“Masterfleece Theater” (or, 1900 pages of theft)

The King James version of the Bible runs more than 600 pages and is crammed with celestial regulations. Newton's Principia Mathematica distilled many of the rules of physics in a mere 974 pages.

Neither have anything on Nancy Pelosi's new fiendishly entertaining health-care opus, which tops 1,900 pages.

So curl up by a fire with a fifth of whiskey and just dive in.

via Harsanyi: Masterfleece Theater – The Denver Post.

Don’t Let U.S. Capitalism Go the Italian Route

We thus stand at a crossroads for American capitalism. One path would channel popular rage into political support for some genuinely pro- market reforms, even if they do not serve the interests of large financial firms. By appealing to the best of the populist tradition, we can intro- duce limits to the power of the financial industry—or any business, for that matter — and restore those fundamental principles that give an ethical dimension to capitalism: freedom, meritocracy, a direct link between reward and effort, and a sense of responsibility that ensures that those who reap the gains also bear the losses. This would mean abandoning the notion that any firm is too big to fail, and putting rules in place that keep large financial firms from manipulating government connections to the detriment of markets. It would mean adopting a pro-market, rather than pro-business, approach to the economy.

The alternative path is to soothe the popular rage with measures like limits on executive bonuses while shoring up the position of the largest financial players, making them dependent on government and making the larger economy dependent on them. Such measures play to the crowd in the moment, but threaten the financial system and the public standing of American capitalism in the long run. They also reinforce the very practices that caused the crisis. This is the path to big-business capitalism: a path that blurs the distinction between pro-market and pro-business policies, and so imperils the unique faith the American people have long displayed in the legitimacy of democratic capitalism. Unfortunately, it looks for now like the Obama administration has chosen this latter path.

via Dynamist Blog: Don’t Let U.S. Capitalism Go the Italian Route. (All emphasis mine.)

$5.5M for new Freddie Mac CFO

GENEROUS PAY for new Freddie Mac CFO. “The government-controlled mortgage finance company is giving CFO Ross Kari compensation worth as much as $5.5 million. That includes an almost $2 million cash signing bonus and a generous salary that could top $2.3 million.” It’s okay to pay him a lot. He works for the government.

via Instapundit » Blog Archive » GENEROUS PAY for new Freddie Mac CFO. “The government-controlled mortgage finance company is giving….