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April's Blog is out: Is NOAA destroying the American Fisherman
Quote of the Week
In 1886, Samuel Gompers became the 1st president of the AFL and remained in that position until his death in 1924. He realized that it behooves workers if the company is profitable since they will remain a going concern and better enable them to give raises/benefits to their workers. See Updates/Advisories 4-25-2016.
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Blog Topics 2016
January Should Insider Trading be Legalized: Part 2 February The Presidential Election & the Economy March Does Narcan Increase Heroin Use
Blog Topics 2015
January Does Implementation of the Death Penalty lead to higher costs February Less Competition and Higher Hospital Costs March Millionaires Who Get Subsidies from the Affordable Care Act April The Unintended Obama Legacy May The NY Times and $15 Minimum Wage June Are Disability Payments Bankrupting Social Security August Seattle's $15 minimum wage and it's Surprising Consequence October The Great Stagnation: The Obama Legacy November Poverty in the United States December Should Insider Trading be Legalized: Part one by Olivia Marchioni
Blog Topics 2014 blog topics for 2013 are at page bottom
January Will Lake Meade become another Aral Sea February Does Taxing the rich hurt the economy March The Cause of the Great Depression April Temporary Agricultural Subsidies lead to wealthy Farmers and Higher Prices May The Presidents Stance on Gun Control leads to Increased Gun Ownership June Is there really a Gender Pay Gap July Did the Supreme Court decision in Roe v. Wade lower the crime rate August Department of Education and wasted Money October The Financial Follies of the EPA November Social Security and Portfolio Diversification December The White House and Terrorism
March Jobs Report
In March 215,000 jobs were created when 199,000 were expected. The unemployment rate increased to 5.0% which was a function of more people entering the labor force which caused the labor force participation rate to increase by .1 to 63%. The U-9, real unemployment rate which includes marginally attached and temporary (part-time) workers, increased to 9.8%. What is particularly disconcerting is the fact that part-time workers number 6.1 million which is close to 50% greater than when Obamacare was passed. The reason is simple, businesses don't have to pay part-time workers benefits. Hourly pay went up .3% in March and the Year over Year rate is 2.3% well above inflation. The long term unemployment rate remained unchanged at 2.2 million and accounted for 27.6% of the unemployed. As usual, the group with the highest unemployment rate was teenagers at 15.9% (no education), Blacks accounted for the highest ethnic group at 9% (low education) and Asians the lowest at 4% (high education). Currently, 31% of the adult population has at least a bachelors degree or higher, Asian-Americans have a 50% rate and blacks are at 20%. As I've said a number of times, the best way to reduce unemployment and poverty is implement policies to encourage education. The dollar is stable at $1.14/Euro, gold is up slightly at $1232/oz and a gallon of regular gas nationwide is stable at $2.052.
After gaining 118 points on Monday, the Dow is down 185 points at the noontime hour. The culprit is, what else, China. The Chinese Caixin purchasing managers index for April showed China's manufacturing gauge falling to 49.4, down from 49.7 in March. Any reading under 50 signals contraction; this combined with low US GDP for the 1st quarter, .5%, is contributing to a very negative sentiment on the street. In stock specific news, iPhone maker Apple (APPL) was hoping to break an eight session losing streak, its longest since 1998. Apple shares are down 11% so far in 2016 which is also contributing to the market malaise. On the earnings front, drug maker Pfizer (PFE)topped quarterly earnings forecasts by 12 cents. Its shares were up sharply, rallying 2.4%. Oil is down to $43.19/barrel which is also hurting the markets, gold is slightly off at $1287/oz (gold stocks are soaring), the dollar is weaker $1.15/Euro (generally good for business and the average price of a gallon of gas nationwide is up to $2.2.
SO: Should you sell in May and go away. and not come back 'til Leger (Leger day is a horse race in NY in September) day If you look at the accompanying chart, the markets have their weakest gains in May and there are a number of valid reasons. First, profit taking is inevitable and money managers like to lock in theses gains before they, and others, go on summer vacation; which brings us to our second reason, volume is low in the summer because of vacations, and people will sell because they don't want to have their riskier holdings if they are away and something adverse occurs. Lastly, it becomes a self-fulfilling prophesy. If everyone is thinking sell in May, it has a snowball effect. This year, my cash position is a little heavier than previous years, because I'm still pessimistic about the Obama economy (or lack thereof).
