Hoover Daily Report
Featured
Featured

A Different Kind Of Revisiting The 2008 Financial Crisis

by John B. Taylorvia Economics One
Friday, December 28, 2018

During the past few months, John Cochrane and I organized a series of workshops on the 2008 financial crisis. Monika Piazzesi, George Shultz, Niall Ferguson, Caroline Hoxby, and Darrell Duffie joined us in making presentations and, along with other colleagues who attended, turned the series into a vigorous and informative discussion. 

Featured

Politics, Economics, And Carbon In 2019

by Michael J. Boskinvia Project Syndicate
Thursday, December 27, 2018

In 2018, many of the world’s major economies faced profound political recalibrations. To improve stability in 2019, leaders will need to focus on bread-and-butter domestic concerns, while moving toward more flexible and decentralized political models capable of governing diverse populations.

Featured

Sumner On Teaching Economics

by John H. Cochrane via Grumpy Economist
Sunday, December 30, 2018

Scott Sumner has a terrific post on teaching economics. The core ideas of economics are extremely counterintuitive and are not accepted by most people.... Non-economists also tend to reject the central ideas of basic economics, and for reasons that are not well justified.

Featured

Wealth, Poverty, And Flight: The Same Old State Of California

by Victor Davis Hansonvia National Review
Tuesday, January 1, 2019

California ranks first among the states in the percentage of residents over 25 who have never finished the ninth grade— 9.7 percent of California residents, or about 4 million Californians. It also rates 49th in the number of state residents who never graduated from high school — or about 18 percent of the current population.

Analysis and Commentary
Analysis and Commentary

Homeless

by John H. Cochrane via Grumpy Economist
Saturday, December 29, 2018

Christopher Rufo at the New York Post has an interesting article on homeless problems in Seattle. The analysis rings true of many other areas, especially San Francisco. It is also a good microcosm of how policy and law in so many social and economic areas stays so profoundly screwed up for so long.

Analysis and Commentary

How Inequality Undermines Economic Performance

by Michael Spencevia Project Syndicate
Wednesday, December 26, 2018

France's Yellow Vest protests are rooted in frustration with the government’s indifference to the plight of struggling households outside France’s urban centers. With job and income polarization having increased across all developed economies in recent decades, developments in France should serve as a wake-up call to others.

Analysis and Commentary

Mueller Investigation Stirring Up More Trouble Than It's Finding

by Victor Davis Hansonvia Townhall
Thursday, December 27, 2018

After 19 months, special counsel Robert Mueller's investigation has charged a number of targets with almost every conceivable sin -- except collusion with Russia to throw an election. Yet suspicion of collusion was the reason that Mueller was appointed in the first place.

Analysis and Commentary

The Failure Of The United States’ Chinese-Hacking Indictment Strategy

by Jack Goldsmith, Robert D. Williamsvia Lawfare
Friday, December 28, 2018

Just before Christmas, the U.S. Department of Justice unsealed an indictment against two Chinese nationals who allegedly conducted a twelve-year “global campaign of computer intrusions” to steal sensitive intellectual property and related confidential business information from firms in a dozen states and from the U.S. government.

Federal Reserve
Analysis and Commentary

Why Is The Fed Still Raising Interest Rates?

by Martin Feldsteinvia Project Syndicate
Thursday, December 27, 2018

Given that the US Federal Reserve has long said that its interest-rate policy is “data dependent,” why has it pressed ahead with monetary tightening in the face of worsening economic indicators? Three reasons stand out.

Analysis and Commentary

Crafting A Constructive Gaza Policy

by Peter Berkowitzvia Real Clear Politics
Wednesday, December 26, 2018

“The situation for 1.5 million Palestinians in the Gaza Strip is worse now than it has ever been since the start of the Israeli military occupation in 1967,” according to “The Gaza Strip: A Humanitarian Implosion.” The report, published by a coalition of non-government organizations, describes an alarming shortage of humanitarian and commercial supplies in Gaza. Drinking water and electricity fall well below demand. Sewage flows into the Mediterranean Sea. With unemployment around 40 percent, the economy is collapsing.

Analysis and Commentary

The Immorality Of Illegal Immigration

by Victor Davis Hansonvia National Review
Monday, December 31, 2018

New House majority leader Nancy Pelosi reportedly spent the holidays at the Fairmont Orchid on Kona, contemplating future climate-change legislation and still adamant in opposing the supposed vanity border wall.

