Innovations Aren't the Problem | Arnold Kling | Cato Institute: Commentary

Innovations Aren't the Problem | Arnold Kling | Cato Institute: Commentary: "First, many of the innovations were profitable not because they added social value but because they exploited regulatory anomalies. Second, the companies that lost money on these innovations were not allowed to fall by the wayside — instead, they were bailed out.

Many pundits claim that we allowed the financial system to be self-regulating during the euphoria. This is emphatically not the case. Without the anomalies created by the Basel capital regulations, the financial system would not have rewarded these innovations."

FOXNews.com - 80-Year-Old Chicago Man Kills Armed Home Invader

FOXNews.com - 80-Year-Old Chicago Man Kills Armed Home Invader: "No charges have been filed against the homeowner, but Chicago currently has a statute outlawing the possession of handguns. Its legality is currently being decided by the U.S. Supreme Court.

A high-profile Chicago attorney has already stepped forward offering to represent the man pro bono if he faces charges for possessing a weapon.

'Self-defense isn't just a right, it's a duty,' said attorney Joel Brodsky. 'If this man is prosecuted for saving his own life it's not just a travesty, it's justice turned inside out.'"

Chris Dodd's Carve-outs for Cronies | Mark A. Calabria | Cato Institute: Commentary

Chris Dodd's Carve-outs for Cronies | Mark A. Calabria | Cato Institute: Commentary: "The Senate bill, sponsored by Democrat Chris Dodd, claims to subject all 'too big to fail' institutions to greater federal supervision, but in fact it only mandates such regulation for bank-holding companies. Regulators would have to make a case-by-case decision on whether to apply it to other financial companies.

That's no minor oversight, because insurance companies, like AIG, tend to have thrift charters rather than bank charters. So, as the bill stands now, AIG and other insurers that accepted massive bailout funds, such as The Hartford, would not be automatically covered."

FOXNews.com - Congressman Boycotts House Resolutions Saluting Sports Champions

FOXNews.com - Congressman Boycotts House Resolutions Saluting Sports Champions: "Chaffetz called the resolutions a waste of time and money, noting that the votes can take up to 30 minutes and requires weighty documentation and work from clerks and staffers.

'I don't know how much it costs, but it ain't cheap,' he said.

Chaffetz said Congress should be paying attention to other matters.

'I don't see us doing resolutions supporting spelling bee champions and people making advances in medicine,' he said, adding that he's going to start introducing those types of measures."

FOXNews.com - No Consequences for Government Employees Who Charged Massive Shopping Spree to Taxpayers

FOXNews.com - No Consequences for Government Employees Who Charged Massive Shopping Spree to Taxpayers: "After the findings of the five-year investigation into the matter were revealed in September, three employees resigned, four retired and five employees faced possible reprimand. No action was taken against nine others, the Times reported.

The abuse of government charge cards is hardly a new problem.

A March 2008 report issued by Government Accountability Office estimated that “nearly 41 percent” of purchase card transactions made from July 1, 2005, through June 30, 2006 failed to meet “basic internal control standards.”"

Greek Loan Would Violate IMF Charter | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary

Greek Loan Would Violate IMF Charter | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary: "The articles of association of the IMF state clearly its aim to provide loans for balance of payments support. Greece has a huge fiscal need but no balance of payments need. Greek importers can get all the euros they wants from Greek banks, which get euros from the European Central Bank. The IMF is by definition a monetary authority, and Greece has no monetary issues — it surrendered its monetary powers to the ECB Bank on joining the eurozone. Some eurozone countries have fiscal crises, but these are Europe's problem, not the IMF's."

Ron Johnson receives GOP backing in U.S. Senate race | Hudson Star-Observer | Hudson, Wisconsin

Ron Johnson receives GOP backing in U.S. Senate race | Hudson Star-Observer | Hudson, Wisconsin: "Ron Johnson said he went into the Republican state convention hoping that the delegates would not endorse anyone – and he’s surprised they endorsed him for the U.S. Senate.

Johnson got 64 percent of the final vote Sunday over Madison developer Terrence Wall and Watertown businessman Dave Westlake.

Former state Commerce Secretary Dick Leinenkugel withdrew, saying a bitter primary would result in the re-election of incumbent Democrat Russ Feingold."

Certainly surprising!

Budgeted Back Into the Stone Age ... or 1998 | Neal McCluskey | Cato Institute: Commentary

Budgeted Back Into the Stone Age ... or 1998 | Neal McCluskey | Cato Institute: Commentary: "According to inflation-adjusted federal data, in 1970-71 Americans spent $5,593 per public-school student. By 2006-07 we were spending $12,463 — a whopping 123 percent increase that bought lots of teachers, administrators, and other shiny things!

That said, even minor backsliding from this overwhelming trend could be truly alarming if increasing resources had been producing commensurate academic gains. But they hadn't — as starkly illustrated by 17-year-olds stagnant National Assessment of Educational Progress. In 1973, their average math score was 304 (out of 500). In 2008 it was just 306. In reading, their average score in 1971 was 285. In 2008 it was just 286.

For all our huge spending and staffing increases, we have simply gotten no positive return."

How China will bury us | Cranach: The Blog of Veith

How China will bury us | Cranach: The Blog of Veith: "Notice that this is NOT free market economics but state-run and state-directed economics that takes advantage of capitalist economies by means of state monopolies, coercive government power, and economic clout."

Central planning has been shown to be a failure (i.e. most communist nations) and it will once again be shown to be a failure.

Doug's Diggings: School salaries raise plenty of comments | Hudson Star-Observer | Hudson, Wisconsin

Doug's Diggings: School salaries raise plenty of comments | Hudson Star-Observer | Hudson, Wisconsin: "Lord knows, all these administrators are hard workers and probably deserve more money. The problem is, the same could be said for all of us. The difference is that during the past couple of years, the vast majority of us are getting one of the following: no pay increases, pay decreases, pink slips, reduced benefits (401k contributions and health care) and plenty of anxiety about whether or not we’ll have a job in three months."

"Second, this all seemed a bit odd when compared to the timing of the recent school board election. The vote came after the election, but before the new board was seated. I’m sure there are a dozen reasons why it had to happen that way. But the school board should think a little bit about public perception — it doesn’t pass the smell test for most people.

Third, many people are unhappy that many district employees who are much lower on the totem pole have been relieved of their duties and driver’s education was eliminated because of cost factors. Again, maybe all justifiable moves, but it seems to point to a complete lack of perception or empathy from the people sitting on the top.

Fourth, people seem to get tired of this idea that salaries have to be comparable to similar districts, or neighboring districts. It’s a never-ending ladder. Once Hudson raises its salaries, District ABC uses the Hudson model to get higher salaries — when District ABC raises salaries, then Hudson must raise salaries again to be 'competitive.' I understand, of course, that we have to be in the ball park, but I think many people believe that the argument is overused."