Professor Mark J. Perry's Blog for Economics and Finance
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The country needs someone like Herman Cain.Latest Obama-Cain poll 45% to 36%.Cain tied with Perry in Republican poll for second place.Cain's 999 plan:Nine percent income tax, nine percent corporate tax, and a new nine percent national sales tax.Herman Cain (born December 13, 1945) graduated from Morehouse College in 1967 with a Bachelor of Arts degree in mathematics, and received a Master of Science degree in computer science from Purdue University in 1971.After completing his master's degree from Purdue, Cain left the Department of the Navy and began working for The Coca-Cola Company as a business analyst. In 1977, he joined Pillsbury, where he rose to the position of Vice President by the early 1980s. He left his executive post to work for Burger King, which at the time was a Pillsbury subsidiary, where he managed 400 stores in the Philadelphia area. Under Cain's leadership, his region went in three years from the least profitable for Burger King to the most profitable. This prompted Pillsbury to appoint him President and CEO of another subsidiary, Godfather's Pizza. Aiming to cut costs, Cain over a 14-month period reduced the company from 911 stores down to 420. As a result of his efforts, Godfather's Pizza finally became profitable.Became CEO of the National Restaurant Association - became a member of the board of directors of the Federal Reserve Bank of Kansas City in 1992 and served as its chairman from January 1995 to August 1996.Also served as a board member for Nabisco, Whirlpool, and Reader's Digest.
Peak TraderPlease get a clue. Mr. Cain is a nice enough fellow, successful business man and certainly more competent than the current occupant of the WH. But he's hardly the best man for the job. His econ plan is thin on details and he knows nothing about how politics works and about foreign policy. Romney is a far, far superior candidate.
peak-i'm with you.i had been thinking of cain as kind of a fringe candidate, then i really looked at his history and listened to what he was saying.he's a very promising candidate and has the best tax plan i have seen yet.he's run a business, been at the fed, and worked with the military. best, he is a self made man and therefore understands the american dream (and thus america) in a way that folks like obama never will.he was a meaningful part of shooting down hillarycare.i'm getting to like him more and more.i think i'd still back christie if he throws his hat in the ring, but cain is the best of those announced so far.i have no idea how anyone could back romney.he's a disaster. he ran mass into the ground. he's a weak, vapid anti leader who launched the worst health care failure in america. (which looked a helluva lot like obamacare)we need a leader, not a career politician.
Ron Paul 2012!! :P Because his minions will will shout at you even louder, if you don't!Seriously though, given the weak Republican field so far, Cain does seem like the only one with any reasonable sense. Everyone else seems to me to be focusing on religion and social issues, the two things they should absolutely not focus on anymore (enough already!)
A real Republican candidate might be able to beat Obama, but it's not clear what that would mean.http://www.huffingtonpost.com/2011/09/27/jon-stewart-mocks-indecisive-gop-candidates-look-in-the-mirror_n_982836.html
"A real Republican candidate might be able to beat Obama, but it's not clear what that would mean." -- SeanWasn't it twits, like you, letting fools like Jon Stewart and Michael Moore do their thinking for them, who saddled the rest of us with the sniveling man-child currently in the White House? Thanks, but we will not be taking your advice as to who is or is not a "real" Republican candidate.
"The country needs someone like Herman Cain."We already have someone. His name is Ben Bernanke. I'm not interested in putting even more Federal Reserve Bank chairmen in power.According to Cain: "There's no hidden secrets going on in the Federal Reserve to my knowledge."Really? So just exactly where did the TARP bailout money go?
Obama will not run. Write it down.As the evidence of his impending doom mounts, he will find some excuse not to run and will politely bow out.That worries me more than anything. Hillary steps in and takes back all the moderates/independents who have been leaving the Democrat party for 3 years.
eric-"We already have someone. His name is Ben Bernanke. I'm not interested in putting even more Federal Reserve Bank chairmen in power."you could not be more wrong about that.cain was KC fed. they are anti bernanke.cain does not support helicopter ben's insane monetary policy, nor an interventionist fed trying to drive growth by destroying the currency.i think you may be attributing beliefs to cain that eh does not hold.
morganovich,Cain is doing a very poor job of drawing a distinction there, if it in fact exists. See his recent statements regarding the federal reserve. Nobody is questioning him about the "Kansas City" federal reserve individually.
Che is dead, Wasn't it twits, like you... Wow. Bitter much? There's a huge difference between thinking a comedian is funny and slavishly following them around.
"There's a huge difference between thinking a comedian is funny and slavishly following them around"Jon Steward stopped being funny about 6 years ago.
eric-to what comments are you referring?he has nothing like the ideas of a bernanke and, as far as i can tell, does not believe in the kind of activist fed we have now.you are just falling for all this nonsense about an audit and the wild eyed cries to shut the fed down or worse, make it a tool of congress.you want to see the dollar turn to toilet paper, let barney frank etc have their way and let them pick the fed officials instead of having regional banks.they are trying to tar cain because he wants an independent fed, but that's absurd.you NEED an independent fed. it ought to be modeled on the old bundesbank.the fed's mission should be to oversee and be lender of last resort for the banking system, and to maintain a solid currency.adding "promote growth so i can get reelected" is a recipe for disaster.
Morganovich, I guess, people like PFCT and Eric need more of the same before thinking outside of the box (there's no need to get buried in the box).
Also, unlike Romney, Cain doesn't talk faster than he thinks :)
morganovich,Here are a few inconsistencies/quotes from Cain regarding the federal reserve and reality."or worse, make it a tool of congress."Sounds exactly like what Cain is suggesting it should become here.And nice try by him on the 'Ron Paul can oversee and audit them' angle, but in case he hasn't noticed, Paul isn't running for re-election.And by the way Peak, Cain supported Romney in 2008. He claims it was because he thought Romney could "create jobs". First, I would figure as a "business man" that Cain wouldn't actually believe the federal government creates jobs. Second, I'm not sure why that was his main issue when unemployment was at 5% back then.
Eric, government can create the conditions for job growth in the private sector.The recession began in Dec '07. So, jobs were important in '08.Cain supported Romney instead of McCain, Obama, or Hillary.I doubt it was a tough choice for Cain.
"adding "promote growth so i can get reelected" is a recipe for disaster."Oh Yeah? Did you hear Kucinich the other day? I hope the moron runs for president again, so that people can get another look at what sort of creatures inhabit the Dem party.
Eric H.: Thanks for the laughs - these are gems:"Here's the advice I've given to people who are worried about an audit of the Federal Reserve. Call them up and ask them!"Hello, Fed? are you guys doing anything underhanded over there? You're not? Oh, OK, I just wanted to make sure. Thanks."You can stop by and have one of their P.R. people, or their public relations people explain to you how the Federal Reserve operates."They have both? "I think a lot of people are calling for this audit of the Federal Reserve because they don't know enough about it."Seems like an excellent reason to me, In fact I can't think of a better one, offhand."There's no hidden secrets going on in the Federal Reserve to my knowledge."Well, of course not! If you knew, they wouldn't be hidden secrets.LOL
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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