Latin America and Asia

Latin America’s Economies Surge Forward - NYTimes.com: "Latin America’s growth largely reflects a deepening engagement with Asia, where China and other countries are also growing fast. China surpassed the United States last year as Brazil’s top trading partner, and is the second largest trading partner in countries like Venezuela and Colombia, Washington’s top ally in the region."

Spring 2010- Away on sabbatical, but not away from students

Thanks again-I've graduated and you still continue to help me again and again!...MF

I hope you are still enjoying the students and offering them a plethora of knowledge; I learned so much in your classes! I would love the opportunity to catch up sometime when you are free, and bring along a few of my fellow almuni. Please let me know your availability. I am still in contact with a few individuals from my marketing class and I am sure they would enjoy getting together as well...AH

Thanks for looking out for a legal job. I was able to get one in Chicago. I am working at Rush University Medical Hospital as a Law Clerk. If you are ever free to grab lunch or dinner let me know. Thanks for all the help over the years...BL

I signed up for a graphics design course and there are two Prerequisites: ART 113, ART 125. I have taken ART 125 but not ART 113. Do you think I'll be okay taking this course? SV

I wanted to reach out to you, in hopes of gaining some career advice. I am currently in career transition from XYZ. I am looking to put my formal education in Supply Chain Management to practice. I would like to talk with you and get some ideas on how I could move forward in this endeavor...KA

Thank you so much for hosting the dinner for us last night! It was wonderful and such a great time, you are so generous. I had a great time and the food was marvelous. Thanks for sending the pictures as well!...KC (2010)

Hah! Not likely - about the Dancing with the Stars thing. But thanks anyway! And thanks for helping me out with all of this. I really appreciate it! I am excited to take the dance class! It'll be a nice relaxing class, I think...KD

Thank you so much for letting me know about this opportunity, I appreciate it. I also really appreciate you writing me a letter of recommendation for it...AD

I won't be able to make it to dinner at your house. I'm sorry I cannot attend, I was looking forward to it. If I don't see you, thanks for everything you have done for me over the past 4 years. My experience at Elmhurst College was amazing and I can't thank everyone enough...VM

Hey I just wanted to say hello and see how everything is going for you. Hope all is well and you are enjoying your semester abroad overseas. I am staying very busy with school and I now have an internship at a marketing/Ad firm downtown. I have also been maintaining my grades despite my busy schedule so I'm sure you will be pleased to hear that I don't have any "senioritis." Good luck on all of your travels. Hope to hear from you soon. Have a great day! Best Wishes,...JK

Thank you so much for everything!...AQ

Thank you very much for getting back to me so quickly...LZ

Quick question - I am writing my resignation letter for my current job, and I was just wondering if you could take a quick look at it and let me know if it looks okay...Thank you! Now it's perfect...AC

Every conversation with you has given me some insight or the other about life like it should be.
Thanks for being there for our rescue everytime we made a mistake...Vin

I just came back from my Accounting Information Systems class and was discussing with a girl that sits across from me how awesome your classes were...These advanced courses are killer. I can feel my brain turning to jelly. The higher the accounting courses get, the more depressingly boring they become. I find myself reminiscing about the more interesting classes that I took, like marketing and global business...SH

I was just curious to see around what day you would be returning in the area? Brad wanted to send you something and he wasn't sure where (house or work) and when to send it. Thanks and hope you're having a great time!...MF

I just wanted you to hear it from me before it gets posted on LinkedIn, but I found a position finally!!! It's at....- my dream job! I feel very blessed, and thank you for all of your help along the way...AC
I am actually working there up until finals week. The internship is definitely hard work, but I am enjoying it. I get enough work every week that I could be working full-time, but instead try and cram it in half the hours. I have learned a lot, and I will be giving a final presentation to Senior Management in a few weeks. Also, I just found out today that I am the CBE Senior of the Year! Thanks for all of your help....KC
Thanks Prof. Gopal! Glad you made it back safely and are here to enjoy the nice weather too (considering it is Chicago). My grades are doing well right now and I am having a blast with sign language. I'll let me parents know you said hi. Hope to see you soon!..MF

It was great to know you as a human being and teacher.Do drop in to Mumbai to stay with my family the next time you visit India...VL

I know you're technically not my advisor this spring semester, but I felt much more comfortable talking to you about it...TL

I'm really excited for this event and am very thankful that you gave me the opportunity to participate....JG

That test kicked my butt...Thanks for your help, you made me more confident and prepared. AC

I just wanted to let you know that I miss seeing you on campus -HW

You are the best, Dr. Gopal. I am a little stressed... but let's keep our fingers crossed! AC, 3/2/2010

The class exercise was useful...MBA 3/1/2010

You are my first choice for a variety of reasons. You were a major influence on me not only as my teacher, but also as my mentor. I am currently considering my options for life after Elmhurst College. I will either look for a full-time position in business or attend graduate school. Either way, I hope to have quality letter of recommendations for the future. Thank you for your consideration and everything that you have done for me over the last three years....Joe F.

I figure most jobs are going to have some negatives and it is hard to be overly selective right now. I was hoping to get some input from you. Positive, negatives, advice, or personal experiences, anything would be really helpful. Thanks for your time!...CV

I just wanted to let you know that I was accepted to be an RA next year!...MB

School and my internship are going well. I'm pretty busy, working 32 hours a week and going to school full time. BOY! But it is very good. We just launched our Residential Audit and Retrofit Program... check it out!

