A topic that is on the lips of many people during the past few months, and one with which I have greatly concerned myself, is that of moral hazard. We hear cries from all corners, from politicians, journalists, economists, businessmen, and citizens, clamoring for the federal government to intervene in the economy in order to forestall a calamitous recession. During the boom, many of these same individuals called for no end to the Fed's easy credit. Now that the consequences of that easy money policy are coming home to roost, no one wants to face those ill effects.

We have already seen a plan from the administration to freeze mortgages, a plan which is alleged to be only a temporary program. As with other programs that have come through this committee, I believe we ought to learn from history and realize that “temporary” programs are almost anything but temporary. When this program expires and mortgage rates reset, we will see new calls for a rate-freeze plan, maybe for two years, maybe for five, or maybe for more.

"For the first time I saw some of the candidates seeking the LP nomination. If this is as good as they can do they ought to pack up the tent and go home.

The immediate problem is that Libertarians seems to be losing their uniqueness. They are turning [into] Republicans before our very eyes."

from Classically Liberal: Sorry state of the Libertarian Party

[Nice editorialized review of the Libertarian Party candidates. Hattip RRND. --MJ]

Price controls are almost universally reviled by economists. The negative economic consequences of price floors or price ceilings are numerous and well-documented. Our current series of hearings have been called to discuss the most important, but least understood, price manipulation in the world today: the manipulation of the interest rate.

By setting the federal funds rate, the rate at which banks in the Federal Reserve System loan funds to each other, the Federal Reserve inhibits the actions of market participants coming together to determine a market interest rate. The Federal Reserve and the federal government do not deign to interfere in setting the price of houses, the interest rate on mortgages, or the prices of wood and steel. The Fed's actions in setting the federal funds rate however, because it reflects the price of money to a borrower and thus affects demand for money, affects prices throughout the economy in a manner less pervasive but just as damaging as direct price controls.

Pine & Post is taken pillar to post with this review. Not a sipping wine to be sure, but better with a dinner more that anything else. May I suggest perhaps Chicken Saltimbocca? Better wine choices for the price: Fisheye 2004 or Crane Lake 2004. Both wines are $6 or less.

The United States is headed for an economic crisis bigger than the current recession. Congress is too scared of voters turning against them if they do the courageous thing, the right thing. They all think they will be out of office and retired when the goose dies. I cannot tell if they have their heads in the sand or in some other dark place.

It’s not quite like the Kenny Roger’s song, but pretty close. This one you don’t walk away from completely, but you might want to at least think about it.

One major concern I discussed a few weeks ago regarding the Trans Texas Corridor is where the land will come from. Another concern is where the money will come from. Official government websites for the TTC assure that public-private partnerships will shield the taxpayer from bearing too much of the cost burden, but a careful reading shows the door is definitely open to public funding sources, while at the same time there is no doubt of the intention to charge tolls on the road.

Taxpayers already pay for their transportation system through hefty gasoline taxes, vehicle registration fees, and other fees. They have every right to expect the roads they have already paid for to be properly maintained and toll-free.

Not my expectation of a Riesling and I dare say probably not yours either. It has some decided problems and honestly, you could do better with just about anything else. Try some Schmitt-Sohne. It's more expensive, but it got a much better grade.

While some people don't believe in evolution at any speed, other people, such as the scientific types at the National Academy of Sciences, claim that human evolution is speeding up.

In what must be one of the few fun-filled functions in the otherwise beastly boring lives of bureaucrats, undercover operatives try to sneak weaponry through airport checkpoints to test how good Transportation Security Administration screeners are at finding guns, bombs and knives. At half a dozen airports around the country, TSA employees were so uncharacteristically successful that it naturally triggered an investigation to see if they were cheating on their tests. Sure enough, they had been tipped off by their buddies that the fun-filled functionaries were coming. People were shocked. Who knew that the TSA was supposed to find guns, bombs and knives?

This is a device that delivers on its promise. You say you want to keep from having to use flat champagne to deglaze a chicken dish? Read on...

"Steven R. Shapiro, the ACLU’s legal director, has said his group is in a "Catch-22" because the government says the identities of people whose communications have been intercepted is secret. But only people who know they have been wiretapped can sue over the program"

from Associated Press: High court turns away challenge to domestic-spying program

It’s a likable wine, if a little short on the flavor department. Good by itself, or with a lunch that’s not going to overpower it.

For decades we have welcomed new immigrants to our American "melting pot". We respect those who come here peacefully to pursue their American Dream. But Americans have noticed lately that modern problems associated with illegal immigration are at a crisis point. Taxpayers are now suffering the consequences.

Costs of social services for the estimated 21 million illegal immigrants in this country are approaching $400 billion. We educate 4.2 million children of illegals at a cost of $13.8 billion. There have been almost 2 million anchor babies born in this country since 2002, with labor and delivery costs of between $3 and 6 billion. There are currently 360,000 illegals in our prisons and we have spent $1.4 billion to incarcerate them since 2001. In Prince William County near DC, ICE can't deport criminal illegals fast enough and has actually asked its local jails to slow down on referring them. Jurisdiction over illegal immigration lies at the federal level, yet many municipalities are struggling with the compounding problems of mandated costs and tied hands. My office has heard from at least one sheriff in my district considering seeking compensation from the Federal government for the cost of so many illegal immigrant inmates that wouldn't be here if the Federal government was doing its job and protecting our borders. The problems are widespread.