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Final Word

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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Why Do Some Politicians Still Not Get It?

THE PEOPLE WHO WANT TO FORCE THEIR IDEAS on you are generally the people with the ideas most divorced from common sense. The populist zeitgeist throughout the Presidential primaries couldn’t be clearer: business is the skunk at the garden party. With John McCain bashing the pharmaceutical industry, Hillary Clinton taking aim at outsourcing companies like GE, and Barack Obama using ...

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Real Change for a Change

CHANGE. IT’S THE NEW MANTRA. It’s why caucusers in Iowa rocketed Barack Obama and Mike Huckabee into international stardom. Everyone wants it. Every candidate now claims he or she is an agent for it. Who knew? Even Marianne Pernold Young, the woman from Portsmouth, N.H., who asked the famous question that elicited the emotional teary-eyed response from Hillary Clinton on ...

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The Board Bungled It

FOR ONE PRE-EMINENT FINANCIAL organization to lose its CEO is a misfortune, but for two prominent companies to lose their CEOs begins to look like carelessness. When Citigroup’s Charles O. Prince III and Merrill Lynch & Co.’s E. Stanley O’Neal stepped down under pressure in the face of mounting losses and billions of dollars in write downs, most observers viewed ...

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Nothing to Fear from Free Trade

LEADERS IN THE DEMOCRATIC PARTY, and even some Republicans, are taking a dark view of the country’s historic support of market-opening trade policy. Even though her husband lobbied hard for NAFTA and fast-track authority when he was in the White House, Sen.Hillary Clinton voted against fast track in 2002. In 2006, she voted against the Central American Free Trade Agreement, ...

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Safe, Carbon-Free and About Time

ECONOMIC GROWTH and technological innovation are directly related to the availability of low-cost electricity. Each percentage increase in real GDP between 1970 and 2000 has resulted in a 1 percent rise in demand for electricity. Not surprisingly, the price of electricity is one of the determinants of the competitiveness of industries, with the U.S. enjoying lower costs per kilowatt hour ...

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EDITORIAL

Don’t Bail, Prevail IT SEEMS THERE ARE NEARLY AS MANY proposals to withdraw troops from Iraq as there are U.S. Senators who oppose the war itself. The only thing less edifying than the Bush Administration’s ham-fisted approach for managing the war is the belief by the great minds in Washington that a recycled Baker-Hamilton pullout will improve matters. It will almost ...

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Can Outsourcing Solve Our Border Problem?

EVERY DOG HAS COCKED A LEG on the proposed immigration bill now hotly debated in the Senate. That Mexico has failed to pursue policies that can provide jobs and opportunity for its own citizens goes largely unmentioned. Or worse, silence on this point reinforces the implication that Mexico is incapable of uplifting its citizens. The success of China and India, ...

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Fire the World Bank

WITH ALL THE VITRIOL aimed at Paul Wolfowitz, who was brought down as president of the World Bank, a visitor from Mars might think this fellow was right up there with Slobodan Milosevic. During his two years in office running the multilateral institution, the former deputy U.S. Secretary of Defense certainly did not endear himself to the bank’s bureaucracy by ...

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