is the question the Supreme . . .

What is the proper role for judges in deciding how much investment advisers to mutual funds should be compensated? This is the question the Supreme Court will answer in Jones v. Harris Associates, argued last month. At first, the question seems silly: courts don’t get a say in how much I get paid or how much (beyond the minimum wage) I pay our nanny, so why would they have any say here.

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Financial Regulation & Corporate Governance