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Archives for: July 2009


Active Trader, 7/1/2009
Spatt: Short-selling restrictions make investors uncertain
The ad hoc application of restrictions on short selling has “gummed up the operation of our markets,” says Chester Spatt, The Pamela R. and Kenneth B. Dunn Professor of Finance; director, Center for Financial Markets. Spatt says the restrictions have made investors uncertain about the rules they have to play by. A URL for this article is not available. For a complete copy of the text, please contact Barbara Feldman.

Fox Business News, 7/1/2009
Lave discusses cap and trade proposal
In a segment featuring the debate on cap-and-trade policies, Fox Business News interviewed Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor; Director, Carnegie Mellon Green Design Initiative; Co-Director, Carnegie Mellon Electricity Industry Center. Lave says he supports cap and trade because it is one of the strategies necessary to affect global climate change. URL for this broadcast: http://www.foxbusiness.com/video/index.html

Wall Street Journal, 7/2/2009
Meltzer: Geithner should have stepped back from successor’s appointment
Treasury Secretary Timothy Geithner’s recommendation of William Dudley to succeed him as president of the Federal Reserve Bank of New York is prompting criticism from some observers. Among them is Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, who says Geithner should have allowed the central bank to independently choose its president without offering input. URL for this article: http://online.wsj.com/article/SB124650487507784319.html

Bloomberg, 7/7/2009
Meltzer: Markets ‘too sanguine’ about inflation
The Federal Reserve has the tools and know-how to prevent inflation, but is unlikely to use them, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says he agrees with Morgan Stanley’s assessment that the markets are “too sanguine about inflation.” URL for this article: http://www.bloomberg.com/apps/news?pid=20601110&sid=aXE_NxcOLRXc

Houston Chronicle, 7/7/2009
Apt: Space program needs funding to accomplish missions
The civil space program is not funded at the level necessary to accomplish its various missions, according to Jay Apt, executive director of Carnegie Mellon Electricity Industry Center, associate research professor, distinguished service professor in engineering and public policy. Apt, a former astronaut, is among those urging President Obama and Congress to map out long-term priorities for NASA. URL for this article: http://www.chron.com/disp/story.mpl/breaking/6518245.html

Global Post, 7/7/2009
Fed is an ineffective regulator, Meltzer says
The Federal Reserve has never been a successful regulator, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer, who has written a history of the central bank, says he can’t think of a single example in which the Fed anticipated a crisis. URL for this article: http://www.globalpost.com/dispatch/worldview/090701/can-we-trust-the-fed

Pittsburgh Post-Gazette, 7/8/2009
Goodfriend: Original G-8 too small to have much impact
The original G-8 was a group too small to have much impact, according to Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says one reason is because the world economy’s focus has shifted to the east with China and India. URL for this article: http://www.post-gazette.com/pg/09189/982464-82.stm http://www.post-gazette.com/pg/09189/982464-82.stm

Bloomberg, 7/9/2009
Meltzer: Keynes’ moderate planning theory is inefficient
Moderate planning, as advocated by economist John Maynard Keynes, isn’t efficient regardless of whether it comes in the first, second, or subsequent waves of government, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. That means the planning and spending, which Keynes followers have used to justify a larger role for government, are bound to disappoint. URL for this article: http://www.bloomberg.com/apps/news?pid=20601110&sid=aN3MP.hwk_2o

New York Times, 7/9/2009
Meltzer testifies before House Financial Services Committee
In written testimony prepared for the House Financial Services Committee, Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, outlined several major crises that the Federal Reserve either failed to prevent or made worse. Meltzer told lawmakers the Fed has not recognized that its actions encouraged incentives to take risk. URL for this article: http://www.nytimes.com/2009/07/10/business/economy/10fed.html?_r=1