In the last 3 hours of trading the Dow dove 300 points and finished the day at 17,830, down 210. After being up nearly 100 points a general malaise shook the market and it was all downhill. There were a number of culprits, including the Bank of Japan that stated that it wasn't going to increase its current stimulus program (the BoJ kept its deposit rate at 0.1% and its purchases of Japanese government bonds at 80 trillion yen per year), the low GDP figures (an ongoing Obama stagnant economy) but what turned the tide was news that Carl Ichan sold his entire stake of Apple stock as a result of lackluster earnings and growth. The GDP figures represent the 3rd year in a row that 1st quarter GDP figures were less than 1% (chart) and this year there was no harsh winter to blame. One reason the markets may overlook this quarter is that conditions in other area's of the economy are not that bleak: gasoline prices remain (tho oil is rising) low, new claims for unemployment dropped last week to near a four-decade low (remember it's a lagging indicator), and disposable income adjusted for inflation rose 2.9% in the first quarter, up from 2.3% in the fourth quarter of 2015. However, consumers put a big chunk of that gain in income into savings with the saving rate moving up to 5.2% from 5% in the fourth quarter (note, when you pay off debt, that is considered savings). Oil is rebounding, 46.48/barrel on declining US production and a weakening dollar ($1.14/Euro). Since oil is traded worldwide in dollars, when the dollar weakens, oil rises in price other things being equal.
In other news: I'm going to give you my prediction for the republican convention. Trump needs 1237 votes to sew up the nomination. All delegates must vote during the 1st round, in the manner their states voted, but, that is not the case in the second round. If no candidate gets a majority (see also my Feb 2016 blog), then the delegates are free to vote for whomever they please. Kasich is the only candidate that is beating Hillary in the national polls and I suspect he will get the nomination. However, Trump has reneged on his pledge to support the Republican nominee and if he runs as a 3rd party candidate, that hands the election to the dem's by splitting the Republican vote; unless of course, Bernie reneges on his pledge and runs as a 4th party. Good Grief! But wait, can you prevent Trump from running as an independent by making him Kasich's VP and would Trump and Kasich agree to that? There have been stranger bedfellows in Politics.
The Dow was up 51 points yesterday to finish at 18,041 compliments of Janet Yellin and the FED. If you notice the chart, when the FED released it's statement at 2, is when the DOW moved into positive territory and remained there. Here’s the Fed’s big change in language. In March the Fed said that “global economic and financial developments continue to pose risks.” Today the U.S. central bank said instead it will “closely monitor” such developments" and that's what the market wanted to hear. However today is a different story. Gross domestic product increased at a 0.5 percent annual rate, the slowest since the first quarter of 2014 and this follows an anemic 4th quarter 1.4%. Growth under the Obama administration continues to be at best stagnant. Prior to his presidency, the 40 year average for GDP is 3.4% (see blog, October 2015). Almost all sectors of the economy weakened in the first quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 1.9 percent rate. That was the slowest since the first quarter of 2015 and was a deceleration from the fourth quarter's 2.4 percent rate. What else is hurting the market (both here and worldwide) is the Bank of Japan's decision not to increase its current stimulus program of negative interest rates and QE of 80 trillion Yens/Month ($1 = 108 Yen). At the noon hour the Dow is down 33 points at 18,007. Gold is trading up at $1257/oz, the dollar is stable at $1.13 = 1 Euro, and the average price of a gallon of gas nationwide is up to $2.173.
After finishing up 20 points on Friday and going into the weekend above 18,000, at 18,003, The Dow finished Monday down down 25 points to finish at 17,978, but it was a lot better than its intra-day low of 17,855, down 123. On the spotlight today, was the FED's FOMC meeting scheduled for tomorrow and culminating in a statement Wednesday at 2. There is little chance of a FED rate hike, but analysts and the market will be closely scrutinizing language on the chance of a June rate hike. The FOMC has regularly scheduled meetings every 6 weeks. Investors were also bearish because of a number of tech earnings scheduled this week and the fact that virtually all foreign markets were down didn't help either. What did appear to help the market was a slight downturn in US home sales and a slight downtick in the median price of a home, 288,000, from this time last year. The reason appears to be that the home market is now concentrating on 1st time buyers. Oil was down 2.5% at $42.64/barrel, gold was off at $1239/oz, the dollar constant at $1.13/Euro and the price of a gallon of regular gas nationwide is up to $2.136.
