The oil industry became one of the main areas of malinvestment in the years of massive liquidity and low yields. This perpetuated excess capacity and kept inefficient companies unnecessarily alive.
Central bankers are panicking, and their solutions range from "buy everything that moves" to pushing interest rates even further into negative territory. Yet this doesn't seem to be helping much.
Michael Milken was a threat to the complacent Wall Street cartels established by the New Deal. So ambitious prosecutors like Rudy Giuliani saw an opportunity to get in good with Wall Street by taking him down.
So long as governments exist, it is essential that we minimize the ability of groups and individuals to use the power of the state to enrich themselves.
Major league baseball wants to cut back the minors in order to cut losses. But Bernie Sanders has other plans that may ultimately help kill pro baseball.
Paul Krugman seems to think those who like freedom and free markets are somehow responsible for the current mess brought on by crippling government debt and an enormous federal budget.
