"Where economics isn't just a job, but an adventure"
Quote of the Week
It is time for term limits in Congress
Congress won't do it, it would require a constitutional amendment by the states -Tommasi
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Blog Topics 2017
January Trumponomics Part 2 February The Keystone Pipeline Revisited March Border Adjustment Tax April Are Liberal Prof's..... May Moral Hazard Through a Libertarian's Lens (guest blog from a student) July What's causing the Opioid Crisis September The minimum Wage re-visited
Blog Topics 2016
January Should Insider Trading be Legalized: Part 2 February The Presidential Election & the Economy March Does Narcan Increase Heroin Use April Is NOAA destroying the American Fisherman June Will California Style Power Outages Happen in New England July Textbooks, Inflation & the FTC Sept Economic strangulation by Regulation Oct Is this the Best we have? Nov The High Cost of Prescription Drugs Dec Trump, the Economy & Animal Spirits
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
November Jobs Report
The economy created 228,000 jobs in November, exceeding the expectation of 195,000. The unemployment rate remained at 4.1% (the lowest in 17 years) and and wage growth was up 2.7% year over year which is not bad given that inflation remains tame at under 2%. Strong areas of hiring included professional and business services, up 44,000; manufacturing, up 31,000; health care, up 30,000; and construction up 23,000 (chart CNBC). The number of long term unemployed (unemployed over 26 months) was still high comprising 23.8% of all those unemployed, in other words, one out of every 4 unemployed had been unemployed for more than 26 months. I suspect that this is a function of liberal state unemployment benefits. The top 5 locations are California, New Jersey, DC, Illinois and New Mexico, all blue (democratic) states. Other states with high rates New York, Ct Florida and Rhode Island. Among the major worker groups, the unemployment rate for teenagers increased to 15.9 percent in November. The jobless rates for adult men (3.7 percent), adult women (3.7 percent), Whites (3.6 percent), Blacks (7.3 percent), Asians (3.0 percent), and Hispanics (4.7 percent) showed little change. Among the marginally attached, there were 469,000 discouraged workers in November, down by 122,000 from a year earlier.
After advancing 71 points yesterday, the Dow is up another 88 points at 24,300 with 10 minutes left in the trading day. All of this is compliments of a favorable November jobs report where the economy created 225,000 jobs when only 195,000 were expected. The unemployment rate held steady at 4.1%, a 17 year low. What else helped the market was a slow increase in wages to 2.7% year over year. While this beats inflation, which remains under 2%, it remains a mystery as to why wage growth isn't more robust given the low unemployment figure and competition for employers with skills. This helps the market because it could take some pressure off the FED to raise rates next year. Most market analysts are predicting 3 rate hikes next year of .25% each hike. The bitcoin bubble continues. After dropping over $1000, after hitting $11,000, the CBOE announced the next day that it would trade bitcoin futures. As a result, bitcoin, an unregulated cyber currency, soared to over $19,000 before pulling back to its current price of $15,131. I am not touching this. I still maintain that it's not going to be a pretty sight when the bubble bursts. Trading on bitcoin futures is scheduled to begin next week. In corporate news, Alexion Pharmaceuticals shares popped 8.5 percent after Leerink Partners said it sees the stock rising 30 percent in a base outcome from Phase 3 trials for ALXN1210, a drug that aims at treating paroxysmal nocturnal hemoglobinuria (CNBC) In other news, the losses in California (homeowners) from wildfires is estimated at over $27 billion. The major homeowner insurers in California are Farmers, Allstate, State Farm and Liberty Mutual; I suspect that will represent a hit to their bottom line.
With 2 hours left in the trading day the Dow is down 22 points at 24,268. Tech is rebounding, the sector is up .2%, after last weeks and Mondays sell off. While tech is off 3% over the past week, financials are up 3% since he proposed changes would help banks and financials more than tech companies, since they currently pay a higher effective tax rate. Speaking of taxes, here are some differences between the Senate & House tax packages (CNN); the Senate is on the left and the House bill on the right. Both bills benefit low and middle income families, upper middle class takes a hit and the top 1% benefit.
