Effective or not, bailouts somehow seem unjust. Why use taxpayer money to save the companies that actually caused the meltdown, the banks that made the reckless loans, and insurance companies that wrote too many credit- default swaps? More broadly, why save the state and local governments that offered overly generous pensions? Or auto companies too fat and lazy to match foreign competitors? They deserve to suffer the consequences of their behavior.
Economists rave about the power of the market to deploy productive resources better than any central planner possibly could. A mysterious process, which Adam Smith called the “invisible hand,” guides countless individuals with conflicting aims to somehow coordinate into a remarkably effective economic organization. Usually.
After two women trying to inoculate Pakistani children against polio were shot this week, some news accounts were quick to place blame: “Anti-polio workers started being attacked after a Pakistani doctor, Shakeel Afridi, ran a fake polio campaign in the city of Abbottabad to help the United States track down Osama bin Laden,” reported NBC News. The World Health Organization, which employed the women -- one of whom died -- reports that 18 of its workers or their bodyguards have been slain since last July.
The storm that’s slowly rolling toward Indianapolis quietly gained strength this week with the filing of several devastating documents in a federal court in California. If it stays on course, it’s going to hit with biblical force, reducing the National Collegiate Athletic Association to a heap of rubble.