[PEN-L:11715] Institutional Investors and UPS
tomer base. Angry, embittered returning strikers (or untrained scabs) do not make very good embassadors. In solidarity, Michael At 09:51 AM 8/12/97 -0700, Doug Henwood wrote: I heard a report that UPS has offered a big increase in pensions to full-time employees, but one which woul require the company leave the Teamsters' collective pension fund - a move that would cause that poor, looted fund to collapse. So if this proposal were to be put to a vote, it would win, which is why Carey is trying to prevent a vote. Any thoughts/comments on this? Doug -- Doug Henwood Left Business Observer 250 W 85 St New York NY 10024-3217 USA +1-212-874-4020 voice +1-212-874-3137 fax email: mailto:[EMAIL PROTECTED] web: http://www.panix.com/~dhenwood/LBO_home.html *** Teresa Ghilarducci Associate Professor Department of Economics University of Notre Dame Notre Dame, Indiana 46556 Phone: 219/631-7581 fax: 219/232-3086
[PEN-L:11714] Re: UPS and PENSIONS and conference
. After all, to the customer, the delivery driver is UPS, and one of the company's secrets of success has been its ability to maintain employee loyalty and morale as a means to holding onto its customer base. Angry, embittered returning strikers (or untrained scabs) do not make very good embassadors. In solidarity, Michael At 09:51 AM 8/12/97 -0700, Doug Henwood wrote: I heard a report that UPS has offered a big increase in pensions to full-time employees, but one which woul require the company leave the Teamsters' collective pension fund - a move that would cause that poor, looted fund to collapse. So if this proposal were to be put to a vote, it would win, which is why Carey is trying to prevent a vote. Any thoughts/comments on this? Doug -- Doug Henwood Left Business Observer 250 W 85 St New York NY 10024-3217 USA +1-212-874-4020 voice +1-212-874-3137 fax email: mailto:[EMAIL PROTECTED] web: http://www.panix.com/~dhenwood/LBO_home.html *** Teresa Ghilarducci Associate Professor Department of Economics University of Notre Dame Notre Dame, Indiana 46556 Phone: 219/631-7581 fax: 219/232-3086
[PEN-L:8743] Re: Pension ownership
Dear All, Thanks Max. Teresa At 06:23 PM 2/20/97 -0800, you wrote: From: BAIMAN [EMAIL PROTECTED] Subject: [PEN-L:8735] Re: Pension ownership As far as I know the resident Radical Economist expert on this subject (at least for the U.S. - though I believe she's also looked at this in other countries) is Theressa Carlducci (or something close to this - ) at Notre Dame Univ., Economics Dept. That would be Teresa Ghilarducci, not necessarily the precise spelling but a lot closer than yours. Cheers, MBS Teresa Ghilarducci Associate Professor of Economics University of Notre Dame Notre Dame, Indiana 46556 Phone: 219-631-7581 FAX: 219-232-3086
[PEN-L:8125] Re: SS Reform
Dear All. Please do not let the press headlines spin the Social Security Advisory Council politics. Listen to the music and the words. The Social Security Advisory panel is deeply split between proposals to privatize Social Secuiry by turning the "social insurance" program into a system of 130 million individual accounts. The business group has 5 out of 13 votes; labor and Ball have 6/13 and Gramlich and his friend from Michigan, thoughtful, Ford personnel director, Marc Twinning support a midling privatization proposal. The press is emphasizing the shared aspect across the proposals that each of the camps in the Council want to invest in stocks rather than bonds. However, this characterization misses key differences within the Advisory Council. The individual account option probably won't have political legs because it would cost the equavalent of a 1% sales tax for 80 years. The economics of the system are such that it is solvent unitl the year 2029 and then taxes would have to be increased 3 - 4% of payroll to keep the same benefits if we did nothing. Therefore, I predict there will no change since there are no economic or political imperatives to do so. The only momentum the privatizing proposal has is from Wall Street firms who want the business of managing all those accounts. Of course that is a lot of momentum. I have a paper on this is anyone wants it. Teresa At 11:40 PM 1/7/97 -0800, you wrote: Doug -- I don't discount your point that when the common folk come into the stock market, it's time to get out. That's common wisdom at the business school here too. I'm sure that there will be some transfer from poor to rich when the market dives (my own pet theory: At the end of this quarter; there was a slowdown in 3Q96 which was offset by a 4Q96 uptick when the first real wage increase in a long time sent people on a holiday shopping spree, but once the 1Q97 sales reports come in, investors will freak), just as there usually is, but just because the rich come out winners doesn't mean they're better off than they would be without a market crash. On average they hold different stocks, but in the spread, they hold the same stocks as everyone else. I guess I just disagree about the extent to which this will affect the economy. It's true I have little background in finance. You say that very little of stock investment goes into actual capital, most of it goes into other stocks, and I'm curious about that. Does it basically mean that there's a big circular bubble, so that if enough companies crash, they all crash? What percentage is