By Greg Morin
They keep saying climate change is “settled science” but I don’t think they know what that means. chemical bonding theory is settled science. gravitational theory is settled science. laws of motion is settled science. the weight of an electron is settled science. Why? Do you hear anyone debating these things? No, because they are based on reproducible results that allow one to make accurate, testable predictions 100% of the time.
No one disagrees that CO2 is a greenhouse gas, so yes, that’s settled. The disagreement is over the degree of positive or negative feedback that will either attenuate or accentuate the effect of increasing greenhouse gas. And since the models haven’t accurately predicted the current pause in the rise in temperature for the last 15 years or so, then I guess something is wrong with the models isn’t it? Doesn’t seem very settled to me.
But that’s just one side of the issue. Even if it were definitely proven that temperature would rise 2°C by the end of the century, the rest of what follows, that is, wild predictions of famine, crop failure, etc is not “science” and it certainly isn’t settled. It is simply speculation based on a simplistic analysis (hot=dry=dead). But of course we need these wild predictions of impending doom, since if the scientists said temperature would go up but that’s about it we would all just shrug our shoulders and move on. The political class always needs an excuse to “do” something and this is the perfect one.
For some reason the well recognized fact that rising temperatures lengthens the growing season and expands the regions that support farming further northward is simply ignored in this analysis…it’s the usual sort of analysis you see from the Keynesian economists wherein they only highlight the seen effect they wish to focus on and ignore the unseen effects that don’t fit their desired narrative.
The above originally appeared at LewRockwell.com
Wednesday, July 30, 2014
Woha: Ruling Against McDonald’s Could Open Door for Union Instigation All Over the Place
NYT reports:
The general counsel of the National Labor Relations Board ruled on Tuesday that McDonald's could be held jointly liable for labor and wage violations by its franchise operators — a decision that, if upheld, would disrupt longtime practices in the fast-food industry and ease the way for unionizing nationwide.
Business groups called the decision outrageous. Some legal experts described it as a far-reaching move that could signal the labor board's willingness to hold many other companies to the same standard of "joint employer," making businesses that use subcontractors or temp agencies at least partly liable in cases of overtime, wage or union-organizing violations...
The fast-food workers who filed cases asserted that McDonald's was a joint employer on the grounds that it orders its franchise owners to strictly follow its rules on food, cleanliness and employment practices and that McDonald's often owns the restaurants that franchisees use.
McDonald's said it would contest the decision, warning that the ruling would affect not only the fast-food industry but businesses like dry cleaners and car dealerships.
Heather Smedstad, a senior vice president for McDonald's, said the N.L.R.B.'s move was wrong because the company does not determine or help determine decisions on hiring, wages or other employment matters. "McDonald's also believes that this decision changes the rules for thousands of small businesses, and goes against decades of established law," she said.
Former IRS Official Calls Conservatives ‘Crazies’ and Worse in Newly Released Emails
Former IRS senior official Lois Lerner apparently believed conservatives were “a–holes” and “crazies,” according to emails released by the House Ways and Means Committee today, reports ABC News.
In a letter to Attorney General Eric Holder, committee chairman Rep. Dave Camp, R-Michigan, released a redacted email exchange from Lerner’s official IRS email account that Republicans believe shows she held personal bias and hostility against conservatives.
In the Nov. 9, 2012 email evidently sent while Lerner was vacationing in England, she appeared to refer to conservatives as “a–holes” and suggest they could cause the downfall of the federal government.
“So we don’t need to worry about alien teRrorists. (sic) It’s our own crazies that will take us down,” Lerner wrote in an email to a recipient whose identity was redacted.
In a letter to Attorney General Eric Holder, committee chairman Rep. Dave Camp, R-Michigan, released a redacted email exchange from Lerner’s official IRS email account that Republicans believe shows she held personal bias and hostility against conservatives.
In the Nov. 9, 2012 email evidently sent while Lerner was vacationing in England, she appeared to refer to conservatives as “a–holes” and suggest they could cause the downfall of the federal government.
“So we don’t need to worry about alien teRrorists. (sic) It’s our own crazies that will take us down,” Lerner wrote in an email to a recipient whose identity was redacted.
Rutherford Institute Defends Florida Mom Arrested, Handcuffed, Searched & Jailed for Allowing Her 7-Year-Old Son to Visit Playground Alone
Attorneys for The Rutherford Institute have come to the defense of a Florida mother who was arrested and charged with child neglect for allowing her 7-year-old son to visit a neighborhood playground located a half mile from their house. For the so-called “crime” of allowing her son to play at the park unsupervised, Nicole Gainey was interrogated, arrested and handcuffed in front of her son, and transported to the local jail where she was physically searched, fingerprinted, photographed and held for seven hours and then forced to
The Question Not Put to the Admiral
Following remarks, yesterday, at the Commonwealth Club by Former Chief of US Naval Operations, Admiral Gary Roughead (SEE: The Shocking Direction That the US Military Is Headed). A question and answer period ensued.
