For about 20 years, Ray Keating wrote a weekly column - a short time with the New York City Tribune, more than 11 years with Newsday, another seven years with Long Island Business News, plus another year-and-a-half with RealClearMarkets.com. As an economist, Keating also pens an assortment of analyses each week. With the Keating Files, he decided to expand his efforts with regular commentary touching on a broad range of issues, written by himself and an assortment of talented contributors and columnists. So, here goes...

Tuesday, February 9, 2016

Cracking the Republican Establishment Conspiracy

by Ray Keating

When it comes to Republican politics, it’s hard to figure out whom the establishment is. Indeed, with Fox bringing back The X-Files, perhaps it’s a job for Mulder and Scully to unearth the true “establishment” conspiracy.

During this presidential election season, the word “establishment” seems to be on the tips of everyone’s tongue, including the media, many conservatives and even liberals.

Today, the establishment seems to be a vague, mysterious group that controls elections and the government in our country. The far Left doesn’t like this establishment as it is viewed as some kind of big business cabal. And when looking at Republican candidates, the media, such as CNN, talk a great deal about who is favored and not favored by this establishment.

But it’s particularly hard to pin down exactly who this establishment is, and what it stands for – especially when looking at “establishment” charges being hurled at Republican presidential candidates. But then again, the best conspiracies are shadowy and hard to pin down, right?

A true establishment once flourished in the GOP. It was the party’s liberal Eastern Establishment, led by, for example, the New York crowd of Governor Nelson Rockefeller, Senator Jacob Javits, and Senator Kenneth Keating (no relation, thank God). There, of course, were many others, such as Lowell Weicker, former senator and governor from Connecticut, and assorted non-Northeasterners like President Gerald Ford.

The key here is that each of these Republicans was unabashedly and unashamedly liberal on a host of issues. For example, Rockefeller loved big government and high taxes, with New York still paying the price for his misguided, costly policies more than three-and-a-half decades after his death. And Weicker was pro-abortion.

To a significant extent, this establishment held great sway over the party, that is, until conservatives took it on, starting really with Barry Goldwater’s nomination in 1964 as the party’s candidate for president. In 1980, of course, Ronald Reagan, distinctly conservative and non-establishment, won the White House, and at that point, the liberal Eastern Establishment in the GOP was in retreat.

Today, other than an oddball elected official here and there, the Republican liberal establishment is dead as a formidable political force. So, what then is all of this talk about a Republican establishment today?

Looking at the basis for “establishment” accusations, it’s not about conservatives taking on liberals. Rather, it’s about a populism that tries to present itself as part of conservatism. But populism feeds on people’s fears, especially these days by making the bad economy about big business, international trade, and immigration. Conservatives understand process of economic growth, while populists view the economy more or less as a zero-sum game, such as, for example, the mistaken notion that there are only so many jobs to go around, and therefore international trade and immigration is about losing jobs and income.

How else can one explain “establishment” accusations being hurled at Senator Marco Rubio, for example? After all, Rubio is pro-life, favors pro-growth tax and regulatory reforms, stands for religious freedom, understands and is strong on foreign policy and national security matters, is unashamed in his Christianity, and wants to kill ObamaCare and replace it with consumer, market-based reforms. Does that sound in any way like an establishment Republican? Of course not, that is, unless one opposes his free trade stance, and argues that he is insufficiently anti-immigration.

To be realistic, there is no all-powerful Republican liberal establishment today. Indeed, the only way to believe that is if one were a populist masquerading as a conservative. Rather, the case can be made that, while far from being consistently principled, conservatives have become the Republican establishment.

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Mr. Keating is an economist and novelist who writes on a wide range of topics. His Pastor Stephen Grant novels have received considerable acclaim, including The River: A Pastor Stephen Grant Novel being a finalist for KFUO radio’s Book of the Year 2014, and Murderer’s Row: A Pastor Stephen Grant Novel winning for Book of the Year 2015.

The Pastor Stephen Grant Novels are available at Amazon…



Friday, February 5, 2016

Announcement: Ray Keating’s “Murderer’s Row” Named “Book of the Year 2015”

Fifth Book in Pastor Stephen Grant Series Wins KFUO “BookTalk” Award

Long Island, NY – MURDERER’S ROW: A PASTOR STEPHEN GRANT NOVEL by Ray Keating won “Book of the Year 2015” as awarded by “BookTalk” on KFUO radio.

