From the “Prager University” series of YouTube videos, Mr. Prager provides an historical synopsis of the Arab-Israeli conflict dating back to the founding of the state of Israel in 1948.
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Dennis Prager breaks down the “Middle East Problem” in less than 6 minutes
From the “Prager University” series of YouTube videos, Mr. Prager provides an historical synopsis of the Arab-Israeli conflict dating back to the founding of the state of Israel in 1948.
Assorted Links (5/16/2011)
Here’s a list of articles that I have been reading lately:
Why the Job Market Feels So Dismal
“In The Wall Street Journal, Stanford’s Edward P. Lazear writes that the number of hires is the same today as it was when we were shedding jobs at record rates.”
Two Texas professors on why academic research matters
This article, which appeared in Sunday’s Austin American Statesman, is an important reading for those of us who have been watching the ongoing debate in Texas questioning the value and usefulness of academic research!
“Dave Ramsey has helped thousands get out of debt, but his investment advice is sometimes questionable.”
The Greatest Real-Estate Idea Never Sold
“With home prices in what seems like an endless fall, why is it so fiendishly difficult to protect yourself against the risk of a further drop?”
What If the U.S. Treasury Defaults?
“In The Wall Street Journal, legendary investor Stanley Druckenmiller says that ‘People aren’t going to wonder whether 20 years ago we delayed an interest payment for six days. They’re going to wonder whether we got our house in order.’”
Freakonomics » The Way We Think About Risk is Risky
“From the Soapbox Science blog on Nature.com, here’s an interesting piece by risk consultant David Ropiek on the ways in which we perceive and react to risk. His basic thesis is that our interpretation of risk is almost always subjective rather than fact-based, which gets us into trouble.”
Laffer and Moore: Boeing and the Union Berlin Wall
“Between 2000 and 2008, 4.8 million Americans moved from forced union states to right-to-work states—that’s one person every minute of every day.”
President Obama, Completely Wrong on Reason for High Unemployment
“President Obama blames high unemployment rate on ‘huge layoffs of government workers’ at federal, state and local levels.” This is completely wrong.”
CARPE DIEM: Oil Industry Profit Margin Ranks #114 out 215
“The table below shows industry rankings for net profit margin (profits / sales) of the top 114 industries out of 215 total industries during the most recent quarter, from Yahoo!Finance.”
Henninger: Killing bin Laden
“Barack Obama just got his post-doctoral degree in fighting the war on terror.”
The Millionaire Retirees Next Door
“Typical retired couples will collect $1 million or more in Social Security and Medicare. This is more than they paid in, and the cost will fall on today’s workers.”
Here’s some interesting end-of semester commentary on the widespread academic practice of “grade massaging”…
How to Turn 100 Trillion Dollars Into Five and Feel Good About It
“A 100-trillion-dollar bill, it turns out, is worth about $5. That’s the going rate for Zimbabwe’s highest denomination note, the biggest ever produced for legal tender.”
Protecting Your Personal Information » Insurance Industry Blog
“Last week it was a hacker attack at Sony that left the personal data of 100 million customers exposed, today it’s an accidental leak at Facebook that may have given third parties, in particular advertisers, access to user profiles.”
From Chomsky to bin Laden
“In The Wall Street Journal’s Global View column, Bret Stephens writes that the professor dons the militant’s cap—and it fits.”
Internet Data Caps Cometh
Holman Jenkins provides one of the better explanations that I have seen concerning the unsound economics of net neutrality and business models based upon this principle. A generation ago, Milton Friedman published a book by the title “There’s No Such Thing as a Free Lunch”; the principle of “TINSTAAFL” is important because it reminds us that it isn’t possible in the real world to get “something for nothing”.
Here’s an amazing photo essay from the Boston Globe’s “The Big Picture” concerning the Great Flood of 2011…
“What exactly is an “A”?” At the end of every semester, I (as well as many, if not most of my colleagues) find myself wrestling with many of the same questions asked by the author of this posting.
How the $8,000 Tax Credit Cost Home Buyers $15,000
Interesting article on the “unintended” consequences of the now expired $8,000 first-time home buyers federal tax credit…
J.A. Gould World: Rob Arnott on GDP
A tip of the hat to my former student, Jason Gould, for pointing to Rob Arnot’s essay explaining how debt-driven “improvement” in GDP is not only unsustainable in the long run; it also does not necessarily imply “improvement” in social welfare or prosperity.
