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Quote of the Week
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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 April Is NOAA destroying the American Fisherman
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
May Jobs Report
To say the May jobs report was dismal, is an understatement. The economy created only 32,000 jobs in May vs expected job creation of 162,000. and unemployment fell to 4.7%. On the plus side, this dampened the possibility of a FED rate hike in June or July. The drop in the unemployment rate was primarily due to a decline in the labor force participation rate, which fell to a 2016 low of 62.6 percent, a level near a four-decade low. What job growth there was came primarily from health care, which added 46,000 positions. However, mining lost 10,000 jobs, information-related jobs fell by 34,000 — the consequence of the recently resolved Verizon strike — while manufacturing lost 18,000. Among the major worker groups, the unemployment rates for adult men (4.3 percent), adult women (4.2 percent), Whites (4.1 percent), and Hispanics (5.6 percent) declined in May. The rates for teenagers (16.0 percent), Blacks (8.2 percent), and Asians (4.1 percent). The number of long term unemployed(LTU), those unemployed for more than 26 weeks, declined to 25.1% of those unemployed. The number of marginally attached workers, those people who haven't looked for a job in more than 4 weeks, was at 1.7 million, little changed from last year. If you look at LTU, it's was highest during the recession at 47%, but at the current rate, it is still the higher than any time since the great depression. The reason very simply, was the Obama stimulus of 99 weeks of unemployment pay, a very socialistic policy, and if you look at the chart below, the highest LTU rates are in those countries that are also socialistic.
With uncertainty at very high levels and investors still unsure how the shock of Friday's "Brexit" vote will play out in the global economy and markets, the carnage continued today on Wall Street as the Dow dropped another 260 points to finish at 17,140. Not only did it break a 3 month support line but it dipped below its 200 day moving average and as I stated in my last update, it's headed towards 16,500, the next support level (see below). The market, as a result of Brexit, has lost approximately $1.3 trillion in wealth. Banking and financials were hurt the worst as Bank of America is down more than 6% and Citigroup dropped more than 4%. Stocks in Europe closed down across the board. The broad Stoxx Europe 600 index, which fell 7% Friday, was down 4.1%, while the FTSE 100 benchmark in London declined about 2.6% and Germany’s DAX was 3% lower. The British pound fell more than 2% against the dollar. Since early Friday the pound has dropped to levels last seen in 1985 and the Euro didn't fair any better as the dollar strengthened to $1.10/Euro. Oil was also down at $46.43/barrel. Gold, a safe haven in times of economic and geopolitical uncertainty, was up to $1323/oz. Political turmoil continued in Europe as right wing parties in the Netherlands, France, Sweden and Denmark have called for their own referendum to leave the European Union. Special votes aside, beginning this Sunday with the Spanish elections, the calendar of the European Union is marked with a series of regular national votes over the next year that will see the voices of various “leave” parties raised in even higher volumes (Jim Jubak). This continues to adds to the uncertainty and it's reflected in the market selloff. European leaders begin their summit in Brussels Tuesday, where the Brexit and how it will be implemented will be under discussion. Outgoing U.K. Prime Minister David Cameron will speak over dinner about the U.K.'s plans for exiting the now 28-member European Union. The confusion inside Britain's political parties has fed the uncertainty that's disturbing markets. Brown Brothers Harriman's chief currency strategist Marc Chandler noted that sterling could lose as much as 20 percent from its pre-vote 1.50 to the dollar(CNBC).
Like the man said in Indiana Jones, "Hold on to your cookies lady, we're going for a ride", and that's exactly what markets did as a result of British voters opted to leave the European Union. The Dow dropped 610 (3.4%) points to finish the day and week at 17,401. But before we go any further and before you hit the panic button, let me put this in perspective. The highest point loss ever for the Dow was in October of 2008, 777 points, when the House of Representatives failed to pass TARP during the financial crisis. However, the worst percentage loss was in October of 1987, when the Dow dropped 508 points, which represented 23% of its value. Today, that would be like the Dow dropping about 4000 points. So while Friday was a bad day, it was by no means epic. Do not go out and sell a strong portfolio, and stop checking your 401K's. The biggest asset most households have is their house and you don't go out and have that appraised every month. As you can see from the charts below, the Dow mirrors the American economy, and while there are a few bumps in the road, it goes up over time. Historically, for the past 60 years, the average yearly return on the S&P 500 is 11%. The British exit from the EU represents the first country to leave the bloc in its near-six-decade existence, and it will have to navigate uncharted territory that could contribute to bouts of volatility in the global financial world. Former Federal Reserve Chairman Alan Greenspan on Friday warned that Brexit is the “tip of the iceberg” and investors should brace for more global economic woes. “In the near-term, we expect a high level of uncertainty given the economic and political shocks for the U.K. and EU,” he said in a report. “By implication, this