Analysis and Commentary

The New Year’s Resolutions We Should Be Making

by Bruce Thorntonvia Front Page Magazine
Tuesday, January 1, 2019

Since Election Day 2016, one story has dominated our attention––the person and rhetoric of Donald Trump. No amount of achievements by Trump and the Republican Congress at home or abroad can distract the bipartisan NeverTrump chorus from shrieking over tabloid trivia ranging from mysterious nudie selfies, to the president’s fifty-year-old draft deferments.

Analysis and Commentary

Volatility

by John H. Cochrane via Grumpy Economist
Monday, December 31, 2018

An essay at The Hill on what to make of market volatility: What’s causing the big drop in the stock market, and the bout of enormous volatility we’re seeing at the end of the year?

Analysis and Commentary

A New Year's Quiz

by Bill Whalenvia Forbes
Monday, December 31, 2018

The late, great William Safire had a wonderful New Year’s tradition: treating his readers to a quiz on what to expect with the calendar flipped. Mr. Safire was indeed a gem, as his surname suggested. To honor his memory, here’s my (hopefully not-too-lame) attempt at things to ponder in what should be an eventful 2019.

Analysis and Commentary

2019 Could Be An Incredible And Historic Year For The Supreme Court – Here’s Why

by John Yoovia Fox News
Sunday, December 30, 2018

The year ahead has the potential to be historic for the U.S. Supreme Court. With Justice Brett Kavanaugh replacing the inconsistent Justice Anthony M. Kennedy, conservatives have a majority on the court for the first time since 1936.

Analysis and Commentary

The West Has Long Militarized Space. China Plans To Weaponize It. Not Good.

by Markos Kounalakisvia Miami Herald
Thursday, December 27, 2018

Neil Armstrong brought the world to the moon. As the first man to tread on that rocky surface, he reminded us that this was not only an American achievement but another link in humanity’s aspirational chain. It was “one small step for a man; one giant leap for mankind.”

Analysis and Commentary

Sebastian Junger On Tribe

by Russell Robertsvia EconTalk
Monday, December 31, 2018

Journalist and author Sebastian Junger talks about his book Tribe with EconTalk host Russ Roberts. Junger explores the human need to be needed and the challenges facing many individuals in modern society who struggle to connect with others. His studies of communal connection include soldiers in a small combat unit and American Indian society in the nineteenth century.

Analysis and Commentary

Exchange Replay: High School Grade Inflation On The Rise

by Paul E. Petersonvia The Education Exchange
Tuesday, January 1, 2019

A study based on data from North Carolina finds that grade inflation increased over the last decade and that grade inflation was more severe in schools attended by affluent students than in those attended by lower-income pupils.

Analysis and Commentary

Our Exhausted American Mediocracy

by Victor Davis Hansonvia American Greatness
Sunday, December 30, 2018

The unlikely 2016 election of Donald Trump—the first president without either prior political or military office—was a repudiation of the American “aristocracy.” By “rule of the best” I mean the ancien régime was no longer understood to suggest wealth and birth (alone), but instead envisioned itself as a supposed national meritocracy of those with proper degrees, and long service in the top hierarchies of government, media, blue-chip law firms, Wall Street, high tech, and academia.

Analysis and Commentary

Comey’s Anti-Trump And Pro-Hillary Bias In 2016 Clear From New Developments – Why Was The Russia Probe Begun?

by John Yoovia Fox News
Saturday, December 22, 2018

In the Watergate scandal that ultimately forced him to resign from office, President Nixon tried to use the CIA and FBI to target his political enemies and to carry out dirty tricks to help him win re-election in 1972.

Analysis and Commentary

About That Cuban Life Expectancy

by David R. Hendersonvia EconLog
Monday, December 31, 2018

Cuban health statistics appear to be a paradox. Wealth and health are correlated because greater wealth can buy better health care. Yet, Cuba remains desperately poor and appears to be healthy. Cuban life expectancies of 79.5 years and infant mortality rates of 4.3 per 1000 live births (2015) compare well with rich nations like the USA (78.7 years and 5.7 per 1, 000 live births) yet its per capita income of 7602.3$ make it one of the poorest economies in the hemisphere (World Development Indicators DataBank, 2017).

Analysis and Commentary

How One Worker Adjusted To Job Loss

by David R. Hendersonvia EconLog
Friday, December 28, 2018

Let’s face it, when you’re a college-educated 57-year-old slinging parcels for a living, something in your life has not gone according to plan. That said, my moments of chagrin are far outnumbered by the upsides of the job, which include windfall connections with grateful strangers. There’s a certain novelty, after decades at a legacy media company—Time Inc.—in playing for the team that’s winning big, that’s not considered a dinosaur, even if that team is paying me $17 an hour (plus OT!).