Even tho the Dow finished up 58 points at 24,290 (another record high), it finished at it's low for the day after being up more than 200 points. The reason for the decline was the tech sector that dropped 1.2% for the day. The reason appeared to be in the form of profit taking and a realization that the tech sector won't benefit as much from the corporate tax cut as the other sectors. Economic data last week contributed to the Dow's rise as new home sales were well above consensus expectations for the month of October, coming in at 685,000 versus the Bloomberg consensus of 620,000, In a bit of good news for potential home buyers, the FHFA House Price Index for September was a weaker than expected 0.3% versus Bloomberg consensus of 0.6%, and as a result it led, in part, to the acceleration in home sales we saw in October. On Friday of this week, the BLS will release job figures for the month of November. In other new, CVS entered a deal where they would buy Aetna for $69 billion. Combining the operations of CVS (CVS), which also owns pharmacy benefits manager and mail order pharmacy Caremark, with a major insurer like Aetna (AET) could make it easier for people to monitor diseases without having to see a doctor; and it could also result in higher prices. It will interesting to see if the Trump administration will try to stymie this deal as it is doing with the AT&T and Time-Warner. I for won't am against the merger since I believe it will result in higher prices for the consumer. The yield on the 10 year was up to 2.38%, the dollar and gold were relatively stable at $119/euro and $1279/oz, oil slumped to $57.44/barrel and the price of a gallon of regular gas nationwide is constant at $2.476.
a It was another sea saw day on Wall street, this time compliments of former Trump National Security Adviser Michael Flynn, who pleaded guilty of lying to the FBI. ABC broke the story and reported that Flynn would testify that he lied, and he was in fact directed to make contact withe the Russians during the presidential campaign. As to who directed him and was then candidate Trump aware is still anyone's guess. All major averages dipped on the report on the fear that it would derail the Republican tax cuts, however it did not and the Dow recovered to finish down 40 points (after dropping 300 points in 30 minutes) at 24,232. The post Flynn rally was a result of Senator Mitchell announcing, and subsequently taking a vote, that the tax bill, the most sweeping reform in 30 years, had passed. On the Flynn news, gold rallied, but as stocks recovered, gold faltered to finish at $1282/oz, basically where it started. Expectations of lower corporate taxes have been a boon for U.S. stocks since President Donald Trump got elected, helping the major indexes reach all-time highs. Jeff Carbone, managing partner of Cornerstone Financial Partners, said that, without a corporate tax cut, stocks could suffer a 3-to-5 percent pullback in the short-term. (CNBC). Investors are surmising that companies will use the excess money to repatriate money to the US, increase dividends and increase share buybacks which all increase shareholder value. The dollar was stable at $1.19/euro, the yield on the 10 year was down to 2.36%, oil was up to $58.36/barrel and the price of a gallon of regular gas nationwide is down to $2.479. In other News. There is apparently an amendment in the Senate that would allow drilling in a section of ANWR, the Alaskan National Wildlife Reserve, which receives an average of 1200 visitors/year compared to 3.7 million at Yosemite (National Wildlife Service stats). To put it in perspective, Alaska is over 1/4 of the size of the continental US (sorry Texas), it has a population of under 750,000 (1.12 people/square mile), anwar is about the size of New York state, and the drilling area is about the size of Manhattan. Estimates of oil in ANWR are between 4 to 12 billion barrels of oil (42 gallons in a barrel). (US Geological Service)
After advancing 360 points in the past 2 days, the Dow is up another 140 points today at 24,085 just before the noontime hour. If the Dow finishes above 24,000 today, it will represent the shortest period of time it took the index to jump 1000 points. To put it in perspective, the Dow was initiated in 1896, and didn't hit 1000 until 1972, 76 years later. The impetus for the moves in the past 3 days is the expectation that the Senate will pass a Tax Reform bill. If the upper chamber's bill passes, the House and Senate would have to agree on a bill they can send to the President. This combined with high consumer confidence and a revised higher 3rd quarter GDP figure, 3.3%, is perpetuating a feeling of exuberance on the street. Most sectors are up today, with energy leading the way at .55% on expectations that OPEC will agree to continue production cuts of oil, 1.8 million barrels/day, until March. Oil is up to $57.44/barrel on that expectation. The bubble may be bursting on bitcoin, it is down over $1000 in one day currently trading at $9,364 (read update 11-29). Tesla is in bear market territory as it is down 20% from its high of $380 achieved 5 months ago. A report from Reuters indicated that up to 90% of its Model S and Model X vehicles showed defects during quality checks (Tesla disputes the Reuters story). According to an analyst on CNBC, a corporate tax cut down to 20% will increase the average earnings of an S&P 500 company by $1.5/share. Everything else is relatively constant, the yield on the 10 year is 2.39%, the dollar remains at $1.19/euro, gold is $1279/oz and the price of a gallon of regular gas nationwide is $2.495.