It was in the Daily Herald and everything (I'm practically famous!) HA! We have already received around 50 applications, with more coming in every day! WOOO It's exciting but exhausting!!!...MS

I need to speak with you about an issue I am having within the xyz Department concerning a Research Mentorship that never got off to a start and I will not be able to complete...CN

Honestly speaking, we really miss you a lot...NK

I appreciate all of your help and I am very thankful to have an advisor, professor, and mentor like you. By the time you return from India I may be interested in a different position, but at the running store I am gaining experience in many relevant areas, and getting to work around running things. So I am happy for now...MS

I miss seeing you in class...KH

I am sorry that it has been so long since I last stopped by your office...I would like to meet and talk about some things if you will be in the area awhile longer...CV

My J-term class, Towards Understanding Autism, is going great. The material is really interesting, and we get to start observations tomorrow...MB

I start with Harris on xyz! I also was able to talk up my salary a little bit which was great. Thanks for your advice on that....KC

The challenge is in maintaining consistency across many sections and teachers, and having consistent high standards- it is a problem we have in the CBE too....GG

You are absolutely right... The good news is that we have a better chance than ever of making sure that all students get the experience and appropriate evaluation that they need (and deserve)... Thanks for your support! AFW

I really appreciate you nominating me for the various awards. You are truly a great advisor...KC

I’m interested in reading more about Innovation. Do you have any recommendations on good books about that topic? You’re one of the most innovative folks I know, always thinking of new and different ways to approach things....KO

I really enjoyed this course and I feel like it gave me valuable information to apply to my everyday tasks. I plan to get very involved on campus, and I recently applied for the student ambassadors position and i'm applying for the RA position....TL

Supreme Court Shoots Down Chicago gun ownership restrictions

A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed...Second Amendment As passed by Congress (bbc.co.uk)

The right of the people to keep and bear arms was asserted based on the assumption that a well-regulated militia was needed for the security of a free State.

The connection between the need for a well-regulated militia and the right of private citizens, not the public armed forces, to keep and bear arms in the modern times should be questioned.

There is a well-regulated militia, the military, which has maintained the security of the State effectively. Limiting the rights of the people regarding weapons will not decrease the ability of the military to maintain the security of the State. When individuals procure weapons and organize into groups, they become "unregulated" militias, which are not mentioned. The amendment also adds the qualifier "well-regulated" to the word "militia."

BBC News - US Supreme Court extends gun rights: "The US Supreme Court has restricted the rights of state and city governments to enforce controls on gun ownership.

The US's highest court ruled by 5-4 that a ban on handgun ownership in the city of Chicago was unconstitutional.

Justices said the US Constitution protected the right to keep and bear arms for the purpose of self-defence."

Republican Logic...goes South

The finance bill that Congressional sub-committees worked up has a number of elements including the consumer watchdog- elements that need to be paid for.

Republicans complain about the fiscal deficit (though their party has overseen increased deficits far more than the Democrats).

Republicans don't want to tax the banks and hedge funds to pay for the bill.

Republicans don't want to use the TARP money to pay for the bill.

Perhaps Republicans don't want any regulation of financial institutions.

How is the public going to be protected from the predatory financial institutions?

A Bank Fee Is Cut From Financial Overhaul Bill - NYTimes.com: "Congressional negotiators briefly reopened the conference proceedings on a sweeping financial regulatory bill on Tuesday after Senate Republicans who had supported an earlier version of the measure threatened to block final approval unless Democrats removed a proposed tax on big banks and hedge funds."

South by South

Interesting facts about Nikki Haley and her experiences-

* Despite the fact that she has converted to Christianity, voters apparently are 'seeking assurances' that she is committed to the "faith."

* Of all the candidates only Ms. Haley is being quizzed about the Civil war

* She, for her part, is trying to distance herself from her background- "chastised reporters for using the candidate's full name, Nimrata Nikki Randhawa Haley."

The South is dredging the bottom of the politics, and sinking deeper and deeper in the mud.

Nikki Haley Works to Persuade Voters of Her Loyalty to South Carolina - WSJ.com: "Mrs. Haley, 38 years old, is an Indian-American, born into the Sikh faith, who converted to Christianity as an adult. Her background has prompted some voters to seek assurances that she is committed to her Christian faith and understands the feelings among some about the state's Civil War history.

Mrs. Haley appears to have overcome these tests. She is heavily favored to win a GOP primary runoff Tuesday and is leading in general election polls—an ascent that began with an endorsement by Sarah Palin and, many GOP leaders believe, accelerated as voters rejected grumblings about Mrs. Haley's background and unproven allegations of marital infidelity. She would be the first woman to hold the state's top political job.
"As ugly and as tough as it has been," said Katon Dawson, former state GOP chairman, "I think South Carolina Republicans are pretty proud of what's going on right now."Like her three GOP rivals for the governor's office, Mrs. Haley sat this spring for a videotaped interview with the Palmetto Patriots, a local activist group that aims to "fight attacks against Southern Culture" and talks with candidates "to ensure compliance with conservative values."But Mrs. Haley was the only one to be asked the freighted question of what she thought had caused the Civil War.Members of the group were curious about Mrs. Haley's views because of her heritage, said Robert Slimp, a Columbia, S.C., pastor who participated in the questioning. The group did not ask her rivals about the war, he said, because "all of them are Southerners whose families go back to beyond the war between the states, back to antebellum times, and they would have a deeper appreciation of Southern thinking and mentality."
Conservative radio show host Bob McLain said callers to his program have asked about Mrs. Haley's faith, and that questions about her religion had recently reached a "ludicrous point."Mr. McLain said he had asked Mrs. Haley personally about her religion and came away convinced of the firmness of her Christian faith.Mrs. Haley's campaign said persistent questions about religion had prompted it to revise its website. It now features a page designed to shoot down rumors, with the headline "Question: Is Nikki a Christian?"The answer: "My faith in Christ has a profound impact on my daily life and I look to Him for guidance with every decision I make." That response was sharpened from the site's previous answer, which did not mention Christ but referred instead to "Almighty God."When Mrs. Haley first ran for the legislature in 2004, one of her campaign brochures said she was "proudly raised with her Indian traditions." Still, her campaign has been sensitive to questions of race, and has chastised reporters for using the candidate's full name, Nimrata Nikki Randhawa Haley."

