Commentaire

January 30, 2004 -- After experiencing the visual splendor of the Grand Canyon, campers, hikers and tourists will now encounter intellectual squalor in, of all places, the souvenir shops at the Canyon rim. Those stores now carry a Biblical creationist book entitled “Grand Canyon: A Different View,” which maintains that this great natural wonder was gouged out by Noah’s flood a few thousand years ago, contrary to all scientific evidence that shows it was formed millions of years ago by the erosive force of the Colorado River.

9 juin 2011

|

Edward Hudgins

October 12, 2008 -- Important truths about human nature and morality have been on display in the 2008 presidential campaign. Voters are angry as they watch the stock market and their retirement accounts collapse. They are angry as they see CEOs of collapsed financial institutions walking away with huge compensation packages, seeming rewards for their failures. And they are angry at Congress and the Bush administration further rewarding them with a $700 billion bailout.

Jun 8, 2011

|

Edward Hudgins

June 2, 2011 -- Oral arguments in the back-dated options case of Greg Reyes (pictured below) were conducted on May 10 and can now be heard on-line— here . To recall the facts of the case: During part of the time when Greg Reyes was CEO of Brocade, the company’s SEC filings failed to follow a commission rule in accounting for options issued to employees. (The rule is known as APB 25, and I have explained elsewhere why it is utterly absurd .) But Reyes was not charged merely with violating the SEC’s technical accounting and bookkeeping regulations. He was prosecuted for committing a criminal fraud. The prosecutors’ argument was that Reyes had purposely violated the APB 25 accounting regulation in order to avoid treating employee stock options as an expense, thereby inflating Brocade’s apparent earnings and deceiving investors about the worth of the company’s stock, which of course he held.

Jun 2, 2011

|

February 11, 2009 - The press has made much of the announced closing of the military detention camp at Guantanamo Bay, Cuba. But what about the rest of the island, still ruled by the Castro regime that has ground the nation of 11 million beneath its boot heels for 50 years now? Why do the Cuban people suffer so? The short answer is: they suffer because they live under a communist regime that has largely outlawed free enterprise, not to mention the free movement of people and the freedoms of speech, assembly, and the press.

1er juin 2011

|

February 2, 2009 – One of the things economists across the political spectrum agree on is that protectionism is bad. It is clearly bad for foreign companies being excluded from domestic markets, but it is also bad for domestic companies using foreign inputs, and bad too for domestic consumers who must pay more for goods and services. Bad for everyone, in short, except the specific domestic industries targeted for special privileges. Oh, and the politicians who cater to those industries and can expect votes and contributions in return.

1er juin 2011

|

March 6, 2009 - There is little good news for free market enthusiasts in President Obama’s first budget, unveiled last week. One of the exceptions is his proposal to rein in farm subsidies by cutting off one type of payment to farms with sales over $500,000 per year. The President actually deserves some credit for following through on this laudable campaign promise, and I certainly hope he succeeds in facing down the opposition.

1er juin 2011

|

August 28, 2009--A few days before the Car Allowance Rebate System (CARS), better known as the “Cash for Clunkers” program, was brought to an end on Monday, August 24, President Obama said that it had been “ successful beyond anyone’s imagination .” With rebates of either $3,500 or $4,500 up for grabs, approximately 700,000 gas guzzlers were traded in for more fuel-efficient models. While there has been some noise about the U.S. Department of Transportation being slow to reimburse car dealers, and some protectionists complaining about purchases of foreign vehicles, supporters are nonetheless hailing the program’s results as a boon for the environment and for the economy.

1er juin 2011

|

February 1, 2001 -- One consequence of the U. S. defense of Western Europe during the Cold War was that it made possible an unprecedented level of peaceful cooperation among West European nations. That cooperation has now culminated in the creation of the European Union (EU), a quasi-federal system that is in some ways like America's. Many of the Union's goals have been laudable: the elimination of protective tariffs between member states; the imposition of substantial budgetary-deficit- and national-debt restrictions in anticipation of monetary union; and monetary union itself, with its increased ease of price comparisons throughout Europe and the imposition of "Greenspanesque" monetary discipline on historically inflationary countries. We are even beginning to see movement toward Europe's assuming responsibility for its own military defense, which would reduce the burden borne by American taxpayers.

