Home » Archive

Featured, Headline »

[16 Jan 2019 | No Comment | ]

The proposed construction of the extensive Obama Presidential Center on some 19.3 acres in Jackson Park on the south side of Chicago has long been a simmering issue of deep and continuous controversy. This past February, I stated my multiple objections to the choice of the historic site for the center and argued that on every conceivable ground it would be far better for the City of Chicago to construct it in Washington Park, located just to the west of Hyde Park. Washington Park is largely under-utilized and is a stone’s throw …

Featured, Headline, Think Tanks »

[26 May 2009 | One Comment | ]

Here is one straw in the wind that does not bode well for a Sotomayor appointment. Justice Stevens of the current court came in for a fair share of criticism (all justified in my view) for his expansive reading in Kelo v. City of New London (2005) of the “public use language.” Of course, the takings clause of the Fifth Amendment is as complex as it is short: “Nor shall private property be taken for public use, without just compensation.” But he was surely done one better in the Summary …

Featured, Headline »

[26 Mar 2009 | One Comment | ]

Bills now winding their way through Congress would tax between 70% and 90% of bonuses paid to any executive earning in excess of $250,000, if he or she is employed by a business that received more than $5 billion from U.S. bailout funds. With popular outcry at a fever pitch, too few Democrats and only some Republicans are prepared to stand up to this juggernaut.
But would the courts uphold this legislation? The AIG bonuses were made pursuant to valid contracts entered into before the receipt of the bailout money. They …

Local Media »

[21 Oct 2008 | No Comment | ]

THE financial crisis has unfortunately deflected attention from our next major meltdown: ordinary labor markets. The early days of an Obama administration will likely see passage of othe so-called Employer Free Choice Act – which will put a union noose around the neck of every US business, large and small.
Union membership has dropped relentlessly from about 35 percent of the work force in 1954 to about 8 percent today. The main factor is the massive attrition in failed unionized industries such as steel, automobiles and rubber. A chorus of labor …

Local Media »

[25 Sep 2008 | No Comment | ]

once regulators slow down foreclosures, other potential homeowners are denied opportunities to purchase housing they can afford. The housing stock cannot recirculate. Banks that acquired this mortgage paper see their portfolios nosedive. That dicey paper, as William Isaac noted in last week’s Wall Street Journal, drives the entire economy over the edge by strict government regulations that require all financial institutions to “mark-to-market” the various instruments in their portfolio.
Unfortunately, there is no working market to mark this paper down to. To meet their bond covenants and their capital requirements, …