'Organic' growth

The Times They Are A-Changin...Bob Dylan...

Organic farms: Buying into organic farms - chicagotribune.com: "As consumers become increasingly aware of what they eat, they are also taking control of where their food comes from. Some shop at farmers markets. Fewer go out and buy stakes in an organic farm.

It's a small trend in Illinois that reflects the growing interest in organic food consumption. But the recession also has helped nurture this idea for people of means who want to invest their money in places other than the volatile, and now languishing, stock market or in certificates of deposit or savings accounts that pay 1 percent interest or less.

Another investor, Howard Harris, said a side benefit is the fun his children have when visiting the farm: "The kids like saying that they are farmers."

Axel's mom, DD Burlin, is not only a believer that organic products are healthier and better for the environment, she said she is also helping test a model for organic agriculture than can be replicated around the country.

The River Forest mom also is a trained cook and for years has been focused on nutrition in preparing meals for her two boys and husband. Then last year she read "The Omnivore's Dilemma: A Natural History of Four Meals" and realized she knew little about the origin of food.

The book prompted Burlin, 42, to buy food from local farmers who let their cows graze on pasture and didn't spray vegetables with pesticides. But that wasn't enough. She wondered how she could help other farmers move away from conventional agriculture so that more families would benefit. Then, at a conference on family farming, she met David Miller, a man on a mission to build an organic farm business that could compete with conventional farms."

A Valedictorian Puzzle

Why is the country struggling when there are more Valedictorians and A+ students than ever before?

At Some High Schools, Multiple Valedictorians - NYTimes.com: "In top suburban schools across the country, the valedictorian, a beloved tradition, is rapidly losing its singular meaning as administrators dispense the title to every straight-A student rather than try to choose the best among them.

Principals say that recognizing multiple valedictorians reduces pressure and competition among students, and is a more equitable way to honor achievement, particularly when No. 1 and No. 5 may be separated by only the smallest fraction of a grade from sophomore science. But some scholars and parents have criticized the swelling valedictorian ranks as yet another symptom of rampant grade inflation, with teachers reluctant to jeopardize the best and brightest’s chances of admission to top-tier colleges."

Lowering the Boom...on Minimum Wage

Brady supports lower minimum wage in Illinois - chicagotribune.com: "SPRINGFIELD — Republican governor candidate Bill Brady said Friday that he supports lowering Illinois' minimum wage if he wins in November and the state rate remains higher than the federal one.

'For the state of Illinois to come in and micro-manage wages above the federal minimum wage is a mistake,' Brady, a state senator from Bloomington, told reporters after speaking at a VFW convention.

Illinois' minimum wage will rise a quarter to $8.25 an hour on Thursday, a dollar above the $7.25 federal minimum wage that took effect last July."

Southern Hospitality

Texas is leading the country in "Innovation in Education..." Innovations that can create long-lasting effects, positive or negative.

Deep in the Heart of Texas - Opinionator Blog - NYTimes.com: "Now an entire state is on the brink of implementing just that bite-sized style of teaching under the rubric of “customer satisfaction.” Texas, currently in a contest with Arizona and South Carolina for the title “most retrograde,” is signing on to a plan of “reform” generated by the Texas Public Policy Foundation, a conservative think tank dedicated to private property rights and limited government. Backed by Governor Rick Perry (yes, the one who thinks secession is a viable political option), the plan calls for college and university teachers to contract with their customers — that is, students — and to be rewarded by as much as $10,000 depending on whether they meet the contract’s terms. The idea is to hold “tenured professors more accountable” (“A&M regents push reforms,” The Eagle, June 13, 2010), and what they will be accountable to are not professional standards but the preferences of their students, who, in advance of being instructed, are presumed to be authorities on how best they should be taught."

Public Good versus Private Gain

is the main issue in Medical Care and in Education.

Why should shareholders of for-profit educational institutions benefit from federal grants? Taxpayer money can be used to support state universities, and the for-profit institutions should support their students by raising their own capital for financial aid. If DeVry or UofPhoenix had to provide student loans out of its own pocket, and absorb the risk of non-payment, then their educational standards would go up faster than the oil gushing out in GoM.

Battle Lines Drawn Over For-Profit Colleges - NYTimes.com: "The report, a draft of which was obtained by The New York Times, suggests a basic conflict: For-profit colleges have an obligation to maximize shareholder profits — and that mandate can conflict with the objective of federal student aid, which is to increase students’ access to quality higher education.

The Harkin report calls for-profit colleges “an important part of the mix” both because they can increase access to higher education, and because they offer “innovative options” that can make it easier for students to study while holding down a job or raising a family.

At the same time, the report says profit-making colleges generally charge higher tuition than comparable public colleges, spend a large share of revenue on expenses not related to teaching, experience high dropout rates, and, in some cases, use abusive recruiting and debt management practices.

Fueled by federal student aid, the for-profit sector has mushroomed in the last decade. While overall post-secondary enrollment increased 31 percent from 1998 to 2008, the for-profits’ enrollment grew by 225 percent.

According to the report, the publicly traded education companies have a combined enrollment of 1.4 million students in the United States. The largest, the University of Phoenix, has 458,000 students — more than the undergraduate enrollment of the entire Big 10 conference.

And at least seven of the publicly traded for-profit colleges enroll most of their students exclusively in online programs.

Federal student aid comes mostly in the form of Pell grants, of up to $5,350 a year, and Stafford loans, which students must repay after they leave college. Although the aid is meant for the benefit of individual students, the disbursements actually go directly to their colleges. In 2008-9, for-profit colleges got $4.3 billion in Pell grants and $19.6 billion in Stafford loans.

And although for-profit colleges enroll less than 10 percent of the nation’s higher-education students, they get almost a quarter of the federal student aid.

