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    U.S. Tax Code, Bernie Madoff Style

    From Monday’s Wall Street Journal:  If you thought Bernard Madoff’s Ponzi scheme was bad, wait until you hear about the inverted pyramid scheme the federal government is working on. While Mr. Madoff preyed on people who trusted him with their money, the federal government has everyone’s money, and the implications … More

    Death By DMV

    One of today’s great Chicago architects likes to critique buildings by asking: “If this is the answer, what was the question?” It cuts to the chase. Imagine standing before this…thing and applying the above critique. The question becomes: “Can you build me a poorly lit maximum-security prison tower to live … More

    Morning Bell: The G20 Threat to Economic Recovery

    The official G-20 talks that President Barack Obama is in London for today do not begin until tomorrow. But outlines of the deal President Obama and other world leaders will agree to have been noticeable for weeks … and it is not good news for the American people. From the beginning, the … More

    The Unregulated Bailing Out the Regulated

    Great observation by Michael Barone on Treasury Secretary Timothy Geithner’s latest bank bailout plan: Democrats like Barack Obama and Barney Frank, at least on the campaign trail or in sound bites, have portrayed the financial crisis as the product of deregulation. The solution, they say, is more regulation. … My … More

    Regulators, Risk and Roubini

    Via Greg Mankiw, Bentley University professor Scott Sumner writes on efficient-markets hypothesis (EMH): So the anti-EMH argument for regulation must be based on the following: bankers are irrational and make lots of foolish loans. Regulators are rational and can see that these loans are too risky, and can protect bankers … More

    Moral Hazards are Not Something to Toy With

    The recently enforced Consumer Products Safety Improvement Act created many unintended consequences for toy manufacturers and oddly enough, even for your local library, but most of which, blinded parents’ sense of caution when it comes to buying toys for their children. This regulation, which went into effect on February 10, … More

    Morning Bell: You, Too, Can Help 'Save' Millions of Jobs

    In his weekly radio address, President-elect Barack Obama promised a national “Economic Recovery Plan that will mean 2.5 million more jobs by January of 2011.” One might think that would mean Obama had promised to create 2.5 million new jobs. But as the New York Times, Washington Post, Associated Press … More

    Clean, Safe Energy - and lots of it!

    Earlier this week, The Heritage Foundation hosted Veteran journalist William Tucker, who recently released his book, “Terrestrial Energy: How Nuclear Power Will Lead the Green Revolution and End America’s Energy Odyssey.” The event is available for viewing here. Windmills, solar collectors and geothermal plants can make a small contribution at the … More

    Did Over-Regulation Cause the Market Meltdown?

    This week “60 Minutes” highlighted an obscure statute that some say is at the root of the recent market meltdown: the Commodity Futures Modernization Act of 2000. The CFMA exempted certain derivatives from existing state and federal regulation. But “60 Minutes” failed to ask the most interesting question: Why was … More

    Morning Bell: An Offer We Can Refuse

    Barack Obama’s energy adviser Jason Grumet told Bloomberg last week that an Obama administration would not “insert political judgments to interrupt the recommendations of the scientific efforts.” His promise was made in reference to the Environmental Protection Agency’s impending decision on whether or not to regulate greenhouse gas emissions under … More