The New York Times is reporting that virtually every retired employee of the Long Island Railroad applies for and receives a disability pension. The disability pensions are issued by an obscure federal agency called the U.S. Railroad Retirement Board. The scandal is compounded by obscene labor agreements that allow LIRR employees to retire with a […]
Here is a clear explanation of how the free market failed and led to the current financial crisis.  It didn’t.  It couldn’t have because there was no free market anywhere near the US financial industry, Fannie and Freddie, Lehman or Bear Sterns. AIG is a little closer but Insurance is still highly regulated.
The Failure of the Free Market Read More »
Associated Press: Bush says he’s working hard on economic turmoil Hat tip: Jim Ostrowski
Headline of the Day Read More »
If the New York Sun closes shop soon, as has been rumored for the past month, we will be worse off without its no-bull headlines such as the one atop this morning’s edition. Although IÂ vehemently disagree with the Sun’s warmongering, neocon editorial tendencies, more often than not they’re the only paper to get it right
Welcome to New Venezuela Read More »
I said it in a previous blog. Anyone with a grain of sense and a basic understanding of economics knows you can’t outsmart the iron laws of economics. Austrian business cycle theory perfectly describes today’s catastophe and predicted it – 100 years ago. This link, wherein Ron Paul describes what’s happening was just brought to
Ron Paul Predicted Fannie Freddie Failure in 2003 Read More »
http://blogofbile.com/… Governor David A. Paterson today announced the creation of a cabinet position to address issues related to national and community service. Susan Stern, Chair of the State Commission on National and Community Service, will be elevated to the Governor’s cabinet. She will produce a report for the administration within 90 days to make New
Governor Paterson hires a new bureaucrat to encourage national and community service Read More »
It’s not really a mystery anymore. Actually it hasn’t been a mystery for 100 years or so. Economists have had a pretty good understanding of the what causes the business cycle since Mises and the other Austrian economists formulated it in the late 1800’s and early 1900’s. If I may drastically oversimplify , credit bubbles
Bob Barr Gets it Right on Economic Stimulus Read More »
I have a friend who was a longtime employee of one of the big federal agencies in Washington, DC. He used to entertain me endlessly with his tales of epic government waste and incompetence. For the last few years, he’s been in the private sector, so I had to settle for the slightly less epic
Nice Work If You Can Get It Read More »
The press of the last few days has been full of presumed conservative successes in the wake of McCain’s choice of would be conservative heroine Sarah Palin as his running mate. Richard Viguerie even suggested that Palin would energize Libertarians to rally around the ticket – a statement that strikes me as completely bizarre.  I
Libertarian Principle and Marriage Equality Read More »
Even as McCain pledges to end rancor in America’s poltical scene his operatives in the Pennsylvania Republican Party are in court trying to deny democracy to 50,000 Pennsylvania voters who signed petitions to have a choice to vote for a Libertarian this November. McCain is well know for hipocracy but the situation in Texas may
Will McCain Have to Take Some Of His Own Medicine in Texas? Read More »