Unfortunately, the questions are moderated.You have to write the questions on a card and they are then filtered by a moderator. The moderator yesterday was Jeffrey Bleich, Former U.S. Ambassador to Australia; Partner, Munger, Tolles & Olson and former Special Counsel to the President (Obama).
Bleich seemed to have worked his way through all the cards last evening, but apparently didn't deem it worthy to ask the former naval commander to comment on this request I submitted to the admiral.
Unfortunately, the questions are moderated.You have to write the questions on a card and they are then filtered by a moderator. The moderator yesterday was Jeffrey Bleich, Former U.S. Ambassador to Australia; Partner, Munger, Tolles & Olson and former Special Counsel to the President (Obama).
Bleich seemed to have worked his way through all the cards last evening, but apparently didn't deem it worthy to ask the former naval commander to comment on this request I submitted to the admiral.
Could you compare and contrast the US Navy shootdown of the Iranian civilian Air Flight 655 to the shootdown over Ukraine of Malaysian civilian flight MH17.-RW
On Dominoes, WMDs And Putin’s “Aggression”: Imperial Washington Is Intoxicated By Another Big Lie
By David Stockman
Imperial Washington is truly running amuck in its insensible confrontation with Vladimir Putin. The pending round of new sanctions is a counter-productive joke. Apparently, more of Vlad’s posse will be put on double probation, thereby reducing demand for Harry Macklowe’s swell new $60 million apartment units on Park Avenue. Likewise, American exporters of high tech oilfield equipment will be shot in the foot with an embargo; and debt-saturated Russian state companies will be denied the opportunity to bury themselves even deeper in dollar debt by borrowing on the New York bond market. Some real wet noodles, these!
But it is the larger narrative that is so blatantly offensive—that is, the notion that
Imperial Washington is truly running amuck in its insensible confrontation with Vladimir Putin. The pending round of new sanctions is a counter-productive joke. Apparently, more of Vlad’s posse will be put on double probation, thereby reducing demand for Harry Macklowe’s swell new $60 million apartment units on Park Avenue. Likewise, American exporters of high tech oilfield equipment will be shot in the foot with an embargo; and debt-saturated Russian state companies will be denied the opportunity to bury themselves even deeper in dollar debt by borrowing on the New York bond market. Some real wet noodles, these!
But it is the larger narrative that is so blatantly offensive—that is, the notion that
The Great Country of Austria
By Mark Nestmann
This week, I’m writing to you from the departure lounge of the Vienna International Airport.
I lived in Austria from 2003-2005. I returned not only to renew old friendships, but to see firsthand the latest developments in this small country, which only a century ago dominated much of Europe.
The airport has changed a great deal in the nearly 10 years since I left. It’s expanded and made itself much more accessible to business travelers like me.
And Austria itself has changed too. Judging from what I’ve seen, the population is remarkably tolerant of cultural and political differences. Indeed, the most famous Austrian today appears to be a transvestite who calls herself Conchita Wurst.
But xenophobia is on the rise in Austria (as in much of Europe). The anti-immigration, rightwing Freedom Party (FPÖ) made big gains in the 2013 elections.
In recent years, immigrants, both legal and otherwise, have overwhelmed Austria. It’s easy for citizens of EU countries to relocate to, and work in, the country. Thousands of people from the newest EU members – Romania and Bulgaria – now make their home here.
Yet with continuing illegal immigration from Russia, Libya, and other countries, this influx has imposed great strains on Austria’s generous social services network. As a result, it’s become harder for “outsiders” without EU passports to obtain residence visas.
In most cases, residence applications from outside the EU are subject to quotas. And to stay in Austria legally, you must eventually become proficient in German.
I left Austria in 2005, because I couldn’t find a way to qualify for residence without spending a great deal of money in legal fees. But every time I return, there’s a part of me that wishes I had stayed.
Mercer’s, a major human resources consultancy, ranks Austria’s historic capital of Vienna as the world’s most livable city. As a former resident, I can attest to the fact that Vienna is an extraordinarily attractive place to live – and to visit.
On the evening I arrived last week, I walked from my hotel in the central district to the City Hall (Rathaus). Every summer evening, weather permitting, musical and theatrical productions are screened on an open-air video wall in front of this immense neo-Gothic building. Admission is free, and dozens of food stalls serve food and drinks. There’s nothing like settling in for an opera screening, accompanied by Wiener Schnitzel and an Ottakringer beer.
If you qualify, after 10 years of permanent legal and uninterrupted residence, you can apply for Austrian citizenship and passport. You must demonstrate fluency in German; pass a test on Austria’s history, constitution, and geography; have a clean criminal record in the country; and possess a “positive attitude” toward Austria.
