It was a special pleasure to attend the first annual Lawconomy hosted by Lawline.com and held at the New York Institute of Technology. The three-hour conference was attended by approximately 250 on-site guests and the webcast watched live by more than 1,000 viewers who tuned in to see three unique and talented legal and business minds collaborating together. Here are brief highlights and the learning objectives from each presenter:
Arnold’s ABC’s of global macroeconomics consists of three basic principles:
1. As goes housing, so goes the U.S. economy. Arnold said if you “pump housing, you pump the economy” and he suggested that if you want to follow the economy you should follow housing. He also said 2/3 of the existing housing market is unfit to be sold.
2. As goes the U.S. economy, so goes the world economy. “When the U.S. sneezes, the world catches a cold.”
3. What’s good for the U.S. is good for the world. According to Arnold, for 30 years, the East, especially China, has relied on U.S. consumption and U.S. foreign direct investment and that reliance continues today.
Learning objectives from Mr. Arnold:
- Legal and Other Causes of the 2008 Financial Crisis
- Key Laws that Will Help the Economy Thrive
- How Our Economy Ranks within the Global Economy
- What Will the Effect of Sequestration Be on the Economy
Dr. Basi reported that 49 percent of the federal reserve income currently comes from debt. Here’s how he broke it down (excluding Social Security and Medicare):
- 35% from personal income taxes
- 8% from excise, customs, estate and gift tax
- 8% corporate income taxes
- 49% borrowed
Dr. Basi said “corporations do not want lower takes even though they think they do.” The current corporate tax rate is 35 percent but the average corporation pays 18 percent, compared to the average person who pays 22 percent in taxes.
Learning objectives from Dr. Basi:
- Sources of Federal Tax Income & How Money is Utilized
- Patient Protection and Affordable Health Care Act
- Capital Gains and Dividends: Economic Incentives
- Transfer Pricing and Hedge Fund Managers
- Fiscal Cliff: Predictions for the Future
In prepared remarks, Stein quipped: “Money is a constant. Truth is a variable.” He continued, “the worst laws of mankind have been revealed during the crash and after.”
Learning objectives from Mr. Stein:
- Correlation between Fraud & Abuse & Economic Problems
- Necessary Federal Regulations & The Economy
- The Significance of Government Prosecutions
- Conclusions and Predictions for the Future
I had two JD’s sitting on either side of me during the three-hour program, and both agreed Lawconomy was enjoyable and informative. Lawconomy is an educational program worth repeating in the future with updated content because the economy and how it affects business owners and legal practitioners will always be important.
If you missed Lawconomy 2012, don’t worry, you can get started watching Lawconomy 2012 online at your own pace today.