Bloomberg, 7/9/2009
Meltzer suggests alternatives to Obama’s plan for Fed
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, believes the Obama administration’s plans would sacrifice much of the Federal Reserve’s remaining independence. Instead, Meltzer recommends alternatives such as ending a policy that some firms can be “too big to fail” and requiring banks to increase reserve capital. URL for this article: http://www.bloomberg.com/apps/news?pid=20601087&sid=atnFkROKNMEg

Washington Post, 7/10/2009
Goodfriend: Consumer protection role of central bank is debatable
While some Fed leaders argue that the central bank is well-positioned to protect consumers, Marvin Goodfriend says this is an issue “on which reasonable people can disagree.” Goodfriend, professor of economics and chairman of the Gailliot Center for Public Policy, says consumer protection isn’t the central bank’s core function, but nobody wants a regulator who would create economic inefficiency in the name of consumers. URL for this article: http://www.washingtonpost.com/wp-dyn/content/article/2009/07/09/AR2009070902906.html

Daily Tech, 7/10/2009
Lave favors sugarcane ethanol production over corn
Count Lester Lave among the energy experts who favor sugarcane ethanol production over corn. Lave, Harry B. and James H. Higgins Professor of Economics and University Professor; director, Carnegie Mellon Green Design Initiative; co-director, Carnegie Mellon Electricity Industry Center, says the net energy invested in sugarcane ethanol is not very high and leads to huge gains compared to the gain from corn-based ethanol. URL for this article: http://www.dailytech.com/Company+Opens+Sugarcane+Diesel+Plant/article15646.htm

Forbes, 7/13/2009
Lave: Renewable electricity sources more expensive than conventional
Almost all renewable energy sources are more expensive than conventional sources today, says Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor; director, Carnegie Mellon Green Design Initiative; co-director, Carnegie Mellon Electricity Industry Center. To some degree the higher cost will fall on residential users, but eventually it also will fall on businesses, he says. A URL for this article is not available. For a complete copy of the text, please contact Barbara Feldman.

Bloomberg, 7/15/2009
Meltzer: Economies of scale don’t outweigh failure of large firms
The benefits to society of economies of scale and scope do not outweigh the costs that society pays when they fail, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. The Federal Deposit Insurance Corp. is pushing for tougher measures to curb the size and risk-taking of the nation’s largest financial firms. URL for this article: http://www.bloomberg.com/apps/news?pid=20601110&sid=aB4OVrCHNQmE

Wall Street Journal (blog), 7/15/2009
Meltzer declines to sign Fed independence petition
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, declined to sign a petition calling on Congress and the White House to preserve the Federal Reserve’s independence. Meltzer says the Fed has rarely been independent and the petition does not offer constructive ways to preserve independence amid political pressures. URL for this article: http://blogs.wsj.com/deals/2009/07/15/why-one-big-economist-didnt-sign-the-fed-petition/

Associated Press, 7/17/2009
Earnings report stats can include important indicators, but are not crystal balls
In sectors such as banking, where service is key, earnings report statistics on the number of employees and total compensation are important indicators, says Pierre Jinghong Liang, associate professor of accounting. However, no earnings outlooks are true “crystal balls” into a company’s future. URL for this article: http://www.mercurynews.com/business/ci_12859985?nclick_check=1

Find Law, 7/17/2009
Study: Race of judge affects workplace racial harassment cases
Even controlling for variables, the race of a judge affects outcomes in workplace racial harassment cases, according to a study co-written by Robert Kelley, adjunct professor of organizational behavior and theory. The study was conducted by Kelley and a law professor from the University of Pittsburgh. URL for this article: http://writ.news.findlaw.com/commentary/20090717_bratman.html

Delaware Online, 7/19/2009
Lave: Federal loan guarantees key for new nuke plants
Federal loan guarantees are important in the expansion of nuclear power because the first wave of new nuclear plants probably wouldn’t be possible without them, according to Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor; Director, Carnegie Mellon Green Design Initiative; Co-Director, Carnegie Mellon Electricity Industry Center. Only after the plants are built will investors know whether they are cost-effective, Lave says. URL for this article: http://www.delawareonline.com/article/20090719/BUSINESS/907190353/-1/communities01

