Billionaire Says The Rich Are Not Job Creators

THE MATTERHORN INTERVIEW May 2013 with Marshall Auerback

“Gold market an interesting subject to follow in years to come”

West Fertilizer Plant Pushed For 'Exemption' From Safety Rules, Targeted Workplace Inspections

A Cinderella Story? How The Koch Brothers Use Florida Gulf Coast University To Promote Their Agenda

By Zack Beauchamp and John Halpin, Guest Blogger on Mar 28, 2013 at 3:14 pm

It’s a great story: the virtually unknown, 15th seeded Florida Gulf Coast University (FGCU), has made it to the Sweet 16 in the NCAA tournament. But there’s something you might not know about FGCU: its economics department is, as a consequence of grants from Randian businessman John Allison and the Charles G. Koch Foundation, a haven for Ayn-Rand Style thinking:

At Florida Gulf Coast University in Fort Myers, every student who majors in economics and finance gets a copy of Ayn Rand’s novel, Atlas Shrugged…FGCU now has a core group of a half dozen economists whose research supports the ideas of free-market capitalism, still an unpopular subject in most faculty lounges. They teach this material to more than 250 economics and finance students (one class is titled “The Moral Foundations of Capitalism”), organize lectures by leading thinkers, publish their research in well-respected journals and hold influential positions in groups that promote free markets.

The ideological transformation of FGCU economics began in 2009, when Allison, a famous devotee of Ayn Rand’s who was then the president of banking giant BB&T, donated $600,000 to FGCU to create the endowed “BB&T Distinguished Professor of Free Enterprise.” Allison now runs the libertarian Cato Institute, a position he gained with the support of Charles and David Koch after some controversy.

The Kochs also supported Allison’s efforts at FGCU, a largely local school with about 11,000 undergradutes. A ThinkProgress review of Charles G. Koch Foundation donations from 2008-2011 found $87,000 in donations to Florida Gulf Coast University. According to an internal BB&T professorship report, the Koch money “provide operational seed funding for the yearly activities and the local BB&T Charitable Foundation sponsors our premier annual event — The BB&T Free Enterprise Lecture Series.” The internal report also included metrics on the program’s operations such as “Atlas Shrugged Distribution — Number of students reached: approximately 120.”

Strange as it may seem that private ideological organizations can support academic departments, it’s not uncommon. A massive Koch donation to Florida State University’s economics program generated significant controversy in 2011 when it came to light that the donation was accompanied by de facto Koch control over some hiring decisions and the ability to review the scholarship generated. As of February 2013, 129 colleges and universities around the country were receiving Koch Family Foundations support.

Whether or not you think these sorts of donations are threats to academic freedom, they do lay bare the somewhat surprising disadvantage progressives face when it comes to getting funding for work on their intellectual traditions. In addition to the Koch direct-donations, organizations like the conservative Intercollegiate Studies Institute and libertarian Institute for Humane Studies help promote their ideas on campus and connect their students with likeminded colleagues and employers. Progressives conspicuously lack any equivalent organizations that connect students with a broader intellectual network, providing a potentially interesting explanation for why conservative ideas seem to have a direct pipeline to Washington while progressive alternatives stay at the margins of the debate.

 REPORT: Koch Fueling Far Right Academic Centers At Universities Across The Country

By Lee Fang on May 11, 2011 at 6:00 pm

...........................................clip
– West Virginia University: As ThinkProgress reported last year, Koch funds an array of academic programs at West Virginia University, a public university. One Koch-funded academic at WVU, economics professor Russell Sobel, has written a book blasting regulations of all types. He even argues that less mine safety regulations will make coal miners more safe. As the St. Petersburg Times reported, a similar arrangement has been made with WVU as with FSU in accepting at least $480,000 from Koch.

– Brown University: The Charles Koch Foundation funds the Political Theory Project at Brown, which provides funding for “Seminar Luncheons for undergraduates, academic conferences, research fellowships for graduate students, support for faculty research, and a postdoctoral fellowship program.” Amity Shales, a pop-conservative writer who argues that the New Deal made the Great Depression worse, an odd theory promoted by Charles Koch himself, has been a featured speaker at the Koch-funded Project at Brown. Moreover, Koch’s donation of at least $419,254 to Brown has underwritten a number of research projects in the Economics and Political Science deparments, including a paper arguing that bank deregulation has helped the poor.

