Monthly Archives: August 2014

Everything is Awesome

As a member of the ‘neo reactionary right’, being an economic optimist makes me something of an oddity among a group of people that are already pretty odd to begin with.

Physics, bay Area Real estate, and web 2.0 will catapult America ahead of the rest of the world in the 21st century, as if we aren’t already running laps around everyone else. Europe and Russia are in a borderline recession while the U.S. is still growing briskly at 3% a year. It’s not just the fed, thank the tireless consumer and exporters for the strong economy. Compared to the rest of the world, America, especially around the West and East coasts, is a uniquely intellectual place that rewards risk taking and intelligence. That’s what makes our economy and free market exceptional as other regions such as Europe and South America struggle with sluggish growth and or high borrowing costs. America and its multinationals can borrow for next to nothing, because everyone wants to buy our safe debt.

Betting against the best minds in the world is always a losing proposition in the long run (with brief periods of success like in 2008 or in 1929). Those who bet against America, the consumer, and the resolve of the best and brightest to fix the financial problem lost their shirts if they didn’t cover before the huge rally. This happens over and over again. You have a problem that the media tries to distort into a crisis; fools or ‘dumb money’ think the world is coming to an end so they sell the market short, and when the dust settles they have to scramble to cover their shorts at a large loss.

Everything is awesome, yet if you read the comments on some of the most popular blogs, no one is happy. While the crisis-seeking left whines about not enough jobs being created or too much wealth inequality, America is in an intellectual Renaissance. People are getting richer and smarter than ever. So much wealth being created, especially in the past five years alone, as the stock market closes at another record high. If you’re smart and rich, now couldn’t be a better time to be alive. To be a web 2.0 founder, to by a physicist, to be an economist and to be smart means you’re an important person, a part of the national debate & process, and economically useful. Wealth and IQ should be celebrated, because smart and rich people are creating all these amazing technologies such as Tesla, Facebook, and Snapchat that are making our lives better, with infinite prosperity for the founders and early investors and just getting by for most Americans. Sometimes in a strong economic recovery, like the one we have now, not everyone can participate at once, or even at all. Only those who are worthy, which includes the cognitive elite, should get first dibs in the recovery; everyone else has to wait. It may seem unfair, but in a meritocracy, as exemplified by the American economy, the best and the brightest keep coming out ahead, no matter how hard the left seeks to create a level playing field. Social Darwinism means survival of the smartest. To try to change this would be like meddling with evolution – not only is it expensive and time consuming, but by interceding you make everyone worse off by threatening the homeostasis of the ecosystem.

Welfare liberals seek failure because they cannot create wealth and prosperity; they can only spread it around from the most successful to the least. Furthermore, liberals like Paul Krugman, Robert Reich and Joseph Stiglitz have been warning for years, to no avail, about the alleged economic consequences of rising wealth inequality, and they still keep being wrong.

Some examples of Krugman’s bad predictions include that the Euro would fail, a Eurozone country would default, a country would have to leave the Eurozone, and that the sequester and fiscal cliff would badly hurt the economy. The exact opposite happened: the sequester and fiscal cliff were just speedbumps, as this blog correctly predicted. So some blog is better at forecasting the economy than even two Nobel laureates and a midget. Other failed liberal predictions include: a student loan crisis, that America is Greece, a housing market crash, profits and earnings contraction, consumer being maxed out, consumer deleveraging, a bear market, a debt crisis, and high inflation – all wrong.

As an example of smart people making the world better, from lion and the WSJ The Golden Age of Neuroscience Has Arrived

One day we might have a “library of souls,” in which we can have a scintillating discussion with our long-dead ancestors or even historical figures. We could talk to a hologram of an ancestor, for instance, which can access all that person’s memories and personality.

A possible futuristic technology discussed earlier in this blog is the ability to program memories to allow people to implant positive experiences/memories and erase or cover up bad ones, like the movie Total Recall and the short story by Philip K. Dick. Memory modification and the ‘library of souls’ are both highly speculative and probably not feasible for hundreds of years, if ever. The closest approximation to an ‘alternate reality’ are psychotropic drugs and virtual reality.

