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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 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
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 178,000 jobs in November as opposed to the 178,00 that were expected, and the overall unemployment,U-3, rate dropped to 4.6%, the lowest rate since 2007. The real unemployment rate, U-6, which includes temporary and marginally attached employees, dropped to 4.6%. The household survey painted a less-flattering picture, with full-time jobs falling by 103,000 and part-time positions gaining 90,000, while and government reported a 22,000 net gain. The number of workers not in the labor force was the second highest on record, surging 425,000 to 94.6 million, and the labor-force participation rate also dropped to 62.7 percent and remains at levels last seen in the 1970s. Year over year wage growth for manufacturing workers decreased to 2.5% which is still good news coupled with an inflation rate under 1.5%. Among the major worker groups, the unemployment rate for Hispanics remained constant at 5.7 percent, while the rates for adult men (4.3 percent), adult women (4.2 percent), teenagers (15.2 percent), Whites (4.2 percent), Blacks (8.1 percent), and Asians (3.0 percent) showed little change (BLS).
The Trump Bump continues. After advancing 65 points yesterday, the Dow set another record finishing the day at 19,614. The Dow is now up 12.7% for the year and 9.2% since Trump became the president elect. Financial stocks have been on tear with the major banks up 25-30% alone since the election and they're still running. Wall street is definitely looking past some of Trump's anti-corporate comments. Even though Carrier owner United Technologies (UTX) has incurred the wrath of Trump, the stock is still up more than 5% since the election. Investors seem to be betting that Trump's tough talk is just that and that UTX and other defense companies will benefit from the likelihood of increased defense spending and more hawkish military policies. The market also seems to think that the possibility of fiscal stimulus from Trump and the Republican-controlled Congress will lead consumers to spend more. With almost 2 hours into the trading day, the Dow is up another 45 points at 19,659. The small-caps Russell 2000 and the S&P Mid Cap 400 have easily outperformed the Dow, S&P and Nasdaq since Nov. 8, rising 16 percent and 12 percent, respectively. Thequestion that everyone seems to be asking is how long can this continue. As I've said a number of times, profit making is inevitable, particularly when the market has gone up so much so fast, and the Russell 2000, small cap index has risen even faster, 16%, since Trumps election. However, there are a number of scenarios that may sustain this rally into next year. First, if you sell and realiz profits in December, you will have to pay taxes on those prost in April of 2017, whereas if you wait until January to sell, you won't have to pay taxes until April of 2018. In addition, there is usually, 75% of the time, a Santa Claus rally where many investors put their year-end bonuses so long, and lastly, the Dow has been stagnant for so long (trading sideways), an arguement can be made that "it is making up for lost time." What woukd make me feel better about a sustained rally is if the Dow would trade sideways for 1-2 weeks and undergo a consolidation. But I'm still bullish.
After advancing another 298 points, the Dow finished at 19,549, set another record and is closing in on 20,000. All indexes finished more than 1% higher; and the games came in spite of Trumps comments that he wants to reign in drug prices which did hurt that sector. What investors do know is that “doing something” about rising drug prices is a popular political issue with politicians of both parties. Senator John McCain, Republican, and Representative Elijah Cummings, Democrat, for example, have both proposed legislation that would restrict price increases by drug makers (Jubak). It is evident that businesses and investors are ecstatic over Trump's promise to lower taxes, reduce regulation and provide real stimulus, not handouts like the Obama administration, to the economy. What was particularly gratifying to the markets yesterday was Trumps appointment of Scott Pruitt, the Oklahoma Attorney General, as head of the EPA. Pruitt has been an outspoken opponent and critic of the EPA and there is no doubt that the Obama EPA will no longer have a free reign to do as they please. Neither Pruitt or Trump are proponents of man-made Global warming (see October 2013 blog). The Dow Jones Transport Average (.DJT) rose 2.5 percent and set new all-time intraday and closing highs, surpassing its prior peaks from late 2014. A finish above the closing record for the transportation average could indicate further gains as it triggers a bullish sign for some investors who look for parallel performance for both the Dow industrial and transportation averages. About 8.2 billion shares changed hands in U.S. exchanges, above the 8 billion daily average over the last 20 sessions. (Yahoo). Advancing issues outnumber loosing by a ratio of over 3-1. With 30 minutes until the market open, the Dow is up 15 points indication the Trump rally still has legs with help from the European Central Bank (ECB) stating that it will extend its quantitative easing (expanded money supply) program. For economic news, first time jobless claims came in lower than expected, a 5 month low . The dollar is still at $1.07/Euro, oil is still above $50 at $50.11/barrel, gold is down slightly at $1173/oz and the price of a gallon of regular gasoline nationwide is up slightly to $2.197.