PIMCO raises bet against U.S. government debt
“NEW YORK (Reuters) – PIMCO’s Bill Gross, the manager of the world’s largest bond fund, raised his bet against U.S. government-related debt in April to 4 percent from 3 percent…”
Yes, the Earth Will Have Ample Resources for 10 Billion People
“World population grew by almost 300% during the twentieth century; over the same time period, world per capita incomes grew by about 400%. This association of sizable increases in world population with large increases in per capita incomes should continue to the end of this century.”
Assorted Links (5/9/2011)
Here’s a list of articles that I have been reading lately:
Carpe Diem’s Mark Perry Further Exposes the Absurdity of Energy Independence
blogs.forbes.com
“The oil industry’s pedestrian profit margins reveal how economically crippling it would be to devote resources to “energy independence.””
U.S. Faces Doctor Shortage
online.wsj.com
“Experts warn there won’t be enough doctors to treat the millions of people newly insured under health-care law, with a projected shortage of as many as 150,000 doctors in the next 15 years.”
Three Questions for America’s Financial Future – Economic View
nytimes.com
“Three puzzling questions are at the heart of today’s economic uncertainty, N. Gregory Mankiw says.”
DNA and Bin Laden’s Positive ID
blogs.wsj.com
“The math behind confirming someone’s identity through genetic testing is tricky and depends on the strength of other evidence.”
Number of the Week: Class of 2011, Most Indebted Ever
blogs.wsj.com
“The Class of 2011 will graduate this spring from Americas colleges and universities with a dubious distinction: the most indebted ever.”
Streetwise Professor » Control Freaks?
streetwiseprofessor.com
“The administration is floating–re-floating, actually–a proposal to levy a tax based on mileage driven. From an economic perspective, this is a puzzler. If the objective is to reduce CO2 emissions or pollution, it would be far preferable to do so via fuel taxes because (a) pollution is a function of fuel consumption, and (b) fuel consumption depends not just on mileage driven, but on vehicle size, age, maintenance, etc.”
Calculated Risk: No Surprise: Gasoline prices expected to fall sharply
calculatedriskblog.com
“A brief comment: If oil prices stay at the current level, gasoline prices will probably fall 30 cents per gallon or more over the next few weeks. This AP article says some analysts expect a “drop of nearly 50 cents” by June.”
An Inside Look at the SEAL Sensibility
professional.wsj.com
“Navy SEAL Eric Greitens, a member of the elite force, gives an inside look at the brutal training and secret work of the commandos who got Osama bin Laden.”
Debate Rages Over Fate of bin Laden Compound
professional.wsj.com
“Pakistan’s leaders, already battling to control the diplomatic, political and military fallout from the U.S. raid that killed Osama bin Laden, face one particularly divisive question: What should they do with the house where he lived?”
That bin Laden Letdown
professional.wsj.com
“The news of the killing of Osama Bin Laden generated euphoria….for a New York minute.”
Talk Radio Rides to the Rescue in Tuscaloosa
“How Clear Channel stations promoted a remarkable network of volunteers for tornado relief.”
We’re Still Seven Million Jobs In The Hole
www.npr.org
“Yes, the economy is adding jobs. But it hasn’t come close to making up for what’s been lost. Here’s a look at health care, construction, manufacturing and other key sectors.”
Obama floats plan to tax cars by the mile
thehill.com
“A draft transportation authorization bill includes a proposal to tax automobile drivers based on their mileage. The Obama administration has floated a transportation authorization bill that would require the study and implementation of a plan to tax automobile drivers based on how many miles they drive.”
The cost of bin Laden: $3 trillion over 15 years
news.yahoo.com
“The most expensive public enemy in American history died Sunday from two bullets. As we mark Osama bin Laden’s death, what’s striking is how much he cost our nation—and how little we’ve gained from our fight against him.”
professional.wsj.com
“In The Wall Street Journal, Potomac Watch columnist Kimberley Strassel says the president is about to force companies that bid for federal contracts to disclose their political donations.”
Barney Frank’s Latest Bad Idea
professional.wsj.com
“In The Wall Street Journal, Gerald P. O’Driscoll criticizes Barney Frank’s bill to remove the regional Fed bank presidents from the Federal Open Market Committee. He says that these bank presidents are an important counterweight to Washington politicos and the influence of Wall Street in setting monetary policy.”
The Tax-Me-More Lobby Doesn’t Pay More
professional.wsj.com
“Stephen Moore writes in The Wall Journal that the same people who say they want to pay higher taxes—wealthy liberals—don’t bother to contribute more voluntarily.”
Show the Proof, Mr. President
professional.wsj.com
“Americans don’t want to ‘spike the ball,’ Peggy Noonan argues. They want to show they crossed the goal line.”
