November 24, 2008
One of the most interesting characters to emerge from the 2008 election cycle is a young man named Nate Silver. Not to be upstaged by Sarah Palin, once he caught the interest of the mainstream media, Nate immediately picked up a new, snappy-looking pair of eyeglasses.
Nate is a 30-year-old math wizard who turned the world of political polling on its ear by introducing said ear to some new sounds that make nearly perfect mathematical and sonic sense. He graduated cum laude from the University of Chicago in 1980 with a major in Economics. He then took a job for a few years, working for a consulting firm. During that time, he developed a statistical system to forecast the performance of professional baseball players. In 2003, he went to work for a group producing an annual book on professional baseball player performance analysis and performance forecasts, called Baseball Prospectus. He then sold his statistical analysis system to that company and joined their staff.
In November of 2007, Nate began using his skills and systems to make forecasts of the Presidential primaries, using the pseudonym: “Poblano” on the Daily Kos website. On February 11, 2008, neocon William Kristol wrote an opinion piece for the New York Times, wherein he made note of “an interesting regression analysis at the Daily Kos Web site” done by Mr. Silver. The next month, Nate started his blog, FiveThirtyEight.com, where he utilized his new system for analyzing and forecasting Presidential primary results, as well as the ultimate outcome the 2008 Presidential election. As a consequence of this endeavor, the studios at CNN and MSNBC quickly became familiar surroundings to him. By November 14, 2008, The New York Observer had this to say about Nate:
Mr. Silver’s statistical skills were ratified when the outcome of the presidential race aligned almost exactly with his final predictions both for the popular vote and the Electoral College breakdown …
Later that day, Leon Neyfakh reported on The Observer website that Nate had inked a book deal with Penguin Group, USA including a $700,000 advance. Although this advance is only ten percent of the amount allegedly offered as an advance to Sarah Palin for “her” “book”, you need to keep in mind that Nate is only 30 years old and Sarah will be a grandmother soon.
As the recount for Minnesota’s Senatorial election moves along, Nate’s November 23 posting on his FiveThirtyEight.com website has received quite a bit of attention. The title alone says it all: “Projection: Franken to Win Recount by 27 Votes”. Will Mr. Silver’s “streak” continue? A reader, identified as “Max” posted the following comment on that blog: “If you are right about this you should put all others out of business.”
Nate provided us with another interesting take on the 2008 election, with a particular focus on the state of California. I was surprised at how Maureen Dowd’s article in the November 23 New York Times exhibited either an unfamiliarity with Nate’s California analysis or (less likely) a refusal to agree with it. To my disappointment, I detected Ms. Dowd’s apparent acceptance of the “conventional wisdom” concerning California’s controversial ballot initiative:
This month, gays who supported Barack Obama had the bittersweet experience of seeing some of the black and Latino voters who surged to the polls to vote Democratic also vote for Proposition 8, which turned gay “I dos” into “You can’ts.”
She should have known better. I would expect a pundit of her stature to be familiar with Nate’s November 11 posting on FiveThirtyEight.com: “Prop 8 Myths”. Here is some of what he had to say:
But the notion that Prop 8 passed because of the Obama turnout surge is silly.
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At the end of the day, Prop 8’s passage was more a generational matter than a racial one. If nobody over the age of 65 had voted, Prop 8 would have failed by a point or two. It appears that the generational splits may be larger within minority communities than among whites, although the data on this is sketchy.
Get with it, Maureen! If Al Franken turns out to be Minnesota’s new junior Senator, you will no longer be justified in overlooking the observations of Nate Silver.
Summers Solstice
November 27, 2008
We are now approaching the winter solstice (December 21 – the time at which the sun is at its most southern distance from the equator during the year – a/k/a: “the shortest day of the year” for those of us in the northern hemisphere). President-elect Obama’s appointment of Larry Summers as Director of the National Economic Council reminds me of another definition of the word “solstice”: a turning point. For all his faults (most notably, his infamous remarks as President of Harvard University, about the involvement of women in the study of science) he is no longer considered so much of a “supply sider” as a centrist in the world of economics. Summers has apparently passed a turning point in his economic philosophy.
For those unfamiliar with Larry Summers, David Leonhardt’s article, “The Return of Larry Summers” in the November 25 New York Times is worth reading. I’ve been hearing reverberations of Leonhardt’s commentary throughout the mainstream media lately. Here is an important observation from Mr. Leonhardt’s piece:
The “thought leader” remark came up in the following context when Barack Obama announced his appointment of Summers to the National Economic Council post on November 24.
Looking back to June 10, 2007, we find another article in the New York Times written by David Leonhardt, entitled: “Larry Summers’s Evolution”. As we revisit this commentary in light of our current economic crisis, the pronouncements made by Summers seem almost prophetic:
That essay inspired The Economist to post a piece on its Free Exchange blog on the following day, entitled “Has Larry Summers Gone Soft?”
Nevertheless, conservative writers such as Kevin Hassett of Forbes still think of Summers as an opponent to increased capital gains taxation and hence, an advocate of “supply side” economics. Conservative writer, David Harsanyi of the Denver Post exhibited similar enthusiasm about the appointment of Summers. However, in the November 24 National Review, Larry Kudlow saw Obama’s appointment of Summers as a move to the center:
At this point, many pundits are attempting to “read the tea leaves” for hints as to whether President Obama will act to reverse the Bush tax cuts or let them expire in 2011. The consensus suggests that he may simply let them expire. This has drawn some anxious criticism from the left. On the November 25 broadcast of the program, Democracy Now, author Naomi Klein made the following remark about Obama’s appointment of Summers: “I think this is really troubling.” However, on that same program, economics professor Robert Kuttner (the chief economics adviser to Rep. Dennis Kucinich) explained that he was “less pessimistic” than Ms. Klein about the Summers appointment:
The influence of Larry Summers on the Obama Administration’s economic policy will be a continuing saga for the next few years. At this point, the “change you can believe in” seems to absorb more than a little input from the center.