Austria also has an accelerated citizenship option in its immigration law, although it’s not a “program,” as such. You may qualify for “instant” Austrian citizenship and passport by performing extraordinary achievements in the interest of Austria. If you’re a famous scientist, opera singer, or sportsman and relocate to the country, you may qualify. But most of the handful of individuals awarded citizenship annually under this option make a hefty contribution to support or rehabilitate an Austrian cultural, religious, or historical facility or location – generally in the €2 million (US$2.7 million) range.
Booming Economy
Austria’s official economic forecast predicts the nation’s economy will grow only 2-3% in 2014. But in Vienna, business is booming. Of course, visiting this city in the midst of tourist season exaggerates the underlying economic activity. Even beyond the tourism-focused city center, the signs of growth are everywhere. Vienna recently extended its U-Bahn (subway) network. One route now extends northwest out to a new city being built from the ground up: Seestadt, or Lake City. Here, more than 10,000 new apartments are being built with an estimated 20,000 jobs created.
It makes sense to build on the city outskirts, as land and property in the center have become very expensive. A real estate magazine in my hotel room featured dozens of listings in the city center… with a starting price of €1.9 million. But prices are rising in the suburbs as well. A friend I met for dinner told me that the apartment he had purchased in 2005 about six miles outside the city center for €160,000 had nearly doubled in value.
Banking Options for Americans
Austria has also evolved into a sophisticated international banking center. While Austrian banks don’t have as many foreign clients as Swiss banks, virtually every banking and brokerage service you can imagine is available. Banks in Austria offer similar services as those in Switzerland, but at a lower cost and, historically, with a somewhat lower profile.
Unfortunately, the vast majority of Austrian banks – and non-US banks in general – no longer deal with Americans. I wrote about the reasons for this exclusion here. During my visit to Austria, I met with the two banks in Vienna that I have confirmed will work with US clients. One of them does so with reluctance and requires a personal visit – although the minimum investment is as low as €1,000. The second bank works through a network of agents – including The Nestmann Group – but requires a minimum investment of $500,000.
But if you’re simply looking for a place to store your valuables – precious metals, jewelry, etc. – there are opportunities to do so that are far more accessible to US clients. I met with two private vault services during my visit that offer affordable, secure, and (in one case) completely anonymous storage opportunities.
Little Austria has come a long way since the last Soviet soldiers pulled out in 1955. While it’s hardly a tax haven, over the decades, it’s become an extremely attractive place to live, invest, and do business. If you haven’t been here, I highly recommend a visit… and while you’re here, raise a Prost (toast) to this unique country.Mark Nestman writes the Nestmann Notes.
The Shocking Direction That the US Military Is Headed In
By Robert Wenzel
I have long held the view that perhaps the most despicable action taken by Ronald Reagan, while he was president, was ordering the invasion of the tiny island of Grenada.
Ten years ago, in 2004, I wrote:
Former Chief of US Naval Operations, Admiral Gary Roughead, spoke in San Francisco at The Commonwealth Club, yesterday evening. He was formerly a member of the US Joint Chiefs of Staff and is one of only two officers in the navy’s history to have commanded both the Atlantic and Pacific Fleets. He is currently at the Hoover Institution.
During his speech yesterday, he mentioned that the Vietnam War had left an anti-war taste in the mouths of Americans and said that didn't change until the invasions of Grenada and Panama. "We had short quick interventions that showed we we're back," said Roughead. Indeed, it did. Now the US military is all over the damn globe.
He identified the Middle East and Asia as continuing trouble spots. He also said that he feared an incident may occur between China and Japan. He said the two countries hate each other and that they have developed no local level or national level relationships that might head off an escalation in the event of an incident.
He specifically noted that both countries have very fast, very powerful military planes that are flown by young patriotic pilots that could someday be the source of an incident.
He also warned of a future "10th Parallel" problem. He noted that the 10th parallel north is a circle of latitude that is 10 degrees north of the Earth's equatorial plane and crosses Africa. He called it a fault line and specifically singled out the countries of Nigeria, Chad, Guinea and Sierra Leone, where problems are likely to develop.
But what really caught my attention in the Admiral's comments was his views on the way he saw the US military developing. He said he joined the military at a time when there was still a draft and that he saw it go from that to a volunteer military. But he said there was going to be a next step. He said the military had gone from draft to all volunteer and will in the future go to an "all professional force."
He said the pay structure of the military must be restructured so that military personnel are paid more. And then he dropped this line, which shocked me.
The new all professional army "will be somewhat isolated from the population, highly trained, highly compensated," he said.
It sounded as though the military is setting up to be a very elitist organization.
We now see, on a daily basis, news of how the new militarized local police departments act in a superior elitist manner, abusing individual rights. Gone are the days of the friendly cop on the corner. And now, apparently, the military wants to trump this local police militarization by becoming some type of super elitist group that is "somewhat isolated from the population." Very scary. Do we really want a military that is highly compensated but considers itself elitist and superior to the general population?