DOW 2 DAY CHART
Yesterday was a sea saw before the Dow finished up 256 points at 23,837. The market took a dive after it was announced that North Korea ran another successful missile test, but recovered shortly thereafter after the Senate budget committee announced that it approved the Senate's tax plan, that includes an amendment that would no longer require individuals to purchase health insurance, and it will proceed to the floor for a vote, probably on Thursday. On the data front, weekly mortgage applications fell 3.1 percent, while the second read on third-quarter GDP showed the U.S. economy grew at an annualized rate of 3.3 percent. The gains are continuing today as the Dow is up another 80 points for a new intraday record at 23,919. Most sectors are doing well with the financial sector up slightly today but up 11% over the past 6 months, particularly the big banks. Retailers are doing well on the heels of a very strong (record) Black Friday (and weekend) sales in addition a record setting cyber Monday. The SPDR S&P Retail exchange-traded fund (XRT) rose 1.9 percent as shares of Rite Aid and Sears Holdings surged 15.8 percent and 6.6 percent, respectively. In other news the bit coin bubble continues to expand as it is up above $11,000. You don't want to be around when this bubble bursts, and I believe that it will. The yield on the 10 year is 2.39%, the dollar is stable at $1.19/Euro, gold is down to $1282/oz, oil is down to $56.97/barrel (42 gallons in a barrel of oil) on concerns that OPEC will not reach another agreement to curtail production and the price of a gallon of regular gas nationwide is down to $2.499.
After advancing 41 points on the shortened Friday session, the Dow is up 33 points today and is essentially treading water as it awaits the Senate's vote on the Tax bill due out on Thursday. Much of the stock market rally has been predicated on a tax cut, particularly a corporate tax cut that passed the House and reduced the US corporate tax from the highest in the world at 35% (more than 39% if you consider various state corporate taxes) to a more normalized one at 20%. If Republicans in the Senate can't reach agreement, I expect a large market selloff. The Dow is off its highs as a retail rally lost steam given the uncertainty of a Senate consensus on taxes. It is estimated that black Friday took in more than $5 billion in sales (the best Black Friday ever) which sparked the initial rally. It is also estimated that today, cyber Monday, will also be record setting in sales. Helping the trade is the fact that in addition to xmas shopping, consumers are also doing more shopping for themselves. In other news, bitcoin has reached an all time high of $9600. Bitcoin has caught Wall Street's attention this year by multiplying more than nine times in price. Top banking executives such as JPMorgan Chase's Jamie Dimon have called the digital currency a "fraud." But well-known investors Bill Miller, Mike Novogratz and Josh Brown, CEO of Ritholtz Wealth Management and a CNBC contributor, have bought bitcoin (CNBC). I have not bought bitcoin and I don't plan on buying bitcoin. I'm sure Jamie Dimon of JP Morgan sleeps soundly at night knowing I agree with him. I think there is a bubble in bitcoin prices, and when it bursts, it's not going to be pretty. The yield on the 10 year is stable (and hence mortgage prices) at 2.33%, the dollar a little weaker at $1.19/Euro, gold is stable at $1294/oz, oil is up from last week at $58.12/barrel and the price of a gallon of regular gas nationwide is down to $2.507.