Ferguson is Not the Future of America

We need a stronger police presence in Ferguson, with more tear gas and stun grenades. If these hoodlums won’t cooperate, suppress them with overwhelming force. If that means more injuries and some deaths, too bad. The problem is, like the Treyvon Martin death, Obama is taking sides when normally the executive branch never gets involved in local disputes such as this, and not surprisingly, Obama is siding with ‘his people’, instead of the police.

Patrick J. Buchanan has an article: Is Ferguson Our Future?

To answer the question in the title, more like the past than the future. A small complaint with Patt’s articles, in general, is how he uses an event (Iraq war, Ferguson riots) to try to make a broad prediction about America that never comes true, or he shoots down his own thesis like in the last paragraph of his article where he writes:

Nevertheless, the violence in Ferguson is child’s play compared to Watts in ‘65, Newark and Detroit in ‘67, and 100 U.S. cities including Washington, D.C., after

Dr. King’s assassination in ‘68. In those riots, great cities were gutted, dozens were killed, and thousands arrested.

So what was the point of the article if he says at the end that this is not a big deal, which is true, but must suck for readers who were expecting more.

Fortunately, incidents of American civil unrest like Ferguson are so rare that they even get their own Wikipedia page. So, I hate to be the bearer of good news again, but no, Ferguson is not the future of America. If you are a survivalist, maybe you do want things to get worse so all that gear and training doesn’t go to waste. Many liberals and some on the ‘far-right’, in their seeking of crisis and destruction, want more uprisings and a ‘system reset’, yet they underestimate the unbreakability of the status quo and the complacency of people. The vast majority of Americans (99.9%) don’t want to riot and make noise and would rather be productive individuals. That’s one reason why in the past 100 years, America has been so successful and peaceful compared to the rest of the world. Another reason is that America puts a lot of people in jail, especially since the 80′s, which correlates with the precipitous drop in violent crime:

A final explanation for the reduction of crime is eugenic effect of birth control, a theory proposed by economist Steven Levitt that was met with much criticism by the left.

Patt never passes on the opportunity to call America an ‘empire in decline’, and yet every metric from record profits & earnings, to record high stock prices, to historically low treasury yields indicates that the the American ‘empire’, for all its flaws, is doing pretty well and is at no risk of collapsing. It’s like Patt sets readers up and then lets them down, not only by his own doing, but because his arguments are so weak and full of holes that one can’t help but to not take him seriously. In reality, Detroit is the only example of a city that never recovered, but LA and DC have done fine. Most of this article is just him stating what everyone already knows about Ferguson, which is that lots of black people are mad over some punk getting shot. Nothing special here, but then again, Patt has never written much of anything good, anyway, and that’s probably why he was on MSNBC, of all places.

As a caveat, due to the expansion and militarization of American police force combined with millions of people permanently dropping out of the labor force and living on the margins of society, we predict there will be more deadly police vs. civilian encounters, but these will remain isolated, small events.

People Agree: Michael Brown Deserved to Die

All over social media, on sites like 4chan, Reddit, Digg and Buzzfeed, many commentators, some of whom are well-educated and don’t meet the profile of the ‘racist republican redneck’, agree that Michael Brown deserved his fate for instigating the situation, endangering the lives of attending police officers, and for having no redeeming value as an individual.

The police were doing their job they best they could, and sometimes people die in the line of duty. In such situations, the most comforting words you can give to the family is, ‘too bad’.

America is a nation of free market capitalism, technology, intellectualism, and law & order. With freedom comes responsibility through a ‘social contract’ between the individual and state. If an individual breaks this contract by committing a crime, is a punishment, as administered by the state, not to be expected?

From Wikipedia:

In an August 14 op-ed in Time Magazine, U.S. Senator Rand Paul of Kentucky said that police forces need to be demilitarized and that “[t]he shooting of 18-year-old Michael Brown is an awful tragedy” and that “Anyone who thinks race does not skew the application of criminal justice in this country is just not paying close enough attention.”[168]
Senator Elizabeth Warren of Massachusetts and Representative Justin Amash of Michigan tweeted similar descriptions of Ferguson as a “war zone” in the aftermath of the police actions of August 12, with Amash calling the situation “frightening” on August 13 and Warren demanding answers on August 14.

