Posted on 04/04/2010 7:44:08 PM PDT by DogByte6RER
A rather amazing quote, considering that we have a Treasury Secretary who failed to govern himself by paying his taxes and who now oversees the IRS, not to mention Charlie Rangel, and all of the other myriad of scoundrels running the government.
That quote really stuck out to me as well.
Walter Williams has spoke about this on Rush’s show also.
I like the description “a confederacy of dunces” regarding the IQ of elected officials.
Completely accurate. May make a good tea party poster.
And even if you could gather it and decide what to do, it would be impossible to execute in a timely matter.
Indeed, they are collectively no more than ordinary men.
Enacted in the wake of Enron.
Ironic, the Liberals wanted to punish Enron, and all other companies, for what Enron did, now it came back to bite them!
As far as “knowledge” goes, thank God once again for the new media of talk radio, Fox News, and (mostly) the internet. The scumbags can’t hide anymore, and they can’t hide their agenda behind the comfort that the Democrat newsrooms of the NY Times and the networks will spin, and spike, and spew lies on their behalf.
I was thinking about that the other day in relation to the fact that jobs in the public sector are much higher paying than those in the private sector. Couple that with the greater difficulty one has in trying to fire someone who holds a public sector job. The ability of the public sector to react quickly to changes in market forces must be incredibly sluggish and costly. The difference must be akin to comparing the maneuverability of a speed boat with a cruise ship.
No, this was the law before Enron.
If I recall correctly, that was the critique the other great Austrian School economist, von Mises, gave of central planning, based essentially on processing speed.
Good post.
Excellent post—never heard of Hayek till now. I’ve thought the same thing many times, buy Hayek elegantly put it into words.
The immeadiate reporting?
LOL!!! -- So true. Even the MSM, with its smoke and fog machines, is having a difficult time keeping the truth from its customers!
The issue was impairment of deferred tax assets, so that was a pre-Enron thing. As for when, that I am not sure of, but it didn’t help the Democrats that they passed this right before Q1 earnings season.
The real issue here, the one that caused the corporations to report this immeadiately, was the accounting change that required companies to account for these changes as soon as they learned about them.
That’s what brought this to the forefront during the first week post HC, and required them to include the loss during the first quarter of the year.
I’m not 100% on whether it happened because of Enron, but that’s how I recall it.
Von Clausewitz , I hear, said that a plan of battle doesn’’t survive the first contact with the enemy. The economy is sort of that: apparent confusion which is beyond the power of any man to sort out completely, but order buried within, order that continually changes direction. Easier to stop things from happening than to make things happen. Maybe the indeterminate principle applies here. By measuring things you change things so your measurement is inexact.
Btt
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