Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Free Market

Financial Reform: Expanding Hubris, Limiting Freedom

Chris Dodd

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When the House passed the 2,319-page Dodd-Frank financial reform bill by a vote of 237-192, all it did was confirm for many the extraordinary hubris of legislators believing they could in fact “fix” the problems they themselves created which resulted in the Great Recession of 2008.

John B. Taylor,  professor of economics at Stanford University says, “The main problem with the bill is that is based on a misdiagnosis of the causes of the financial crisis…the presumption that the government did not [already] have enough power to avoid the crisis.”

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The Breakup of Ma Bell

Southwestern Bell logo, 1939–1964

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Ten years into the 20th century, the United States citizenry were still enjoying the afterglow of a remarkable generation of economic growth, innovation, and expansion.

Popular interests consisted of going to the movies, doing the Tango, and reading the Saturday Evening Post. A hands-off President, William Howard Taft, was in the White House, and people were enjoying clever inventions such as traffic lights, the refrigerator, and the telephone.

Alexander Graham Bell patented the telephone on March 7, 1876, but initially it was considered no more than a passing novelty. In fact, Western Union passed up the opportunity to purchase the Bell patents for $100,000.

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Free Markets, Deregulation, and Blame

Quarterly Journal of Austrian Economics

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Free markets, in the full sense of the phrase, exist only in the minds and imaginations of free-market economists from the Austrian School, such as Ludwig von Mises and Murray Rothbard.

The classic definition is simply a market without intervention or regulation by government. In truth, commerce in any developed country is always controlled to some extent by government. A free market requires the right to own property, which means that the wages, earnings, profits, and gains obtained by providing products and services to others belongs to the individual generating them. The assumption is that an individual with this kind of freedom would only make an exchange that gained him a benefit.

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Jobs Bill: The Law of Intended Consequences

London | 2009

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With great fanfare, the Obama administration celebrated its first policy victory of the year—the $17.6 billion jobs bill. Eleven Republican Senators helped push the bill through the Senate, 68-29.

The economically flawed and unconstitutional law provides employers an exemption from Social Security tax withholding through the end of the year on any employees added to the payroll who have been unemployed for at least 60 days. And if the employees stay on that payroll for at least a year, the employers would receive an additional $1,000 tax credit. In addition, the law spends $20 billion on federal highway construction and other public improvement projects.

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Financial Reform: Pressing On, Regardless

Bob Corker

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Last month, Senator Bob Corker (R-Tenn.) pushed back against the Obama administration’s plans to create a “standalone” Consumer Financial Protection Agency, and some Washington-watchers held their breath to see if Corker would hold his ground.

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U.S. Postal Service: Time to Free the Mail

WASHINGTON - AUGUST 06:  Postmaster General Jo...

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When U.S. Postmaster General John Potter recommended eliminating Saturday delivery service in order to save money, he was merely responding to the postal service’s continuing inability to make money, or even cover its costs, delivering the mail. In a microcosm, the postal service’s difficulty is reflective of the government’s attempt to operate anywhere outside the constraints of the Constitution.

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Toyota—The Jihad Continues

Current (2008) logo for the United States Nati...

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Now that the Department of Transportation is opening a formal investigation into the 2009-2010 Toyota Corolla over possible steering problems while the government is continuing with hearings by the U.S. House Oversight and Government Reform Committee on February 24th, the House Energy and Commerce Committee on February 25th, and by the Senate Commerce, Science and Transportation Committee on March 2nd about Toyota’s “timely” response to braking and accelerator complaints, some are beginning to question “Why?”

More than that, the questions are “Why just Toyota?” and “Why now?”  Some are asking “Is there something else going on here?”

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Bernanke’s Kudos, Criticisms Miss the Point

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A preliminary vote today for Ben Bernanke’s reappointment to a second four-year term as chairman of the Federal Reserve is expected to clear the way for a final favorable vote by the Senate.

Bernanke’s first term record was subjected to criticism and praise during confirmation hearings in December, and  he was selected as Time magazine’s Person of the YearTime magazine’s Michael Grunwald was kind to a fault, calling Bernanke “our mild-mannered economic overlord” (a reference, no doubt to Superman’s mild-mannered Clark Kent), and “the most powerful nerd on the planet.”  In that lengthy tribute, Grunwald summarized the Fed’s role:

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Rubio: The First Tea Party Senator?

Photo of Marco Rubio taken on April 14, 2008 i...

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The Republican primary in Florida, which pits Governor Charlie Crist against Marco Rubio, is being watched carefully as a harbinger for the impact the Tea Party may have on the midterm elections. Six months ago Crist was leading all challengers, according to Rasmussen Reports, but now Crist is tied with former state House Speaker Marco Rubio.

On social issues, Crist takes traditional conservative positions including support for gun rights and capital punishment, and opposition to elective abortion and same-sex marriage. He supported John McCain’s candidacy for President in 2008, but got in trouble by supporting Obama’s stimulus bill.

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Bernanke: Lax Oversight Recession’s Cause

FRANKFURT, GERMANY - NOVEMBER 14:  Ben Bernank...

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Regulatory failures and not low interest rates were responsible for the housing bubble, implosion and current recession, Federal Reserve Chairman Ben Bernanke asserted on Sunday.

“Stronger regulation and supervision aimed at problems with underwriting practices and lender’s risk management would have been…more effective [in] constraining the housing bubble [rather] than a general increase in interest rates,” Bernanke told the American Economic Association.  Bernanke, while awaiting Senate confirmation for another term as Fed Chairman, defended recent and continuing charges that the Fed contributed significantly to the current financial crisis by keeping interest rates too low for too long.

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Kelo v. New London: All for Naught, or Not?

Logo of Pfizer Incorporated.

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The city of New London, Connecticut, fought for and won at the highest level permission to take private property from one person and give it to another. Now that victorious “person” (i.e., pharmaceutical giant Pfizer, Inc.) is closing its New London facility and moving it to Groton. Was it all for naught?

Some think so.

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.