One of the worst responses by officials to the financial crisis and deep recession has been to revive “industrial policy.” Once again, governments are using subsidies, mandates, regulation, and capital investment to pick industrial winners and losers, rather than using a broad, even-handed approach.
As this week’s elections suggest, even in liberal New Jersey and moderate Virginia, voters are becoming tired of being caricatured as either saints or sinners, depending on the degree to which they embrace the Obama vision. . . .
Calomiris points out that Joe Stiglitz, Jonathan Orszag, and Peter Orszag were hired by Fannie Mae to write a paper in 2002 defending the claim that the odds of Fannie Mae ever getting into financial trouble were extremely low. . . .
House Speaker Nancy Pelosi was right last week when she called her latest health-care-reform proposal a "his toric moment": After decades of life-saving and cost-cutting scientific innovations from drug and medical-device companies...
While the unemployment rate continues to rise--to 10.2 percent in October--the debate over the "jobs saved" concept also continues, most recently on last Sunday's Meet the Press with host David Gregory asking Treasury Secretary Timothy Geithner whether the concept is PR or Fact. . . .
At the Brandenburg Gate tomorrow evening in Berlin, one of the defining figures of the last century's history will sit down to celebrate the 20th anniversary of the fall of the Berlin Wall in which he played a key role. . . .
In 1940, while living in exile in a small town outside of Mexico City, Leon Trotsky — the writer, revolutionary and Marxist theorist — was startled awake at four o'clock in the morning by sounds he at first believed were fireworks, but were in fact the exploding of automatic gunfire. . . .
Bueno de Mesquita is the author of a fascinating new book called “The Predictioneer’s Game,” describing his efforts to use game theory to model human behavior, divine the future and improve incentive systems. . . .