UCLA History: From Above
Aerial photo of new Westwood UCLA campus in 1929. The bridge over the (long-ago filled in) ravine is plainly visible on the right of the buildings.
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UCLA History: Bunche
Ralph Bunche (after whom Bunche Hall is named) at far left in this photo taken at UCLA’s old Vermont Avenue campus in 1927. You can easily find more on Bunche on the Internet.
Don’t Panic
Some readers of yesterday’s New York Times who read the article about municipalities reneging on pensions may panic, particularly those readers close to retirement. There is a temptation to go for the lump-sum cashout in a panic, i.e., get the money while the getting is good. Before you do, however, it is important to note that states such as California and state agencies such as UC, do not have a legal means to declare bankruptcy. There is no legal way out of their pension obligations. Using the lump-sum option will eliminate your access to retiree health care. It is true…
UCLA History: Postcard
Early postcard of UCLA, probably from 1930s.
Another Public Pension Report
The California Foundation for Fiscal Responsibility – the group that is pushing public pension initiatives in California – has released another report. There is little mention of UC although the UC pension appears on one chart as 73% funded. Most of the report is aimed at CalPERS and CalSTRS. As in the past, the new report of this group aims at greater respectability than some of the hit pieces that have been previously issued on pensions. For example, it reports that public workers in California on a total compensation basis (wages + benefits) are – adjusted for occupations – slightly…
LAO Report on June Budget Deal
The Legislative Analyst’s Office has prepared a summary of last June’s budget deal. It includes an analysis of higher ed funding and all other major programs. Also described is the trigger mechanism that could lead to more cuts in the UC budget should forecast revenues not arrive as expected. You can find the report at: http://lao.ca.gov/reports/2011/bud/spend_plan/spend_plan_081211.aspx
We all make mistakes
UC Berkeley grad spots $2 trillion S&P debt downgrade error Blog from San Francisco Chronicle 8/11/11 It took the sharp eye and calculating mind of John Bellows, a UC Berkeley 2009 Economics Ph.D grad, to catch the $2 trillion error in Standard & Poor’s credit rating that has roiled the global markets since it was issued Aug. 5. Bellows noted that S&P based its judgment on a projection that the U.S. debt as a share of the nation’s gross domestic product would rise rapidly over the next 10 years. The error, which S&P acknowledged in private conversations with the Treasury…
Lawful Money
Milken Foundation gives $10M to UCLA law school Daily News, 08/09/2011 LOS ANGELES – Lowell Milken gave UCLA’s law school $10 million, putting it ahead of schedule in raising $100 million over five years, it was announced today. The fundraising drive was started in 2008 to benefit student scholarships, attract and retain faculty and to support centers and institutes that inform law and public policy. The gift from Milken, the biggest in the law school’s history, will be used to start the Lowell Milken Institute for Business Law and Policy… Full article at http://www.dailynews.com/news/ci_18645516 Down it comes:
More Mysterious than Illuminating
You will have seen the headlines about how state revenues fell short of budget projections, potentially threatening a pulling of the budget trigger that would cut more from UC’s budget. It is true that the budget was based on optimistic revenue projections. And it is true that the underlying economy does not look to be supportive of such optimism. However, the controller’s report on cash receipts on which the headlines are based is not illuminating. Much of the forecast revenue that did not appear came from miscellaneous sources such as estimates of abandoned property that gets transferred to the state….
UCLA History: Fox Westwood
The Fox Westwood theater near UCLA in the 1930s.