Be warned. When you start to see calls in Congress for increases in military compensation, you now know where that is headed.
Robert Wenzel is Editor & Publisher of EconomicPolicyJournal.com and author of The Fed Flunks: My Speech at the New York Federal Reserve Bank.
 |
| Admiral Gary Roughead |
Ten years ago, in 2004, I wrote:
Following the disaster in Vietnam, United States citizens were, in general, not in favor of United States military adventures in foreign lands. The public had had it with war. Ronald Reagan changed this with the invasion of Grenada. It is my contention that Reagan's invasion of Grenada was the first step in United States post-Vietnam military adventures. It was an important step and Reagan started it all. It was the taste of victory against the tiny island of Grenada that set the stage for the invasion of Panama, Iraq War I and the current occupation of Iraq. Reagan's adventure into Grenada and its quick victory wiped out the hesitation to go to war that the Vietnam experience engendered in the masses.I have never heard the view advanced by anyone else, that is, until yesterday.
Former Chief of US Naval Operations, Admiral Gary Roughead, spoke in San Francisco at The Commonwealth Club, yesterday evening. He was formerly a member of the US Joint Chiefs of Staff and is one of only two officers in the navy’s history to have commanded both the Atlantic and Pacific Fleets. He is currently at the Hoover Institution.
During his speech yesterday, he mentioned that the Vietnam War had left an anti-war taste in the mouths of Americans and said that didn't change until the invasions of Grenada and Panama. "We had short quick interventions that showed we we're back," said Roughead. Indeed, it did. Now the US military is all over the damn globe.
He identified the Middle East and Asia as continuing trouble spots. He also said that he feared an incident may occur between China and Japan. He said the two countries hate each other and that they have developed no local level or national level relationships that might head off an escalation in the event of an incident.
He specifically noted that both countries have very fast, very powerful military planes that are flown by young patriotic pilots that could someday be the source of an incident.
He also warned of a future "10th Parallel" problem. He noted that the 10th parallel north is a circle of latitude that is 10 degrees north of the Earth's equatorial plane and crosses Africa. He called it a fault line and specifically singled out the countries of Nigeria, Chad, Guinea and Sierra Leone, where problems are likely to develop.
But what really caught my attention in the Admiral's comments was his views on the way he saw the US military developing. He said he joined the military at a time when there was still a draft and that he saw it go from that to a volunteer military. But he said there was going to be a next step. He said the military had gone from draft to all volunteer and will in the future go to an "all professional force."
He said the pay structure of the military must be restructured so that military personnel are paid more. And then he dropped this line, which shocked me.
The new all professional army "will be somewhat isolated from the population, highly trained, highly compensated," he said.
It sounded as though the military is setting up to be a very elitist organization.
We now see, on a daily basis, news of how the new militarized local police departments act in a superior elitist manner, abusing individual rights. Gone are the days of the friendly cop on the corner. And now, apparently, the military wants to trump this local police militarization by becoming some type of super elitist group that is "somewhat isolated from the population." Very scary. Do we really want a military that is highly compensated but considers itself elitist and superior to the general population?
Be warned. When you start to see calls in Congress for increases in military compensation, you now know where that is headed.
Robert Wenzel is Editor & Publisher of EconomicPolicyJournal.com and author of The Fed Flunks: My Speech at the New York Federal Reserve Bank.
Mothers Beating on Politician
Daniel McAdams writes:
Here is another rally in Ukraine against the [military] mobilization order, from yesterday. This time the residents are so angry at their parliamentary representative (who according to the video hails from the extremist Svoboda party) for attempting to send their sons off to war that they actually rough him up. The best part is around the :56 mark, where the mothers start shoving the politician and yanking on his ponytail.Here is a google translation of the youtube summary of the video:
Novoselitsk recruiting office near rally against mobilization. Enraged residents beat Bandera deputy Ivan Papadyuka that threats forced residents to go to war.
Guess What Happened to that Guy Who Claimed His Father Owned "Half of Fucking Manhattan?"
Gerry Shalam, the 20-year-old NYU student caught on camera pretending to be the heir to a massive real estate empire—"half of fucking Manhattan," is now an intern with Judge Esther Morgenstern of Brooklyn's Integrated Domestic Violence Court, reports NyPo.
A few weeks back, Shalam and foriends, including one who was very drunk, were videotaped by a passerby. He told the videotaper that he came from a wealthy real estate family that had influence with the NYPD and Mayor Bill DeBlasio.
“Do you want me to call f–king Bill de Blasio on you right now? He’s a f–king liberal, but I’ll f–king call him.”
When asked his name, Shalam responded, “Gerry Adjmi,” adding later that “I’m a fucking lawyer.”
