Monday, March 7, 2011

Physics/Math, Economics Majors Ace the LSAT; Criminal Justice, Prelaw Majors Bomb the Test

Want to increase your chances of getting a high score on the test required to get into Law School?  Well, if you don't like physics or math, then Economics appears to be the major that best prepares you...LSAT tests your ability to think outside the box and economics sure does that...
""Michael Nieswiadomy (University of North Texas, Department of Economics) has posted LSAT Scores of Economics Majors: The 2008-2009 Class Update on SSRN. Here is the abstract:
Using 1994-1995 and 2002-2003 data, Nieswiadomy (1998, 2006) found that economics majors scored well on the LSAT. These results are frequently posted on university web sites by Economics and other departments. This note, which updates the prior studies using current 2007-2008 data for the 2008-2009 class of students entering law school, finds that Economics majors still perform at or near the top of all majors taking the test. Economics majors (LSAT score of 157.4) are tied for first (with Philosophy) of the 12 largest disciplines (those with more than 1,900 students entering law school). Economics is tied for second (with Philosophy/Religion (157.4)) behind Physics/Math (160.0) in a set of 29 discipline groupings that are created to yield at least 450 students with similar majors.""
Source HERE

How much does crude oil factor into the price of gasoline? Two nice graphics break it down for you...We GOTTA get off this stuff!!

These two graphics show the significance of crude oil as an input into the productlon of a gallon of gasoline...We GOTTA get off this stuff...
Source of both graphs HERE:


My Tips for graduating Seniors as they prepare for their first semester of college---the advice is free and worth what you pay for it...

Below are 5 basic recommendations I give to graduating Seniors that I believe will help them succeed in their first semester of college. They are by no means inclusive of everything that they should do, but I believe can form an excellent foudation for success.  Whether you are shy and tend to cocoon in your dorm room and not get out, or you have the opposite problem and are too social and don't stay focused enough, I think these can help you.  It is free advice and worth what you paid for it...

1. The first month of school join the "___Society" or club that goes with your major...i.e. Economics Society, Math Society, Computer Science Society, etc.  Find out where and when they meet. Go to the meetings and participate or just sit in the back of the room and absorb.  It is important to make connections with your "own kind", meaning people with the same academic interest as you do.  You will meet peers who are ahead of you and you can be important contacts that may pay off for you later.  At the minimum, you may meet a friend or two.  Also, the professors in your department who may attend these meetings will at least see your face from time to time. This will help you as you progress in your department. You never know what opportunities may open up for you.  If the professors see you as interested and ambitious, they will help you out with opportunities that are not well publicized or utilized. 

2.  Join ANOTHER group that is service/educational orientated and not connected to your major. Most colleges have a zillion of these clubs/groups (This also includes getting involved with a church, if that is your thing).  This will expand your circle of friends and acquaintances.  If service is not your thing, then intramural sports or some other activity will suffice--just get OUT of your dorm room!

3.  Find or start a QUALITY study group.  Many times this starts the first day of class.  Some students take the initiative and make it known they are starting one. Be careful of the ones you join! Be an active participant and not a distraction. If you get into a study group and they spend the first 30 minutes goofing off, then find another one.  Staying on top of your studies is the most important task you have your first semester.

4. Treat college like a job. Do it from 9 to 5 (or 8 to 4, or 10 to 6, etc) 5 days a week.  This includes class time. Find a place where you can focus with no distractions.  DO NOT GO BACK TO YOUR DORM ROOM!  For some students, this works, but I believe for most this is a BAD move--naps are too easy and the internet/gaming is too close at hand.  Take an hour lunch break.  Don't get into the habit of saying "hey, class just started, I have plenty of time in the semester to get things done".  Stay current on your work and even get ahead.  What is wrong with going above and beyond in your class and supplementing with additional reading/research in the class you are taking?  It IS called "education", after all.  If you can maintain this discipline, I believe you will not have to stay up ANY night OR weekends to study. Of course, as with any "job", there may be exceptions when you have to do more at times.  You friends will wonder why you never seem to study or cram---you did it while they were napping or otherwise wasting time. 

