The Necessity of an Impartial Press

I try to keep this space focused on economic and business-related topics, but after hearing about Joe Biden's interview with Florida TV journalist Barbara West, I had to comment. Punishing the Press In what can only be called a rash act of journalism likely to land the perpetrator in a nut-house, Barbara West, of WFTV Orlando, asked Vice Presidential candidate, Senator Joe Biden, a couple of questions that were definitely not on the New York Times/MSNBC list of approved Obama Campaign questions. Put another way, she actually asked a couple of questions that addressed an issue rather than one that allowed the candidate to pontificate in full-dress sanctimony on the need for “change” or attack McCain, Palin or republicans in general. She asked whether spreading the wealth made Obama a Marxist and if Biden's recent comments meant that America was going to lose its leadership position in the world. Here's a link to the interview: [Read Full Article]

This is What We Have Come to: Parsing the Word “Socialist.”

You know the political season is is in its home stretch when folks are either this desperate to tar their enemies with anything they think might stick—or they figure that they have no credibility left to lose—when you read something like this from Lewis Diuguid, Kansas City Star Editorial Page columnist: Shame on McCain and Palin for using an old code word for black The "socialist" label that Sen. John McCain and his GOP presidential running mate Sarah Palin are trying to attach to Sen. Barack Obama actually has long and very ugly historical roots. J. Edgar Hoover, director of the FBI from 1924 to 1972, used the term liberally to describe African Americans who spent their lives fighting for equality. Those freedom fighters included the Rev. Martin Luther King Jr., who led the Civil Rights Movement; W.E.B. Du Bois, who in 1909 helped found the NAACP which is still the nation's oldest and largest civil ri... [Read Full Article]

Spread the Wealth Around

In his 1875 work, Critique of the Gotha Program, Karl Marx, the co-founder of Communism, popularized a phrase first coined by French socialist Louis Blanc: From each according to his ability, to each according to his need. The phrase summarizes the principles that, under a communist system, every person should contribute to society to the best of their ability and consume from society in proportion to their needs, regardless of how much they have contributed. While this might be a tad counterintuitive to those of us raised in a capitalist society where the idea is to build personal wealth and live a good life, Marx explained that the arrangement described in that slogan would be possible due to the abundance of goods and services that a developed communist society will produce; the idea is that there will be enough to satisfy everyone's needs. This is the part of Marxism that looks good on paper. It would be wonderful if you could benefit according to your needs rather than ac... [Read Full Article]