Michael Moore's new film, "Capitalism: A Love Story" will be released next month. I've neither seen nor read reviews of the film, except for a short piece in the London Telegraph (9/6/09) titled "Michael Moore film calls capitalism evil." Aware of Michael Moore's previous films, I know that it will be at best a misleading story about capitalism. So let's do some defensive mental preparation, not about the film but what is and what is not capitalism.

Capitalism is an economic system characterized by private ownership and control over the means of production. The distribution of goods and services and their prices are mainly determined by competition in a free market. Under such a system the primary job of government is to protect private property, enforce contracts and ensure rule of law.

President Obama and congressional supporters estimate that his health care plan will cost between $50 and $65 billion a year. Such cost estimates are lies whether they come from a Democratic president and Congress, or a Republican president and Congress. You say, "Williams, you don't show much trust in the White House and Congress." Let's check out their past dishonesty.

At its start, in 1966, Medicare cost $3 billion. The House Ways and Means Committee, along with President Johnson, estimated that Medicare would cost an inflation-adjusted $12 billion by 1990. In 1990, Medicare topped $107 billion. That's nine times Congress' prediction. Today's Medicare tab comes to $420 billion with no signs of leveling off. How much confidence can we have in any cost estimates by the White House or Congress?

Harvard Professor Henry Gates' arrest has given new life to the issue of racial profiling. We can think of profiling in general as a practice where people use an observable or known physical attribute as a proxy or estimator of some other unobservable or unknown attribute. Race or sex profiling is simply the use of race or sex as that estimator. Profiling represents mankind's attempt to cope with information cost. God would not have to profile since God is all knowing.

People differ by race and sex. Let's look at a few profiling examples to see which ones you'd like outlawed. According to the American Cancer Society, the lifetime risk of men getting breast cancer is about 1/10th of 1 percent, or 1 in 1,000; and 440 men will die of breast cancer this year. For women, the risk of developing breast cancer is about 12 percent, or 1 in 8, and 40,610 will die from it this year. Should doctors and medical insurance companies be prosecuted for the discriminatory practice of routine breast cancer screening for women but not for men?