I guarantee you’ve never been in a meeting at work and someone said, “In order to hit our sales numbers this quarter, we’ve got to have discipline like a child.” No politician has ever said, “If I’m elected, I’ll run the country with wisdom like a child.” No coach has ever said, “In order for us to win Saturday’s game, we need to work hard like a child.” It’s difficult to find another context in life where being “like a child” is held up as something to emulate--Jon AcuffImage links here, here, here, here and here.
Failure is as important to healthy capitalism as success. The nation’s handful of huge banks, however, are spared the indignity of failure.--ADAM DAVIDSON
23 of the 34 U.S. presidents who died from natural causes lived longer, and in many instances significantly longer, than predicted. Their average age at inauguration was 55.1 years. Four presidents who were assassinated were removed from the analysis.--Jennifer Viegas
The motivations to impose a financial transactions tax are one part Occupy Wall Street and one part Willy Sutton. Some see it as a way of penalize bankers, or at least correcting excesses of “speculators.” Others are attracted to imposing a tax on financial transactions because, as Sutton used to say when asked why he robbed banks, “that’s where the money is.” Let’s hope this idea never makes it into actual public policy. The Robin Hood tax is so deeply flawed that it is unlikely to raise much revenue or fix the financial system.
It would lead to increased consolidation, increased risk taking and increased systemic risk in the financial sector. Robin Hood, you may recall, met his end when he went to his cousin for medical treatment. She doesn’t just bleed him — not an uncommon treatment at the time. She overbleeds him, and Robin Hood dies. So maybe this is a Robin Hood tax after all, something that will kill the thing it promises to fix. --John Carney
I, hayseed that I am, had not realized that the New York Times and CBS – not the editors of the American Economic Review, the Journal of Political Economy, or the Quarterly Journal of Economics — are (or were to [former NY Times editor Bill] Keller’s regret) the true arbiters of what is good or bad economics.--Paul Gregory