- [ Only in America ] can “any man’s son may become the equal of any other man’s son” (Frances Trollope)
- “What Hath God Wrought” – message of Samuel Morse’s first telegram
- Greenspan cites Horace Mann, noting that Mann viewed “education as the grand agent for the development or augmentation of national resources, yet it measures the efficacy of every other means of aggrandizement, and is more powerful in the production and gainful employment of the total wealth of a country than all other things mentioned in the books of the political economist. Education is an antecedent agency ; for it must enlighten mankind in the choice of pursuits, it must guide them in the selection and use of the most appropriate means, it must impart that confidence and steadiness of purpose which results from comprehending the connections of a long train of events, and seeing the end from the beginning, or all enterprises will terminate in ruin.”
- Pushing to the front
- Monetary history of the United States
- FDRs NRA. Failure.
- Pig slaughters to boost prices
- Post ww2 Tariffs 36% in 1944 to 11% 6 years after Johnson. Medicare Medicaid. Low rates tax cuts high spending Nixon. Price reviews. Rumsfeld. Cheny
- Carter deregulation. Volker
- Reagan. Economy. Philosophy. Psychology. Psychopath Nixon. Dreary carter. Unions. Volker.
- Inflation. Tax. Top rate and capital gains. Deregulation. Coolidge. Debt free ncreases. Tax cuts didn’t work.
- Clinton. Eisenhower. Blue collar left behind populist. Capitalist fruits for losers. Fiscal conservatism. Globalization. Junk bonds. VC. Education. Immigration. Legal. LLC. Jack Welch.
- Mutual funds. Overseers. Erisa. Pension funds.
- Lombard Street 1873
- Growth of entitlements. Age. Auto pilot vs discretionary expenses. Non war driven debt.
- Regulation page length.
- It has always been easier to bemoan make the case for ending injustice or raising minimum wages than promoting economic dynamism. Cameras capturing destruction. Logic of collective action
- Banks investment banks and hedge funds allocating capital in to the most productive industries. Capital is the most nimble version of creative destruction. Holding on to dying industries offset by entitlements.
- Sweden. Defined contribution. Pension shut off. Retirement age. Severe under funding in USFinancial fragility. Capital reserves. Partnerships. Risk to shareholders rather than tax payers. Shadow banking?