The U.S. Securities and Exchange Commission (SEC) was set up to combat fraudulent practices. The SEC’s website explains that “Ponzi schemes are a type of illegal pyramid scheme named for Charles Ponzi, who duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s.”
Walter E. Williams is a professor of economics at
February 6, 2009, 10:50 AM EST
January 29, 2009, 6:07 AM EST
Here is what my George Mason University colleague Professor Richard Wagner wrote, which was published by Office of the House Republican Leader: “Any so-called stimulus program is a ruse. The government can increase its spending only by reducing private spending equivalently. Whether government finances its added spending by increasing taxes, by borrowing, or by inflating the currency, the added spending will be offset by reduced private spending.
January 23, 2009, 7:51 AM EST
President Obama was sworn into office placing his hand on Abraham Lincoln’s Bible. That is the last Bible I would use to be sworn into office. You say, “Why? Didn’t Lincoln’s Emancipation Proclamation free your ancestors?” It all depends where they were living. Let’s examine the document’s text to see why.
January 13, 2009, 7:18 PM EST
News media people, often plagued with little understanding, fail miserably in their duty to inform the public. This is particularly evident in their reporting on the current financial meltdown, suggesting it was caused by deregulation and free markets. Professor David Henderson, research fellow at Stanford's Hoover Institution, writes about regulation in "Are We Ailing From Too Much Deregulation?" in Cato Policy Report (November/December 2008).
January 9, 2009, 10:43 AM EST
Many professors, mostly on the liberal side of the political spectrum, use their classrooms to proselytize students. I have taught economics for the past 40 years and challenge anyone to find even one student, among the thousands who went through my classes, who can say, "Professor Williams used his class to proselytize students."
December 23, 2008, 9:46 AM EST
Americans have been rope-a-doped into believing that global warming is going to destroy our planet. Scientists who have been skeptical about manmade global warming have been called traitors or handmaidens of big oil. The Washington Post asserted on May 28, 2006 that there were only “a handful of skeptics” of manmade climate fears. Bill Blakemore on Aug. 30, 2006 said, “After extensive searches, ABC News has found no such (scientific) debate on global warming.”
December 18, 2008, 11:22 AM EST
Congress is on a spending binge. With all the calls for bailouts, economic stimulus and other assorted handouts, there is a real risk of inflation in our future. If we do have a rapid inflation, it’s likely that Congress, as they did in the financial meltdown, will blame it on everybody except themselves. Before Congress begins to shirk their responsibility, let’s understand what an inflation is and is not.
December 4, 2008, 9:56 AM EST
How about a few civics questions? Name the three branches of government. If you answered the executive, legislative and judicial, you are more informed than 50 percent of Americans. The Delaware-based Intercollegiate Studies Institute (ISI) recently released the results of their national survey titled “Our Fading Heritage: Americans Fail a Basic Test on Their History and Institutions.” The survey questions were not rocket science.
November 7, 2008, 10:23 AM EST
There has always been contempt for economic liberty. Historically, our nation was an important, not complete, exception. It took the calamity of the Great Depression to bring about today’s level of restrictions on economic liberty. Now we have another government-created calamity that has the prospect of moving us even further away from economic liberty with the news media and pundits creating the perception that the current crisis can be blamed on capitalism.
October 30, 2008, 8:46 AM EDT
For the U.S. Congress, news media, pundits and much of the American public, a lot of economic phenomena can be explained by what people want, human greed and what seems plausible. I’m going to name this branch of economic “science” wackonomics and apply it to some of today’s observations and issues.
October 23, 2008, 5:02 AM EDT
One of the campaign themes this election cycle is “affordable” health care. Shouldn’t we ask ourselves whether we want the politicians who brought us the “affordable” housing, that created the current financial debacle, to now deliver us affordable health care? Shouldn’t we also ask how things turned out in countries where there is socialized medicine?
October 16, 2008, 9:20 AM EDT
The Federalist Papers, written by James Madison, John Jay and Alexander Hamilton, is the document most frequently referred to when trying to get a feel for the original intent of the framers of the Constitution. One such intention is found in Federalist 56 where Madison says, “...it seems to give the fullest assurance, that a representative for every thirty thousand inhabitants will render the (House of Representatives) both a safe and competent guardian of the interests which will be confided to it.”
September 18, 2008, 6:29 AM EDT
Here’s what the U.S. Constitution says: “All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.” How many times have we heard politicians, pundits and guardians of our news media say that President Bush cut taxes, or Obama is going to raise taxes?
September 11, 2008, 8:58 AM EDT
Last week’s column demonstrated the harm, suffered by black students, that results from law school race-based admission policies. The bottom line was that black students who might have done well at lower-tier law schools were recruited to more highly competitive law schools and turned into failures. One might be tempted to place the full blame for such callousness on deans of law schools, but the true villain is the American Bar Association.
September 4, 2008, 10:59 AM EDT
Which serves the interests of the black community better: a black student admitted to a top-tier law school, such as Harvard, Stanford or Yale, and winds up in the bottom 10 percent of his class, flunks out, or cannot pass the bar examination, or a black student admitted to a far less prestigious law school, performs just as well as his white peers, graduates and passes the bar? I, and hopefully any other American, would say that doing well and graduating from a less prestigious law school is preferable to doing poorly and flunking out of a prestigious one.
August 14, 2008, 3:48 PM EDT
Most people know the tragic state of black education today. We know that billions of dollars are spent on federal government programs such as No Child Left Behind and the billions spent by state and local governments. If you were to ask an education "expert" to explain the tragedy, you'd get answers such as racial discrimination and underfunding.
July 25, 2008, 10:13 AM EDT
“Hard Times at Douglass High,” is an HBO documentary that aired last June. It captured much of the 2004-2005 school year at Baltimore’s predominantly black Frederick Douglass High School. The tragedy is that what is seen in the documentary is typical of most predominantly black urban schools.
July 17, 2008, 5:27 AM EDT
One of the unappreciated casualties of the War of 1861, erroneously called a Civil War, was its contribution to the erosion of constitutional guarantees of state sovereignty. It settled the issue of secession, making it possible for the federal government to increasingly run roughshod over Ninth and 10th Amendment guarantees.
July 9, 2008, 9:59 AM EDT
Despite Congress’ periodic hauling of weak-kneed oil executives before their committees to charge them with collusion and price-gouging, subsequent federal investigations turn up no evidence to support the charges. Right now oil company executives are getting a bit of a respite as Congress has turned its attention to crude oil speculators, blaming them for high oil prices and calling for tighter control over commodity futures trading.
July 8, 2008, 3:18 PM EDT
Why is it that mankind enjoys cell phones, computers and airplanes today but not when King Louis XIV was alive? The necessary physical resources to make cell phones, computers and airplanes have always been around, even when caveman walked the Earth. There is only one answer to why we enjoy these goodies today and not yesteryear. It's the growth in human knowledge, ingenuity along with specialization and trade that led to the industrialization, coupled with personal liberty and private property rights.