Professors--The College Leisure Class

Independent studies consistently show that tenured college professors,  who have almost guaranteed employment at their positions, work a relatively small number of teaching hours. Much of what they actually do may be their own research projects.

Moreover, the incestuous nature of college administration sees to it that these professors will continue to maintain their light schedules.

No wonder college tuition continues to rise much higher than general inflation rates. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Venture Capital Fact Of Life

There is plenty of venture capital around. However, the problem is that venture capitalists worry when they feel they have little escape opportunities with which to make their eventual profits.

Venture capitalists make their big profits only when they can sell their ownership in a major Wall Street underwriting. or via a private sale to a major corporation.

And that can sometimes be difficult. Some skeptics may say the Bigger Fool Theory is often their means of success in iffy markets and not venture capitalist acumen. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Is The Euro Needed?

The Euro has become more of a political device than an economic requirement. Dreamt up and managed by the French, with the Germans called on to foot the bills as they come due with each country-member’s fiscal mismanagement, or the European Community’s monetary debacles as they arise.

The Euro makes it easy to travel about among member countries because it eliminates the need to convert local currencies. But each country goes its own economic way with its ingrained cultural and spending habits.

The Euro has not been able to change those habits and, therefore, extensive economic problems persist. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Stale Government Medical Data

Government data are always far behind current information. It occurs with labor statistics; it’s certainly true in the case of medical practice.

The medical profession has up to date, practical knowledge. Doctors are aware of the nuances of medications and techniques which government data lack. Yet laggard government data will be the basis upon which ObamaCare will be dictated by panels.

This is not just an idle scare tactic by those who do not want government-administered decisions. This is the way medical decisions are made in the UK and elsewhere, under government health care. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Testing of K-12 Students

Questions have been asked in recent years whether testing of K-to--12 students and even their often maligned teachers are bona fide. Parents, usually among immigrant groups who are not fully familiar with English, are protesting -that standardized collective tests that grade students and classes are not truly effective nor fair.

True, America's test-based accountability systems have not increased student ability.

Official protests claimed  "there is widespread teaching to the test and gaming of the systems that reflects a wasteful use of resources and leads to inaccurate or inflated measures of performance."

The basic argument of the groups is that test-makers are not fully aware of the society the students are from. The perspective here is limited to the immigrants of today.

But  the same argument could have been used decades ago when other immigrants arrived. The children also suffered from similar problems, but with better results..

The solution seems to be in teaching English quickly instead of the current.mishmash of dual languages.  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Public Unions’ Pension Problems

The problem of public unions’ pensions is hardly ever explained by the media. If it were, the taxpayers would be truly aroused.

If the employer, or locality, funded by taxpayers gives a 5% contribution toward pensions to a union member and does it as a 401 (k) as would most private employers today, that employee would invest it. That same contribution is given to the public employee, but with a major difference. He gets a defined benefit. He does not invest it. The state or locality must do it.

Because of one-sided, pressured negotiated terms, the negotiator is in a position of getting favors from the union he is dealing with, that is, political contributions.

But that is not the whole story. The taxpayers’ side must also assume the defined benefit; having to earn as much as 8% on those retirement funds, when that is impossibl and will be, perhaps for the next 50  years.  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

M.B.A. Students and Recent Grads Qualified For Advanced Projects?

The purpose for taking an M.B.A. course is to learn about business. I have doubts about what can be taught at an advanced level in graduate school about business; most of what you learn is on the job.  

But here, the student is generally being placed in a responsible position right from the start. Such, for example, in some companies, taking over the marketing of whole brands.

It’s foolish to have them undertake such skills from the start.  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

How to Aid Your Business Career

The ability to think clearly and patiently about a subject is a quality that a job applicant can offer a prospective employer. However, this isn't a quality that a majority of high school graduates, even college students, are able to offer nowadays.

A suggestion: Think up ideas about what you want to do in your career if you're a job applicant or are interested in your potential career path. Then write the details of your thoughts down, for reconsideration at a future date. Repeat the process periodically, while acting as a Devil's Advocate.

You may get your best ideas from work experience and while you're at leisure. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Lawyers Ambulance-Chasing Expired Patents

A U.S. district judge has said its unconstitutional for plaintiffs to sue on claims that expired patents have appeared on defendant products. That the matter, instead, was a function of the federal government to pursue.

This type of lawsuit had become another ploy for aggressive lawyers.

There are many issued patents, particularly on consumer products. And patents have a limited life. And it isn’t always convenient to get the patent notice off a label soon after expiration. Moreover, is it a crime to let the public know you had the original patent?.

But it’s hard to stop lawyers from trying. There are so many of them. And they have to make a good living the best they can. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Manufacturing Too Many MBAs

About 150,000 MBAs graduate each year. Our graduate schools have accommodated demand by producing these degrees.

