Her largest worry has to be that foreigners will stop buying U.S. bonds.
Having a secretive, self-funded, extra-constitutional agency inside government was bad enough when the Fed consisted of seven governors and a few staff members.
It will still be the Obama Fed long after this president has gone.
Judging from this remarkably backhanded compliment, it is possible that the president actually regards charities as competitors of government.
There are still vestiges of the old legal ethics, but much of it is gone. Most lawyers now regard law as a business.
To emphasize the point that not all state and local cronyism involves unions, one need only look at union-unfriendly Texas.
The Soviet Union’s collapse was an object lesson for the world. No system can survive in the long run without free prices, and wages are among the most important prices.
Many reporters reflexively support unions, and prefer not to acknowledge scandals related to them, especially at the local and state level. Nevertheless, troubling news accounts have emerged.
Looking behind all the smokescreens, one thing is obvious about all federal poverty programs. They not only create disincentives to work. They actually tax work at horrific rates.
In 2012, Sheila Baer, chairman of the Federal Deposit Insurance Corp. wrote an article for the Washington Post poking fun at the Fed for what it had been doing. It was entitled “Fix Inequality With $10 Million Loans For Everyone.”
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