Economist Nicole Gelinas, a fellow at the Manhattan Institute, explains the recent financial crisis in this brief video. Did banks fail us? No, she says. The problem is that the U.S. government has become too closely tied to banks, enabling their bad financial practices.
“Today’s welfare state is largely the construction of decades of liberal political activism,” writes James C. Capretta. “If it is failing, and there is strong evidence that it is in many ways, then that is a stinging indictment of the liberal governing philosophy more than anything else.” He argues for more conservative activism on the poverty problem, particularly in education.
An effective conservative critique of existing policies starts with the acknowledgement that a strong social safety net is a must in a modern, market-based economy, and that the safety net built here in the United States, though flawed, has contributed substantially to improving the conditions for the poor. The official measure of the poverty rate is completely misleading in this regard because it does not include transfer programs or the taxes people pay in the measure of income. So, in a very real sense, no matter how much the government spends, the official poverty rate remains unchanged.
But when tax and transfer programs are factored into the assessment, and when the consumption patterns of the poor are examined and not just their cash incomes, the picture changes quite dramatically. The panoply of governmental support programs—Medicaid, Food Stamps, the earned income tax credit, housing vouchers, school lunch programs, and many more—substantially raise the living standards of those who otherwise have very low incomes. (more…)
The Manhattan Institute’s Proxy Monitor project is aimed at “shedding light on the influence of shareholder proposals on corporations.” It provides a thorough analysis of proposals made from 2008 – 2011 by activist investors — and believe it or not, only 35 percent of those proposals were related to corporate governance. Most of the shareholder proposals that these companies deal with are attempts to direct the company in a more green or pacific or fair direction, and they come from small shareholders who do this to dozens of companies.
A new report from Manhattan summarizes the trends — the growing social proposals, and how Dodd-Frank has playing into activists’ activities — and the proxy monitor website allows you to look at any shareholder proposal from the last few years. The proposals are enlightening. The Sisters of Mercy of the Americas have submitted proposals to the stockholders of Lockheed Martin and General Dynamics stating,
WHEREAS: Space has served as a sanctuary where, over the years, nations cooperate rather than confront one another. Satellites save lives…
RESOLVED: Shareholders request that, within six months of the annual meeting, the Board of Directors provide a comprehensive report on Lockheed Martin’s involvement in the space-based weapons program, at reasonable cost and omitting proprietary and classified information.
The well-meaning Sisters of St. Francis of Philadelphia, in a proposal to McDonald’s shareholders that made the news earlier this year, requested that,
The Affordable Care Act, signed into law on March 23, 2010, included federal menu-labeling legislation requiring the posting of calories on fast food menu boards….
RESOLVED: Shareholders ask the Board of Directors to issue a report, at reasonable expense and excluding proprietary information, within six months of the 2011 annual meeting, assessing the company’s policy responses to public concerns regarding linkages of fast food to childhood obesity, diet-related diseases and other impacts on children’s health.
Many other equally well-intentioned proposals have been filed, including repeated requests by the Sisters of Charity of St. Elizabeth that various pharmaceutical companies restrain their prices to “reasonable levels.” The Unitarian Universalists have requested that Pepsi Co. “create a comprehensive policy articulating our company’s respect for and commitment to the Human Right to Water.”
This is not to mention the numerous environmental proposals made by religious groups, requesting that the Rights of Humanity and of Mother Earth not be violated by carbon emissions and by the use of genetically engineered plants. Take, for instance, this statement from a proposal to Du Pont’s shareholders, concerning genetically engineered crops:
The right to food requires that we place the needs of the most marginalized groups, including in particular smallholders in developing countries, at the centre of our efforts
One might think the Sisters of Charity of St. Elizabeth were unaware that it has been the genetic improvement of crops that has saved millions of the world’s poor from starvation.
We’ll keep you posted on further developments, and the effects these proposals may have on companies’ performance.
Writing on the Big Hollywood blog, Dallas Jenkins asks the question: “Why are Christian Movies So Bad?” Jenkins, a filmmaker and the son of “Left Behind” novelist Jerry Jenkins, points to a number of telling reasons for the glaring deficit in artistic accomplishment, what you might call the dreck factor, that is evident in so many films aimed at the faithful. Jenkins’ critique points to something we’ve been talking about at Acton for some time: the need for conservatives to understand and master the art of narrative, not just the rhetorical skills that have served them so well in politics and policy. Jenkins says:
The problem is that everyone knows good art should always put story and character above message. Message films are rarely exciting. So by their very nature, most Christian films aren’t going to be very good because they have to fall within certain message-based parameters. And because the Christian audience is so glad to get a “safe, redeeming, faith-based message,” even at the expense of great art, they don’t demand higher artistic standards. So aspiring filmmakers who are Christians have little need to perfect their craft, and Christian investors have little need to spend a lot of money because the message is going to be most important anyway. Add in the fact that the average heartland Christian couldn’t care less what a critic thinks — if anything, they assume they’ll feel the opposite of a movie critic — and you’ve got even less incentive for Christian filmmakers to be obsessed with quality.
Or, as producer Samuel Goldwyn has often been quoted as saying, “Pictures are for entertainment, messages should be delivered by Western Union.”
Does the left make “message” movies? Sure, all of the time (think of just about any George Clooney picture). And these agit-prop productions frequently bomb. But Jenkins is is correct in pointing out that generally speaking the cultural right still hasn’t mastered even the rudiments of cinema storytelling. This is a grave problem because America’s chief myth making industries — feature films, television entertainment, book publishing, popular music — are largely the province of the cultural left. Then again, if you’re in that camp, you could plausibly argue that, “We’re just better at this stuff.”
The power of narrative lies in its ability to reach the whole person, the heart and the head. It begins by creating an effect on the emotions — moving a person — and can register indelibly in human memory. Thus, narrative can serve as a powerful means of communicating ideas, but not primarily in message form. It works at a deeper level, sometimes tapping into the mythic consciousness of an entire people. That is why narrative is essential for political mass movements; once you get the hearts and the minds of the people excited, you can then move their feet in the direction you want them to go. Most recently, this political narrative form has been used artfully by candidate and now President Barack Obama (see “Obama and the Moral Imagination”). (more…)