Archive for Sheldon Richman
Sheldon Richman is the editor of The Freeman and a contributor to The Concise Encyclopedia of Economics.
Fed, Congress Face Showdown
“The Federal Reserve has over the decades viewed its independence from political influence as crucial for its ability to guide the U.S. economy. But the central bank’s activist response to the financial crisis has exposed the Fed to immense political fallout. That will make it more difficult for the Fed to carry out its responsibilities [...]
12Nov2009 | Sheldon Richman | 0 comments | ContinuedDodd’s Regulatory Plan Hit by Critics
“Sen. Christopher J. Dodd (D-Conn.) this week joined the generations of dreamers who have advocated for eliminating the nation’s muddle of bank regulators, arguing that a single agency would be more efficient and would end the ability of banks to choose the most lenient supervisor. But Dodd confronts a broad range of critics including bankers, [...]
12Nov2009 | Sheldon Richman | 0 comments | ContinuedAMA Changes Stance on Pot
“The American Medical Assn. on Tuesday urged the federal government to reconsider its classification of marijuana as a dangerous drug with no accepted medical use, a significant shift that puts the prestigious group behind calls for more research…. In changing its policy, the group said its goal was to clear the way to conduct clinical [...]
12Nov2009 | Sheldon Richman | 0 comments | ContinuedAbortion Threatens Health-Insurance Overhaul
“A key Democratic senator said Tuesday that he won’t vote for an overhaul of the health care system if the bill does not clearly restrict federal funding for ending pregnancies. The comments from Sen. Ben Nelson of Nebraska were a sign that the abortion dispute that nearly derailed the House health care bill will play [...]
11Nov2009 | Sheldon Richman | 1 comment | ContinuedAs Maine Goes on Medical Care So Goes the Nation?
“Maine is the Charlie Brown of health care. The state’s legislators have tried for decades to fix its system, but their efforts have always fallen short: health insurance premiums are still among the least affordable in the nation, health care spending per person is among the highest and hospital emergency rooms are among the most [...]
11Nov2009 | Sheldon Richman | 0 comments | ContinuedDodd Unveils Financial Regulatory Overhaul
“The chairman of the Senate banking committee proposed a financial overhaul on Tuesday that included consolidating bank regulators, creating a consumer financial protection agency and imposing new restraints on exotic financial instruments and credit rating agencies. The 1,136-page plan by Senator Christopher J. Dodd, a Connecticut Democrat, differs in major respects from both the White [...]
11Nov2009 | Sheldon Richman | 0 comments | ContinuedDoubts Grow over whether Bill Would Cut Medical Costs
“As health care legislation moves toward a crucial airing in the Senate, the White House is facing a growing revolt from some Democrats and analysts who say the bills Congress is considering do not fulfill President Obama’s promise to slow the runaway rise in health care spending.” (New York Times, Tuesday)
A belated nod to the [...]
Supreme Court to Decide if Ideas Can Be Owned
“The post-industrial evolution of the U.S. economy has aroused multibillion-dollar questions over what kinds of inventions deserve patent protection, and on Monday the Supreme Court joined the muddle over whether new ideas and strategies do.” (Washington Post, Tuesday)
An affirmative ruling would crush the competitive process.
FEE Timely Classic
“Intellectual ‘Property’ Versus Real Property “ by Sheldon Richman
Fannie Mae Needs More Taxpayer Help
“US mortgage finance firm Fannie Mae has asked for another $15bn (£9bn) in state aid after announcing losses of $19bn between July and September.” (BBC News, Tuesday)
Did anyone think it was going to stand on its own feet?
FEE Timely Classic
“Bootleggers, Baptists, and Bailed-Out Bankers” by Bruce Yandle
Let’s Ignore Congress
I spent a good part of Wednesday night closely skimming — my conscience won’t let me type “reading” — the Republicans’ alternative healthcare “reform” bill. It’s 219 pages of legalese. I know it’s one-tenth the size of Speaker Pelosi’s bill, but that doesn’t make for easier navigation. Figuring out how it all would work is [...]
6Nov2009 | Sheldon Richman | 17 comments | ContinuedEven Seasonal-Flu Vaccine Is Short Supply
“Even though the regular flu season has yet to start, the nation is facing a severe shortage of seasonal flu vaccine as well as swine flu vaccine.” (New York Times, Thursday)
Who’s in charge here? Oh right, the same ones who want more control over medical care.
FEE Timely Classic
“A Ton of Prevention: How the FDA Threatens [...]
Fed Will Keep Federal Funds Rate Near Zero
“Federal Reserve leaders are sticking with their policy of very low interest rates for some time to come, they indicated Wednesday, but gave new details of the factors they will use to decide when to change course.” (Washington Post, Thursday)
How does the Fed know what the right rate is?
FEE Timely Classic
“The Fed Sets Interest Rates? [...]
Senate Extends Unemployment Payments
“The Senate voted unanimously Wednesday to offer up to 20 more weeks of unemployment benefits to those who have been out of work a long time, after weeks of delay in which hundreds of thousands of Americans exhausted their government aid.” (New York Times, Thursday)
Government likes to break people’s knee caps then benevolently hand out [...]
Health Bills’ Cost-Cutting Power Is Doubted
“In years past, policymakers tried taming health-care growth with price controls — in government reimbursements and through managed care. The Obama administration has advocated a third way: moving away from fee-for-service payments, which reward providers for doing more procedures, to a coordinated system that pays doctors and hospitals for doing better…. Now, as the debate [...]
4Nov2009 | Sheldon Richman | 0 comments | ContinuedHomebuyers Tax Credit to Be Renewed
“The Senate and House are poised to agree on a compromise measure to extend unemployment benefits that also would expand a popular $8,000 tax credit for homebuyers, despite a recent government report on extensive mistakes and suspected fraud in the program.” (New York Times, Wednesday)
Just cut taxes and spending and let us decide how to [...]
Bill to Mandate Paid Sick Days Introduced in House
“In an effort to rein in the spread of the H1N1 flu, Representative George Miller, the chairman of the House Education and Labor Committee, introduced legislation on Tuesday that would guarantee five paid sick days for workers sent home by their employers with a contagious illness.” (New York Times, Wednesday)
Beware the law of unintended consequences.
FEE [...]
Gore’s Policy Proposals Would Bring Him Riches
“Critics, mostly on the political right and among global warming skeptics, say Mr. [Al] Gore is poised to become the world’s first ‘carbon billionaire,’ profiteering from government policies he supports that would direct billions of dollars to the business ventures he has invested in…. Mr. Gore has invested a significant portion of the tens of [...]
3Nov2009 | Sheldon Richman | 0 comments | Continued-
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Book Reviews
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The End of Prosperity: How Higher Taxes Will Doom the Economy–If We Let it Happen
By Arthur B. Laffer, Stephen Moore, and Peter J. Tanous