it? If enough companies' stocks are held by "stupid" people, won't this potential flood of investors only exacerbate the problem? Perhaps more to the point: Even though most stocks will be invested in other people's stocks, it will still be true (if things work the way I think you're saying they do) that every dollar inflow will be a dollar that goes into new capital investment. For example, I invest a dollar in company A's new stock outlay. $1/3 goes to capital expenditures, and $2/3 goes to company B's stock. Of that $2/3, $2/9 goes to capital expenditures, and $4/9 goes to Company C's stock. Etc. In other words $ p * SUM([1-p]^n) = $1 for any p between 0 and 1 goes into new capital investment. So there's a trillion dollars of new capital investment. Well, since all of the most profitable investments have been made, they go to less profitable investments and drive down the rate of profit. This hardly seems consistent with past government behavior, which has been to prop up the rate of profit (or at least long-term rates of return) as much as possible. So why the change? Is it just that the Republicans are being short-sighted? Will the government eventually realize what's going to happen and abandon it? Or has there been a change in outlook on someone's part? If so, whose, and why? Curious for more thoughts, Tavis Teresa Ghilarducci Associate Professor of Economics University of Notre Dame Notre Dame, Indiana 46556 Phone: 219-631-7581 FAX: 219-232-3086
[PEN-L:6687] Means testing Social Security
A debate between myself and the economist for the Concord Coalition was just published on means testing Social Security. The Concord Coalition is for it because they want to turn Social Security into welfare. The reference is Contoversial Issues in Aging, edited by Kaye and Scharlach, Allyn and Bacon. So I agree with Bill Moore for his reasons and others. There are other ways to strengthen the program and continue its progressivity. We can eliminate the cap on taxable wages for the employer's contribution, for instance. We need to tax Rockefeller in other, more effective, ways. Teresa Ghilarducci At 12:37 PM 10/14/96 -0700, you wrote: Means testing for Social Security benefits? You'd better think about that some more. Means testing was one of the arguments to fight against SS in the first place. "Why should Rockefeller get the same benefits as you?" -- Means testing is one way to split people up politically, take away the support of those slightly better off than the poorest, and then kill the whole SS program. Means testing makes it a welfare program and those are easy to attack. Even Bill Clinton, despite feeling pain, is willing to do that. I agree wholeheartedly and eliminating the "income-cap" on OASDHI is the best first step. Then, no matter what the AARP may say, implement means testing for SS benefits. (On the other demographic end, don't encourage population growth with tax-credits. 8) Then... == _ /! | Internet: [EMAIL PROTECTED] \|o.o Bill the Cat |Voice: 303/399-6726 | FAX: 303/333-9009 ==(_^_)== ACK! THPFFTT! | Copyright USA 1996 All Rights Reserved U |Bill Moore | All opinions are solely this writer's. ====== Teresa Ghilarducci Associate Professor Department of Economics University of Notre Dame Notre Dame, Indiana 46556 Phone: 219/631-7581 fax: 219/232-3086
[PEN-L:6362] JOBS AT NOTRE DAME
We strongly urge minorities and women to apply. UNIVERSITY OF NOTRE DAME, Notre Dame, IN AF Any Field The Department of Economics anticipates, subject to final budgetary approval, filling two faculty positions, one at a junior (tenure-track) level, and one at either a junior (tenure-track) or senior (tenured) level, effective August 1997. The department's Ph. D. program is distinctive in its openness to alternative methodologies (such as post-Keynesian, radical and institutional, as well as neoclassical); in its interest in formal theoretical and quantitative analysis, in addition to broader political economy approaches emphasizing the roles of history and institutions; and in its commitment to issues relating to socio-economic justice and ethics in economics. Although traditional fields of specialization are development and international economics, labor economics, public policy, economic theory and economic methodology, candidates from all fields of economics, who are committed to research and teaching excellence and who would find such an environment challenging, are encouraged to apply. A preference will be given, in filling at least one of these positions, to candidates with a strong quantitative and empirical orientation in applied fields and with interests in socially-relevant policy analysis. Candidates are expected to have a Ph. D. by the time of appointment. Applications should be accompanied by a curriculum vitae, a writing sample, and three letters of recommendation. Application deadline is December 1, 1996. An equal opportunity-affirmative action employer. CONTACT: Amitava K. Dutt, Chair, Department of Economics, University of Notre Dame, Notre Dame, IN 46556. Amitava Krishna Dutt Professor and Chair Department of Economics University of Notre Dame Notre Dame, IN 46556, USA Ph: 219 631 6335 / 219 631 7594 / Fax: 219 631 8809 Teresa Ghilarducci Associate Professor of Economics University of Notre Dame Notre Dame, Indiana 46556 Phone: 219-631-7581 FAX: 219-232-3086
[PEN-L:5894] Re: the Hudson Institute??
