Has President Obama gotten tougher with the Big 3?: "Frustrated Americans cheer Obama's tough auto moves"
"Experts called it potentially the most significant presidential intervention in the private sector since Harry Truman tried to seize the steel industry during the Korean War in 1952, only to be rebuffed by the Supreme Court." I agree with the tone of this article: This is nothing to cheer about! We are now nationalizing one of the biggest industries in the country. Our government is not doing a good job handling the portions of the economy it is already in charge of -- social security, the budget...Now they want to add Wall Street, the Auto Industry, energy...When will it ever end?
No, the Auto Industry is not too big to fail -- let's try bankruptcy and see how that works!
Monday, March 30, 2009
Thursday, March 26, 2009
Geithner Seems to Endorse Dollar Alternative
“An unguarded comment by Treasury Secretary Timothy F. Geithner on Wednesday set off a sudden drop in the dollar and contributed to a chain of market-rocking events that included a setback in the stock market and a sharp uptick in interest rates. Mr. Geithner appeared to lend his support to a proposal by China’s central bank governor to replace the dollar as the world’s reserve currency with a basket of currencies that would be managed by the International Monetary Fund. In an appearance before the Council on Foreign Relations in New York on Wednesday morning, Mr. Geithner raised eyebrows by saying that ‘we’re actually quite open to that,’ only a day after both he and President Obama had vehemently rejected the idea and affirmed their strong support for the U.S. currency.” (Washington Times, Thursday, March 26)
Needless to say, the markets reacted badly to Geithner's comment....One step closer to a one-world government...
Needless to say, the markets reacted badly to Geithner's comment....One step closer to a one-world government...
Wednesday, March 25, 2009
Notes from March 25 Class
We talked about Gambling today (see previous post) and A.I.G. bonuses (and the unconstitutional 90% tax that's been suggested for those). We should have looked at some great letters to the editor about the bonuses.
We also looked at what 1 trillion dollars really looks like. And where might we find a trillion dollars? From what we could find, Ft. Knox only has $110 Billion in gold. We missed the Federal Reserve Bank of New York -- which has over $203 Billion (mostly owned by other countries). Together those two places don't come close to a Trillion.
We also looked at what 1 trillion dollars really looks like. And where might we find a trillion dollars? From what we could find, Ft. Knox only has $110 Billion in gold. We missed the Federal Reserve Bank of New York -- which has over $203 Billion (mostly owned by other countries). Together those two places don't come close to a Trillion.
Gambling in Alabama
I received an interesting advertisement in the mail yesterday: "The only thing worse than losing jobs...is losing jobs to Mississippi." I was not entirely surprised to open it up and discover that it was a promotion of the "Sweet Home Alabama plan" I had just heard about on the radio (SB471).
It has such positive sounding statements as "It will limit, regulate and tax legal bingo and eliminate illegal gaming machines." and "...provide our state with the money we need to improve our education system and Medicaid by keeping our tourism dollars here at home." All in all, it very cleverly disguised whether it was for or against gambling in Alabama, ending with a plea for me to call my Senator and ask him to support the Sweet Home Alabama plan. After doing some research, I do plan to call my state Senator -- but I will be asking him to vote AGAINST the plan.
One of the first sites my research took me to was "The Alabama Citizens Action Program" where I found a video of Governor Riley discussing "electronic bingo". I hope to show the video in class today. It also lead me to a site to "Stop Predatory Gambling". There they make the very true statements: "Predatory gambling is the practice of using gambling to prey on human weakness for profit and it has become the preferred method for government to raise money for public services. The gambling trade and our government have been active partners in turning millions of Americans away from a nation of small savers into a nation of habitual bettors, trapping a majority in a cycle of debt and poverty."
Article 4, Section 65 of the Alabama Constitution:
"The legislature shall have no power to authorize lotteries or gift enterprises for any purposes, and shall pass laws to prohibit the sale in this state of lottery or gift enterprise tickets, or tickets in any scheme in the nature of a lottery."
