The really important things in life don’t involve money. A birth or a death reminds one of that truth. I write this in early predawn, unable to sleep in the stunned disbelief following a call a few hours ago telling…
Category: Other
Wastes of taxpayer money shows our values are off-kilter
How a people spend their money tells you a lot about their values. That’s true for a society and for an individual. And what pending legislation at the state and federal levels tells us about our values is not heartening.…
Recession’s pain isn’t evenly spread
Whenever the economy tips into recession, the relative vulnerability of specific jobs or businesses to downturns suddenly becomes important. Rising unemployment numbers, like those released April 4 showing the U.S. unemployment rate had jumped from 4.8 percent to 5.1 percent,…
When Greenspan opens his mouth, critics chew him up
Every parent has heard the words ‘I didn’t do it!’ Virtually all of us have said it at some point in our lives. But a statement that is understandable from a frosting-smeared tyke is unbecoming to a former Federal Reserve…
For a lesson in economics, talk to a farmer
These days, teaching college economics is as easy as falling off a log. To prep for class, just grab the morning newspaper and head out the door. The day’s lesson probably is among the headlines. Take the U.S. Department of…
Financial reforms include good, bad and ugly
The Bush Administration’s proposals for reforming the nation’s financial sector inspire creativity. In decades of teaching, I have used all sorts of metaphors to explain the Federal Reserve system. But until this week, I never compared the Fed to Billy…
How to decide who is paid for victimization
Government payments to crime victims are becoming more common, at least if the crime made national headlines. For example, Virginia is reported to be offering up to $100,000 to families of those shot at Virginia Tech a year ago. Such…
Tax reform always under pressure from special interests
You can reform government policies, but you cannot guarantee the reforms will stick. After the 1929 crash, government regulation of financial institutions increased for four decades. Then regulation waned for nearly as long. It is pretty clear the cycle once…
Bush’s cheerleading silly but understandable
There is an old saying that sometimes it is better to keep your mouth shut and let people think you unintelligent than to open your mouth and remove all doubt. President Bush’s assertion Monday that “Our financial institutions are strong…
History shows wide-ranging reasons for recessions
Leo Tolstoy famously wrote, ‘Happy families are all alike; every unhappy family is unhappy in its own way.’ Applying this line from Anna Karenina to economic booms and busts may be a stretch. Not all periods of prosperity are alike.…