Posts Tagged ‘Larry Summers’

LinkSwarm for April 5, 2024

Friday, April 5th, 2024

Hope you’ve got your taxes done. I’m still working on mine.

  • “Summers: Inflation Reached 18% In 2022 Using The Government’s Previous Formula.”

    Numerous commentators—especially those defending President Biden’s economic record—have puzzled over why Americans are sour about the state of the U.S. economy. Unemployment rates have returned to pre-pandemic lows, commentators correctly point out, and the official rate of inflation is declining. So why are Americans ignoring the view of many experts that the economy is doing well?

    According to a striking new paper by a group of economists from Harvard and the International Monetary Fund, headlined by former Treasury Secretary Larry Summers, the answer is that Americans have figured out something that the experts have ignored: that rising interest rates are as much a part of inflation as the rising price of ordinary goods. “Concerns over borrowing costs, which have historically tracked the cost of money, are at their highest levels” since the early 1980s, they write. “Alternative measures of inflation that include borrowing costs” account for most of the gap between the experts’ rosy pictures and Americans’ skeptical assessment.

  • Backlash Is Real‘: DEI Exodus Gains Steam Across Corporate America.”

    The unraveling of “diversity, equity, and inclusion” initiatives was seen on the state level, as Red states rushed to ban DEI programs in 2023. Google, Facebook, and other tech companies slashed DEI staff by late last year. Early this year, universities began rolling back diversity programs, while Harvard President Claudine Gay was demoted.

    DEI was doomed to fail, and corporations have been quickly scrambling to abandon mindless and profitless diversity programs with Marxist roots. The latest earnings call data shows that “DEI” mentions have collapsed from their peak in 2021, according to Axios, citing data from AlphaSense.

    In January, Johnny Taylor, president of the Society for Human Resource Management, told Axios that corporate executives are fed up with DEI.

    “The backlash is real. And I mean, in ways that I’ve actually never seen it before,” Taylor said, adding, “CEOs are literally putting the brakes on this DE&I work that was running strong” since George Floyd’s murder in early 2020.

    Kevin Clayton, senior vice president and head of social impact and equity for the Cleveland Cavaliers, said the chief diversity officer role was all the rage across corporate America after Floyd’s murder. He said companies filled these positions “out of gilt,” and hiring wasn’t the best.

    Axios noted, “Some businesses are cutting back funding, trimming DEI staff — and even considering pulling back on things like employee resource groups comprised of workers of various races, ethnicities or interests.”

    The pushback on DEI is finding momentum across corporations and universities. Subha Barry, former head of diversity at Merrill Lynch, told Bloomberg last month: “We’re past the peak.”

    Let’s hope so.

  • No one at the wheel: “Biden Reportedly Has No Idea He Issued ‘Trans Day Of Visibility’ Proclamation.”
  • Gen Z hates the lousy Biden economy and favors Trump over Biden. Though a word to those Gen Z sorts who complain about a 9-5 schedule being “unnatural”: A “natural” schedule is performing backbreaking hunter/gatherer or subsistence agriculture work from dawn to dusk 6-7 days a week and dropping dead before you turn 40…
  • Virginia’s Republican governor Glenn Youngkin vetoes dozens of gun control bills.
  • Boston takes over Soldiers Home to house illegal aliens.
  • Ukrainian drones hit a Russia drone production facility at Yelabuga, Tatarstan, which is almost 1,000 miles inside Russia, using a drone that looks a whole lot like a light aircraft.
  • Ukraine hits another Russian airbase with over 40 drones, and presumably took out even more Su-34s.
  • Whoops, make that three Russian airbases hit. including reports of three Tupolev Tu-95 “Bear” bombers damaged. (Yes, Russia still has a propeller-driven bomber in service. It can carry nuclear weapons and launch cruise missiles.)
  • Watch President of Guyana Mohamed Irfaan Ali absolutely dismantle a BBC reporter over his attempt to guilt him over global warming. It’s good to see that there’s at least one world leader who hasn’t drunk the green Kool-Aid…
  • Gun crimes evidently mean being released without bail if the perp is an illegal alien.
  • Cost estimates more than double to replace failing Austin arts center building.” Note the “Extended community engagement: $1 million” which is code for “Payoffs to leftwing activists.” (Hat tip: Dwight.)
  • UT Austin Closes DEI-Focused Division of Campus and Community Engagement, ‘Redistributes’ Programs.” Let’s hope the “redistribution” doesn’t just end up infecting other department.
  • “Paxton Seeks to Investigate Boeing Parts Supplier, DEI Initiatives. Attorney General Ken Paxton is seeking to investigate Spirit AeroSystsems after public outrage involving Boeing’s aircraft manufacturing issues.”

