ECONOMIC RESEARCH GROUP

MEETING

March 17, 2010

The meeting was called to order at about 12 pm with 28 members attending. Our tables were set up in the larger dining room so there was sufficient space and no one felt over crowded. Since the meeting was being held on St. Pat’s Day there were a number of Irish jokes told. The one I like most of all was when Mike got off the plane in Dublin he was crying and couldn’t be consoled. A friendly Priest came to his aid and inquired “what was the problem.” Mike said, “Father I lost me baggage.” Well, said the Priest “ how did that happen?” Mike replied, “the cork fell out.”

After a very fine luncheon of Corned Beef and Cabbage, Mort introduced our speaker, Ted Taylor. Our speaker is a SIR and a native Californian. He grew up in what was then a rural area of Carpinteria near Santa Barbara. He was educated at Stanford and had a forty year career in high tech electronics retiring from Litton Industries.

Ted’s subject is Hegemony and its Effect on Economics. The dictionary defines it as “predominant influence as exercised by one group (nation) over another.” An example he gave was when Pres. Nixon persuaded congress to declare China a most favored nation in trade relationships with the U.S. This resulted with explosive growth in trade (albeit one way) and China owning a large quantity of U.S. bond worth more than our GDP.

Another example could be the working of Wall Street to convince congress to repeal the Glass-Steagall Act which divided investment from commercial banking. We are now feeling the effects of that decision [see Financial Times 4/14].

Following his great presentation Ted answered questions.

Our next meeting will be held on April 21^st and the speakers will be Kurt Brouwer and Jack Scaff of the firm Brouwer and Janacowski-Tiberon. The firm handles the financial affairs of individuals.

The menu selection is a choice of Salmon or Fillet Mignon. Call Bob Way if you have not made a reservation. (345-7014)

To continue having a choice location and food we have to give an accurate count of attendees to the Club. Call Bob if you cannot attend. This will be a subject to be discussed in April.

William Schinagl, Secretary