It’s easy to come up with what academe suggests a business executive or financial expert ought to know. At the same time, the educator must be certain not to make the course too difficult or classes will not be filled.

So we get a happy medium. Lots of students, and graduates. All with degrees, which in the real world of business and finance, have become relatively useless.

Except for their use in a resume. These days, we are reaching the stage where there are simply too many MBAs to attract the attention they formerly did. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

How Much Should Your Business Pay You?

Most small business people never ask themselves how much the business they’re in ought to pay them. Here’s a primer to guide them.

If you have borrowed or invested risk capital to get into the business, you should be compensated each year for lost interest earnings, had the capital been invested elsewhere.

Secondly, you should be repaid for the time you put in at work, or the work members of your family and friends contribute.

Remember: Funds you have borrowed for a business are to be repaid from after-tax earnings.

What you come up with you may surprise and possibly make you feel cheated. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

The College-is-best Theme and Other Media Errors

The media always repeats uninformed college-is-best themes without further thought. Facts will correct the error over time.

Other examples of media error: Much raw or “seasonally adjusted” governmental statistical releases are manipulative and poorly explained.

Nevertheless, blaring headlines repeat erroneous raw data; editors no doubt know full well the information is tainted. What’s the purpose, except for news slant?  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Cost Reduction With Government Health Insurance Competition?

Populist politicians insist that private insurance companies, or any private business, should be able to compete with an entity that is government-run, especially with regard to health insurance.

But we know that government entities are not operated at low cost. The Post Office is one example. Medicaid and Medicare are government insurance coverage run amok.

What pro-government insurance fans never tell you, is that government has no capital costs. The taxpayer subsidizes capital as well as operational outlays.

All private health insurance companies must provide expensive capital and funds and yet have only a few percentage points of profit to show for it.

Never fall for the argument that having a government agency option to choose from,  will help the consumer. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

The Hidden European Living Style

The European living style is an impressive mirage. Since World War II most of the major countries have had social welfare types of government, outside that of Germany and Switzerland. With their GDP averaging 2% annually, while that of the U.S. has averaged about 3%.

But the proverbial chickens have come home to hatch the result. The short work weeks, long vacations and lack of general productivity has reduced European standards of living. Vacationers from the U.S. never get to see the ugly side of Europe. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Intern Job Opportunity--Or Not?

An internship type of job is fine if it leads to a career you want, especially at the company offering the job. You probably selected that firm because it appealed to you for good reasons.

Because you will be getting little if any pay, internship should be a true apprenticeship relation. That means the job is not a means of an employer getting someone to work for below-market wages. In fact, labor laws dictate against that.

So consider internships carefully, as they can be quite useful if selected wisely. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Health Insurance for the Illegals?

At least twelve million illegal immigrants may now qualify for free health care, for themselves and relatives, under ObamaCare and present local law. So-called undocumented immigrants still get medical care when they ask for it.

Only about eight million Americans cannot afford health insurance premiums. The media dwells on a number of well over forty million that includes many who do not want coverage or do not need.

I would think it would be far cheaper to give the needy group health coverage free of charge, without revamping the entire health care system. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Clear Examples Of Government-Induced Poor Health Care

The bad service the Canadians and Europeans get in terms of health care and rationing of care, are indicative of what will be in store for Americans, if ObamaCare is ever fully instituted.

The sharply rising costs of Medicaid and Medicare, present examples of government sponsorship in this country, including  the fraud in Medicaid and Medicare that now exists.

The current shortage of doctors and providers without even adding additional patients with ObamaCare, is yet another impending horror.

ObamaCare can, if fully rectified and privatised,  propose step-by-step changes without emulating problems encountered elsewhere, but does not.  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

ObamaCare’s Effect on Doctor Supply

The Law of Supply and Demand applies to MDs and health providers as it does to all commodities.

You may tell the public you will increase their ability to get medical care. But to do so, you must also increase the number of doctors, and medical facilities, plus aides.

It takes about eight to ten years to educate and train a student willing and smart enough to become a doctor. At a cost of at least $100,000.

ObamaCare attempts, in part,  to cut health costs through a reduction of doctor income. This would make it tougher to explain the investment or acquired debt of becoming a doctor. Nobody mentions training new doctors at government expense and if it ever happened, why train so hard for so little compensation?  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Why Have Federal Worker Unions?

There is no reason for government unions. FDR wouldn’t stand for it during the New Deal and Great Depression. If fed government labor wants better pay, they can vote for a labor party or its equivalent.

Private workers can and should have the right to join private unions. Negotiation with private employers is totally different than dealing with taxpayers where a union has the ability to influence government politicians and bureaucracy. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Another Health Care Alternative

Health care can be cheaper without ruining the entire system with a nationalized, socialized version.

