Exchange following prepared remarks in the House Financial Services Committee, February 11, 2004.
On Tolerance.org today is a piece about school integration activist Daisy Bates. Part of it relates her family’s problem with death threats: “...[her] house — and Bates herself — became the target of white segregationist hatred, vandalism and even death threats. Daisy and L.C. Bates were branded ‘two of the most radical people in Arkansas.’
Hastert Faults Report on Exporting Jobs WASHINGTON, Feb. 11 — Speaker J. Dennis Hastert of Illinois, the top Republican in the House, joined Democrats on Wednesday in taking issue with [pretty darn good--LR] remarks by a White House economist that the movement of American jobs overseas could have economic and trade benefits.
The years between 1944 and 1949—Marshall Plan, GI Bill, the Cold War, fiscal and monetary planning, cultural and economic regimentation--set the stage for the next half century... In the same way that a socialized economy cannot put new technology into effect, and thus yields no civilizational advance, the world of ideas was frozen into a pattern that was fixed and unchanging. There were official texts, official journals, official schools from which all lower schools took their marching orders, and public schools became extensions of this overarching, top-down system of idea enforcement.
Today, Federal Reserve Chairman Alan Greenspan on Wednesday played down the risk to U.S. bond markets if heavy official foreign buying dried up. Paul Kasriel (Northern Trust Company) has a thought about what would really happen if foreign demand were to fall:
National Review writer John Derbyshire, who has been advocating protectionism recently, writes: “I am resolved that I shall no longer feel guilty about my resistance to economic theory. Most likely it is all a crock. Only mathematics is true.”
ImClone’s Cancer Drug Is Back, and U.S. Approval Is Expected (NYT): “Late in 2001, the Food and Drug Administration rejected the company’s research. Its chief executive, Samuel D. Waksal, tipped family members to sell their shares before the company announced the bad news. As all the world knows, his friend Martha Stewart sold her shares, too. Now, with Ms. Stewart on trial and Dr. Waksal in prison, Erbitux’s time appears to have come.
Recently, there has been some talk in the market about the paper by Fed Board researcher Orphanides on ‘Monetary policy in deflation’, though many have considered it as being overtaken by events such as the past 6-months’ stronger GDP numbers. This dismissal may well prove to be premature.