After advancing 36 points yesterday, the Dow reached an intraday high before giving up most of its gains. However, their is little doubt of a new record today as the Dow is up 250 points at 19,502 with 1 hour left in the trading day. Entering Wednesday, the Dow had posted gains in 17 of the past 21 sessions and 11 record closes since the election. The S&P and the Nasdaq, meanwhile, have risen 3.4 percent and 2.7 percent since Nov. 8, respectively. The Trump rally continues as optimism for greater infrastructure spending and deregulation of certain sectors are driving the significant increase in the markets. What is lacking today is the biotech sector. The cause is Trump who stated to Time magazine that drug prices are to high and he wants them to come down after he was named Man of the Year. Investors also looked ahead to a key ECB meeting, in which the central bank is largely expected to extend its quantitative easing program beyond March 2017, particularly after a Sunday referendum in Italy left the country's banks in a vulnerable spot. There was no economic data today and the FED, which is scheduled to meet next week, is expected to raise rates and it seems to be already factored into the market. Since the Dow is up more than 1500 points since the election, the accompanying wealth effect, which stimulates and increases consumption, will more than compensate any negative interest rate hikes. The U.S. dollar has risen sharply over the past month on expectations of higher rates and fiscal stimulus. On Wednesday, however, the greenback fell 0.22 percent against a basket of currencies, with the euro around $1.075 U.S. Treasury yields fell across the board, with the two-year note yield trading around 1.10 percent and the benchmark 10-year yield near 2.35 percent(CNBC). The rate on the 30 year mortgage is usually 2-3% higher than this yield (chart). Oil is down slightly to $50.28/barrel, the dollar is steady at $1.07/Euro and the price of a gallon of regular gas nationwide is up again to 2.192.
After advancing 45 points to settle at 19,216 and setting another new record, the Dow is up in the pre-market 10 points. Without any earnings reports, political events or major economic news, volume is low and the market is trading mostly sideways with some exceptions. Energy companies are higher across the board as oil reached it's highest price, $51.75/barrel, since July of 2015. Small-company stocks again outpaced the rest of the market as the Russell 2000 jumped 1.8%. The price of oil has surged since OPEC announced an agreement on production quota's. Financial companies/banks have also surged on statements from the nominated Treasry Sectretary Mnuchin and the promise of less regulation (Dodd-Frank) which will lower costs for these companies. Thanks to a big rally in November, the Russell is up 17% this year, or more than twice as much as the S&P 500. Smaller companies, which are more domestically focused than large multinationals, could stand to benefit more than larger companies from a pickup in U.S. growth from a Trump presidency. Bank stocks are at their highest level since 2008 (chart). A notable exception to the rally have been gun stocks Smith Wesson and Sturm Ruger (see May 2014 blog). While these stocks surged during the Obama administration as a result of the fear of more stringent gun/ownership controls, this never materialized. What is particularly ironic is that Obama has been named the #1 gun saleman of the year by a number of pundints (gun stocks nearly tripled). With the advent of the Trump administration, this fear is non-existent and these stocks have slumped since the election. Also slumping is the tech sector. ech investors are fearful Trump's plans could be less advantageous to the growth of technology in the U.S. and refocus efforts on industrial businesses. The tech-focused Nasdaq 100 index, which contains the 100 largest non-financial Nasdaq stocks, is down 0.6% since Trump's election. That trails the 4.8% gain by the industrial-focused Dow Jones industrial average. During Obama, the Nasdaq 100 jumped 264%, while the Dow rose 111% (USA Today). Gold is steady at $1175/oz, the dollar gave up some ground at $1.07/Euro, and gas is following oil as the price of a gallon of regular is up to $2.181.