    Boeing stated in 2022 that “for the first time in our company’s history, we tied incentive compensation to inclusion.”

    Boeing’s 2023 Global Equity, Diversity, and Inclusion report explains that “diversity must be at the table for every important decision our company makes – every challenge we face, every innovation we design. Equity, diversity and inclusion are core values because they make Boeing — and each of us individually — better.”

    According to the report, racial and ethnic minorities now hold 41.4 percent of jobs in the U.S. Boeing Commercial Airplanes Unit, and 28.3 percent in the U.S. Boeing Defense, Space, and Security. In 2022, U.S. racial and ethnic minorities made up 47.5 percent of new hires at Boeing.

    You know what I want at the table for every important Boeing decision? Planes not falling out of the sky.

  • Harvard: Segregation now, segregation forever!
  • “Trans woman [that is to say, a man] pleads guilty after threatening to kill, rape school children in Illinois.” According to the virtue signaling sign people, love is love even when it’s murderous hate…
  • Intel lost $7 billion last year. Intel has a technology roadmap to get its process tech back on track, but failure to execute on previous nodes is what got them into this mess.
  • “Sir Maejor Page accused of creating bogus BLM charity to swipe nearly $500K to buy lavish home, guns facing fraud trial.” #BlackLivesMatter was (and is) a scam all the way down. (Hat tip: Dwight.) (Previously.)
  • In addition to having fingers in the pie in Syria and Yemen in addition to their proxy war with Israel, Iran also has to deal with Sunni Baluch separatist organization Jaish al-Adl (“Army of Justice”) on their own territory, where they killed at least 11 Iranian security force members.
  • “Journalists with the Austin American-Statesman are on strike once again.” Time to break this out again:

    (Hat tip: Dwight.)

  • Steve Wozniak sues YouTube over fake crypto endorsement videos.
  • City says mobile car wash isn’t.
  • Yes, Indiana Jones and the Dial of Destiny lost a ton of money.
  • Belew, Vai, Levin and Carey Play 80’s King Crimson.” Sign me up. Edited to Add: Crap, tickets went on sale for the Austin show in September TODAY. I was just barely able to snag two tickets in nosebleed…
  • The Lock-Picking Lawyer wants you to see how his Big Dick performs.
  • If it weren’t bad enough that illegal aliens were taking all the lawn maintenance jobs…(language warning)

    (Hat tip: Ace of Spades HQ.)

  • Hit the tip jar if you’re so inclined.





    Anti-Woke Academics Announce New University of Austin

    Tuesday, November 9th, 2021

    Yesterday, a number of anti-woke intellectuals announced that they were starting a new university on Bari Weiss’ substack.

    Pano Kanelos:

    So much is broken in America. But higher education might be the most fractured institution of all.

    There is a gaping chasm between the promise and the reality of higher education. Yale’s motto is Lux et Veritas, light and truth. Harvard proclaims: Veritas. Young men and women of Stanford are told Die Luft der Freiheit weht: The wind of freedom blows.

    These are soaring words. But in these top schools, and in so many others, can we actually claim that the pursuit of truth—once the central purpose of a university—remains the highest virtue? Do we honestly believe that the crucial means to that end—freedom of inquiry and civil discourse—prevail when illiberalism has become a pervasive feature of campus life?

    The numbers tell the story as well as any anecdote you’ve read in the headlines or heard within your own circles. Nearly a quarter of American academics in the social sciences or humanities endorse ousting a colleague for having a wrong opinion about hot-button issues such as immigration or gender differences. Over a third of conservative academics and PhD students say they had been threatened with disciplinary action for their views. Four out of five American PhD students are willing to discriminate against right-leaning scholars, according to a report by the Center for the Study of Partisanship and Ideology.

    The picture among undergraduates is even bleaker. In Heterodox Academy’s 2020 Campus Expression Survey, 62% of sampled college students agreed that the climate on their campus prevented students from saying things they believe. Nearly 70% of students favor reporting professors if the professor says something students find offensive, according to a Challey Institute for Global Innovation survey. The Foundation for Individual Rights in Education reports at least 491 disinvitation campaigns since 2000. Roughly half were successful.

    On our quads, faculty are being treated like thought criminals. Dorian Abbot, a University of Chicago scientist who has objected to aspects of affirmative action, was recently disinvited from delivering a prominent public lecture on planetary climate at MIT. Peter Boghossian, a philosophy professor at Portland State University, finally quit in September after years of harassment by faculty and administrators. Kathleen Stock, a professor at University of Sussex, just resigned after mobs threatened her over her research on sex and gender.

