TCS Daily : March 2009 Archives


With little fanfare—in fact, it was kept quiet for many weeks—President Barack Obama discreetly returned a bust of Winston Churchill to the British government soon after his inauguration. During his predecessor's administration, the statue rested in an honored plac Read More

A 'Truly Breathtaking' Departure

Team Obama fired GM CEO Rick Wagoner Sunday afternoon, just a short time after Treasury man Tim Geithner told the television talk shows that some banks will need large amounts of new TARP-money government assistance — even though the bankers... Read More

The Limitations of Economics - Part 2

Continued from Part 1... Neither economics nor any of the other "social sciences" have achieved anything that even begins to compare with the undeniable triumphs of the "hard sciences". But then the social sciences can't be expected to have the... Read More

The Limitations of Economics - Part 1

Not so very long ago we often heard this: "The business cycle has been repealed." Economics, it was suggested, was such a complete, mature science that the experts could engineer "soft landings," sparing us the pain of recession and the... Read More

Political Dangers Ahead

Many of my friends are worried about their future and that of our nation. This is surely understandable. Jobs are insecure, retirement funds are dissipating, and our governments are poised to become significantly more intrusive and constraining. As a result... Read More

It's Not the Economy, Stupid

Despite the occasional Krugman, most economists are scratching their heads. What is the Obama Administration doing? It just doesn't make economic sense. First, we get this stimulus bill, which amounts to an unprecedented wealth transfer. Now, coming down the pike,. Read More

The AIG Outrage

This whole AIG fiasco — where the entire political class is suddenly screaming over bonuses paid to derivative traders in AIG's financial-products division — is just a complete farce. What it really shows is how the government has completely bungled... Read More

Workers of the World

Change is here, and people are responding. Bank of America just responded to the decision by Congress to limit hiring of foreign skilled workers under the H-1B program, and did so by canceling contracts to hire a batch of foreign-born... Read More

Dark Days Ahead for "Big Pharma" -- and You

When all three branches of the federal government target an industry, you know it's in big trouble. The hapless companies under the gun are our pharmaceutical manufacturers, but we will all be victims in this crusade. The Obama administration has... Read More

A Yield-Curve Rally on Wall Street

The upward-sloped yield curve has come to Wall Street for a real bailout of the big banks.Today, Citigroup CEO Vikram Pandit told Bloomberg that the bank has turned profitable with its best numbers since 2007. This echoes what BofA CEO... Read More

Will Barack Obama Be a One-Term President?

It may be in bad taste to ask this question now, when Mr. Obama is basking in the glow of the honeymoon with the public every new president enjoys. What prompts it is the recently released federal budget. According to... Read More

Avoiding Conflict of Interest, or Conflicting Ideas?

In order to avoid conflicts of interest, President Obama promised repeatedly that he would not appoint lobbyists to positions in his administration, and one of his first actions in office was to issue an executive order forbidding executive branch employees... Read More

Carbon Caps Amidst the Crisis

President Obama, promising to go forward with cap and trade carbon controls, may be dooming any eagerly awaited recovery. Watching recent behavior of the major stock indexes and the absence of improvement in transportation and housing suggests slim chances for... Read More

Government Announcements Lead to Falling Stocks

Stocks plunged again today, following the latest episode in the Treasury bailout of insurance company AIG. The Dow closed down about 300 points. There's a pattern here. Stocks fell last Friday following the latest bailout chapter for Citigroup. And stocks... Read More

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