March 1, 2008 by Tom Armstrong.

 Dominick Armentano, author of several books, writes this letter:

In your disturbing story about European Union competition commissioner Neelie Kroes (”Europe’s Antitrust Chief Defies Critics, and Microsoft,” page one, Feb. 25) you report that she referred “a half-dozen times to her desire for a ‘fair, level playing field’ ” in her interview with you. However, that theme is precisely what is wrong with European (and American) antitrust policy.

Certainly the rules of the game should be “level,” that is: no fraud, no subsidies, no legal-entry barriers. However, the competitors and their business strategies should not, and cannot be made level or equal.

Competition, correctly understood, is about striving for, gaining and holding, at least momentarily, the fruits of the market process. Yet, if antitrust regulation aims at leveling the results of the marketplace every time consumers reward one firm and not another, all incentive for economic innovation and progress is undercut. Mrs. Kroes may have studied economics but she must have skipped over the writings of Ludwig von Mises and Joseph Schumpeter.

Love this article in today’s WSJ about the Sultan of Brunei’s brother, Prince Jefri Bolkiah. He’s looks to be going from billi0naire playboy to pauper. Watch the video for a summary.

Should investments on companies books be marked to market?

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March 1, 2008 by Tom Armstrong.

Fannie’s idea to “cook” its books.

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March 1, 2008 by Tom Armstrong.

A Fed official admits it was wrong. Is it wrong now?

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