And, the report said, they have some of the highest operating profit margins among large American companies — as much as 37 percent."

Australia has a first, at last.

BBC News - Australia has first woman PM as Gillard replaces Rudd: "Australia's Julia Gillard has become the country's first female prime minister after Kevin Rudd stood aside from a party ballot.

Mr Rudd took the step in the knowledge he would suffer an embarrassing defeat, correspondents say."

Law-less but not CD-Legal at Law Schools

NYT reports on GPA adjustment in some Schools, even retro-actively.

Schools argue that they are trying to keep with their peers- the same argument used to justify the gross compensation of Corporate and University CEOs. Positive Feedback Loop.

The current grading system makes a mockery of learning. Combining this with student evaluations yields the "don't worry be happy" state for students, faculty and administrators- at least in the short run. Learning, in the meantime, is shedding her tears.

In Law Schools, Grades Go Up, Just Like That - NYTimes.com: "One day next month every student at Loyola Law School Los Angeles will awake to a higher grade point average.
But it’s not because they are all working harder.
The school is retroactively inflating its grades, tacking on 0.333 to every grade recorded in the last few years. The goal is to make its students look more attractive in a competitive job market.

In the last two years, at least 10 law schools have deliberately changed their grading systems to make them more lenient. These include law schools like New York University and Georgetown, as well as Golden Gate University and Tulane University, which just announced the change this month. Some recruiters at law firms keep track of these changes and consider them when interviewing, and some do not...

The process schools refer to as grade reform takes many forms. Some schools bump up everyone’s grades, some just allow for more As and others all but eliminate the once-gentlemanly C.

Harvard and Stanford, two of the top-ranked law schools, recently eliminated traditional grading altogether. Like Yale and the University of California, Berkeley, they now use a modified pass/fail system, reducing the pressure that law schools are notorious for. This new grading system also makes it harder for employers to distinguish the wheat from the chaff, which means more students can get a shot at a competitive interview.

Students and faculty say they are merely trying to stay competitive with their peer schools, which have more merciful grading curves. Loyola, for example, had a mean first-year grade of 2.667; the norm for other accredited California schools is generally a 3.0 or higher."

Too Hot in Chicago

Most shootings in Chicago this weekend caused by gangs, police chief says - chicagotribune.com: "More than half of the 18 shootings over a 24-hour period this weekend involved gangs, Chicago Police Supt. Jody Weis said Sunday..."

Clout St: Wal-Mart pledges $8.75 an hour for new Chicago stores but unions say it's not enough: "Wal-Mart today pledged to pay a starting wage of at least $8.75 an hour if the city allows it to build dozens of new stores in Chicago, but influential unions called the amount 'disappointing.'

The giant retailer's money offer --- 50 cents above minimum wage --- comes ahead of a key vote Thursday on a South Side store that would be only the second Wal-Mart within city limits.

Ald. Anthony Beale announced the wage concession after Wal-Mart met with city unions and committed to the $8.75 an hour figure, which is short of what the unions are seeking. Beale has been negotiating with the company in hopes of landing a Wal-Mart store that would anchor the Pullman Park development proposed for his 9th Ward.

“It was very brief,” said Chicago Federation of Labor spokesman Nick Kaleba about the meeting. “It felt like a take-it-or-leave-it kind of thing. It wasn’t really a discussion.”"

Capitalistic Competition

Delta/Northwest and United/Continental in Airlines. The seven baby Bells + AT&T + MCI/Worldcom have been reduced to AT&T and Verizon.

Disney/ABC was a big merger, but now Comcast+NBC Universal will create a monster media pipe+content company.

Local Broadcasters Are Fearful of an NBC-Comcast Deal - NYTimes.com: "Comcast, the nation’s biggest cable provider, has long played hardball with competitors and content providers. Now that it is seeking control of NBC Universal in a $30 billion transaction, those competitors are piping up, expressing fears that Comcast will use its consolidated power to favor its own content and squeeze out rivals."

Public money...keeping Realtors in Hummer Luxury

Cost of Fannie And Freddie Keeps Rising - NYTimes.com: "Fannie Mae and Freddie Mac took over a foreclosed home roughly every 90 seconds during the first three months of the year. They owned 163,828 houses at the end of March, a virtual city with more houses than Seattle. The mortgage finance companies, created by Congress to help Americans buy homes, have become two of the nation’s largest landlords.

Bill Bridwell, a real estate agent in the desert south of Phoenix, is among the thousands of agents hired nationwide by the companies to sell those foreclosures, recouping some of the money that borrowers failed to repay. In a good week, he sells 20 homes and Fannie sends another 20 listings his way.

“We’re all working for the government now,” said Mr. Bridwell on a recent sun-baked morning, steering a Hummer through subdivisions laid out like circuit boards on the desert floor.

For all the focus on the historic federal rescue of the banking industry, it is the government’s decision to seize Fannie Mae and Freddie Mac in September 2008 that is likely to cost taxpayers the most money. So far the tab stands at $145.9 billion, and it grows with every foreclosure of a three-bedroom home with a two-car garage one hour from Phoenix. The Congressional Budget Office predicts that the final bill could reach $389 billion."

Moral from the Bard: Neither a Borrower nor a Lender Be...

During the past decade quite a few folks enjoyed the good life by "charging it." For some of them the good life is gone for good, and they are being 'educated' by the Bankruptcy Alternatives folks.

It is always amazing to see the depths to which some humans will sink to exploit others. Dilbert's Scott Adams illustrated this well when he recommended buying the stocks of companies like BP which are hated for causing calamities.

The New Poor - Peddling Relief, Firms Put Debtors in Deeper Hole - NYTimes.com: "For the companies that promise relief to Americans confronting swelling credit card balances, these are days of lucrative opportunity.

So lucrative, that an industry trade association, the United States Organizations for Bankruptcy Alternatives, recently convened here, in the oceanfront confines of the Four Seasons Resort, to forge deals and plot strategy.

