Richard Fisher, President of the Federal Reserve Bank of Dallas, spoke today in front the Commonwealth Club of California, the country’s oldest and largest public affairs forum. A transcript of what he said in entirety can be found on the Dallas Fed’s website, here. Cliff Notes on the other side of the jump.

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From the fact that people are very different it follows that, if we treat them equally, the result must be inequality in their actual position, and that the only way to place them in an equal position would be to treat them differently. Equality before the law and material equality are therefore not only different but are in conflict with each other; and we can achieve either one or the other, but not both at the same time. -Friedrich August Hayek

A society that puts equality… ahead of freedom will end up with neither. -Milton Friedman

http://www.cato-at-liberty.org/…

MR. GIBSON: And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?

SENATOR OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.

MR. GIBSON: But history shows that when you drop the capital gains tax, the revenues go up.

SENATOR OBAMA: Well, that might happen or it might not. It depends on what’s happening on Wall Street and how business is going.

Sounds like Christian socialism to me. At least Marxists believe that socialism will raise efficiency and the standard of living of the people. This guy just wants equality. Suffering is fine as long as it’s equally distributed among the population. I’m not sure you can even have a discussion with someone like that. They have no concern for earthly comforts. This kind of belief is a short step away from Mother Teresa’s beliefs that human suffering brings us closer to God.

http://www.theagitator.com/…

One of Milton Friedman’s few mistakes was his role when he was at the Treasury in implementing federal income tax withholding from paychecks. Withholding was pitched as a convenience. In truth, it manipulates most taxpayers into being happy during tax season (I’m getting a refund!). Never mind the fact that that refund is actually the result of government overcharging you, and stealing your interest in the process.

And of course, it makes it easier for the government to raise taxes when it’s taken out of your gross pay.

I’ve been saying both these for years. People would care a whole lot more about how much they were taxed and where it was going if they had to actively cut Uncle Sam a check every year. And those looking forward to a refund are getting a loan back interest free. I’m not familiar with large businesses but my family has two small businesses and have pay taxes monthly and quarterly. They are quite aware as to the real cost the taxes have.

For an example at the propaganda surrounding the war and taxes take a look at these cartoons from the time. Michael Moore would be proud.

http://youtube.com/watch?v=494usm-pCsE

http://youtube.com/watch?v=vrqAeLJHr-8