One of the most erroneous and harmful ideas of our time is the notion that free-enterprise capitalism and the society upon which it is based are incompatible with the moral standards of Christianity. Indeed, one of the main drivers of the Occupy Wall Street movement is its condemnation of “corporate greed.” And before the Occupy Wall Street crowd got going, Michael Moore was condemning free-enterprise capitalism in his spurious 2009 documentary, Capitalism: A Love Story. In one scene, Moore, one of those so-called limousine liberals who have profited very handsomely in our free-enterprise economy, asked a couple of religious leaders about capitalism. They both agreed that capitalism is “evil,” without explaining exactly why. Presumably, we are supposed to understand that Moore provides the explanation throughout the film. (One cannot help but wonder how many religious personages Moore had to interview, in order to get the responses he used.)
The results of a survey by the Associated Press of 36 Keynesian economists — economists who believe that government is the driving force behind a strong economy — are in: President Obama received just “mediocre marks” for his handling of the economy since his inauguration on January 20, 2009. Half of those surveyed rated his performance as “fair” while 13 rated it as “poor.” The remaining five gave the president a rating of “good.” None rated his performance as “excellent.”
Following a less-than-spectacular holiday shopping season, two 20th century mainstays of America’s retailing culture appear to be a step closer to historical nostalgia. As reported by the Associated Press, the parent company of Sears and K-Mart announced that it is planning to close at least 100 stores, “a move that sparked speculation about whether the 125-year-old retailer can avoid a death spiral fed by declining sales and deteriorating stores.” AP reported that Sears Holdings Corp., “a pillar of American retailing that famously began with a mail-order catalog in the 1880s, declared Tuesday that it would no longer prop up ‘marginally performing’” Sears and K-Mart locations.
According to economist Mark J. Perry a consumer doing some Christmas shopping in December 1964 with a budget of $750 could have purchased a single Sears Silvertone Entertainment Center color television set.
Zachary Karabell, writing at The Daily Beast on Thursday, claimed that the latest numbers on the US’s economy were showing some modest improvement. After reviewing comments from the Federal Reserve in their final statement of the year (the economy is “expanding moderately”), the Institute for Supply Management (index above 50 for several months, indicating growth), the Gross Domestic Product numbers (growing at about 2 percent on an annual basis), unemployment (dropping slightly), and consumer sentiment (up a little), Karabell concluded “The real dirty little secret of the American economy is that we are doing OK.”