5.  DO NOT PROCRASTINATE in getting help with a class you are stuggling with! All colleges have resources to help you keep up, i.e. math labs, orgainized tutorial sessions, help with finding tutors, etc. All professors have Teaching Assistants (TA's) whose primary job is to help students with homework or tutorials. Locate your TA immediately and use them.  Most professors are available too, some more than others.  Don't be shy about this! You are paying big bucks for your education and this is not high school any more. Where I have to call your parents and give you a gazillion chances, college is different. You are responsible for yourself 100%. 

Remember, these are only suggestions.  I understand there are exceptions and "what if's".  Do one, two, three or all five.  In any combination I hope this will be helpful as you start from scratch as a Freshman again...

think Qaddafi just either became a Libertarian or joined the TEA Party...I am having a political identity crisis today...


Source: ME!
 As a quasi-Libertarian (but not a member of the TEA party) I do not welcome this development, but as someone with a sense of humor, I guess I have to welcome him to the club as a tax-cutter... :)..Also, did he just declare "Mission Accomplished"?  Guess he does not read the papers either...

Qaddafi's Solution To His Crisis: Tax Cuts!



Libyan state TV announces wide-ranging tax cuts. It says:

""The general public committee has decided to reduce customs on basic commodities to zero per cent and to reduce customs on all other commodities to only five per cent. It also decided to remove all consumption and production taxes. The new changes were made on the occasion of the victory of our great people over the terrorist gangs.""

Nice video on the state of US Manufacturing and the failure of the US to adapt to the changing nature of work in this industry.

HT: Carpe Diem....A nice, short video on the changing face of American manufacturing.  The popular focus from the media and politicians is the off-shoring of jobs to foreign destinations. True that. However, the elephant in the room of modern day manufacturing is the way work is done in today's factories in the US--it is high tech and takes different skills relative to old-line manufacturing jobs.  They require more education and less phyiscal prowess.  The second video is a production of "The Onion" and how trying to save old manufacturing jobs is, well, not in the interests of a 21st century US. (Warning: Some bad language in that video!!)





Obama Promises To Stop America's Shitty Jobs From Going Overseas

Tuesday, March 1, 2011

How to get rich nickel-and-diming...No, REALLY! Get rich with nickels and dimes!!

 

If a nickel has 7 cents worth of metals and you melted it down and sold it at that maket value, you would have a rate of return of 40%! (.07 minus .05 divided my .05 times 100).  If you found some pre-1965 dimes, at the rate quoted below, you would do very well.  Excuse me while I flip the cushions of my sofa over...I will be right back...

Hoarding Nickels, Collecting stamps? Is this the best investment for America's working poor?

""US five cent coins contain over 7 cents worth of raw material as of this afternoon, mostly copper and of course, nickel. If there is inflation, the prices of metal will increase, and the coin will have 8, 9, 10 cents worth of metal. Pre-1965 dimes contain over $2.42 of metal today, while pre-1965 quarters have over $6 worth of metal. (http://www.coinflation.com/)
If there is deflation, the coins are still currency at face value. They will always be nickels. There is also no transaction cost for "buying" these coins. Just save them as you get them from change, or pick up $2 rolls at local banks. ""

What do we export? What do we import? Who are our biggest trading partners? So many questions...the answers are just a click away...

A couple of useful graphics on International trade. The first one is a brief look at our top goods that we exported and imported in 2010.  The elephant in the room is our import of oil.  The only good in double digits by a significant margin.

Source: WSJ

The second one shows the changes in trade patterns with major trading partners since 1990...The change in TOTAL trade (exports PLUS imports) with China has been remarkable in just 20 years.  However, the elephant in the room with this metric is the excess of imports over exports.