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...oldest traps in economics - Frédéric Bastiat's broken-window fallacy. Just as a broken window creates work for the glazier at the expense of the window owner, money that Kinsley hopes to inject into the economy must first be taken out of it. Add in collection costs and the usual political malfeasance, and we have a net loss to the economy. There's more: Kinsley argues that last summer's high oil prices were essentially a tax on consumers; the money just went to oil companies instead of the government. But he forgets that oil companies...
...sweet brininess--and a fear-factor thrill. Perez, who also serves apple lasagna with crispy bacon, is delighted by the mainstreaming of meat for dessert. "It means diners are trying to change their whole perception of food," he says. Or it just means we've learned to add sugar to everything...
Madoff was supposed to come clean with his list of assets last week - it certainly should add up to more than $850 million - but so far there has been nary a public peep of the list. When, during the hearing, Representative Gary Ackerman, a New York Democrat, asked David Kotz, the Securities and Exchange Commission's inspector general, what Madoff's assets were, Kotz answered meekly, "We don't have that information." Ackerman finally badgered Kotz to agree to supply the total asset list publicly within a week. We'll see. (See the top 10 scandals...
...Kinsley falls prey to Frederic BaStiat's broken-window fallacy. Just as a broken window creates work for the glazier at the expense of the window owner, money that Kinsley hopes to inject into the economy must first be taken out of it. Add in collection costs and the usual political malfeasance, and we have a net loss to the economy. There's more: Kinsley argues that last summer's high oil prices were essentially a tax on consumers; the money just went to oil companies instead of the government. But he forgets that oil companies do not have control...
...guides to stop their bikes near a restaurant or hotel every 20 minutes so passengers can relieve themselves indoors. "I hate when they pee on the street," he says. "It looks unprofessional." And, aware that drunken tourists sometimes block traffic when they struggle to pedal, he plans to add an electrical mechanism to the undercarriage this year to "help push the bike forward." In a city known for its tolerance, these efforts may be enough to assuage angry residents - and keep the beer flowing, and the bike rolling, for years to come...