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New Blog is Out: Textbooks, Inflation & the FTC
Quote of the Week
Somewhat appropriate given Hillary's recent vindication by the FBI. Lying under oath is a Class B felony in most states.
Click on the pictures to enlarge
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
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
June Jobs Report
The June jobs report was significantly better than May and was welcomed by the street. In June the economy created 287,000 jobs (35-40 were striking Verizon workers returning to work), and the unemployment rate (a lagging indicator) increased to 4.9% from 4.7%. The reason for the increase in unemployment despite the large job creation number was a function of the labor participation rate increasing to 62.7%. Among the major worker groups, the unemployment rates for adult women 4.5%, and Whites 4.4%, rose in June. The rates for adult men 4.5%, teenagers 16%, Blacks 8.6% (low educational attainment), Asians 3.5% (high education), and Hispanics 5.8% showed little or no change. The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) decreased by 587,000 to 5.8 million in June, offsetting an increase in May. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job. In June, 1.8 million persons were marginally attached to the labor force, about unchanged from a year earlier. These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
Since 2014, the economy has lost 211,000 mining jobs and another 4500 are on the line from Murray Coal, representing 80% of their workforce, as a result of the Obama administrations war on coal and the closing of close to 100 coal fired plants for electricity; and to add insult to injury, Hillary has stated that she wants to put the coal industry out of business. I wonder if all those union mine workers will be voting for her.
CLICK TO ENLARGE
The day started off on the right track as Apple beat earnings and shot up 7% and the Dow followed as it gained 70 points within 30 minutes. However, the weekly oil inventory report took the punch bowl away and the Dow is down 10 points at 18,462 shortly after the noontime hour. Oil is trading under $42 at $41.89, down $1.03/barrel, after there was a surprising build in inventories. U.S. commercial crude in storage rose by 1.7 million barrels to a total of 521.1 million barrels in the week through July 22, the Energy Information Administration said. Analysts had expected a draw of 2.3 million barrels. Bart Melek, head of commodities strategy at TD Securities, told CNBC oil could be heading to its 200-day moving average at $40.76 per barrel. "Technicals will seek a level around $40.38, then we'll see ... the fundamental outlook is much, much better than it was six months ago. We're still looking toward $60 for year end," he said. He added that if $40 is broken, the next level would be just above $36(CNBC). The next mover's today will be the FED's statement after the conclusion of it's FOMC meeting at 2 PM. The Fed is not expected to raise rates, but the statement will be scrutinized for indications on the timing of the next rate hike. The dollar is steady at $1.10/Euro, as is gold trading at $1326/oz, and the average price of a gallon of gas nationwide is down to $2.148.
With 1 hour left in the trading day, the Dow is down 48 points at 18,447. The defensive telecommunications and utilities sectors lagged in afternoon trade. U.S. crude oil futures settled half a percent lower, or 21 cents, at $42.92 a barrel. Even tho earnings beat expectations, McDonald's reported a lower than expected rise in same store sales and is down about 5% which set the tone for the Dow's down day. However, positive earnings from 3M and Caterpillar, combined with an 8 year high for single family home sales have lifted the Dow from its lows of 18,387 (about 100 down). Treasury yields were mixed, with the 2-year yield lower around 0.76 percent and the 10-year yield near 1.56 percent; good news for new home buyers but not savers. Oil hasn't helped the Dow since it is down again (slightly) to $42.90/barrel, while gold is up slightly to $1320/oz. Markets will be watching the oil inventory report tomorrow at 10:30 as well as the FED's statement from it FOMC meeting tomorrow at 2 PM. Looking at the big picture (chart), the market has had a good 3 month performance as almost all sectors are up. In other news, USA Today had an interesting article on the stock market and the presidential election. How the Standard & Poor’s 500 stock index performs in the three months before the November presidential election often determines who wins. If the stock market posts gains in the three-month run-up to Election Day, the candidate from the political party already in the White House has a very high probability of winning. In contrast, the party trying to retake the Oval Office has a better shot if stocks tumble in the 90 days before the votes are cast. (USA Today). Using that road map, stocks have correctly predicted the winner of 19 of the past 22 (or 86%) presidential elections since 1928 — and eight straight elections since 1984, according to data compiled by Strategas Research Partners. Probably the best example is how the financial crisis of 2008 spelled the demise of John McCain and the Republican party as Obama (in my opinion an excellent politician and dismal leader), successfully put the blame on the Republican party when it's actual roots were in the Clinton Homeowner's Initiative of 1994.
