A Dow Crash? You Ain’t Seen Nothin’ Yet

Every once in a while I like to go out on a limb with a wild prediction. And my prediction today is that the Dow will experience a major league crash in 2001. If you thought Monday was scary, in the words of Al Jolson, “You ain’t seen nothin’...

Missiles Over Rockets; NMD Trumps NASA

If to govern is to choose, then President Bush made a clear choice in the budget he released two weeks ago; National Missile Defense (NMD) is a big winner, while the National Aeronautics and Space Administration (NASA) is a mild loser. In the short run, this might be...

‘Defensive’ Stocks in the NASDAQ

When Wall Street analysts talk about defensive stocks, they usually mean providers of food, tobacco, consumer goods — things that people will buy no matter what the economy is doing. Since this seems to be the season for defensive stocks, you may be looking for...

Class Envy and Getting Rich Quick

It may be easier than you think to get rich quick. Let’s take a fairly common situation in California. A couple buys a little square box, two-bedroom house on a modest-sized lot during the 1970s for $30,000 or $40,000. Then, over the years, they pay off their...

A Reason for Hope in Argentina

On Sunday, March 4, Argentina’s President De la Rua named Ricardo López Murphy as his new finance minister. This was a significant move, duly rewarded by an 8% surge in Argentina’s stock market. Could he trigger a recovery after several lackluster years...

The Success Side of American Education

It’s generally agreed that American primary, secondary and, increasingly, undergraduate education is a failure. But that assessment depends upon just what evaluation criteria is chosen. By some criteria, American education might be deemed a remarkable success....

The Willy Sutton Theory of Government

Willy Sutton, in case you are wondering, is the 1930s outlaw who achieved immortality when a reporter asked him why he robbed banks and Sutton replied, simply, “Because that’s where the money is.” It is an amusing reply because it so utterly misses...

Class Warfare and The Tax-Cut Debate

When the Berlin Wall collapsed, one would have expected the poisonous Marxist ideology of class warfare to disappear along with it. But this year’s tax debate has shown the politics-of-envy is alive and well. Demagogues are vilifying President Bush’s plan...

Why Sharon Could Bring Peace to the Middle East

Although few know how to stop the escalating violence in the Middle East, many think they know who to blame: Israeli Prime Minister-elect Ariel Sharon. Surely, they say, the landslide election of such a hard-liner means the end of the peace process–and serves as...