I’ve never told the story before, but I was probably the very last person to talk with Jude Wanniski on the day he died.

Jude Wanniski’s impact on America’s political-economic debate could not be missed. While serving as associate editor of the Wall Street Journal in the 1970s, he coined the term “supply side economics.”  He was an advisor to Ronald Reagan from 1978 to 1981, and was instrumental to the design of the Reagan tax cuts.  Jude was the author of  “The Way the World Works,” which has been described as one of the most influential books of the 20th century.

In my new book, RED AND BLUE AND BROKE ALL OVER:  Restoring America’s Free Economy, I cite Jude’s important discovery of the role the legislative advance of the Smoot-Hawley trade tariff played in the 1929 stock market crash and the Depression. Read 

When it comes to scandals, misusing funds is nothing new unfortunately. One South Carolina politician, however, found a new use for his ill-gotten gains: buying the latest technology.

South Carolina Lt. Gov. Ken Ard announced his resignation today, in the wake of a criminal investigation into how he spent campaign funds and after an ethics committee fined him $72,000 for how he spent those funds.

According to reports, Ard improperly used campaign money to buy a Sony (NYSE:SNE) PlayStation 3, two of Apple‘s (NASDAQ:AAPL) iPads, a flat-screen TV, and to pay for wife’s cell phone bill, among other things. He allegedly spent $3,000 at Best Buy (NYSE:BBY) on the Playstation, iPads, and TV, and over $12,000 overall in improper purchases. Read 

Oil. It’s the world’s most important, actively traded commodity. It is absolutely indispensable to modern civilization. Everything economic is conditioned by oil.

But the governing classes display a degree of imbecility about oil that is simply stupefying.

They have done practically everything in their power to drive the price of oil sky high, successfully sending prices at the pump near $4 per gallon and emptying your wallet. Read 

A Republican attempt to push forward an amendment that would authorize construction of the entire Keystone XL Pipeline fell short in the Senate today.

The amendment, added on to a transportation bill, needed 60 votes to pass. It received 56 in support, 42 in opposition, with two Republicans abstaining from voting. The rest of the Republican Senators and 11 Democratic Senators supported the bill.

The vote comes a little over a week after TransCanada (NYSE:TRP) announced it would build a portion of the Keystone XL Pipeline anyway. The Keystone XL Pipeline became a controversial issue when President Barack Obama, citing environmental concerns and a deadline imposed on him by Congress, rejected plans for the pipeline in Jan. 2012. Obama contacted Democratic Senators urging them to oppose the amendment, and it looks like his efforts bore fruit. Read 

The conservative billionaires who helped found and fund one of the most influential research centers in the United States are now at odds with their creation.

Charles Koch, who helped found the libertarian-leaning Cato Institute in 1974 along with current president Edward Crane, and his brother David Koch are suing the organization to gain control of it. Both Kochs serve as members of the “shareholder” board, and have given nearly $30 million to the group since its founding.

The Kochs say that the suit is necessary to protect their legal interests in the organization. If successful, they would receive a third seat on the “shareholder” board, which would give them the power to control the majority of appointees to the board of directors, which sets the institute’s policy. Read 

Technically, Republican presidential hopeful Romney won Super Tuesday by accumulating the most delegates and maintained his place in the front of the pack. However, Rick Santorum’s campaign exceeded expectations and confirmed that the GOP nominating contest is far from over.

Exit polls confirm the same story we have been telling since the first primary in New Hampshire: Romney garners no enthusiasm and fails to win among evangelicals, southerners and middle-income Americans.

All eyes were on the contest between Romney and Santorum in Ohio, a state often considered a bellwether for the rest of the country. Although Romney won by the tiniest of margins, Santorum proved that he has the strong support of middle-class voters in the heartland. In Ohio, Santorum won among those that make less than $100,000 per year, evangelicals and non-college graduates. Read