THE CONTINUING CRISIS
THECONTI4IVUINGCRISIS Sic Semper Tyrannis I Oppressors Face People's Justice ................................................................... South Korean Parliamentarians pummeled with soft...
...Cutting the current 20 percent rate by five points and narrowing or eliminating the distinction between long- and short-term gains to reduce volatility-and boost government revenues on increased trading-would do more to resurrect the NASDAQ than the Fed's rate-cut water torture...
...Jackson explicated his Children's Bill of Rights, including, according to the London Telegraph, "the right to be listened to without having to be interesting...
...more devices and more bandwidth...
...investment strategist and chief U.S...
...Muller, whose fingers have never known nicotine, walked to the urinal and reached for the young man's private part...
...CHRISTOPHER HITCH ENS is a columnist for the Nation and Vanity Fair...
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...Editor-in-Chief RICHARD VIGILANTE Editor and Publisher WLADYSLAW PLESZCZYNSKI Editor, The American Spectator Online SENIOR EDITORS Tom Bethell, John Carry, Josh Gilder, Joshua London, Ben Stein, Brian Wesbury CREATIVE DIRECTOR Maria Walker MANAGING EDITOR Tracy E. Robinson ART DIRECTOR Eric R. Roell PRODUCTION MANAGER Spencer K.C...
...At Dr...
...It was the capital gains tax cuts of 1978, 1981, and 1997 that most powerfully drove the boom...
...CONTRIBUTORS BU RKHARO BILGER is a senior editor at Discover and an adjunct professor of science writing at New York University ANN SCARLETT DALEY is adjunct curator of painting and sculpture at the Denver Art Museum...
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...Perhaps they desire Clinton-like ergonomic standards to prevent repetitive stress disorder...
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...To achieve this there is no better tool than a substantial cut in the capital gains tax...
...Printed in U.S.A...
...One of the prides of the Lagos constabulary is that its members wear pants and have for many years...
...SOMEWHERE THE MARLBORO MAN is smiling...
...IN SOUTH KOREA the legislative flow seen in Washington was reversed...
...IN CALCUTTA, INDIA 25,000 prostitutes gath ered in a football stadium to demand recognition as a profession and what they termed "workers' rights...
...more data...
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...BY JEFF STAMBOVSKY 66 LIFT OFF Can Venture Thaw the IPO Ice Age...
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...PAUL JO H NSO N's most recent book is The Renaissance: A Short History (Modern Library 2000...
...Actually Mr...
...The 20-year boom has been largely driven by the restoration of risk capital's rewards...
...Mother Nature responds to President Bush March left vegetarians all over the world feeling very superior...
...Growth is primarily a function of innovation and thus of risk...
...ANDY KESSLER runs Velocity Capital, a technology investment company in Palo Alto, California...
...And tomorrow there will be exponentially more of all of them...
...economist at ING Barings LLC...
...v SURGEON GENERAL'S WARNING: Quitting Smoking Now Greatly Reduces Serious Risks to Your Health...
...According to his alleged victim, Dr...
...BY BRET SWANSON 67 MOB HIT BY JAMES BOWMAN 84 BEN STEIN'S DIARY Stock Shock BY BENJAMIN J. STEIN 89 THE GREAT AMERICAN SALOON SERIES In The Loup BY CHRISTOPHER HITCHENS 93 THE TALKIES You Know What I Like BY JAMES BOWMAN 94 CURRENT WISDOM Man Likes Dog BY ASSORTED JACKASSES 105 LAST CALL Once Frostbitten, Twice Shy JOE QUEENAN 106 BOOK REVIEWS Redefining Roosevelt-Paul Johnson KENNETH H. DAVIS'S FOR: THE WAR PRESIDENT 97 Debunking the Bunkum-David Norcross BRADLEY SMITH'S UNFREE SPEECH: THE FOLLY OF CAMPAIGN FINANCE REFORM 100 They're No Angels-Max Watman SPEAKING WITH THE ANGEL EDITED BY NICK HORNBY 102 New Democrats, New Economy, Old Story-Mark Hemingway SARAH MILES'S HOW TO HACK A PARTY LINE: THE NEW DEMOCRATS AND SILICON VALLEY 104 COVER ILLUSTRATION: STEVE MCAFEE...
