The Vanderbilt Torch

Don't Vote, At All, For Any Reason

Don’t vote.  I see you thinking about it.  You might even have registered already, but stop right there – do not go to the polls.  Do not pull the lever, fill in the blank, or check the box.  Think about it – an entire morning spent doing something useful.  Working, for example.  Talking with your friends.  Even playing video games.  Whatever happens, do not vote.

A Vote for Obama is a Vote for Socialism

Socialism has taken many forms and shapes since its inception in the 19th century. Some countries took it to its extreme form, communism, and failed abysmally – those which survive have forsaken its Marxist economic tenets. Others have embraced it while retaining free speech and open elections. There isn’t a single society in the world that doesn’t have some degree of government intervention and income distribution. But what about the United States? Should we advocate further government intervention? You’re reading this article in The Torch, and if you’re guessing the answer to the second question is no – you’re right. We’re on the same page. But how many times have you heard your friends tell you that calling America socialist is an extreme, unintelligent thing to do? After all, we are the one of the most capitalistic countries in the world.

Fed's Fixes Fund Future Failures?

The recent flurry of activity by the Federal Reserve is bold, daring, and unprecedented – but is it good?  After years of gradually increasing the federal funds rate, the Fed has responded to recent recessionary economic indicators by slashing the federal funds rate, lowering the discount rate, and financially backing the purchase of one private financial institution by another.  These actions have stymied markets and kept the “recession” from getting much worse, but we have to ask what effect these expansionary monetary policies will have on future inflation.  Sure, it may help us out now, but what happens when ailing banks expect the fed to bail them out in the future?  What happens if people’s long-term inflation expectations are raised by the Fed’s lending rampage?

Rushdie and the Big Picture

Salman Rushdie walks under the shadow of death every day, and he knows it. This does not make him a saint. This does not make him an intercultural expert. This does not make him a reasonable political advisor. But this does make him an expert on the role of the novel. Other authors may speak about what role the novel occupies, what it’s supposed to do, or what subjects the author should cover, but we tend to pay more credence to a man who has spent nearly a decade in hiding for doing what he preaches – namely, changing the world with his words.

Education: Making Dollars and Sense

Gregory Mankiw has an absolute advantage over many economists.  He’s the Robert M. Beren professor of economics at Harvard University, his published articles have appeared in distinguished academic journals as well as the big newspapers, and his textbooks have sold over 1 million copies and been translated into 20 different languages.  But, as he pointed out in his November lecture at Vanderbilt, his comparative advantage stems from his role as the Chairman of the President's Council of Economic Advisers from 2003-2005.  Many economists have impressive academic credentials, but few can say they’ve been in the front-line discussion of the US government’s economic decisions.