davidl on June 17th, 2011

Dumbo isn’t all there, from Victor Davis Hanson, National Review: In the world of Barack Obama, inflating tires and “tuning up” modern car engines precludes off-shore drilling. Four-dollar-a-gallon gas prices can be ameliorated by having the average consumer trade in his 8-mpg clunker. Medical bills soar because doctors unnecessarily rip out tonsils and lop off […]

Continue reading about Breakfast Scramble: The Return of the Misery Index

Brian Nygaard on April 27th, 2010

Crisis On Wall StreetWhen Senator Levin says “Goldman made a lot of money by betting against the mortgage market” what do we think he might have meant?  Knowing some of the political philosophy of the esteemed senator from Michigan, it is obvious that his inference was that Goldman was acting in a fashion that was either illegal or immoral.  How could any American institution bet against motherhood, apple pie or the American dream of universal home ownership?  And certainly the notion of ”making a lot of money” is of dubious quality on its face.  The Senator is literally screaming “These people are the enemy of the state, and they need to be leashed, or chained, or imprisoned, or tortured…all for the good of the system of the people.”

It is always amusing when a single statement contains such a large number of fallacies.  Let us count the ways.

First, Goldman was acting in their role as an investment broker.  Everything they do is essentially either a bet for or against something…or the facilitating of someone else doing the same thing.  More technically, they are simply acting as brokers, and not as agents. Agents represent a buyer or seller.  Brokers facilitate the transaction. This is the “market mechanism” and it is what guides the whole system of the effective allocation of resources.  It is fundamental to our material progress.  As significantly, if people […]

Continue reading about Levin V. Goldman: Big Solution For a Big Problem?

Eric Florack on October 5th, 2009

Welcome one and all to the most intense night read anywhere on the sphere… The BitsBlog Nightly Ramble POLANSKI: Glenn Reynolds says in a Washington Examiner column over the weekend: “Technologically and market-wise, Hollywood is in the weakest position it’s ever been, and yet it is also more arrogant than it was in its Golden […]

Continue reading about Nightly Ramble: The Old Truck Stop Edtion

Eric Florack on March 12th, 2009

Somehow, I ended up on the mailing list of the New York GOP.  Found this in my mail last night: “Since its founding, the Republican Party has stood for the time honored values and ideals of opportunity, personal responsibility, accountability and hope,” said Chairman Mondello. “Our nation has become the greatest society in history, because […]

Continue reading about The Right Noises From NY GOP, But We’ve Heard This Before

Eric Florack on October 10th, 2008

Friday. 25 days to the election, and tomorrow I’m on vacation. Oh. Sorry. Anyway… Welcome, one and all to the most intense nightly read on the ‘sphere… Bit’s Blog’s Nightly Ramble First things first: Honorable mention at OTB’s Caption Contest for the boss. I liked John’s Birth control one, myself. Stocks went nutzoid this morning. going […]

Continue reading about Nightly Ramble:Anger? Sure. But Mostly, Sad.