– Troy University: The Charles Koch Foundation, along with the Manuel Johnson and the BB&T Foundation, provided Troy University, a public university, a gift of $3.6 million to establish the Center for Political Economy last year. The Center’s stated goal is to push back against the belief following the financial crisis that markets need regulation. Notably, the entire Advisory Council for the Center is made up of Koch and BB&T-funded professors at other universities, including Russell Sobel at West Virginia University and Peter Boettke at George Mason University. Currently, the Center’s only staffer, Professor Scott Beaulier, is a board member of the ExxonMobil-funded attack group, American Energy Alliance, and a former staffer for Koch’s think tank at George Mason.

– Utah State University: The Charles Koch Foundation has given nearly $700,000to Utah State University, mostly for the Huntsman School of Business. The money has been used to hire five new faculty members, and establish a program for undergraduates to enroll and learn about Charles Koch’s “Science of Liberty” management theory. Professor Randy Simmons, the “Charles G. Koch Professor of Political Economy” at the school, helps select students — who must provide information about their ideological interests in their application form — to the Koch program. Simmons also works for several Koch-funded front groups, and writes papers against environmental regulations. Charles Koch’s book, “The Science of Success,” a book Forbes mocked for proclaiming a “Marxist faith in ‘fixed laws’ that govern ‘human well-being,’” is part of the required reading list for the program. A representative for Utah State did not return ThinkProgress’ calls about conditional strings attached to the Koch grant.

Charles Koch Foundation grants, along with direct Koch Industries grants, are distributed to dozens of other universities around the country every year, to both public and private institutions. Some of the programs, like the Charles Koch Student Research Colloquium at Beloit College, are funded by grants of little over $130,000 and simply support conservative speakers on campuses. We have reached out to several of the schools to learn more about the agreements, but none so far have returned our calls.

Budget constraints and other problems at universities have allowed a small set of oligarchs to use school donations to interfere with academic integrity on campuses. A group of hedge fund managers, working through the Manhattan Institute’s Veritas Fund, have created entire departments dedicated to advancing failed supply side ideas and climate skepticism. John Allison, the former CEO of BB&T Bank, a bailout recipient, has used his corporation’s money to force college campuses to adopt Ayn Rand readings into their programs.

Overall, Koch is still a dominant player when it comes to meddling with academic integrity. Part of the effort is coordinated through operatives like Richard Fink, who doubles as a vice president at Koch’s corporate lobbying office. Through an organization called the Association of Private Enterprise Education, Koch organizes these corporate-funded university departments into a powerful intellectual movement. The organization allows Koch staffers in Washington DC to request certain types of studies, interfere with hiring decisions, and reward loyal free market academics with hefty research grants.

For a bunch of "smart" guys, they don't seem to have a lot of common sense.  I wonder if  the lack of a consensus in how to handle this mess is more about the respective parties maintaining a position in order to keep demand for their books and speaker engagements high.

Big thinkers still stumped on global economic crisis

Like a cat stuck up a tree, economists say they have no idea how to rescue the global economy

Well they don't. Or at the very least, there is nothing like the kind of consensus that prevailed before the financial crisis.

The International Monetary Fund (IMF) has been hosting a conference on rethinking economic policy, organised by four experts in the area, including the IMF's own chief economist.

One of the other organisers - the Nobel Prize winner George Akerlof of the University of California - had a vivid analogy for the state of uncertainty the economics profession now faces.

"It's as if a cat has climbed this huge tree - the cat of course is this huge crisis. My view is 'oh my God the cat's going to fall and I don't know what to do'."

Another one of the organisers, David Romer also of the University of California, picked up the analogy: "The cat's been up the tree for five years. It's time to get the cat down from the tree and make sure it doesn't go back up."

The trouble for the economics profession is, according to the last of the conference hosts and another Nobel Prize winner, Joseph Stiglitz: "There is no good economic theory that explains why the cat is still up the tree".

http://www.bbc.co.uk/news/business-22223249