Smalhout is a smart sassy writer who has viewed the government insurance system for pensions -- the self financed Pension Benefit Guaranty Corporation -- as too risky. Furthermore he criticizes the system as a subsidy to union (especially) work forces. The Hudson Institute supports research on the positive political economy outcomes of the free market. Teresa Ghilarducci At 05:58 PM 8/29/96 -0700, you wrote: I recently came across a new book by James Smalhout called "The Uncertain Retirement: Securing Pension Promises in a World of Risk." It was written while he was a fellow at Brookings and then at the Hudson Institute. Does anybody out there know anything about the Hudson Institute?, or about Smalhout? Thanks, Doug Orr [EMAIL PROTECTED] Teresa Ghilarducci Associate Professor Department of Economics University of Notre Dame Notre Dame, Indiana 46556 Phone: 219/631-7581 fax: 219/232-3086
[PEN-L:4243] UNION SUMMER NEEDS HELP -- QUICK
The AFL-CIO Union Summer (named after "Freedom Summer) has two weeks of "waves" scheduled in 19 places around the nation. They need top notch organization types, labor educators, charismatic union leaders and LEFT LUMINARIES to speak to these college students. The sites are: Akron, Atlanta, Boston. Charleston, Chicago, Denver, Detroit, LA, Miami. New Orleans, Oakland, Sacramento., St. Louis, San Diego, San Jose, Seattle, Watsonville California. California and the Southern States are especially important. Please send referrals directly to me [EMAIL PROTECTED] Teresa Ghilarducci Associate Professor Department of Economics University of Notre Dame Notre Dame, Indiana 46556 Phone: 219/631-7581 fax: 219/232-3086
[PEN-L:3757] Re: MDHC threatens longshore union (fwd)
What is this about? At 01:14 PM 4/12/96 -0700, you wrote: The Mersey Docks Harbour Company, having dropped an earlier action against Mersey shop stewards in the US courts, is now threatening to take action against the US east coast International Longshoremen's Association. Chicago based attorneys, Mayer, Brown and Platt, acting for the company have written to John Bowers, the President of the ILA, demanding that he formally disassociates his union from disrupting or diverting ACL shipping bound for or coming from Liverpool. The letter continues, "if this demand is not met we will institute a suit for damages. Loss of ACL's business could result in the loss of a substantial number of jobs and realistic potential damages running into millions. Given the potential damage exposure, the ILA has become involved in a very high stake affair and we advise you to treat it accordingly." LabourNet, UK Teresa Ghilarducci 219/631-7581
[PEN-L:3676] Re: Graduate Schools in Sustainable Development
We would like to meet her and she may be interested in the Univeristy of NOtre Dame. We are a nonneoclassical department with a very good development economics complex. The support is good and the life here is very comfortable for a scholar. Teresa Ghilarducci At 09:30 PM 4/8/96 -0700, you wrote: Pen-lers, I have a student -- a very good student -- who is looking for a university to do a graduate degree in. She is interested in a non-neoclassical approach to environmental economics and sustainable development. She has a particular interest in institutional economics as a framework for further theoretical work in this context. She asked me for advice as to where I would recommend she might apply to -- not necessarily this year, but next year when she finishes her honours degree. She is not limited to North America, only to English speaking institutions. Can some on the list give me suggestions of where she might consider applying? Thanks, Paul Phillips, Economics, University of Manitoba. [EMAIL PROTECTED] Teresa Ghilarducci 219/631-7581
[PEN-L:3628] Re: ? who publishes Bowles and EDWARDS
At 08:17 AM 4/4/96 -0800, you wrote: I too would welcome suggestions for principles texts that are neither too difficult nor too one-sided, but I'm losing hope that such a text exists. Hunt Sherman and Riddell, Shackelford Stamos aren't too one sided, but both have their problems, especially, in terms of organization and difficulty. WHO IS THE PUBLISHER? Thansks Although Bowles Edwards is somewhat one-sided, it bends the stick in the opposite direction and would be my choice the next time I have a choice. I used the first edition with some success. The greatest weakness of the first edition -- its minimal coverage of mainstream theory -- has been corrected somewhat in the second edition. Jerry Teresa Ghilarducci 219/631-7581
