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Uncle Sam Doing the Right Thing
September 24th, 2008Some argue that the current financial turmoil is being blown out of proportion. Psychology is certainly integral to the financial system, but Blum also argues that government intervention is necessary, that the benefits outweigh the cost of using taxpayer money to purchase mortage-related securities. Read More
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Obama vs. History
September 16th, 2008Lee Blum hones in on Obama's vision of America in the world--and how its contradiction with the majority of Americans' worldview has put the presidential candidate in a tough spot. Read More
In Defense of Subprime
September 1st, 2008Both Sen. Obama and Sen. McCain have attacked everybody from hedge fund managers to oil companies for the doldrums that our economy is in. The root of all evil, as many would have us believe, is the subprime mortgage market and predatory lenders. Yet I believe subprime is an instrument of financial innovation that is useful. Read More
Obama…Citizen of the World or President?
July 26th, 2008Barack Obama’s whirlwind tour of the world gave me the same feelings I experienced after viewing The Dark Night. The movie left me entertained, intrigued and somewhat curious. But as I got in to my car I realized that nothing in the world or my life had changed other than the fact that I just spent $30 on a trip to the movies. Oddly enough these emotions were the same ones I had after listening to Sen. Obama speak in Berlin, Germany (except it did not cost me $30). It was enjoyable to listen to and provided some good Kodak moments, but nothing in the world changed as a result. Read More
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All Hail the Supreme Court!
June 26th, 2008The Supreme Court of the United States recently reached a decision in Boumediene v. Bush that we will all come to regret. The Court ruled that detainees held at Guantanamo Bay, and any enemy combatants that the U.S. captures, have the right to a habeas corpus appeal in U.S. civil courts. This decision has been praised as a victory for civil liberties and as a rebuke of the Bush administration’s handling of the war on terror. Read More
Girls, Guns and Government
April 29th, 2008Whatever your opinion about the war in Iraq is, it is obvious that U.S. soldiers have performed every duty given to them. Now they might be unfairly punished. No, I’m not talking about more allegations of inadequate equipment. I am talking about good old American pornography. Republican Congressman Paul Broun, who represents Georgia’s 10th district, is reportedly drafting a bill that would prohibit the sale of Penthouse and Playboy on military bases. Read More
Main Street vs. Wall Street: No Such Thing
April 12th, 2008Congress was on a roll this week. On April 1st the House Select Committee on Energy Independence and Global Warming heard testimony from top oil company executives concerning tax incentives for oil companies. On April 3rd, financial industry regulators were called upon by the Senate Banking Committee to justify the Bear Stearns rescue. It is true that Congress has oversight power, but did Congress gain anything from telling oil executives for the zillionth time that profits and oil are bad? Or did Congress help to stabilize markets by hearing apocalyptic stories about what a Bear Stearns failure could cause? The U.S. Read More
Obama and Clinton Flunk Econ 101
March 3rd, 2008This week’s Democratic primaries in Ohio and Texas may decide who the Democratic nominee for President will be. Obama and Clinton have recently been debating who can most effectively destroy the economy-- Read More
It’s All About the Benjamins for Uncle Sam
February 29th, 2008The 2008 presidential campaigns have been filled with promises and ideas, some good, some bad. Hillary Clinton and Barack Obama want to implement government programs to achieve universal healthcare, a noble cause. John McCain wants to keep troops in Iraq for an indefinite amount of time, which may be a necessity. Yet there is one thing that all of these candidates are neglecting, the federal budget deficit. For the 2007 fiscal year the federal budget deficit totaled $163 billion or 1.2% of GDP, according the Congressional Budget Office (CBO). The lofty promises of our presidential candidates can severely hurt the U.S. economy if they are not properly funded, or eliminated all together. Read More
Don’t Believe the Hype
February 16th, 2008Voter breakdowns and exit polls have been conducted ad nauseam this election season. Yet it has become more apparent that this election is about the character and personality of a given candidate, rather than their position on the issues. Everybody is caught up in the politics and polls. Of course these are important, but the policy proposals of the various candidates are what really matters. Read More