Between 2000 and 2005 I found myself spending an increasing amount of time scratching my head. I had been researching and investing in financial-services stocks since 1992, but what I saw during that five-year span confounded me. Banks offered “ninja” mortgages—no income, no job, no assets—to any borrower brazen enough to walk into a branch...
The university graduation season this past spring dumped another seven million job seekers onto the sputtering economy. A June headline in the New York Times painted a dismal picture of their likelihood of finding employment: “Degrees but No Guarantees: Faltering Economy . . . Dims Prospects for Graduates.” In response, the mortarboard horde took to...
This past May in Newark, the FBI added former Black Liberation Army mercenary Joanne Chesimard to its Most Wanted Terrorists list at a ceremony held on the 40th anniversary of New Jersey’s most infamous cop killing. Now known as Assata Shakur, the step-aunt of the late rapper Tupac Shakur became the 46th fugitive—as well as...
A Stalinist show trial was held on May 21 by the Permanent Subcommittee on Investigations of the U.S. Senate Homeland Security and Government Affairs Committee. Their aim was to investigate “how individual and corporate taxpayers are shifting billions of dollars offshore to avoid U.S. taxes.” In the dock that day, Apple CEO Tim Cook found...
As New York City’s mayoral campaign kicked into overdrive earlier this spring, the New York Times saw fit to question the viability of Republican candidate Joe Lhota, former chairman of the Metropolitan Transit Authority. With all the populist fervor it could muster, the Times asked readers, “Can New Yorkers learn to love someone who increased...
Everyone hates Walmart nowadays. Environmental groups protest the company’s “greenwashing,” numerous violations of the Clean Water Act, and contribution to suburban sprawl. Traditionalists detest Walmart’s displacement of small, family-owned businesses with big-box stores that serve as little more than cash drop boxes for the Bentonville, Arkansas, mother ship. Organized labor, as expected, objects to the...
Ronald McDonald had better look into renting Osama bin Laden’s Pakistani hideout. Several national newspapers recently published a letter, signed by over 1,000 health professionals and two-dozen institutions such as the Chicago Hispanic Health Coalition and the Inpatient Diabetes Program at Boston University, imploring McDonald’s CEO Jim Skinner to “stop marketing junk food to children.” ...
How many terrorists share a surname with a 19th-century American plutocrat famed for starting one of the country’s first investment banks and founding a technical university in the City of Brotherly Love? How many terrorists hail from the Bluegrass State? And finally, how many terrorists have yet to reach their seventh birthday? If you answered...
Treasury Secretary Timothy Geithner boasted on December 16 that 2008’s $700 billion bailout of an assortment of private enterprises would ultimately cost taxpayers less than congressional analysts had predicted. The green eyeshades had calculated that the enormous wealth transfer would end up docking us taxpayers a mere $25 billion. Without providing further detail, the secretary...
While Europe’s monetary crisis spreads, Americans watch in astonishment as the German government bails out its feckless co-unionists. Greece’s financial predicaments boiled over last summer with baton-wielding riot police pummeling Greek civil servants who objected to their government’s modest proposal to raise the official retirement age from 61 to 63 by 2015. In response, Germany...
On October 8, Americans awoke to government reports that the domestic economy had shed another 95,000 jobs in September. Despite the billions of dollars mailed to select citizens in the form of stimulus checks and the politicized bailouts of protected industries, U.S. policymakers have failed to resuscitate the moribund economy or coax unemployment down from...
Like the mindless day traders of the 1990’s who piled into the same hot internet stocks, today’s commentators on the causes of 2008’s residential-real-estate implosion have exhibited a similar obtuseness regarding the workings of financial markets. One will search in vain for any article that identifies a party other than Wall Street or large commercial...
The one-year anniversary of the 2008 global financial-market implosion passed with little fanfare. With the U.S. stock market soaring throughout the spring and summer, the Pollyannas of the American media preferred to focus their attention on the return of good times while ignoring all that ancient ugliness of last year. In September 2008, at the...
Cesar Rodriguez, a 27-year-old unemployed security guard, had it in for 7-year-old Nixzmary Brown, the daughter of Nixzaliz Santiago, his common-law wife. After losing his job a few days before Christmas, Rodriguez increased the frequency of his daily beatings of the helpless, undernourished four-foot-tall girl. Police records indicate that Rodriguez had been beating her for...
Few decisions require more prudence and judiciousness than when a country’s leaders determine whether to go to war. They must weigh the cost in lives, national treasure, and security against the price of inaction. Morality may enter their calculations through the application of just-war theory. They will listen to, if not necessarily heed, diverse voices...