All Taxes Are A Drag On Economic

Greenspan, Who Knew So Much More Than Most, Knew Far Less Than Most Supposed.

Without The Triggers, That Tax Cut Is Irreponsible Fiscal Policy. Eventually, I Think That Will Be The Consensus View.

Excessive Optimism Sows The Seeds Of Its Own Reversal.

It Seems Superfluous To Constrain Trading In Some Of The Newer Derivatives And Other Innovative Financial Contracts Of The Past Decade. The Worst Have Failed; Investors No Longer Fund Them And Are Not Likely To In The Future.

Clearly, Sustained Low Inflation Implies Less Uncertainty About The Future, And Lower Risk Premiums Imply Higher Prices Of Stocks And Other Earning Assets. We Can See That In The Inverse Relationship Exhibited By Price/earnings Ratios And The Rate Of Inflation In The Past. But How Do We Know When Irrational Exuberance Has Unduly Escalated Asset Values, Which Then Become Subject To Unexpected And Prolonged Contractions As They Have In Japan Over The Past Decade?