In other news: The number of part time workers, 6 million, excluding the great recession, is the highest it's been in the past 30 years, and in my opinion compliments of Obamacare. As I've said before, A business is in business, not to break even, not for the goodness of mankind, but to realize a profit, and in so doing, the invisible hand of Adam Smith takes over. By realizing a profit and growing, they can keep their employees gainfully employed and continue to hire. By working, I can purchase goods and services and the circle continues. The part time employment rate is so high because businesses are not required to pay the high cost of health care (that has skyrocketed because of Obamacare, see 4-20 Update/Advisory) to part time employees, and unless there are some revisions made to that act, it will continue. It's a tough situation. About 25% of part-time workers lives in poverty, according to a study by Rebecca Glauber, a professor at the University of New Hampshire whereas only 5% of full-timers live in poverty. (CNN)
The Dow broke its 3 day winning streak and fell 114 points today to finish the day and week below 18,000 at 17,983. However, the Dow has been up 7 of the last 9 sessions. What put the damper on the market was the ECB's decision to remain pat on interest rates and continue QE to the amount of $80 billion/month. US economic data was mixed as April manufacturing in the Philadelphia region fell into negative territory at -1.6 well below the March reading of 12.4 and analysts' forecast of +9. Leading economic indicators for March rose 0.2%, a tad lower than the 0.4% estimate. Of the S&P companies that have reported so far for the first quarter, 77 percent have beaten profit estimates, compared with the 63 percent that surprise in a typical quarter, according to Thomson Reuters. What else contributed to the down day on the Dow was U.S. benchmark West Texas Intermediate off 1.65% to $43.45 and benchmark Brent crude lower by 2.34% to $44.53. As CNN stated, mining stock are partying like it's 1849. The price of goldl is up nearly 20% while silver has gained more than 25%. Canada's Barrick Gold (ABX) and South Africa-based AngloGold Ashanti (AU) have each more than doubled year-to-date. Two other Canadian miners -- Kinross Gold (KGC) and Yamana Gold (AUY), have each surged about 150%Mining stocks tend to move more dramatically than the price of the metal because of how leveraged they are. Swings in gold prices can impact their free cash flow (CNBC). After hours it was somewhat of a blood bath. Microsoft missed on earnings(declined by 25%) and fell 5%, Alphabet (GOGL) is also sinking as it is down 46 points after it missed expectations on bot the top and bottom lines. The dollar is constant at $1.13/euro, gold is down slightly at $1250/oz and the price of a gallon of regular gasnationwide is constant at $2.112.
The following is an example of what happens when a 2700 page bill with 4500 provisions is passed without anyone reading it. Yes, I'm speaking of the Affordable Care Act which is anything but, and is the Poster Child for false advertising. The most recent fiasco involves United Health Care, the nations largest insurer. Fearing billion dollar losses, they are planning to cut its participation in the program’s insurance exchanges to just a handful of states next year – in the latest sign of instability in the marketplace under the law. United Health CEO Stephen Hemsley said the company expects losses from its exchange business to total more than $1 billion for this year and last. UnitedHealth Group Inc. said it now expects to lose $650 million this year on its exchange business, up from its previous projection for $525 million. The insurer lost $475 million in 2015, a spokesman said. The Kaiser Family Foundation, in an analysis on the prospect of United's exit, said “the effect on insurer competition could be significant in some markets – particularly in rural areas and southern states” if it is not replaced, in other words, higher insurance premiums for everyone. in addition we'er not done, higher taxes from Obamacare are still growing (below)
Wait, I'm not done. How's his war on guns going? As a result of Obama's campaign to eliminate guns, gun sales and stock prices of gun stocks reached all time highs (see blog, May 2014). In addition, The number of full-time jobs in the firearms industry increased from about 166,000 in 2008 to nearly 288,000 in 2016, according to a new report from the National Shooting Sports Foundation, or NSSF. That represents a 73 percent increase. Maybe that was his plan all along to help decrease unemployment. In other news, with 2 hours remaining in the trading day, the Dow is up 76 points, 18,130, and is on track to extend its winning streak to 3 days. The market is following oil which is up over $2 at $43.78/barrel. This is a new high for 2016. Traders attributed oil's gains to volatility around the scheduled post-settle contract rollover and to the EIA's mid-morning report that showed a lower-than-expected crude inventory build of 2.1 million barrels and a decline in U.S. production. (CNBC). For the record, I feel that the sweet spot for oil is $50-$60/barrel. At that price, fracking is profitable and it still gives us low energy costs. The dollar is slightly stronger, $1.13/Euro, gold is trading at $1254/oz, slightly higher, and the price of a gallon of regular gas nationwide is down slightly to $2.107.