...South Korean Parliamentarians pummeled with soft donations...
...Till: AMERICAN SPLCT.l'IOR 11a% 211111 on w STORAGE MW ALLIANCE www.storagealliance.com Fl 0 i I'•i hi M(nri . Iru 2000 f or more infnrmation about PM USA and u', products...
...Bivins, a murderer and robber, might not have needed the injection to render him room temperature...
...What once was designed for thousands, or even hundreds of thousands...
...Michael Jackson, the rock soprano, lectured the Oxford Union, where once the assembled voted down war with Hitler as ungentlemanly...
...Indiana State Prison in Michigan City, Indiana, executed another glutton, Mr...
...Muller, a Democrat, entered the lavatory at 3 p.m...
...When will the Fed get its head screwed on straight...
...It is radically altering the economics of the network, creating incredible new opportunities for every kind of business...
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...So when did he stop being funny...
...Copyright 2001...
...Rod Millner may expect (CONTINUED ON PAGE 10) Mr...
...Who burst the "Internet bubble...
...9 THE AMERICAN SPECTATOR Mav 2001 (CONTINUED FROM PAGE 4) him to be unavailable for an indefinite period...
...ARTHUR LAFfER is founder and chairman of Laffer Associates and a former economic policy adviser in the Reagan administration...
...TAS George Bush's Emergency 10 THE AMERICAN SPECTATOR May 2001...
...JOE OUEENAN is the author of the forthcoming Balsamic Dreams: A Short But Self Important History of the Baby Boomer Generation (Henry Holt...
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...As George Gilder and Rich Karlgaard point out in this issue, however, the "value" investor snuggled safely on the sidelines is comparatively useless to economic growth...
...th Products that are over-engineered to provide new levels of performance...
...On March 23 Dr...
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...Here is why...
...Like Flying BY ANN SCARLETT DALEY Daniel Sprick believes that grounding his paintings in detail can make them fly...
...In disease-ridden Britain hundreds of thousands of cloven-footed delectations were being executed and bulldozed into the earth as the Brits turned to kangaroo meat...
...THE AMERICAN SPECTATOR May 2001 7 Today there are more users...
...Originally a left-wing enthusiasm obsessed by depictions of fat bald-headed men in white jockey briefs with black socks rolled up their chubby calves, a mainstream radio station, Energy 104.2, offered to send similarly dressed men to the homes of female listeners as a prize...
...There Justice Minister Bola Ige, confronted with the general incivility of local police, placed a malediction on the cads...
...But an intact Microsoft is a good thing...
...Products that are, in short, n ready...
...Bola Ige, "I pray that God will make big holes in their pockets...
...Bush's core constituency, American investors, and especially high-risk investors, are in the throes of an economic catastrophe...
...His failure to seriously respond threatens to derail his presidency...
...Unsolicited manuscripts must be accompanied by self-addressed stamped envelopes...
...Jackson explicated his Children's Bill of Rights, including, according to London's Sunday Telegraph, "the right to be thought adorable" and "the right to be listened to without having to be interesting"-rights which back home are more frequently associated with university professors...
...His last meal included German ravioli, a pasta punctuated by pork and vegetables, a whole chicken, and noodles-all cooked by his mother in the prison kitchen...
...Moonshine Sonata BY BURKHARD BILGER America was founded by people who believed in two things: alcohol and rebellion...
...IN THE AMERICAN PRESS, fallen Yugoslav strongman Mr...
...This is at the best of times a hazardous undertaking, readily discouraged by bad policy...
...For those obsessed with surpluses, capital gains tax cuts always pay for themselves...
...Patrick Kennedy, held its "First Annual Chairmen's Council Continental Pheasant Shoot" on March 30...
...on January 28, looked at him through the mirror and smiled...
...The young man has no known links to any of the Giant Tobacco Corporations...
...of users wilt need to be ready for millions...
...Mother Nature is not always so easy to get along with...
...Norcross REPORTERS Eileen Ciesla, Mark Hemingway CONTRIBUTING EDITORS James Bovard, James Bowman, Marc Carnegie, Victor Gold, Michael Ledeen, Thomas Mallon, William McGurn, Adam Meyerson, Grover Norquist, Robert D. Novak, P.J...
