Posts Tagged ‘MIT’

Richard Florida
by Richard Florida
Sat Mar 28th 2009 at 10:14am UTC

America’s Financial Oligarchs

Saturday, March 28th, 2009

The ever-growing financial bailouts have produced a growing sense of outrage in America. Simon Johnson, professor of economics at MIT and former chief economist at MIT, writes in The Atlantic that America’s financial elite are putting their won interests ahead of their country and essentially looting it to enrich themselves and enhance their power.

Johnson compares America’s new financial oligarchs to their Russian counterparts, and says that their considerable political clout amounts to a “silent coup” which paralyzes the country from undertaking much needed sweeping reform of its banks and financial institutions.

The solution is obvious to anyone who has been part of the IMF or understands the financial crises that have affected other countries. Johnson writes, nationalize the banks and limit the power of the financial elite. But he fears this cannot happen because of their unvarnished power.

Johnson seems convinced that if the financial roots of the the current crisis are not dealt with it will end up worse then the Great Depression.

Sobering stuff. Read it closely.

Richard Florida
by Richard Florida
Sat May 10th 2008 at 10:38am UTC

University Relocation

Saturday, May 10th, 2008

Harvard’s Greg Mankiw writes in response to proposed plan by Massachusetts
to impose a 2.5% annual tax on college endowments that exceed $1

If this were to pass, here is what I would consider:

Instead of expanding the university into Alston, Harvard could create a
second campus in another state. Call it Harvard South. (Put it in a
better climate than Boston, and I would be one of the first faculty to
volunteer for the move.)

2. Transfer much of the endowment to Harvard South. Support Harvard North by slowly selling off land in Massachusetts.

Eventually, make Harvard South the main campus, and Harvard North the
satellite. If Massachusetts state lawmakers remain hostile, close
Harvard North down entirely.

I have often wondered what the
efficient scale of a university is and, in particular, whether it would
be better to create a second Harvard with the university’s wealth than
to expand the first one. Maybe the Massachusetts state legislature will
give the powers-that-be at Harvard an incentive to consider more
radical expansion plans.

And if states and cities are willing to pony up billions for convention centers and stadia, and hundreds of millions in industrial incentives for factories, how much do you think they much come up with for a Harvard, or MIT, or Stanford, or Oxford relocation. Universities are already setting up foreign campuses. Trust me, it’s just a matter of time until this game gets big.