Wednesday, October 26, 2005

Short Takes

Iraqi voters approved the new constitution by 79% to 21%, described as a "slim margin" by The Financial Times. The FT reports "some" say it could "divide the country further." Too bad the constitution wasn't able to muster those 99%+ figures that Saddam used to pull in. Ironicly, the Arab News provides a more balanced view.

The new Federal Reserve Chairman, Ben Bernanke, is a bit too Keynesian for our taste. We prefer our Fed Chairmen more on the Monetarist/Supply Side. Bernanke has expressed support for the idea of "inflation targets" in the past. The only acceptable inflation rate target is 0% over time. Anything else is fundamentally dishonest behavior on the part of the government. A Fed Chairman has tremendous power to do damage; let's hope he doesn't screw things up.

Iowa has placed new restrictions on where convicted sex offenders can live. Not to be left behind, Nebraska is considering city and state laws along similar lines. By the time you wipe out any housing close to schools, parks, and daycare there isn't much left. Not that we want them to live next door to us, but they have to live somewhere.

Laurence Wilkerson, formerly Chief of Staff to Colin Powell at the State Dept., has an op-ed in the LaLa Times. Surprise: he's not happy with the Bush Administration. It seems theres an "Oval Office Cabal" making all the policy decisions. Much to Wilkerson's chagrin, these people are not listening to the bureaucracy. Can you believe it? Elected officials ignoring the will of the bureaucracy? Somehow we had the wild idea that the bureaucracy is supposed to implement the President's decisions and policies not vice versa.

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