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In Defense of Subprime
September 1, 2008 - 10:27pmBoth 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.
Obama…Citizen of the World or President?
July 26, 2008 - 11:04pmBarack 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.
All Hail the Supreme Court!
June 26, 2008 - 2:11amThe 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.
Girls, Guns and Government
April 29, 2008 - 12:14amWhatever 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.
Main Street vs. Wall Street: No Such Thing
April 12, 2008 - 11:24pmCongress 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?
Obama and Clinton Flunk Econ 101
March 3, 2008 - 10:31amThis 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--
It’s All About the Benjamins for Uncle Sam
February 29, 2008 - 12:49amThe 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.
Don’t Believe the Hype
February 16, 2008 - 11:37pmVoter 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.
Watching the Market Evolve
January 28, 2008 - 10:41amThe weakened economy is now playing center stage. The subprime mortgage meltdown has everybody up in arms against the greed of corporate America. The fact of the matter is that while it is a serious problem and people are losing their homes, this cannot deter financial risk-taking and innovation. Yes, some people were hurt and they need to be helped.
Friendly Big Business
January 22, 2008 - 6:14pmTalk of recession is in the air and the issue that now concerns voters the most is the economy. Many in the lower and middle classes understandably feel uneasy about the market. Unemployment has reached 5 percent, oil prices are consistently near $100 a barrel, and the stock market has experienced one of the worst Januarys ever.