Professor Elam

Thursday January 28 2010

While Mr. Friedman and I do not come to all  the same conclusions he draws in this column, his comments about Goldman and situational ethics are spot on. Yesterday in Ethics class we discussed the idea that an ethical person does not change his or her position based on the situation. I have given you several articles to read about the financial meltdown.  Friedman makes the point that Goldman acts in through egoism, never using a utilitarian approach about what would be good for all. 

I do not agree about Bernake. Bernake has given all our increased debt to the banks which have gambled the money raising the stock market, and then paying themselves bonuses. There is nothing in the so called stimulus package that will raise employment in the private sector. Today's idea of a high speed rail in Florida excluded Texas, that did not vote for Barack, and will do little or nothing to employ anyone this month. The much better idea would be an immediate rollback in income tax and witholding thereby increasing the take home pay this month for all wage earners. 

And I would eliminate capital gains taxes, inheiritance taxes (the death tax), adopt a portable IRA type health care plan that allowed you to buy only what you want, no mandates. 

The best idea of course is to cap all Federal Spending at 10% of Gross Domestic Product, a Tom Sowell idea. Of course congress will never vote for that. Oh repeal the minimum wage for a year while you are at it.