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OpenMarket: March 2009

  • "Robbery of the American People"

    March 31, 2009
    "Nobel Prize-winning liberal economist Joseph Stiglitz points out that the Treasury Secretary Tim Geithner's plan to have the government subsidize investments in 'toxic assets' creates a serious moral hazard: Private investors will pocket any gains, while the federal government promises to cover virtually all potential losses: 'Quite frankly, this amounts to robbery of the American people.'" It's the London Telegraph that's reporting this, though. U.S. newspapers are too busy running puff pieces about Barack and Michelle Obama -- and describing critics of Obama's $800 billion stimulus package, which the Congressional Budget Office admits will...
  • Verizon, AT&T See the Regulation Writing On The Wall

    March 31, 2009
    AT&T and Verizon are indicating that there is a chance that they will not seek funds from the broadband stimulus portion of the American Recovery Act. Verizon Executive VP Thomas Tauke has stated that, "We don't have any plans to apply; we also have not made a decision not to apply." Similarly, AT&T Senior Executive VP told reporters that, "We do not have our hand out seeking government funds."  But, "[AT&T is] open to considering things that might help the economy and might help our customers at the same time." This reluctance to accept government funding shows that major ISPs realize that acceptance of stimulus funds puts them squarely under the FCC Network Neutrality principles.   These principles could bleed into the other networks—such as Verizon's FiOS TV...
  • AIG Chief Loves Vicious Left-Wing Terrorist?

    March 31, 2009
    AIG Financial Products CEO Gerry Pasciucco wears a T-shirt emblazoned with the face of Che Guevara -- the Cuban "revolutionary" and henchman of Fidel Castro who tortured children and called himself "Stalin II" (after Joseph Stalin, the Soviet dictator who tortured, murdered and starved to death more than 20 million people). Maybe it reflects his ideological leanings. Pasciucco has given a lot of money to liberal politicians -- $2300 to Obama, $2000 to Chris Dodd, Connecticut's ethically-challenged senior senator, $1000 to the Democratic...
  • The EEOC: "The Fox Guarding the Henhouse"

    March 31, 2009
    "The Equal Employment Opportunity Commission, responsible for ensuring that the nation's workers are treated fairly, has itself willfully violated the Fair Labor Standards Act on a nationwide basis with its own employees, an arbitrator has ruled." The EEOC has a much worse record of labor and civil-rights violations than most corporations and agencies with a similar-size workforce. The EEOC was found guilty of systematic, illegal, reverse discrimination (discrimination against white males) in Jurgens v. Thomas, 29 Fair Empl. Prac. Cas. (BNA) 1561, 1982 WL 409 (N.D.Tex.1982). When he was head of the EEOC, Clarence Thomas tried but apparently...
  • Capitalist-David rally versus Goliath-protests for Socialism

    March 31, 2009
    During the G20 summit something like 40,000 plus protesters slated to descend upon London. Of that number, there is a small but growing and prodigiously brave group of idealists planning to throw their message and bodies into the breach. They are not there to demand government action against climate change, stricter business regulations, nor are they requesting money for the poor, hungry, or infirm. Their message is simple, but profound: Get out of our way. This small band, comprised mostly of university students and recent graduates wants only to communicate the message to the world that capitalism is not to blame for the current economic crisis. In fact, they want people to...
  • Organic Pesticides Fail EU Safety Review

    March 30, 2009
    Ask people who buy organic food what they like about it, and chances are, most will say "they're grown without pesticides." That's not actually true. But, the EU may be forcing the hype to become a reality.
  • Billions More for Failed Bailouts

    March 30, 2009
    Ironically, by getting rid of General Motors CEO Rick Wagoner, the Obama Administration has made it even harder for it to demand the painful changes needed to make the company competitive -- meaning that the billions of additional dollars the Administration plans to dump on GM will likely be wasted (the way that England's attempt to bail out its automakers failed, wasting billions). As Mickey Kaus notes,
    "After visibly defenestrating GM CEO Rick Wagoner,...
  • Cap-and-trade and carbon tariffs -- the economic downside

    March 30, 2009
    Today the lead editorial in the Wall Street Journal takes a hard look at some of the negative economic consequences of touted cap-and-trade programs to reduce CO2 emissions and the possibility of carbon tariffs to protect U.S. businesses.  Not only would such programs cost "heavy-industry" jobs already suffering in the global recession but also could lead to trade wars as developing countries retaliate:
    So in addition to all the other economic harm, a cap-and-trade tax will make foreign companies more competitive while eroding market share for U.S. businesses. The most harm will accrue to the very U.S. manufacturing and heavy-industry jobs that Democrats and unions claim to want to keep inside the U.S. A cap-and-tax plan would be the greatest outsourcing boon in history. And it may even increase...
  • With or Without You

    March 30, 2009
    The Obama administration's ouster of GM CEO Rick Wagoner won't solve the auto giant's problems. It does, however, show the power that government now wields over industry.
  • GM CEO to Resign

    March 29, 2009
    The President seems to think that GM is not fit to run itself. Given recent events, he may well be right. But how on earth does that imply that Washington can do better? The logic just doesn't follow.

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