Capital Record

Economic measurements are a tricky thing. There are multiple ways to do things. People are entitled to varying opinions about which measurements of economic aggregates are better than others in terms of methodology and substance. However, are those of us who value economic growth really guilty of making a “golden calf” out of GDP? Do various limitations in what GDP measures and how it does it really mean the whole system is stupid, corrupt, or wrong? Or could it be that promoters of a free and virtuous society can, all at once, understand and reinforce that the totality of economics, rightly understood is, and at the same time, not feel the need to lie, alter, or poke at data. A Capital Record to defend GDP, and to make abundantly clear what should be obvious: GDP measurements are not everything. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David is joined by Dr. Alexander Salter for a refreshing, nuanced, honest, and candid assessment of the good, the bad, and the mysterious in Alan Greenspan’s legacy as the chairman of the Federal Reserve. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Vice President JD Vance stated last week in a now infamous interview that the right needs less Milton Friedman and an economic approach more like Alexander Hamilton's. One can hope the VP simply doesn’t understand Milton Friedman, but more than likely this “new right” mentality is trying to draw a line against the laissez faire to the economy favored by Friedman. But when various 21st century voices claim Alexander Hamilton as one of their own in seeking larger government control over the economy, do they actually understand Hamilton correctly? In this Capital Record episode, David is happy to defend Milton Friedman, but also happy to defend Alexander Hamilton, too -- against a revisionism that not only gets its economics wrong, but its history, too. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A recent article in The Atlantic thoughtfully asked what makes Americans so unhappy. It looked at conflicting economic data (the delta between sentiment and actual economic conditions) and pondered what may be going on to make Americans feel so lousy about the economy. In this episode of Capital Record, David suggests that there are a few different things going on, and they all point to issues near and dear to our hearts.    Show Notes: Atlantic articleThe Secret to a Happy Life (Commencement speech) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

When a who’s who of progressive economists, some Nobel laureates, all academics, take to the pages of the, ummm, Guardian, to say that “growth is doomed” and that “poverty is manufactured,” is it time for policymakers to reverse course and embrace the policy solutions these “experts” present to “change the rules of the global economy”? Or, rather, is this the ideal time for lovers of freedom who believe in human flourishing to double down on the only things the world has ever seen that manufacture prosperity? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Covid-19 era claims that working in an office was over -- an unnecessary relic rendered obsolete by the realities of Zoom and the cloud -- have spent the last five years being decimated by rediscovery of the facts of human nature. Company after company has backtracked, admitted failure in remote work allowance, and attempted to salvage the damage done to brand, culture, and mentorship by telling people they didn’t need to come to work. But a new study has gone further, and the results should not surprise any of us who understand the human person. They should disturb any of us who claim to care about the wellness of human beings.   Show notes: Science.org study Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David is joined today by special guest Peter Travers, investor, financier, and long-time trustee at National Review. Their conversation goes from a proper definition of Wall Street to a proper defense of Wall Street to, ultimately, the profound benefits of a market system that coordinates all sorts of different people, actors, capital, and motives in a wide array of human endeavor. It is a pivotal conversation for those wanting to understand not just financial markets, but how human dignity is undermined by the enemies of financial markets. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

With the SpaceX IPO and a paper mark-up of value in Elon Musk’s net worth to $1 trillion, many have bemoaned the “concentration of power” that this kind of wealth represents. In today’s episode, David suggests that some may not seem to understand what “concentration of power” really means, and that if people want to see a “concentration of power,” they should see what their desired plans to stop it do. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Yes, Bernie Sanders, who has always admitted to being a socialist, has called for the government to take equity stakes in American AI companies. And yes, it is a terrible idea. But today on the Capital Record, David does what too few on the right appear willing to do: say why it is a bad idea, and why the right are going to have a very hard time stopping it.               Clip courtesy of Overtime with Bill Maher Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Treasury Secretary, Scott Bessent, gave a memorable speech at the Reagan Foundation Economic Forum last week.  In it, he reiterated the completely true economic principle of permanence – that when policies are properly codified they assure economic actors of the rules of the road, enabling more confident decision-making when it comes to hiring, production, consumption, and investment.     In today’s Capital Record, David flushes out this concept more, acknowledges where the permanence of OBBBA has been a benefit, and asks a rather obvious question about another tax policy that remains, well, not permanent. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Sen. Elizabeth Warren’s recent tirade against private equity is a libelous set of dishonest manure that should be treated as seriously as any attempt to broadly demonize private equity these days, which is not at all.  Whether the Senator’s problem is intellectual or just in telling the truth, she is wrong in so many ways that today’s Capital Record gives us a chance to set the record straight.  You will be better off for hearing it, which is never true when one listens to today’s private equity critics. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We started this podcast over five years ago, committed to a free and virtuous society, and now with 300 episodes under our belt, the commitment is deeper and more robust than ever. In this very special episode, David revisits the genesis of Capital Record, reaffirms the themes that matter, identifies the enemies of human flourishing working to undermine freedom and opportunity, and offers up a manifesto of commitments for the years ahead. Pre-roll:Duke Energy Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ben Sasse may not know exactly how much more time God has for him here on earth, but he sure is using whatever time he does have to spread truth and wisdom. On today’s Capital Record we look at Sasse’s recent op-ed in the WSJ and his contrarian approach to the AI tech revolution. In this transformative technological moment, Ben doesn’t see a need to “get with the algorithms” but rather an opportunity to “re-discover the virtues.” And he knows just where to go to find them. Show notes:Habits for Humanity in the Age of AI   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David is joined this week by U.S. energy industry legend and pioneer, Charif Souki. Hear not only his incredible story as a leading force in the shale revolution but also get the lay of the land in one of the great stories of our time: U.S. energy dominance. All at once this episode will remind you of the role robust capital markets play in the cause of free enterprise and reiterate the most important business principles that matter. A truly special Capital Record! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