All this whining, from both the left and some of the right, is more evidence we’re becoming a nation of crybabies. Justin Amash is a liberal with an identity crisis, anyway, and is essentially Elizabeth Warren but with smaller balls.

Jim Goad on Millennials

An interesting article by Jim Goad from Taki How to Deal With the Brainwashed

It’s weird how this article came a just after my part three in the Smartest Generation series, where I also discuss the millennials, but in a more favorable light.

In a series of articles, The Smartest Generation Part 1, 2, & 3, I argue that the millennials, because of a higher IQ and better education, are less brainwashed and more receptive to controversial, politically incorrect ideas than earlier generations. While not outright labeling themselves HBD proponents, many educated young adults on Reddit at least acknowledge the validity of biological determinism and that many social problems, such as crime and poverty, have a non-trivial biological component. In the Steven Pinker v. Gladwell IQ debates, Gladwell’s biggest critics came from sites like Reddit and 4chan, because they knew he was full of shit, and correctly so.

Are we in a dark age as Jim Goud says we are? I hate to be the bearer of good news, but more like an age of enlightenment – a technological and free market Renaissance of unending innovation, knowledge and wealth creation. Seems like the left wants America to be doomed, because they have no faith in humanity. The Grey Enlightenment represents republican, libertarian, and HBD minded people who don’t wish to go down ‘we are doomed’ path of thought, because there is a lot to be optimistic about, especially in the fields of biotechnology and physics where, with the help of technology, a lot of discoveries are being made, many of them in the past few years alone. Uber, Snapchat, the stock market at historic highs, Bay Area real estate surging, the discovery of the Higgs Boson, and the detection of gravity waves from Big Bang.

Everywhere you look, smart people are making cool discoveries and technologies, sometimes becoming rich and famous in the process. Through the free market, America, more than any other country, rewards high-IQ and work ethic. Social Darwinism means those who create value are rewarded with capital and those who don’t fall between the cracks, and again, America, more than any other country, optimizes this. Despite some moral decay, America is an HBD experiment that is succeeding, and that is something the alternative right should be happy about. Yes, the left is winning the cultural war, but they are losing the economic one. Maybe it’s better to placate the masses with stupid entertainment than have them running around destroying stuff.

They start with one flawed premise—equality, which is a laughably obvious lie—and embrace it as an untouchable truth.

I dunno if Mr. Goad can make such a generalization about an entire generation. From my own discussions with millennials, few actually seem to believe in the concept of literal equality. Being well versed in economics and biology, they know some people will have superior outcomes to others due to a combination of genes and work ethic, not because the government isn’t spending enough to guarantee equal outcomes. They celebrate free market success stories, such as Tesla and Facebook, rather than begrudge them.

Goad’s article alludes to generational/culture clash between working class people of older generations who perceive the millennials as being pampered and ignorant, which some certainly are, but you cannot generalize all of them that way.

Ironically, despite its diversity, America is more divided than ever, and these divides run deep economically, politically, ethnically, and culturally. Even age. Besides a flag and some religious institutions, there isn’t really much that unites Americans, so we, as a country, splinter into little factions, wanting nothing to do with each other.

The Smartest Generation, Part 3

After the untimely passing of legendary comedian and actor, Robin Williams, the outpouring of grief could be heard and felt everywhere, with a notable exception: the millenials, many of whom seemed unmoved by his death.

From the Beetles to the The Monkees, Ed Sullivan and even Farrah Fawcett, the Baby Boomers grew up idolizing famous ‘mainstream’ entertainers, and this continued until adulthood. However, blessed by the Flynn Effect, a rigorous public education and superior critical thinking skills, the smartest generation (the millennials) aren’t infatuated with Hollywood and stardom like their parents, or at least ‘stardom’ in the conventional sense. The alt comic on twitter with 100,000 followers and millions of Youtube views or socialites such as the Kardashian family, whose only talents are self-marketing and down-to-earth appeal, are today’s ‘celebrities’ for the smartest generation. Richard Dawkins is another individual with celebrity status that doesn’t meet the conventional mold for a celebrity. Same for Charles Murray, Steven Pinker, Slavoj Žižek, Bill Nye, Noam Chomsky, Neil Degrasse Tyson, Steven Levitt and dozens of other intellectuals that have attained celebrity status among the smartest generation.