Dollar vs Euro Chart A lower price indicates what the Euro trades for in dollars, and as the price gets lower, the dollar gets stronger
Oil tumbled to $43.05 (it's lowest price since April) and after a record setting week for the Dow, it followed oil down the hill as it fell 78 (.42%) points to finish the day at 18,493. Genscape data pointed to an inventory rise of 1.1 million barrels at the Cushing, Oklahoma delivery base for U.S. crude futures in the week to July 22, Reuters said, citing traders who saw the numbers. With the retreat in oil prices, energy stocks led the market lower as the sector fell more than 2%. Stocks are coming off of four straight weeks of gains that have been driven by a better-than-expected start to the second-quarter earnings season, continued signs that the U.S. economy is holding up following Britain's vote to exit the Eurozone, and continued hopes among investors that central bankers from around the globe will continue to be supportive. This week will be a telling week as 200 of the 500 companies in the S&P are set to report earnings. In addition the FED's FOMC is meeting this week and few are expecting them to raise rates. However, the statement at 2 PM on Wednesday will be closely scrutinized for any indication of future rate hikes. According to Thompson Reuters, 26% or 129, of the index components having already reported, 68% have topped expectations, which is better than the 63% beat rate going back to 1994. Currently, the large-company stock index is expected to suffer an earnings contraction of 3.7%, which Thomson Reuters says would mark the fourth straight quarter of negative growth. In deal news, Verizon (VZ) made it official and announced that it is acquiring the core business of Yahoo (YHOO) for $4.8 billion in cash. The telecommunications giant will pair Yahoo with AOL, which it bought last May. There was little to no premium as Yahoo was down 7 cents to finish at $38.25 and the street seems to like Verizon's move to buy Yahoo since the was virtually no movement in it's stock price today. The dollar remained strong at $1.10/Euro which hurt the price of oil (since oil is traded in dollars, a strong dollar usually leads to lower oil prices, other things being equal), gold stopped its slide and was relatively stable at $1315/oz and the average price of a gallon of gas nationwide is down to $2.161.
6 MONTH OIL CHART
U.S. stocks ended higher Friday and the S&P hit a fresh record high -- its seventh this year -- a day after a pause ended the Dow's nine-day winning streak. However, on Friday the Dow was up 54 points to close at 18,571 making 9 out of 10 days it has closed in the green; and this was in spit of the fact that oil was down 3.8% for the week. Crude oil prices declined on Friday after an increase in the number of active oil rigs drilling for crude in the U.S. The number of active rigs increased by 14 to 371, according to Baker Hughes data. Surging global production and building inventories have pressured crude recently. West Texas Intermediate crude oil was down over a $1 for the session, closing at $44.19 a barrel on Friday. Boeing weighed heavily on the Dow after warning of a $2 billion second-quarter charge tied to its 787, 747 and KC-46 aircraft. The aerospace company has suffered weaker demand for its large planes, an industry-wide problem that has also hurt peers such as Honeywell (HON) and Airbus. The write-offs will be detailed further when it releases second-quarter earnings on Wednesday. Shares were down 2%. There were a number of factors that overshadowed this and propelled the Dow to a positive gain. A flash reading on manufacturing activity in July rose, a sign the headwinds of a stronger U.S. dollar and weaker demand were beginning to ease. The surge higher for U.S. stocks was also driven in part, by a decent start to the second-quarter earnings season, as reports coming in are not as bad as originally feared. Heading into Friday's session, of the 103 stocks in the S&P 500 that have reported results, 67% have topped results, above the long-term average of 63%, according to earnings-tracker Thomson Reuters. Earnings growth for S&P 500 companies overall are seen contracting for 3.3% for the quarter, according to Thomson Reuters.
