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.
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.
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”.
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.
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.
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."
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.)
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.
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.