DOW 1 YEAR
For the second day in a row, the Doe is above 18,000 as it advance 49 points to finish at,18,054; however, it was somewhat of a roller coaster as it was up over 80 slightly after the open, sunk to minus 16 before recovering ti finish in the green. Oil prices shrugged off the failure of OPEC and Russia failing to reach an agreement on oil production cuts and recovered most of yesterday's loss to finish at $41.19/barrel, primarily as a result of an oil strike by workers in Kuwait. Oil is starting to lose its grip on the stock market as focus shifts back to first-quarter earnings season. Energy and materials traded more than 1.5 percent higher as the top S&P sectors in afternoon trade, followed by financials. The three sectors are the worst S&P performers over the last 12 months. There are a number of stocks that are overbought, and if earnings disappoint, it wouldn't surprise me to see a pullback and profit taking. In other news: Goldman Sachs reported first-quarter earnings that topped lowered Wall Street expectations, but marked a fourth-straight quarter of profit declines as market volatility hit the company's bond trading and investment banking businesses. Revenue plunged about 40 percent from the year-ago period and missed estimates. After the close Monday, IBM posted results that beat on both the top and bottom line. However, revenue continued to fall and the firm did not raise its full-year guidance. (CNBC) The dollar weakened slightly to $1.14/Euro, gold is up to $1252/oz and the price of a gallon of regular gas nationwide is down slightly to $2.111.
I was half right on yesterdays prediction. My first prediction was oil would tank if OPEC and Russia failed to reach an agreement on production quota's. They failed to reach an agreement and oil immediately tanked by more than 7% in the pre-market before recovering to finish down more than 2% at $39.7/barrel. As a result, the stock market was down at the open but recovered to close up 106 points to finish above 18,000 at 18,004; the first time it closed above 18,000 since last July. Expectations about profits, which are positive as a result of last weeks bank earnings, overshadowed the downturn in oil and the markets had a good day. Energy stocks, which were hard hit in pre-market trading, also rebounded. Vanguard's Energy ETF (VDE) turned positive and was up 1.6%, after being down 2.5% minutes before the opening bell. The stock market’s ability to shrug off the lack of a deal to cap oil production is a sign that oil may no longer have a stranglehold on market sentiment. What’s more it is a sign that stock investors see better days ahead and remain convinced that the stabilization in oil prices will stick as normal market forces adjust to the oil supply glut. (USA) Keep in mind, lower fuel prices are good for all businesses outside the energy patch by reducing costs. They also reduce costs to consumers, and as a result, they have more discretionary income. Twenty percent of the stocks on the S&P 500 are scheduled to report this week. So far, all is well. IBM just reported after the market close, beat on both revenue and expectations and is up in after hour trading. However, Netflix also beat but guided slightly lower and is down, after hours by more than 5%. The dollar is stable against the Euro at $1.13/Euro, gold is down to $1233/oz and the price of a gallon of regular gas nationwide is up to $2.114.
After a 3 day winning streak, the Dow gave up 29 points on Friday to finish the week at 17,897, well within distance of 18,000 which it hasn't seen since last summer. The Dow was still up over 300 points for the week (the best week in a month). Oil is still over $40 at $40.53/barrel and Monday's trading will be dominated at today's meeting between Russia and OPEC's largest producers to ascertain if a production freeze will be implemented. If no agreement is reached, expect oil to plummet on Monday and I suspect that the Dow will follow. U.S. economic news was mixed, with the Empire State Manufacturing Survey rising nine points in April to 9.6, its highest in more than a year, while industrial production fell a more-than-expected 0.6 percent in March. Capacity utilization also declined to 74.8 percent, the lowest level since August 2010, Reuters said. The preliminary consumer sentiment for April was 89.7, missing expectations for a slight rise to March's final read of 91. (CNBC) Chicago Fed President Charles Evans said in a Dow Jones report that recent inflation numbers are better but could be transitory. He also said continuation of a "wait and see approach" is appropriate for the Federal Open Market Committee which help to calm fears of a FED rate hike and reinforce current sentiments of a dovish policy. The closely watch 10 year treasury yield (since mortgage rates are generally based on the 10 year yield) was lower at 1.75%.