Boston Globe, 7/20/2009
Apt: New technology needed for future space missions
The space program will need to figure out how to shorten the time needed to travel long distances and find ways to generate enough water for the crew for future missions, says Jay Apt, executive director of Carnegie Mellon Electricity Industry Center, associate research professor, and distinguished service professor in engineering and public policy. Apt, a former astronaut, says a trip to Mars could be cut from seven months to one with the help of plasma engines, which are in early testing stages. URL for this article: http://www.boston.com/news/science/articles/2009/07/21/another_moon_landing_may_not_be_in_the_stars/?page=2

Pittsburgh Tribune-Review, 7/22/2009
Meltzer: Increase in minimum wage will hurt workers
A mandated increase to Pennsylvania’s minimum wage will hurt employees, according to Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says that’s because employers will adjust to rising labor costs by cutting the amount of time they are working and using fewer people. URL for this article: http://www.pittsburghlive.com/x/pittsburghtrib/business/s_634695.html

Jurist, 7/24/2009
Bankers, not Fed, should assume responsibility for losses, says Meltzer
Financial reform should start by increasing a banker’s responsibility for losses, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the Obama administration’s proposal does the opposite by making the Federal Reserve responsible for systemic risk. URL for this article: http://jurist.law.pitt.edu/paperchase/2009/07/senate-banking-committee-urged-to.php

Bloomberg, 7/24/2009
Fed short-sighted on inflation risks, Meltzer says
Don’t count on the Federal Reserve to successfully avoid the risks of inflation, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says the Fed has a long history of taking care of today’s problems, not looking to the future. URL for this article: http://www.bloomberg.com/apps/news?pid=20601103&sid=aslHyTzIJx_s

Fortune, 7/29/2009
Meltzer: Fed’s anti-inflation plans unlikely to succeed
After two years of pumping money into the financial system to keep the economy afloat, Fed Chairman Ben Bernanke will have to reverse the process or risk the opposite problem of inflation, says Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy. Meltzer says while it’s reassuring that Fed officials are aware of the inflation risk, their program is unlikely to succeed because the central bank has a history of caving under political pressure. URL for this article: http://money.cnn.com/2009/07/28/news/economy/bernanke_fed_inflation.fortune/index.htm

Bloomberg, 7/29/2009
Goodfriend: Fed must stop unlimited lending or expect Congress to intervene
Unless the Federal Reserve retreats from unlimited lending, Fed Chairman Ben Bernanke can expect Congress to exert control over monetary policy, says Marvin Goodfriend, professor of economics; chairman, The Gailliot Center for Public Policy. Goodfriend says central bank independence is incompatible with all but limited, temporary last-resort lending to banks. URL for this article: http://www.bloomberg.com/apps/news?pid=20601083&sid=atdHeCJ1_K0U

Bloomberg, 7/30/2009
Spatt: SEC chief accountant should be ‘conceptual thinker’
When deciding between candidates for the Securities and Exchange Commission’s next chief accountant, Chairman Mary Schapiro must pick the stronger conceptual thinker on accounting policy and principles, says Chester Spatt, Pamela R. and Kenneth B. Dunn Professor of Finance; Director, Center for Financial Markets. Spatt served as the SEC’s chief economist from 2004 to 2007. A URL for this article is unavailable. For a complete copy of the text, please contact Barbara Donehue.

Pittsburgh Tribune-Review, 7/31/2009
Lave: Companies, consumers still lack confidence
Even if other economic indicators turn around late this year, unemployment is not expected to crest until 2010, says Lester Lave, Harry B. and James H. Higgins Professor of Economics and University Professor; director, Carnegie Mellon Green Design Initiative; co-director, Carnegie Mellon Electricity Industry Center. Lave says companies still lack the confidence to begin hiring workers again and consumers are still shying away from big expenditures. URL for this article: http://pittsburghlive.com/x/pittsburghtrib/business/s_636101.html

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