Obama's message of hope is sounding more dismal to me every day. But the real question I have is how is he going to be such a great diplomat by cutting off trade with all of our friends? Apparently I'm not the only one who thinks Obamanomics are not only scary, but it is old fashion fear mongering.
Update: Thomas Sowell says what the real problem with the rust belt is. Without playing at peoples fears or pandering for votes.
Friday, February 29, 2008
Thursday, February 28, 2008
Close the Door
Now as the name of this blog implies I am always looking for ways to maximize my utility. So while reading the Times this morning I found one thing that was preventing me from do just that. So I have decided to start closing the door on a few of my options.
I Want My Raise Back Bernanke!
Two days ago I heard a report that inflation was higher than it had been in years. 1% in January alone. Ben Bernanke said that the rising inflation rates will lower the unemployment rate. He also denied the notion that America is moving into the stagflation that we had in the 70's. I find it interesting that the only presidential candidate's who is talking about the problems we are facing with the Fed is Ron Paul.
Bloomberg might, and although he said he won't be running. I think what he is really saying is "these guys are no good, they don't have real solutions, so I'll announce my candidacy's next month."
But in any event, keep in mind that the only reason the unemployment rate will drop next month is because you just got a pay decrease.
Bloomberg might, and although he said he won't be running. I think what he is really saying is "these guys are no good, they don't have real solutions, so I'll announce my candidacy's next month."
But in any event, keep in mind that the only reason the unemployment rate will drop next month is because you just got a pay decrease.
Wednesday, February 27, 2008
Ron Paul in Austin!
The Ron Pauliticians hit the campaign trail last weekend, by visiting the Ron Paul rally. I found it appropo that he was speaking under "Ye shall know the truth, and the truth will make you free."
FYI. This is why Ron Paul would be better than Obama
Thursday, February 21, 2008
Getting out of the Ghetto
A recent study shows how difficult it can be for someone to get out of the poverty cycle. Personally I found it very encouraging. It shows that there is a way out of the cycle...get educated. Now Paul Krugman is saying we need to do more to help people rise out of poverty. But I think if you look at the world as a whole we are doing much better people have been breaking the poverty cycle all over the world. And according to a new paper from Andrei Shliefer the one man we have to thank is Milton Friedman.
Monday, February 18, 2008
Learn your Econ!
So when I was a senior in college Justin Skidmore (a friend and former roommate) suggested that I should take a class in economics. His reasoning: We require that people take biology, history, and a host of other classes that most people will never use. We all need economics to make educated decisions every time we step inside to a pool both, and knowing about the krebs cycle won't help with that. Tyler Cowen says that we don't hold our politicians to any of their economic promises, perhaps the problem is that no one knows anything about economics.
As a side note: Obama and Clinton have talked about the difference between between the rich and poor. Michael Cox and Richard Arms show how big that difference really is.
As a side note: Obama and Clinton have talked about the difference between between the rich and poor. Michael Cox and Richard Arms show how big that difference really is.
Saturday, February 16, 2008
Foolishness of Stimulus
Yesterday Mayor Blumberg described the stimulus plan congress passed last week as " giving drink to an alcoholic". Edward P. Lazear the Chairman of the White House Council of Economic Advisers said that the stimulus package would help save 500,000 jobs this year. That would be great, except that means each of those jobs are costing us $336,000. But our presidential candidates are already trying to find plans which would be an even more expensive way of saving jobs. Even Hillary Clinton now has turned her back on NAFTA, now she agrees with Obama in saying that NAFTA has taken jobs away from Americans. If they are successful in getting rid of free trade agreements and "forcing" corporations to stay in America. We will soon find ourselves paying much more than just $300,000 to keep a job that pays less than $50,000 here. But this one may take the cake for Hillary and Obama's worst idea.
Sunday, February 10, 2008
Not Falling Far From the Gee
Merrill Kaey Gee is a Mechanical Engineer with a Masters degree in both Engineering and Physics. But he has always had a passion for Economics. With some much debate focusing on the economy during the presidential campaigns, I thought it would be good to see how the interest in economics started in the Gee family.
How did you become interested in Economics?
When I was in high school taking a speech class there was a book called Economics in one lesson on the table of books in our class. I was just fascinated by it. The teacher said if I liked it that much I could keep it. So I still have it.
Did you continue studying Economics?
