SCSUScholars

• A parable

  
  Suppose a man has a drinking problem. He decides to repent of his evil ways and, to make the commitment more binding, tells all his friends to come to his home at some appointed time. At that time he announces "I will not drink any" [...]
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  Posted: December 08, 2009, 3:15pm EST
  

• Guess who said it

  "The notion that because some people abuse something, you prevent everyone from doing it is as great of a threat to the individual as any cause I have ever seen."From Chad Millman's ESPN Insider blog (subscriber link.)
  
  HINT: It has to do with internet gambling. Click here [...]
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  Posted: December 07, 2009, 4:45pm EST
  

• I'll say this until I'm blue in the face

  All scarce goods are rationed somehow. It doesn't matter how the good is allocated: If there is more of the good desired at a zero price than is available, some mechanism develops that determines who gets it. Thus for mammograms, California now wants to bar those under 50 from' [...]
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  Posted: December 07, 2009, 11:38am EST
  

• Every bubble pops, eventually

  The federal deficit was $1.4 trillion in the fiscal year that ended in September, or 10% of GDP, the largest peacetime deficit on record. But net interest – the cost of servicing the national debt – was only 1.3% of GDP, the lowest in about 40 years. For comparison, net [...]
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  Posted: December 07, 2009, 11:10am EST
  

• Mattress stuffers

  Demand for £50 notes has risen sharply during the recession because the public has lost faith in the banks, the Bank of England's chief cashier Andrew Bailey has suggested.
  
  ..."Two features of the current situation strike me as most relevant in explaining this development: first, lower levels of public" [...]
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  Posted: December 07, 2009, 10:47am EST
  

• Where do physicists work?

  These physicists were born in 32 different countries. They studied for their first degree in 30 different countries; they did PhDs in 22 countries; and they are presently located in only 16 countries. Hence the data show a kind of 'funnelling' effect of approximately 50% from [...]
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  Posted: December 07, 2009, 9:19am EST
  

• Tomorrow on the King Banaian Show

  Show starts at 9am on KYCR. I will cover the jobs report, the estate tax, and what does it mean that North Korea had a monetary reform this past week. I am pleased to be joined in the 10am hour with Paul Rubin, president of the [...]
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  Posted: December 04, 2009, 5:16pm EST
  

• Stasis and the jobs report

  Today's jobs report caught everyone by surprise, including me. When it happens while I'm on the air, it is rather fun. The station has a deal for a local financial advising group to come on at 7:45, fifteen minutes after the jobs figures are posted. Since I' [...]
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  Posted: December 04, 2009, 2:44pm EST
  

• Mrs. S writes

  A second column on health care. She says "the devil is in the details." She gets a lot of them into 650 or so words, working through an interview with state Rep. Steve Gottwalt. A couple people have said to me they really liked this one, so please [...]
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  Posted: December 04, 2009, 10:51am EST
  

• Death and taxes, together again

  One of the odd parts of the Bush tax cuts was that for 2010 there would be no estate tax. Republicans hoped to make that permanent, but 2008 pretty much killed that idea. So it came as no surprise yesterday that the House voted to make the current 2009 [...]
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  Posted: December 04, 2009, 10:32am EST
  

• The price of pretty good college

  A report shows a troubling trend continuing: Students are leaving Minnesota colleges with record debt.

  Minnesota's 2008 graduate had an average of $25,558 in debt -- the sixth-highest in the nation, according to the Project on Student Debt. (The state ranked fifth last year.) The proportion of graduates with [...]

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  Posted: December 04, 2009, 8:21am EST
  

• A blessing to be busy

  Just one of those days when I can't get to blog, but partly because I was just having too much fun sneaking peeks at the WSJ live blog of the Bernanke confirmation hearing. I don't see it as having been rougher than other ones; the most hilarious part is [...]
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  Posted: December 03, 2009, 3:46pm EST
  

• You don't say!

  The University of Minnesota-Twin Cities has come under pressure to reject a faculty panel's proposal to require students in its education school to doubt the United States is a meritocracy and to demonstrate an understanding of concepts such as "white privilege."
  
