As the stock market falls for the third straight year -- something that hasn't happened since 1941 -- I get asked three questions: 1. When will it end? 2. Why is it happening? 3. What should I do? The third question is by far the most important, and the answer is...
POLITICS
The basic and crucial political issue of our age is: capitalism versus socialism, or freedom versus statism. For decades, this issue has been silenced, suppressed, evaded, and hidden under the foggy, undefined rubber-terms of “conservatism” and “liberalism” which had lost their original meaning and could be stretched to mean all things to all men. – AYN RAND
What Is Killing The Stock Market? Government Regulation
Politicians and economic analysts are shocked. They have told us for weeks that the stock market is crashing because of low "investor confidence" in response to a "crime wave" of corporate fraud--made possible by "a climate of lax regulation" and "the lure of heady...
Prescription Drug Benefits Violate the Rights of Drug Companies
As both Democratic and Republican proposals to provide prescription drug benefits for the elderly failed in the Senate, members of both parties vowed to try to reach a compromise and get a bill passed as early as next week. Any such bill, if approved, would be a...
China as a Model for ‘Sustainable Development’?
There's an old maxim in moral philosophy that says, "the ends never justify the means." Of course, lots of utilitarians think that is so much moral posturing and nonsense. They proffer hypothetical arguments to debunk that maxim, such as: "If stealing a loaf of bread...
The ACLU vs. American Liberty
The American Civil Liberties Union recently released a white paper admitting that it is not particularly concerned with defending free speech. But not to worry, this does not make the ACLU purposeless: according to the paper, the leaders in the ACLU derive just as...
Stock Market: Cheap and Unstable
As of yesterday's close, the S&P 500 has lost 46.2% on a total return basis (including receipt of dividends) since the top in 2000. That exceeds the loss of 45.1% in the 1973-74 bear market -- but it's still shy of the 49.9% lost in the 1937-38 bear market. If the...
Voucher Backlash
Opponents of school vouchers have grown desperate in the wake of the Supreme Court's refusal to outlaw vouchers as violations of the First Amendment. And desperation seldom produces clarity of thought. It was particularly painful to read an outburst by Cynthia Tucker...
Holding Syria Accountable
Following the horrific events of September 11, President George W. Bush bravely asserted his administration's policy toward terrorism. The United States, from here out, was to hold not only terrorist organizations, but also state sponsors of terrorism, responsible for...
Naming Names in “Africa-America”
Did anyone ever call Franklin D. Roosevelt a "Dutch American" or Dwight Eisenhower a "German American"? It would have been resented, not only by them and their supporters, but by Americans in general. These men were Americans -- not hyphenated Americans or half...
Clearing the Way for Real Airport Security
Did you hear the one about the 87-year-old grandmother who had her knitting needles taken away by airport security? They were afraid she was going to knit an Afghan. That is just one of many jibes at the fraudulent airport security measures adopted since September 11....
Rebuilding the WTC: Anything Less Is Suicide
As both an architect and architectural historian--that is, as someone who cares about buildings nearly as much as I care about my friends and family--I felt like I lost an old friend on September 11 when the towers of the World Trade Center crumbled to the ground....
Wake Up, Mr. President!
George W. Bush gave a pretty good speech back in September, and also at the time of the State of the Union in January. In those speeches, he outlined a principled defense against terrorism. The question, of course, was always: Does he mean it? It's not looking good...
The Problem of Public Schools: In Search of the “Certified” Teacher
Most discussions of the problems of American education have an air of utter unreality because they avoid addressing the most fundamental and intractable problem of our public schools -- the low quality of our teachers. There is no point expecting teachers to teach...
Eby-Brown Company: Guilty of the Crime of Charging Lower Prices to Consumers
If the Ninth Circuit has become a haven for rogue anti-patriotic judges, as many politicians claim, than the Seventh Circuit has become the refuge of the business-hating justices. Last month the Chicago-based Seventh Circuit found that companies could be found guilty...
Call Acts of Terrorism By Their Rightful Name
On the 4th of July, an Egyptian immigrant to the United States who believes in wild conspiracy theories about Jews, is known for his great "hate for Israel," and has possible ties to al Qaeda, armed himself to the teeth and assaulted the Israeli airline counter at Los...
Putting the War Effort on Defense
Congress has no problem shelling out $6.5 billion for mass-transit systems that fewer and fewer Americans use each year. It manages to fully fund Medicare, despite $23 billion in waste and fraud each year. It pays farmers -- mostly mega-corporations, actually -- $1.3...
