Quote of the Day

Don Surber:

I will take a Trump over anyone because no one else will put America First and pledge his life, fortune and sacred honor to save ourselves from ourselves.
 
Trumpism without Trump is like Diet Coke without the Coke. Comportment doesn’t matter. Results do. To get those results, you need Donald Trump, not some spelling bee champion or a groovy governor. Maybe in 2028 we can elect one of them president but we need Trump now to remove the bananas from the Republic.
 
I want my country back. I want 1.4% inflation back. I want the car dealership in Kenosha back. I want my no wars back. I want my liberty back.
 
And I want those 20 million illegal aliens sent back.
 
If it takes a madman to do it, elect him. Out of chaos, freedom. If we must, we should build a pipeline from the Diet Coke plant to the White House and get it done.

The case for Trump.

“How Twitter Pushed Stakeholders under the (Musk) Bus”

Here.

Abstract:

This paper provides a case study of the acquisition of Twitter by Elon Musk. Our analysis indicates that when negotiating the sale of their company to Musk, Twitter’s leaders chose to disregard the interests of the company’s stakeholders and to focus exclusively on the interests of shareholders and the corporate leaders themselves. In particular, Twitter’s corporate leaders elected to push under the bus the interests of company employees, as well as the mission statements and core values to which Twitter had pledged allegiance for years.
 
Our analysis supports the view that the stakeholder rhetoric of corporate leaders, including in corporate mission and purpose statements, is mostly for show and is not matched by their actual decisions and conduct (Bebchuk and Tallarita (2020)). Our findings also suggest that corporate leaders selling their company should not be relied upon to safeguard the interests of stakeholders, contrary to the predictions of the implicit promises and team production theories of Coffee (1986), Shleifer-Summers (1988) and Blair-Stout (1999).

There is tension between the interests of owners and those of other “stakeholders”, which is why the interests of non-owner stakeholders require justification as in the linked article. The authors beg the question — they assume stakeholder interests are comparable to owner interests — then find a problem because Musk values his ownership interest in Twitter above the interests of the people he bought out and of the company’s non-owner employees. So what should Musk get in exchange for the $billions he spent? Arguments for more stakeholder rights are arguments for less property rights.

Quote of the Day

“E.g it would help America/Britain far more to close 99% of ‘conservative’ think tank activity in DC/London and put the energy and money into expanding school choice and breaking the state’s grip on education by creating new institutions, given how much of politics is downstream of education and how ineffectual most conservative thinking/activity is.”

Dominic Cummings

Selfish, Personal Post: If You Were to Start Tomorrow, What e-mail service would you use?

After a day of waiting on hold with my new internet server (I “bundled” for considerable savings but also because our local cable provider had been swallowed in a buy-out),   the last techie informed me that it was surprising I still got any e-mails – not that they were disappearing from my inbox and from deleted, etc.   (And pretty soon I wouldn’t get any.)    Suddenlink addresses, apparently, were being sent to some black hole.   Meanwhile, Optimum does not provide that service.

I guess I need to move on.   Opinions are generally well supported (and not in short supply) among Chicagoboyz; what has your experience taught you?   I’d love anecdotes   but statements like – XX is wonderful or terrible will also help.    After all, who is more savvy than a Chicagoboy?   On the other hand, I’m incompetent and totally rely on the Greek Squad so simplicity and safety are my biggest concerns.

Koonin Offers a Check on “The Science”

I ordered Steven Koonin’s Unsettled? more out of perversity than honest curiosity. It was a vote for a skeptic, for a man labelled a “denier” and thus worthy of canceling. I was wrong on several counts: it is holding on Amazon with a fairly high rating, and, I was able to get something out of it. He clearly wants to reach people like me, bewildered by charts and graphs. The tables are there, but his style and analogies accessible. (Which means it is dumbed down, but I appreciate his desire for a larger audience.) He has some of the commonsense of Lomborg: practical, prioritizing what is certain, seldom emphasizing the “wrong” and more often the imprecise, the unknown. Some reviewers found him full of himself, but his voice is that of a close reader, looking at the body of reports, comparing assertions and data with the summaries and interpretations. I assume his readings are honest and he is a good physicist but what do I know.

What struck me were the assumptions of a method he promotes, one other disciplines use and he sees as appropriate. In Chapter 11, “Fixing the Broken Science,” he suggests major reports on climate would benefit from being “Red Teamed.” The “Red Team” critiques it, “trying to identify and evaluate its weak spots,” “a qualified adversarial group would be asked ‘What’s wrong with this argument?’” Then the authors, the “Blue Team” rebuts, seeking more information, firming up arguments, gaining precision. He looks at examples where a report’s data did not support the conclusions or summaries (sometimes leading to popular articles with further overstatements). Perhaps the authors had more data, perhaps the summaries were written by those holding too strong an opinion to let the results stand on their own. Perhaps. . . But, of course, if conclusions don’t match research, that’s important.

Traditionally, peer review even in the humanities is designed to note such problems, but these have been less and less rigorous as more subjective definitions of “truth” evolve (or perhaps of careerism). More importantly, “The Science” (climate consensus) is not limited to the ivory tower; it influences awards of positions, grants, research. And, it affects policy. Seeing “The Science” as “settled” tempts those doing “science.”

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