“Janet L. Yellen took office as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco on June 14, 2004. As a 2009 voting member of the Federal Open Market Committee, Dr. Yellen brings her District’s perspective to policy discussions in Washington.  [She] is Professor Emeritus at the University of California at Berkeley where she was the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics and has been a faculty member since 1980.

“The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office in Phoenix. As the nation’s central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government. The Twelfth District is the largest in the Federal Reserve System, encompassing 36 percent of the nation’s land area, and 20 percent of its population, employment, and the nation’s personal income.”

Quotes taken from http://www.frbsf.org/federalreserve/people/officers/yellen.html

He holds a bachelor of science in electrical engineering from the University of Wyoming, a master of science in mining economics from the Colorado School of Mines, and a PhD in higher education and adult studies from the University of Wyoming. In addition, Mountjoy completed a diploma in Christian studies at Regent College.

Before moving to higher education Mountjoy worked in engineering and business for 18 years. As professor at Colorado Christian University, he directed one of CCU’s master’s degree programs. Since 2006 he served as professor in NNU’s School of Education, Social Work and Counseling.

When speaking of his new position, Mountjoy said, “I’m excited and challenged by the new position and look forward to building on the excellent foundation that has been laid.  NNU is truly blessed to have so many outstanding faculty and staff in the School of Business and I am anticipating a wonderful working relationship with them.”

Former NNU Dean Dr. Ron Galloway has accepted the invitation to lead two new University initiatives. As NNU moves to doctoral-level programming, Galloway will be director of the doctoral program in business. Further, Galloway will lead NNU’s endeavor to begin a number of permanent international study centers to serve the students. He  assumed his new assignments on August 1.

Reflecting on his 14 years of leadership in the School of Business, Galloway said, “I really didn’t do it by myself. I had great people to work with. I don’t look at them as being my accomplishments—we did it together.” Galloway will continue to teach, particularly strategic and international studies, and remain associated with the School of Business as associate dean for graduate studies.

The School of Business is one of six schools at Northwest Nazarene University.  The School of Business offers bachelor’s degrees in business administration and accounting and a master of business administration.  Business programs are offered on the Nampa campus and in downtown Boise at the CW Moore extension.  A bachelor’s degree in business administration and an MBA are also offered online. Through an MBA course that can be fulfilled through an international trip, the program has traveled to 17 different countries.

An accelerated-degree program (STEP) is also offered both onsite and online for working adults.  The School is accredited by the Association of Collegiate Business Schools and Programs, an international accrediting organization for business schools. The School has grown to serve 340 students in a year.

June 28th at the Association of Collegiate Business Schools and Programs (ACBSP) conference in San Antonio, Texas, NNU business student Ashley Morman was awarded the Delta Mu Delta Pat & Tony Jablonsky scholarship award. Ron Galloway, NNU School of Business Dean at that time, said this speaks highly to Ashley’s abilities to be recognized by the Delta Mu Delta honor society with this award.

Delta Mu Delta is an international honor society in business administration. Membership in Delta Mu Delta is awarded only to top business students—those striving for their greatest academic and professional potential—and rewards them for their achievement.  Delta Mu Delta focuses on creatively empowering social and economic benefit.  Delta Mu Delta annually awards scholarships to students based on scholarship, leadership, character, motivation, need and potential. More information about the scholarship is available at http://www.deltamudelta.org/scholarship.programs.winners.php

According to economist John Taylor of Stanford University, the Federal Reserve got us the financial instability we see today by buying its way out of the 2001 recession.

Taylor is most famously known for recommending a rules-based economic policy, appropriately called the Taylor Rule. The rule instructs monetary policymakers to set the short-term interest rate in the banking system based on a target inflation rate and the gap between actual and trend gross domestic product.

The theory predicts that we will see better long-run economic growth and less financial price volatility than an approach whereby everyone is guessing what the Federal Reserve will do next. Between 2002 and 2004 interest rates were . . .

Read Dr. Crabb’s full article at http://www.idahostatesman.com/newsupdates/story/734264.html

To be a Keynesian suggests support for a theory that has never been fully tested.  John Maynard Keynes wrote his General Theory as a response to a deepening economic recession of the early thirties.  At the time of its writing, the idea of a depression was unknown.

Support for combating a recession through government intervention began with the New Deal.  Prior to this . . .