No, I just didn’t have time because I had physics and other things. But I picked it up again after I heard a talk by Joseph Kearl. At that time Chrysler had gotten a big loan from the government to rescue them. The chairman of the board went around the country talking about how evil Japan was and how we needed tariffs to protect Americans but particularly the auto industry. Kearl gave a talk at BYU explaining the effects of tariffs. And it was so clear and cogent, that I went and asked for a copy of his talk. Which he gave me. But about that time, I came in contact with the foundation of economic education. So I started reading (they had an updated version of the first book I read). I started reading books by Henry Haslett. About the same time Milton Friedman came out with Free to Choose. I saw the TV show and then I read the book. Then I read Ludwig von Mises…and I am still studying his works.
Why didn’t you major in it?
Well I really wasn’t interested in it during college, I took the class in college and had the book by Paul Samuelson. It was a lot of charts and graphs justifying government action. When I went to BYU the Economics department was Keynesian very liberal. By the time Kearl was there about 15 years latter it was monetarist, much more conservative.
What has been your favorite book on economics?
Probably economics in one lesson, that or Free to Chose.
What is it that you like about economics?
Well, I really think economics…I enjoyed Adam Smiths book that was a favorite…Political economy (that is what we are talking about with Adam Smith, Milton Friedman, and Henry Hasslet) is really applied ethics, how to apply moral principles to your daily interactions with people in terms of economic interactions, which are very critical and that constitutes most of our interactions.
Why did you decide to major in physics?
That is a sad story. I started in EE but my cousin Martel was getting his PhD in physics, he convinced me that I would be better off in physics so I did. I don’t really regret it because physics was more rigorous than engineering so when I switched it was a little easier.
Why did you decide to get a Masters?
I started out to get a PhD, they were encouraging it, but I was drafted. I got a NDEA fellowship to get a PhD, because of the space race the government wanted more physicist. But after I got out of the army the bottom had dropped out of physics so I dropped the NDEA fellowship. At the graduation banquet (for masters in physics), the department chairmen said he didn’t want to discourage us, but he had called all over the country and as far as he could tell the next opening for a physicist would occur in 1985 that was 13 years away. Only two physicist got jobs. One was a women, who when she reported to work she was told she was only hired because she was a women, they had no work for her. They wanted her to go to Stanford and get another degree and they would put her name on the staff list. To get government contracts they needed a woman. The other that got a job, was my lab partner, not a good student. And we always felt, but he denied it, the only reason he got a job was that his father was the president of the company that hired him. So I went back to school and got a degree in Engineering. Everyone in my class besides those two got MBA’s or masters in Engineering.
What would be your dream job?
I don’t really know anymore… I wouldn’t make any money, but it would be fun to be a commentator on Economic issues.
Have you ever wanted to go back to Germany?
Well, I don’t like to fly. Before I was married I thought about it several times, since then I haven’t really desired to go back.
If you could go anywhere on a trip where would you go?
Probably Yellowstone.
Since this is an election year, what things are you looking for in a candidate?
Well I am Jeffersonian, so one that believes in the roles in the different levels of government. And a candidate that agrees to play by the rules. Every part of government has it own rules, and none really think they are bound by those rules. It is especially true in the national election.
Are there any key issues for you?
I think the most important one on the federal level is the restraint in spending. That is really it, I think Economic issues, particularly on the federal level should be restricted.
What Economic policies would you like to see changed?
Just about all the federal policies that are not constitutionally based: Social security, National endowment for the arts, Medicare, PBS, on and on and on.
Are there any candidates that you like?
I like Ron Paul, but I don’t think he has a china man’s chance.
Of all the candidates that have a chance, who do you like most?
Well there are only three left. I don’t like any of them. I will probably vote for Ron Paul as a write in.
How did you become interested in Economics?
When I was in high school taking a speech class there was a book called Economics in one lesson on the table of books in our class. I was just fascinated by it. The teacher said if I liked it that much I could keep it. So I still have it.
Did you continue studying Economics?
No, I just didn’t have time because I had physics and other things. But I picked it up again after I heard a talk by Joseph Kearl. At that time Chrysler had gotten a big loan from the government to rescue them. The chairman of the board went around the country talking about how evil Japan was and how we needed tariffs to protect Americans but particularly the auto industry. Kearl gave a talk at BYU explaining the effects of tariffs. And it was so clear and cogent, that I went and asked for a copy of his talk. Which he gave me. But about that time, I came in contact with the foundation of economic education. So I started reading (they had an updated version of the first book I read). I started reading books by Henry Haslett. About the same time Milton Friedman came out with Free to Choose. I saw the TV show and then I read the book. Then I read Ludwig von Mises…and I am still studying his works.