In Other News: Elon Musk recently stated that the worlds population is accelerating towards collapse. Hmmmm; let's look at some facts and figures and then do some math. The earth reach a population of 1 billion in 1900 (that took about 1/2 million years), but by 1967, it was 3 billion, 6 billion in 2000 and currently, it's 7.5 billion. Let's look at the US with a population of 321 million, and ask yourself, is it overpopulated. If you look at NY City, a resounding yes comes to mind. However, in the US, about 50% of the population lives within 50 miles of a shore (this includes the Atlantic, Pacific, Gulf of Mexico, Great Lakes and Mississippi). Let me try and put this into perspective: the average household has 2.6 people and given a population of 321 million, that yields 123,461,538 households. The size of Texas is 172,000,00 acres. Assuming you put 1 household on an acre lot, the Entire population of the US can fit into Texas with room to spare, leaving the rest of the US barron of people. How about Russia with a population of 144 million? Russia is 1.8 times the size of the US with a smaller population, so they have even more empty space and if you look at Canada, which is larger than the US, with a population of 31 million, there is even more empty space (I know bring your winter clothes. So while I will agree that there is definitely some localized overpopulation, I don't see doom and gloom.
FICO SCORES Fair Isaac Company reports that it's FICO scores (FICO being an acronym for Fair Isaac Co) reports that the average FICO score in the US has reached an all time high of 700 nationwide amongst adults. The share of consumers who are viewed as the riskiest from a credit perspective (these are sub-prime and have a score lower than 640) reached a new low of about 40 million — or 20 percent of adults in the U.S. that have FICO scores. according to the Wall St Journal. A lot of you may be asking what is a FICO score, how is it calculated and how it affects me. Fair Isaac uses use information provided by one of the three major credit reporting agencies – Equifax, Experian or Trans-Union. From this, they have a formula to get a credit score which can be as high as 850. The biggest part is your payment history, followed by how much you owe, credit history, credit mix and new credit (see chart). Next, how do you interpret your FICO Score: anything > 800 is excellent (and gets you low interest rates on loans and credit cards), 740-799 is very good, 670-739 is good, and anything less than 670 is considered not good and sub-prime (chart). Lastly, as no surprise, the older you are, the better your score (chart)
What do Rising Rates mean to you and the Economy As interest rates rise as a result of FED policy, there are both good and bad effects. Firstly, the Fed's move affects all short term rates. It has no direct effect on mortgage rates which is a function of the yield on the 10 year US Treasury bond, however, they are highly correlated (above chart). What affects the yield is the price of the bond (yield and bond prices are inversely related). As bond prices decrease, the yield increases and why would bond prices decrease? Bonds tend to be a defensive play when the economy is doing poorly; hence, investors only have so much money and they will buy bonds instead of stocks. Conversely, when the economy is doing well, investors will buy stocks and sell bonds which depresses the bond price but raises the yield. The rate on the 30 year fixed mortgage is generally 1.25% to 2.75% higher than the yield on the 10 year(Chart). Who Benefits As rates increase, banks generally benefit. The demand for money is inelastic and when banks loan money, they will make more on those loans. Conversely, borrowers suffer from the higher cost of money, but since the economy is doing well, more people are working, real wages tend to increase and the blow of the higher cost of money is mitigated. Savers who have minimal debt also benefit, as the FED raises interest rates, rates on Savings, CD's and money markets generally increase which helps this particular segment. Who is Hurt Generally, borrowers are hurt. Generally, the payments on all short term loans increase. If you take a college loan, a personal loan or a boat loan, rates will increase. The Prime Rate increases, it is generally 3% above the Federal Funds Rate and it is the rate the biggest banks charge their best customers on short term loans. If you have a HELOC (Home Equity Line of Credit), this will increase also and it is generally the same rate as the prime rate. However, the short term loan that is not affected is the car loan. Generally there is so much competition in this area, that a loan on a new car can range from 0%(not all the time) to a little over 4%.