makes the U.S. region even more attractive.” This was evidenced by the dollar surging against the Euro, $1.11/Euro and the English pound, 1.37/pound. Gold became the safe have and that also surged, along with gold stocks, to $1319/oz. To no surprise, with the strong dollar and uncertainty abounding, oil slipped to $47.57/barrel, a 5.1% decline and the entire energy sector declined by 4.6%; but the worse was big banks and the entire financial sector that dropped 5.4%. Come Monday, I expect trading to be volatile and see another down day, but this is the time to "batten" down the hatches and weather the storm. Once the clouds dissipate in 1-2 weeks, this could represent a good short term buying opportunity. I'm not jumping in yet, but I''l be watching. If you look at the accompanying DJIA chart (above), we're at the lower end of the trading range, and if we should break through it, I believe we're looking a t a 16,500 DOW
The Dow fell 49 points on Thursday, near session lows, as a result of Brexit and dropping oil prices. When it comes to Brexit, the polls are close, but bookies are giving the Remain camp a higher probability of winning. International experts, including Yellen, have said that a British exit would cause volatility in global markets and uncertainty for the world economy. Yellen said the Federal Reserve will be cautious in raising interest rates because of the mixed state of the economy, with consumer spending rising but investment spending weak. As I've said previously. business investment spending is weak because the ROI (Return on Investment) business can expect have been hurt because of higher capital gains taxes (that have increased by nearly 50%), increased regulation and anything but a business friendly environment from the current administration. Today, with 2 hours remaining, the picture is rosier, with the Dow up 166 points at 17,946 as fears of the UK leaving the EU subside, the vote is today, and the price of oil increasing to $49.65/barrel. The Dow transports traded more than 1 percent higher, while the Russell 2000 (an index of small cap stocks) outperformed with gains of more than 1.5 percent. In economic news, weekly jobless claims fell to 259,000, not far from a 43-year low touched in March. The flash Markit manufacturing PMI for June was 51.4, up from 50.7 in May. New home sales declined 6.0 percent in May to a seasonally adjusted annual rate of 551,000 units. Gold is down slightly to %1262/oz, the dollar is stable at $1.13/euro and the price of a gallon of regular gas nationwide is still at $2.32
TSLA 6 MONTH CHART
After gaining 25 points yesterday, the Dow is up 30 points at the noon hour today after being up more than 80 and hour after the open. What hurt the Dow today was the price of oil that declined after weekly inventory figures came out at 10:30 that showed a decline of 918,000 barrels which was less than expected. The higher chances of a vote for the U.K. to remain in the EU had global markets in a celebrating mood on Monday. However, trading could still be volatile between now and Friday's results with the outcome still too close to call. A weekend poll showed 45% of voters wish to "remain" while 42% prefer to "exit."; and this is what may give propel the Dow a 3 day winning streak. In economic news Wednesday, existing home sales rose 1.8 percent in May, and U.S. Federal Reserve Chair Janet Yellen is set to continue her two-day congressional testimony with remarks to the House Financial Services Committee. Oil is down to $48.49/barrel, the dollar is at $1.13/Euro, gold is down to $1269/oz and the average price of a gallon of regular gas nationwide is still at $2.32. A number of people have been asking me, what are the ramifications of the United Kingdom, UK, leaving the European Union, I'll try to condense it. First of all, uncertainty, and markets hate uncertainty. If Brits vote to stay, then markets will breath a sigh of relief, and the nation will begin the healing process after a tense period. In Europe, the EU could run into economic trouble for a couple of reasons. The lengthy and as-yet ambiguous exit negotiations could cripple investment, trade would decrease, exports and imports will now be taxed (tariffs). If financiers and companies are concerned that they may get cut out of free-trade channels, they may find safer (which is to say, less productive) uses for their money. And British uncertainty: All those billions of dollars already invested in the U.K. and invested abroad by British entities could be in limbo as London rushes to negotiate new non-EU trade deals with key partners (CNBC). Investors would likely dive out of the British pound and into cash that's perceived as safe, While being a safe haven could sound like a boon for the U.S. economy, such a large, sudden currency swing could have significant negative implications for American multinational corporations since a stronger dollar makes US goods more expensive to foreign consumers and this would further exacerbate, an already negative figure for net exports, and lastly, one of the major sticking points in the conversation has been immigration concerns, as some Brits worry that the country's employment market and social services will drown under the weight of too many new residents
In other news: How do you spell stupid? Tesla announced today that it is buying solar city and Tesla immediately dropped 26 points. Since then, it has gained back 6 points, but a number of analysts have downgraded the stock and few see the synergies. Solar City, that appeared to be headed for Chapter 11, is up from 15 to $26/share. Why would Tesla do this? The official company comment that is vertically intergrating with a battery and solar company, but a number of analysts skeptics are saying that sine Elon Musk owns 20% of the Stock of Solar City, this was his own engineered bailout.