...Mayor of "Friendship Heights" smoked in the boys' room...
...That's because the Net Effect is way more than just dot-comming processes...
...All correspondence (manuscripts, subscriptions, threatening letters, federal grants...
...And it would do more than all the one-sided bipartisanship and compassionate conservatism in the world to secure the administration's increasingly tenuous political future...
...Alfred Muller, the mayor of Friendship Heights, Maryland, pleaded guilty to sexually abusing a 14-yearold boy in the lavatory of Washington's National Cathedral, where such behavior is strongly disapproved of...
...per cigarette by FTC method...
...the Vol...
...THE CURRENT JJ JJJ_ r~ J'J J .J THE COMING BOOM 34 The Current Emergency, The Coming Boom Is it right to yell "Recession...
...77te American Spectator is published by The American Spectator, LLC...
...THE AMERICAN SPECTATO GEORGE GILDER CHAIRMAN R. EMMETT TYRRELL JR...
...DAVID NORCROSS is a former general counsel to the Republican National Committee and former chairman of the RNC task force on campaign finance...
...Where was Mayor Muller...
...He is planning to set a world parachute jump record by leaping from "the edge of space" 130,000 feet above terra firma, and he is prone to nose bleeds...
...That's why Sun offers the most complete, most reliable, most scalable infrastructure products...
...He might well follow the exemplary response of authorities in Lagos, Nigeria...
...Finding Al Franken BY MARK HEMINGWAY Al Franken staked his career on defending the Clintons...
...The Fed's whipsawing of investors over the past 18 months, swinging between a huge Y2K precautionary increase in liquidity in late '99 and its subsequent withdrawal (see Arthur Laffer's analysis in this issue), shattered those rewards, discouraging and defunding the nation's most useful investors...
...ALAN REYNOLDS is director of economic research at the Hudson Institute and senior editor of American Outlook...
...WASHINGTON, D.C...
...He will be wearing only the briefest underpants," the station crowed...
...Bivins then returned to her hotel where she quite understandably attempted suicide...
...The administration could hardly do anything more useful than create incentives to get them back in the game...
...Friends of Australian skydiver Mr...
...As Alan Reynolds and others point out in this issue, stock market crashes predict recessions rather than cause them...
...Muller's hearing his lawyer insisted that a battery of psychiatrists found that he "presents no danger to any members of the community...
...Said the Hon...
...34, No...
...Tell that to the Marlboro Man...
...All one needed to do to avoid disaster, high-risk investors are condescendingly told, was to be a sensible fellow and invest in the Real Economy, where they make important things, like, you know, Coke, or perhaps aluminumfor the cans...
...Looking farther east, towards those European reaches where the Huns and the Ostrogoths once set down roots, members of the veg set might well fear a return to cannibalism-they are very excitable...
...1 2 "We're Not Very Good At Politics" Even free drugs can't buy Big Pharma love BY TOM BETHELL 14 Your Social justice or Your Air Conditioning The Big Apple ponders power plant racism BY WILLIAM TUCKER 1 8 The Cuomo Doctrine Lives Vacant houses, bad loans: Bush's urban policy threatens the working poor BY JAMES BOVARD 19 Defunding God Taking the faith out of faith-based initiatives BY JEREMY RABKIN 2 1 Just Say "Yes" In the tax plan, a presidency is at stake BY GROVER NORQUIST 22 CORRESPONDENCE 24 OPPORTUNITIES Is PEG LeadingYou Astray...
...vlsn www.phiIipmornsusa.com or ca II 18 77 PMUSAW B 15 Irly °[a r;" 1.1 ing nicotine av...
...Slobodan Milosevic continued to receive the Bobby Knight treatment, at least until the month's end when Serb police closed in on him...
...Muller, a rigorist in the anti-tobacco campaign, made international headlines for imposing the country's strictest smoking ban, prohibiting even outdoor smoking on non-private property...
...Jackson arrived at the university wearing a surgical mask, perhaps to protect him from one of the country's popular pestilences or to conceal still more surgery on what remains of his nose, an area of his face that increasingly looks like a belly button...
