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Tuesday, October 16, 2012

Affirmative Action, Diversity, And Racial Preferences Add Up To ... Failure

SEARCH BLOG: DIVERSITY.

The New York Times has an editorial that tries to re-frame Affirmative Action from a race-based policy into an economic class-based policy.   The fact that... percentage-wise... there are more black and Latinos in the "poverty" income range would just be a happy coincidence for those who wish to continue supporting the racial wolf in new sheep's clothing.

The title of a recent paper by Roland G. Fryer Jr., a Harvard economist, summarizes the trends: “Racial inequality in the 21st century: The declining significance of discrimination.”
Racial gaps remain large enough that colleges would struggle to recruit as many black and Latino students without explicitly taking race into account. But some experts, like Mr. Kahlenberg, think they could come close. To do so, they would need to consider not just income, but also wealth, family structure and neighborhood poverty. Those factors disproportionately afflict black and Latino students — and hold back children from life’s starting line.
Mr. Kahlenberg argues that wealth is especially defensible, because it can capture discrimination’s intergenerational effects. Some universities in states where racial preferences are banned, including California, have begun taking small steps to consider class more fully. [more]
So, now the social engineering programs that destroyed the black family and led to endemic government dependency, educational failure, and a sociopathic sub-culture needs to have a "tweek" so that it can continue.  Good thinking!

Dr. Mark Perry, economist, highlighted some additional superior thinking on the part of the Florida Board of Education:
"The Florida State Board of Education passed a plan that sets goals for students in math and reading based upon their race.
On Tuesday, the board passed a revised strategic plan that says that by 2018, it wants 90 percent of Asian students, 88 percent of white students, 81 percent of Hispanics and 74 percent of black students to be reading at or above grade level. For math, the goals are 92 percent of Asian kids to be proficient, whites at 86 percent, Hispanics at 80 percent and blacks at 74 percent. ...
[Dr. Perry comments] Call me cynical, but I somehow think that Mr. Lopez, Ms. Robinson, and the black and Hispanic parents calling Florida’s new academic double-standards “racist” would probably all support race-based preferences/profiling in college admissions?  But what’s the difference?  Aren’t race-based preferences and double standards, aka affirmative action, for college admissions, just as “racist” as race-based double standards for academic outcomes for math and reading proficiencies for elementary and high school students?"  [read more]
Don't you think that deserves a graphic?  Just so you understand, the Florida Board of Education has said that this is what success looks like... by race:


It looks as if the argument is that, if you are black or Latino, you are deficient because you are deprived so we'll accommodate that "deprivation deficiency" to the next level where... unless something is done to adjust "success" measures leading to graduation... the likelihood of success decreases dramatically.

However, if you are Asian or white and have the misfortune to be poor... well, suck it up!

The fact that this issue is still before the Supreme Court almost 50 years after the "solution" was implemented by Lyndon B. Johnson says a lot about the "solution."  In fact, one might also conclude that the very people who put together these programs with the expectation that blacks and Latinos cannot  compete with whites and Asians... are the real racists.

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There is always an easy solution to every human problem—neat, plausible, and wrong.
Henry Louis Mencken (1880–1956)
“The Divine Afflatus,” A Mencken Chrestomathy, chapter 25, p. 443 (1949)
... and one could add "not all human problems really are."
It was beautiful and simple, as truly great swindles are.
- O. Henry
... The Government is on course for an embarrassing showdown with the European Union, business groups and environmental charities after refusing to guarantee that billions of pounds of revenue it stands to earn from carbon-permit trading will be spent on combating climate change.
The Independent (UK)

Tracking Interest Rates

Tracking Interest Rates

FEDERAL RESERVE & HOUSING

SEARCH BLOG: FEDERAL RESERVE for full versions... or use the Blog Archive pulldown menu.

