Investigation into College health insurance plans - Page 5 Tips for a successful interview - Page 12 Volume 4 An independent The Virginia publication at the College Issue 3 of William and Mary. October 22, 2008 Informer The common sense paper Established 2005 of record on campus. www.VAInformer.com College administration considers mid-year tuition increase, spending cuts amid state budget shortfall Andrew Blasi Editor in Chief On October 8, Governor Tim Kaine announced that the College of William and Mary and the Virginia Institute of Marine Sciences (VIMS) would each be required to absorb a seven percent reduction File Photo in anticipated Fiscal Year 2009 state funding, Exclusive totaling $4.88 million. This latest development comes following the interview with Commonwealth’s reduction in expected President funding support by $2.7 million during the last fiscal year. According to Reveley Sam Jones, the College’s director of finance, no see page 9 information is presently available regarding a further reduction in funding that the College may need to absorb in FY College ranked 2010, but it is expected to be at levels prior to the Governor’s funding to William and Mary by least equal in size to the present reduction, but this is subject to more than $3.4 million as approved #1 in lowest loan year. The Virginia Department change depending upon future by the legislature in May, but also of Planning and Budget has economic conditions. represents a further cut in the default rates presently forecast the College’s The most recent cut in funding see story on page 3 funding levels for FY 2010 to be support not only represents a STATE BUDGET CUTS equivalent to this year’s funding real loss in the state’s base level continued on page eight BOV, faculty contribute over $168K to Democratic candidates in ’08 race Eric Ames committees for the 2008 election cycle. The and PACs. A total of $600 was donated to Other faculty contributors include: Staff Writer Informer’s fi n dings are based on a survey of a third-party candidate. Of the 25 donors, Professor David Dessler, who gave $250 to the faculty of several academic departments, only six donated to Republicans. congressional special election candidate Phil Research collected by The Virginia Informer as well as of the College’s administrative Among the contributors is Professor Forgit; Provost P. Geoffrey Feiss, who gave from the Center for Responsive Politics’ bodies. Of those researched, 25 individuals Lawrence B. Wilkerson, who gave $500 $500 to Barack Obama; Dean of Arts and website opensecrets.org reveals that the donated to political candidates or causes. to Senator Chuck Hagel (R-NE) in 2007. Sciences Carl Strikwerda, who gave $200 faculty and administration of the College In total, faculty and administrators donated Professor Wilkerson also donated $600 to to Barack Obama; and History Professor have made at least $193,705 in contributions $24,545 to Republicans, and $168,560 to Jonathan Powers, a congressional candidate Heather Huyck, who gave $400 to Hillary to political campaigns and political action Democratic candidates, party committees in New York running as a member of the Clinton and $1,400 to the liberal PAC leftist Working Families Party, an organization EMILY’s List. Physics Professor Marc Sher frequently identifi ed as a front group for the has also donated $2,222 to Barack Obama, community organization network ACORN. and law Professor Alan Meese has donated The most prominent Republican $250 to John McCain. contributor from among the faculty at the Of the total amount donated, members of College is Vice Provost for International the Board of Visitors have given $146,058, Studies Mitchell Reiss, who donated $2,275 roughly 75 percent of all College donations. to former Republican presidential candidate Political donation is nearly universal among and former Massachusetts Governor members of the board, with Rector Michael Mitt Romney. Mr. Reiss was Governor Powell having donated $2,000 to John Romney’s national security advisor during McCain’s presidential campaign, and BOV his presidential campaign. Secretary Suzann Matthews, the BOV’s The single largest contributor from the faculty single largest donor, having donated $90,080 is Professor Ronald Rapoport, who gave $2,300 to a variety of Democratic candidates and to Barack Obama’s presidential campaign, committees. The single largest Republican $4,600 to Congressman Chet Edwards (D-TX) donor on the board is Thomas Capps, and $24,000 to the Democratic Congressional who has donated $9,700 to Republican Campaign Committee. candidates. CONTENTS Want to get every issue of The Informer in the mail? News................................ 2 Titan of Regnery E-mail [email protected] with your name and Features............................ 5 address, and we will send you an order form and your fi rst publishing to visit College issue FREE! Arts & Culture.................. 