At a well-lubricated evening reception, a steel drum band played Bob Marley songs as hostesses in skimpy dresses draped leis around the necks of arriving entrepreneurs, some with deep tans.

The debt settlement industry can afford some extravagance. The long recession has delivered an abundance of customers — debt-saturated Americans, suffering lost jobs and income, sliding toward bankruptcy. The settlement companies typically harvest fees reaching 15 to 20 percent of the credit card balances carried by their customers, and they tend to collect upfront, regardless of whether a customer’s debt is actually reduced.

State attorneys general from New York to California and consumer watchdogs like the Better Business Bureau say the industry’s proceeds come at the direct expense of financially troubled Americans who are being fleeced of their last dollars with dubious promises."

Scott Adams Does BP, and perhaps many other slicksters

Dilbert's Scott Adams on Betting on the Bad Guys in Investing - WSJ.com: "Scott Adams's personal road to riches: Put your money on the companies that you hate the most
By SCOTT ADAMS

When I heard that BP was destroying a big portion of Earth, with no serious discussion of cutting their dividend, I had two thoughts: 1) I hate them, and 2) This would be an excellent time to buy their stock. And so I did. Although I should have waited a week.

People ask me how it feels to take the side of moral bankruptcy. Answer: Pretty good! Thanks for asking. How's it feel to be a disgruntled victim?

I have a theory that you should invest in the companies that you hate the most. The usual reason for hating a company is that the company is so powerful it can make you balance your wallet on your nose while you beg for their product. Oil companies such as BP don't actually make you beg for oil, but I think we all realize that they could. It's implied in the price of gas.

I hate BP, but I admire them too, in the same way I respect the work ethic of serial killers."

The New Poor - Peddling Relief, Firms Put Debtors in Deeper Hole - NYTimes.com: "The debt settlement industry can afford some extravagance. The long recession has delivered an abundance of customers — debt-saturated Americans, suffering lost jobs and income, sliding toward bankruptcy. The settlement companies typically harvest fees reaching 15 to 20 percent of the credit card balances carried by their customers, and they tend to collect upfront, regardless of whether a customer’s debt is actually reduced.

State attorneys general from New York to California and consumer watchdogs like the Better Business Bureau say the industry’s proceeds come at the direct expense of financially troubled Americans who are being fleeced of their last dollars with dubious promises.

Consumers rarely emerge from debt settlement programs with their credit card balances eliminated, these critics say, and many wind up worse off, with severely damaged credit, ceaseless threats from collection agents and lawsuits from creditors."

One can bank on this...

Banks Scramble to Dilute Overhaul Legislation - WSJ.com: "The banking industry unleashed a last-ditch effort to strip new debit-card restrictions from the proposed financial-overhaul legislation, including the removal of the word 'incremental' from the 1,500-page bill.

The measures are under siege from the nation's largest banks, which have said they would lose billions of dollars in revenue from fees that they charge to merchants for debit-card transactions, known as interchange fees. Small banks and credit unions also oppose the measure even though they technically would be exempt from the law. In the past week, they have intensified efforts to dilute the legislation, planned news conferences and urged employees ..."

Capital Government

As a guest on MSNBC pointed out, a Libertarian or a Tea Party candidate running for public office while campaigning for no government (or a small government) is hypocritical.

What is the role of government? Opinions are dime a dozen. Even those who consider themselves hard-core capitalists envision a world where the only job of government is to ensure a "level playing field" across competing capitalistic entities. One way to achieve this is through regulations- however deregulation is the mantra. How does a bureaucracy composed of people who came from carious competing entities create a "level playing field?" By going for the lowest common denominator- which is what happened with the MMS and BP.

Congress and the President hauling BP over a boiling cauldron of oil is a farce. BP's management did what it was expected to do- cut costs to a minimum while securing the approvals from regulatory agencies. The folks in the Gulf who were affected did not complain when BP started offshore drilling. The case against BP regarding the refinery explosion in Texas is running into slick oil because judges are recusing themselves due to ties to BP.

If the public is taught (and believes) that regulation is bad and deregulation is good, and that public ownership is bad and privatisation is good, and regulatory agencies are filled with political cronies, the public should expect violations and the consequences.

The biggest failure of Obama in this Anglo-British Petrolaffair is that he did not consider regulatory aspects seriously and did not order a review of all personnel in these departments. By this time every regulatory agency should have been staffed with competent personnel. It is not too late to start now. FDA, SEC, and everything else should be put under a microscope.

Stops Making Sense...even to Talking Heads

No surprise that the public disapproves of Congress...there are no principles or ethics when these people craft bills...

Groups oppose NRA exemption in campaign bill | Reuters: "Forty-five public interest groups expressed opposition on Wednesday to a Democratic bill requiring greater disclosure in campaign financing, saying an exemption for the powerful National Rifle Association was unjust.

'There is no legitimate justification for privileging the speech of one entity over another, or of reducing the burdens of compliance for the biggest organization yet retaining them for the smallest,' they wrote Speaker of the House of Representatives Nancy Pelosi..."

Voluntary disclosure of bribery...and getting away with it

Medtronic Voluntarily Discloses Payments to Doctors - WSJ.com: "Medical-device maker Medtronic Inc. disclosed that it made payments of more than $15.7 million in royalties and consulting fees to U.S. doctors in the first quarter, the first time the big Minneapolis company has provided such details.

In making the voluntary disclosure, Medtronic is stepping ahead of requirements of a new federal law mandating such publication by 2013. But the Medtronic initiative is occurring at a time when federal prosecutors and congressional investigators are increasingly scrutinizing relationships between drug and device companies and doctors.

The vast majority of the payments, or $14.2 million, went to orthopedic specialists and orthopedic surgeons. ..."

