This morning, The Wall Street Journal said that The Coca-Cola Company was in talks to acquire the Monster Beverage Company in what would be the company’s largest acquisition to date (Monster has a market cap of over $11 billion). However, at 4PM Eastern, Coke issued a statement denying that there are any acquisition talks and simply chalked it up to standard communication that the two parties have over their existing distribution relationship. Sorry folks, no deal today… [more]
Last week, responding to President Obama’s latest populist assault on the wealthy, I issued a commentary in which I explained why his ideas about American economic history were fundamentally flawed. As dangerous and erroneous as those views are, at least I can cut the President some slack for commenting on a subject in which he really has no basis for expertise. Hailing from academia and local community organizing, Barack Obama likely did not spend huge amounts of time boning up on economic history. However, there are other subjects where he should find firmer footing. Constitutional law certainly comes to mind. After all, Obama rose to national prominence based on his status as a legal scholar. He graduated magna cum laude from Harvard Law School, where he was elected president of the prestigious Harvard Law Review. He went on to teach constitutional law at the University of Chicago Law School, one of the top ranked schools in the country. [more]
As this fall’s presidential election takes shape as a contest between Barack Obama and Mitt Romney, the rhetoric out of both camps is becoming sharper and more ideological. Looking to exploit Governor Romney’s increasingly close association with Wisconsin representative Paul Ryan (who has been mentioned as a potential vice presidential nominee), the President dedicated a lengthy address earlier this week to specifically heap scorn on Ryan’s budget plan (Ryan is the chairman of the House Budget Committee). The attack lines used by the President not only reveal a preview of the fall campaign but also offer a glimpse of Obama’s skewed views of the social and economic history of the United States.
The President laid bare his beliefs that America’s source of economic strength has been her historical embrace of collective action, wealth redistribution, and government policies that have protected workers from the ravages of the wealthy. To reiterate, he was talking about the United States, not Soviet Russia. He asserted that prosperity “grows outward from the middle class” and that it “never trickles down from the success of the wealthy.” Accordingly, he concludes that our recent struggles stem from the Republican-led abandonment of these successful policies. [more]