[VIDEO] How Can Capitalism Help End Poverty? Here’s How

capitalism

Former U.S. Treasury Secretary Lawrence Summers, Nigeria‘s former finance chief Ngozi Okonjo-Iweala and the president of the Institute for Liberty and Democracy Hernando de Soto join us at Fortune-Time Global Forum.


Slighting Alexander Hamilton: A Democratic Party Tradition

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Stephen F. Knott Secretary of the Treasury Jacob Lew announced Thursday that Alexander Hamilton would be joined on the ten-dollar-bill by a woman to be named later, or perhaps relegated to appearing on some bills but not on others. Lew cited bureaucratic imperatives in choosing to ignore calls to remove the anti-51PA1F97HWL._SL250_paper money, bank-hating, Indian-killer Andrew Jackson from the twenty-dollar-bill, while adding that symbols on currency are a “way for us to honor our past and express our values.”

[Check out Stephen F. Knott’s book Alexander Hamilton and the Persistence of Myth” at Amazon.com]

By downgrading the founder of his own cabinet department, Lew, perhaps with the best of intentions, continued a tradition that has deep roots in his own political party. From the moment Hamilton was mortally wounded by Vice President Aaron Burr, the Democratic Party has done its best to relegate Hamilton to the ash heap of history. Jackson warmly welcomed Burr to his home as Hamilton’s killer escaped to the west, while Thomas Jefferson’s lieutenants scurried to contain the emotional impact of Hamilton’s death from damaging their party’s political prospects. Jefferson spent considerable time portraying Hamilton as an un-American, pro-British agent intent on importing monarchy and corruption.

[Read the full text here, at  TheHill]

Part of the Jeffersonian-Jacksonian contempt for Hamilton stemmed from the fact that Hamilton was an immigrant from the Caribbean, and thus his “Americanism” was constantly questioned. This sense that Hamilton was not “one of us” animates the writings of Jeffersonians and of Jefferson himself, who was 51WhWm6YhyL._SL250_appalled that Hamilton did not see eye to eye with him despite having been “received” by Americans and “given . . . bread” and having honors “heaped . . . on his head.”

[Also see the book Knott co-authored with Tony Williams – “Washington and Hamilton: The Alliance That Forged America at Amazon.com]

In the twentieth century, Franklin D. Roosevelt led the effort to elevate Jefferson into the American Pantheon and downgrade Hamilton’s status. Roosevelt saw himself as a Jefferson for the new century, battling forces similar to those that confronted the Sage of Monticello over a century earlier. Roosevelt led the drive for a Jefferson Memorial in Washington and selected the truncated quotes that adorn its walls. Hamilton’s “monument” in Washington consisted of an undersized statue on the back side of the Treasury building in Washington, and to make matters worse, that statue had been erected during the corrupt Harding administration by its privileged Secretary of the Treasury Andrew Mellon. Read the rest of this entry »


Despite Judge’s Orders Obama Administration Refuses to Hand Over IRS Abuse Documents

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John Hayward reports: Hey, remember how a watchdog group called Cause of Action filed a Freedom of Information Act request for documents pertaining to the investigation of taxpayer information handed over to the White House by the IRS, and the request went nowhere, so they sued, and a judge told the Treasury Department they had to cough up the documents, and then the Treasury Inspector General was all like, “Oh, wow, we’ve got 2,500 pages of documents on this deal, so we need a little more time to finish going through them before we hand them over?”O-SMDGE-CONDENSED

If it wasn’t so bad – if there wasn’t a ‘smidgen of corruption’ – why try so hard to keep these records silent?”

Never mind about seeing those documents, peons.  The Administration has decided not to hand them over after all, citing a statute that basically says the privacy of the people whose privacy the White House violated would be violated by revealing details of the White House violation to the public.  It all sounds pretty fishy to Cause of Action, as quoted in the Washington Examiner:smdg-tv2

Dan Epstein, executive director of Cause of Action, said Treasury was using “sophisticated” lawyering to weasel out of providing the documents. And he noted that their letter said that Treasury Secretary Jack Lew is now looking into “potential liability” that his tax aides broke laws in sharing taxpayer information with the White House. Read the rest of this entry »


S&P: Torches and Pitchforks

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The Obama administration retaliates with a fraud suit . . . or is it a fraudulent suit? 

Andrew C. McCarthy writes:  A dour President Obama was in no mood to hear about Wall Street’s troubles. “My administration is the only thing between you and the pitchforks,” he warned a room full of the nation’s banking titans.

They’d been summoned to the White House woodshed over what Dear Leader had decided was excessive compensation for industry execs. The president had been on the job for less than three months, but his community-organizer roots were already showing: the fraudulent narrative — in this instance, “income inequality” — helped along by whatever arm-twisting the occasion required. The narrative camouflages execution of the statist game-plan: (1) government creates problem, (2) government locates scapegoat, and (3) government exploits scapegoat to juxtapose itself as savior — rationalizing more regulation and more power.

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The pitchfork imagery leapt to mind this week because Timothy Geithner, Obama’s tax-challenged former Treasury secretary, was back in the news — specifically, the extortion news. Turbo Tim had been in the room back in 2009, absorbing the boss’s lesson in Alinsky-style government-corporate relations. Now we learn, at least according to Standard & Poor’s top honcho, that Geithner made the Obama method his own.

Read the rest of this entry »