1er juin 2011

|

December 20, 2002 -- "Drop the candy cane, step away from the punch bowl." Is that the order we’ll hear some day from armed food cops trying to prevent us from committing holiday health crimes against ourselves? Before you emit a "Ho ho ho" of derision, take a sip of your eggnog (360 calories per cup) and consider the ghost of Christmas future that might haunt us if we’re not careful. Here’s how the criminalization of Christmas goodies might come about. The first contributing element is the "war on fat." Some groups and agencies claim that 65 percent of Americans are overweight and 30 percent are obese. While many Americans do have serious weight problems, by the questionable standard used to generate these stats, athletes like Barry Bonds and Michael Jordan should go on diets. It’s also alleged that 300,000 die each year from weight-related problems. Never mind that the New England Journal of Medicine stated, "that figure is by no means well established. Not only is it derived from weak or incomplete data, but it is also called into question by the methodologic difficulties."

1er juin 2011

|

Edward Hudgins

April 1, 2003 -- The United States stands at a time of unparalleled military opportunity and danger. There is opportunity because the U.S. military substantially outclasses every other military force in its technology and its reach. The United States rivals the rest of the world in defense spending, yet the defense budget continues to consume little more than 3 percent of total U.S. annual income. America has great power without suffering great strains for it.

31 mai 2011

|

May 2, 2009 — The NBA playoffs are underway, and for a Boston Celtics fan like myself, it has been an exciting first-round matchup against the Chicago Bulls. As I write this, the Bulls have pushed the defending champs to a deciding seventh game in a series that has already seen an unprecedented four of the first six games go to overtime. In Game 6, which was only decided in triple overtime, the Celtics’ Ray Allen scored 51 points, including a playoff record-tying nine hree-pointers. Despite his hot hand, the Celtics lost by a single point.

31 mai 2011

|

May 20, 2009—I have been meaning to write about the plight of women around the world since reading Khaled Hosseini’s A Thousand Splendid Suns a couple of months ago. In that powerful novel, we follow the lives of two Afghan women who struggle to survive through the 1979 Soviet invasion, the subsequent civil war, and finally the rule of the Taliban. The novel makes one feel, viscerally, the injustice that permeates societies in which women are not recognized as full human beings with inalienable rights. Why are women still treated like chattel in so many parts of the world? Even in the most advanced, most civilized nations on the planet, where women actually often get preferential treatment, are there some respects in which the liberation of women remains an unfinished revolution?

31 mai 2011

|

Originally published in The Australian on February 3, 2003. For the second time in 17 years we watched in horror as a space shuttle blew up, killing its heroic crew. Our shock will be followed by mourning and then questioning of the future of the US space program and man's future in space. But as we mourn, it's important to put this tragedy in perspective.

31 mai 2011

|

Edward Hudgins

June 4, 2009--“Neither a borrower, nor a lender be,” Polonius cautions his son Laertes in Act I of Shakespeare’s Hamlet. “For loan oft loses both itself and friend,” he explains, “And borrowing dulls the edge of husbandry.” Does Shakespeare mean for us to understand that no one should ever lend or borrow money? Surely, this is too timid by half, but the ongoing financial crisis does demonstrate that the business of credit and debt is a risky one. Many people borrowed more than they could repay, and many lent too carelessly. Overall savings rates have plummeted, too. The savings rate in America, for instance, has hovered in the 0-3 percent range for over a decade. As the recession deepens and American icon General Motors files for bankruptcy restructuring this week, it is worth reflecting again upon how we got to this point. Why, exactly, did so many of us throw caution to the wind in recent years?

