Hoover Daily Report
Featured
Featured

Some Thoughts On The Business Roundtable's Statement Of Corporate Purpose

by George P. Shultz, Michael J. Boskin, John F. Cogan, John B. Taylorvia Real Clear Markets
Wednesday, February 5, 2020

From time to time in the last 150 years, a socialist impulse has taken hold among a significant segment of the U.S. population. This impulse was a primary driver behind the 1880s populists’ movement and among progressives in the 1910s. It was dominant ideology among socialists in the 1930s and among young radicals and intellectuals in the 1960s. Today, there is a similar collectivist sentiment running through America. 

Featured

Confine Presidential Impeachment To Criminal Acts

by Richard A. Epsteinvia Defining Ideas
Monday, February 3, 2020

Impeachment is far too grave a remedy to invoke on the basis of a shaky case resting on highly partisan assumptions.

Featured

Is Trump’s Unorthodoxy Becoming Orthodox?

by Victor Davis Hansonvia National Review
Thursday, February 6, 2020

The U.S. has become no better friend to an increasing number of allies and neutrals, and no worse an adversary to a shrinking group of enemies.

Featured

New Paper -- The Fiscal Roots Of Inflation

by John H. Cochranevia Grumpy Economist
Wednesday, February 5, 2020

I recently finished drafts of a few academic papers that blog readers might find interesting. Today, "The Fiscal Roots of Inflation."

Featured

The Economic Effects Of Private Equity Buyouts

by Steven J. Davis, John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, Javier Mirandavia Analysis
Friday, October 4, 2019

We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions. 

Analysis and Commentary
Analysis and Commentary

President Trump’s State Visit To India

by David C. Mulfordvia Analysis
Thursday, February 6, 2020

President Trump’s state visit to India in late February is being hurriedly put together, reports the NY Times, because “Mr Trump is apparently eager to get out of the Washington cauldron and as far away from the impeachment debate as possible”.

Analysis and Commentary

Democrats Have A 'Go Big Or Go Home' Problem

by David Davenportvia The Washington Examiner
Thursday, February 6, 2020

The fact that Democrats could not even deliver timely results of their own Iowa caucuses underscores their larger problem. They have become the party of big, structural changes led by government in a time when people lack confidence and trust in big government.

Analysis and Commentary

Civics Education, Civic Activism, Civic Participation

by Chester E. Finn Jr.via Flypaper (Fordham Education Blog)
Wednesday, February 5, 2020

Civics-education aficionados (and worriers) are generally acquainted with the 2018 issue brief from the Center on American Progress titled The State of Civics Education. It usefully summarized civics-education requirements and practices in the several states, highlighted a few worthy cases in point, and documented the parlous condition of civic learning in the U.S. at this point in our history.

Analysis and Commentary

Tesla Bubble?

by John H. Cochranevia The Grumpy Economist
Wednesday, February 5, 2020

Paul Vigna in the Wall Street Journal: "Tesla TSLA -18.51% Inc.’s shares rose 14% Tuesday to $887.06. They have surged 56% in the past week and have nearly quadrupled since early October. Those outsize gains don’t match Tesla’s more modest fundamentals, which include annual losses."

Analysis and Commentary

Kobe Bryant May End Up In California’s Hall Of Fame—A Hall That’s Sorely In Need Of Re-Examination

by Bill Whalenvia California on Your Mind
Thursday, February 6, 2020

Not that there’s a positive to come from a tragedy that takes the lives of nine adults and adolescents, but so far the deaths of basketball great Kobe Bryant, his daughter Gianna, and their seven helicopter copassengers and pilot hasn’t prompted an overreaction on the part of California state or local government.

Analysis and Commentary

Breaking Out Of The Democratic Slump

by Larry Diamondvia Analysis
Thursday, February 6, 2020

Since 2006, democracy in the world has been trending downward. A number of liberal democracies are becoming less liberal, and authoritarian regimes are developing more repressive tendencies. Democracies are dying at the hands of elected authoritarian populists who neuter or take over the institutions meant to constrain them. Changes in the international environment, as well as technological developments and growing inequality, have contributed to this democratic slump. 

Analysis and Commentary

President Trump Joins The 'Peace Processors'

by Bruce Thorntonvia FrontPage Mag.com
Thursday, February 6, 2020

Can "the Deal of the Century" work if Palestinian Arabs hate Israel more than they love peace?

Analysis and Commentary

What Ancient Rome, The Founding Fathers And MLK Can Tell Us About Impeachment

by John Yoovia UC Berkeley News
Wednesday, February 5, 2020

The repercussions of President Donald Trump’s impeachment and today’s acquittal by the U.S. Senate will extend from the coming presidential election to the future health of American democracy, according to a panel of top UC Berkeley scholars reacting to this extraordinary moment in American history.

Analysis and Commentary

The Fiscal Roots Of Inflation

by John H. Cochranevia Analysis
Thursday, February 6, 2020

Unexpected inflation devalues nominal government bonds. It must therefore correspond to a decline in expected future surpluses, or a rise in their discount rates, so that the real value of debt equals the present value of surpluses. I measure each component via a vector autoregression, in response to inflation, recession, surplus and discount rate shocks. Discount rates, rather than deficits, account for most inflation variation. 

Analysis and Commentary

Policy News And Stock Market Volatility

by Scott R. Baker, Nicholas Bloom, Steven J. Davis, Kyle Kostvia Cato Institute
Wednesday, February 5, 2020

Volatility in aggregate equity returns is difficult to interpret in a convincing manner. Classic work shows that stock market ups and downs cannot be rationalized by realized future dividends discounted at a constant rate. Partly motivated by this demonstration, one major line of research stresses time‐​varying expected returns in asset pricing models with rational agents. 

