The White House on Tuesday announced “final plans” to reduce “unreasonable” regulations that hinder economic growth and job creation. That President Obama even acknowledges there are costly consequences to government dictates is progress of sorts, and any reduction in red tape is most welcome. But the anticipated savings from the proposed reforms are swamped by the torrent of new regulatory burdens unleashed by this Administration. Regulatory officials estimate that the proposed changes, if enacted, could save businesses more than $2 billion a year. Many involve streamlining reporting procedures, while others …
Harvard University professor Niall Ferguson writes in the New York Times: Human beings are as good at devising ex post facto explanations for big disasters as they are bad at anticipating those disasters. It is indeed impressive how rapidly the economists who failed to predict this crisis — or predicted the wrong crisis (a dollar crash) — have been able to produce such a satisfying story about its origins. Yes, it was all the fault of deregulation. There are just three problems with this story. First, deregulation began quite a …
For the next few days, weeks and probably years, we’re going to hear a lot about what caused the financial crisis and led to a $700 bailout. And we’ve already heard presidential nominees, Members of Congress and political analysts blame free markets and deregulatory policies over the past 8 years. Using free markets and deregulation as scapegoats couldn’t be farther from the truth. Let’s see why. Here’s Sebastian Mallaby’s take: Financiers did create those piles of debt, and they certainly deserve some blame for today’s crisis. But was the financiers’ …
If you thought passage of last week’s $700 billion Wall Street bailout meant Congress would get out of Washington, you’re not that lucky. Determined to pin the credit crunch on free markets, Chairman Henry Waxman (D-CA) has announced a whole month’s worth of hearings in the House Oversight and Government Reform on the “financial meltdown.” For Waxman and his fellow travelers on the left, the past two weeks mark the collapse of capitalism due to deregulation. Nothing could be further from the truth. First of all, by every quantifiable measure, …
Here’s a preview of the week ahead in Washington. [youtube]http://youtube.com/watch?v=JzXN6A6LYOM[/youtube] Late last year, the House passed by a large margin a bill that allows federal recognition of “Native Hawaiians” as a distinct group, and Senate Majority Leader Harry Reid has promised some floor time this year. This legislation would establish a governing body to represent Native Hawaiians in negotiations with the federal and state governments. All Americans should be treated equally; different ethnic groups shouldn’t get special treatment. Heritage will be hosting an event, “Green Gone Wild: Elevating Nature above …
