Universities have failed in their function of the pursuit of academic excellence by having dumbed down classes and granting degrees to students who are just barely literate and computationally incompetent.

One third of the $15 trillion of mortgages in existence in 2008 are owned, or securitized by Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing and the Veterans Administration. Wall Street buyers of repackaged loans didn't mind buying risky paper because they assumed that they would be guaranteed by the federal government: read bailout from the taxpayers. Today's housing mess can be laid directly at the feet of Congress and the White House.

Government income redistribution programs produce the same result as theft. In fact, that's what a thief does; he redistributes income. The difference between government and thievery is mostly a matter of legality.

Politicians exploit economic illiteracy.

Liberals believe government should take people's earnings to give to poor people. Conservatives disagree. They think government should confiscate people's earnings and give them to farmers and insolvent banks. The compelling issue to both conservatives and liberals is not whether it is legitimate for government to confiscate one's property to give to another, the debate is over the disposition of the pillage.

Many of the wonderful achievements of the 20th century were the result of the pursuit of profits. Unfortunately, demagoguery has led to profits becoming a dirty word. Nonprofit is seen as more righteous, particularly when people pompously stand before us and declare, 'We're a nonprofit organization.'

The difference between a thief and a congressman: When a thief steals your money, he doesn't expect you to thank him.