The Big Three auto companies are back in Washington this week, asking Congress for more money to keep themselves afloat — and, of course, to keep their employees employed and their retirees able to draw pension benefits. The Times reported last week on the state of the automakers’ pension plans. In a nutshell: not as bad as might be expected . . .
Last week, President-elect Obama dominated the news — and perhaps moved the markets — by spending the three days before Thanksgiving introducing one economist after another to the American public. There were Larry Summers, Peter Orszag, Christina Romer, and Austan Goolsbee; and don’t forget Tim Geithner and Paul Volcker, neither of whom are Ph.D. economists, but neither of whom are . . .
No, you are not imagining things. This is the Q&A-with-elder-statesmen-who’ve-made-unorthodox-but-splashy-runs-for- president season. Ross Perot We just finished up with Ron Paul. Now it’s Ross Perot‘s turn. Perot ran for president in 1992 as an independent candidate, winning 19 percent of the vote; he ran in 1996 on the Reform Party ticket, winning 8 percent of the vote. These days, he . . .
It is home to this fine monument: And here it is in wider view: Yes, that’s the Parthenon, but no, I was not in Athens, and no, Athens hasn’t rebuilt the thing. I was in “the Athens of the South,” a.k.a. Nashville, Tenn., to give a talk at Vanderbilt University. I have always liked Nashville and Vanderbilt in particular, and . . .
It would seem to be a fantastic time to raise gas taxes right now: while the economic climate is so dire that all other tax hikes have been shelved (even the high-earner income-tax increase that Obama pushed during his campaign), gas prices have fallen so far in recent weeks that even an outrageously high per-gallon tax wouldn’t hurt much right now. (It’d be kind of like a SMarT Plan in reverse.) But as with all tax matters, things aren’t so simple.
Do you remember the following quote from Barack Obama? “I am like a Rorschach test,” Mr. Obama noted at one point during the campaign. “Even if people find me disappointing ultimately, they might gain something.” That’s not quite what I think of as a Rorschach test. This is what I think of as a Rorschach test: From Caffeinated Politics Robin . . .
The Forever Portfolio, spotted this week in the Nashville airport. Our friend James Altucher has a new book out, The Forever Portfolio, which is an investment book — the subtitle is “How to Pick Stocks That You Can Hold for the Long Run” — but it is also full of James Altucher stories about poker-playing and idea-generating and other stuff, . . .
Very, it would seem. This isn’t exactly a surprise. Obama campaigned hard on the subject. But a couple of personnel moves in recent days suggest that, despite the cratering economy, the administration is also eager to tackle the energy/global warming issues. The first move is the ouster of John Dingell as chairman of the House Committee on Energy and Commerce, . . .
Ron Paul When we solicited your questions for Congressman Ron Paul shortly after the election, so many questions came in that we split Paul’s answers into two batches, the first of which was published last week. Here is the second. Like the first batch, they are well-considered and interesting throughout; they will surely make many readers continue to wish fervently . . .
Below is a fascinating statement issued by Physicians for a National Health Program, “a membership organization of over 15,000 physicians [which] supports a single-payer national health insurance program.” You should read the whole thing but, in a nutshell: The people who receive donated organs in the U.S. nearly always have health insurance, while a significant fraction of the people who . . .
Do you love the smell of libertarianism in the morning? If so, today is a good day for you. Ron Paul Last week we solicited your questions for Congressman Ron Paul. There was such a big response (more than 400 comments) that we have split Paul’s answers into two batches, the first of which is posted below. Thanks to Paul . . .
Doug Mills/The New York Times I was struck by the photo above, which accompanied a Times article about President-elect Obama‘s first news conference. Not only does it give us a good look at many of Obama’s economic advisers, but it’s a great study of photo-taking body language. Many photographers I know have nicknames for the way people stand when they’re . . .
Even if you hate daylight saving time, you tell yourself: Hey, I shouldn’t be so selfish, it’s good for the economy, or for the environment, or for farmers, or something. Right? Photo: macinate Well, um, perhaps not. Consider a new working paper, “Does Daylight Saving Time Save Energy? Evidence From a Natural Experiment in Indiana,” by Matthew J. Kotchen and . . .
Photo: Terren in Virginia There were so many wild cards in this past presidential election that surely scholars will be poring over it for years to come. In light of Obama‘s victory, I had a thought that may already be on some scholar’s mind, although the proof of this thesis will hardly be simple. It goes like this. For years, . . .
Sean Masaki Flynn Last week, we solicited your questions for Sean Masaki Flynn, author of Economics for Dummies. In his answers below, Flynn addresses the economics of education, the relationship between aikido and economics, the importance of understanding opportunity costs, and how good shoes and nice teeth signal reproductive fitness. (Disclosure: Flynn himself had braces.) While we didn’t post Flynn’s . . .