31 mai 2011

|

June 12, 2009 -- Let me begin by congratulating you, the Class of 2009, on this, the day of your graduation. There were struggles along the way, but you persevered and overcame them. You made it! Today is your day to celebrate. Looking ahead, though, you might be forgiven for thinking that the future looks rather grim. The worst global recession in decades drags on month after month. Wars rage in the Middle East with no stable peace in sight. Nuclear weapons seem destined to fall into hands that should by all rights never possess them. And the planet itself, you are told repeatedly, has just about had it with the human race and its hubris. Today may be a day for celebration, but looking ahead, do you, the class of 2009, have any reasons to feel hopeful?

31 mai 2011

|

October 3, 2009 – Hypocrisy has never been very inspiring. Anti-tobacco admonishments from parents who smoke always ring a little hollow, as does the promotion of public education by politicians who entrust their own progeny to private schools. Increasingly, U.S. President Barack Obama’s enunciated support for free and open trade is sounding a little disingenuous, too. As The Economist pointed out last week , when the President speaks, he sounds like a free trader, promising to refrain from raising trade barriers and saying he is committed to expanded trade. But his actions do not follow his words. In his first few weeks on the job, he opted not to veto the notorious “Buy American” provisions woven into the gargantuan stimulus bill. He then failed to act when Congress put the kibosh on a project to open the border to Mexican trucks , as was supposed to happen under NAFTA. Most recently, President Obama decided a couple of weeks ago to show just how much he promotes international cooperation by slapping a 35% tariff on imported Chinese tires. “Us” versus “Them”

31 mai 2011

|

February 25, 2009 - Here’s a question: How do you decide what to think about a controversial issue? Must you become an expert on the issue? Must you devote thousands upon thousands of hours to poring over the evidence, checking and rechecking every fact through firsthand research and experimentation? Clearly, this is impossible even for an expert, who must accept a whole slew of facts as given. And just as clearly, an expert is an expert in only one area. What about all of the other controversies? One option is merely to refrain from deciding. Sometimes this is perfectly feasible. But in the case of the purported link between childhood vaccines and autism, which was recently in the news again, sitting on the fence is not an option. At least for parents of young children, it is of the utmost importance to decide whether or not to vaccinate. Indeed, it is quite literally a matter of life and death. Vaccines prevent serious illnesses and save lives. But do they also cause autism?

31 mai 2011

|

November 10, 2009—President Barack Obama marked the one-year anniversary of his election last week by delivering a talk at James C. Wright Middle School in Madison, Wisconsin . After patting himself on the back for all the good he thinks his administration has done so far, he focused in on the main topic of his speech: reforming education in America. It’s still too early to say for sure, but this might just be one of those rare cases in which this President matches his seemingly good intentions with actual good results.

31 mai 2011

|

May 28, 2009 — First, they came for the banks, and a few people spoke out, but nobody listened because banking is mysterious and people hate banks. Then they came for the car companies, and again, a few people spoke out, but still nobody listened because there were so many well-paying jobs at risk. Now, they’re coming for the newspapers. But if they get those, will there be anybody left to speak out when they come for you? Of course, governments have been messing with banks forever. They supported fractional reserve banking, giving birth to the so-called “business cycle” of booms and busts. They created central banks like the Federal Reserve, loosing inflationary policies upon their populaces and making possible a Great Depression unlike any the world had seen. And they abandoned the gold standard, severing one of the final tethers that had kept monetary policies tied to economic reality. The quasi-nationalization of the financial industry is only the most recent intervention, needed to stave off the unintended consequences of previous interventions.

31 mai 2011

|

April 3, 2009 -- I nearly fell off my chair when I read that President Barack Obama had fired the CEO of General Motors, Rick Wagoner, last weekend. Granted, his dismissal was just a condition of continued government assistance to the troubled carmaker. GM could have walked way from the deal and retained its independence. Still, the move does set a disturbing precedent. Now, one might ask, why wouldn’t government money come with strings attached? Recipients of taxpayer funds should be held accountable for spending those funds wisely, shouldn’t they? And who better to hold them accountable than taxpayers’ representatives in government, who doled out this largesse in the first place?

31 mai 2011

|