February 3, 2006
Go back to 1999-2000 and see what the Fed did. They are following the same pattern for 2005-06. If it ain't broke, the Fed will fix it... and good!
August 29, 2006 The Federal Reserve always acts on old information... and is the only cause of U.S. recessions.
December 5, 2006 Last spring I wrote about what I saw to be a sharp downturn in the economy in the "rustbelt" states, particularly Michigan.
March 28, 2007
The Federal Reserve sees no need to cut interest rates in the light of adverse recent economic data, Ben Bernanke said on Wednesday.
The Fed chairman said ”to date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation”.

July 21, 2007 My guess is that if there is an interest rate change, a cut is more likely than an increase. The key variables to be watching at this point are real estate prices and the inventory of unsold homes.
August 11, 2007 I suspect that within 6 months the Federal Reserve will be forced to lower interest rates before housing becomes a black hole.
September 11, 2007 It only means that the overall process has flaws guaranteeing it will be slow in responding to changes in the economy... and tend to over-react as a result.
September 18, 2007 I think a 4% rate is really what is needed to turn the economy back on the right course. The rate may not get there, but more cuts will be needed with employment rates down and foreclosure rates up.
October 25, 2007 How long will it be before I will be able to write: "The Federal Reserve lowered its lending rate to 4% in response to the collapse of the U.S. housing market and massive numbers of foreclosures that threaten the banking and mortgage sectors."
November 28, 2007 FED VICE CHAIRMAN DONALD KOHN
"Should the elevated turbulence persist, it would increase the possibility of further tightening in financial conditions for households and businesses," he said.

"Uncertainties about the economic outlook are unusually high right now," he said. "These uncertainties require flexible and pragmatic policymaking -- nimble is the adjective I used a few weeks ago."
http://www.reuters.com/

December 11, 2007 Somehow the Fed misses the obvious.
fed_rate_moves_425_small.gif
[Image from: CNNMoney.com]
December 13, 2007 [from The Christian Science Monitor]
"The odds of a recession are now above 50 percent," says Mark Zandi, chief economist at Moody's Economy.com. "We are right on the edge of a recession in part because of the Fed's reluctance to reduce interest rates more aggressively." [see my comments of September 11]
January 7, 2008 The real problem now is that consumers can't rescue the economy and manufacturing, which is already weakening, will continue to weaken. We've gutted the forces that could avoid a downturn. The question is not whether there will be a recession, but can it be dampened sufficiently so that it is very short.
January 11, 2008 This is death by a thousand cuts.
January 13, 2008 [N.Y. Times]
“The question is not whether we will have a recession, but how deep and prolonged it will be,” said David Rosenberg, the chief North American economist at Merrill Lynch. “Even if the Fed’s moves are going to work, it will not show up until the later part of 2008 or 2009.
January 17, 2008 A few days ago, Anna Schwartz, nonagenarian economist, implicated the Federal Reserve as the cause of the present lending crisis [from the Telegraph - UK]:
The high priestess of US monetarism - a revered figure at the Fed - says the central bank is itself the chief cause of the credit bubble, and now seems stunned as the consequences of its own actions engulf the financial system. "The new group at the Fed is not equal to the problem that faces it," she says, daring to utter a thought that fellow critics mostly utter sotto voce.
January 22, 2008 The cut has become infected and a limb is in danger. Ben Bernanke is panicking and the Fed has its emergency triage team cutting rates... this time by 3/4%. ...

What should the Federal Reserve do now? Step back... and don't be so anxious to raise rates at the first sign of economic improvement.
Individuals and businesses need stability in their financial cost structures so that they can plan effectively and keep their ships afloat. Wildly fluctuating rates... regardless of what the absolute levels are... create problems. Either too much spending or too much fear. It's just not that difficult to comprehend. Why has it been so difficult for the Fed?

About Me

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Michigan, United States
Air Force (SAC) captain 1968-72. Retired after 35 years of business and logistical planning, including running a small business. Two sons with advanced degrees; one with a business and pre-law degree. Beautiful wife who has put up with me for 4 decades. Education: B.A. (Sociology major; minors in philosopy, English literature, and German) M.S. Operations Management (like a mixture of an MBA with logistical planning)