ECONOMICS AGAIN

"The Antitrust Paradox" continues: "Specifically, Judge Bork explained that the overzealous application of the antitrust laws and the resulting intervention into otherwise free markets did not maximize consumer welfare by ensuring lower prices, as is the purpose of antitrust policy. Instead, such an approach achieved the opposite effect by sacrificing potential consumer savings in order to level the playing field between admittedly unevenly matched competitors. In other words, the economic reality of antitrust enforcement is to prevent consumers from reaping the benefits of lower prices ..."

Globalization: "Why Globalization Works is one of the best books within the huge literature on globalisation. Martin Wolf, the chief economics commentator of the Financial Times and avid free marketer, sets out to demolish the arguments of the 'anti-globalisation' campaigners. He has several advantages over the anti-globalisation campaigners. Perhaps most important is his belief, stated at the beginning of the book, that ideas matter. He is fully immersed in the literature on globalisation, from technical economic texts to anti-globalisation tracts, and even quotes Marx and Lenin. He also has an excellent empirical grasp of the world economy, a quality authors on globalisation frequently lack".

Crazy: Borrowing to put off cutbacks: "Conservative activists vowed Thursday to sue the state if Gov. Arnold Schwarzenegger proceeds next week with his $920 million, 20-year borrowing plan to pay off part of one year's pension obligations. Attorneys for the Pacific Legal Foundation said Schwarzenegger's widely expected move would violate a state constitutional ban on governments borrowing more than $300,000 without a popular vote. The foundation represents a Fullerton taxpayers group aiming to derail the idea..... This, said Thom Babcock, an Orange County business owner and president of the Fullerton Association of Concerned Taxpayers, is "the Enronization of California. They're borrowing money to pay daily debts. It's not for a single purpose, to build freeways, hospitals or bridges. It's borrowing to pay daily bills."

Globalization gives prosperity AND peace: "Critics of globalization forget that free trade fosters prosperity and know almost nothing about its most important benefit-its tendency to prevent war. Quantitative studies have shown that trade fosters peace both directly, by reducing the risk of military conflict, and indirectly, by promoting prosperity and democracy." [And it is poor nations that desperately need it]

U.S. poverty is mostly among illegal immigrants: "Many middle-class families achieved large income gains in the 1990s and -- despite the recession and halting recovery -- have kept those gains... The increase in poverty in recent decades stems mainly from immigration. Until our leaders acknowledge the connection between immigration and poverty, we'll be hamstrung in dealing with either. Let's examine the Census numbers. They certainly don't indicate that, over any reasonable period, middle-class living standards have stagnated. Mostly, the middle class is getting richer"

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