JEFFREY CARTER: Never Trust A Politician With Your Money: They Don’t Understand Economics.
This past week, a giant in the accounting professorial profession passed away. Roman Weil was a Chicago Booth prof. I never took him for a class, but my friends did. He was a maniac. He had a gong in front of the class, and like John Houseman in the “Paper Chase”, he’d grill people in his class. He was old school.
One piece of his research was that the financial literacy that corporate board audit committee members have is surprisingly weak and that the gains in shareholder wealth accompanying improvement in such financial literacy are both significant and large. I would have loved to see him research politicians because, in my experience, most of them are pretty dumb.
Here is a recent tweet about the price of eggs from Nevada Democratic Senator Carol Cortez Masto. It’s so ignorant, it is offensive.
Well, consider the source.