The video (below) went vial.
Shalam used a phony surname because it is his friend--who collapses to the pavement at one point--is himself an Adjmi, a wealthy New York real estate family. In the real world,Shalam's father Lou is a garment industry executive, and his mother Frieda is an event coordinator and member of the Allenhurst Borough zoning and planning board. But it does appear he does have low level government connections to land the internship.
A few weeks back, Shalam and foriends, including one who was very drunk, were videotaped by a passerby. He told the videotaper that he came from a wealthy real estate family that had influence with the NYPD and Mayor Bill DeBlasio.
“Do you want me to call f–king Bill de Blasio on you right now? He’s a f–king liberal, but I’ll f–king call him.”
When asked his name, Shalam responded, “Gerry Adjmi,” adding later that “I’m a fucking lawyer.”
The video (below) went vial.
Shalam used a phony surname because it is his friend--who collapses to the pavement at one point--is himself an Adjmi, a wealthy New York real estate family. In the real world,Shalam's father Lou is a garment industry executive, and his mother Frieda is an event coordinator and member of the Allenhurst Borough zoning and planning board. But it does appear he does have low level government connections to land the internship.
The Real Reason Harry Truman Backed a Jewish State
By Michael Rozeff
A recent article in New Republic goes into some detail about Harry Truman’s preferences concerning Palestine and a Jewish state. The article provides quite a bit of evidence that Truman didn’t want a Jewish state. He preferred other setups like a federated or binational Palestine. Truman told one delegation of Jews that “the government of Palestine should be a government of the people of Palestine irrespective of race, creed, or color.” He recognized the dangers of a religious state and he recognized the severe shortcomings of Israel’s leadership. Why then did Truman end up recognizing Israel? It was because of the Jewish vote in critical states and the capacity of American Jews to launch a campaign against him if he did not recognize Israel.
Politics constantly produces dysfunctional outcomes on any issues that enter the political arena. This story of Israel’s recognition by Truman is an example. Politics doesn’t produce “solutions” to any issues or problems. It produces winners and losers, impositions, edicts backed up by force, stupid outcomes, folly, deadweight losses, frictions, battles, wars, destruction of markets, cultural hatreds, widespread unhappiness, wealth destruction, and irrational outcomes. These often go on for generations, with one injustice creating further injustices. The politics exemplified by the behavior of states is a real bummer.
Minarchists and anarchists agree on one thing, which is that the state’s capacity to rule on “issues” and “problems” should be vastly reduced. Peoples everywhere, in their own interests, should be actively seeking to remove issues from the political arena, not introduce issues and problems to that arena. They should be actively seeking to reduce the state’s powers.
The above originally appeared at LewRockwell.com.
Paul Ryan's Horrible Budgets
Laurence Vance emails:
Laurence M. Vance is a columnist and policy adviser for the Future of Freedom Foundation, an associated scholar of the Ludwig von Mises Institute, and a columnist, blogger, and book reviewer at LewRockwell.com. He is also the author of Social Insecurity
and The War on Drugs Is a War on Freedom. His newest books are The War on Drugs Is a War on Freedom
; His most recent books are: War, Christianity, and the State: Essays on the Follies of Christian Militarism
and War, Empire, and the Military: Essays on the Follies of War and U.S. Foreign Policy
You mentioned Paul Ryan and his new plan. Here are some of my articles on Ryan's horrible budgets:
Laurence M. Vance is a columnist and policy adviser for the Future of Freedom Foundation, an associated scholar of the Ludwig von Mises Institute, and a columnist, blogger, and book reviewer at LewRockwell.com. He is also the author of Social Insecurity
and The War on Drugs Is a War on Freedom. His newest books are The War on Drugs Is a War on Freedom; His most recent books are: War, Christianity, and the State: Essays on the Follies of Christian Militarism and War, Empire, and the Military: Essays on the Follies of War and U.S. Foreign Policy
Hey Paul Krugman, U.S. Inflation Accelerated Sharply in Second Quarter
Inflation as measured by the Federal Reserve's preferred price index surged in the second quarter to the highest annual rate in three years.
The Personal Consumption Expenditure index (PCE) rose at a 2.3% annual rate in the April-to-June period, compared to 1.4% in the first quarter. The so-called core PCE that excludes food and energy climbed at a 2% clip, up from 1.2%.
The PCE is a measure of price changes in consumer goods and services. Personal consumption expenditures consist of the actual and imputed expenditures of households; the measure includes data pertaining to durables, non-durables and services. It is essentially a measure of goods and services targeted toward individuals and consumed by individuals.
I wonder if Krugman still thinks deflation is the concern.
In the EPJ Daily Alert, I am warning that price inflation is likely to accelerate much quicker than most expect. I also warn that the Fed, despite their supposed price inflation "target" of 2.0%, really has a target of 3.0% and that they will be very slow to respond the inflation. Their actions will be too little, too slow.