  ...Jean K. Quam, dean of the university's College [...]
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  Posted: December 02, 2009, 3:10pm EST
  

• Kimfiscatory monetary reform

  North Korea takes a page from the later Gorbachev monetary policy playbook.
  Chaos reportedly erupted in North Korea on Tuesday after the government of Kim Jong Il revalued the country's currency, sharply restricting the amount of old bills that could be traded for new and wiping out personal [...]
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  Posted: December 02, 2009, 2:45pm EST
  

• Now the real budget fun begins

  In case my dean wants to know why I was constantly checking the cell phone during a meeting today, it was to see the new Minnesota budget forecast. ("My name is King, and I'm a budget addict." "Hi King!")
  General fund revenues are now forecast to fall $1.156 billion' [...]
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  Posted: December 02, 2009, 1:17pm EST
  

• Cash offends some people

  I have an old friend from my grad school days who once said of giving gifts, "cash offends no one." He, like me, was trained as an economist and to us it seemed obvious. And Mrs. S and I are more often than not likely to send gift cards or [...]
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  Posted: December 02, 2009, 9:45am EST
  

• O's Speech

  Reading through O's speech on Afghanistan right now, I cannot help but wonder just where this guy got any kind of education.
  
  Regardless, it would do him well to heed President Lincoln's phrase,
  
  "You can fool all the" [...]
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  Posted: December 01, 2009, 7:51pm EST
  

• Media reminder

  I will be hosting the KNSI Morning Show the rest of this week. Please listen in. It is not the format of the old Final Word or the new King Banaian Show: early morning radio in markets like St. Cloud have many ads for local firms, news and [...]
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  Posted: December 01, 2009, 5:00pm EST
  

• Buy the Keynesian premise, buy the Keynesian bit

  (Title with apologies to Johnny Carson)
  
  CBO is now saying that the stimulus is working as planned. Menzie Chinn provides an outline; Derek Thompson calls it "the handiwork of dirty Keynesians." If by dirty Keynesians you mean people who use large-scale macroeconometric models, then I would [...]
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  Posted: December 01, 2009, 4:24pm EST
  

• How to win friends and influence people, Dubai-style

  Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai, today criticised international investors' reaction to the Emirate's debt crisis, claiming: "They do not understand anything."

  The defiant ruler, whose Government yesterday washed its hands of Dubai World, the state-owned conglomerate that owes $59 billion (£35.8 billion), also said:' [...]

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  Posted: December 01, 2009, 2:45pm EST
  

• After watching last night's football game...

  ...does anyone still want to argue about going for it on 4th and 2?
  
  If anyone wants to argue that the Patriots played poorly last night because Belichick had damaged their psyches a few weeks ago, please, stop reading this blog.
  
  That is all. [...]
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  Posted: December 01, 2009, 1:18pm EST
  

• Media alerts

  I will be on KNSI's Hot Talk with the Ox and Mike Landy around 10:20 this morning to discuss economic news, including Dubai, where things are getting really antsy now.
  
  Just as advanced notice, I will be also substitute hosting for Don Lyons on KNSI's Morning Show [...]
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  Posted: November 30, 2009, 9:44am EST
  

• From a slouch to a dash

  A year ago when Pelosi and Bush decided to go forward bailing out the auto industry, David Brooks wondered if we are sliding into progressive corporatism. I went further with this in March. Now comes Jerry O'Driscoll.
  

  First, the Fed announced that it will evaluate bankers’ pay' [...]

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  Posted: November 27, 2009, 12:03pm EST
  

• Not economist, just wrong

  Al Gore, apparently not content with the job of cleaning the Climategate mess, is now opining on GDP accounting.
  Surely a broader accounting of economic activity will enhance economic policy and decision-making. We commend the work of Professor Joseph Stiglitz and the Commission on the Measurement of Economic [...]
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  Posted: November 27, 2009, 11:19am EST
  

• Come nigh Dubai

  I was looking at my cellphone between Thanksgiving dinner and dessert and saw the news on Dubai. So far it doesn't seem like that big a deal; while the U.S. market dropped a good 1.5% at the open, remember that most traders are out of town for the weekend' [...]
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  Posted: November 27, 2009, 10:34am EST
  

• Because it worked so well last time

  Did you like Cash for Clunkers? The government is planning an encore.
  