11 Opinion............................ 14 Page 5 Virginia Page 2 InformerThe October 22, 2008 News Law, business, economics faculty clear up myths, recommend action on world economic crisis at forum Bert Mueller 8 percent. Students in the market. Assistant News Editor audience weren’t excited by During the question that prediction, although and answer session, On October 15 at 6:00 pm, a large Mr. Schreiber’s suggestion an elderly gentleman group of Williamsburg residents and a that students become stood up and said that smattering of William and Mary students regulators garnered a few he’d lived through the gathered in the Admissions Offi ce laughs. He compared 70s oil crisis, the 80s Auditorium to attend a forum on the this economic downturn recession, the DotCom economic crisis of the past few weeks. to the recession in the burst, Enron “and now The forum, moderated by Mason School 1980s and suggested that this.” He asked, “What’s of Business Professor Dick Ash, featured better regulation and the Mason School of commentary from four professors: John low interest rates could Business doing to teach Boschen, Till Schreiber, John Merrick help the economy. Low people to be ethical?” and Eric Kades. The forum was set up interest rates, he explained, “Ethics are taught at in four informational segments, followed were what got us out of home,” Mr. Ash replied. by a question and answer session. Mr. the DotCom burst. His “We give them the grey Ash opened the forum by assuring the suggestion of keeping situations.” Despite audience that the system can be fi xed. interest rates low was University Relations the fact Mr. Ash had Mr. Boschen began by explaining the puzzling, given that Mr. It’s business time: Mason School of Business Professor Dick Ash spoke asked that no questions reasons behind the housing bubble. He Boschen had just suggested to students and Williamsburg residents on business ethics. be political in nature, highlighted low interest rates as the main that low interest rates were two adults brought cause. The Federal Reserve, between 2002 what caused the mess in the fi rst place market price is.” politically charged statements about oil and 2004, lowered interest rates below and that this downturn was the market Although the other three panelists drilling and Iraq to the fl oor -- and were market value. As it became advantageous correcting itself. barely mentioned the bailout plan that quickly reproved by the moderator. One to borrow and investors found that After the presentations of Messrs. recently passed Congress, Mr. Kades had questioner was concerned about infl ation mortgage rates were also extremely low, Boschen and Schreiber, Mr. Merrick some positive things to say about it and from the bailout and the reserves injected the housing market steadily ascended. presented an assortment of remarks that claimed that because of the activist role of into the economy in the prior year by the He explained that as housing prices kept seemed unfocused in comparison. His the government, there is now a “reduced Federal Reserve. Mr. Schreiber told him rising, a market for high-risk assets tied main point was that “truth squads” need risk of a depression.” He suggested that he shouldn’t worry, while Mr. Boschen to mortgages developed and ended up to be sent in to ensure a better process there needs to be greater transparency in was a bit more cautionary and said that leading to the frozen credit markets as of market-to-market accounting in the the system and that previously hidden infl ation may be a problem in the long housing prices plummeted. government’s purchase of assets from contracts between institutions need to be term, but the current situation should The only economics professor on troubled banks. Mr. Merrick said, “If I forced onto an exchange to allow open not be a worry to college students trying the forum, Mr. Schreiber, discussed the were going to do anything here, I’d send books. Meeting his prescribed need for to afford a living. Notably, a serious impact of the burst housing bubble on the truth squad out to the institutions greater regulation, Mr. Kades hinted that discussion of the consequences of the the credit market and suggested that and help the Fed and these banks fi gure an Obama victory would be better, as $700 billion relief package or any potential unemployment will likely rise to about out where the market is -- what the fair his advisors are more apt to regulate the alternatives was absent from the seminar. Daly wins 300th game the Panic of 1873 offers a superior comparison. The late 19th century economic crisis began when fi nancial Briefly... Tribe women’s soccer head coach John Daly won his instruments in the railroad industry (similar to those used Compiled by Michael Watson, Assistant Opinion Editor 300th game as head coach on October 3 when the Tribe by modern-day subprime mortgage lenders) lost value.