Reforms

Are U.S. Presidents Prepared to Lead Real Economic Reform?

No.: 
42

Outgoing President Bush sat glumly on Inauguration Day as President Obama proclaimed a new era of liberty and justice for all — a proclamation that brought global acclaim and new hope to many. Sitting in the cold air Bush may have reflected on his own pledges eight years before.

The SEC: Regulating Behind the Veil of Ignorance

No.: 
41

In what world will the SEC regulate Wall Street adequately? Wall Street’s financial architecture puts it beyond effective regulation. The whole superstructure of modern finance capitalism is designed to enrich the few at a relative cost to the many. Wall Street is a powerful special interest. Powerful interests aim at leveraging congressional legislation so that taxpayers unwittingly provide subsidies — regulatory benefits that produce lucratively skewed takings for the privileged. Wall Street plays this game with extraordinary craft, notwithstanding a few slip-ups of late.

End Wall Street's Monopoly over Finance Capitalism

No.: 
40

In recent times David Weidner, MarketWatch commentator, has written some truly thought-provoking essays about Wall Street. In several articles he courageously challenges the accepted market ethic, prodding market participants to find higher standards and better practices. Admirably, Mr. Weidner does not shelter the wrong-doings of the Street. His recommendations provide plausible ways forward at a time when regulators need a fresh vision.

Aesop Revisited: Unsustainable Spending Does Not Equal Freedom

No.: 
39

The American economy could operate more safely by looking to the essentials in Aesop’s Fables than by following Irwin Kellner. Mr. Kellner’s spending advice might pump up the stock market for a short time — long enough to allow elites to dump unwanted holdings at better prices — but would serve to weaken the U.S. relative to other nations like China. Furthermore, added borrowing will increase the national calamity once there is insufficient demand for Treasuries to support the public debt.

Madoff's Capitalism and the Scandal of the American Mind

No.: 
36

A movie about Bernie Madoff should be made if it will help Americans see that covetousness for undeserved gain keeps us from setting up an honorable and just architecture for our financial markets. The movie needs to focus on more than the Madoff family scandal. It needs to evaluate the scandal of the American financial mind, and do so in quite the same fashion that the Christian scholar Mark Noll evaluated “The Scandal of the Evangelical Mind” in his 1995 book.

Madoff, Rubin and Wall Street's Ponzi World

No.: 
35

The disconcerting story of Robert Rubin's career overlaps the maddening story of Bernie Madoff's livelihood: Both men held elevated positions on Wall Street, and both believed in an approach to capitalism that is dangerous to the common good. In Madoff's case he turned the general architecture of the stock market into a personalized business, thus making himself liable for reproach that the general market has largely escaped: formal Ponzi status. What percentage of the American public understands this?

Madoff and the Decline of Meritorious Capitalism

No.: 
31

How is it that the accomplished wife of a veteran journalist specializing in financial planning loses her entire 401k to Bernie Madoff’s Ponzi scheme? Sadly, the lady also loses her job because her employer — a North Boston area charitable foundation with a demographically loaded mission — has lost its assets in the Madoff scandal.

Will Bailouts Cost Americans Their Republic?

No.: 
27

It has been left to Federal Reserve economists and U.S. Treasury officials to destroy the American system through bailouts spun as anti-recessionary initiatives. What is a severe recession anyway but a well-deserved day of reckoning for financial excess? What is so wrong about the nation taking its needed medicine after a speculative binge?

The Forgotten Beneficial Forms Of Deflation

No.: 
26

The vice chairman of the FED, Donald Kohn, vowed recently at the Cato Institute to be vigilant in checking any drift toward deflation. Should we feel appreciative or dismayed? Truth be known, this vow is infected by the same sort of elitist thinking that justifies morally hazardous bailouts of highly leveraged financial institutions.

Is The U.S. Becoming All It Fought Against?

No.: 
25

Welcome to the United Socialist State of America. Economic justice is now a function of centralized planning. Americans fought in two world wars and other conflicts for freedom’s sake. We fought against tyranny — Communist, Fascist, Nazi and dynastic. We struggled against injustice in which monopolistic political parties dictated right or wrong without fair regard to an informed public interest. We battled mind control, manipulation of public sensibilities, the skewing of justice, and the redistribution of rewards not in accordance to fair market desserts.

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