From Urban Directory to Wikipedia, they, the smarties, are changing and shaping the intellectual debate on a variety of issues and replacing obsolete, staid technologies with better ones. In the face of change, liberals want to cling to their old, dying industries and ways of life. They attack Tesla for subverting dealerships and for alleged crony capitalism. They, the liberals, attack Facebook for making a profit and for supposed privacy lapses, while the smartest generation sees Facebook and Tesla as free market success stories.

As we’ve said before, the smartest generation, on social media sites like Reddit, Buzzfeed, Vice and Twitter, values critical thinking and empiricism over partisan orthodoxy. That’s why it may come as a surprise to some conservatives who dismiss millennials as being hopefully brainwashed and indoctrinated by liberalism, that is was actually millennials on Reddit that, thanks to their critical thinking skills and questioning of authority, who doubted the liberal media’s initial reports that, in Ferguson County, an innocent kid had been shot by police, and they, the Reddit users, were willing to give the officer in question the benefit of the doubt, as the mainstream media, showing a complete disregard for honest reporting and integrity, were already setting up the stockades. Video evidence from the convenience story robbery later revealed, despite the best efforts of the corrupt Eric Holder Justice Department to keep it clandestine, that the slain ‘kid’ was an 18 year-old, 290-pound, 6′ 4″ brute and certainly not innocent. The officer probably felt his life was threatened, a reasonable assumption given what happened to the store clerk.

The millenials, while less materialistic than earlier generation, are less inclined to vilify the rich and multinationals than liberals of earlier generations. Due to a greater understanding of economics, they know that rich people earn their wealth through the economic value they create, and secondly, the rich have many of the same personal problems ordinary Americans have, except perhaps money problems. From Warren Buffett to the Wall St. Bond Trader, they, the smartest generation, see the rich as a superior people worthy of our unconditional loyalty, and deservedly so, because to be rich means you’re a smarter, better person that made good life decisions and have a lot of talent and IQ. The rich are just like us, but better.

Some have called the millenials ‘crotchety young men’, simmering with righteous indignation. They are crotchety because they are tired of being lied to by the politically correct politicians and media, salespeople, and pseudo-intellectual bullshit peddlers like Malcom Gladwell. Reddit, Twitter, 4chan, Wall St. (or any trading floor or trading desk), the public universities, the public schools, and research institutions such as MIT and Caltech are the only bastions of truth, where proselytizing and pandering cedes to moral nihilism, rigor and empirical evidence. To be smart means being unmoved by pleads to subjective concepts like ‘decency’, only being swayed by where the data leads you.

Rejecting political labels and the herd mentality, they, the smartest generation, are notorious non-conformists, to a fault. Josh Barrow, a gay economist, millenial, and very smart person tweeted: Is it time yet for the backlash to the Ice Bucket Challenge backlash?

Is it time? Leave it to a millenial to pose the question as babyboomers, without hesitation, dunk their heads in ice water. The connection between ice water and ALS is obvious, isn’t it? How about dunking your head in pudding for AIDS or sticking your hand in a bottle of mustard for Down Syndrome? Time to be creative., a magazine created by and marketed to millenials, dismisses the Ice Bucket Challenge as “basically narcissism masked as altruism,” as was retweeted by millenial, Catherine Rampell. Because the millenials are so smart and so immune to bullshit, they are very critical, and rightfully so, of mass social movements such as a Ice Bucket Challenge. They see it as just another anti-science cult, similar to the religious masses who persecuted scientists in the renaissance.

The Hollowing Out of the Middle as Home Prices Surge in the Bay Area

With the exception of the Ferguson police story and the usual stuff going on in Russia & Ukraine, it’s a pretty uneventful news day.