Ten books were nominated for the KFUO “Book of the Year,” and listeners were able to vote. While making the announcement, Rod Zwonitzer, host of “BookTalk,” said this year saw a record number of votes, and it was an extremely tight race between the four top vote getters.

Ray Keating said, “I am stunned and blessed. Thank you to Rod Zwonitzer and KFUO; to all of my friends and readers who voted for MURDERER'S ROW; to my family for their support, love and most assuredly, patience; and to God for everything, including the joy of writing. This is particularly humbling given KFUO’s Christian mission.”

MURDERER’S ROW is a gripping, thoughtful thriller that ties together rescuing a Christian family from the clutches of Islamic terrorists, minor league baseball in New York, a string of grisly murders, sordid politics, and a pastor who formerly was a Navy SEAL and CIA operative.

About MURDERER’S ROW, Kirkus Reviews says, “The author packs a lot into this frantically paced novel... a raft of action sequences and baseball games are thrown into the mix. The multiple villains and twists raise the stakes...  Stephen remains an engaging and multifaceted character: he may still use, when necessary, the violence associated with his former professions, but he at least acknowledges his shortcomings--and prays about it. Action fans will find plenty to love here, from gunfights and murder sprees to moral dilemmas.”

SeriousReading.com proclaims, “This novel is a fascinating read with a murder mystery, unique and exceptional characters, and wit... With multiple layers and a complex plot, the novel moves forward with a smooth and even pace.”

And the Lutheran Book Review observes, “I miss Tom Clancy. Keating fills that void for me.”

This is the second year in a row that Keating has had a book nominated, as THE RIVER: A PASTOR STEPHEN GRANT NOVEL was a KFUO “Book of the Year” finalist in 2014.

MURDERER’S ROW: A PASTOR STEPHEN GRANT NOVEL is available in trade paperback and for the Kindle from Amazon.com

Ray Keating’s previous books include THE RIVER: A PASTOR STEPHEN GRANT NOVEL, AN ADVENT FOR RELIGIOUS LIBERTY: A PASTOR STEPHEN GRANT NOVEL, ROOT OF ALL EVIL? A PASTOR STEPHEN GRANT NOVEL and WARRIOR MONK: A PASTOR STEPHEN GRANT NOVEL.

Review copies, interviews for the media, and author appearances are available upon request.

Contact: Ray Keating
Phone: 631-909-1122
E-mail: raykeating@keatingreports.com
PastorStephenGrant.com


Thursday, February 4, 2016

Throwback Thursday: Following the Entrepreneurial Dream to Walt Disney World, and Beyond

by Ray Keating

I work with entrepreneurs, teach about entrepreneurship, and am an entrepreneur. So, I enjoy interviewing interesting entrepreneurs. One entrepreneur I interviewed not too long ago was Lou Mongello. The interview turned into a two-part series for my old Long Island Business News column (running in late summer 2014). I enjoyed the interview and writing about it, as Lou is the definition of the optimistic, enthusiastic entrepreneur. Here are the articles…


First in a Two-Part Series on Following Entrepreneurial Dream

It’s not unusual to hear about people moving from the northeast – particularly from New York and New Jersey – to Florida. In fact, it’s been a river of humanity heading south for some time, especially when it comes to retirees.

It’s also pretty common to come across people with dreams of turning passions into businesses, but they fail to take the entrepreneurial plunge.

Then there are those who take their shots at entrepreneurial success. Consider a guy from New Jersey with a family, a home and a solid career. He quits his job, sells the house, and heads to Florida to follow his entrepreneurial dreams built on a lifetime love of Walt Disney World?

That’s what Lou Mongello did. For those dreaming of transforming a passion into an entrepreneurial reality, Mongello is a role model.

As he said in an interview, “I get to talk about Walt Disney World for a living.” Since 2005, he has done an audio podcast on his WDWRadio.com website, along with videos, blog posts, live events and broadcasts, and assorted special events… Mongello’s latest book is 102 Ways to Save Money For and At Walt Disney World, and he has written two Walt Disney World trivia books, and is working on a third.

Bottom line: If you want to know anything about Walt Disney World, or Disney in general, Lou Mongello is the man. How he became that man is a fascinating and inspirational story for current and aspiring entrepreneurs.