Here's something you don't here everyday, a prominent democratic bashing a serving democratic president. While speaking in Spokane Washington on behalf of his wife, Bill Clinton said the following; ""If you believe we can rise together, if you believe we've finally come to the point where we can put the awful legacy of the last eight years behind us", obviously a slam at Obama and his failed presidency. The Web site is cnn and the following link will get you there. http://www.cnn.com/2016/03/21/politics/bill-clinton-hillary-obama-legacy/index.html.
A number of people have asked me about Bernie Sanders tax plan and he is in the same fantasy land as Obama. First, it would never pass a republican Congress and early indications are that the Republicans will definitely maintain control of the house. He wants to make all state university's free; let's just look at NH. At UNH there are 14,500 students of which 45% are out of state. Just tuition, not including room and board for out of state students is $30,000 and in-state $17,000. If you do the math that's a total of $331,325,000, and that doesn't even include Plymouth, Keene and Granite state which are also part of the state University system Do that for every state and it is an astronomical cost that his fantasyland proposal doesn't even begin to cover. I hesitate to do the cost for California that has 38 million people as opposed to NH's 1.6 million. What I find particularly disconcerting, is all the people who are buying this.
With all the talk of interest rate hikes, I've received a number of e-mails concerning an explanation of what interest rates are relevant to us as consumers. The Federal Funds Rate This is the interest rate that is followed most closely and affects all other short term interest rates. It is the rate that one bank charges another bank on an overnight loan and has a direct effect on the prime rate. The current rate is .25%. Prime Rate This is the rate that the larger banks charge their best customers on short term loans (under 3 months). Once the federal funds rate is changed, the prime rate is changed by, usually, the largest bank, JP Morgan-Chase, and all other banks follow. The prime rate is generally 3% higher than the Federal Funds rate. The current prime rate is 3.25%. This affects all other short term loans: HELOC's (Home Equity Line Of Credit), boat loans, car loans, etc. What it does not affect directly is the mortgage rate.
Yield on the 10 Year Government Bond The government finances it's deficit by borrowing money and it does this by issuing bonds that have a maturity value anywhere from 30 days to 30 years. Technically, Treasury bills are issued for terms less than a year.Treasury notes are issued in terms of 2, 3, 5, and 10 years and Treasury bonds are issued in terms of 30 years. The price of a bond is inversely related to its yield and the mortgage rate is usually 2-3% higher than the 10 year yield.
California Drought of 2015 California is in the middle of a drought; it must be global warming or now the more politically correct term (spare me), climate change. In case you haven't noticed, the climate is always changing. It is in a constant state of flux. If you notice the chart below right, California has had a number of mega-droughts during the medieval ages and this was considerably worse than it is now. Oh yea, and probably the father of these current climate alarmists were predicting an ice age in the 1960's (click on pictures below).
Obamacare Revised Costs
More on Obamacare In a recent survey by the New York FED on businesses, the median increase in healthcare premiums is expected to be 10%. More than a quarter of the manufacturing and service firms surveyed said they either have or will boost prices for goods and services "because of the effects that the ACA is having on your business." About 20 percent of respondents said they were reducing their number of workers and/or raising the share of part-time workers as a result of the ACA. His is in stark contrast to the presidents remarks earlier this year that healthcare costs are decreasing. Maybe CEO's were right when they said the president "Just doesn't get it".
Commentary on Minimum Wage
The main argument concerning minimum wage is that it will help to alleviate poverty. That is clearly not the case. As you can see from the chart at the left, the poverty rate dropped dramatically in the 1960's. This was a function of great society legislation; specifically, increase in Social Security benefits in addition to the inception and implementation of Medicare and Medicaid. Since then, the poverty rate has fluctuated between 9-15% and is highly correlated with the unemployment rate. The vertical grey area's in the graph represent periods of recessions in the US. As can be expected, unemployment rises during recessions and peaks at the end (unemployment is said to be a lagging indicator). As you can also see from the chart, so too does the poverty rate. There is no indication whatsoever that the poverty rate is affected by increases in the minimum wage. Generally, this is quite the contrary. As can be evidenced from the below left chart, increases in minimum wage can contribute to unemployment and as we can infer from the above chart, as unemployment increases so to does poverty. If you look at NH, they have the lowest state poverty rate in the nation and it generally parallels the national unemployment rate. By raising the minimum wage, you increase business costs. As a result; businesses either pass these costs onto the consumer (in which case inflation nullifies any wage increase), substitute capital for labor, or simply go out of business. If you look at the chart below right, UAW (United Auto Workers) membership has decreased in the late 1970's from 1.5 million to 350,000 in 2009. The reason for this is simple. Detroit isn't making fewer cars, they are making more, but they have made their assembly lines more robotic and have substituted capital for labor, which became cheaper in the long run. This can also happen to those fast food workers who want a $15 minimum wage. There is currently a machine on the market that can make 300 burgers/hour. In other words, capital can be substituted for labor. Someone please e-mail me and explain how someone is better off unemployed at $8.25/hour as opposed to being gainfully employed at $7.25/hour
You cannot legislate equality. If you want to decrease poverty, implement policies to insure that higher levels of education is available to all.