Distinctive Distinctions

Dr. Ehrenreich's book, "Bright-Sided: How the Relentless Promotion of Positive Thinking Has Undermined America" is an apt description of the goings-on in the hallowed halls of higher learning.

A quick count of our 2010 graduation list revealed that out of 575 graduates, 53 students had achieved Summa Cum Laude, 84 Magna Cum Laude, and 86 Cum Laude distinctions- i.e. 223 out of 575 or 38.9% (more than 1 in 3) graduated with distinction. One 1 in 11 students was a Summa Cum Laude!

It is difficult to fathom why the unemployment rates for graduates are high when more than 1 in 3 have distinctions. Certainly the power of positive thinking has seized control and redefined the meaning of "liberal" education.

Deficit of Integrity

Bob Herbert of the NYT makes an impassioned plea for federal aid to states for education. The intellectual question always centers around funding. Given the deficits the country is running, it makes sense to cut some areas, like the benefits and pensions to lawmakers, and raise taxes on people who should be paying more.

Op-Ed Columnist - Unfazed by Reality - NYTimes.com: "Congress had already been considering legislation that would provide something approaching $50 billion in aid to states: $24 billion to offset increased costs in the states’ share of Medicaid payments and $23 billion for teachers’ salaries. But the constant chatter from Republicans and increasing numbers of Democrats about rising federal budget deficits has stymied those efforts.

The concerns about the effect that this aid might have on long-term federal deficits are misplaced, because the effect would be barely noticeable — if at all. But if Congress doesn’t act, the impact in the here and now will be both powerful and painful. The secretary of education, Arne Duncan, has warned that the nation could face an “education catastrophe” if the federal government fails to provide assistance to prevent the loss of 100,000 to 300,000 public school jobs."

For Droning Out Loud...

The Vuvuzelas make the World Cup matches exciting to watch...there has been nothing like this during our sports watching careers.

The cry babies of France should stop crying and get on with the game.

World Cup’s Incessant Drone Will Stay for Now - NYTimes.com: "The loud trumpets called vuvuzelas will continue to be allowed for the time being at the World Cup, despite complaints from some international broadcasters, players and fans, the tournament’s organizing committee said Monday.

On Sunday, Danny Jordaan, the chief World Cup organizer, told the British Broadcasting Corporation that use of the trumpets was “something we are evaluating on an ongoing basis.” He said he would consider banning the horns “if there are grounds to do so.”

Some broadcasters have been complaining since last June’s Confederations Cup here that the vuvuzelas are too disruptive to the international television feeds, subduing announcers’ voices and irritating viewers.

Patrice Evra, France’s captain, complained to Agence France-Presse that the horns played a role in his team’s lackluster 0-0 draw with Uruguay on Friday, saying, “We can’t hear one another on the pitch because of them.”

Evra also said that the horns were disrupting the French players’ sleep and awakening them as early as 6 a.m. at the team hotel.

Banning the trumpets, though, would undoubtedly unleash a fierce response from South Africans, who see the vuvuzelas as an indispensable part of their soccer culture. Sepp Blatter, the president of FIFA, soccer’s world governing body, has supported the trumpets, saying Europeans must adjust to African traditions.

In a statement on Monday, Rich Mkhondo, a spokesman for the World Cup organizing committee, reiterated that “the vuvuzela will continue to be allowed during the tournament and the status quo has not changed,” adding that complaints had been isolated.

The organizing committee will continue to evaluate the use of vuvuzelas, the statement said, and will not tolerate “any vuvuzelas landing on the field of play during matches or being used in a threatening manner at the stadiums, which has never before been the case.”

The organizing committee said that fans had heeded requests to refrain from blowing the vuvuzelas during national anthems and stadium announcements..."

"Degree" of Education

June 13, 2010 ended up having some points of interest, in Holmesian language. Barbara Ehrenreich's book "BRIGHT-SIDED: HOW THE RELENTLESS PROMOTION OF POSITIVE THINKING HAS UNDERMINED AMERICA" proved to be positively interesting. The Beiderbecke Affair, featuring some sharp and witty scriptwriting and a stellar performance by Barbara Flynn, provided great entertainment. In the evening, our neighbor's daughter dropped to eat our mom's crepe. She had tried it a couple of days ago, and apparently saved some of her appetite tonight for this dish. Indian food can be spicy, especially for a seven year old. Once she began to eat, her father and her brother also came by and tried a number of our mom's dishes. The father remarked that it was very educational for the kids to be able to come to our house and experience another culture and food. He was looking at the entire experience as an education, in food and on life. It is quite an opportunity for young children to experience and appreciate differences, in people, food, clothing and other areas. This education brings home the bacon, so to speak, far more than "degrees" or "titles."

Sweden...S, it's Eden...

The public of Sweden have had the brains and the guts to do large-scale experiments in Social Studies for a few decades. The data reveals the socio-analytical orientation of the Swedes...an orientation that is a diametrical opposite of the Tea Party drunks in the United States.

The Female Factor - In Sweden, the Men Can Have It All - NYTimes.com: "In this land of Viking lore, men are at the heart of the gender-equality debate. The ponytailed center-right finance minister calls himself a feminist, ads for cleaning products rarely feature women as homemakers, and preschools vet books for gender stereotypes in animal characters. For nearly four decades, governments of all political hues have legislated to give women equal rights at work — and men equal rights at home.

Swedish mothers still take more time off with children — almost four times as much. And some who thought they wanted their men to help raise baby now find themselves coveting more time at home.

But laws reserving at least two months of the generously paid, 13-month parental leave exclusively for fathers — a quota that could well double after the September election — have set off profound social change.

Companies have come to expect employees to take leave irrespective of gender, and not to penalize fathers at promotion time. Women’s paychecks are benefiting and the shift in fathers’ roles is perceived as playing a part in lower divorce rates and increasing joint custody of children.

In perhaps the most striking example of social engineering, a new definition of masculinity is emerging.

