By Mike Masnick (TechDirt) So, late Friday, we reported on how the Republican Study Committee (the conservative caucus of House Republicans) had put out a surprisingly awesome report about copyright reform. The MPAA and RIAA apparently went ballistic and hit the phones hard, demanding that the RSC take down the report. They succeeded.
By Tommy Christopher (Mediaite) For all of his bitching about President Obama and support for Mitt Romney, Schnatter’s stock price was at $51.90 per share on Election Day, more than triple the $16.58 it closed with when President Obama was inaugurated. On the other hand, during the eight years of the Bush administration, Papa John’s stock price leapt from $11.97 per share to $16.58, an improvement of $4.68.
By Adam Hartung (Forbes) The common viewpoint is that Republicans are good for business, which is good for the economy. Republican policies — and the more Adam Smith, invisible hand, limited regulation, lassaiz faire the better— are expected to create a robust, healthy, growing economy. Meanwhile, the common view of Democrat policies is that they too heavily favor regulation and higher taxes which are economy killers.
Well, for those who feel this way it may be time to review the last 80 years of economic history, Bob Deitrick and Lew Godlfarb have done it in a great, easy to read book; “Bulls, Bears and the Ballot Box” (available at Amazon.com) Their heavily researched, and footnoted, text brings forth some serious inconsistency between the common viewpoint of America’s dominant parties, and the reality of how America has performed since the start of the Great Depression.
The authors looked at a range of economic metrics including inflation, unemployment, corporate profit growth, stock market performance, household income growth, economy (GDP) growth, months in recession and others. To their surprise (I had the opportunity to interview Mr. Goldfarb) they discovered that laissez faire policies had far less benefits than expected, and in fact produced almost universal negative economic outcomes for the nation!
- Gross Domestic Product (GDP) has grown 7 times more under Democratic presidents
- Corporate profits have grown over 16% more per year under Democratic presidents (they actually declined under Republicans by an average of 4.53%/year)
- Average annual compound return on the stock market has been 18 times greater under Democratic presidents (If you invested $100k for 40 years of Republican administrations you had $126k at the end, if you invested $100k for 40 years of Democrat administrations you had $3.9M at the end)
- Republican presidents added 2.5 times more to the national debt than Democratic presidents
- The two times the economy steered into the ditch (Great Depression and Great Recession) were during Republican, laissez faire administrations
(Columbia Business School) New research from Professor Andreas Mueller digs deeper to not only provide strong evidence that high-wage workers are disproportionately impacted in recessions but also to explain why firms seem so overeager to shed their most productive workers.
He finds that even controlling for education, work experience, gender, and other easily observable characteristics of the unemployed, those with high wages — beyond any other similarities they may share — tend to get disproportionately laid off in recessions. In particular, those with high residual wages — high wages relative to others with similar education and experience — are the most heavily impacted.
By Louis Goddard (The Verge) The Court of Appeal of England and Wales has ordered Apple to pay the legal fees of competitor Samsung on an ‘indemnity basis’ after the company published a “false and misleading” notice in the wake of a patent lawsuit over the iPad. The judgement, intended to humiliate Apple, will require the company to pay a majority of the expenses associated with Samsung’s legal defense, with any disputes over the exact amount likely to be resolved in the latter firm’s favor.