Wednesday, February 24, 2010

Social Security, Medicare, and Medicaid

Paul Volcker, former Chairman of the Board of Governors of the Federal Reserve System, recently commented that it is possible to reform Social Security. However, it appears as if the administration has ruled out the option of privatization and wishes to instill more of the same regarding the current entitlement programs. Social Security, Medicare, and Medicaid collectively present $100 Trillion in unfunded liabilities.

Sunday, February 21, 2010

Reduce the Public Debt

Instead of mailing a check to help reduce the national debt, one can now "donate" online. Also, Massachusetts taxpayers have the option to pay a higher tax rate. Why anyone would donate, or willingly pay more in taxes, to the government is unknown considering the abysmal failures to efficiently allocate capital by previous and current officials.

If one is really concerned with the economic condition of our country, better options exist to help reduce irresponsible spending.

Thursday, February 18, 2010

Empire State Manufacturing

Supposedly, the Empire State Manufacturing Survey has indicated improved conditions in February 2010. Interesting since most of us bear witness to the statement in this WSJ article that "..... many industrial areas upstate are as rundown as Detroit".

The fact of the matter here is that business has been fleeing New York State (especially upstate) for decades now. Tom Golisano has donated tens of millions to children's hospitals in both Rochester and Syracuse and has now officially changed his residency to Florida. New York State should take the advice of this successful businessman and philanthropist and impose term limits on state politicians who have helped chase business out of New York.

Sunday, February 14, 2010

Summarizing Domestic and Foreign Policy

This video summarizes the administration's acceptance of both domestic and foreign policy results. It appears as if the administration's Chief Counterterrorism Adviser is stating that "less bad" is good.

Thursday, February 11, 2010

The Road to Serfdom

PIMCO discusses the consequences of rising debt to GDP ratios. Many believe that this would help pave the road to serfdom. Some appear to be further down this road than others.

Tuesday, February 9, 2010

Greece, California, and The U.S.

While everyone is concerned with Greece, PIMCO and Zero Hedge have already discussed a far greater risk in California. According to Jim Grant, of Grant's Interest Rate Observer, California makes up 13% of U.S. GDP. However, Geithner says not to worry about the U.S.

Sunday, February 7, 2010

Arlen Specter

Arlen Specter provides yet another reason as to why politicians in general, and Congress specifically, should be subjected to term limits.

Saturday, February 6, 2010

Hayek versus Keynes

An excellent article about a very creative and smart video, which will hopefully help spread the ideas and theories of Austrian Economics. Free markets seem to be an afterthought in the era of big government, as most American voters appear to be unaware of the dangers of collectivism and central planning.

Friday, February 5, 2010

Top Ten Most Corrupt Politicians

Judicial Watch has announced its list of Washington's Top Ten Most Corrupt Politicians of 2009. Congratulations to House Speaker Nancy Pelosi for making the list three years in a row: 2007, 2008, and now 2009.

Wednesday, February 3, 2010

Ludwig von Mises

"..... government interventions create unintended consequences that lead to calls for further intervention, and so on into a destructive spiral of more and more government control."

Ron Paul quoting Ludwig von Mises in "The Revolution: A Manifesto" (page 88)

Tuesday, February 2, 2010

CPFF, PDCF, TSLF, & TARP

Although TARP is still widely discussed by the mainstream media (and government bureaucrats seeking populist support) this was only one of many programs created by the government to provide backstops to the financial system. The combination of the government guarantees at one point could have potentially cost U.S. taxpayers an estimated $23.7 Trillion according to Neil Barofsky. Some of these programs expired on February 1st:

Monday, February 1, 2010

Training for Bank Directors

A new website created by the Federal Reserve Bank helps provide training for Bank Directors. The website answers questions such as, "What is a Bank?", and "What is Risk?". The website, however does not show senior bank executives how to tie their shoes.