More Friedman anecdotes

milton-friedman-11.jpgThe fine remembrances of the late Milton Friedman continue unabated.
In this post, Professor Friedman’s son, David Friedman, explains how Time Magazine came to misquote Professor Friedman’s comment that ìWe are all Keynesians now.î
Then, in this WSJ ($) letter to the editor, Professor Marina v.N. Whitman of the University of Michigan passes along a fun story about cocktail party chatter with Mr. Friedman:

Nearly 30 years ago, my husband and I were guests at a dinner party . . . Among the other guests were Milton Friedman and his wife, Rose. Milton was having a fine time baiting the wife of the dean of the Business School, a feminist whose conviction was unleavened by any sense of humor, by proclaiming the foolishness of affirmative action.
“If businesses are forced to hire and train young women, many of whom will leave for marriage and family,” he proclaimed, “they should at least be allowed to discriminate in favor of homely women, whose opportunities for marriage are below average.” As the dean’s wife reddened with fury, I leaned over and said softly, “Thank you, Milton. I’ve always wondered what accounted for my professional success. Now I know.” Milton, always the courtly gentleman where women were concerned, was speechless.

By the way, Professor Friedman’s class television show — Free to Choose — can be viewed here.

Chizik leaves Austin for Ames

Chizik.jpgLet me see if I’ve got this straight.
Iowa State University has hired former University of Texas defensive coordinator, Gene Chizik, as its new head football coach to replace my old friend Dan McCarney, who resigned under pressure a couple of weeks ago despite being the most successful coach in Cyclone football history.
Chizik is essentially the same age as McCarney was when ISU hired him in 1995. Moreover, Chizik’s background is basically the same as McCarney’s was at the time that ISU hired him, except that McCarney had far superior experience to Chizik in the Midwestern recruiting areas that are key to the ISU program.
Chizikís deal is worth a guaranteed $6.75 million over six years ó with incentives that could increase that to as much as $10 million over those years ó while McCarney’s contract was worth about $4.4 million, but only $780,000 guaranteed, through 2010.
More notably, however, is that ISU is guaranteeing Chizik $1.5 million annual budget for compensating his assistant coaches, which is one of the highest of such budgets among Big 12 Conference members. On the other hand, McCarney constantly requested ISU throughout his 12-year tenure for a budget sufficient to pay for the best assistants available on the market, but he was continually rebuffed by ISU’s athletic administration. As a result, McCarney’s budget for paying his assistants was in the lower tier of such budgets among Big 12 Conference members.
My question is this ó why didn’t ISU simply increase McCarney’s assistant coach compensation budget, and then avoid the extra money and risk involved in hiring Chizik? Maybe this all works out, but it sure looks to me as if ISU has taken a huge risk where a much smaller one would have been more likely to continue the most successful era in ISU football history.
By the way, UT’s defense gave its two most uninspired defensive performances of Chizik’s two seasons in Austin during losses to Kansas State and the Texas Aggies in its final two games of this season. Did Chizik’s distraction with negotiating a deal with ISU have anything to do with that? Mark Wangrin of the San Antonio Express-News observes:

Chizik has been more careful in his choice of destinations. Now, though, with the shine off his reputation, he may not have much of a choice. He must decide whether to jump toward a more mediocre program or stay at least another year and try to rehabilitate his reputation as a defensive mind. He must prove this season hasn’t exposed his thinking as only working when he has exceptional talent at safety. He must show he can adjust.

Bainbridge Cubed!

s_bainbridge_5_x_7.jpgA month or so ago, Clear Thinkers favorite Stephen Bainbridge took some time off from blogging while revamping his blog site.
Now, he’s back. And he’s tripled!:

Professor Bainbridge’s Business Associations Blog
Professor Bainbridge’s Journal (Politics, Religion, Culture, Photography, and Dogs)
Professor Bainbridge on Wine