    We had thought such censoriousness was possible only under oppressive regimes in distant lands. But it turns out that fear can become endemic in a free society. It can become most acute in the one place—the university—that is supposed to defend “the right to think the unthinkable, discuss the unmentionable, and challenge the unchallengeable.”

    The reality is that many universities no longer have an incentive to create an environment where intellectual dissent is protected and fashionable opinions are scrutinized. At our most prestigious schools, the primary incentive is to function as finishing school for the national and global elite. Amidst the brick and ivy, these students entertain ever-more-inaccessible theories while often just blocks away their neighbors figure out how to scratch out a living.

    The priority at most other institutions is simply to avoid financial collapse. They are in a desperate contest to attract a dwindling number of students, who are less and less capable of paying skyrocketing tuition. Over the last three decades, the cost of a degree from a four-year private college has nearly doubled; the cost of a degree from a public university has nearly tripled. The nation’s students owe $1.7 trillion in loans.

    And to what end? Nearly 40% of those who pursue a college degree do not attain one. We should let that sink in. Higher education fails 4 in 10 of its students. A system that so brazenly extracts so much from so many without delivering on its basic promises is overdue for a reckoning.

    The warped incentives of higher education—prestige or survival—mean that an increasing proportion of tuition dollars are spent on administration rather than instruction. Universities now aim to attract and retain students through client-driven “student experiences”—from trivial entertainment to emotional support to luxury amenities. In fact, many universities are doing extremely well at providing students with everything they need. Everything, that is, except intellectual grit.

    Snip.

    But we are done waiting. We are done waiting for the legacy universities to right themselves. And so we are building anew.

    I mean that quite literally.

    As I write this, I am sitting in my new office (boxes still waiting to be unpacked) in balmy Austin, Texas, where I moved three months ago from my previous post as president of St. John’s College in Annapolis.

    I am not alone.

    Our project began with a small gathering of those concerned about the state of higher education—Niall Ferguson, Bari Weiss, Heather Heying, Joe Lonsdale, Arthur Brooks, and I—and we have since been joined by many others, including the brave professors mentioned above, Kathleen Stock, Dorian Abbot and Peter Boghossian.

    We count among our numbers university presidents: Robert Zimmer, Larry Summers, John Nunes, and Gordon Gee, and leading academics, such as Steven Pinker, Deirdre McCloskey, Leon Kass, Jonathan Haidt, Glenn Loury, Joshua Katz, Vickie Sullivan, Geoffrey Stone, Bill McClay, and Tyler Cowen.

    We are also joined by journalists, artists, philanthropists, researchers, and public intellectuals, including Lex Fridman, Andrew Sullivan, Rob Henderson, Caitlin Flanagan, David Mamet, Ayaan Hirsi Ali, Sohrab Ahmari, Stacy Hock, Jonathan Rauch, and Nadine Strossen.

    It’s an interesting collection of people, running from conservatives to “mugged liberals,” all of which I think have objected to the epistemological closure of social justice.

    We are a dedicated crew that grows by the day. Our backgrounds and experiences are diverse; our political views differ. What unites us is a common dismay at the state of modern academia and a recognition that we can no longer wait for the cavalry. And so we must be the cavalry.

    It will surely seem retro—perhaps even countercultural—in an era of massive open online courses and distance learning to build an actual school in an actual building with as few screens as possible. But sometimes there is wisdom in things that have endured.

    Here’s the website for the new institution, which states the following principles:

    Universities devoted to the unfettered pursuit of truth are the cornerstone of a free and flourishing democratic society.

    For universities to serve their purpose, they must be fully committed to freedom of inquiry, freedom of conscience, and civil discourse.

    In order to maintain these principles, UATX will be fiercely independent—financially, intellectually, and politically.

    About funding:

    We’re completely rethinking how a university operates by developing a novel financial model. We will lower tuition by avoiding costly administrative excess and overreach. We will focus our resources intensively on academics, rather than amenities. We will align institutional incentives with student outcomes.

    The new university is located at 2112 Rio Grande Street in Austin, Texas. For those unfamiliar with Austin, that’s right in the West Campus area, AKA Fratville, immediately to the west of the University of Texas. Presumably they’ll be able to draw some students, talent, etc. from their location, not to mention a lot of nearby student amenities.

    It will be interesting to see how this experiment works out, but one university isn’t enough to stem the tide. All of American education needs a hard reboot, one where everyone pushing social justice down America’s throat lose both their jobs and funding.