Francis Amasa Walker

Francis Amasa Walker (July 2, 1840 – January 5, 1897) was an American economist, statistician, journalist, educator, academic administrator, and military officer in the Union Army.

Walker served on the editorial staff of the Springfield Republican in 1868, was the Chief of the Bureau of Statistics from 1869 to 1870 and Superintendent of the 1870 and 1880 censuses.[1] He was the Commissioner of Indian Affairs in 1871, a chief member of the 1876 Philadelphia Exposition, American representative to the 1878 International Monetary Conference, President of the American Statistical Association in 1882, and President of the American Economic Association in 1886.[2]

In 1872 he joined Yale University’s Sheffield Scientific School as a professor of political economy and was elected to the National Academy of Sciences in 1878.[2] Walker was named president of the Massachusetts Institute of Technology in 1881, a position which he held for fifteen years until his death.[2] MIT’s Walker Memorial Hall, a former students’ clubhouse and one of the original buildings on the Charles River campus, was dedicated to him in 1916.


Walker was born in Boston, Massachusetts on July 2, 1840, the youngest son of Hanna (née Ambrose) and Amasa Walker, a prominent economist and state politician. The Walkers had three children, Emma (born 1835), Robert (born 1837), and Francis.[3] Because the Walkers’ next-door neighbor was Oliver Wendell Holmes, Sr., the junior Walker and junior Holmes were playmates as young children and renewed their friendship later in life.[4] The family moved from Boston to North Brookfield, Massachusetts in 1843 and remained there. As a boy he had both a noted temper as well as a magnetic personality.[5]

Walker as a young adult.

Walker began his schooling at the age of seven, studying Latin at various private and public schools in Brookfield before being sent to the Leicester Academy when he was twelve.[6] He completed his college preparation by the time he was fourteen and spent another year studying Greek and Latin under the future suffragist and abolitionist Lucy Stone before entering Amherst College at the age of fifteen.[6][7] Although he had planned to matriculate at Harvard after his first year at Amherst, Walker’s father believed his son was too young to enter the larger college and insisted he remain at Amherst. While he had entered with the class of ‘59, Walker became ill during his first year there and fell back a year. He was a member of the Delta Kappa and Athenian societies as a freshmen, joined and withdrew from Alpha Sigma Phi as a sophomore on account of “rowdyism”, and finally joined Delta Kappa Epsilon.[8][9] As a student, Walker was awarded the Sweetser Essay Prize and the Hardy Prize for extemporaneous speaking.[10] Walker graduated in 1860 as Phi Beta Kappa with a degree in law.[11] After graduation, Walker joined the law firm of Charles Devens and George Frisbie Hoar in Worcester, Massachusetts.[6]

Union Army

The Union Army was the army that fought for the Union during the American Civil War. It was also known as the Federal Army, the U.S. Army, the Northern Army and the National Army.[1] It consisted of the small United States Army (the regular army), augmented by massive numbers of units supplied by the Northern states, composed of volunteers as well as draftees. The Union Army fought and defeated the Confederate States Army during the war, from 1861 to 1865. Of the 2.5 million men who served in the Union Army during the war, approximately 9.5% were African American, about 360,000 died—in combat, from injuries sustained in combat, disease or other causes — and 280,000 were wounded.

Noncommissioned officers of

The 21st Michigan Infantry, a company of William Tecumseh Sherman’s veterans.

From Making Money Roofing to Making Money with an Internet Business

Winder, Georgia – Michael Paulley, a serious entrepreneur, has gone form being a former roofing contractor to making money with an internet business that offers signature products and unparalleled support. Paulley started his roofing business from scratch over 20 years ago and has built it up to a well established company within the region. Paulley states, “I had to overcome many obstacles, but I knew what I wanted and did what it took to achieve my goals”.

Paulley achieved an admirable reputation in the construction business. He was known for going the extra mile to meet the needs of his customers. Although his business was very successful, Paulley states, “It was becoming more difficult to find dependable employees, who would also show the initiative I was looking for. It was at this time that I began researching the possibilities of making money with an internet business”.

