Hamilton's Blessing by John Steele Gordon

Author:John Steele Gordon [Gordon, John Steele]
Language: eng
Format: epub
Tags: General, History, Political Science, United States, Public Policy, Business & Economics, Economic Policy, Government & Business, Modern, Americas (North; Central; South; West Indies), Public Finance
ISBN: 9780802778543
Publisher: Walker Books
Published: 2010-12-01T06:25:30+00:00

* Ironically, Taft disapproved of electing judges at all. In 1912 he vetoed the Arizona statehood bill because the state constitution called for the election of judges. Taft said it violated the federal constitutional guarantee of a republican form of government. Arizona quickly amended its constitution, and a new statehood bill was then signed by Taft. Once in the Union, however, Arizona immediately restored the election-of-judges provision to its constitution, and there was nothing Taft could do about it.

* Taft, therefore, is the only president to hold high public office after leaving the White House, although John Quincy Adams served as a congressman.

† Actually, economists cannot say exactly who pays corporate income taxes. For any given company it is some unknowable combination of consumers (who pay higher prices), employees (who receive lower wages), and the stockholders (who receive a lower return on their investment), depending upon the company’s individual economic and competitive circumstances.

* As defined, of course, by intellectuals, since classes have no real-world analogue in this, the most socially fluid of nations. For generations, 90 percent of Americans have thought of themselves as middle class, when they thought about classes at all.

* Frick would leave his collection to the city of New York, together with his Fifth Avenue mansion, where it is still housed, and a substantial endowment. Mellon gave his to the nation, building and endowing the National Gallery in Washington to hold it.

* At least the Fed learned its lesson. As early as noon on October 19th, 1987, the day of the next great crash, the Fed was letting Wall Street leaders know that it was ready, willing, and able to help maintain liquidity in the market. This played no small part in ensuring that the crash of 1987 had few long-term consequences for the economy as a whole.

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