Airport Security: The Idiots Rule
We have no less than unadulterated idiots in charge of airport security. You say, "What is it this time, Williams?" Last month, while boarding a Midwest Express flight to Milwaukee, former Vice President Al Gore was pulled aside at the boarding gate. He was frisked...
Understanding the ‘Paradox’ Behind John Walker Lindh
It has been about seven months since the Marin County Taliban (John Walker Lindh) was apprehended in Mazar-i-Sharif, sporting an AKM rifle in support of the Taliban regime. Having made a plea bargain for a maximum of 20 years without parole, Walker avoided what would...
Glossary for the Liberal Media
Death tax vs. estate tax -- preferred term: Estate tax. Republicans call the taxes assessed on an estate valued at a million dollars or more a "death tax," while Democrats generally call it an "estate tax." "Death tax" -- used by conservative outlets like Fox --...
Individual Rights & the Supreme Court
A proper government defines and protects the individual rights of its citizens. Under such a government, the courts play a crucial role; it is through the courts that men are able to settle disputes peaceably according to predetermined legal rules. It is these legal...
Random Thoughts
Random thoughts on the passing scene: A magician was asked what had happened to the lady he used to saw in half in his act. "Oh, she's retired," he said. "Now she lives in Chicago -- and Denver." Despite the rhetoric of the "haves" and the "have-nots" that is so dear...
Real Patriots Support Corporate Inversions
Late last month, the House Ways and Means Subcommittee on Select Revenue Measures held a hearing on corporate inversions--the process by which an American company avoids the tax bias against its overseas income by re-incorporating to a tax haven nation. The hearing...
The War on CEOs
Just as the War on Terrorism dissipates into total inaction -- the latest word is that we will not invade Iraq -- our leaders have launched a new war to replace it: the War on CEOs. In reaction to a few cases in which corporate CEOs allegedly violated existing laws...
The Role of Profits in the Economy
Profits are misunderstood, seen as unearned and sometimes condemned as evil. Maybe that's why people often reverently pronounce, with an air of moral superiority, "We're a nonprofit organization." Before people mount their moral high horse, they should remember that...
Symbol and Substance: The Pledge of Allegiance
With all the rage over Wednesday's 9th Circuit Court of Appeals ruling that reciting the Pledge of Allegiance in the public schools violates the religious establishment clause of the 1st Amendment, it's pretty clear a lot of people are upset that they no longer have...
The Cutting Edge in American Education: ‘Become a Muslim warrior’
"Become a Muslim warrior during the crusades or during an ancient jihad." Thus read the instructions for seventh graders in Islam: A Simulation of Islamic History and Culture, 610-1100, a three-week curriculum produced by Interaction Publishers, Inc. In classrooms...
Media Bias: Can They Still Deny It?
CBS's Andy Rooney appeared recently on "Larry King Live." King asked Rooney about "Bias," the book by Bernard Goldberg that accuses CBS in particular and mainstream news in general of a liberal bias: "What did you make of Bernard Goldberg's book," asked King,...
Put Amtrak Out of Business
Q: I sure hope Amtrak will get all the money it needs to keep operating, don't you? I can't believe there are people who would be willing to let the nation's rail system grind to a halt. A: And I can't believe that David Gunn, Amtrak's president, had the gall to...
What About “One Nation”?
Last month, members of Congress leapt to the defense of the words "under God." They shouted the phrase on Capitol Hill and in front of every available camera. But what about the two little words in the Pledge of Allegiance that come right before "under God"? Who in...
Which is Worse: WorldCom or Congress?
President Bush said he was "deeply concerned" about some of the accounting practices in corporate America and called "outrageous" the disclosure that WorldCom, which is $32 billion in debt, had hidden $3.8 billion in expenses. The president added, "We will fully...
American History vs. Affirmative Action Hogwash
Bill O'Reilly of "The O'Reilly Factor" is one of the few major media figures who does not hesitate to criticize Jesse Jackson, so it was appropriate that the author of a critical new book about Jackson appeared on that program. The book is aptly titled "Shakedown," in...
The Prerequisite to Peace
There are times, George Orwell is reputed to have said, when the first duty of an intelligent man is to restate the obvious. President Bush did his duty this week when he cut through the murk of the past nine years -- the years of the Middle East "peace process" -- to...
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