Hoover Daily Report
Featured
Featured

Fed Nixes Narrow Banks Redux

by John H. Cochrane via Grumpy Economist
Thursday, May 30, 2019

As a quick review: Narrow banks take your money and invest it 100% in interest-paying reserves at the Fed. They are completely immune from runs, failures, and financial crises. You would get a lot higher interest than the big banks currently pay. The Fed should be giving them a non-systemic medal. Instead, the Fed is fighting them tooth and nail.

Featured

Fix Climate Policy With Economics, Not Lawyers

by Jeremy Carl mentioning George P. Shultz, Martin Feldsteinvia National Review
Friday, May 31, 2019

Last week BP and Shell both pledged support for the Climate Leadership Council’s (CLC) proposal for a revenue-neutral “carbon fee and dividend” plan, under which extractors of carbon-based fuels would be charged a fee, and all of the money collected would be distributed to the public as a dividend. While conservatives have a wide variety of views on how, or even whether, to address climate policy, this initiative is perhaps the most genuinely bipartisan attempt so far to move forward on a famously contentious issue.

Featured

Goodbye San Francisco, Hello Columbus? Say It Ain't So, Joe!

by Bill Whalenvia Forbes
Thursday, May 30, 2019

Joe Biden didn’t leave his heart in San Francisco. Nor has he taken leave of his senses, which may explain why Biden’s not taking part in this weekend’s California Democratic Party convention in the fabled “city by the bay.”

Analysis and Commentary
Analysis and Commentary

An Apocalyptic View Of Central Banks

by John H. Cochrane via Grumpy Economist
Thursday, May 30, 2019

In the department of genuinely terrible, and terrifying, ideas, I just got the a request from Simon Youel, the Media and Policy Officer at Positive Money, regarding the appointment of Mark Carney's successor as Governor of the Bank of England. Positive money is organizing a "joint letter to the Financial Times, calling on the Chancellor to appoint someone who’ll foster a pluralistic policy-making culture at the central bank."

Analysis and Commentary

Trump And The Israeli-Palestinian Standoff

by Paul Rahevia Strategika
Wednesday, May 29, 2019

In his inimitable way, Donald Trump has gored yet another sacred cow—this one in the Levant. First, consider this. For nearly seventy years, the United States was the principal source of funds for the United Nations Relief and Works Agency for Palestinian Refugees in the Near East (UNRWA)—an outfit which not only provided (and still provides) support for Palestinians who fled from their homes in 1948 and found, after the first Arab-Israeli War, that they could not return, but which also provides for those of their patrilineal descendants who still reside in the refugee camps situated in Jordan, Lebanon, Syria, the Gaza Strip, the West Bank, and East Jerusalem. 

Analysis and Commentary

The Europeans Have A Different, Darker Green New Deal | Opinion

by Markos Kounalakisvia Miami Herald
Thursday, May 30, 2019
Continental elections last weekend gave anti-nuclear Green Parties a huge boost, installing the Greens into a European Parliament kingmaker role. As a result, the rest of Europe is likely to follow the lead of Germany’s environmental party and movement, turning further against civilian nuclear energy and, especially, against coal-fired plants.
Analysis and Commentary

Lanhee Chen: A Rare Glimpse Of Bipartisanship

by Lanhee J. Chenvia Townhall Review
Friday, May 31, 2019
Despite all of the partisan rancor in Congress, there is remarkable bipartisan agreement on the need to deal with the challenge of smoking and tobacco use amongst young Americans.
Analysis and Commentary

Bio Of Paul Romer Is Online

by David R. Hendersonvia EconLog
Thursday, May 30, 2019

There are actually two very different phases in Romer’s work on endogenous growth theory. Romer (1986) and Romer (1987) had an AK model. Real output was equal to A times K, where A is a positive constant and K is the amount of physical capital.

Interviews
Interviews

Michael McFaul: Mueller Warned Russia Will Meddle In 2020

interview with Michael McFaulvia MSNBC
Thursday, May 30, 2019

The Trump administration continues to be dismissive of the warnings about Russia's continued interference in our political process ahead of the 2020 election. Michael McFaul and Malcolm Nance discuss.

In the News
In the News

Secretary George Shultz: Thinking About The Future

featuring George P. Shultzvia Commonwealth Club
Tuesday, June 4, 2019

In a rich and varied career that has included roles as U.S. secretary of state, secretary of the treasury and secretary of labor, George P. Shultz has aided presidents, confronted national and international crises, and argued passionately that the United States has a vital stake in promoting democratic values and institutions. In speeches, articles, congressional testimony and conversations with world leaders, he has helped shape policy and public opinion on topics such as technology, terrorism, drugs and climate change. The result is a body of work that has influenced the decisions of nations and leaders and impacted the lives of ordinary people.

In the News

The Real Constitutional Crisis: Unaccountable Bureaucracy

quoting Victor Davis Hansonvia Patriot Post
Thursday, May 30, 2019
For the last few weeks, the lemming-like Democrat/Media Complex has been promoting the highly coordinated message that America is in the midst of a “constitutional crisis.”
In the News

Yes, Mueller’s Waffling On Obstruction Was An End-Run Around The Attorney General

with Jack Goldsmithvia The Federalist
Friday, May 31, 2019

Democrats are in love with their own indignation. That is clear to anyone who reads headlines. Less obvious is that renowned left- and right-leaning legal experts are fighting among themselves over the Robert Mueller report, with the “no obstruction” camp getting the better of the argument.

In the News

Fixing Higher Education Starts With More Teaching And Less Research

quoting Victor Davis Hansonvia The Federalist
Friday, May 31, 2019

Richard Vedder, a professor emeritus of economics at Ohio University, paints a stark picture of the modern university in his new book, Restoring the Promise: Higher Education in America.

In the News

Donald Trump Is Fighting for Free Speech. Professors Who Hate Him, Take Note

quoting Harvey C. Mansfieldvia American Thinker
Thursday, May 30, 2019

Hostility to conservatives and conservative speech is the rule today in American universities.

In the News

Simple Sequencing Brings Untold Power To Adam Goodes' Story

quoting Shelby Steelevia ESPN
Thursday, May 30, 2019

When the Adam Goodes documentary The Final Quarter begins in 2012, he is a universally lauded indigenous footballer speaking happily to Mike Sheahan about his achievements and eyeing off one more AFL premiership with the Sydney Swans to round off the picture.

Hoover senior fellow Thomas Sowell discusses his newest book, Intellectuals and
In the News

Semi-Random Thoughts On The Passing Scene

mentioning Thomas Sowellvia Forbes
Thursday, May 30, 2019
Were I required to pick an intellectual hero, it would be the economist, author, and columnist Thomas Sowell. One of his periodic features was "Random Thoughts on the Passing Scene." Here are some of mine, as an homage. Or a ripoff. I'll let you be the judge.