-RW
The Personal Consumption Expenditure index (PCE) rose at a 2.3% annual rate in the April-to-June period, compared to 1.4% in the first quarter. The so-called core PCE that excludes food and energy climbed at a 2% clip, up from 1.2%.
The PCE is a measure of price changes in consumer goods and services. Personal consumption expenditures consist of the actual and imputed expenditures of households; the measure includes data pertaining to durables, non-durables and services. It is essentially a measure of goods and services targeted toward individuals and consumed by individuals.
I wonder if Krugman still thinks deflation is the concern.
In the EPJ Daily Alert, I am warning that price inflation is likely to accelerate much quicker than most expect. I also warn that the Fed, despite their supposed price inflation "target" of 2.0%, really has a target of 3.0% and that they will be very slow to respond the inflation. Their actions will be too little, too slow.
-RW
At an 1865 Gathering of the Massachusetts Anti-Slavery Society...
By Walter E. Williams
While reading the first chapter of Jason Riley's new book, "Please Stop Helping Us," I thought about Will Rogers' Prohibition-era observation that "Oklahomans vote dry as long as they can stagger to the polls." Demonstrative of similar dedication, one member of Congress told Vanderbilt University political scientist Carol Swain that "one of the advantages and disadvantages of representing blacks is their shameless loyalty. ... You can almost get away with raping babies and be forgiven. You don't have any vigilance about your performance." In my opinion, there appear to be no standards of performance low enough for blacks to lose their loyalty to their black political representatives.
Riley says that between 1970 and 2001, the number of black elected officials skyrocketed from fewer than 1,500 to more than 9,000, but black poverty has remained roughly the same. Between 1940 and 1960, when black political power was virtually nonexistent, the black poverty rate fell from 87 percent to 47 percent. Riley points out that there has been significant achievement among the black middle class but that wide black-white gaps remain with respect to income, educational achievement, unemployment, labor force participation, incarceration rates and other measures. Despite political gains, there have been dramatic reversals in teen unemployment, crime, out-of-wedlock births and family stability. Political power is neither a necessary nor a sufficient condition for socio-economic progress.
Riley lays out the devastating deal black political leaders and civil rights leaders have made with labor unions, in his aptly named chapter "Mandating Unemployment." Black leaders of the past recognized that labor unions were hostile to the interests of ordinary blacks. Frederick Douglass, in his 1874 essay "The Folly, Tyranny, and Wickedness of Labor Unions," argued that unions were not friends of blacks. W.E.B. Du Bois called unions "the greatest enemy of the black working man." Booker T. Washington also opposed unions because of their adverse impact on blacks.
Today's black leaders have little reservation about giving their support to union policies that harm their constituents. They support minimum wage increases, which have had a devastating impact on black employment, particularly that of teenagers. Recently, black teen unemployment reached 44 percent, but few people realize that during the late 1940s, before rapid minimum wage escalation, it was less than 10 percent and lower than white teen unemployment. Black leaders also give their support to a super-minimum wage law known as the Davis-Bacon Act of 1931. The legislative history of Davis-Bacon makes clear that its union and congressional supporters sought to eliminate black employment in the construction trades.
Riley's "Educational Freedom" chapter details the sorry story of black education. Between 1970 and today, educational spending has tripled and the school workforce has doubled, far outpacing student enrollment. Despite these massive increases in resources, black academic achievement is a national disgrace. According to the National Assessment of Educational Progress, known as the nation's report card, black 17-year-olds score at the same level as white 13-year-olds in reading and math. White 13-year-olds score higher than black 17-year-olds in science.
A number of studies show that black students who attend private and charter schools do far better than their peers in public schools. If there were greater parental choice, through educational vouchers, black achievement would be higher. However, teachers unions see school choice as a threat to their monopoly, and virtually every black politician, including the president, backs the teachers unions.
At an 1865 gathering of the Massachusetts Anti-Slavery Society, Douglass said everybody had asked, "What should we do with the Negro?" Douglass said: "I have had but one answer from the beginning. Do nothing with us! Your doing with us has already played the mischief with us." Later on, Washington explained, "It is important and right that all privileges of the law be ours, but it is vastly more important that we be prepared for the exercise of these privileges." It's the abandonment of these visions that accounts for the many problems of today that Riley's book does a masterful job of explaining.
Walter E. Williams is a professor of economics at George Mason University and author of Race & Economics: How Much Can Be Blamed on Discrimination?