American capital markets are celebrated on this podcast -- as they should be by anyone who values a free and virtuous society. Rule of law is a vital component to upholding the effect strong capital markets have on our economy. The DOJ blocking of a Jet Blue acquisition of Spirit Airlines did not avoid two bankruptcies -- it created one. And on today’s podcast, we prove it. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If only there was a way to avoid taxpayers now bailing out a failed private enterprise whose pricing model cannot work in this economy? Well, there was -- it was a merger with a more capitalized and established brand name airline, only the same government about to spend your tax dollars on a failed private business with no national security connections whatsoever was the same one who blocked the private markets solution that would have been a winner for everyone. Now, instead of everyone winning, we literally get everyone losing -- and I mean everyone. But nobody is losing more than those arguing that increased government stewardship of the economy is a good idea. There is no bankruptcy deep enough for the intellectual rot of that position. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David concluded an 18-month research project and interviews with a dozen attorneys and judges with a lengthy piece on the the disaster of our current legal system. In today’s Capital Record he offers a dozen reform ideas that are desperately needed, and concludes with one that is more important than all of them put together. Hint: It doesn’t involve the judicial system. Show Notes: David’s National Review article, "The Next Supply-Side Battle" Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The political world was abuzz Sunday night at the devastating defeat pro-Putin post-liberal, Viktor Orbán, suffered in Hungary’s national election. Some on the American right have mistakenly cozied up to Orbán, finding some compatibility with his occasional messages about social values. But alas, even beyond the confused moral messaging, what did Orbán in is what will do all “new right” illiberals in -- a disdain for the freedom and opportunity of a market economy. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David French wrote a provocative piece in the New York Times recently asking the very legitimate question, “If people are doing better, why are they more resentful?” In today’s Capital Record, David Bahnsen looks at the macroeconomic picture, reviews the thesis of our crisis of responsibility, unpacks the difference between greed and envy, and suggests a culprit that is at least a good starting place for improving those who feel left out of the modern economy. "How Can America Be So Miserable When It's So Rich?" Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What does it say about a con man and con woman that they got away using fake names and doing fake events to rip off people, charities, and investors for years? It says that they are con artists! Perhaps the bigger question, though, is what it says about their marks. In today’s Capital Record David looks at a depressing fact about too many affluent people that even makes something like this possible. Show Notes:The Fake Cartier and the Fake Rockefeller   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A jury ruled last week that social media companies are financially liable for a young woman's becoming “addicted” to social media use. In today’s Capital Record, David opines on the utterly ridiculous verdict and the horrific things it says about society, but also offers a social commentary on where companies do have a moral burden, outside the law, if we are to have a free and virtuous society. As is often the case, there is enough fusionism in David’s take to bother everyone. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Is it a good thing for wealthy people to give money away? Is it a good thing for them to give half of it away? All of it? Is a pledge a gift? How should one who values a virtuous society think about this very idea? In this Capital Record, David looks at the results of a high-profile 2010 effort launched by Warren Buffett and Bill Gates, and suggests that there is a way to promote generosity that does not lend itself to a high-profile indulgence. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The World Bank has spent three decades saying industrial policy is a bad way to go -- stunting growth, creating bad signals, and facilitating suboptimal outcomes. But now, lo and behold, they claim that government management of an economy can be a very good idea, as long as it is done the way they suggest. The internal contradictions in this statist mess are easy to see, and we’re not having it. You shouldn’t either. Show notes: WSJ on World Bank reversal on industrial policy Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Do financial transactions all add up to zero? Should we be more concerned with piety than technique? Is a business going out of business a good thing if the founder treats his people well? Does money serve a greater purpose if we apply nice-sounding adjectives to our marketing pitch? Are all views of human dignity okay as long as they end with humans having dignity? On today’s Capital Record, David analyzes a plethora of things he literally heard in the last few days alone! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David is joined this week by a very special guest, Tim Estes, for a thorough discussion on artificial intelligence. But this is not one of those exhausting conversations about whether or not AI would take our jobs, or is a good investment, or one of the other numerous things that dominates AI discussion these days. Rather, David and Tim use first principles to address the problems that conservatives are missing. The discussion goes all over the map but then ends with a profound idea from our special guest that might just scratch all the itches! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.