Booms and Busts

The National Labor Relations Board is the Supreme Soviet of organized labor, and now it wants to wreck a thriving segment of the labor market, says Chris Westley. 

By Gene Callahan, the clearest explanation you may ever read of the Austrian Business Cycle Theory.
 

The president of the United States was ecstatic. Never had economic prospects in this country looked better. Unemployment was at its lowest level in years, the rate of inflation was relatively low, and the economy had grown continuously for almost eight years. No doubt, said the experts, this country was in the midst of a New Economy.

Anti-capitalism is pervasive in academia, and the new data on graduate school admissions suggest that it is only going to get worse.

The meltdown on Wall Street can't be corrected through intervention; if it is headed down further, it needs to run its course.

The oil price, the stock market, the yield curve, and other factors suggest the boom may be fading. But several quick steps to free markets would shorten the pain. 

The Prime Minister's statist, inflationist program isn't saving the country; it is preparing the way for yet another crash. 

At some point, and nobody knows when, the stock market is going to reverse its climb. It may even collapse. It is interesting to speculate on what kind of political response that would generate. Given the politics of entitlement and the propensity of the Fed to intervene, the picture looks pretty grim.

Central bankers mistake the cause for the cure. (Essay by Jeffrey Herbener)

How a credit-driven expansion has fed the stock-market boom. (Analysis by Sean Corrigan)