One way in accomplishing this, would be for doctors and hospitals to set their bills at the lowest rates now being charged insurance companies. That discount would be given to the non-insured. That usually is a fraction of what the insured now pay.

Those who cannot afford to pay can get free government vouchers.  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

   

Fraud Within Medicare and Medicaid

Medicare fraud is estimated to be over $60 billion each year. Widespread criminal operations go mostly unchecked because of poor government oversight. Criminality employs use of dead doctor reports, fake patients and non-existent treatments.  Practices involve billing for nonexistent or unnecessary services, kickbacks and inflated costs.

With all this, how is the government going to undertake a massive health insurance plan that will entail one sixth of our entire economy? (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter

The College Diploma Myth

The old mantra: Go to college and get a diploma or you won’t get a good paying job.

The snake oil: You see number comparisons of college degrees of today’s youth, compared to the numbers gathered by their parents or earlier generations.The younger folks have more degrees. They must be smarter.

The panacea: A college degree has  become a solution for what ails the American economy.

Rubbish! No report on the subject is broken down to what today’s college degrees are worth in terms of knowledge, nor job practicality..

What do you do when looking for a job with an-easy-to-get degree in social science or political history? Or tennis? or whatever subject today’s kids take for the years they lounge about on campus, while wasting their parents’ tuition and taxpayer subsidy funds.

In the past, youngsters learned trades, often without fancy college diplomas to hang on the walls.  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Stupid Ads With “Limited Offers”

To get a job to write ads at an advertising agency, the copywriter  usually needs a college degree in English Lit; maybe an M.B.A. or a similar advanced degree. But some common sense would suffice.

Have you noticed how many ads demand the consumer act promptly, by saying that their offer is limited to the next fifty or 100 callers? Because supplies are supposedly limited.

But aren’t these ads offensive to those with some ability to reason?  Who are the ads kidding except the truly ignorant? Are so many of the public so dumb?

Ads are expensive and it makes no sense for a company to limit itself while bothering to advertise for a limited response. The terms are an obvious come-on. They are looking for thousands of replies or they stop their “limited” ads.(See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

“Guaranteed Health Coverage” isn’t Health Care

                   

Almost 15% of patients in Great Britain must wait more than one year to receive treatment, after they have been referred to a specialist by a doctor. As much as 50% of patients getting government care must wait between 18 to 52 weeks for treatment.

                   

Over three-quarters of Canadians must wait about three months for an MRI under government-operated health care.

                   

Those governments put teeth at the bottom of the preference list when they must cut costs.

                   

More than 75% of National Healthcare Service British patients waited four or more weeks for admittance into a hospital, as reported in a fairly recent survey. Conditions have not gotten better.

                   

The average survival rate for all types of cancer for patients in the United States is 60%. Canada’s survival rate is about 55%; Europe’s is at 48%. About 80% survive the prostate cancer diagnosis in the USA , as compared to about 43% in the U.K., under their nationalized service.

Something ObamaCare proponents in this country never mention.   (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

           

Finding Your Business Opportunity

It’s best you pursue business opportunities from your personal experience. Seek out areas where the odds for success are better than average. That will throw a light on the unusual problems of going into such as a full-service restaurant business.

I also suggest avoiding a franchise business unless the franchiser is very well known and able to provide on-going business aid.

And if you’re thinking of buying an established operation, remember you must repay your purchase from after-tax profits, which better be sufficient for the task.(See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

   

The Starting-a-Business Dream

                   

Everyone dreams of starting a business. Only a few bother to do so. Perhaps it's wise the number of starters are fewer because there is more to the effort than just a dream.

                   

Lots of work goes into the effort of starting the smallest of business. Please refer to my previous reports on business subjects.

                   

There is planning needed for the smallest of business and, especially, start-up efforts. Moreover, I disapprove of most franchises as the solution.  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

Jobless Report Hocus Pocus

                                               

Look for two methods used to massage unemployment numbers, being used by the U.S. Labor Department’s Bureau Of Labor Statistics.

                   

One is “seasonably adjusted” numbers. It can be easily fudged, at best arbitrary, and meaningless. The other is factually reported but the media is complicit by not openly disclosing the total labor force when unemployed are reported. 

When less people are in the labor force, the unemployment numbers look better, and those diminished numbers are being overlooked by the media. In short, there are less jobs around, so the unemployment numbers appear better.    (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)

College Education Has Become Mostly Promotion

College administrators and politicians should drop their promotional hype. Higher college enrollment and government loan programs and subsidies may be good for the college marketers and political cheerleaders, but they don’t produce the training needed for real jobs in industry.

This becomes more evident by the day. Too many degrees, especially from four-year institutions, offer graduates little skills but a resume, when they go looking for a job in the real world.  (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)