by Peter Gorenstein –
Even a cynic can find Washington’s hypocrisy shocking at times. The Wall Street Journal reports today a House bill that would force lawmakers to make greater disclosures on financial transactions and disallow them from trading on nonpublic information is going nowhere fast.
That’s right. Members of Congress are currently allowed to profit on insider trading! [Read more…]
6/30/2010 – John Stossel –
For all its problems, America is a great place. And one thing that makes America great is its prosperity. Yes, some people have suffered during the recession — but compared to all the other countries in the history of the world, America is rich. Why?
One reason is that America is a good place to do business. [Read more…]
Steve Wynn, the American entrepreneur and casino resort/real-estate developer, was recently interviewed by CNBC for the opening of his new Encore Beach Club in Las Vegas. During the questions and answers session with the correspondent, the billionaire business owner addressed some of the most serious problems American companies face and the incompetent manner in which politicians in Washington, DC are handling the economic situation and the unpredictable manner in which they continue to aggressively punish US businesses.
In the interview Wynn talks about the lack of common sense that has disappeared in Washington and the completely out-of-control spending that is fueling the massive national debt:
“It’s common sense that’s disappeared in Washington DC. It’s common sense that’s disappeared in the years of 7 and 8 in America. We’re inheriting the awful results, both in our government … of wild, uncontrolled spending, unbelievable, unsustainable debt.
And yet, here we are, doing it again, $20 billion a month to the FHA. On top of what happens to Fannie Mae and Freddie Mac. We’re doing it again today for $20 billion a month! We’re destroying the housing market, again; under the name of a stimulus, phony misrepresented names.”
6/17/2010 – Christopher Steiner and Brett Nelson –
Entrepreneurs can’t completely inoculate their businesses from the vagaries of the market. What they can do is wrestle with the fundamental questions that govern the fate of any enterprise. We’ve done our best to compile the 20 most important ones.
Digging for those answers is a grueling exercise–one that takes serious intellectual and emotional honesty. With any hope, the process begins long before money’s been spent, products are built and customers are lost. [Read more…]
6/8/2010 – Robert Frank –
In his Wall Street Journal op-ed Monday, famed supply-sider Arthur Laffer argues that higher taxes on the wealthy rarely work because the wealthy simply shift their income.
President Obama’s upcoming tax increases, he says, are encouraging the wealthy to take cash and income off the table this year, robbing from next year’s growth and spending. As a result, he says “The economy will collapse in 2011.” [Read more…]
6/6/2010 – Arthur Laffer –
Today’s corporate profits reflect an income shift into 2010. These profits will tumble next year, preceded most likely by the stock market.
People can change the volume, the location and the composition of their income, and they can do so in response to changes in government policies.
It shouldn’t surprise anyone that the nine states without an income tax are growing far faster and attracting more people than are the nine states with the highest income tax rates. People and businesses change the location of income based on incentives.
Likewise, who is gobsmacked when they are told that the two wealthiest Americans—Bill Gates and Warren Buffett—hold the bulk of their wealth in the nontaxed form of unrealized capital gains? The composition of wealth also responds to incentives. And it’s also simple enough for most people to understand that if the government taxes people who work and pays people not to work, fewer people will work. Incentives matter. [Read more…]
6/9/2010 – John Stossel –
America’s current struggles notwithstanding, life here is pretty good. We have a standard of living that’s the envy of most of the world.
Why did that happen? Prosperity isn’t the norm. Throughout history and throughout the world, poverty has been the norm. Most of the world still lives in dire poverty. Of the 6 billion people on earth, perhaps 1 billion have something close to our standard of living.
Why did America prosper when most of the people of the world are still poor? [Read more…]