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Final Word

Pitchforks for Populists

THE WHITE HOUSE’S CALCULATED SYMPATHY with the public outcry over the AIG bonuses and the bills now winding through Congress that would tax up to 90 percent of any bonus paid to executives earning in excess of $250,000 is a jolting reminder that whatever business leaders do or say, as far as the Democrats in power are concerned, business still ...

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California Dreaming

PRESIDENT OBAMA’S PROPOSED FEDERAL SPENDING WILL TOP $4 TRILLION this year, about 29 percent of GDP-exceeded only by spending during World War II. Then there are the Administration’s plans to add $1.9 trillion in new taxes. This heady sum can hardly come from just the so-called rich as he claims. In addition, the cap-and-trade carbon tax will demand another $648 ...

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Mr. President, Let’s Not Piddle Around

DURING HIS SOARING INAUGURATION speech President Barack Obama said it’s not the size of government that matters but whether it’s effective. He also added that “The state of the economy calls for action, bold and swift, and we will act.” Fair enough, but what kind of action can we expect?With his party controlling both the House and the Senate, Obama ...

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No More Bailouts

CEOS WHO WILL STAND UP FOR FREE MARKETS are as scarce as atheists in fox holes. The seizures of Fannie and Freddie—as well as the bailout of AIG reinforces the trend toward outright state socialism. Investors are looking less at fundamentals and more at government announcements. The idea that these moves are encouraging “stability” is ludicrous, as the once-mighty Lehman ...

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An Audacious Opportunity

PRESIDENT-ELECT OBAMA IS signaling that his administration intends to stiffen regulations on business, the environment and the workplace. Obama repeatedly tied his opponent to Bush’s “failed deregulatory policies.”If only it were so. “It isn’t what we don’t know that gives us trouble,” Will Rogers once said. “It’s what we know that ain’t so.” The truth is that the Bush record ...

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President Pelosi

Forget Obama. Forget McCain. In a few weeks time Democrats are on track to gain a filibuster-proof majority in the Senate, something that has not happened in 28 years. Ten Republican seats are in play this year, compared with just one Democratic seat. If this happens, the most powerful person in Washington may, in fact, be Nancy Pelosi, the San ...

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Silver Lining in States’ Fiscal Crisis

WE ARE CHEERED BY NEWS that some states plan to start privatizing more of their infrastructure. In an ironic recent broadcast, New York Governor David Paterson, facing ballooning deficits estimated to be as much as a staggering $26.5 billion over the next three years, lamented that there may be no alternative but to sell off roads, bridges and other infrastructure. ...

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Jobs Will Be Hard To Come By For a While

THE MARKETS WERE RECENTLY JOLTED by the largest increase in unemployment since 1986. The rate increased to 5.5 percent in May a half point monthly increase. Analysts say the jobs picture is grim and with equities having officially entered bear market terrain, prospects of a much longer period of economic hard times are starting to emerge. While the number was ...

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A Little Perspective on the Housing Bubble

IF A STOCK YOU OWNED, during the middle of the night, doubled in price due to some unusual temporary credit arrangement and then fell by the morning to the same price before you went to sleep, have you lost money? Most people who slept through it all would neither be a winner or loser. What is striking about the current ...

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Final Word

No More Rough Justice ON A SUNDAY MORNING TELEVISION SHOW in 2005 Eliot Spitzer personally attacked Chief Executive magazine calling it “the voice for the corrupt CEOs, rather than for the vast majority who are honest.” The then-New York State Attorney General was asked to respond to a comment CE‘s editor made at the time that any chief executive would ...

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