What happens when politicians substitute their wisdom for the market's? The result is usually a government subsidy that provides advantage to a special interest group only-but costs everyone and drains the economy. In Unwarranted Intrusions, well-known financial commentator Martin Fridson turns his sharp eye for uncovering opaque financial reporting practices to the U.S. government and examines the economic reality of some of the most popular yet financially draining subsidies. Fridson debunks programs that claim to provide jobs, encourage savings, provide affordable housing, and preserve family farms-among many others. Unwarranted Intrusions is a provocative and exhaustively researched challenge to prevailing political claims of programs that purport to protect the public good.
Autorentext
Martin Fridson has achieved distinction both as a writer and as an investment professional. He has written on economics for Barron's and is a consultant to the Federal Reserve Board of Governors. Fridson received his BA cum laude in history from Harvard College and his MBA from Harvard Business School. He previously served as governor of the CFA Institute and director of the New York Society of Security Analysts. In 2002, the Financial Management Association International named Fridson the Financial Executive of the Year. The following year, he launched Leverage World, the first independent research publication focused on high-yield bond strategy. Fridson is coauthor of Financial Statement Analysis and author of How to Be a Billionaire, both published by Wiley.
Klappentext
Praise for UNWARRANTED INTRUSIONS
"Marty Fridson has tackled the most important question in political economy: What are the consequences of government intervention in markets? Whether the subject is mortgage subsidies or record company payola or savings incentives, Fridson combines relentless logic and a light, engaging touch to demonstrate that intervention doesn't just make markets less efficient, it also advantages the big guy at the expense of the little guy. No one can afford to miss this analysis."
Noam Scheiber, Senior Editor, The New Republic
"Martin Fridson knows how to tell a good story. In Unwarranted Intrusions he recounts a series of spellbinding morality tales about what really happens when government intervenes in the marketplace. If the book were mainly about 'the cost of good intentions'government over-reaching itself to rein in greedy capitalistsits message would be far less disturbing. It's really about the cost of bad intentionsabout the unholy alliance between certain capitalists and government in general, irrespective of political party, to rein us all in."
Gene Epstein, Economics Editor, Barron's
"Much of our daily life involves choices among goods where the benefits don't match the coststhe arts, spectator sports, imports, education, health, research, and development. Until now, developing an appreciation of proper decision making in these areas was the province of economists who used technical and specialized techniques involving models for solving the free rider, externality, tragedies of the commons, and excusable consumption. Now, for the first time, Fridson provides a sharp, direct, focused, practical, and commonsense approach to navigating in these areas. Every investor, parent, teacher, economist, politician, and especially layman should have this incisive and important book."
Victor Niederhoffer, rated #1 commodity trading adviser 20032005 by MAR for funds over $50 million, and author of The Education of a Speculator and Practical Speculation
"A free economy is the greatest engine of prosperity in history. Unfortunately, special interest groups from across the political spectrum constantly burden the market with what Martin Fridson properly calls unwarranted intrusions. In this book, he offers solid advice on taxes and trade. But the book is particularly delightful for Fridson's insightful analysis of topics that are rarely examined sensibly, such as short selling, radio payola, and ATM fees."
David Boaz, Executive Vice President, Cato Institute
Inhalt
Preface.
1. The Politics of Market Intervention.
I. A Nation of Subsidies.
2. Here They Come to Save the Day!
3. Be It Ever So Deductible.
4. Protection Racket.
5. How Are You Going to Keep Them Down on the Farm?
6. Location and Misallocation.
7. Getting the City to Play Ball.
8. Art of the State.
II. Restraint of Trade.
9. Stock Arguments.
10. What Is Wrong with Payola?
11. What Is Big Brother Watching?
12. Getting Cash and Making the Rent.
III. Telling It Like It Isn't.
13. Honesty Is the Worst Policy.
14. Campaign Finance Reform: The Permanent Campaign.
15. Here's That Rainy Day.
16. A Case of Insurance Fraud.
Epilogue: Can This Mess Be Fixed?
Notes.
Index.