Bizzy’s AM Coffee Biz-Econ-Life Links (050406)

Free Links:

• iTunes downloads are staying at 99 cents — The deal with the record companies that just ended lasted three years, the betting is that the new deal is for a shorter period.
• Someone Who Has Been Frequently Covered at This Blog Might Have Noticed This — and if he did, he may be breathing a sigh of relief today:
  

  Ohio Supreme Court blocks access to tax returns to prove residency

  The city of Cleveland’s attempts to use federal income tax returns to prove the residency of municipal employees was thwarted by The Ohio Supreme Court last week.

  A unanimous court ruled that requiring city firefighters to submit copies of federal income tax returns was an invasion of privacy.

• Kudlow gives Bush props for a strong speech on the economy, and points to strong stats (HT Club for Growth; bold is mine):
  

  And here’s the really interesting part of this story. While Mainstream Wall Street economists and the Fed continue to expect an economic slowdown (as they have for the last three years), the reality is the economy may actually be picking up speed.

  Check out today’s factory orders report for March, where backlogs are up 13.5 percent at an annual rate over the past three months, and orders for high-tech are up 73.7 percent annually for the last three months.

  These are unbelievable numbers. The ISM non-manufacturing index was significantly stronger than expected.

  Let me summarize: Conventional wisdom Demand-Siders continue to “misunderestimate” the economic growth incentive power of lower marginal tax rates. Especially reduced rates on capital, which is the seed-corn for new businesses, new jobs and higher incomes. Easy capital, with higher investment returns after tax, are driving this economic boom.

  It is the greatest story never told.

  But now the President is telling it.

  Much more of this jawboning is needed from the president. Here’s a link to a story that discusses all of the indicators that Kudlow is so pleased with. Also at the end of this link is an advance indication that the economy created 200,000 net new jobs in March.

  But also: Would somebody find the president that veto pen he seems to have lost? (Maybe the problem is that it fell into the cushions in the furniture the Clintons with them when they left the White House.)

• Some professors are banning laptops in the classroom — They say that can’t find any learning improvement to justify their presence. If it weren’t for the fact that too many students have a nasty habit of doing other things while pretending to pay attention, I would disagree. I have no idea how you would force a student to limit a laptop to note-taking during class, but if you could, I believe there would real improvement in learning.

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• Belying the bellyaching during the runup to Bankruptcy “Reform” (code-named BARF by Moderate Mainstream), credit-card issuer profits jumped last year, a lot (bold is mine):
  

  U.S BANK CARD PROFITS RISE IN 2005

  U.S. issuers of Visa and MasterCard credit cards in 2005 posted a collective after-tax return on assets of 1.99%, up 40 basis points from 1.59% in 2004, according to Cards&Payments’ annual Bank Card Profitability Study and Annual Report. The 25% increase in the rate came despite rising federal fund rates during the year and changes in U.S. bankruptcy law that led to a dramatic rise in bankruptcy filings.