One of the ways that Whirlpool Corporation celebrated its 100th anniversary last year was to file petitions against two of its main South Korean competitors for “dumping” washing machines onto the market on Black Friday. Whirlpool claimed that Samsung was selling their 3.7 cubic-foot top-loading washing machines at a wholesale price of $363.18, way below the $751.46 Whirlpool says it would cost them to make the same product. Consequently, Samsung and LG Electronics sold thousands of their washers over the Black Friday weekend, taking substantial market share away from Whirlpool.
The spate of good news about the economy, headed up by the National Association of Realtors (NAR)’s report that pending home sales increased by 7.3 percent in November from October, has resulted in improved outlooks by many observers, along with warnings from others not to get overly confident.
China is the largest producer of rare earth elements, or “rare earths, “which are important for many sophisticated technology applications. In fact, it has been estimated that China has 97 percent of the current production of these elements. The Chinese government has restricted exports of these rare earths and at least part of the reason appears to be to push up the price of the rare earths on the international market, and closely related to that was the goal of giving Chinese manufacturers a competitive advantage in international markets by giving these operations lower production costs of the rare earths that they use.
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.”