Harvard economist Jeffrey Miron differs with the conventional wisdom on the recently tubed bailout plan:
The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.
Bankruptcy does not mean the company disappears; it is just owned by [...]
Choreography courtesy of Kim Chong Il.
The creepiness factor is non-trivial.
All we need now are some of those lovely red scarves.
Does it occur to anyone else that the only people qualified to really explain to us the consequences of the “credit crisis” – not the politicians who dither, not the newscasters that blather – but the ones who really understand the consequences are 1) the ones who got us here in the first place, [...]
One hundred years or so ago, the response to this sort of thing would have been much simpler:
U.S. helicopters on Monday buzzed a hijacked Ukrainian cargo ship carrying 33 Soviet-designed tanks and other weapons that officials fear could end up in the hands of al-Qaida-linked militants in Somalia if the pirates are allowed [...]
Federal prosecutors have officially charged five men with conspiracy to commit terroristic acts by attacking Fort Dix, New Jersey:
A group of would-be terrorists, allegedly undone after attempting to have jihad training videos copied onto a DVD, has been charged with conspiring to attack Fort Dix and kill soldiers there with assault rifles and grenades, authorities [...]
Let them eat cake:
In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry. The vote came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to [...]
Vampires make uncongenial guests: Having invited one into the house, you have forfeited any power over him. It becomes his decision when, and under what circumstances to leave. Or even if he will. He might even come to feel at home in your place. Admire the views.
Rearrange the furniture.
Notice, in time, that [...]
Mullah Omar’s brave billy boys have finally screwed their courage to the sticking point, and – chiefly concerning themselves with the sanctity of a woman’s honored place in society, and acting severally – managed the boast-worthy act of murdering a woman on her way to work:
Lt-Col Malalai Kakar, head of Kandahar’s department of [...]
Missouri prosecutors – agents of the state government, servants of the electorate – are taking it on themselves to decide what may, or may not be said by their state citizens about a favored presidential candidate in the run-up to the November election. I’m talking prior restraint. Because the people, in their infinite wisdom? [...]