The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Obama to Europe: ‘Double-Dip,’ Anyone?

The headline is “Obama Urges Europe Not to Drop Stimulus Measures Yet,” but to understand what the president is actually trying to say, you have to read this New York Times story very carefully: President Obama signaled on Friday that countries in Europe should not withdraw their extraordinary spending programs too quickly. In a public […]

Newsweek Intern Attempts to Describe Hayek’s Road to Serfdom: Massive FAIL

Thanks to Kathy Shaidle for calling attention to this sophomoric effort by Princeton senior Isia Jasiewicz: On June 8, Beck devoted an entire episode of his talk show on Fox News to The Road to Serfdom, a work of political theory written in the immediate aftermath of World War II by Friedrich von Hayek, an Austrian émigré […]

Gold Price Hits Record High

Nothing to worry about: Gold futures closed at a record high on Thursday, handily surpassing the mark reached just last week as investors grew more concerned about the U.S. economy and its proxy, the stock market. Gold for August delivery, the most active contract, added $18.20, or 1.5%, to settle at $1,248.70 an ounce on […]

Jack Abramoff’s Ghost!

Jim Hoft at Gateway Pundit links this ABC News item:  With the support of Sen. Chris Dodd, D.-Conn., the federal government has awarded $54 million to Connecticut’s politically well-connected Mohegan Indian tribe, which operates one of the highest grossing casinos in the U.S. The tribe runs the sprawling Mohegan Sun casino, halfway between New York […]

Tomorrow’s Headlines Today

Some things are predictable. Remember this headline? Report: Bottom Falls Out of Housing After First-Time Buyer Tax Credit Expires That was two weeks ago. Today? Housing starts drop to five-month low in May . . . Groundbreaking for single-family homes tumbled 17.2 percent to an annual rate of 468,000 units in May after a 5.6 […]

Banks Failing, Taxes Increasing

The FDIC is already $20 billion in the hole and the news just keeps getting worse: Regulators on Friday shut down a bank in Washington, bringing to 82 the number of U.S. bank failures this year. Seattle-based Washington First International Bank, with $520.9 million in assets and $441.4 million in deposits, was closed by the Washington […]

Optimism, Inc.

Wall Street analysts consistently overestimate the profit potential of companies: Some economists look at the global economy and see troubles — the European debt crisis, persistently high unemployment worldwide, and housing woes in the U.S. Stock analysts as a group seem unfazed. . . . Caterpillar, a multinational that gets much of its revenue abroad, […]

AIG’s $100 Billion I.O.U.

Good luck collecting on this one: A watchdog panel reviewing the bailout of American International Group Inc. said U.S. taxpayers “remain at risk for severe losses” and that the government didn’t act aggressively enough to protect U.S. taxpayers during the 2008 rescue. In a lengthy report, the bipartisan Congressional Oversight Panel concluded that the U.S. […]

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