It begins with a political leader or a businessman who hits on a powerful new idea, one that puts him miles ahead of everyone else. It could be a new innovation, like the financial derivative, or a new way of doing business, like Microsoft selling software. It could be something destructive, like Hitler's blitzkrieg, which ran over France in two months. No matter the specifics, it leaves everyone else flat-footed and looking foolish.
Our man (it's usually a man) is now indestructible and untouchable. With nothing in his way, he is, for a while, an irresistible force.
Mitt Romney says his experience in private equity taking over troubled companies would make him a good manager of America's economy. So we're reporting on companies that Bain Capital bought while Romney was in charge of the firm. This morning, we told the story of one that went bust. Here's the story of one that succeeded.
The Obama Administration’s proposed budget aims to eliminate billions of dollars in subsidies that go to farmers every year regardless of need. These direct cash payments are among the most controversial component in the sweeping Farm Bill which is up for re-authorization this year.
The U.S. Supreme Court took up the subject of lying on Wednesday.
Specifically at issue was the constitutionality of a 2006 law that makes it a crime to lie about having received a military medal. But the questions posed by the justices ranged far beyond that — from advertising puffery to dating lies.
The Supreme Court engaged in a lively debate Wednesday when it heard oral arguments in a case testing whether the 2006 Stolen Valor Act is constitutional. The law makes it a crime to lie about military honors.