...Ilaelhnni THE AMERICAN ~~ r jr - F r- [~.FEATURES ~_J V I ( ~~ J VOLUME 34 NUMBER 4 MAY 2001 The Rise of the Plutomores BY R. EMMETT TYRRELL, JR...
...250, Milan, Ohio 44846...
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...As Karlgaard argues, even in the face of extraordinarily promising technological advances in the early 1970s, risk capital essentially disappeared for most of that decade, intimidated by a combination of inflation, high taxes, and government hostility...
...Foreign airmail rates sent on request...
...Then history was made...
...And while on the subject of Democratic reformers who wear two faces, the Democratic Congressional Campaign Committee, which just a year ago was diabolizing gun owners under the Hon...
...Investors in innovation, against all conventional wisdom, bet that they can beat the market, defying its relentless "efficiency" to seek out the as-yet-unrecognized and undiscounted advance...
...IN VIENNA, AUSTRIA the German underpants craze is spreading to the middle classes...
...4. Postmaster: Send address Audit thanes to The American S ectator P.O...
...The Bush Administration put the kibosh on the Kyoto accords' promotion of one grand global thermostat, and in Sevier County, Utah, coin-sized drops of manure began falling from the sky...
...To keep up, your net infrastructure must provide an easily "integratable" environment for your hardware, software and services...
...In observance of International Woman's Day, Energy 104.2 promised to send lucky female callers "a naked male cleaner...
...Sitting down to their heaping repasts of flora, fungi, and the inevitable antacids, they nibbled heartily while carnivores shrank in terror, furtively glancing from foot to mouth, leaving the veg set delighted with their indigestible carrots, their cabbages that envelop them in methane halos, and all their preposterous soybean derivatives...
...Civilization would get nowhere without the sick BY R. EMMETT TYRRELL, JR...
...Police Chief Charles Ramsey pondered imposing serious disciplinary measures, after his aides discovered that members of the force have been sending politically incorrect e mails to each other...
...RET Even in much of the financial press, the most common reaction to the NASDAQ collapse has been sniggering self-satisfaction that go-go investors have finally gotten theirs...
...Bureau g 4 Member Ab Box 654, Mt...
...Department illustrations by Elliott Banfield...
...The tradition continues...
...Gerald Bivins, by injection...
...When will tech came back...
...Police refused to divulge the specifics of the complaints or to explain how they identified the excrement as being human...
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...FEATURING: LAWRENCE KUDLOW, ARTHUR LAFFER, GEORGE GILDER, RICH KARLGAARD, BRIAN WESBURY, AND ALAN REYNOLDS Don't Break Up Microstuck BY ANDY KESSLER The Clinton administration sought its place in history by trying to make Microsoft history...
...the Senate is even dumber and richer than usual...
...Morris, IL 61054...
...Visit our Web publication at www.spectator.org...
...There unknown private citizens sent to Parliament hundreds of envelopes containing human excrement, and a bill of complaints...
...Yes...
...in a crowded stock market...
...U.S.A...
...We call this the Net Effect and it is revolutionizing our industry, along with every other industry the Internet has touched...
...The snooty French, who have hitherto inveighed against the gastronomic imperialism of McDonald's, rejoiced at the thought of Golden Arches and the greasy grandeur of an American beef steak...
...ready take It to the n" O L%qo 'S"iiii microssystems DEPARTMENTS VOLUME 34 NUMBER 4 MAY 2001 THE CONTINUING CRISIS 4 George Bush's Emergency The president may not think much about the stock market, but it's thinking about him THE EDITORS 10 The Galileo of Global Warming It's not PC to blame Mother Nature THE EDITORS 11 To Your Health...
...An American Spectator one-year subscription (12 issues) costs $72...
...His most recent books are Unacknowledged Legislation: Writers in the Public Sphere (Verso, 2001) and The Trial of Henry Kissinger (Verso, 2001), both partly composed in the Cafe Loup...
...But when the driving force of the economy is exceptionally rapid innovation powered by risk capital, the disappearance in less than a year of $5 trillion worth of such capital, largely as a result of a Federal Reserve sucker punch, must be treated by the government as an emergency...
Vol. 34 • May 2001 • No. 4
