In a case of shutting the barn door after the horses have already fled, President Bush declared that in signing the new accounting reform bill that “the era of low standards and false profits is over.” The markets have punished the offenders and are rooting out any other potential disasters. Of course, the President and Congress both feel the need to act — to do something — and more importantly, to appear as though they are doing something. Question of the week: can anyone come up with an example of the federal government being proactive? That is, recognizing the possibility of a problem, legislating, and then being proven right/have the legislation prevent the problem? I’d love to hear one.
Vanguard Airlines is filing for bankruptcy. They were denied the $35 to $40mm in federal loans they were seeking. Thank goodness this airline is being allowed to die. They’ve been operating on less than $200,000 cash on hand for some time. They never had a profitable route system or strategy. Unfortunately, Midway Airlines wasn’t allowed to just die. It was in bankruptcy proceedings — for the second time — on September 11th. They suspended operations immediately thereafter. Immediately after 9/11 the feds gave direct cash payments to airlines based on previous year’s traffic to make up for time lost while the nation’s airways were shut down. Since Midway had been in the air the previous year, it got cash. The bailout funded the airline’s ability to get back in the air. It was unfortunate, because…
A Boston man spent 30 years in prison for a murder he didn’t committ — even though the FBI knew who the real killers were.
Win 2 airline tickets to LA and $1000 cash while you act as an official judge at the 2002 Southern California Venus International Swimweat Model Search Finals.
Bob Novak reports on what he calls a smoking gun which proves that IRS audits are used as a political tool. Novak reports only on Democratic uses of the tool, because the e-mail in question came out of the Clinton White House. It’s worth noting that the Republican Congress exercised its power in the same way. Often Republicans and Democrats in Congress cut deals across the aisle to audit each political faction equally, which is how I understand that Citizens for a Sound Economy came to be audited some years back.
Crain’s Chicago Business reports that United Airlines will start charging passengers a $20 fee to use paper tickets for trips that could be booked electronically and that it plans to have all electronic ticketing by the end of 2003.
Erin Olsen has free CDs for bloggers.
Delta is running a contest for free Lenny Kravitz tickets which includes airfare for four to LA and hotel stay. New e-mail subscribers also get a free Lenny Kravitz CD.
Political correctness as public choice? Erin O’Connor outlines the bureaucratic machinery of the academic liberal establishment.
Upstate New York school superintendant sent to detention for public display of affection.