My wife is reading this daily.
O.K., I admit it, I’m reading it daily, too. ;^)
As to this report from the Martha trial, I can only shake my head, for a variety of reasons.
Martha Watch
Reply
Daily Archives: February 5, 2004
Campaign Reporting on Steroids
The NY Times has put together a blog for the 2004 Presidential Campaign that is continuously updated. It is reported and edited from the Times’ Washington bureau. The “Trail Mix” section highlights issues, candidates, and regions. In the meantime, The Daily Show is maintaining a clever website called “Indecision 2004“, which is a humorous take on the 2004 Presidential campaign. As host comedian Jon Stewart puts it, “We’re to the news what malt liquor is to reality.” Good stuff for you political junkies.
Clarett Beats NFL
Maurice Clarett, the talented running back who led Ohio State to a thrilling victory over Miami in the 2003 National Championship game, sued the National Football League several months ago in this complaint alleging that the NFL was violating anti-trust laws by not allowing Clarett to become eligible for the NFL Draft until 2005. Today, the District Court issued this decision ruling in Clarett favor and enjoining the NFL from not allowing Clarett to be eligible for the 2004 NFL Draft.
Although this decision may seem surprising, it is not to those of us who follow professional sports and anti-trust law. As a matter of fact, the NFL’s record in past anti-trust cases is not all that great. Part of the reason for the NFL’s phenomenal growth and business success over the past 40 years is that it has avoided investing the money necessary to capitalize a minor league football system similar to what exists in Major League Baseball. Rather, through rules such as the one Clarett challenged, the NFL has shifted the financial risk of minor league football to Division I-A college football teams.
The Clarett decision probably will not result in many high school football players moving directly from high school to the NFL similar to what often occurs with regard to high school basketball players moving directly to the NBA. As a general rule, high school football players simply are not ready physically for the rigors of the NFL. However, a few such as Clarett probably are, and the decision in Clarett’s case correctly gives them the opportunity to pursue that goal if they prefer that goal over a subsidized college education.
Addressing Deficit Spending
Richard W. Rahn, an adjunct scholar at the Cato Institute, writes an excellent Wall Street Journal op-ed (subscription required) today on deficit spending. During political campaigns, no other economic policy is subject to more demagoguery than deficit spending. Contrary to the rhetoric of most politicians, deficit spending is not inherently bad and, in some cases, absolutely essential. As Rahn points out:
As long as individuals or businesses have a yearly rise in income, they can take on more debt without getting into trouble, provided the cost of the additional debt service does not rise faster than the rise in income. The same is true for government. Forty years ago, in 1962, federal government debt as a percentage of GDP was 43.6%. It fell to a low of 23.8% in 1974, rose to a high of 49.5% in 1993, and then dropped back to 33.1% in 2001. Currently, it is about 35% of GDP, and the CBO projects it to fall back to 30.7% in 2013.
At the end of World War II, U.S. government debt was more than 100% of GDP. That level of debt was borne by the generations that came after the war, but clearly we are all better off because the war was won with debt financing. We are also better off because the Reagan administration engaged in a military buildup, financed partly through increased debt, to win the Cold War. Placing a debt burden on future generations is not wrong if it is done to help secure their liberty and prosperity.
Amen!
More on California’s latest Ponzi Scheme Scam Artist
The LA Times reports more today on James Lewis, an Orange County businessman who promoted a $200 million Ponzi scheme before things started falling apart last year. Lewis was arrested in Houston late last month after using his senior citizen discount in paying for his room at a local Comfort Inn.
Port of Houston Wins Big Case at Fifth Circuit
The Chronicle reports today on a big case involving several large gas pipeline companies, the Port of Houston and the U.S. Army Corps of Engineers. In this opinion, the Fifth Circuit recently overturned federal District Judge Lynn Hughes’ summary judgment in favor of the pipeline companies that shifted a substantial amount of the relocation cost of some pipelines to the Port.
The Producers is in Town!
Mel Brooks’ Tony Award winning (Best Musical of 2001) smash hit musical, The Producers, started a two and half week run in Houston this week. It is a part of the fabulous Hobby Center’s annual Broadway Series. The Producers was originally one of Brooks’ first movies, and Zero Mostel and Gene Wilder’s performances in that 1968 classic helped make it into a cult comedy classic. Nathan Lane and Matthew Broderick reprised Mostel and Wilder’s roles when Brooks turned the show into a musical and the play took Broadway by storm during the 2001 season, winning a record 12 Tony Awards. This is a great show, and my family and I are looking forward to enjoying it while it is in Houston.
E&P Drilling Budgets Flat
The Houston Chronicle reports today that drilling budgets for the coming year are remaining at the past year’s level among major exploration and production companies. In related news, Ennis, TX Congressman Joe Barton, who has a petroleum engineering background, is in line to replace La. Congressman Billy Tauzin as chairman of the House Energy and Commerce Committee.