There was a unanimous ruling by Alabama Court of Criminal Appeals (authored by now Chief Justice Sue Bell Cobb) ruling in Foster v. State (1997): "'Bingo' used in a local constitutional amendment means nothing more than the 'ordinary game of bingo' and as such are a narrow exception to the prohibition of lotteries in the Alabama Constitution."
Ruling in 2004 in State ex rel Tyson v Ted's Game Enterprises:
"We hold that Article 4, Section 65 means what it says, and prohibits the legislature from authorizing lotteries or gift enterprises that involve games or devices in which chance predominates the outcome of the game, even if 'some skill' is involved."
****
The website promoting gambling in Alabama: http://www.friendsofalabama.com
It has such positive sounding statements as "It will limit, regulate and tax legal bingo and eliminate illegal gaming machines." and "...provide our state with the money we need to improve our education system and Medicaid by keeping our tourism dollars here at home." All in all, it very cleverly disguised whether it was for or against gambling in Alabama, ending with a plea for me to call my Senator and ask him to support the Sweet Home Alabama plan. After doing some research, I do plan to call my state Senator -- but I will be asking him to vote AGAINST the plan.
One of the first sites my research took me to was "The Alabama Citizens Action Program" where I found a video of Governor Riley discussing "electronic bingo". I hope to show the video in class today. It also lead me to a site to "Stop Predatory Gambling". There they make the very true statements: "Predatory gambling is the practice of using gambling to prey on human weakness for profit and it has become the preferred method for government to raise money for public services. The gambling trade and our government have been active partners in turning millions of Americans away from a nation of small savers into a nation of habitual bettors, trapping a majority in a cycle of debt and poverty."
Article 4, Section 65 of the Alabama Constitution:
"The legislature shall have no power to authorize lotteries or gift enterprises for any purposes, and shall pass laws to prohibit the sale in this state of lottery or gift enterprise tickets, or tickets in any scheme in the nature of a lottery."
There was a unanimous ruling by Alabama Court of Criminal Appeals (authored by now Chief Justice Sue Bell Cobb) ruling in Foster v. State (1997): "'Bingo' used in a local constitutional amendment means nothing more than the 'ordinary game of bingo' and as such are a narrow exception to the prohibition of lotteries in the Alabama Constitution."
Ruling in 2004 in State ex rel Tyson v Ted's Game Enterprises:
"We hold that Article 4, Section 65 means what it says, and prohibits the legislature from authorizing lotteries or gift enterprises that involve games or devices in which chance predominates the outcome of the game, even if 'some skill' is involved."
****
The website promoting gambling in Alabama: http://www.friendsofalabama.com
Friday, March 20, 2009
Field Trip Scheduled for April 15
If any of my Economic students and/or Government Club students would like to join us, we're heading downtown Huntsville for the Tax Day Tea Party.
The event is scheduled from 12 - 1 at the VBC parking lot (Lot K) across the street from the Post Office.
The plan for the day is to end Government Club 30 minutes early, and head downtown at 11:30. Unless the event runs really overtime, I think we should be back at CLC by 1:30, for the last hour of Economics class.
So...If you're only coming for Govt Club that day -- it will only run from 10 - 11:30.
If you're only coming for Economics -- it will be (hopefully) from 1:30 - 2:30 that day.
If you would like to join us for the trip downtown -- either come for Govt Club and then join us, or be at CLC by 11:30. I have room for 5 extra students in my van -- other parents are obviously welcome to join us as well. (So, please RSVP if you are joining us either way.)
The event is scheduled from 12 - 1 at the VBC parking lot (Lot K) across the street from the Post Office.
The plan for the day is to end Government Club 30 minutes early, and head downtown at 11:30. Unless the event runs really overtime, I think we should be back at CLC by 1:30, for the last hour of Economics class.
So...If you're only coming for Govt Club that day -- it will only run from 10 - 11:30.