Michael enjoyed the financial success and the time freedom of owning his own business. So, naturally he was searching for the same in an internet business. After proper due diligence, Paulley made the decision to team up with Wealth Masters International (WMI), one of the fastest growing internet companies online. Paulley recalls, “I was inmobiliaria impressed with the integrity of the company’s founders, Kip Herriage and Karl Bessey, and the generous compensation plan Wealth Masters International has to offer”. Wealth Masters International was founded in 2005 and offers one of the best compensation plans in the direct sales industry. This adds to the attractiveness for someone who is looking to make money with an internet business.

According to Paulley, “I have found what I have been searching for: signature products people really need and want, a generous compensation plan, leadership with integrity, and like minded entrepreneurs”. Discovering a way to make money with an internet business can be challenging. Paulley, however, has found a company that has taken him from roofing to the internet.

Analysts: Thailand’s rice cartel goal will face hurdles

Thailand, the world’s biggest rice exporter, wants to form a rice cartel with four other Southeast Asian countries — Laos, Burma, Cambodia, and Vietnam — to acquire more influence over international rice prices, according to media reports Friday.
In the same way that the Organization for
Petroleum Exporting Countries (OPEC) sets oil prices, members of the proposed rice cartel would cooperate on prices, thereby wielding their influence.
“Firstly and most importantly, this is not the right time to suggest a cartel,” said Arpitha Bykere, an analyst at RGE Monitor
“With the food prices going so high, the World Bank and the United Nations have suggested it’s becoming such a big crisis,” Bykere said. “The international organizations will oppose this [a rice cartel].”
World Bank President Robert Zoellick has warned that high food prices are threatening recent hard-won gains in overcoming global poverty and malnutrition. The United Nations World Food Program has said that high food prices are creating “a silent tsunami” threatening to plunge more than 100 million people on every continent into hunger. … continue reading this entry.

Buffett sees no bank panic, but expects more losses

OMAHA, Nebraska (Reuters) – Warren Buffett on Sunday said he does not expect financial markets to panic as write-downs and losses for bad debts mount in the financial services industry, but said those losses were not over “by a long shot.”

The world’s richest person, who runs Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote, Profile, Research), said at a press conference the Federal Reserve brought markets back from a precipice in March in helping broker JPMorgan Chase & Co’s (JPM.N: Quote, Profile, Research) purchase of Bear Stearns Cos (BSC.N: Quote, Profile, Research), which was on the brink of bankruptcy.

“There’s going to be more pain, sure,” Buffett said. “The action of the Fed, in terms of Bear Stearns, prevented in my opinion the contagion where you’re essentially going to have bank runs on the investment banks … The idea of a financial panic … has been pretty well taken care of. That was a watershed event.”

He added, though: “That doesn’t mean the losses are over by a long shot … We’ve looked at some of the investment banks, and it’s clear some more losses are going to be incurred.” … continue reading this entry.

Berkshire’s Munger for president?

OMAHA, Neb. (MarketWatch) — Charlie Munger, vice chairman of Berkshire Hathaway, may have political aspirations, judging by the latest version of the movie produced by the company at every annual shareholder meeting.
In a cartoon,
Munger, Chairman Warren Buffett and Microsoft Corp. Chairman Bill Gates decide Munger should run for president of the U.S., creating a new party called the National Independence Party.
Buffett will be secretary of commerce, head of the Treasury and the Federal Reserve. Gates will be Secretary of Commerce.
The Geico Gecko will be secretary of the environment and Mary See, founder of See’s Candies, will be secretary of health.
The national debt — at $9 trillion — is a major concern for the candidate.
“This country needs a leader who knows how to make money rather than spend it,” Munger said in the cartoon.
Other policies: Everyone will be encouraged to get fat during old age. Global warming will be reduced as everyone eats one Dairy Queen Blizzard a day. Baseball bats will be used for national security.
Other issues? … continue reading this entry.

After Deal Dies, Yahoo Weighs Its Next Move

SAN FRANCISCO — How low will Yahoo’s stock go on Monday? And how long will it stay there?

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Related
DealBook: MicroHoo: The End of the Beginning (May 4, 2008)
Microsoft Withdraws Bid for Yahoo (May 4, 2008)
Times Topics: Microsoft-Yahoo DealThese questions are high in the minds of Yahoo shareholders, and probably its management, as the company considers its options after Microsoft’s decision to withdraw its offer to buy Yahoo for $33 a share, or approximately $47.5 billion.

Much will depend on Yahoo’s next moves, which could include a partnership with its chief competitor, Google.