COPYRIGHT 2014 CREATORS.COM
While reading the first chapter of Jason Riley's new book, "Please Stop Helping Us," I thought about Will Rogers' Prohibition-era observation that "Oklahomans vote dry as long as they can stagger to the polls." Demonstrative of similar dedication, one member of Congress told Vanderbilt University political scientist Carol Swain that "one of the advantages and disadvantages of representing blacks is their shameless loyalty. ... You can almost get away with raping babies and be forgiven. You don't have any vigilance about your performance." In my opinion, there appear to be no standards of performance low enough for blacks to lose their loyalty to their black political representatives.
Riley says that between 1970 and 2001, the number of black elected officials skyrocketed from fewer than 1,500 to more than 9,000, but black poverty has remained roughly the same. Between 1940 and 1960, when black political power was virtually nonexistent, the black poverty rate fell from 87 percent to 47 percent. Riley points out that there has been significant achievement among the black middle class but that wide black-white gaps remain with respect to income, educational achievement, unemployment, labor force participation, incarceration rates and other measures. Despite political gains, there have been dramatic reversals in teen unemployment, crime, out-of-wedlock births and family stability. Political power is neither a necessary nor a sufficient condition for socio-economic progress.
Riley lays out the devastating deal black political leaders and civil rights leaders have made with labor unions, in his aptly named chapter "Mandating Unemployment." Black leaders of the past recognized that labor unions were hostile to the interests of ordinary blacks. Frederick Douglass, in his 1874 essay "The Folly, Tyranny, and Wickedness of Labor Unions," argued that unions were not friends of blacks. W.E.B. Du Bois called unions "the greatest enemy of the black working man." Booker T. Washington also opposed unions because of their adverse impact on blacks.
Today's black leaders have little reservation about giving their support to union policies that harm their constituents. They support minimum wage increases, which have had a devastating impact on black employment, particularly that of teenagers. Recently, black teen unemployment reached 44 percent, but few people realize that during the late 1940s, before rapid minimum wage escalation, it was less than 10 percent and lower than white teen unemployment. Black leaders also give their support to a super-minimum wage law known as the Davis-Bacon Act of 1931. The legislative history of Davis-Bacon makes clear that its union and congressional supporters sought to eliminate black employment in the construction trades.
Riley's "Educational Freedom" chapter details the sorry story of black education. Between 1970 and today, educational spending has tripled and the school workforce has doubled, far outpacing student enrollment. Despite these massive increases in resources, black academic achievement is a national disgrace. According to the National Assessment of Educational Progress, known as the nation's report card, black 17-year-olds score at the same level as white 13-year-olds in reading and math. White 13-year-olds score higher than black 17-year-olds in science.
A number of studies show that black students who attend private and charter schools do far better than their peers in public schools. If there were greater parental choice, through educational vouchers, black achievement would be higher. However, teachers unions see school choice as a threat to their monopoly, and virtually every black politician, including the president, backs the teachers unions.
At an 1865 gathering of the Massachusetts Anti-Slavery Society, Douglass said everybody had asked, "What should we do with the Negro?" Douglass said: "I have had but one answer from the beginning. Do nothing with us! Your doing with us has already played the mischief with us." Later on, Washington explained, "It is important and right that all privileges of the law be ours, but it is vastly more important that we be prepared for the exercise of these privileges." It's the abandonment of these visions that accounts for the many problems of today that Riley's book does a masterful job of explaining.
Walter E. Williams is a professor of economics at George Mason University and author of Race & Economics: How Much Can Be Blamed on Discrimination?
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Is Hal 9000 on the Way?
By Robert Ringer
Like most people over sixty, I have a love-hate relationship with computers. I guess I’m lucky to have been able to jump on the caboose of the computer train just in the nick of time, back in 1982. By just in the nick of time, I mean that I was still young enough to become proficient on a computer, something that would have been considerably harder to do had I waited another ten years or so.
It never ceases to amaze me how, with a computer, I can do in minutes what used to take hours — or even days. Basically, my computer has become my brain. Because I put a lot of work into organization, there aren’t many files or documents that I can’t find in seconds. It sure beats having rows of file cabinets filled with paper, and, even just as important, it beats having to rely on your brain to remember things.
Back in the day, whenever I received a letter, resume, contract, or some other written document in the mail, I could tell a lot about the person who crafted it. When people had to create documents without artificial aids, it was easy to make an initial separation of the wheat from the chaff.
But today, everyone’s work looks professional. So much so that I don’t allow myself to be impressed just because someone’s computer-generated document sparkles. The Internet is overflowing not only with readymade resume templates, but every conceivable kind of form, so there’s very little knowledge or skill required to put together a great looking document. And that’s what’s bothersome to me — the fact that in today’s digital world a person doesn’t need much skill or knowledge to navigate through and around the checkpoints.
Take the GPS, for example. I don’t use a GPS, because I’ve always carried around a map in my head while driving. If you know where the sun is, and approximately what time of the day it is, you know where east, west, north and south are (or at least you should). Nighttime is a bit more challenging, but so long as that map is in your head, you’re usually in good shape.
