That’s what the Fed is pledging to “rescue the financial system,” according to Bloomberg.com. That’s 50% of 2007 GDP, or 288% of 2007 federal tax revenues. Makes my prior post sound look like a praise of good budgeting.

That’s what the so-called “financial crisis” of 2008 has cost the federal government directly… so far.* Wonder how that stacks up to other crises? CNBC has a slideshow showing the costs (inflation-adjusted) of some of the biggest government projects ever. There are many events not listed in that slide show, of course. Two of the [...]

It’s the best one-image summary of why the Detroit Three are in such hot water, and it’s on Michigan economist Mark Perry’s blog. (h/t Greg Mankiw).

“Indeed you can usually tell when the concepts of democracy and citizenship are weakening. There is an increase in the role of charity and in the worship of volunteerism. These represent the élite citizen’s imitation of noblesse oblige; that is, of pretending to be aristocrats or oligarchs, as opposed to being citizens.” – John Ralston [...]

The National Review features a fantastic piece by Alexander Benard and Anthony Dick on America’s True Genius. The thesis: change does not make a nation great, and it certainly is not what has made America great. Rather, it is the constitutionally-mandated stability of our system of laws – the difficulty of implementing radical change – [...]

Let’s all hope this, at least, does not repeat. It’s a miracle the American Dream has survived this long.

So, America has elected its next President, its next Vice President, 35 Senators, 435 members of the House of Representatives, and thousands of state and local officers. We did it, again, without violence or bloodshed, with a minimum of intimidation, with a minimum of fraud, and, in general, with great dignity. There can be no [...]

“To avoid therefore the evils of inconstancy and versatility, ten thousand times worse than those of obstinacy and the blindest prejudice, we have consecrated the state, that no man should approach to look into its defects or corruptions but with due caution; that he should never dream of beginning its reformation by its subversion; that [...]

I have one request of Americans this week: Please, don’t immanentize the Eschaton.

I’ve been doing a lot of thinking – far too much, actually – about this election. I am not going to blog here about the relative merits of each candidate – anyone undecided between these two extremely different candidates at this point hasn’t been paying attention. In fact, this will probably be my last election-related [...]