A trade mission to the United Arab Emirates by the governor of Massachusetts, Deval Patrick, is the subject of an op-ed piece by me in today's Boston Herald. Check it out online here.
Deval Patrick's UAE TripMay 23, 2014 at 11:02 am A trade mission to the United Arab Emirates by the governor of Massachusetts, Deval Patrick, is the subject of an op-ed piece by me in today's Boston Herald. Check it out online here.
Two More Revolving Door ExamplesMay 23, 2014 at 10:44 am The "revolving door" between government and the private sector isn't limited to the SEC or the Justice Department. Here are two other recent examples in the news: Stanford University has hired Catherine Criswell, a 19-year veteran of the Office of Civil Rights at the federal Department of Education, to serve as its new "Title IX Coordinator," a job that the university says involves overseeing and tracking "the university's investigations of incidents alleged to violate" Title IX of the Education Amendments of 1972. And Aerojet Rocketdyne, a supplier of rocket engines used by the Defense Department, has hired Roger "Scott" Correll as "vice president for government acquisition and policy." The National Legal and Policy Center reports: "From March 2011 to January of this year [Mr. Correll] was the official at the Pentagon responsible for procuring launch services from private companies."
Rolling Stone TaxesMay 23, 2014 at 10:29 am From a New York Times obituary of Prince Rupert zu Loewenstein, the money manager for the Rolling Stones rock band:
Add the Rolling Stones to the list of rock stars who, like Bono, structure their business affairs to be taxed in countries with low tax rates. Talent, like capital, is mobile, and it will go where it is well treated.
Michael Spence on RobotsMay 22, 2014 at 1:21 pm Further on the theme explored in my column this week on restaurant robots, Nobel laureate economist Michael Spence writes:
It's not only McDonald's order-takers and cashiers that may have their jobs replaced by computers, in other words: taxi-drivers and longshoremen may be next.
The Politics of Financial RegulationMay 22, 2014 at 1:11 pm A professor at Georgetown University Law Center, Adam J. Levitin, has a 78-page review essay in the Harvard Law Review under the headline "The Politics of Financial Regulation and the Regulation of Financial Politics." It reviews a series of books about the financial crisis, including the ones by Sheila Bair and Neil Barofsky, passing along some of their juiciest details and pondering how to prevent financial regulators from being "captured" by the institutions they regulate. It's a long article and I don't agree with it entirely, but I though it was worth my time. I particularly appreciated the parts about how "The United States continues to have one of the most politically insulated financial regulatory systems in the developed world...American financial regulation and monetary policy has moved from being the province of electoral politics in the nineteenth century to now being the preserve of technocratic New Deal-era independent agencies."
Homeland Security HeadquartersMay 21, 2014 at 1:20 pm The construction of a new headquarters in Washington for the Department of Homeland Security "is running more than $1.5 billion over budget, is 11 years behind schedule and may never be completed," the Washington Post reports. "The budget has ballooned to $4.5 billion, with completion pushed back to 2026," says a news article in the Post, which describes the project as "a monumental example of Washington inefficiency and drift."
E.R. Visits and ObamaCareMay 21, 2014 at 12:57 pm "ER Visits Rise Despite Law" is the headline on a Wall Street Journal news article that begins, "Early evidence suggests that emergency rooms have become busier since the Affordable Care Act expanded insurance coverage this year, despite the law's goal of reducing unnecessary care in ERs." An astute reader-participant-community member-content-co-creator-watchdog asks whether the word "because of" would be a better fit than "despite" in the headline, as newly insured patients head to the emergency room for medical situations that they would have treated on their own before they had insurance. The Journal article gets into these issues some.
Hummus StandardsMay 21, 2014 at 12:33 pm One of the underappreciated facts about regulation is that it's often the big companies that want the regulation, in part as a way to protect themselves against competitors. That's the context in which to see the news that, as the Jewish Telegraphic Agency reports:
Tax Tenure?May 20, 2014 at 4:24 pm Megan McArdle has a couple of pieces up at Bloomberg View that were worth my time. One asks whether, under a wealth tax along the lines proposed by the French economist Thomas Piketty, professorial tenure should be taxed. It is, after all, she argues, a valuable asset. The other runs under the headline, "Green Cars Won't Save the Planet."
Higher Ed Becoming a JokeMay 20, 2014 at 3:42 pm Glenn Harlan Reynolds has a USA Today column enumerating the various ways that American higher education is becoming a joke. The hypersensitivity — a kind of intolerance in its own right — is getting to be too much even for some academics, which is an encouraging development. Professor Reynolds teaches law at the University of Tennessee.
Restaurant RobotsMay 20, 2014 at 3:29 pm
Henry Louis Gates New York ApartmentMay 16, 2014 at 8:27 am Harvard Professor Henry Louis Gates Jr. is getting a "deeply discounted" two-bedroom apartment in Manhattan from NYU, the New York Post reports:
Summers on PikettyMay 14, 2014 at 11:43 pm Lawrence Summers has a pretty interesting review of Thomas Piketty's book. Professor Summers writes:
And this:
McDonald's Installs 7,000 Robot CashiersMay 14, 2014 at 5:30 pm
Jeb Bush, Paul Ryan at Hamilton DinnerMay 14, 2014 at 12:51 pm The Manhattan Institute has posted the video of Monday night's Alexander Hamilton dinner, which featured, among others, Paul Ryan and Jeb Bush. A surprise guest was Ayaan Hirsi Ali, who was greeted with a standing ovation when she was introduced from the podium by the Manhattan Institute's chairman. You can watch for yourself if you are interested, but I was there and had some impressions:
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