Analysis and Commentary

Free Market Health Care

by John H. Cochranevia Grumpy Economist
Wednesday, February 5, 2020

There exists a Free Market Medical Association. 

Analysis and Commentary

Tales Of Socialism

by David R. Hendersonvia EconLog
Thursday, February 6, 2020

I’m guessing that a lot of young people in America have not heard some of the true tales of socialism that people around my age heard as adults. So it’s worth telling them. Here are four stories, not chronological but in order of my certainty. The first two I am pretty much certain of. The last two I kind of remember.

Analysis and Commentary

Students Learn More From Teachers With High Grading Standards

by Amber M. Northern, Michael J. Petrillivia Flypaper (Fordham Education Blog)
Wednesday, February 5, 2020

Many moons ago, one of us was a first-year teacher of high school English in a rural district that loved its football. It was the end of the first term as I sat at my desk after school in a musty classroom trailer—there being no room in the main building for rookies—trying to finish up my grades in time for report cards. 

Analysis and Commentary

Fight Over Christmas Hints Of Looming Coptic Schism

by Samuel Tadrosvia Providence
Wednesday, February 5, 2020

In the night of January 6, millions of Copts worldwide flocked to their churches to celebrate the Nativity liturgy just as they had done for centuries. This year, however, for a few of them something must have seemed odd or rather too repetitive. For just 13 days earlier, on the eve of December 25, some of them had witnessed the same event. The first of its kind event has created a firestorm in their church.

Analysis and Commentary

Immigration Lawyer Nathan Brown Interview On Immigration Remittances

by David R. Hendersonvia EconLog
Wednesday, February 5, 2020

Last June I wrote an article for Hoover’s Defining Ideas titled “Immigrant Remittances Are Private Foreign Aid,” Defining Ideas, June 25, 2019. That led to Fresno-area immigration lawyer Nathan Brown contacting me for an interview. It just came out this week and is titled “David R. Henderson on Remittances.” I love the line underneath: “Immigrants Sending ‘Our’ Money Overseas?” because of course it isn’t ours except to the extent that we are the senders. 

Analysis and Commentary

Predicting Mitt Romney's Vote On Impeachment

by David R. Hendersonvia EconLog
Wednesday, February 5, 2020

Earlier today, I was talking to a friend who’s a political junkie. He doesn’t like Trump but he’s against impeachment. (Aside: my friend’s argument was: (1) if you impeach Trump and fail, you strengthen him in the election, and (2) if you impeach Trump and succeed, you get President Pence.)

Interviews
Interviews

Dems Will Pay The Price For Impeachment: Sebastian Gorka With Victor Davis Hanson

interview with Victor Davis Hansonvia Townhall Review
Wednesday, February 5, 2020

Hoover Institution fellow Victor Davis Hanson talks about impeachment, the Left's view of Americans, and the impact of President Trump on US politics.

Interviews

Former Political Aide Bill Whalen Analyzes The President's State Of The Union

interview with Bill Whalenvia KCBS (CA)
Tuesday, February 4, 2020

Hoover Institution fellow Bill Whalen discusses President Trump's State of the Union speech.

Interviews

More Americans Are Abandoning Political Parties: Lanhee Chen

interview with Lanhee J. Chenvia Bloomberg
Wednesday, February 5, 2020

Hoover Institution fellow Lanhee Chen discusses the State of the Union, impeachment, and the Democratic Presidential race.

Interviews

Elizabeth Economy: Coronavirus Latest: How China Is Responding To The Spreading Outbreak

interview with Elizabeth Economyvia WBUR
Wednesday, February 5, 2020

Hoover Institution fellow Elizabeth Economy discusses China's response to the spreading outbreak of coronavirus.

Interviews

John Yoo Warns Democrats That Renewing Impeachment Charges Against President Trump Would Be A Mistake

interview with John Yoovia Fox News
Thursday, February 6, 2020

Hoover Institution fellow John Yoo discusses Rep. Jerry Nalder saying that Democrats could continue to investigate President Trump despite acquittal in the Senate impeachment trial.

Interviews

Bill Whalen On The John Batchelor Show

interview with Bill Whalenvia The John Batchelor Show
Wednesday, February 5, 2020

Hoover Institution fellow Bill Whalen discusses which Democratic presidential candidates were damaged the most by the mistakes in Iowa.

Interviews

Bill Whalen On The John Batchelor Show

interview with Bill Whalenvia The John Batchelor Show
Wednesday, February 5, 2020

Hoover Institution fellow Bill Whalen discusses President Trump's acquittal as well as his State of the Union Speech and the response of tearing up his speech by Speaker of the US House of Representatives Nancy Pelosi.

In the News
In the News

President Trump Offers A Sharp Rebuke Of Socialism At Precisely The Right Time

cited Edward Paul Lazearvia The Federalist
Wednesday, February 5, 2020

Over half a century ago, President John F. Kennedy stated one of his more famous lines in discussing American economics, one that continues to be echoed by pro-growth economists today.

In the News

Private-Equity Buyouts Don’t Tell A Simple Story

cited Steven J. Davisvia Chicago Booth Review
Wednesday, February 5, 2020

Proponents of private-equity investment say it can unlock a company’s value and improve efficiency. Critics charge that private-equity buyouts can hurt performance, employment, and wages at target companies.