Photo: Joe Shlabotnik The other day I had a company come and remove two air conditioners from my office in order to clean them, store them for the winter, and return them in the spring. It wasn’t cheap: $269 for the first one and $249 for the second. But I like air conditioning, and I figured it was worthwhile to . . .
A few years back now, we wrote about the psychology professor Seth Roberts and his Shangri-La Diet, in which one attempts to lower the body’s set point by swallowing occasional shots of olive oil or sugar water. According to this article in Medical News Today (thanks, Jeff!), the olive-oil secret may truly lie in an appetite-killing fatty acid: A fatty . . .
From a reader named Eric Robinson comes this interesting bleg. (Click here for blegging information, and send your own requests here.) Photo: Uriba When I’m at a party and get asked what I do (I am an architect), I always hear one of the same five responses: + What kind of architecture do you do? + Hey, you can design . . .
So the bailout proposal before Congress seems to have been rejected because legislators were worried that voters back home saw it as a bailout of Wall Street at the expense of Main Street. Is such a fear rational? It may be that voters simply don’t understand or believe that a broader Wall Street failure could quickly trickle down and harm . . .
I’ve known several doctors who refused to read e-mail from patients. They said it was simply a bad use of their time. I also used to have a doctor who hated it whenever you came in and asked questions about some article you’d read in The Times about Lyme disease or some such. He’d get a pained look on his . . .
Wall Street has always been a legendary joke generator — with a specialty in gallows humor. So I ask our readers: in this very unfunny time, what are the Wall Street jokes of the moment? To prime the pump, I offer up something a wise gentleman told me the other night, prescribed to make all Americans feel a bit better: . . .
Photo: Odalaigh Whenever I travel in other wealthy countries, I am a bit embarrassed about the dollar bill’s insignificance compared to other countries’ smallest bills: a 5-pound note is worth $9; a 5-euro note is worth $7; a 1,000-yen note is worth $9. At the same time, no rich country has a coin as worthless as the U.S. penny. Imagine . . .
Suze Orman Earlier this week, we solicited your questions for Suze Orman. You asked about paying college debt, choosing a good retirement plan, and — especially with a week like this — how safe your money is. In her answers below, Orman also offers a question to ask whenever deciding what to do with your money: Is that normal? And . . .
Photo: procsilas A coalition of college presidents has been pushing states to lower the drinking age as a way to discourage problem drinking on campuses. But here’s one unintended consequence of teaching young people responsible drinking habits: it could make Social Security bankrupt faster. A 2004 study by Frank Sloan and Jan Ostermann at Duke University found that heavy drinkers . . .
Not long ago, I wrote about the sad state of financial literacy in the U.S., and how some people, like Annamaria Lusardi of Dartmouth, are proposing widespread education to fix the problem. But in a brief Money magazine Q&A, Lauren Willis, who teaches financial-products regulation at Loyola Law School, says that’s a waste of time. Excerpts: Q: What’s so bad . . .
Suze Orman If you’ve ever tried to give yourself a bit of financial literacy, you’ve probably come across something on the subject by Suze Orman. And if you’ve read some of Orman’s books, you may know about her first job as a waitress in Berkeley and how she got swindled out of an early investment, which made her want to . . .
David Zetland David Zetland, the S.V. Ciriacy-Wantrup Postdoctoral Fellow in Natural Resource Economics and Political Economy at U.C. Berkeley, blogged here earlier this week about the economics of water. This is his second of two posts on the subject. Oil and Water By David Zetland A Guest Post Over the past few months, newspapers, blogs, and television screens have been . . .
It is always fun to see language grow. (No, I don’t mean menu language.) One of my favorite rising words is “kindergarchy,” described here by Joseph Epstein as “rule by children,” a condition whereby “children have gone from background to foreground figures in domestic life, with more and more attention centered on them, their upbringing, their small accomplishments, their right . . .
It has been argued previously here that John McCain, among others, seems to harbor a pronounced dislike for economists. Well, you don’t even have to be a politician to hate economists. Via Cory Doctorow at BoingBoing, here’s a fascinating bit from an old paper by Robert Frank, Tom Gilovich (best known for his hot-hand refutation, and this fun book), and . . .
Dan Glickman We recently solicited your questions for Dan Glickman, C.E.O. of the Motion Picture Association of America. In his answers below, he discusses, among other topics, the source of his piracy figures and why the ratings board isn’t the “morality police.” He also tells us what he thinks of the documentary This Film Is Not Yet Rated, which critiqued . . .
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