September 2007
4 posts
Qualifications: Setting the Record Straight
1. Clarence Thomas and Anita Hill Supreme Court Justice Clarence Thomas, in a new autobiography, labels Anita Hill his “most traitorous adversary,” once again denying the sexual harassment claims she made against him at his Supreme Court confirmation hearing, and calling her a mediocre but ambitious lawyer. If Thomas wants to dredge up his past in an autobiography for which he reportedly got a...
Who Gets Hurt When the Dollar Slides
The dollar is now at a record low against the Euro, down more than 20 percent from its peak in 2002, down so low it’s about equal to a Canadian dollar. What difference does all this make? Roman holidays may be more costly, but how many of us are going to Rome? Canada is pricier but … so what? The biggest burden isn’t on American tourists. It’s on American consumers. Put simply: When the...
The Way to Prevent the Looming Recession
With the economy heading for recession, all eyes are on Ben Bernanke and the Fed, and the question everyone is asking is how much the Fed will cut short-term interest rates to stimulate the economy. But a Fed rate cut won’t stimulate the economy. That’s because lending institutions, fearing their portfolios are far riskier than they assumed several months ago, won’t lend lots...
Moral Hazard
One day while sitting on a beach last summer I overheard a father tussle with his young son about whether the child was old enough to take out a small sailboat. The father finally relented. “Go ahead, but I’m not gonna save you,” he said, picking up his newspaper. A while later, the sailboat tipped over and the child began yelling for help, but father didn’t budge. When the kid sounded...