Tech real estate driven mania: San Francisco median rent is $3,200 and typical home now costs $1,000,000: The hollowing out of the middle.

This is good and bad news. It’s bad for renters and good for landlords. My home keeps going up every day and is 40% higher than in 2007. It’s good for the economy to have higher rents because the increased spending goes into GDP. The same liberals who say the rent is too high also say the Bay Area housing market a bubble, so maybe when the bubble bursts the rent problem will be lessened? However, due to fundamental factors such as the web 2.0 boom, the strong Bay Area and national economy, private equity and an unending influx of foreign buyers, I am confident we’re not in a bubble, prices will keep going up, and there’s nothing anyone can do about it. Sorry. For example, Blackstone Group has spent $1 billion to become the biggest U.S. investor in single-family rental homes. In 2012, foreign buyers plowed $82.5 billion into U.S. homes for the 12 months ended in March, up 24 percent from $66.4 billion the year before.

The Silicon Valley economic environment and culture that gives rise to companies such as Facebook, Google and Snapchat also makes its real estate extremely attractive. As liberal America seethes at congress not doing anything, real estate in Washington DC is on fire because, like Silicon Valley, that’s where the money and economic influence is at.

You cannot go a week without liberals either whining about rent being unaffordable or housing being a bubble. Between 2004-2008, it was the left that wanted the housing market to fail so that the home flippers would lose money, while republicans, such as Rush Limbaugh and Sean Hannity, dismissed such doom and gloom as part of the drive by liberal media. Almost a decade later, liberals are still attacking the housing market by calling it a bubble and blaming the rich for making rent unaffordable. Unlike the last housing boom which involved the mass production of many low-end affordable homes that could be acquired with little credit, this recent, huge housing resurgence is mostly concentrated in high-end markets such as the Bay Area, London and Manhattan, further adding to liberal rage because in many metropolitan areas, rents have gotten so high that people are being displaced and or cannot find anywhere affordable to live.

The left wants housing to be affordable, or no one can benefit from rising prices. Just like IQ, they want to believe the differences between scores is meaningless, which defeats the purpose of the IQ test. Exceptionalism at the individual level is prohibited unless everyone can be brought to the same level or the exceptional person is brought down to the same level as everyone else.

Another example of American exceptionalism: record demand for bonds is keeping yields low.

This is why the debt binge is sustainable and why America doesn’t have a debt crisis.

A Possible Market Inneficiency Today

From the context of market efficiency, how do you explain the delayed market reaction to today’s (8/15/2014) breaking news about the Ukrainian troops attacking the Russian military convoy:

As indicated by the yellow oval, the ES mini (S&P 500 futures) only fell 2 points within the first minute after the story broke at 9:40 and continued to gradually fall in an orderly staircase manner, culminating with a 6 point drop 15 minutes later. A initially muted response to bad news that progressively gets worse, with increasing volume, could suggest an inefficiency that EMH (efficient market hypothesis) should not allow, because that could imply that market didn’t price/digest all of the available information instantly. If someone got the news early, they could have sold it the market short, because this story is a ‘big deal’ relatively speaking, and two points doesn’t seem commensurate to the magnitude of the potential implications of this development.

When you have news like earnings, fed meetings or economic data, the market reaction is strongest after it’s announced and maybe the market may drift in the direction of the initial reaction or go against it, while with the Ukraine news today, the strongest reaction occurred 15 minutes later after the ES contract lost 6 points in just a single minute.

Some possible explanations:

Maybe the Ukraine news was leaked/revealed to a handful of market participants before the AP reported it.

Or traders initially didn’t trust the authenticity of the story, and then only after being corroborated by other media did the selling intensify.

Was it on Bloomberg terminal first? If the Bloomberg terminal picked it up at exactly 9:40, then it’s definitively worth paying for a terminal and then never taking your eyes off it, because there will be news inefficiencies to exploit such as this example.

Or not everyone who has a terminal is looking at once, which is why whoever keeps their eyes glued the longest is the winner. Everyone who has a terminal looks at expected data like jobs and FOMC meetings, but the pockets of profitability are not from the events everyone is expecting when many people are not paying close attention to their screens.

