Modern American economics, dominated by conservative thought for almost 40 years now, rewards the use of capital markets as wealth engines rather than facilitators. And we the people reward home owners for consumer spending funded by home equity. In isolation, those concepts are not terrible dangerous. In real world application, those concepts give incentives for risk-taking which has only one natural consequence. Thus, we call those incentives perverse, and in the world of information, we have similar incentives.
Lebron James wasn’t the most important story today, in the news or sports. That ridiculous whining owner of the Cavs wasn’t the story either, or the font he wrote his boohoos in. As I prepared to write this article, I came across the names of two foolish and unfortunate young boys killed yesterday in a town just up the road from where I live. They, apparently, thought that trains were like the movies, if you laid still on the track, the trains would pass over you. On this day of earth-shattering NBA news, a relative of one of the boys was being told of his fate; he was being told in Afghanistan. I don’t imagine that my town is unique in having a personal story larger than Lebron.
Early in the Clinton years, Rush Limbaugh began building his reputation as a kind of Lone Ranger in the wilderness, proclaiming the truth while battling the forces of a one-sided national media elite. Towards the end of the Clinton years, and at the outset of the Lewinsky Affair, Hillary Clinton went forth with a description […]
The rational middle is the area occupied by most Americans in the absence of cable news and talk radio of any persuasion. It is my contention that the solutions to most of our problems, and the strategies that allow us to exploit most of our opportunities live in the middle. I will try to avoid […]