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Comment on the Commentary of the Day by Donald J. Boudreaux Chairman, Department of Economics George Mason University [email protected]

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Comment on the Commentary of the Day by Donald J. Boudreaux Chairman, Department of Economics George Mason University Dboudrea@Gmu.Edu Comment on the Commentary of the Day by Donald J. Boudreaux Chairman, Department of Economics George Mason University [email protected] http://www.cafehayek.com Disclaimer: The following “Letters to the Editor” were sent to the respective publications on the dates indicated. Some were printed but many were not. The original articles that are being commented on may or may not be available on the internet and may require registration or subscription to access if they are. Some of the original articles are syndicated and therefore may have appeared in other publications also. 28 September 2008 taxes on the rich and 440 percent the size of failure to cut taxes their 1980 amount. Editor, Washington Post sufficiently for persons at 1150 15th St., NW "lower income levels." Mr. McElvaine would see Washington, DC 20071 also that, while the average This claim is based on a rate of taxation on the top Dear Editor: poor diagnosis. Were Mr. one-percent of income McElvaine to take a gander earners fell 32 percent Robert McElvaine doesn't at the data, he'd see that during this time (from an want to kill geese that lay the share of federal average rate of 34 to one golden eggs ("Their Party income-tax revenues paid of 23 percent), the average Crashed. Ours May Too." in 2006 by the top one- rate of taxation for the Sept. 28). Nevertheless, percent of income earners bottom half of income he asserts that "when (40 percent) was more earners fell fully 50 percent profits become too high than double the share paid (from an average rate of 6 and taxes on the very rich by this group in 1980 (19 percent to one of 3 too low, the geese get percent). And this is a percent). [Tax data are obese, eventually stop higher share not of a fixed from The Tax Foundation: laying eggs and develop amount of revenues, but of http://www.taxfoundation.or coronary problems." He a much larger amount of g/research/show/23408.ht claims that today's revenues. In 2006 Uncle ml ; Federal revenue data problems are caused in Sam's tax revenues were are from the Congressional part by insufficiently high Budget Office: http://www.cbo.gov/budget/ pretty clear that, as 27 September 2008 historical.shtml ] economist Arnold Kling Percentage-wise, lower- says, over the past few Editor, The Wall Street income workers received a decades "it has become Journal larger tax cut than did the difficult to avoid being 200 Liberty Street highest-income earners. squeezed up into a higher New York, NY 10281 [income] category." 28 September 2008 [http://econlog.econlib.org/ To the Editor: archives/2004/09/squeeze Editor, Washington Post d_up.html ] Given this fact, Calling for "A New Deal 1150 15th St., NW McElvaine's suggestion Deal" (Sept. 27) Katrina Washington, DC 20071 that growing income Vanden Heuvel and Eric inequality is playing a role Schlosser offer up only a Dear Editor: in today's turmoil is not potted history of the old credible. one and the problem it Robert McElvaine suggests allegedly solved. For that one cause of today's example, the bank failures financial problems is that prompted the 1933 growing income inequality Emergency Banking Act over the past few decades. were emphatically not the This inequality allegedly result of laissez faire prompts households in the policies. Rather, they were lowest income groups to caused by the Fed's borrow too much ("Their disastrous contraction of Party Crashed. Ours May the money supply and by Too." September 28). government restrictions on branch banking - A careful look at the data restrictions that prevented casts doubt on this banks from sufficiently conclusion. Reckoned in diversifying their portfolios. 2003 dollars, the percent of American households And Ms. Vanden Heuvel annually earning more than and Mr. Schlosser $75,000 TRIPLED between contradict not only history, 1967 and 2003 - from 8.2 but also themselves. In percent to 26.1 percent. one place they assert that And during this same time the Great Depression was the percent of households "preceded by years of annually earning less than laissez-faire economic $15,000 fell significantly, policies" and then, a mere from 21.7 percent to 15.9 two paragraphs later, they percent. announce that "direct government intervention Data can be sliced and has played a central role diced to support a wide throughout American range of arguments, but it's economic history." transferable quotas, can be "A significant academic Memo to all concerned: bought and sold on the literature has investigated direct government market, and their price these claims [that pre- intervention is not laissez goes down if the fish Depression combination of faire. population declines. So investment and commercial fishermen have a direct banking contributed to the 26 September 2008 incentive to protect the banking crisis] and rejected fishery along with their them. Eugene White, for Editor, The Boston Globe investment: that way their example, found that share will be worth more national banks with Dear Editor: when they retire and sell it security affiliates were to someone else."