Continue this article on the Idaho Freedom Foundation site at http://www.idahofreedom.net/blog/crabb-lets-give-free-markets-chance-once

The Stimulus Bill Will Provide the Jolt That Is Needed                                    
Dr. Steven Van der Ploeg

The stimulus plan is a good idea.  Well, relative to what, you ask?   And the answer is: relative to no stimulus bill at all.  Why might it be better to do nothing, which some people advocate? Because the economy is losing jobs at an accelerating rate. The unemployment rate is now 7.6% (12.6% for African-Americans); half of 3.6 million jobs lost have occurred in the last 3 months. Many people, through no fault of their own, are without employment, and will experience the personal and social costs unemployment. Among these are anxiety, family crises, divorce, homelessness, crime.
More at http://www.idahostatesman.com/business/story/665298.html

The Stimulus Bill is a Bad Idea
Dr. Peter Crabb

This week David Axelrod, adviser to President Obama, said, “The American people are desperate for us to act.” So the U.S. Senate passed its legislation this week, and the compromise bill with the House is likely to come in around $800 billion. We are not that desperate!  First, the U.S. government already can’t afford it. Federal tax revenue declined nearly 10 percent in the first four months of the fiscal year.
More at http://www.idahostatesman.com/business/story/665297.html

Mr. Geithner said he would consider changes to how the $700 billion Troubled Asset Relief Program was implemented, now that Congress agreed to release the second $350 billion . . .

Continue this article at the Idaho Statesman blog http://www.idahostatesman.com/crabb/

Christmas is a critical time for marketing, particularly in financially uncertain times. Among all the issues marketers face during the holiday season, we asked Konya Weber our marketing professor to name one that could really create headaches.

In the past few years, some corporations have attempted to be politically correct by eliminating the greeting of “Merry Christmas” with “Happy Holidays” to address other holidays such as Hanukah or Kwanzaa.

What was the outcome?

Wal-Mart received a backlash from some Christians who did not appreciate eliminating the Christian focus of the holiday. They responded by boycotting its stores. Now, the stores have returned to greeting its customers with a “Merry Christmas” and learned from the reaction of its loyal customers.

What questions does this raise for marketers?

If we are attempting to be politically correct, will avoiding any association with one religion help or hurt this effort?

So what is the answer?

A Muslim leader recently slammed these politically correct individuals for being racist. “Why do they blame us?” he commented. “They portray us as people who hate their religion, we do not. We find it highly offensive that you are portraying us in a way that incites hatred towards us.” Rather than avoid the differences, we should embrace and provide opportunity for us to learn of other religious celebration.

I met a lot of students that morning, but two young men stick out in my mind.  I approached them the same way I had been approaching other students that morning: “Do you have any questions about NNU?” I asked with an especially smiley face.  They hesitated, obviously trying to walk past me without having to talk. But I was persistent: “Do you have any interest in NNU?” I asked again.  “Well,” one of the young men replied, “I guess if I have to go to college, NNU might be alright.”

I froze, astounded at his simple statement. “If you have to go to college?” I thought to myself incredibly.  “If you HAVE to go?” By now the two young men had slipped inconspicuously away, and I was left pondering this nonchalant statement.  Did these young men not understand what a privilege it was to go to college?  Not just NNU, but any college?  Did they not realize that there are men and women around the world who will never learn to read, and yet most of the high school students swirling their way around this college fair would have the opportunity to study at a university and maybe even go on to earn advanced degrees?

Even in the United States, there is often a misperception that everyone has the opportunity to earn a bachelor’s degree. But that is not the case.  The U.S. Census Bureau reported in 2005 that 46% of Americans had never taken a college class.** This means that even if you only attend college for a year, you will have attained more education than 46% of the population.  Of the remaining 54%, almost half never graduate, attaining only “some college.”

Jeremy Sullivan, a Ph.D. student at the University of Maryland, recently wrote an article on this very topic.  He notes that research shows there is a correlation between attaining a degree and average earnings for individuals.  As he puts it: “Mean [average] earnings for an individual with a bachelor’s or advanced degree is more than $54,000 a year, while individuals in the “some college” category average around $35,000. Folks without any college at all – remember, that’s about half of the population – have mean earnings of less than $30,000. It seems clear that the incomes that correlate with middle-class prosperity are much more likely to be earned by those who have bachelor’s degrees.”**

So to all the future students reading our Business Department Blog I have this to say: If you have the chance to attend college and earn a degree, jump at that chance! It is a privilege that not all are afforded.  A bachelor’s degree alone can visibly raise your lifetime earnings and provide you with valuable opportunities for advancement in the workforce.  Plus, seeking a degree can be a wonderful time of self-exploration and intellectual growth.  It is an experience not to be passed up or taken lightly.

Whether you go to NNU or find someplace else that suits you better, the key word is, “Go!” Go learn, Go grow, and Go graduate!

To check out Jeremy’s entire article, clink on the link below.  And don’t forget to leave me your thoughts in the comment section.  I’d like to hear what you think on the subject of the privilege of higher education.

Blessings,

Teri Whilden

Article by Jeremy Sullivan:  See the source article.

** Statistics taken from Higher Education: A Rare Privilege, by Jeremy Sullivan. Published October 13, 2008, in the Diamondback Online, Maryland University’s Independent Daily Student Newspaper

• how a mortgage equals securities
• what a credit default swap is
• about the issues that have helped cause the credit crunch
• about issues regarding the economy
• how Christians can respond to those who are struggling through these tough economics times

You are welcome to come to a meeting at 11 a.m. October 23 in Helstrom 101.  Dr. Pete Crabb will lead a discussion and respond to questions.  Bring your lunch and join us.