“I’ve always thought that the American eagle needed a left wing and a right wing.  The right wing would see to it that economic interests had their legitimate concerns addressed. The left wing would see to it that ordinary people were included in the bargain. Both would keep the great bird on course. But with two right wings or two left wings, it’s no longer an eagle and it’s going to crash.”

 Bill Moyers

Author and Journalist

 Commencement Gems:  The New Totalitarians….and The Importance of Making Your Bed

Here are two more commencement addresses that deserve the review of all.

The New Totalitarians: Several prominent persons who were invited to deliver the commencement address at a few of our best universities either withdrew, or had their invitations retracted, due to protests by students who feel that their education is complete and that exposure to ideas they may not agree with is both unnecessary and insulting. Among those so treated were the first black female Secretary of State, Condoleeza Rice and International Monetary Fund Director Christine Lagarde, the first women to lead that organization.

Former New York Mayor Michael Bloomberg, who is neither a conservative’s conservative or a liberal’s liberal, somehow managed to get, and stay, invited to the commencement podium at Harvard. In his address he used the opportunity to remind his audience that our nation endured a similar form of intolerance in the 1950s when it was liberals who were under assault during the dark days of McCarthyism (It will be interesting to see if the conservative version of this phenomenon becomes sufficiently widespread to likewise warrant a specific name…and whose it will be).

A quick review of the former mayor’s comments (and some responses from those “graduating”) can be found on the CNN News site. The video of his full address  (24 minutes in length) is well worth your time and sharing with the young people in your life. Thoughtful persons of any political persuasion will, I predict, find his comments compelling and on point.

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 The Importance of Making Your Bed: Navy Seal (and Admiral) William McRaven offered grads at the University of Texas at Austin some advice on changing the world… including not underestimating the number of people whose lives will be affected by theirs…and the importance to your future of starting your day by making your bed properly (no kidding).  Click here for the video and transcript of the Admiral’s talk which was featured on the WSJ editorial page as well.

 Thank you, Admiral McRaven for your service past and present.

The Queen of the Internet is Back!

….and speaking of startup failures, few have been more public over the last 20 years than those associated with information technology. Maybe some of the more recent ones might have been averted if their founders and backers had spent a little time with Mary Meeker, aka “Queen of the Internet.” Meeker earned this title during her tenure as an analyst of the tech sector at Morgan Stanley during the internet bubble. Her annual review and forecast is as eagerly awaited in some quarters as Warren Buffett’s annual letter is to Berkshire Hathaway shareholders.

Now a venture capitalist at the legendary VC firm Kleiner Perkins, her annual internet industry review (24 min video) was recently presented at the Code Conference  (this gathering is the successor to the “All Things Digital Conference” created by Walter Mossberg and other technology writers from the WSJ in 2003). You can download the slides in pdf form here.

This presentation is not just for technologists, but for everyone whose business relies directly or indirectly on the internet (I guess that means you!) If you need some good research on this topic, Ms. Meeker has done a lot of your homework for you.

Go Get a Big Honkin’ Mortgage

The financial meltdown in the fall of 2008 made millions uneasy about debt in any form, especially mortgages. Low interest rates have encouraged millions to refinance older higher rate mortgages to save money, but the general consensus among financial advisors has been to pay down debt, not take more on.

 Is this really the right move? One advisor thinks otherwise and offers  “11 Great  Reasons to Carry a Big, Long Mortgage.” His explanation is available in article form or audio. Check it out while rates are still relatively low (and do check with your financial advisor before doing anything.)

Startup Mass Extinction (A good thing?)

Startup activity is surging….and so is startup failure. It’s well known that most new ventures fail; yet the number of new ventures grow along with the willingness of capital sources to fund them. A recent two page article summarizes the research behind this phenomenon. Review the latest findings about  Startup Mass Extinctions …and why we need it to continue.

 Econ Recon: Stall Point?

It now appears that first quarter GDP actually decreased by 1.0 % (annualized) according to the government’s most recent revisions. Two consecutive quarters of negative GDP growth is the definition of a recession; is the other shoe about to drop? Has the economy reached a stall point?

Just a cold winter weather blip, says economist Brian Wesbury. In his latest Wesbury 101 video, he urges his viewers to remain calm...that despite the drop in GDP, the economy is OK and that the underlying economic forces that have driven the recovery since 2009 are about to be augmented by some monetary ones as well.