  On the heels of its ballyhooed "Cash for Clunkers" program for cars, the federal government is expected to finalize details in the coming weeks of another tax-supported shopping extravaganza, known as "Cash for Appliances."

  Supported [...]

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  Posted: November 27, 2009, 9:38am EST
  

• Media alert

  I will be substituting for Don Lyons on the KNSI Morning Show tomorrow from 6 to 8 am tomorrow on AM 1450. Listen in while you shop or have a leisurely breakfast. [...]
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  Posted: November 26, 2009, 5:50pm EST
  

• A grateful heart

  Many of you will know the song "Give Thanks" from a more modern Christian service, which first instructs us to give thanks with a grateful heart. What does that mean to you this day?
  I walk upstairs from my office, and on the couch I see Littlest asleep. Buttercup [...]
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  Posted: November 26, 2009, 10:58am EST
  

• Happy Thanksgiving

  We Americans are most fortunate, living in what is still the freest country on the planet.
  
  We have been blessed with a nation whose military fights to protect freedom. Our nation is rich in natural resources, has a system of government that is the best devised yet, provides incredible [...]
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  Posted: November 26, 2009, 7:45am EST
  

• Quick followup on dispositions: Preaching to the choir

  While on the air with Ed this afternoon, he posted about FIRE's followup on the University of Minnesota's growing controversy over its attempt to have "cultural competency" as part of its education program. (We discussed it here Monday.) "Growing" because FIRE's investigation found that the education program [...]
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  Posted: November 25, 2009, 8:14pm EST
  

• A veil of comradeship and colleagueship

  I was going to write something about Angus' post on peer-review and the lessons of Climategate, but much of this has been covered by Stephen Karlson, who has organized a great deal of the latter critique. He's linked pretty much all I've read.
  Let me confine myself then [...]
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  Posted: November 25, 2009, 7:07pm EST
  

• Media alerts

  I'll be on WJON with Jay Caldwell at about 10:40am CT today for my usual discussion of area economic conditions. Your live listen link is there.
  
  I will also be on the Ed Morrissey Show at 2pm CT to discuss the latest economic news, where the jobs' [...]
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  Posted: November 25, 2009, 9:44am EST
  

• Also sprach ZaKrugman

  Why, people ask, would I want to compare us to Belgium and Italy? Both countries are a mess! ... If these countries can run up debts of more than 100 percent of GDP without being destroyed by bond vigilantes, so can we.Yoohoo! Mr. Nobel! Greece would like a [...]
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  Posted: November 24, 2009, 4:21pm EST
  

• A U.S. Tobin tax?

  Two weeks after their party's leaders told Gordon Brown to stick it, two Democratic congressmen want to tax financial transactions to partly reduce the deficit, and partly to build a kitty for public sector jobs. (h/t: Andy)
  Under a bill being drafted by Democratic Reps. Peter DeFazio [...]
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  Posted: November 24, 2009, 3:47pm EST
  

• You're just trying too hard

  Music departments at public universities naturally want to give concerts at the end of each semester, a culmination of their work and study. Political correctness has made this a headache for them as one cannot possibly make reference to religion of any kind. Our campus this year is using "[...]
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  Posted: November 24, 2009, 10:08am EST
  

• Deepening production vs ramping up production

  I think Arnold Kling is onto something here:
  If everyone scans the headlines and sees "Great Depression," that could very well cause a drop in consumption. And if everyone scans the headlines and sees "recovery," they might spend more.
  
  We could also observe herd behavior among producers. I [...]
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  Posted: November 23, 2009, 4:46pm EST
  

• Dispositions back in the news

  Katherine Kersten brings back an old topic on this blog: dispositions theory in education. There's a new design of teacher education at the University of Minnesota, she says:
  

  The initiative is premised, in part, on the conviction that Minnesota teachers' lack of "cultural competence" contributes to the poor [...]