SOUTHWEST AIR 5 DAY CHART
Yes, there is a law of gravity when it comes to the stock market. After 9 up days where the Dow advanced 2.5%, it finished today at 18,517, down 78. A number of analysts and strategists over the past few days are cautioning that worrisome trends are starting to crop up as equities take the escalator higher, pointing to a market that is getting oversold. The rapid, whipsaw action in stocks from sharp losses fueled by Brexit to the thin-oxygen levels of record altitudes has left a nagging sense of doubt for many investors. Indeed, according to a recent Bank of America Merrill Lynch monthly fund manager survey, investors are setting aside the highest proportion of their holdings in cash since 2001—about 5.8% (Marketwatch). In addition, oil prices weighed on the Dow, down to $44.7/barrel, and the market consolidated ahead of next week's Fed meeting where the FOMC is expected not to raise rates. "We always like to say the market needs to digest its gains, and we've been due for a bit of a pullback," said Quincy Krosby, market strategist at Prudential Financial. "I think the market is on hold waiting to see what that Fed statement is going to say" (CNBC), and as always, profit taking is inevitable. European stocks moved lower after the European Central Bank left key interest rates unchanged Thursday. The non-move was widely expected. Overall, heading into Thursday profits for the S&P 500 in the April thru June quarter are estimated to contract 3.8%, putting earnings on track for a fourth straight quarter of negative growth, according to earnings-tracker Thomson Reuters. Of the 70 S&P 500 companies that have already reported results, 67% have topped expectations, which is better than the average beat rate of 63%. ank results continued to surprise this week, with Morgan Stanley reporting earnings of 75 cents per share versus consensus expectations of 59 cents, according to Thomson Reuters. Morgan Stanley joined Goldman Sachs, Citigroup, JPMorgan Chase, and Bank of America on the list of U.S. financial institutions topping second-quarter profit forecasts. Southwest had a tough day, as a result of a missed earnings report and a two day computer outage that resulted in over 1000 flights cancelled. It finished the day at $37.32, down $4.71(11.2%). Gold halted it's plunge at was relatively stable at $1330/oz, the dollar remained unchanged at $1.10/Euro and the average price of a gallon of regular gas nationwide is down to $2.186.
It was another record day on Wall St with the Dow finishing up 26 points at 18,559. Today marks an 8 day winning streak for the Dow but it wasn't all bright lights and pretty girls. The Dow started the day on a down note and was down 40 slightly after the open as disappointing results quarterly results from Netflix sent the stock reeling and it eventually ended the day down 13% and fears the rally has left stocks stretched also left investors reluctant to push equities higher. Johnson & Johnson beat Wall Street estimates for quarterly sales, helped by strength in its pharmaceuticals business, the company said. The stock rose more than 2 percent on the news, trading at an all-time high dating back to 1972 The market is quite different from the post Brexit plunge of 1000 points. The Dow has not only recovered that 1000 points, but added another 500. However, positive earnings report from a number of companies, most notably Goldman Sachs, and an increase in housing starts in June but from reduced levels earlier in the year, helped rally the Dow. The Dow’s string of record closes is the longest since a six-day stretch that ended Dec. 26 2013. The eight-day win streak is the longest since March 2013 and a number of analysts on CNBC and Bloomberg are voicing concerns that the market is oversold and overextended. Money keeps pouring into the bond market and the yield on the 10 is down to 1.56% and the 30 year note sank to 2.27% Oil prices were down as concerns over a supply disruption in Libya were overshadowed by a worldwide oversupply. Oil is currently trading at $44.61. The dollar is stronger against the Euro at $1.10/Euro, Gold is down to $1332/oz and the average price of a gallon of regular gas nationwide is down to $2.20.
