The obverse of “Rational Exuberance” is “Irrational Exuberance,” a phrase popularized in December 1996 by then-Federal Reserve Chairman Alan Greenspan when he warned investors that unjustified internet optimism had crept into stock market valuations.  As a consequence, he warned, soaring valuation assumptions based on rosy...

The First Amendment of the U.S. Constitution precludes the government from abridging Americans’ right to speak freely.  By guaranteeing a broadly protected – and uniquely American – freedom of speech, the Constitution provides an essential base upon which America’s democratic society has thrived through the...

You may have read about Cassandra – the young (and, I should add, quite beautiful) priestess who the Greek god Apollo granted the power to accurately prophesize the future …, and then cursed so that her prophesies would not be believed.  TLR spoke with her...

America’s tax system was built by capitalists for capitalists, for incentivizing job creation and business innovation, for encouraging class mobility.  It’s a cornerstone of American democracy in a nation regarded as the exemplar of democratic capitalism.  It succeeded spectacularly in the 20th Century, driving America’s...