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  Posted: November 23, 2009, 1:53pm EST
  

• I don't understand newspapers

  According to the City Pages, the proper way to interview Congresswoman Bachmann is:
  Q: Gov. Tim Pawlenty said on MSNBC that moderates need to fall in line with the conservative base of the Republican Party. Do you agree?
  A: I think that he's accurate that ...
  Q: AND [...]
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  Posted: November 23, 2009, 1:32pm EST
  

• Local responsibility for taxes reduces spending

  Property taxes would increase an average of 3.5 percent across Minnesota next year if local governments adopt their proposed levies, the state Revenue Department announced Thursday.
  
  That would be less than the 5.6 percent increase in average property taxes this year and the average 6.9 percent increase over the [...]
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  Posted: November 20, 2009, 5:09pm EST
  

• Declare victory, supply-siders

  I was listening to an interview of Bruce Bartlett the other day. You might remember him if you're about my age and a fan of supply-side economics as being one of its leading lights. He's recently fallen on hard times in Republican circles for saying a tax cut isn't [...]
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  Posted: November 20, 2009, 4:45pm EST
  

• Two good paragraphs

  The individual insurance mandate, then, is a solution to a problem the bill itself would create. The authors invoke the Commerce Clause to protect interstate commerce from a threat they themselves pose to it. They could avert the threat simply by not imposing guaranteed-issue on insurers.From Sheldon Richman today. [...]
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  Posted: November 20, 2009, 1:01pm EST
  

• Random thought while playing a video in class

  I was watching the Commanding Heights third episode in class this afternoon. The first half of the episode deals with the financial crises of the 1990s, and after reading Arnold Kling and Simon Johnson this morning I thought to myself: boy the numbers got bigger! $50 billion [...]
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  Posted: November 19, 2009, 5:09pm EST
  

• Gross jobs

  From December 2008 to March 2009 the number of job losses from closing and contracting establishments remained essentially unchanged at 8.5 million. The number of job gains from opening and expanding private sector establishments fell from 6.7 million to 5.7 million, the lowest level since the series began in 1992, [...]
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  Posted: November 19, 2009, 4:40pm EST
  

• The limits of a CBO score

  I've been reading the CBO/JCT report on the Reid health care plan. See Keith Hennessey for your first cut on new taxes; I'm going to confine this post to things I found interesting that he does not mention. Ed Morrissey links to a second CBO letter [...]
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  Posted: November 19, 2009, 3:35pm EST
  

• I should have known better

  I have to agree with Benjamin: "what a sad devolution". I knew posting this would lead to some trolling and counter-trolling, but the volume and vitriol are amazing. I'd invite those commenters to re-read this symposium from the Center for the American Experiment. A taste:
  One explanation' [...]
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  Posted: November 18, 2009, 6:30pm EST
  

• Bloggiversary

  Let Freedom Ring is five. Here's a comparison. When the internet first started its biggest use to me was for fantasy baseball. I've played with dozens of other enthusiasts since 1992, and a few of them have stuck as friends afterwards. I can count those on one hand. I' [...]
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  Posted: November 18, 2009, 2:21pm EST
  

• Bang for your tuition buck

  This makes me sad: the American Council of Trustees and Alumni has created a website asking "What will they learn?" as a counterweight to all those criteria used by popular lists by U.S. News and Kiplinger's. (See Ashley Thorne's review.) Their seven required core courses are excellent, [...]
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  Posted: November 18, 2009, 10:33am EST
  

• Waste, fraud and abuse

  Every time some report comes out about it, the White House gets all wee-wee'd up. No different this time:
  The federal government made $98 billion in improper payments in fiscal 2009, and President Obama will issue an executive order in coming days to combat the problem, his budget director' [...]
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  Posted: November 18, 2009, 10:06am EST
  

• They assume they know you

  While I was reading Eric's post, I came upon a title on that same site "Fear and Loathing in White Cloud." 'White Cloud' is a smear that people put on my fair city, and has been one I've heard pretty much since I moved' [...]
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  Posted: November 18, 2009, 8:19am EST
  

• Understanding tenure

  Eric Austin (sometimes known as Political Muse of Liberal in the Land of Conservatives) chatted via Twitter with me one night about tenure. Sometimes our chats are public, and sometimes not. We had arrived at an understanding about it. Last night he tweets that he has written a [...]
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  Posted: November 17, 2009, 6:50pm EST