Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders have come out worse off after some bailouts. The real point is to avoid a major contraction of credit that could cause major downturns in output and employment, ruining millions of people, far beyond the financial institutions involved. If it was just a question of the financial institutions themselves, they could be left to sink or swim. But it is not.

High tax rates in the upper income brackets allow politicians to win votes with class warfare rhetoric, painting their opponents as defenders of the rich. Meanwhile, the same politicians can win donations from the rich by creating tax loopholes that can keep the rich from actually paying those higher tax rates - or perhaps any taxes at all. What is worse than class warfare is phony class warfare. Slippery talk about 'fairness' is at the heart of this fraud by politicians seeking to squander more of the nation's resources.

At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment.

Cheap medical care is one of the most expensive things there is. So long as politicians can create the illusion of something for nothing, that gets them votes, which is what it is all about, as far as they are concerned.

What is politically defined as economic planning is the forcible superseding of other people's plans by Government officials.

Racism is not dead, but it is on life support -- kept alive by politicians, race hustlers and people who get a sense of superiority by denouncing others as 'racists'

Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.