Thursday, October 27, 2005

Miers Withdraws

Harriet Miers has withdrawn herself from nomination to the Supreme Court. Those who celebrate this should not. She didn't even have a chance to go to the Senate. This was a decision she was pressured into. I wasn't big on her nomination myself to begin with, but I thought she at least deserved a Senate hearing. Bush should nominate her for a lower court.

Monday, October 24, 2005

Ben Bernanke Nominated to succeed Greenspan

Check out this at the old gray lady. More interesting is the following:

People close to the White House say that Mr. Bush's closest advisers were always lukewarm about Mr. Feldstein. Some never forgave him for criticizing budget deficits under President Reagan while he was one of Mr. Reagan's top advisers -- an act of disloyalty that would be a major offense in the current Bush administration.(emphasis added)

Are they trying to suggest that ONLY the Bush administration would consider it disloyal to criticize the same administration you work for? I think any administration would think that.

Thursday, October 20, 2005

De Paul Churchill Protest

Some friends and I went down to the protest at DePaul against Ward Churchill. He was speaking there.

Below: The sign on the right says "depaul university: proudly promoting diversity & preventing discrimination for all non-republican students" This is a reference to DePaul's administration denying the college republicans from posting signs protesting Churchill.

Above: Unfortunately since so much of college tuition is subsidized by the government we are all sponsoring Churchill. Doesn't it seem ironic the same government Churchill preaches against is helping to pay his bills.

Tuesday, October 18, 2005

Harry Reid's dearth or intentional disregard of economic knowledge

Check this out Senate Minority leader Harry Reid plans to solve our energy "crisis" by taxing oil companies and banning "price gouging." I have discussed price gouging laws before, even in times of disaster as being counterproductive. I guess the likes of Reid do not see my point. As for the "windfall profits tax" (WPT) I made a cartoon on such a policy here. Again, he probably didn't see it. Now, some might say that the WPT is legit because it provides exemption for "Profits used to build new refining capacity and alternative energy programs," but we must think about this. The same people who propose this tax are the people who oppose building new refineries. Oh sure they agree with building more in the abstract, but then everytime one starts to be designed they bog down the oil companies in environmental paper work and other bureaucratic messes. In other words, Reid and his ilk aren't going to allow the oil companies to perform the necessary tax exempting actions.

Also, when firms in an industry run huge profits that serves as an incentive to other firms to enter the market. Granted there are numerous barriers to entry in the energy market, but if the profits surge high enough new firms will come. When you take away these profits you are taking away the incentive to produce.

Finally "
He [Reid] criticized the [Bush] administration for not using its industry ties to persuade oil companies to lower prices." HELLO!!!! That my friends would be illegal. Such an action would require all the oil companies to agree to bring prices down together. We believe in competitive markets in the USA and that means NO COLLUSION. Seems like Reid wants the oil companies to conspire against themselves. Oh well, when his claim that they conspire against everyone else turns up false at least he has a fall back plan.

Oh and i believe the term is "hat tip" to
Duane D. Freese at TECH CENTRAL STATION in THIS article

Thursday, October 13, 2005

Planning For neighborhoods

Thomas Sowell's newest article concerns planning of communities. Recently my school's newspaper published an article about the same topic although the paper was advocating that the school not build a new set of buildings and rent out the bottom floor to businesses to earn more money for the school. The piece said that the university was damaging the neighborhood's diversity. I wrote in a response to the paper, that if the people of the community don't like the new businesses then simply don't shop there and then their old favorites will still be open. It's rediculous that people don't understand that capitalism is one of the best ways to give people complete personal control.