The Dow was up 10 points on Friday to have another record close at 18,517. In the last 6 days, the Dow has gained over 2%.Boeing and Caterpillar contributing the most gains with help from JP Morgan that beat estimates on the top and bottom line. The blue-chips index extended its winning streak to six days. Investors were encouraged by strong reading on U.S. retail sales, a profit beat from Citigroup and upbeat economic data from China. What is hurting the market is the terrorist attack in Nice, France and the attempted coup in Turkey. This adds to uncertainty in the market and in the futures markets, travel stocks and airlines are taking a beating. "The situation is still very fluid," said Adam Sarhan, CEO of Sarhan Capital. "Investors, typically, during times of duress, sell first and ask questions later."(CNBC) Add to that, the killing of 3 police officers in Barton Rouge, and that can hurt the market on Monday. Also the question remains, will protests at the Republican National Convention in Cleveland spark more violence. However, in economic news, June retail sales in the U.S. rose a solid 0.6%, well above the 0.1% rise expected. Sales in April and May were also revised slightly higher. The upbeat sales numbers sends a key message that the U.S. consumer remains in good shape and is willing to spend. Manufacturing in the New York region in July came in below expectations. A key measure of consumers' attitudes, Index of Consumer Sentiment, was reported lower so far this month. Sentiment came in at 89.5 for July's preliminary reading, the University of Michigan said. Economists expected the preliminary sentiment index to hit 93, according to a Thomson Reuters consensus estimate. In China, second-quarter economic growth clocked in at 6.7%, unchanged from the first three months of 2016, but above economists' forecast. Stabilization in the Chinese economy, engineered in part by stimulus efforts by policy makers, is another plus for so-called risk assets, such as stocks. the latest industrial production data in China also topped forecasts (USA Today).
The Dow finished up 134 points to finish at another record high, for the 3rd day in a row, at 18,506. The day started off with positive earnings from JP Morgan which set the tone for the remainder of the day. Second quarter earnings results announced this morning by JPMorgan Chase (JPM) held solidly good news for the U.S. economy. Loans of all kinds extended by JPMorgan Chase rose $106 billion from the second quarter of 2015, a 16% increase. Earnings growth was much stronger than revenue growth because JPMorgan Chase continued to cut costs. Non-interest expenses fell 6%, and compensation costs at the corporate and investment bank fell 6% in the first six months of 2016 and this has been the main reason all corporations. The market is where it is because of earnings, not increases in revenues, and until there is an administration that realizes the secret to economic growth is business growth we will continue to wallow, regardless of the fact that we are at a new high that believe will not be sustained. Citigroup, Wells Fargo, and U.S. Bancorp will kick off the next wave of earnings before the bell Friday. Wall Street was also reacting to a decision by the Bank of England to keep its benchmark interest rate unchanged at 0.5%. It was the first meeting of the BOE following the June 23 vote by Britain to exit the European Union, and investors were expecting a quarter-point rate cut. Still, the BOE said it expects "monetary policy to be loosened in August," when it meets again which helped remove uncertainty (which the street hates) from the market. In a speech Thursday, Atlanta Fed President Dennis Lockhart said Brexit and uncertainty require the Federal Reserve to be patient in normalizing rates. Kansas City Fed President Esther George said in another speech the U.S. economy has been "relatively resilient." The market closely watches what FED presidents say (there are 12 Federal Reserve Districts). Oil prices bounced back on Thursday, with U.S. crude settling 2.08 percent higher at $45.68 a barrel, a day after closing more than 4 percent lower yesterday after Tuesday's gain. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded lower at 12.8, after briefly hitting an 11-month low. Gold futures for August delivery settled $11.40 lower at $1,332.20 per ounce, the dollar was constant again at $1.11/Euro, and the price of a gallon of regular gas nationwide is down slightly to $2.217. This time last year, gas was $2.775/gallon.
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.
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).
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."
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.
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.