Cottonseed Revisited

Chris Clayton reports on the cottonseed/oilseed question--Vilsack says OGC says he doesn't have authority to decide that cottonseed is an oilseed eligible for farm programs.  Chris quotes some of the law which he reads as supporting the cotton position.  In my experience, whenever politicians exert enough pressure, the lawyers find a way to justify what they want done; that's what they learn in law school.

How Do You Remember the 1990's?

A discussion over on this site about teaching the history of the 1990's.  I'll copy my answer here:

FWIW: The long decade perhaps goes from the fall of the Berlin Wall to 9/11, from the rise of the personal computer into 50 percent of households to the start of Google and the release of the iPod, the decade in which Walmart went nationwide. In my memory it wasn’t a difficult decade, it was a hopeful decade (for straight white males), something like I imagine the 1920’s to have been, with lots of froth (the tech boom). AIDS was the big cloud.

  Beloit College does a yearly list of what college freshmen know and don't know.  Here's the 2016 list.

I don't know how you categorize the 2000's-- from 9/11 to 2016 maybe, or a short 9/11 to 1/20/2009?

Prediction

I predict the tickets will be Hillary Clinton/Julian Castro versus Marco Rubio/John Kasich.

[Update 1--that was Feb 2.  New prediction:

Clinton/Castro versus Kasich/Rubio.   :-) ]

How Much Does a Professor Earn?

Find out here, for at least one professor.  I agree with the theory, salaries for public employees should be available.

Historical Landmark: End of White Male Tickets

Looking back I think we can say that 2004 marked the last time that the two major parties will present white male tickets to the voters.  They didn't in 2008 or 2012, and I'm sure they won't in 2016. I'm comfortable they won't in future years.  I'd even suggest it will take a big change in our politics for even one of the parties to present an all-white-male ticket in 2020 or beyond.

Allocating Goods

There are a number of economic goods (I love to play like I'm an economist) with a price, but a price which is less than the value which an ideal market might place on them.  The goods aren't sold in a free market, but some hybrid of the market and an allocation process. To my eye, these goods usually get allocated on the "who you know" principle.  Examples:

• tickets for playoff games go to relatives of the players, the staff, the owners.  I understand there's a set allocation for teams, but within the allocation getting a ticket is less a question of money than of influence or the strength of the relationship.
• IPO shares go to those connected with the underwriters of the offering.  Again I understand the bank will allocate shares to their best customers.
• many jobs. 

Companies Leaving Crop Insurance

Bloomberg has a post on companies (Wells Fargo, Cargill, Deere) leaving crop insurance.

That development somewhat counters the argument that government subsidies to crop insurance are too high.  On the other hand, given the size of these companies, it may be that the hassle is too much for the potential profits, particularly since prices have declined.

Cottonseed Equals Oilseed?

Illinois extension has a discussion on the possibility of cottonseed being added to the list of oilseeds covered by farm programs.  Up to now, even though cottonseed is more than 50 percent by weight of the product of the cotton plant, the fiber has been considered the crop, with cottonseed a useful by-product, like milk is the product of the dairy cow, with the meat being a by-product.  Apparently there's a push on to implement a provision of the farm bill to add it as an oilseed, but there's budgetary implications (maybe one billion dollars, almost real money) and trade-offs in terms of program provisions and encouraging/discouraging crops. 

The Economics of Commodities--Almonds

As Yogi said, deja vu all over again.

My mother, a woman of decided opinions, which I'm just now realizing, would rail at the stupidity of the poultry.  Egg prices would go up, people would buy chicks and raise layers, the supply would increase, the prices would go down to the point people were losing money.

The same logic has been followed over and over, with variations, with respect to different commodities.  Most recently it's been oil.  Remember the days of peak oil, of $130 a barrel? 

Now it's almonds, as described in the linked article. 

Big Farm--In Russia, Not Texas

NY Times has an article on American ranchers from Wyoming teaching Russian how to handle cattle. There's an operation with 1.5 million acres*, which seems bigger than any Texas operation (the King ranch is under a million).  The Russians are amazed at how hard the Americans work, and the fact they don't do it on vodka.

*  Granted, this isn't contiguous acres, which makes a bit of difference.