Americans believe in the power of free markets. We mistrust government regulation and government bureaucrats. We believe that the free market ideas can be applied to a wide variety of social and economic problems. We’ve even come to believe in the predictive power of free markets. Don’t get me wrong, free markets are wonderful things. But they aren’t nearly as wonderful as they are often made out to be. The economics that underpin our free market capitalist system make certain assumptions about the nature of the markets themselves, which act as conditions for a healthy free market system. When those assumptions are false, when those conditions are not met, free market systems can have some perverse–and at times counter-intuitive–results. Instead of maximizing efficiency and consumer choice, they can lead to extremely inefficient and damaging outcomes.
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I read a very interesting proposal today on how to end the slog in the democratic primary. Basically, instead of waiting until August to have the superdelegates vote, have a superdelegate primary in June. Clinton and Obama could both come, and give their speeches, and maybe debate. And then you have a vote, and everything is settled. It could either be done live, or mail in.
Its an innovative solution to preventing the democrats from destroying themselves. Even if neither candidate gets over the top because the superdelegates split, it means that the issue will be decided at one of the future primaries instead of having to wait until the democratic convention. It will be interesting to see where it goes…
John McCain gave a major foreign policy address today, outlining his support for a “League of Democracies”, pushing for closer ties with our major European and Asian allies, and generally trying to sound like a nicer, kindler, gentler version of President Bush. He also laid out his Iraq policy, once again. Here’s the big line from that section of the speech:
An observation – I flew to and from California this week for spring break. During that time, I was on four airplanes (no direct flights). Every single one was over sold. In each case, the airline gave somebody $200 + cost of ticket (which, depending on the leg was between $100 and $200) in free travel in order to take a different flight. In 3 of the four planes, there were multiple people who got this bonus.
The airlines are in trouble financially – but every seat on every flight is taken. Why are they doing so poorly? Well, gas prices rising is one thing, and government oversight costs money, as do the new security measures. But this sort of stupid overbooking must cost a fortune! Seems like an easy way to save a LOT of money…
“He contains within him the contradictions – the good and the bad – of the community that he has served diligently for so many years. I can no more disown him than I can disown the black community. I can no more disown him than I can my white grandmother – a woman who helped raise me, a woman who sacrificed again and again for me, a woman who loves me as much as she loves anything in this world, but a woman who once confessed her fear of black men who passed by her on the street, and who on more than one occasion has uttered racial or ethnic stereotypes that made me cringe. These people are a part of me. And they are a part of America, this country that I love. ”
When I first read Barack Obama’s speech on race the other day, it was that segment more than any other that resonated with me. And it’s that segment, more than any other, that I’ve seen criticized. From my perspective, it struck a deep chord in my own experience. After all, I have heard my grandparents say things that made me deeply uncomfortable, about blacks and Hispanics both, and yet I also know them to be kind, generous, and open-hearted towards people of all races. My wife has had similar experiences, as have many of my friends. And then I hear people like Joe Scarborough say that he “threw his grandma under the bus”, or accusing his as “outing her as a racist” as one NRO commentator put it. So which is it? Is Grandma Obama–and everyone else like her–a racist?
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