Despite a good jobs report, the Dow took a breather Friday and gave up 20 points to finish the week at 19,170. Generally, a good jobs report would be bad news since it would heighten fears of an interest rate hike, but with that being all but a foregone conclusion, it's effect on the market was marginal. The Dow is still in expansion mode and the post election Trump rally continues (chart). What was putting a damper on stock trading was the Italian referendum scheduled for Sunday. Italian Prime Minister Matteo Renzi wants to change the constitution so that the executive branch needs approval only from parliament's lower house in order to pass laws. Renzi thinks this change is so important to turn around Italy's lackluster economy that he has vowed to resign if the referendum is defeated (CNBC). This had little effect on the dollar which remained at $1.06/Euro; however, if the referendum doesn't pass, I suspect you will see an even stronger dollar. While a strong dollar is good for consumers, lower prices on foreign goods and services, it makes American goods more expensive abroad. The price of oil increased to $51.68/barrel with investors showing some confidence that the OPEC countries will adhere to production quotoa's. Gold rose slightly to $1279/oz, and the price of a gallon of regular gas nationwide jumped to $2.178.
OIL LONG TERM CHART
The Dow established another record today advancing 68 points to close at 19,192. However, looking at the bigger picture, equities closed mostly lower with both the tech heavy NASDAQ and S&P 500 experiencing down days. In addition to the Dow, oil also continued its upward climb as it broke to the upside of the $50 mark at $50.90. Jeremy Klein, chief market strategist at FBN Securities, said in a note that he expects crude to trade above $60 by next summer. " I reiterate that the fundamental story surrounding the commodity will flip from one fraught with supply concerns to one optimistic about burgeoning global demand," he said (CNBC). In economic news, Trump already kept a campaign promise by keeping a United Technology subsidiary (from Indianna) from moving to Mexico and saving 1400 jobs. Trump at a rally in Indianna also had harsh words for any company that would move to a foreign country. In economic news, the US manufacturing index (capital goods etc) came in at 54.1. Any number above 50 indicates an expansion in the sector, initial weekly jobless claims came in at 268,000 when 253,000 were expected. All eyes tomorow will be turned towards the November jobs report due out at 8:30 AM. Regardless of tomorrow's job report, a FED rate hike seems almost inevitable giving the rising stock market (and subsequent positive wealth effect). U.S. Treasury yields rose Thursday, with the benchmark 10-year note yield at 2.4417 percent. The US dollar was constant at $1.06/Euro, gold gained slightly at $1173/oz and the price of a gallon of regular gas nationwide stayed constant at $2.155.
It came as a surprise to everyone (no not the Trump presidency) but OPEC reached a deal to cut production by over 1 million barrels/day and the commidity soared, at one time rising by almost 10% to finally settle the day with an 8% gain at $48.99/barrel. U.S.-listed oil companies including Exxon Mobil, Chevron and Schlumberger saw shares rise as crude prices climbed. Some U.S. producers saw shares spike more than 10 percent, includingPioneer Natural Resources, and Hi-Crush Limited Partnership (15%). Analysts broadly expect an agreement to boost oil prices above $50 a barrel and keep them there. Prices have wavered between about $40 and $54 since the spring. While many see oil prices averaging between $50 and $55 next year, analysts are not united on the path to that level. Goldman Sachs believes the deal will cause crude prices to spike in the first half of 2017, and then moderate in the second half as both OPEC and U.S. shale producers capitalize on the rally(CNBC). The Dow liked the deal with the average gaining 100 points intraday. However, it slowly gave up gains through the day, which was exacerbated by profit taking in the last 5 minutes (giving up 50 points) to close up 2 points at 19,124. Speaking of soaring, Fannie Mae and Freddie mac gained about 50% today, and this, after doubling since Trump became president elect. Both companies have been controlled by the government since the financial crisis and all their profits have been going to the government. This move has been challenged by shareholders in court and has obviously not been a priority from the socialistic leaning Obama administration. What spurred today's move was comment's from Trump,s Secretary of the Treasury nominee, Steve Mnuchin, that it was time that this came to an end and it was off to the races. Mr. Mnuchin, 53, was the national finance chairman for Mr. Trump’s campaign. He began his career at Goldman Sachs, where he became a partner, before creating his own hedge fund, moving to the West Coast and entering the first rank of movie financiers by bankrolling hits like the “X-Men” franchise and “Avatar.” (NY Times). In other news, the dollar remained constant at $1.06/Euro, gold was down slightly at $1170/oz and the price of a gallon of gas nationwide is up to $2.15.
