John A. Parnell, Ph.D.
Commenting Tuesday (February 5) on the Toyota gas pedal situation, Transportation Secretary Ray LaHood used an interesting choice of words: “We’re not finished with Toyota…” Herein lies the heart of the matter. We are familiar with the problems Toyota is having. The company is struggling to replace defective gas pedals on several of its models […]
Read MoreWe can learn a lot about the cycle of socialism by watching Venezuelan President Hugo Chavez. To be clear, Chavez is not a well-intentioned, misguided socialist. He seeks the power, world attention, and hemispheric domination we associate with tyrannical forms of government. Chavez assumed the presidency in 1998 on a platform of radical change designed […]
Read MoreIn a 2003 ruling, Supreme Court Justice Sandra Day O’Connor suggested that using race as a factor in college admissions decisions might make sense only for a limited period of time. Now retired, O’Connor just published an essay with Cornell Law School Dean Stewart J. Schwab on the prospects for revisiting the need for race-conscious […]
Read MoreIn a completely market driven economy, interest rates—like all other prices—are determined by supply and demand. The Fed largely determines interest rates in the U.S., however, and for this we pay a heavy price. Earlier this month, even Fed Chairman Ben Bernanke himself acknowledged that the Fed’s “easy money” policy during the early 2000s contributed […]
Read MoreI hope you enjoyed the Christmas season, but let’s face it—2009 has been a tough year. The economy is in the tank, unemployment hovers around 10%, the national debt has spiraled out of control, and we are one big step closer to socialized medicine. What will 2010 bring? Here are a few things I anticipate: 1. IMMIGRATION […]
Read MoreAmnesty is back. Rep. Luis Gutierrez has introduced a bill in the House that would ultimately provide citizenship for illegals who pay a $500 fine, learn English, and pass a background check, referring to such a plan as a “moral obligation.” Some of the unanswered questions are obvious: Will illegals who cannot pay the $500 […]
Read MoreEconomic ignorance is commonplace. Here are 3 examples from the past few days: 1. I don’t know if a second stimulus will work, but I’m glad Obama is doing something. 2. We’ll never get our economy back on track if the rich don’t pay more taxes. 3. [The economics of] healthcare is too complicated for […]
Read MoreBen Bernanke is currently fighting for Senate reconfirmation as Chairman of the Federal Reserve. Bernanke has presided over a more expansionary and intrusive Fed than our country has ever seen. His agency’s rabid expansion of the money supply will trigger price inflation over the long term, and the Fed’s current near-zero interest rate is sending […]
Read MoreThe ongoing debate on the so-called “jobless recovery” is intensifying. The Obama line is that his aggressive (massive) spending “saved the economy from the brink” and current stagnation is part of a long term problem created by Bush ineptness. Finishing the job requires more government intervention and debt, as the free market is simply unable to do the job without government […]
Read MoreYou know things are bad when the Chinese lecture you about free market economics. Recall the laughter Geithner received from Chinese students five months ago when he assured them that their dollar-based assets were secure. Well, the following appeared in this morning’s Wall Street Journal: Liu Mingkang, chairman of the China Banking Regulatory Commission, said […]
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