Failing Grades on Civics Exam a ‘Crisis’
www.nytimes.com
“Fewer than half of America’s eighth graders knew the purpose of the Bill of Rights, according to test results.” This article also documents, among other things, that “…only one in 10 demonstrated acceptable knowledge of the checks and balances among the legislative, executive and judicial branches”, and that American students’ worst subject is history (loud gulp!)…
Eric Holder’s bin Laden Moment.
professional.wsj.com
“In The Wall Street Journal, Daniel Henninger writes that the moment has come for the attorney general to end his investigation of the CIA’s interrogators of terrorist detainees.”
If Supermarkets Were Like Public Schools
professional.wsj.com
“George Mason University economist Don Boudreaux offers a very interesting thought experiment: “What if groceries were paid for by taxes, and you were assigned a store based on where you live?””
Killing Terror Leaders: Israel’s Experience
professional.wsj.com
“The elimination of an organization’s leader tends to paralyze the group in the short term, but it sometimes results in the rise of an even more dangerous successor.”
Assorted Links (5/3/2011)
Here’s a list of articles that I have been reading lately:
Is the ebook killing off its traditional paper based alternative?
www.bbc.co.uk
“Is the ebook killing off its traditional paper based alternative?… The Publishers Association have released new figures which explain how much damage ebooks are doing to their paper based alternatives.”
Ten Thousand Commandments: How Much Regulation Is Enough?
blogs.forbes.com
“President Barack Obama’s recent federal budget proposal for fiscal year 2012 sought $3.729 trillion in discretionary, entitlement and interest spending.”
Hat tip to Mark Perry (see http://bit.ly/aq4Dwb) – a time series graph comparing the College Tuition Consumer Price Index (CPI) vs. US Home Prices vs. the overall CPI 1978-2010 – this really puts the so-called higher education bubble into perspective!
The Business School Tuition Bubble – Harvard Business Review
blogs.hbr.org
This article describes the dynamics of an academic “race to the bottom” in which “…the low end of the student distribution gets fatter as less qualified students are admitted… professors of required courses struggle to get everyone through by adjusting the material downward, everyone learns less, and over time the knowledge value of the MBA is significantly diminished.”
The Evidence Is In—School Vouchers Work
professional.wsj.com
In The Wall Street Journal, Jason L. Riley writes that President Obama’s opposition to school vouchers has to do with Democratic politics, not the available evidence on whether they improve outcomes for disadvantaged kids.
professional.wsj.com
“Daniel Henninger on watching the twin towers fall to the ground.
Osama Bin Laden, Weak Horse
professional.wsj.com
“Expelled from Afghanistan, rejected in Iraq, he died as a new Arab order that has nothing to do with jihad is struggling to be born.”
School Choice Will Increase Urban Diversity
professional.wsj.com
“In The Wall Street Journal, John Norquist, the former Democratic mayor of Milwaukee, says that school choice will lead to many middle-class parents raising their families in big cities.”
25 Best Things to do in Austin, Texas
365thingsaustin.com
“The 25 best things to do in Austin, Texas! There’s plenty of things to do in Austin, Texas, but these are the 25 best!”
www.boston.com
“Osama bin Laden is dead. He was 54. The leader of the Al Qaeda terrorist network had eluded capture for a decade since the attacks on September 11, 2001. U.S. forces and CIA operatives killed him in a firefight in his hideout compound in the city of Abbotabad, Pakistan. He was buried at sea.”
pajamasmedia.com
“A recent report in the New Yorker magazine suggested that the Obama’s administration’s weird sort of/sort of not foreign policy is now gleefully self-described as “leading from behind”.”
California Prison Academy—Better Than a Harvard Degree
professional.wsj.com
“In The Wall Street Journal, Allysia Finley writes that if you want to earn big bucks and retire young, you’re better off becoming a prison guard in California than going to the Ivy League.”
Obama’s lax dollar is to blame for oil’s spike, not bankers
telegraph.co.uk
“If President Obama is to be believed, “speculators” are responsible for the rise in oil prices that threatens the global recovery. However, for the real drivers of the oil price, the President needs to look closer to home.”
The Unbroken Window » Blog Archive » Workers of the World Seemed to Have United!
theunbrokenwindow.com
In commemoration of May day, a fascinating essay by Milton Friedman (with updates by J.P. Arendt (http://bit.ly/jwe86e) and Michael Rizzo (http://bit.ly/kDFXaJ)) showing how “every single piece of (the Socialist Party) 1928 Presidential Political Platform has been enacted…” in the United States.
How Much Did Royal Wedding of Kate and William Cost Britain?
blogs.wsj.com
“Estimates in the media range as high as $50 billion, but the real impact is likely to be far lower, economists say.”
