When people compete for grants, subsidies, and other government handouts, economists see a phenomenon called rent seeking. The “rent” is the money being offered. When government gives money away, the people who compete for it incur costs—sometimes more money will be spent in total trying to compete for a grant than the amount of money being given away. These costs are rarely considered in policymaking, but perhaps they should be. [...]
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San Diegans could face 6 years in prison and fines of $100,000 dollars a day for washing their car in the driveway or failing to pick up dog poop under new EPA-mandated environmental regulations related to water quality. Although residents of the city are forced to drink toxic waste in their water supply in the form of sodium fluoride, measures imposed as a consequence of the Environmental Protection Agency’s [...] New environmental water rules enforced by citizen snitch program Paul Joseph Watson San Diegans could face 6 years in prison and fines of $100,000 dollars a day for washing their car in the driveway or failing to pick up dog poop under new EPA-mandated environmental regulations related to water quality. Although residents of the city are forced to drink toxic waste in their water supply in the form of [...] A lot of news is coming out of Europe this week: from the sounds of it, we will have some potentially positive movement in the eurozone bailout. George Soros has lashed out against Brussels rescue plan, saying he gives the new “deal” to solve the debt crisis will only last between “one day and three months.” He has Attacked The Lack Of Leadership, especially toward Greece’s issues. Wealth Wire has discussed Soros’Disapproval [...] by ZH First they cut the rating of the US, then the went and downgraded Google, now S&P is going for the “treason trifecta” by just releasing a report which literally takes the US to the toolshed. Among many other things, the rating agency just cut US growth for the next 3 years. To wit: “While July data finally showed a slight [...] The statement released Friday by Standard & Poor’s explaining its downgrade of the United States’ credit rating expressed greater concern about the inability of the American political system to handle troublesome economic realities than it did about those economic realities themselves. It read:”The downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time [...] That didn’t take long…. United States of America Long-Term debt rating lowered to “AA+” on political risks and rising debt burden; outlook negative. And so it begins. With the outlook, it is clear that S&P believes this is not a one-step “and done” move either. Why? Oh, they were rather expansive on that point: · The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls [...] by ZH It’s another day, which means the probability of a Mohamed El-Erian op-ed is 99%. However, while in the past we may have ridiculed these now almost daily missives which lead many an LP to wonder just which media double of the real El-Erian is managing Pimco’s $1.4 trillion in AUM, this one is actually worth reading as it ties in the recent developments out [...] by Mary Harada Bank of America pays almost no interest on checking accounts and savings accounts yet they are going to jack up fees. via WSJ: Bank of America Corp. told employees Wednesday how it intends to restructure the way it charges customers, though the company avoided any detailed discussion of new consumer banking fees. But according to a person familiar with the plan, the bank will soon begin testing [...] The U.S. Congress appeared taken by surprise in October of 2008 as the financial crisis on Wall Street unfolded. Congress was in a state of shock and awe, amazed to see their policymaking implicated in the speculative bubble and its collapse. But why were they surprised? How did these legislative engineers fail to see the hazards of their fiscal deficits? Had they been pawns? Were they errantly advised? Or were [...] |
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