People close to Yahoo said that the chief executive, Jerry Yang, and his team, who told Microsoft they would not sell for less than $37 a share, greeted Microsoft’s decision as a victory. High-fives were exchanged Saturday afternoon when they learned Microsoft was backing down.

Yet some Yahoo shareholders, large and small, have indicated that they favored a deal at around $34 to $35 a share. Even those who were holding out for a higher price said a merger with Microsoft made strategic sense.

“I don’t believe that Jerry Yang as a founder, as someone who is emotionally attached to the company, was really looking out for my interest as a shareholder,” said Darren Chervitz, co-manager of the Jacob Internet Fund, which owns about 150,000 shares of Yahoo. “I don’t think anything Yahoo puts out there is going to be comparable with what Microsoft was offering.” … continue reading this entry.

Chevron net rises 10% on higher oil, gas prices

NEW YORK (MarketWatch) — Rounding out an impressive set of results from the major oil producers, Chevron Corp. on Friday said first-quarter net income climbed 10% as revenue jumped on higher prices for crude oil, natural gas and refined products.
The San Ramon, Calif. integrated oil and gas giant said earnings for the three months ended March 31 increased to $5.17 billion, or $2.48 a share, from $4.72 billion, or $2.18 a share in the year-ago period, which included a one-time $700 million gain.
Revenue rose to $65 billion from $46 billion, as the company’s oil and gas production business grew, even as its refining and marketing results were essentially break-even for the period.
Wall Street analysts expected Chevron (CVX:chevron corp new com
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CVX 95.32, +0.38, +0.4%) to earn $2.39 a share, according to a survey by FactSet.
“Upstream earnings benefited from a significant increase in the price of crude oil from a year ago,” said Chairman and CEO Dave O’Reilly. “However, market conditions prevented our downstream business from fully recovering these higher costs through the price of gasoline and other refined products.”
Shares of Chevron, which rejoined the Dow Jones Industrial Average ($DJ:Dow Jones Industrial Average
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Last: 13,058.20+48.20+0.37% … continue reading this entry.

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Web retailer Amazon.com Inc. sued New York state and its taxation department to contest the constitutionality of a new state law requiring out-of-state Internet retailers to collect New York state taxes.

The law, which went into effect April 23, requires that out-of-state Web retailers to collect sales taxes from customers in the state if the retailers have New York-based representatives soliciting business on their behalf. The state considers Amazon and other retailers to be subject to this law because they have “affiliate” marketing arrangements. An “affiliate” is someone who advertises Amazon on his Web site and receives sales commissions after a Web site visitor makes a purchase on Amazon.

In its complaint filed April 25 in New York’s Supreme Court, Amazon alleges the law violates several aspects of the U.S. Constitution in its “impermissibly vague and overbroad” nature of requiring Amazon, which has no physical presence or employees based in New York, to collect sales taxes. … continue reading this entry.

Clinton, McCain Push Gas Tax Break Economists Panned (Update1)

May 2 (Bloomberg) — Hillary Clinton and John McCain are both pushing a “gas-tax holiday” to give consumers an 18.4- cent-a-gallon price break. Clinton says the plan will take excess profits from oil companies. McCain says it will help families buy school supplies.

Economists have a different take: They say the oil companies may end up the biggest beneficiaries, while the aid to families wouldn’t be enough to buy a $35 backpack.

The trouble with the plan, they say, is that oil prices are rising because of low supplies, and companies will continue to charge the average $3.60 a gallon and just pocket the money that would have gone to federal taxes.

“That’s $10 billion, and it’s going into the pockets of oil refiners,” said Leonard Burman of the Tax Policy Center in Washington. “The last time I checked, they didn’t need it.”

Supplies are “being cleared at the current price,” said Donald Parsons, an economics professor at George Washington University in Washington. “If you take away the tax, you’ll have the same number of consumers willing to buy the gas at the same total price.”

Senator Clinton, 60, a New York Democrat, embraced the proposal that McCain, 71, an Arizona Republican, floated in a speech on April 15. McCain’s idea originated not with his economic advisers but with Republican pollster Bill McInturff.

“I don’t know any prominent economist who favors this McCain-Clinton proposal,” Greg Mankiw, former chairman of President George W. Bush’s Council of Economic Advisers and author of a bestselling economics text, said on his blog. … continue reading this entry.

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