Ten Hayekian Insights for Trying Economic Times
www.heritage.org
“The economist Friedrich Hayek attempted in his writings to spotlight the interlocking set of ideas—constructivist rationalism, scientism, socialism, “the engineering mentality”—that was leading the West down what he famously called the road to serfdom and to propose in its place a return to a revitalized form of classical liberalism.”
The Budget Battle: WWHD? (What Would Hayek Do?) AK? (And Keynes?)
www.pbs.org
“The Budget Battle: WWHD? (What Would Hayek Do?) AK? (And Keynes?)”
A Tale Of Two Recessions And Two Presidents
www.investors.com
“Growth: It’s been nearly two full years since the recession officially ended, and the economy is still struggling to get off the ground.”
Why the 2025 Budget Matters Today
professional.wsj.com
University of Chicago finance professor John Cochrane writes that “Governments with no plausible plan to meet their obligations risk a run by investors. It’s happened abroad, and it can happen here.” This article provides an important framework for understanding the interplay between global financial markets and political economy!
professional.wsj.com
“America needs to act fast to get spending and debt under control, Pete du Pont argues.”
Review & Outlook: The Keynesian Growth Discount – WSJ.com
professional.wsj.com
“The Wall Street Journal says the results of our three-year economic experiment are in.”
Make Him a Saint – WSJ.com
professional.wsj.com
“How the Polish pope worked a political miracle.”
The Lady Tasting Tea: How Statistics Revolutionized Science in the Twentieth Century
www.amazon.com
Hat tip to my Baylor colleague, Allen Seward, for pointing this remarkable book out to me!
The Gas Price Freakout
“Ready-made energy incoherence as a gallon climbs towards $4.”
Obama’s Awful ’70s Show on Gas Prices Echoes Jimmy Carter
www.thedailybeast.com
“Gas prices are heading toward $5, single-family home sales are at a low—and with President Obama ignoring his base like Jimmy Carter did, he could end up being another one-term president, Eric Alterman writes.”
I recall that during the 2008 presidential campaign, Barack Obama warned that a John McCain presidency would be a 3rd Bush term. In response, Sen. McCain replied that an Obama presidency would be a 2nd Carter term. I also remember thinking at the time that McCain’s Carter analogy was in all likelihood completely lost on nearly all voters below the age of 35…
Architecture that senses and responds…
From TED (an acronym for “Technology, Entertainment, Design”); “Architecture that senses and responds” (source: http://www.ted.com/talks/carlo_ratti_architecture_that_senses_and_responds.html):
How Bad are American Schools?
Source: http://on.wsj.com/iSG6Ws
Celebration and Remembrance at Ground Zero
“Soon after the president announced the death of Osama bin Laden, crowds gathered at Ground Zero in New York City to sing, celebrate and remember those who died there (source: http://ti.me/iFexwL).
Hayek versus Keynes, Version 2.0
Fresh from Econstories.tv:
Assorted links (4/27/2011)
Here’s a list of articles that I have been reading lately:
What Professor Obama Doesn’t Understand
spectator.org
Quoting from this article, “…after just one term of office he (Obama) will have run up more national debt in four years than all prior Presidents combined, from George Washington to George Bush.”
Robert W. Fogel Investigates Human Evolution
www.nytimes.com
“A Nobel-winning economist and his colleagues track the startlingly fast changes in human height and longevity since 1700.”
The Fed vs. the FDIC on Lehman’s Failure
www.american.com
“A recent FDIC report on Lehman Brothers’s financial condition before its failure puts in doubt the Federal Reserve’s account of its decision-making, and raises significant questions about the nature of the financial crisis.”
The Tehran-Damascus Axis
professional.wsj.com
“In The Wall Street Journal, Amir Taheri writes that reports of Iranian snipers gunning down Syrian democracy activists are credible given the deep military and intelligence ties between the regimes.”
Medicare As We’ve Known It Isn’t an Option
professional.wsj.com
“In The Wall Street Journal, Betsy McCaughey writes that Congressman Paul Ryan’s premium support plan is preferable to President Obama’s rationing panel.”
Inside Every Leftist Is a Little Authoritarian Dying to Get Out
cato-at-liberty.org
“As Friedrich Hayek explained in The Road to Serfdom (1944), when democracies allow government to direct economic activity, the inevitable failures lead to calls for a more authoritarian form of governance.”
Economists in the Wild
www.american.com
“Far from damaging brains and killing seals, applying basic economics to the environment preserves it.”
A Glimpse Behind the Commodity Trading Curtain
streetwiseprofessor.com
University of Houston finance professor Craig Pirrong provides a clear and succinct case study (based upon recent Russian wheat and corn shortages) concerning how speculation can actually improve the allocation of resources.