“Many men no longer want to be identified just by their jobs,” said Bengt Westerberg, who long opposed quotas but as deputy prime minister phased in a first month of paternity leave in 1995. “Many women now expect their husbands to take at least some time off with the children.”

Birgitta Ohlsson, European affairs minister, put it this way: “Machos with dinosaur values don’t make the top-10 lists of attractive men in women’s magazines anymore.” Ms. Ohlsson, who has lobbied European Union governments to pay more attention to fathers, is eight months pregnant, and her husband, a law professor, will take the leave when their child is born..."

This work reflects no credit

College accreditation is a very important element in maintaining and assuring quality of education. Stories like the following are troublesome indeed, especially as our institution is also accredited by HLC.

New Scrutiny for College Accreditation Groups - WSJ.com: "Groups that accredit colleges and universities are facing new scrutiny after the U.S. Department of Education's inspector general urged department officials to curtail the authority of the nation's largest regional oversight group.

The inspector general's office found that the Higher Learning Commission of the North Central Association of Colleges and Schools granted accreditation to a for-profit university despite what investigators considered the school's questionable practices in awarding credit hours to students.

The inspector general urged federal officials, in a final report released May 24, to 'limit, suspend or terminate' the HLC's accrediting power."

Money for Nothing...and BeePee for Free

Money Managers and investors holding shares of BP are upset that President Obama is bashing the company and that the dividend might be in jeopardy. These idiots seem to be forgetting the basics of holding equities- it is an "at-risk" investment, no dividends are "guaranteed" and the firm has to first meet its obligations and liabilities before paying its equity holders. If pension funds need guaranteed income, they should hold instruments that guarantee a rate of return, like federal debt. Holding equities and complaining gets no tears.

U.S. Fury at BP Stirs Backlash Among British - NYTimes.com: "Spewing oil and alienating Americans with its chief executive’s impolitic remarks, BP may be Public Enemy No. 1 in the United States. But in Britain, where the company is a mainstay of the stock market and a favorite of pension funds, investors and politicians are becoming increasingly angry at the blistering attacks from across the Atlantic."

Tech Wreck

Your Brain on Computers - Attached to Technology and Paying a Price - NYTimes.com: "Scientists say juggling e-mail, phone calls and other incoming information can change how people think and behave. They say our ability to focus is being undermined by bursts of information.

These play to a primitive impulse to respond to immediate opportunities and threats. The stimulation provokes excitement — a dopamine squirt — that researchers say can be addictive. In its absence, people feel bored.

The resulting distractions can have deadly consequences, as when cellphone-wielding drivers and train engineers cause wrecks. And for millions of people like Mr. Campbell, these urges can inflict nicks and cuts on creativity and deep thought, interrupting work and family life."

Obama...oily under pressure

According to news reports Obama is close to reopening drilling offshore, rather than taking the opportunity to push for reduced consumption, and for a different kind of economy.

The same old story will yield the same old ending.

White House Pushes to Clear Way for Oil-Drilling Permits - WSJ.com: "The Obama administration, facing rising anger on the Gulf Coast over the loss of jobs and income from a drilling moratorium, said Monday that it would move quickly to release new safety requirements that would allow the reopening of offshore oil and gas exploration in shallow waters.

Gulf Coast residents, political leaders and industry officials said delays in releasing the new rules, along with the administration's six-month halt on deepwater drilling—both issued amid public pressure—threatened thousands of jobs."

Growing and Dying

The common mantra in business is "You grow or You die." While this is a ripe topic for a philosophical discussion, wanton growth without planning or controls can also lead to death. India, a country with four times the population of the U.S.A. but with less than half its space, simply cannot accommodate large numbers of cars and trucks- space is a premium. People who should have invested capital in building modern, robust, and convenient public transportation are instead building and selling automobiles- whose sales are growing at rates of 20% to 30% or more. This is a disaster on many fronts- the opportunity cost of space and time, pollution, and others. But another consequence is the number of accidents. Comparisons with China should be done carefully- China has a slightly larger population than India, but its land mass is almost as large as that of the continental U.S.- China has space to build wide roads.

India Steadily Increases Its Lead in Road Fatalities - NYTimes.com: "India overtook China to top the world in road fatalities in 2006 and has continued to pull steadily ahead, despite a heavily agrarian population, fewer people than China and far fewer cars than many Western countries.

While road deaths in many other big emerging markets have declined or stabilized in recent years, even as vehicle sales jumped, in India, fatalities are skyrocketing — up 40 percent in five years to more than 118,000 in 2008, the last figure available.

A lethal brew of poor road planning, inadequate law enforcement, a surge in trucks and cars, and a flood of untrained drivers have made India the world’s road death capital. As the country’s fast-growing economy and huge population raise its importance on the world stage, the rising toll is a reminder that the government still struggles to keep its more than a billion people safe."

Wage Compression and Pain Expansion for all...except for the CEOs

While the CEOs are helping themselves generously and digging deeper into the cookie jar, there is wage compression for many others, especially at the lower end. Part of the "global re-balancing" efforts, as wages rise sharply in countries like India and China.

Employers Lowballing New Hires - WSJ.com: "Since the labor market began picking up steam, companies hiring for entry-level or administrative spots with pay that would normally range from $40,000 to $50,000 have been offering workers $28,000 to $38,000, says Randy Miller, founder and chief executive of ReadyMinds, a Lyndhurst, N.J., provider of online career counseling and coaching.

For workers further up the food chain, an offer that might have been $100,000 a few years ago is now coming in at $85,000 or $90,000, he says."

Capital Education needed- to reform For-Profit Colleges

For-Profit Colleges are owned by the equity holders, who one assumes are capitalists favoring no governmental intervention. Logic then dictates that these Colleges come up with their own financing mechanisms for supporting students who cannot afford to pay the high tuition (American Public University hooking up with Wal-Mart, as an example).

