While the politicians and their media allies prattle on about "winners" and "losers" in the Microsoft antitrust case, they miss the larger story, one that has become a typical American tale: the ongoing assault of the Leviathan State upon the once free and productive business sector.
The publication of David DeRosa's latest book is all the more timely given the financial crises and stock market crises that littered the 1990s. The problem with DeRosa’s book, however, is that his solution offers no hope for stabilizing the system. Nicolas Bouzou reviews In Defense of Free Capital Markets.
Is there any merit to the popular definition of recession? Why must it be two quarters of negative growth and not one, or perhaps three? Frank Shostak gives another view and assesses the prospects for recovery.
One of Franklin Roosevelt's many schemes to "save capitalism from itself" in the 1930s was the creation of the Federal National Mortgage Association, known today as Fannie Mae. Created in 1938 as part of the Reconstruction Finance Corporation, Fannie Mae's original mandate was to purchase Federal Housing Administration loans.
It is conceivable that stocks might have come back after September 11. But the meddlers in DC seemed to be doing everything in their power to drive it down and out.
Recent scrutiny over mutual fund disclosure practices comes amidst a flurry of rules, investigations, and regulatory pressure being applied to the broader securities industry.
Whatever direction the stock market may take in the future, its opening day was a time for honest assessment of how the recent terrorist attacks and their aftermath may affect our economic future.
Capitalism is about “laboring the earth” more fruitfully so that fewer men go needy, so that the next fanatic finds less willing recruits, so that amid bustling commercial intercourse, barriers of class and race and ignorance are dissolved into mutual respect and benefit.
As the nation's equity markets crumbled, the question that inevitably arose was "When will stock prices stop falling?" And there was always some willing economist, journalist, politician, or other self-appointed pundit ready to take the bait.