If you're only coming for Economics -- it will be (hopefully) from 1:30 - 2:30 that day.
If you would like to join us for the trip downtown -- either come for Govt Club and then join us, or be at CLC by 11:30. I have room for 5 extra students in my van -- other parents are obviously welcome to join us as well. (So, please RSVP if you are joining us either way.)
Wednesday, March 18, 2009
Notes from March 18 Class
Well, class got canceled at the last minute today because of "spring break". Oh well, I found some neat resources that I'll have to save for upcoming weeks. There is an endless supply of great economics resources at www.fee.org
Last week some of my students and I attended a one-day FEE Seminar for Homeschool Students in Birmingham. It was fantastic. I highly recommend it if you get a chance to attend one. One of the movie clips that we saw there was an interview that John Stossel did on sweat shops. I found a link to it on FEE's website. It is excellent!
While looking over the resources there, I followed a link to John Stossel's website. He has even more economics resources available there -- both his own, and links to many others. I don't think I'll be running out of materials anytime soon!
Last week some of my students and I attended a one-day FEE Seminar for Homeschool Students in Birmingham. It was fantastic. I highly recommend it if you get a chance to attend one. One of the movie clips that we saw there was an interview that John Stossel did on sweat shops. I found a link to it on FEE's website. It is excellent!
While looking over the resources there, I followed a link to John Stossel's website. He has even more economics resources available there -- both his own, and links to many others. I don't think I'll be running out of materials anytime soon!
Notes from March 11 Class
Last week we read and discussed the delightful economics story, I Pencil, downloaded from one of my favorite economics websites: Foundation for Economic Education. It is hard to believe the story was written 50 years ago; it could just as easily have been written today. It is the story of the making of a pencil -- and explains very well how none of us could even begin to understand all of the processes and all of the different efforts that go into making something as simple as a pencil. A great example of the free market at work!
We also discussed "The 7 Fallacies of Economics", also from the FEE website. Here Mr. Reed does a great job of explaining what economics isn't. He gives a great explanation of these 7 fallacies:
1. The fallacy of collective terms.
2. The fallacy of composition.
3. The fallacy of “money is wealth.”
4. The fallacy of production for its own sake.
5. The fallacy of the “free lunch.”
6. The fallacy of the short run.
7. The fallacy of economics by coercion.
We didn't spend as much time discussing the first 2, but the last 5 are evident all around us! I think we will be referring back to those regularly.
We also discussed "The 7 Fallacies of Economics", also from the FEE website. Here Mr. Reed does a great job of explaining what economics isn't. He gives a great explanation of these 7 fallacies:
1. The fallacy of collective terms.
2. The fallacy of composition.
3. The fallacy of “money is wealth.”
4. The fallacy of production for its own sake.
5. The fallacy of the “free lunch.”
6. The fallacy of the short run.
7. The fallacy of economics by coercion.
We didn't spend as much time discussing the first 2, but the last 5 are evident all around us! I think we will be referring back to those regularly.
Introduction for Economics Blog
I've been looking for an efficient way to communicate with my Economics class students and parents -- an easy way to share what we've been covering in class, and links to some of the interesting articles and other resources we've used in class and/or talked about.
After 1 1/2 years of teaching economics, welcome to my first attempt at that. Anyone else is welcome to join us in this "economics discussion" here, but that will be my main focus -- at least as I see it now.
For my students, it should go without saying that I believe in the free market and limited government. I think much of the economic trouble we are in now has come from the intervention of the government, not from the failure of the free market. That position will, of course, be evident in the posts I put here, and in the resources I reference!
After 1 1/2 years of teaching economics, welcome to my first attempt at that. Anyone else is welcome to join us in this "economics discussion" here, but that will be my main focus -- at least as I see it now.
For my students, it should go without saying that I believe in the free market and limited government. I think much of the economic trouble we are in now has come from the intervention of the government, not from the failure of the free market. That position will, of course, be evident in the posts I put here, and in the resources I reference!
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