Analysis and Commentary

The Wall Probably Fails A Market Test

by David R. Hendersonvia EconLog
Thursday, December 27, 2018

I was telling a friend today about my recent blog post titled “A Friendly Amendment on the Border Wall.” He hadn’t read the post but quickly understood my point. His reaction: Almost no property owner would take that deal. Of course, whether the owner would take the deal would depend heavily on how much was offered. Make it high enough and many property owners would take the deal.

Interviews
Interviews

Illegal Immigration In America: Richard Epstein On The John Batchelor Show

interview with Richard A. Epsteinvia The John Batchelor Show
Saturday, December 29, 2018

Hoover Institution fellow Richard Epstein discusses illegal immigration.

Interviews

Harvey Mansfield On Aristotle, Democracy, And Political Science

interview with Harvey C. Mansfieldvia Ricochet
Sunday, December 30, 2018

Hoover Institution fellow Harvey Mansfield discusses what Aristotle has to teach us about democracy, and the relationship between philosophy and politics.

Interviews

What Do They Mean, New Socialism: Richard Epstein On The John Batchelor Show (Part 1)

interview with Richard A. Epsteinvia The John Batchelor Show
Monday, December 31, 2018

Hoover Institution fellow Richard Epstein discusses Defining Ideas article "The Intellectual Poverty Of The New Socialists."

Interviews

What Do They Mean, New Socialism: Richard Epstein On The John Batchelor Show (Part 2)

interview with Richard A. Epsteinvia The John Batchelor Show
Monday, December 31, 2018

Hoover Institution fellow Richard Epstein discusses Defining Ideas article "The Intellectual Poverty Of The New Socialists."

Interviews

Herb Lin On The John Batchelor Show

interview with Herbert Linvia The John Batchelor Show
Friday, December 28, 2018

Hoover Institution fellow Herb Lin discusses his article and book Bytes, Bombs, and Spies.

In the News
In the News

Charles McElwee: Sowell's Latest Offering Explores Chance, Privilege

featuring Thomas Sowellvia Charleston Gazette
Sunday, December 30, 2018

In “Discrimination and Disparities,” the latest book by Thomas Sowell, who, at 88, is regarded as one of the most prominent African-American conservatives of the day, the author refers to differences in “outcomes found in economic and other endeavors [which] may not be due to either comparable disparities in [people’s] innate capabilities or comparable disparities in the way people are treated by other people [discrimination].”

In the News

Inside Xi Jinping’s Plan To Dominate The World

featuring Elizabeth Economyvia Bloomberg
Friday, December 28, 2018

Elizabeth Economy’s “The Third Revolution” makes the case that China is most dangerous in the realm of ideas.

Condoleezza Rice
In the News

Condoleezza Rice Speaks To SCHS Students

featuring Condoleezza Ricevia Shelby County Reporter
Wednesday, December 26, 2018

Hundreds of Shelby County High School students will remember December 2018 as the month when former U.S. Secretary of State Condoleezza Rice visited their school. Rice spoke to students one morning in a private assembly kept under wraps until after she had left.

In the News

One Of Tech And Media's Most Influential Investment Bankers Shares The 21 Books That He Read In 2018

featuring Niall Fergusonvia Business Insider
Thursday, December 27, 2018

Every year, prominent figures in the tech industry release their predictions for what they see coming in 2019. Aryeh B. Bourkoff, the tech, media, and telecom banker who founded LionTree Advisors, is one of those figures.

In the News

2018 Rearview Awards

featuring John F. Cogan, Thomas Sowellvia The News-Item
Sunday, December 30, 2018

[Subscription Required] As the book closes on 2018, there were some particulars along the way that deserved a second look and even perhaps an accolade. Mentioning books, there are two well worth your time: “The High Cost of Good Intentions” by John Cogan is a political and budgetary history of U.S. entitlement programs. It underscores why the programs have expanded inexorably over time, and just how hard it will be for our political system to reform them. 

In the News

Who Should Get Credit For Strong U.S. Economy: Trump Or Obama?

quoting Lee Ohanianvia Times Reporter
Wednesday, December 26, 2018

Analysis: Presidents don’t agree, obviously, and even economists are mixed on which policies are causing most of the positive effects.

In the News

Deeper, Underlying Tensions Exposed In Sino-US Ties

mentioning Hoover Institutionvia South China Morning Post
Sunday, December 30, 2018

Without careful management it is a relationship that could get worse before it gets better and do nothing to enhance regional and global stability.