But the following story reveals that the for-profit Colleges want the government to provide federal aid to students, which the management then puts in its pocket and distributes some to the shareholders. These colleges should either be not-for-profit and take government money, or use the capital markets to raise money to support students. Why should the public take on the risk of student loan defaults when the money (at least a part of it) is going directly to management and to shareholders? Shift the risk to the public, then shift the ownership to the public too.

Facing Cuts in Federal Aid, For-Profit Colleges Are in a Fight - NYTimes.com: "Any day now, the federal Department of Education will formally propose new regulations that would cut off federal aid to for-profit colleges whose graduates cannot earn enough to repay their student loans.

The regulations, known as the “gainful employment” rules, are an effort to rein in the high debt loads students take on when they enroll in for-profit colleges that offer certificates or degrees in fields like nursing or culinary arts. Students at for-profit colleges are much more likely than others to default on their loans.

Under the regulations, a draft of which came out in February, for-profit colleges would not be eligible to receive federal student aid if their graduates’ debt load was too high to be repaid, over 10 years, with 8 percent of their starting salary.

The Career College Association, which represents 1,450 for-profit colleges, is lobbying fiercely against the regulations, which it argues are wrong-headed, unnecessary and likely to restrict needy students’ access to vocational training and higher education. With so many community colleges overcrowded, the for-profit colleges say, their programs represent the nation’s best hope for training much-needed health care workers and technicians.

The association criticizes almost every element of the regulations: the 8 percent debt limit, the 10-year repayment period and the underlying idea that high debt loads lead to loan default.

“Shouldn’t the Department of Education have to present some facts and figures showing that there’s really a problem with students who have debt-income ratios above 8 percent?” said Harris Miller, president of the association. “They haven’t shown any evidence. And our own research shows that students with high debt-income ratios actually default less than students with low debt-income ratios."... "

Double the Pleasure- the Wal-Mart Way

Two interesting pieces of news from Wal-Mart.

Wal-Mart: 500,000 new jobs worldwide in 5 years - Jun. 4, 2010: "Wal-Mart Stores Inc. said Friday it plans to create 500,000 jobs throughout the world in the next five years, saying there is tremendous opportunity for growth globally."

Wal-Mart to Offer Workers College Degree Program - NYTimes.com: "The purveyor of inexpensive jeans and lawnmowers is dipping its toe into the online-education waters, working with a Web-based university to offer its employees in the United States affordable college degrees.

The partnership with American Public University, a for-profit school with about 70,000 online students, will allow some Wal-Mart and Sam’s Club employees to earn credits in areas like retail management and logistics for performing their regular jobs.

The university will offer eligible employees 15 percent price reductions on tuition, and Wal-Mart will invest $50 million over three years in other tuition assistance for the employees who participate."

****

Wal-Mart will hire more workers as it expands in countries like India. Paying, even partly, for education is a positive step, whether one is in favor of online degrees or not. For-profit organizations in education raise serious ethical issues, but so do all for-profit organizations. BP is spending $50 million in advertising/PR and giving a few billions as dividends to shareholders- while destroying many families who depend on the Gulf for livelihood.

Obama gives, Congress takes -

Plenty of Bribes, that is.

Romanoff, Sestak, and perhaps others. Jobs for support.

Banks and oil companies- Support for Support.

Obama, who drove the "audacity of hope" train to victory now finds it derailed, with all the blame on the driver.

Members of Congress have been dipping deeply into the well of money given by the government to bail out the bad boys.

Report: Revolving Door Spins Quickly Between Congress, Wall Street - OpenSecrets Blog | OpenSecrets: "Organizations in the financial services sector have deployed at least 1,447 former federal employees to lobby Congress and federal agencies since the beginning of 2009, according to a joint analysis of federal disclosure records and other data released today by Public Citizen and the Center for Responsive Politics. (Download the full report here: FinancialRevolvingDoors.pdf)...

Added Sheila Krumholz, executive director of the Center for Responsive Politics, “Companies pay a premium for lobbyists who’ve spun through the revolving door because it can be a small price to pay relative to the huge payoff if they can shape legislation. These lobbyists tap insider knowledge and personal relationships, knowing that their old friends and former co-workers won’t want to let them down.'

Prominent former congressional members now lobbying on behalf of financial services sector interests include two former Senate majority leaders (Bob Dole, R-Kan., and Trent Lott, R-Miss.), two former House majority leaders (Dick Armey, R-Texas, and Dick Gephardt, D-Mo.) and a former speaker of the House (Dennis Hastert, R-Ill.)."

Dick Gephardt spoke at my Commencement about ideals.

Selling a Story

The WSJ reported today that Medtronic disclosed payment to doctors. The tone of the article suggests that Medtronic is doing a great service by increasing 'transparency.' That the firm is offering 'royalty' and 'consulting fees' (bribes) to doctors is not being questioned. Doctors taking money from the firms are displaying the depths of their ethics.

Medtronic Voluntarily Discloses Payments to Doctors - WSJ.com: "Medical-device maker Medtronic Inc. disclosed that it made payments of more than $15.7 million in royalties and consulting fees to U.S. doctors in the first quarter, the first time the big Minneapolis company has provided such details.

In making the voluntary disclosure, Medtronic is stepping ahead of requirements of a new federal law mandating such publication by 2013. But the Medtronic initiative is occurring at a time when federal prosecutors and congressional investigators are increasingly scrutinizing relationships between drug and device companies and doctors.

The vast majority of the payments, or $14.2 million, went to orthopedic specialists and orthopedic surgeons. ..."

Excellent logic

Op-Ed Columnist - Our Epic Foolishness - NYTimes.com: "If a bank is too big to fail, it’s way too big to exist. If an oil well is too far beneath the sea to be plugged when something goes wrong, it’s too deep to be drilled in the first place."