"[O]ne of the wealthiest B-school teachers ever"
"Obama Didn't Save Union Jobs, He Saved Union Pay"

Sometimes, formal education just doesn't seem to pay

Good question:

The Chronicle of Higher Education recently conducted a study finding that California has the most educated Legislature with most legislators earning a bachelor’s degree or higher.  If California’s Legislature is so intelligent and educated, why is the Capitol and the state economy in such bad shape?

Interesting detail:

When comparing the top and bottom 15 states to the Mercatus Center’s Freedom in the 50 States Economic and Fiscal Freedom Indicators, the statistics show that the bottom 15 educated states have a higher economic freedom and fiscal freedom score than the 15 most educated states.  Fiscal Freedom is measured by spending, taxation and fiscal decentralization.  Economic Freedom is a measure of individual liberty, government spending, income taxes and sales taxes. South Dakota, which has one of the least educated legislatures, ranks number one on the economic freedom scale due to its high fiscal decentralization, and low levels of taxation and spending. California, which ranks 47th out of 50 according to the Mercatus study, “not only taxes and regulates its economy more than most other states, it also aggressively interferes in the personal lives of its citizens.”

Yeah, yeah, correlation is not cause. But still, it's . . .  suggestive.

Link via the Big Henry.