In Trump we Trust! After 4 days of consecutive records for the Dow, It took a breather yesterday and gave up 55 points to finish the day at 19,097 which was the worst performance for the Dow in nearly a month; not bad! The Dow is looking to bounce back this morning as it is up 38 points about 30 minutes before the markets open. Third quarter GDP was revised to 3.2%, but given the dismal figures for the 1st 2 quarters, we are still in the 2% range, well below the 40 year average of 3.3%. However, a number of analysts this morning have stated that the chance of 4% growth in forthcoming years because of Trump's economic policies, primarily lower taxation and less regulation, will spur business investment similar to the Reagan years (the last time we had GDP above 5%). The next important piece of economic news will be the November jobs report due out this Friday. This is generally very closely watched since it is a bell weather as to whether the FED will raise interest rates in its forthcoming FOMC meeting. However, it will loose some of its importance this month since month since it is all but a given that the FED will be raising rates during December's meeting. Oil is down to $45.72/barrel on rumors that OPEC countries are squabbling over production cuts. OPEC is set to meet in Vienna, Austria on Wednesday and traders will be keeping a close eye on announcements regarding an oil production cut. In September, OPEC had outlined a deal to cut output by approximately 1 million barrels per day. World oil consumption is about 96 million barrels/day, with consumption just under 97 million. The dollar is steady at $1.06/Euro, as is gold at $1173/oz and the price of a gallon of regular gas nationwide is up slightly to $2.135.
The Dow set a new record yesterday by closing above 19,000 at 19023 and with 2 hours left in the trading day, it is on its way to another record as it is up 40 points at 19,062. Weekly jobless claims, according to the US Labor dept., were up slightly to 251,000. It signals the 90th week in a row where jobless claims have been below 300,000, the threshold number that economist associate with a health job market. The current rate of unemployment is 4.9% where most economists, myself included, consider the full employment rate where inflation is acceptable (under 2%). U.S. durable goods increased 4.8 percent in October, well above a 1.5 percent consensus estimate. which is also indicative of an economy not going into a recession. However, we have gone the entire Obama administration with GDP under 3%, so the economy, while not recessionary, is not in full health. This is evident with new home sales for October falling 1.9 percent. OPK is up over 4% today at $10.63 with sales of its new potential blockbuster drug, Rayaldee, set to begin sales within the month. The CEO, Robert Frost continues to buy stock and owns over 1/3 of the shares outstanding. The yield on the benchmark 10-year Treasury note climbed to 2.35% as bond prices continue to fall. The yield is now at a 16 month high. The dollar continues to strengthen at $1.05/Euro, Oil is holding its oil at $47.96/barrel, gold is down significantly to $1189/oz, and the price of a gallon of regular gas nationwide is down slightly to $2.131.
Like the man said in Indiana Jones, "hold on to your cookies lady, we're going for a ride." Obamacare, also misnamed the Affordable Care Act, is about to implode with premiums set to skyrocket 25% (this is on every news website from Mother Jones to Fox). The large premium increase is a national average, but it ranges from 116% in Arizona to 3% in Indiana. However, since 85% of Obamacare subscribers are subsidized, you and I, the taxpayer, will be shouldering the bulk of the cost. When Obamacare was first passed, the estimated cost to the taxpayer over 10 years was $859 billion. That cost is now closing in on $3 trillion according to the Congressional Budget Office (CBO), and other analysts, myself included, feel that it will exceed $3 trillion (see my June and July blog 2013). The number of carriers will drop to 228 next year in the federal exchange and selected states, down from 298 in 2016. Some 21% of consumers returning to the exchanges will only have one carrier to chose from, though that insurer will likely offer multiple plan choices. Five states -- Alaska, Alabama, Oklahoma, South Carolina and Wyoming -- will only have one insurer providing plans on the federal exchange in 2017. In spite of this, the number of uninsured Americans is still 25 million (CNN). Obamacare meets my definition of a dismal failure.
In the recent debate, 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 above 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 and contained live stock.
Here's something you don't here everyday, a prominent democrat 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.
This platform has now been adopted by Hillary Clinton and the Democratic Party
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).
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."
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.
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.