Free Republic

Megan McArdle writes in the Atlantic about the difference between government venture capital and private venture capital. By far the biggest difference is not even mentioned. There is a dramatic and critical difference between government loan guarantees and private venture capital (PVC). The PVC investor expects to make a bundle from his investment, typically by getting an equity stake and cashing out when the successful firm goes public. That’s the best case scenario for PVC. If the company fails, they’re out their seed capital. When the government gets into the venture capital business, risking your money and mine, what’s the...

<p>The last politician who took advice from the bond market was Bill Clinton. When he pushed for a tax hike back in 1993 to cut the budget deficit, it was under the assumption that bond investors would respond by bringing down interest rates. (The theory here is that deficits are inflationary. Inflation is bad for bonds.) Yet long-term interest rates surged from 6.45 percent when Clinton signed his tax-hike bill on Aug. 10, 1993, to 8.16 percent on Nov. 7, 1994, the day before the midterm congressional election where Republicans won back the House and Senate.</p>

Injured teen's family wants charges, but homeowner claims self-defense OAKLAND — A North Oakland man branded a "snitch" because he reports and photographs drug dealers around his home may face assault charges after shooting and wounding a 16-year-old neighbor who confronted him in his front yard. Neighbors and police have rallied to the defense of Patrick McCullough, who they believe only shot the youth in self-defense. The youth's mother is pressing the district attorney to file charges. Deputy District Attorney James Lee said Friday his investigation of the Feb. 18 incident is over and a decision should be made next...

<p>SACRAMENTO - Gov. Gray Davis is so unpopular that his advisers don't plan to persuade voters to like him. And he may face so many rivals in the Oct. 7 recall election that he won't be able to win the way he's always won before, by attacking his opponent.</p>

Where in the World is Bob Graham?Monday June 2, 2003 6:00-8:00 p.m. Fundraising Dinner Location: Pacific Palisades, California Contact:   fundraisinginfo@grahamforpresident.com for information and attendance Tuesday June 3, 2003 11:30-1:00 p.m. Graham Fundraising Luncheon Location: Long Beach, California Contact:   fundraisinginfo@grahamforpresident.com for information and attendance 6:00-9:00 p.m. Graham Fundraising Reception Location: San Francisco, California Contact:   fundraisinginfo@grahamforpresident.com for information and attendance Wednesday June 4, 2003 8:30-10:30 a.m. Health Care Discussion Group Location: San Francisco, California 10:30-11:00 a.m. Media Availability Location: San Francisco, California 5:30- 7:30 p.m. Fundraising Reception Location: San Francisco, California Contact:   fundraisinginfo@grahamforpresident.com for information and attendance 8:00-9:30...