Today, millions of people — especially young people — have no clue how to
Like most people over sixty, I have a love-hate relationship with computers. I guess I’m lucky to have been able to jump on the caboose of the computer train just in the nick of time, back in 1982. By just in the nick of time, I mean that I was still young enough to become proficient on a computer, something that would have been considerably harder to do had I waited another ten years or so.
It never ceases to amaze me how, with a computer, I can do in minutes what used to take hours — or even days. Basically, my computer has become my brain. Because I put a lot of work into organization, there aren’t many files or documents that I can’t find in seconds. It sure beats having rows of file cabinets filled with paper, and, even just as important, it beats having to rely on your brain to remember things.
Back in the day, whenever I received a letter, resume, contract, or some other written document in the mail, I could tell a lot about the person who crafted it. When people had to create documents without artificial aids, it was easy to make an initial separation of the wheat from the chaff.
But today, everyone’s work looks professional. So much so that I don’t allow myself to be impressed just because someone’s computer-generated document sparkles. The Internet is overflowing not only with readymade resume templates, but every conceivable kind of form, so there’s very little knowledge or skill required to put together a great looking document. And that’s what’s bothersome to me — the fact that in today’s digital world a person doesn’t need much skill or knowledge to navigate through and around the checkpoints.
Take the GPS, for example. I don’t use a GPS, because I’ve always carried around a map in my head while driving. If you know where the sun is, and approximately what time of the day it is, you know where east, west, north and south are (or at least you should). Nighttime is a bit more challenging, but so long as that map is in your head, you’re usually in good shape.
Today, millions of people — especially young people — have no clue how to
Tuesday, July 29, 2014
States Where People Have the Fewest Debt Problems
States in which people have a high percentage of debt in collection tend to be those where the recession damaged people’s financial situation the most, according to a new report from the Urban Institute:
(Via 24/7 Wall Street)
Nevada, which was hard hit by the housing crisis, tops the list of past-due states: 47 percent of people with a credit file have reported debt in collections. The District of Columbia and an additional 12 states (11 in the South) are over the 40 percent mark: Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, New Mexico, North Carolina, South Carolina, Texas, and West Virginia.On the other end of the spectrum,, in some states, the figure is about half of Nevada’s. The 10 lowest include: North Dakota (19.3%), Hawaii (22.7%), Nebraska (23.9%), Minnesota (19.8%), Montana (26.2%), Connecticut (26.2%), South Dakota (20.8%), Iowa (26.3%), Massachusetts (23%) and Vermont (23.7%). A review of unemployment by state in June shows that North Dakota, Nebraska, Vermont, South Dakota, Montana, Minnesota and Iowa all have unemployment rates at or below 4.5%.
(Via 24/7 Wall Street)
Imagine If ATMs Told You They Will Not Give You Cash for 10 Days
Stephen Foley at FT comments (my emphasis) on the new "crisis-time" restrictions available to MMF managers:
-RW
It is irritating enough here in the US to have to pay $2 or more to get money out of a cash machine, if there happens not to be a bank branch handy. Imagine if the machine also told you it will not give you the cash for 10 days.I warn once again, there is simply no advantage to keeping funds in a money market fund, at this time, versus at an elitist, establishment bank account. Your money will be much more liquid and safe at Wells Fargo, Chase or Citi versus in an MMF. The establishment is in charge.
These aggravations – fees and withdrawal restrictions – will soon be threatened by money market mutual funds, which millions of American investors use as a kind of higher interest-bearing savings account...
Last week, the Securities and Exchange Commission approved a slew of new rules covering the $2.6tn MMF industry. After years of controversy and intense lobbying, it was surprising that fund managers reacted with statements of broad support. One potential explanation for the outbreak of peace is that asset managers view the SEC’s decision as advancing a broader agenda, namely to win more discretion for managers over when and how their investors are allowed to pull money out of funds.
The SEC’s thinking will inform forthcoming debates about how to limit systemic risk and prevent runs across the fund management industry. The conclusion it came to in this case might actually have made runs more likely, not less.
Under the new rules, MMFs that hold corporate or municipal government debt will be allowed to charge a fee for withdrawals or even halt them altogether by putting up gates for up to 10 days, should market liquidity dry up or the fund get into trouble...
Giving fund managers discretion to halt redemptions is superficially attractive, especially given the fiduciary duty to protect investors in their funds.
The trouble is that many investors cannot countenance the risk of losing access to their money, and nor should they. It is as frightening an idea to them as the cash machines stopping working.
What will happen? As market stress rises, it becomes more likely that a fund will erect gates, and the incentive to get out kicks in even earlier. This was a warning made by Federal Reserve governors to the SEC last year, which has been ignored.
We may ultimately find that the SEC has increased rather than decreased systemic risk and, more worryingly, opened the intellectual door to further moves in this wrong-headed direction.
-RW
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