Strangulation by Regulation: The tax code is 77,000 pages, under Obama there were 4000 new EPA regulations (info from CBS) Dodd-Frank imposed somewhere between 310-500 new requirements on banks(various analysts CNBC) and Obamacare has over 20,000 pages of regulations (Washington Post); and people are complaining because Trump is trying to streamline government. He has signed the "2 for" executive order that mandates all agencies to do away with 2 regulations for every one they pass. I can run my life and spend my money, much better than the government and I applaud Trump's efforts in doing away with economically ruinous legislation.
In one of the presidential debates, Hillary Clinton stated that supply side economics of lower taxes and regulation doesn't work. She needs better economic advisers. If you look at the attached chart, GDP soared after the Reagan stimulus and the average GDP post stimulus was 4.83 (a 40 year average is about 3.2); whereas post Obama stimulus, increased taxes and regulation, was a meager 2.23%. We have not been above 3% during his entire presidency and this has been the slowest recovery since the great depression.
UNH Study Results 5-31-2016
In other News: First, a little history. In 1800, 90% of the adult population were farmers (lots of factory child labor), by 1900, 25% of the population and currently, about 2% as a result of technology garnering greater yield/acre. As a result much farmland from the 19th century is no longer. In a recent study out of UNH, it was found that 75% of the farmland from the mid 19th century is now covered by trees and this is contributing to warmer winters. Trees causing higher temperatures you say; how is this possible? It is very simple physics. In the winter in NH (and most other states), farm pastures are covered with snow, and this reflects sunlight, and heat, into space. Now that 75% of these pastures are covered with trees, the dark trees absorb the heat and it permeates into the atmosphere causing a general warming and milder winters. If you've ever wondered what a stone wall was doing in the middle of the woods, those woods were once pastures and delineated borders that contained live stock.
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 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.
Just as a reminder from my blog of October 2013, Carbon dioxide composes only .0387% of our atmosphere (in decimal form that’s .000387), and of all the CO2 currently being produced on the earth, man only accounts for 3.4% (.034 in decimals). Therefore, if you want to calculate the amount of CO2 in the atmosphere caused by man, you would multiply .034 x .000387 to get .0000131 or .00131%.
The Arctic ocean is warming up, icebergs are growing scarcer and in some places the seals are finding the water too hot, according to a report to the Commerce Department yesterday from Consulafft, at Bergen, Norway.
Reports from fishermen, seal hunters and explorers all point to a radical change in climate conditions and hitherto unheard-of temperatures in the Arctic zone. Exploration expeditions report that scarcely any ice has been met as far north as 81 degrees 29 minutes. Soundings to a depth of 3,100 meters showed the gulf stream still very warm. Great masses of ice have been replaced by moraines of earth and stones, the report continued, while at many points well known glaciers have entirely disappeared.
Very few seals and no white fish are found in the eastern Arctic, while vast shoals of herring and smelts which have never before ventured so far north, are being encountered in the old seal fishing grounds.
I apologize, I neglected to mention that this report was from November 2, 1922. As reported by the AP and published in The Washington Post — 88 years ago! The text in the above example is a genuine transcription of a 1922 newspaper article, an Associated Press account which appeared on page 2 of the Washington Post on 2 November of that year
California Drought of 2015 California is in the middle of a drought; it must be global warming or now the more politically correct term, 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; and as far as climate change, it's obviously not an exact science(click on pictures below).
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."
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 $10-15/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.
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.