The Congressional Budget Office predicted this week that more than 2 million people will leave the labor force because of Obamacare. Specifically, more people will leave the labor force or reduce their hours, to stay under the cap for federal subsidies. If you are a family of 4, and household income is under, WAIT FOR IT, $94,000, you are eligible for a federal subsidy. The number of part time/temporary workers has already increased by 35% since Obamacare was passed in 2010; and yes it will get worse, wait until 2015 when it becomes mandatory for businesses.
For a good laugh on Obamacare, go to this web site and watch this video; http://www.youtube.com/watch?v=qpa-5JdCnmo. It shows the president on 36 different occasions stating that if you like your healthcare plan you can keep it. Obviously there are 1 of two explanations for this misunderstanding. He was ill advised on the 2700 page, 4500 provision Affordable Care Act, or he knew about it and lied. According to a study by Forbes magazine, the ACA will increase premiums to men under 27 by 77%, 40 year olds, 37% and 64 year olds by 37%.
When Obamacare was 1st released, The Congressional Budget Office predicted that it would cost $900 billion over 10 years. At the time, I made a prediction to my students that I estimate the final cost would be closer to $3 trillion. Three years later, the CBO has raised it's estimate to $1.6 trillion. At this rate, we are on pace to reach the $3 trillion mark. www.healthcare.gov, the official website to sign up for Obamacare had an original cost of $100 million. That cost is now up to $2.6 Trillion and rising. If the government can't manage the costs on a web site, and these costs have trippled since it opened on October 1, how can it possible manage a 2700 page, 4500 provision bill. The words of Nancy Pelosi (see above) are acting as a harbinger of doom: "We have to pass the bill, so we can find out what's in it."
BLOG Topics 2013
January Do Protected Seals lead to Depleted Fish Stocks February Prohibition: Profits to Cartels & Increased Violence for Americans March Increased Minimum Wage & Extended benefits lead to Higher Unemployment April Ethanol from corn & Agflation May Cash for Clunkers lead to Higher Used Car Prices & Wasted Tax Dollars June The Affordable Care Act; Anything but Affordable Part 1 July The Affordable Care Act; The poster Child for False Advertising August Detroit: Higher Taxes + Liberal Benefits = Bankruptcy September No Keystone Pipeline leads to more pollution October Global Warming! Or is it Global Cooling! November Poverty & Benefits December Does Affirmative Action lead to Reverse Discrimination?
The United States has amongst the lowest savings rate for all technological nations. The iOMe challenge is a nationwide competition between Colleges where teams submit a 10,000 page essay on how Americans can improve their savings rates. In addition, teams must produce an approximate 60 second video which complements the essay. If you click on the iOMe logo above, it will take you to Bentley University's 2012 video submission. The faculty adviser for the challenge is John Tommasi and is offered during his Fall EC 351 course, Contemporary Issues in Economics. I'm pleased to announce that on February 15, Bentley was declared the winner of the iOMe video portion of the contest. Congrats to the team members and great job!
EC 3900 Energy Economics
EC 3900, Energy Economics and International Markets, is a 3 credit, Short Term Program, that is offered during Spring semester. After 7 weeks of lecture, the class takes a 10 day educational/cultural tour to France where 80% of their electricity is produced by nuclear power. During the 10 day trip, students travel to, and tour various nuclear facilities Last year's class visited; Marsailles, Aix en Provance, Lyons, Brest and 4 days in Paris.
If there were ever words that can strike fear into the hearts of any man women or child, it's: "I'm from the Government and I'm here to help". On a monthly basis my blog, from an economic standpoint, will explore government laws, decisions and actions, which while well intentioned, had inadvertent results that were either disastrous, or made a bad situation worse. It wouldn't surprise me if you reached the conclusion that congress does two things well, nothing and overreact; and you may ask yourself, do Congressional members vote for what is best for the economy, or what will get them re-elected.