Republicans debated the housing bubble/bust in the January 23 NBC debate, with former Massachusetts Governor Mitt Romney drawing political blood from former House Speaker Newt Gingrich on his Freddie Mac consulting ties.
This may be the golden age of presumptuous ignorance. The most recent demonstrations of that are the Occupy Wall Street mobs. It is doubtful how many of these semi-literate sloganizers could tell the difference between a stock and a bond.
Last Friday’s unemployment numbers, on the surface at least, appeared to reflect a growing, albeit slowly, economy. The number of new unemployment claims for the week ending January 14th dropped to 352,000, down from 402,000 the previous week, and down from 415,000 a year ago. The four-week moving average also dropped, from 382,500 to 379,000.
As an industrialist, I’ve taken an interest in President Barack Obama’s insourcing kick which has occurred over the past few weeks, highlighted by his weekly radio and Internet address on January 14 and a speech delivered in the East Room of the White House a few days earlier (I’m certain that he’ll talk about it during this week’s State of the Union Address, too). By "insourcing," the President refers to a reversal of the outsourcing trend by American manufacturers. Some of them, though few in number, are bringing jobs back to the United States.
A farmer in the communist collective of Xiaogang, a small village in eastern China, was starving, along with his family and his neighbors. At one of the political indoctrination classes he was forced to attend, Yan Junchang had a revolutionary idea: why not try privatizing the farms and letting the farmers keep what they grow?
JBS CEO Art Thompson's weekly video news update for January 23-29, 2012.
Feeling pain at the gas pump? Congressman Dennis Kucinich thinks he has a solution: Tax “unreasonable” oil company profits. The Ohio Democrat has introduced the Gas Price Spike Act, which he claims will “reduce the price of gasoline” by confiscating part or all of an oil company’s profits that exceed an amount deemed “reasonable” by a panel of unelected bureaucrats.
Different histories, geography, demography and cultures have left various groups, races, nations and civilizations with radically different abilities to create wealth.
How high can America’s astronomical debt reach? The level is set to increase once more in late January as Congress, in effect, rubber stamps President Obama’s request to raise the limit on the nation’s debt beyond its current $15 trillion.
Anyone who has ever been in a Third World country, or even in a slum neighborhood at home, is likely to wonder why there can be such dire poverty among some people, while others are prospering. Both politicians and intellectuals have tended to have simple answers to that question, even if these simple answers have been different in different eras.