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越毒的债券越能赚政府的救市金

Posted on Tuesday, March 31, 2009 at 11:59 pm

Gary Becker: Perhaps good reasons motivate the government to use this indirect way to subsidize banks rather than to give them the subsidy directly. However, it is a strange program indeed where banks get subsidized in proportion to how many “bad” assets they hold. This will make banks wish that they had made even greater […]

    弗里德曼示范如何治理通货膨胀

    Posted on Tuesday, March 31, 2009 at 11:19 pm

      哈耶克接受众经济学家采访

      Posted on Tuesday, March 31, 2009 at 9:45 pm

      哈耶克(F. A. Hayek)在美国受欢迎,曾接受过由多位顶级经济学家组成的团队的轮番采访,成员包括阿尔钦、布坎南和博克……

        Carl Menger: On the Origin of Money

        Posted on Sunday, March 29, 2009 at 12:22 am

        Carl Menger: [W]e can only come fully to understand the origin of money by learning to view the establishment of the social procedure, with which we are dealing, as the spontaneous outcome, the unpremeditated resultant, of particular, individual efforts of the members of a society, who have little by little worked their way to a […]

          鲁克:奖金税法案实属“非法”之法

          Posted on Thursday, March 26, 2009 at 8:38 am

          鲁克:雇佣的奖金协议是在救助法案之前就已签好了。如果公司不破产,这个合同应该有效,员工接受奖金完全合情,合理,更合法。现在救助法案挽救了AIG,它没有破产,按照先前既定的条款,发放奖金当然没有错。可是奥巴马却说会通过一切可能的法律途径阻止AIG发放奖金并追回已发的部分。众议院通过了法案,对所发奖金征惩罚性的重税90%,以此授权司法部收回AIG所发奖金。如果获得参议院通过并由总统签署成为法律,这项奖金税将追溯至2008年12月31日。如果熟悉美国宪法的人,就能了解,这样的立法完全漠视了宪法中对法案不可有追朔性的限制(见这里)。

            Is the Bonus Tax Unconstitutional?

            Posted on Wednesday, March 25, 2009 at 10:32 pm

            Richard A. Epstein: The AIG bonuses were made pursuant to valid contracts entered into before the receipt of the bailout money. They were ratified in the legislation that provided for the bailout, and efforts to find loopholes in these contracts have proved unavailing. Thus any sensible system of limited government should consider the proposed bills […]

              Fisher on Debt-Deflation Theory

              Posted on Wednesday, March 25, 2009 at 9:31 pm

              Irving Fisher: [w]e may deduce the following chain of consequences in nine links: (1) Debt liquidation leads to distress selling and to (2) Contraction of deposit currency, as bank loans are paid off, and to a slowing down of velocity of circulation. This contraction of deposits and of their velocity, precipitated by distress selling, causes […]

                Posner: Are American CEOs Overpaid?

                Posted on Tuesday, March 24, 2009 at 10:22 am

                Richard A. Posner: Since the cost of debt to a firm is fixed, but its revenues vary with price and output, the smaller the firm’s equity cushion relative to its total assets, the greater the risk of failure. The financial crisis was precipitated by the fact that the risks taken by financial firms were highly […]

                  陈青蓝:商务部帮了可口可乐的忙

                  Posted on Thursday, March 19, 2009 at 8:41 pm

                  陈青蓝:很显然,可口可乐2008年9月提出收购汇源的24亿美元的出价过高,是金融危机前的“泡沫价”。此时可口可乐收购汇源案被商务部驳回,正好给了可口可乐以体面理由下台阶,让洋人挽回了巨额的经济损失。3月18日,商务部驳回汇源收购案的消息一公布,香港股市立即做出了强烈的反应,汇源股价当天下跌20%,不得不停牌,预计复牌之后仍将猛烈下跌。说明持有汇源股票的投资者对汇源的前景十分悲观,同时对商务部急洋人所急、“宁让家人受委屈,不让洋人吃亏”的国际主义情怀表示了无声的抗议(见这里)。

                    齐辉:可口可乐垄断又如何

                    Posted on Thursday, March 19, 2009 at 8:18 pm

                    齐辉:衡量一个大公司的垄断是好是坏,不应该看它是否妨碍了中小企业的利益,而要看它是否妨碍了消费者的利益。可口可乐通过正当竞争手段并购汇源不可能妨碍消费者的利益,政府为什么要管?中国电信、中国石油通过不正当手段获得的垄断地位已经严重地侵犯了消费者的利益,政府为什么不管?尤其是近几年来有关部门强行推出的数字电视,因质量低劣、价格不菲已经严重损害了广大老百姓的利益,迅速终止这样的垄断才是政府的当务之急(见这里)。

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