[ much less likely to fail than In "Fish wisely, save http://tierneylab.blogs.nytim banks without affiliates. fisheries" (Sept. 26) you es.com/2008/09/18/how-to- Randall Kroszner (now at correctly report that the save- the Fed.) and Raghuram catch-share system fish/?scp=1&sq=%22Indivi Rajan found that securities prevents overfishing, but dual%20Transferable%20 issued by unified banks you inexplicably miss a Quotas%22&st=cse ] were (ex-post) of higher fundamental reason for this quality than those issued happy outcome. This 25 September 2008 by investment banks. A system works to maintain powerful book by George fish stocks not only, as you Editor, The Wall Street Benston went through the mention, because each Journal entire Pecora hearings fisherman is given a 200 Liberty Street which supposedly revealed seasonal allotment to fish New York, NY 10281 the problems with unified based on his past banking and found them to experience. Critical to this To the Editor: be a complete sham. My system's success also is colleague Carlos Ramirez the salability of these Gerald Tache scolds John later showed that the allotments. That is, the McCain for voting to repeal separation of commercial catch-share system the Glass-Steagall Act and investment banking succeeds because it (Letters, Sept. 26). Mr. increased the cost of creates transferable private Tache is apparently among external finance." property rights in fish those who believe that [http://www.marginalrevolut stocks. investment banks and ion.com/marginalrevolution commercial banks work /2008/09/glass- New York Times Science better when kept separate steagall.html ] writer John Tierney crisply by legislation. describes how these property rights work: Much research contradicts "Under this system, a this conclusion. Here's my fisherman owns the right to colleague Tyler Cowen a certain percentage of the writing recently at the annual allowable catch in a highly respected blog fishery. These shares, "Marginal Revolution": sometimes called individual 25 September 2008 25 September 2008 reflected by unregulated mortgage-interest rates. Editor, Washington Post Editor, The Wall Street 1150 15th St., NW Journal 24 September 2008 Washington, DC 20071 200 Liberty Street New York, NY 10281 Friends, Dear Editor: To the Editor: Here's another gem from David Ignatius might be my colleague Russ correct that John Maynard Hillary Clinton wants Roberts: his participation in Keynes would support government to temporarily yesterday's edition of massive government "freeze rate hikes in NPR's "Talk of the Nation." intervention to deal with adjustable-rate mortgages" The segment with Russ today's financial turmoil ("Let's Keep People In starts around the 12:30 ("What Would Keynes Their Homes," September mark, with Russ first Do?," Sept. 25). But 25). coming in around 18:20. Keynes was not without his subtleties and even his The Senator's reasoning is When you click on this link contradictions. akin to that of weak below, try not to retch at students who ask me to the jejune title of the A year after publication of change their grades. I program: his General Theory, always refuse by saying Keynes wrote that "We that grades are like market http://www.npr.org/templat have, as a rule, only the prices: they reflect an es/story/story.php?storyId= vaguest idea of any but the underlying reality. Were I 94930841 most direct consequences to change a student's of our acts." [John Maynard grade arbitrarily, I wouldn't 24 September 2008 Keynes, "The General change his actual Theory of Employment," performance in my class or Friends, Quarterly Journal of his command of the Economics, Vol. 51, material. I would merely Here's a short interview February 1937] Taking this send to the world a false that The New Yorker did obviously correct insight signal about him - and with my colleague and co- seriously might, just might, encourage him to rely on blogger, Russ Roberts: have led Keynes to worry such excuses in the future. that even the most expertly http://www.newyorker.com/ designed government As a teacher, I can't make online/blogs/books/2008/09 intervention of the sort that students smarter simply by /selected-emails-2.html is underway today will have lying about the grades dreadful unintended they've earned. As a Most enlightening! consequences tomorrow. Senator, Ms. Clinton can't make housing more affordable simply by forcing mortgage terms to lie about the reality of high risks and scarce credit that are 24 September 2008 policy" (“Ford, Dow execs economy from one in which to discuss national summit producers exist to satisfy Editor, The Wall Street in '09," September 22).
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