Category Archives: Business

Business, Economics, Media Criticism, Political Commentary

The Miners Were Saved

17 Comments

…by capitalism:

Getting a nation’s economics right is more important than at any time since the end of World War II. Chile, Colombia, Peru and Brazil are pulling away from the rest of their hapless South American neighbors. China, India and others are simply copying or buying the West’s accomplishments.

The U.S. has a government led by a mindset obsessed with 250K-a-year “millionaires” and given to mocking “our blind faith in the market.” In a fast-moving world filled with nations intent on catching up with or passing us, this policy path is a waste of time.

There’s something you’re not going to hear the president say.

[Update a few minutes later]

This seems related somehow. Obama is worse than Carter:

“For the last couple of years, President Obama keeps claiming that the recession was the worst economy since the Great Depression. But this is not correct. This is the worst ‘recovery’ since the Great Depression.” The extended stagnation, high unemployment, and the troubling potential for a double dip recession is starting to look more like the Depression itself now.

But the indictment of Obamanomics goes beyond the actual performance so far. Even worse is that the economic policies have been so illogical, so transparently doomed to failure, and so threatening to America’s future.

And he’ll continue them as long as we let him. We can start to fix it in nineteen days. Read the whole thing. I agree with all of it, except the “President Newt Gingrich” part.

[Update a while later]

Comparing two recoveries:


This is why those saying that Obama’s OK, because Reagan’s approval was bad at this point, are whistling in the dark.

Business, Political Commentary, Space

The End Of The Space Race

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…happened forty-three years ago today. In an excerpt from the book I’m working on:

…sadly for the enthusiasts, as already noted, it wasn’t really about space. As even the supposedly visionary Kennedy told his NASA administrator, James Webb, a few months before his assassination in 1963, “I don’t care that much about space.” It was about national prestige, not space per se – space was just the venue in which the competition was to be fought. Had Kennedy not been assassinated, it’s not clear that the Apollo program would have continued, or at least no more than it was under Lyndon Johnson who, under pressure from the Congress with the rising costs in blood and treasure from Vietnam, and the Great Society (and riots in Newark, Watts and Detroit, and other inner cities), actually ordered the end of production of new hardware in 1967, two years before the first landing. In fact, it was likely only the perceived martyrdom of the president who started the program that allowed it to go on as long as it did.

Beyond that, the space race was viewed as so expensive that many in the government (particularly those of a socialistic bent in the State Department) wanted to end it permanently, and in a sense they did, by signing and ratifying the Outer Space Treaty in 1967, which banned claims of national sovereignty off planet. Absent claims of national sovereignty, private off-planet property claims became, if not impossible, problematic. This had the intended effect of significantly reducing the incentive for nations to race to other worlds, including the moon. It also dramatically reduced the incentive for private enterprise to invest its own resources in doing so, even if there were some way of getting a return on the investment, by creating uncertainty in the legality of extraterrestrial property and real estate.

Alan Wasser is trying to do something about that. This is the sort of thing a Congress truly interested in conservative space policy would do, instead of keeping the pork flowing.

Business, Space

First Free Flight

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Virgin Galactic has released video. Interesting that they’re using a skid on the nose instead of a wheel. Makes sense from a weight standpoint, and it’s easy to refurbish or replace between flights if necessary.

[Late morning update]

I suspect that Sir Richard is exaggerating. Given all the other hype, one would think that if they were having successful engine tests, they’d invite the press for one or two.

Business, Economics, Political Commentary

The Latest Government-Caused Crisis

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The Obama administration knew about the foreclosure irregularities?

it appears that the Obama administration chose to tolerate the irregularities that now threaten the housing market and the financial industry because it preferred that banks use their limited resources to focus on giving breaks to folks who couldn’t pay their mortgages, rather than on handling foreclosures properly.

I don’t know whether the irregularities in question justify an extended moratorium on foreclosures. But if they do — or even if they don’t, and we still end up with such a moratorium — then it looks like the Obama administration will bear considerable blame for the consequences.

This is the same economically ignorant mentality that was displayed yesterday on Fox News Sunday by Debbie Wasserman-Schultz, when she said that the highest priority was to “keep people in their homes.”

So the government creates the crisis by encouraging people to buy homes they couldn’t afford, and now it’s perpetuating it by insisting on keeping them in them, instead of allowing the market to finally clear. The country’s in the very best of hands.