Why didn’t you major in it?
Well I really wasn’t interested in it during college, I took the class in college and had the book by Paul Samuelson. It was a lot of charts and graphs justifying government action. When I went to BYU the Economics department was Keynesian very liberal. By the time Kearl was there about 15 years latter it was monetarist, much more conservative.
What has been your favorite book on economics?
Probably economics in one lesson, that or Free to Chose.
What is it that you like about economics?
Well, I really think economics…I enjoyed Adam Smiths book that was a favorite…Political economy (that is what we are talking about with Adam Smith, Milton Friedman, and Henry Hasslet) is really applied ethics, how to apply moral principles to your daily interactions with people in terms of economic interactions, which are very critical and that constitutes most of our interactions.
Why did you decide to major in physics?
That is a sad story. I started in EE but my cousin Martel was getting his PhD in physics, he convinced me that I would be better off in physics so I did. I don’t really regret it because physics was more rigorous than engineering so when I switched it was a little easier.
Why did you decide to get a Masters?
I started out to get a PhD, they were encouraging it, but I was drafted. I got a NDEA fellowship to get a PhD, because of the space race the government wanted more physicist. But after I got out of the army the bottom had dropped out of physics so I dropped the NDEA fellowship. At the graduation banquet (for masters in physics), the department chairmen said he didn’t want to discourage us, but he had called all over the country and as far as he could tell the next opening for a physicist would occur in 1985 that was 13 years away. Only two physicist got jobs. One was a women, who when she reported to work she was told she was only hired because she was a women, they had no work for her. They wanted her to go to Stanford and get another degree and they would put her name on the staff list. To get government contracts they needed a woman. The other that got a job, was my lab partner, not a good student. And we always felt, but he denied it, the only reason he got a job was that his father was the president of the company that hired him. So I went back to school and got a degree in Engineering. Everyone in my class besides those two got MBA’s or masters in Engineering.
What would be your dream job?
I don’t really know anymore… I wouldn’t make any money, but it would be fun to be a commentator on Economic issues.
Have you ever wanted to go back to Germany?
Well, I don’t like to fly. Before I was married I thought about it several times, since then I haven’t really desired to go back.
If you could go anywhere on a trip where would you go?
Probably Yellowstone.
Since this is an election year, what things are you looking for in a candidate?
Well I am Jeffersonian, so one that believes in the roles in the different levels of government. And a candidate that agrees to play by the rules. Every part of government has it own rules, and none really think they are bound by those rules. It is especially true in the national election.
Are there any key issues for you?
I think the most important one on the federal level is the restraint in spending. That is really it, I think Economic issues, particularly on the federal level should be restricted.
What Economic policies would you like to see changed?
Just about all the federal policies that are not constitutionally based: Social security, National endowment for the arts, Medicare, PBS, on and on and on.
Are there any candidates that you like?
I like Ron Paul, but I don’t think he has a china man’s chance.
Of all the candidates that have a chance, who do you like most?
Well there are only three left. I don’t like any of them. I will probably vote for Ron Paul as a write in.
Friday, February 08, 2008
Why didn't we listen to Landsberg?
Yesterday the president's stimulus package made it through the house and senate with very few nay sayers. It makes you wonder if any politicians listen to economic advisers? But to be fair there were a few economist who wanted the stimulus, here was the best debate I found: With Jason Furman and Steven Landsberg.
Tuesday, February 05, 2008
I hope they call me on a mission...again
My friend Jesse reminded me of all the dreams I used to have of being called on a mission again. I'm always full of mixed emotions during those dreams. Part of me is excited to be back in Germany, but as soon as we have to start going door to door, I start wondering how I ended back there. But still anytime I hear about someone going on a mission or I hear a missionary story, it brings back all the good memories. So since I have been thinking about that today, and will most likely be dreaming about it tonight. I figured I would share my new favorite Missionary photo. It was taken by my cousin Justin, of my Aunt Lonnie, and Uncle Allen.
Getting Older
Yesterday was Greg Mankiw's birthday, so according to his anecdote I've been old for years. But his article was probably the best in the times that I have read in a long time.
While I am speaking about Greg, and since it is super Tuesday, I think it is appropriate to post what he thinks about having Hillary as the next president. And by the way Volcker is backing Obama.
While I am speaking about Greg, and since it is super Tuesday, I think it is appropriate to post what he thinks about having Hillary as the next president. And by the way Volcker is backing Obama.
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