wealth

Talking Point Politics

No one is more of a master of political talking points than President Barack Obama. Remember “shovel-ready projects”? These were construction projects where the shovels were supposed to start digging the moment the government gave them the “stimulus” money. Two years later, Obama can joke about the fact that the shovels were not as ready … Read more

Replacing Property as a Source of Wealth Creation

  One of the interesting things about our country, the independence of which the Founders declared 235 years ago today, is that we have been a property-holders’ democracy. This is not something the Founders originally advocated. While they protested taxation by a British parliament in which they were not represented, they did not think that … Read more

Money Matters (But Not the Way You Think)

  St. Matthew, patron saint of bankers, pray for me. This is how I open and close each day. I am a banker and in the business of buying and selling money. There is a common misconception among the faithful that having money is bad, and having a lot of money is really bad. Conversely, … Read more

As the Family Goes, So Goes the Economy

  According to a New York Times editorial this week, “As Housing Goes, So Goes the Economy”. It is a call to the United States government to intervene in the housing market which, nearly two years after the housing bubble burst, is still in trouble and will not, says the Times, fix itself. That may be … Read more

Dependency and Votes

Those who regard government “entitlement” programs as sacrosanct, and regard those who want to cut them back as calloused or cruel, picture a world very different from the world of reality. To listen to some of the defenders of entitlement programs, which are at the heart of the present financial crisis, you might think that … Read more

Millionaires in America

  Recently, CNN’s Money.com posted an article bearing the title, “U.S. Millionaires Population Expanded by 8 Percent in 2010.” According to the article, there are now approximately 8.4 million millionaires in the United States, and last year’s increase was due primarily to rising stock prices, following a 27-percent decline in the number of millionaires in … Read more

Social Justice and the “Redistribution of Wealth”

Rev. Robert Sirico of the Acton Institute takes Washington Post columnist Anthony Stevens-Arroyo to task for a piece he wrote about Catholic Social Teaching. Stevens-Arroyo argues that “since the world economy has been so badly distorted by those seeking advantage of one class over the other, Catholic social justice demands a redistribution of wealth.” Rev. … Read more

Let’s Admit the Worst about Each Other

The prudential arguments Catholics have on subjects such as immigration, welfare programs, and government spending all too often descend into mutual, willed incomprehension — in which each side holds fast to its caricature of the other and insulates itself against learning a scintilla from the “enemy.” While this is counterproductive, it’s also kind of fun. … Read more

A Society of Mutual Benefactors

Checking out at the grocery store the other day, I paid for my sack of rolls. The checkout person handed me my bag. “Thank you,” I said. “You’re welcome,” she said. I walked away with a sense that something was wrong. Do checkout people usually say “you’re welcome” and nothing else? Not usually. Usually they … Read more

The Gordon Gekko Scale of Greed

Over the course of many months thinking about the deadly sins and opposing virtues, I’ve ranged pretty widely. In dealing with Greed and Generosity, I have drawn (so far as I know) the only direct connections yet between Chinese Communism, elves, ostrich farms, and the mortgage crisis. But that’s what being Catholic (from katholikos, or … Read more

Whom Have I in Heaven but Thee?

Whom have I in heaven but thee? So cried Asaph the psalmist. It is an astonishing moment in the history of man, for Asaph had looked upon the wicked and seen how they prospered. His feet had well nigh slipped, he says. Yet he held fast to two truths that had been revealed to him. … Read more

Our Society’s Common Values

If a society is going to hold together and not fall apart, it needs a values consensus; that is, a system of values that almost everybody in the society agrees with. It is not necessary that everybody’s behavior actually conform to these values. There will, of course, be a certain amount — perhaps even a … Read more

Finding Gratitude in Difficult Times

Thanksgiving is traditionally a time to gather with family, enjoy the sweet aromas of turkey and stuffing, and remember all the things for which we are grateful. But with the recent economic downturn, many people will have their holiday darkened by financial crisis. Families that usually host a lavish Thanksgiving dinner may have to cut … Read more

Marx and Augustine Find Common Ground

Ever since Candidate Obama remarked that he’d like to “spread the wealth around,” most conservative commenters have concluded that the infiltration of Marxism into our university system has now achieved its long hoped-for effect on American society. “Obama Affinity to Marxists Dates Back to College Days,” read one FoxNews headline. Any number of blogs — … Read more

Thank You, Lord, May We Have Another?

This year we Americans approach Thanksgiving with ruffled feathers and quivering wattles, alert for the edge of the axe. Our country’s 50-year joyride has hit the wall, and we wait for the "jaws of life." The imaginary wealth that puffed up our investments and inflated our national salary has blown like a mist back to … Read more

Greed Is for the Good

  I joked in a previous column that the vice of Avarice was associated with one political party, and Envy with another. Were that entirely true, we could say that the recent election marked a new era in vice — one where Greed is no longer good, but Envy’s exquisite.   These questions are never … Read more

The Moral Case against High Taxation

As a pro-life Catholic, I wouldn’t vote for a politician with radical pro-choice views. And, for the most part, even those who disagree with me respect that position. But people begin to raise eyebrows when I say I believe that raising taxes on the wealthy to benefit the less well-off is wrong as well. How … Read more

Money: Making It, Spending It, and Giving It Away

Frank J. Hanna III has become one of the leading Catholic philanthropists in the nation. His Solidarity Foundation recently obtained the oldest extant copy of portions of the Gospels of Luke and John and presented them to Pope Benedict XVI for the Vatican Library. A merchant banker in Atlanta, Hanna is the CEO of HBR … Read more

The Debt We Owe to Trade

A Splendid Exchange: How Trade Shaped the World William J. Bernstein, Atlantic Monthly Press, 494 pages, $30 It was the year 1600 and coffee had become wildly popular all over Europe, just as it had been popular all over the Muslim world since its discovery 900 years earlier. The sitting pope was Clement VIII. His … Read more

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