Despite the unexpected nature of such events, the stock price of companies after buyouts and partial acquisitions don’t seem to exhibit hysteresis; the news is digested instantly as seen from the price action of Monster Energy after Coca Cola took a large stake in the company:

The bulk of the gains were made with the minute the news broke, indicating that the market had digested it instantly, seemingly in agreement with EMH.

Six days ago, when Obama announced strikes against ISIS, the market reacted in a manner consistent with the EMH, with the bulk of the movement occurring the minute the story broke:

Even if stocks and indexes trend after news to allow traders to profit from the price action bias, EMH implies that such trending activity cannot occur reliably enough for traders to make excess risk adjusted returns.

So maybe today was just an anomaly where traders were unusually slow to react to the news.

Sorry Liberals, But for High-Paying Jobs, Talent Does Play an Important Role in the Hiring Process

From Lion: iq and- getting ahead he writes:

whereas in 2014 college graduates are likely to only find work at crappy service jobs unless they have connections (usually from family but extroverted college grads often find their own connections) or they graduated from the most elite colleges (and even then, connections are important).

Lion believes extroverted people make more money because they have better abilities to make connections, so they get promoted while introverted engineers toil away and make little. But this is wrong on a couple counts: very few people relative to the total company employee count will get promoted to a very high position, which means a lot of high-EQ people will be in the bottom rungs and, secondly, the data from actual wages shows that careers (engineering, quant) associated with high-IQ make more money. Most high-IQ folks making super-high salaries at Google and Facebook, on Wall St. and in web 2.0 are introverted, and especially with immigrant software engineers, I imagine the majority don’t have tons of connections. Connections and a high-EQ can get a mediocre person a foot in the door, but skill and hard work wins in the end. Office politics becomes a bigger issue for larger companies, but is much less so for tech companies and start-ups. In today’s economy, high intellect is more valued than ever. The fastest growing and most innovative companies in the world such as Tesla, Google, Snapchat and Facebook all hire on skill and qualifications, so unless you’re in the cognitive elite, getting in is not going to be an option (with very few exceptions).

This reality angers liberals very much, because they want to believe that IQ is not important and the only way people are successful is through string-pulling and corruption, not talent. Just more who is me, playing the blame game, painting fingers, class warfare, and so on.

Liberals seek failure and crisis to soak the rich and spread their wealth under a redistributionist economic agenda. Crisis, such as in 1929 or 2008, acts as a conduit to reset the playing field to a more egalitarian one. The left fans the flames of crisis to get people to vote them into office such as in 2008 when Obama, with the help of the NYT and other liberal media, exacerbated the financial problem so that McCain would lose. That is Obama’s biggest crime: making the financial problem worse to get himself into office. The second worst offense would be taking credit, which belongs to Bush, for killing Bin Laden while secretly mourning his death.

Doom and gloom liberals like Nicolas Nassim Taleb and Peter Schiff have no faith in humanity, the fed, and the great technololgies wrought by the free market, because without their paternalism and our fealty, the world is doomed. When Steven Pinker published The Better Angels of Our Nature about how violence in the world has declined, the most vocal critics were from the left such as John Gray and Nicolas Nassim Taleb, the later whom infamously got his butt handed to him in an online exchange with Steven Pinker. To the left, Robert Malthus is their god/prophet and their eschatology is the Malthusian catastrophe.

I would write more about the stock market, but the market is pretty boring with the major indexes trading within a 2-4 percent range all year; however, the bullish thesis on the U.S. indexes and the economy is unchanged. As the rest of the world teeters on recession or high inflation, America is still the best place to invest which includes high-end real estate in the Bay Area. China is an exception, but it’s hard for Americans to invest there.

Favorite picks:

TLT – hedge against downturns with long-term upside bias

UGA – make $ off pain at the pump

SPY/QQQ – S&P 500 and Nasdaq 100

MA, V, GOOG, FB, TSLA, ZEN – huge growth, no viable competitors. These stocks will keep going up.