After a lackluster week where the Dow dropped over 150 points, it is up in the pre-market today an hour before the open. The main impetus is fears of Britain leaving the EU have subsided as a result of two separate polls over the weekend that showed, for the 1st time, that Britains are in favor of remaining in the Union. The final vote will be Wednesday, June 23. If they leave, it won't be a pretty sight in the market. As a result of the dollar weakening Friday, $1.12/Euro, and continuing today, that has caused a slight rally in oil which is currently at $48.83/barrel. Since oil is traded in dollars, a weakening dollar tends to raise the price of oil. U.S.-produced crude, which had closed lower the first four days of the week, settled up Friday by nearly 4% to $47.98 per barrel, trimming its losses for the week from nearly 6% at Thursday's close to -2.2% at week's end. Investors this week area also keeping an eye on the Federal Reserve, with Janet Yellen set to testify in front of the U.S. Senate Committee on Banking, Housing and Urban affairs on Tuesday, and the House of Representatives' Committee on Financial services on Wednesday; however regardless of any good news she may have, the Brexit will be the overwhelming concern. A number of people have asked me the difference between the European Union and Eurozone. The EU was formed in 1958 and constituted 15 countries at the time (it is now 28) and it was based after a clause in the US Constitution where one state can't tax the imports of another state. Essentially, it became a free trade zone and remains to this day. The Eurozone, created by the Maastricht Treaty, created the Euro dollar that is used by 19 countries. The Schengen Agreement is a treaty which led to the creation of Europe's Schengen Area, in which internal border checks have largely been abolished. It was signed on 14 June 1985, near the town of Schengen, Luxembourg. The price of a gallon of regular gas nationwide is down sharply to $2.33. The lowest gas price in the nation is Mississippi at $2.08 and the highest is California at $2.86. NH is $2.34.
The Dow turned a 170 point loss into a 90 point gain to end a 5 day loosing streak and finish at 17,773. The loss was a result of the usual suspects, Brexit, lower oil prices, $46.11/barrel, and a continuing worldwide economic malaise. The Dow reached it's low within an hour of the open and then had a steady rise right up until the close. The rise in stocks was a result of a strengthening in the British pound (which was an indication that Britain may not leave the EU), and stocks being in an oversold condition. Treasury yields were mostly higher in late afternoon trade, with the 10-year yield near 1.57 percent and the 2-year yield near 0.68 percent. Earlier, the 10-year fell to 1.518 percent, its lowest since August 2012, while the 2-year touched its lowest since mid-February. As stocks sold off into the close Wednesday after Fed Chair Janet Yellen's press conference, traders cited concerns about Fed credibility. In Other News: Smith & Wesson reported record profits today compliments of president Obama's continuing rampage on gun control. The Springfield, Mass.-based maker of handguns, revolvers and pistols reported an adjusted quarterly profit of 66 cents a share, which beat expectations by 22%, according to earnings estimates from S&P Global Market Intelligence. Profit was up 47% from the same period a year ago. Investors promptly sent the stock 6% higher in after hours trading on the news. Shares closed up 27 cents, or 1.3%, to $21.75 in regular trading (CNBC). Obama's failure on gun control isn't his only program that's experiencing heavy seas. After all insurance companies, but one, has fled Obamacare in Alaska, the state legislature is taking drastic steps to save the state’s ObamaCare insurance system. In order for that one company to remain, it has to receive subsidies from the state in order to remain and both republicans, reluctantly, and democrats have banded together to pass a bill earlier this month that aims to prevent massive premium hikes and keep the ObamaCare system afloat for the residents already in the system; translation, increased costs for the states.
Even tho the Dow was up most of the day, and even tho the FED didn't raise interest rates and even tho FED chairwoman Janet Yellen had unexpectedly dovish comments after the FED released the results of the 2 day FOMC meeting, the DOW finished down 35 days to finish the day at 17,640. . As expected she noted the uncertainty added to global financial markets by next week’s Brexit vote in the United Kingdom. A decision by the country’s voters to leave the European Union has the potential to roil the world’s financial markets. But Yellen also added a litany of U.S. economic bad news to justify keeping rates where they are now–and potentially for quite some time. Business investment, even outside of the energy sector is slow. Growth in the labor market has slowed. Headwinds from the global economy are blowing strongly against the U.S. economy. Wall St stretched its losing streak to five sessions. The drag on the market that outweighed a dovish FED was the turmoil that would be caused by a Brexit (see below post) and the price of a barrel of oil sinking to $47.45/barrel which represented the 5th straight day of losses. Crude futures pared losses after U.S. government data showed a draw in crude stockpiles. They briefly clawed back back more ground after the Federal Reserve declined to raise interest rates before extending losses into U.S. crude's settlement. U.S. crude stockpiles fell by 933,000 barrels last week, the Energy Information Administration (EIA) said, less than half the 2.3 million-barrel draw anticipated by the market. The Fed downgraded its economic growth projections for 2016 to 2%, down from a forecast of 2.2% back in March. Once again I will blame the Obama administration, their anti-business attitude, increased taxes and regulation. The dollar was $1.13/Euro, gold is up to $1298/oz and the price of a gallon of regular gas nationwide is $2.38.
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 and contained live stock.
SO: Should you sell in May and go away. and not come back 'til Leger day(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).
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.