Archive for the ‘Video’ Category
Fifty years ago, U.S. silver coins disappeared from circulation, symbolizing a profound shift in the behavior of the government with respect to money.
You don’t get economic growth without investment. Capital comes from savings and profits. Period. Every tax and regulation that hurt the creation of capital and punish the rewards of successful risk-taking hurt everyone–but most particularly those with the least, who want, as Lincoln put it, to improve their lot in life. It’s not enough to invent something great. You have to have an environment in which entrepreneurs can turn inventions into marketplace products that become increasingly better, cheaper and more accessible to all.
Henry Ford didn’t invent the automobile. But through constant experimentation and two painful bankruptcies he turned what had been a toy for tinkerers and the rich (a car in the early 1900s cost the equivalent of more than $100,000 today) into something every working person could afford. Steve Jobs and Michael Dell did the same with personal computers. If you had tried to build an iPhone in the early 1990s, the cost would have been more than $3.5 million.
Shortages of everything from water to car parts and flour to pregnancy tests come after three months of protests against the government of President Nicolas Maduro that have left at least 41 people dead. The government yesterday said it will start rationing electricity and water as drought drains hydroelectric reservoirs and water tanks.
GAO report notes exorbitant prices act as de facto subsidy for biofuel firms
Mac Faber: I’m Worried About A Crisis Bigger Than 2008
In the USA, it’s OK to fail and fail and try again. In most of Europe and much of the world, the attitude is: You had your shot, you failed, and now you should just go work for someone else.
But this limits the possibilities. And some of America’s biggest successes came from people who failed often.
We know that Thomas Edison invented the light bulb, but few people know that Edison filed 1,000 patents for ideas that went nowhere. He was fired by the telegraph office. He lost money investing in a cement company and an iron business.
Henry Ford’s first company failed completely. Dr. Seuss’s first book was rejected by 27 publishers. Oprah was fired from her first job as a reporter. A TV station called her “unfit for TV.”
But they all kept striving—and succeeded. They were lucky to live in America, where investors and your neighbors encourage you to try and try again. We are lucky to benefit from their persistence.
But those happy experiments are less likely to happen today. Now there are many more rules, and regulators add hundreds of pages of new ones every week.
“Are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic and political power now rests with the billionaire class?” Sen. Bernie Sanders, a Vermont socialist, asked that question of Federal Reserve Chair Janet Yellen at a hearing on Capitol Hill Wednesday.
Yellen said she’d “prefer not to give labels,” but she admitted to being very concerned about income inequality.
“So, all of the statistics on inequality that you’ve cited are ones that greatly concern me, and I think for the same reason that you’re concerned about them. They can shape the — determine the ability of different groups to participate equally in the democracy and have grave effects on social stability over time.
Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office’s long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”
In the 10-year budget projections it released in April, the CBO estimated that the federal government will run $7.618 trillion in deficits from 2015 through 2024. At the same time, the CBO projected that the federal government’s debt held by the public would rise from $11.983 trillion at the end of fiscal 2013 to $20.947 trillion by the end of 2024.