Chapman thinks the upturn is coming

Chapman University's economic forecast was one of the first if not the first to call the current recession. Now it's saying we're pretty close to the bottom and the upturn may already be underway -- though we'll still see unemployment rise at least through the summer of 2010.

Friedmans honored at Chapman

I did a couple of posts about this over at the Register's Orange Punch commentary blog, here, and here, but it was such a peak experience for me that I wanted to say a little more. Yesterday Chapman University dedicated the Milton and Rose Friedman Reading Room in its Leatherby Library, and I was honored to be asked to speak both at the dedication and at the lunch that followed. The first talk was about the Friedmans' involvement in education issues, especially school choice and vouchers, to which they dedicated the Friedman Foundation in 1996. It seemed to me that I did rather well, having steeped myself in information and spoken without notes. The university's head librarian told me later that Rose Friedman was nodding and smiling through most of the talk, so that pleases me.

Rose Friedman, now 97, is a phenomenon. She did better with an arm to lean on, but she can still get around, if slowly. She is incredibly tiny. Her mind is still quite sharp. Her mother lived to 103, so I hope the world can enjoy the pleasure of her company for a long time to come. I remember having a fairly lengthy discussion with her, probably in the late 1980s at a Pacific Research Institute function in San Francisco (about what she thought were diminishing prospects for liberty) and thinking that Milton Friedman was a lucky man to have found such an exceptional person as a life partner. The title of their joint autobiography, "Two Lucky People," bore out my intuition.

I first met David Friedman, Milton's son, in 1967, the summer I was a journalism intern at Human Events. One night I went to Dupont Circle, the closest Washington came to having a countercultural gathering place back then, and there was this comnpact, curly-headed young man earnestly explaining to somewhat befuddled but fascinated hippies and longhairs that if they really wanted freedom and self-actualization, they should be fans of free markets. It was David Friedman. I still don't know what he was doing in Washington that summer, but we formed an immediate bond, even though he is one of the few people I have met about whom I think that his brain operates on a rather different and decidedly higher plane than mine. (Among the others are Durk Pearson and Richard Epstein). We haven't been close since then, but run into one another every few years. He at least expressed something like relief in the lobby yesterday at seeing a familar face (though I wouldn't be surprised if he was checking out my name tag to be sure).

The dedication was folowed by a panel discussion, featuring David, Nobel Prize economist Vernon Smith (now at Chapman) , and veteran UCLA profs Harold Demsetz and Arnold Harberger (who told me later that Bill Niskanen was a student of his) on the general topic of "What Would Milton Do?" about the current financial crisis. I'll report further on it in future posts.

Supremes lying low

The U.S. Supreme Court began its term on Monday, and based on the cases accepted so far, it's looking like a less controversial term than last year -- nibbling around the edges of ambiguities in prior decisions rather than taking on core constitutional issues. This Register editorial suggests the election and a desire not to call too much attention to the court during the remaining campaign season as a possible reason, and I suspect it is at least a contributing factor.

Nonetheless, a few cases are likely to attract some attention: a quasi-religious outfit called Summum that wants to erect a stone monument with it's Seven Aphorisms in a city park in Utah that has a Ten Commandments monument, a case that will decide whether a union that charges "agency" fees to non-members can use the money to help other unions recruit, and a challenge to the absurd fine the FCC issued for incidental f-bombs during awards ceremonies. My thanks to John Eastman, dean of Chapman University's Law School for advice and counsel on this one.