Assorted Links (11/21/2010)

Raise Retirement Age and More Become Disabled

“Raising the retirement ages would likely increase the number of workers applying for and receiving disability insurance benefits.”

Review & Outlook: Science and the Drilling Ban

“The Wall Street Journal writes than an inspector general’s report shows science played little role in the moratorium.”

The Fed’s Bipolar Mandate

“Time to repeal the Humphrey-Hawkins Act of 1978.”

How to Succeed in Teaching Without Lifetime Tenure

“In The Wall Street Journal Cross Country column, Naomi Schaefer Riley writes about Franklin W. Olin College of Engineering. Despite the fact that the school does not offer tenure, it attracts 140 applicants for every faculty position.”

The Weekend Interview with Dick Armey: Revolutionary Do-Over

“In The Wall Street Journal, John Fund interviews Dick Armey, the congressional veteran and tea party maestro who is now counseling Republicans on how to avoid the mistakes of the last conservative insurgency.”

What’s Really Behind Bernanke’s Easing?

“In The Wall Street Journal, Andy Kessler says to forget the claims that more money in the economy could boost spending. More likely, the Fed fears that trouble is brewing in real estate and banks.”

Charles Krauthammer – Don’t touch my junk

“A docile public can only tolerate only so much idiocy at airports.”

The Economic Consequences of America’s Elections by Michael Boskin – Project Syndicate

“America’s lurch toward a European-style social-welfare state in Obama’s first two years appears to have been delayed, if not permanently ended or reversed. That is good news for the US – and for the global economy.”

George F. Will – The trap of the Federal Reserve’s dual mandate

“It cannot perform a political function and stay insulated from politics.”

The Politics of the Ghailani Verdict

“The Ghailani verdict is going to play badly–very badly–in the political arena. It won’t matter that he will receive a minimum of a 20-year prison sentence and could well spend the rest of his life behind bars. It won’t matter that the same evidentiary problems that impeded his prosecution in federal court.”

8-14-23 or Fight!

“In The Wall Street Journal’s Wonder Land column, Daniel Henninger writes that lower tax rates are suddenly moving to the center of the political debate.”

This Lame Duck Session Should Be the Last

“In The Wall Street Journal, Betsy McCaughey writes that in 1933, Americans ratified the 20th Amendment to eliminate lame duck Congresses. For two decades Washington has been ignoring its intent.”

Review & Outlook: ‘Fair Pay,’ Fewer Jobs

“The Wall Street Journal says that the plaintiffs bar loses in the Senate.”

Book Review: Boom & Bust

“James R. Hagerty reviews Alex J. Pollock’s Boom & Bust: Financial Cycles and Human Prosperity.”

Martin Feldstein: The Deficit Dilemma and Obama’s Budget

“In The Wall Street Journal, Harvard Professor Martin Feldstein writes that much of the projected doubling of the national debt between now and 2020 reflects the spending and tax proposals in the president’s fiscal plan this year.”

Worst investing disasters of all time

“As bad as the last few years have been, the markets have recovered from worse. Here’s a look at some of the biggest investing mistakes of all time.”

Fed Criticism Expands to Congress

Looks like a good idea to me – the Fed is expected to accomplish several missions simultaneously (e.g., fight inflation/deflation, promote full unemployment, regulate banks, regulate systemic risk, etc.) that are often at odds with each other. This is commonly referred to as “mission creep”. It would be better to focus the Fed on its primary traditional role, which is to focus on managing the money supply in a fashion which is consistent with maintaining price stability in the economy.

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