JNJ – always a good rebound play if it’s down

SVXY – inverse volatility fund

Libertarian = Socially Liberal ?

George Gilder isn’t a name that comes up on the blogs, despite having a noted exchange with Steve on immigration and having views that many IQ realists could agree on.

A believer in biological determinism (from what I could infer) who wrote the book on supply side economics as well as a vocal critic of feminism, he would agree with this blog’s position on immigration and how in a free market and a meritocracy we shouldn’t limit our labor options. In agreement with Steve, the 40% value quoted by Gilder probably is probably sketchy, but that doesn’t preclude the potential economic gain from more high-tech immigration. Through technology and capitalism, we can immanentize the eschaton, as much as the libs – in their war on free markets, consumer spending, web 2.0 and success – want America to regress. However, in disagreement with some techno-utopians, there will be no ‘post scarcity’. This is obvious by how real prices for essentials from food, air travel, gasoline, daycare, healthcare and education have rapidly become more expensive in parallel with nosebleed technological progress. TVs and computers are cheaper, but by design, in order to keep total real consumption rising, everything else must keep going up faster than inflation.

On a related note, an interesting article

In the first section, Jim is pretty much saying that free market capitalists are social liberals or that to be a capitalist means you’re a libertarian.

How about a technological capitalist that appropriates elements of conservatism such as controlling entitlement spending and support of free market capitalism, as well as believing in HBD & biological determinism in addition to supporting the fed, limited crony capitalism, and eugenics? As in the example of George Gilder, not all market libertarians are social libertarians. Another example is Murray Rothbard. The system we have today is one of a free market with some government intervention, which seems pretty good compared to an extreme of no government or no private enterprise. Sometimes crony capitalism could be justified if government investment represents an optimal allocation of capital that would not have otherwise occurred, such as as the super-effective 2008 bank bailouts that quickly stemmed the financial panic. Even Milton Friedman acknowledged some government was necessary to protect private rights and national security. Alan Greenspan, Ayn Rand’s number one disciple, helped engineer multiple bailouts such as after the Black Monday crash of 1987. Neoconservatism is an obvious example of technological capitalists that are neither libertarian purists nor social liberals.

On a whole bunch of social issues, from medical marijuana to birth control to assisted suicide, Milton Friedman was socially liberal, but also opposed all handouts – a position welfare liberals would oppose. But because he supposed some government, he wasn’t a libertarian purist.

I guess one of the nice things about the Grey Enlightenment is because it’s so similar to the system we have today (with some tweaks) it doesn’t take much mental gymnastics to try to make it work.

After the neocon flameout of 2008, some conservative types began embracing weath-destroying economic ideas. This means complaining about the debt being too high, crony capitalism, the fed, the concentration of power among ‘elites’, or being concerned about wealth inequality. On all issues, the welfare left has gone further to the left, but on economics the right had moved to the left. On social issues the right has moved further right. Free markets and supply side economics doesn’t seem to have the popularity among the mainstream right as a decade ago. But with the economy doing well, rising tensions overseas, the web 2.0 boom, and stocks & real estate prices surging, this blog predicts neoconservatism will make a sudden and lasting comeback.

Liberal Assault on Apple & Steve Jobs

The left, in their war on success, is trying to sully the legacy of one of America’s most beloved capitalists and visionaries

The problem is proving damages. you have to figure out: what % of the total number of employees could have been targets of poaching and suffered potential monetary

losses from the no-poaching agreement. Hint: it’s not the janitor, the chef, the secretaries,

Then you have to figure out how much wages/compensation was theoretically lost over contravening period. With the exception of superstar employees, it’s probably not

that much. The plaintiffs have to prove they would have received the job that they were never called about. That by itself is hard to do. Then they have to prove that they would have made X amount of more money. Once again, it was over a job that they were never called about.

The prosecution didn’t have a suffiently strong case to justify the amount they are seeking and judge Lucy Koh demonstrated incompetence by rejecting the settlement agreement.

The media, lacking in impartiality and integrity, is defaulting to the weak prosecution and trying to to make up our minds for us.