Cutting Expenditure Is A Good Thing
www.realclearmarkets.com
“The crucial question facing the United States is whether the current path of federal expenditure is vital to our economic well-being. If so, then the U.S. faces a grim economic future. This path implies an exploding national debt, and the taxation necessary to tame the debt would cripple economic growth.”
Why Isn’t China Democratizing? Because It’s Not Really Capitalist
www.american.com
“The presence of markets and economic exchange does not make a country capitalist.”
www.economist.com
This may very well be the clearest and most succinct essay explaining the philosophical divide between liberal and conservative political perspectives that I have ever read, by the Economist’s Will Wilkinson (HT to Don Boudreaux (cf. http://bit.ly/hrgLKd)).
nymag.com
“Paul Krugman’s lonely crusade.”
Bad News on Gasoline Prices–What Government Should Do in Response
www.advancingafreesociety.org
“As gas prices in the United States continue their relentless march upward, the political question of the hour is what, if anything, the United States government should do about the situation.”
The Freedom Movement Comes to Syria
www.advancingafreesociety.org
“It was inevitable that the caravan of Arab freedom would make its appearance in Syria. It was there, three decades ago, that official terror hatched a monstrous state—and where practically everything Arabs would come to see in their politics in future decades was foreshadowed.”
How Health Reform Punishes Work
professional.wsj.com
“In The Wall Street Journal, Stanford University Professor Daniel P. Kessler notes that the government subsidies that will be offered to buyers of qualifying insurance policies in the new health insurance exchanges will induce sharp reductions in the supply of labor.”
Time for a Cease-Fire in the War on Oil
professional.wsj.com
“In The Wall Street Journal, Joseph Mason writes that the Obama administration’s policies are depressing the domestic production of oil.”
www.nytimes.com
“While large majorities of Americans believe in God and heaven, belief in hell lags. How did they lose the fear of damnation?”
The White House Wants a List
“Want a federal contract? Show politicians the money.”
What S&P had to say about taxes
www.economist.com
“BOTH Paul Krugman and Ezra Klein argue that America is lightly taxed, relative either to other countries or to history. But why take it from them?”
professional.wsj.com
“Columnist David Harsanyi says that more and more people make others pay for their votes as they become increasingly disconnected from the cost of government.”
A Little Advice from Bernankes Old Teacher
blogs.wsj.com
“Stanley Fischer, the governor of the Bank of Israel who mentored Ben Bernanke at MIT, has some advice for his former student and other central bankers around the world on how to prevent financial crises like the one that swept over the world in 2008.”
California Dreamin’—of Jobs in Texas
professional.wsj.com
“In The Wall Street Journal, John Fund writes that hounded by taxes and regulations, employers in the once-Golden State are moving East.”
AIG Tries to Sell Securities Based on Death-Bets
online.wsj.com
“American International Group in recent weeks has sought to rally support among investors and credit-ratings firms for a controversial deal: the sale of securities backed by insurance policies on the lives of older people.”
America’s credit rating: Wakey, wakey
economist.com
“Standard & Poor’s may not have said anything new. That’s no reason for American politicians to ignore it.”
The Gospel According to Hollywood
professional.wsj.com
“Warner Brothers and Cecil B. DeMille have led countless people to Christianity.”
John B. Taylor: Obama’s Permanent Spending Binge
www.advancingafreesociety.org
“If government got by with 20% of GDP in 2007, why not in 2021, when GDP will be substantially higher?”
Government Mortgage Guarantees Are Unnecessary
professional.wsj.com
“Many predict calamity for the housing markets without them. Federal Reserve data tell a different story.”
Matthew Kaminski: Searching for Hayek in Cairo
professional.wsj.com
“To make democracy stick, the Arab Spring now needs an economic revolution.”
Henninger: Obama’s Likability Gap
professional.wsj.com
“Obama today is different than the 2008 candidate.”
In defense of Paul Ryan’s Medicare plan – Fortune Finance
finance.fortune.cnn.com
“The House budget chairman’s vision of bringing the market to Medicare isn’t perfect, but it’s the best choice in a world of poor alternatives.”
Here’s What Happens When The US Treasury Hits “The Desperation Stage”
businessinsider.com
“When the debt ceiling fight really gets hairy.”
Obama 2012, the dollar and the stink of instability
blogs.reuters.com
“President Obama’s approval/disapproval ratings are now an upside-down 45 percent/50 percent, according to the RealClearPolitics average. If those numbers were to hold until Election Day 2012, Obama would be a decided underdog for a second term, at least that is what statistical modeling tells.”