Sunday, August 8, 2010 \PM\.\Sun\.
The primate of Scotland, Keith Cardinal O’Brien, today in the newspaper Scotland on Sunday, decried the attempts by the United States Senate to investigate the freeing of the Lockerbie bomber, Abdelbaset Ali al-Megrahi, a Libyan intelligence officer, who was convicted of the bombing on January 31, 2001, and sentenced to life imprisonment. On August 20, 2009 al-Megrahi was released by the Scottish government to Libya, ostensibly on the compassionate grounds that he was dying of prostate cancer.
The text of the Cardinal’s article may be read here.
His argument basically consists of allegations that America has a “Culture of Vengeance” since we have the death penalty, while the Scottish justice system embraces compassion as demonstrated by the freeing of the Lockerbie bomber.
There is no polite way to put this. The Cardinal’s article is rubbish from beginning to end.
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Sunday, August 8, 2010 \AM\.\Sun\.
Another first rate video from the Econ 101 series of the Center for Freedom and Prosperity. This video exlores the concept of moral hazard in economics. A moral hazard occurs in economics when one of the parties to a transaction is insulated from bad effects if the transaction goes south. This will cause that party to behave more recklessly than if the full impact of the failure of the transaction were felt. Government bailouts of course establish a precedent that if a big business suffers a loss, that the government might bail it out. No doubt many of our major financial institutions have learned the lesson that if a financial fiasco is large enough, Uncle Sucker will come to the rescue, and put the taxpayers on the hook for another few trillion that they can’t repay. Moral hazard indeed!