His passion for Disney goes back to childhood days, with his family going to Disney World every year – “at least once a year” – since November 1971. Mongello said, “My parents were Disney fans, and made us Disney fans. I became fascinated… I learned everything I could about this place that I was so very much in love with.”

When he eventually told his wife that he wanted to write a book, her response was: “Well, all you know about is Disney World.” Mongello reported, “I went downstairs and started writing, and haven’t come out of the basement since.”

As he tells it, he was doing well as a lawyer in New Jersey, with an IT consulting business on the side. But a book on Disney World led to the website to articles to podcasts. It “snowballed.” He was flying back and forth to Florida, and then the realization hit: “I think I can make a business out of this hobby. I sold the house I thought I was going to own forever. I brought money to my closing, which, as you know, is not the way it’s supposed to work. And I packed up the Honda Odyssey, and I moved to Florida.”

He went full-time talking and covering Disney in 2007. He called it “a very big, very scary leap of faith.” Unlike those who talk about following their entrepreneurial dreams but never really pull the trigger, Mongello decided “to go all in.”

What’s Mongello’s advice when looking to start up a business? He states in straightforward fashion, “You need to find out what your passion is .., define your goals,” and “start taking action however small.”

He also warned: “Prepare yourself and the people around you for the sacrifices that you need to make. There are going to be sacrifices. For most people, it doesn’t happen overnight.” Mongello noted “an incredible support system” in his own journey, including “my wife and my parents.” It’s that support system that gets “you through tough times with business,” adding that’s “one of the most important aspects that people really need to keep in mind.”

Next week’s column will touch on some of Mongello’s insights regarding brands, customers, social media and podcasts. For now, let’s close with a Lou Mongello inspirational note for entrepreneurial dreamers: “You can do what you love and do it full time.” He certainly has.


Second in a Two-Part Series on Following Entrepreneurial Dream

How do you turn a passion into a business? That’s a question I often work through with the MBA students that I teach at Dowling College.

The best lessons, as those students will tell you, often come from the real-world experiences of entrepreneurs, rather than from a textbook.

Lou Mongello is just such an entrepreneur. As explained in last week’s column, Mongello gave up being a lawyer in New Jersey and moved to Florida to become one of the foremost experts on Walt Disney World, and all things Disney. He does podcasts, videos, live broadcasts, hosts events, and writes books on Disney World. Consider that Podcast Awards voted his WDWRadio.com podcasts the best travel podcast for every year from 2006 through 2013.

Mongello’s entrepreneurial ventures also include speaking to businesses, schools and conferences on ways of achieving business dreams, and advising podcasters on how to make their ventures profitable.

When I asked Mongello about what he had learned from the Disney company for his own enterprise, he spoke about one’s brand: “You hear the name Disney and there is a level of expectation in that brand that I think is so much higher than anyone else, which is why I think the Disney brand has such incredible brand loyalty.” He noted that “you have an expectation visiting” Walt Disney World, and “99.9% of time it is going to be magical.” (Yes, he used the word “magical.”) For his own business, he explained, “Everything that I put out had to rise to that same level. Because it was associated with the Disney brand, but more importantly because my name was on it.”

And what about his customers, that is, his listeners? Mongello said, “I hate the word fans. I believe, and the way I treat the people that listen, is they’re not fans, they’re my friends because that’s how they look at me. They hear your voice every week. They watch you. They trust you. They know you better than I know them.” This perspective on customers has allowed Mongello to build an “incredible community.” He boils it down: “Treat them as friends, they become incredibly loyal. They also become the most passionate evangelists. They are the marketing team for me.”

That’s very much the case in the online, social media universe. Technology has allowed businesses to reach people in powerful ways. At the same time, consumers have heightened expectations when it comes to social media interaction. Treat customers as friends, and that’s very good business.

For Mongello, “All my social media stuff, all of my email get answered by me. I will not hand it off to somebody else because if you are going to write to me or tweet to me, you better believe that I will give the courtesy of a personal response.” He added that many big brands are catching on and “humanizing that experience.”

But what about his bread and butter – the podcast? Mongello predicts big things, and it’s hard to argue against his reasoning. He said, “I think the next 12 to 18 months there is going to be this incredible explosion of podcasting and this business of on-demand delivery of content… The podcasting medium is so incredibly personal. I’m inside your ears. You may be driving, you may be on the treadmill, but you’re focused on one thing… It is an incredibly intimate thing. There is incredible power there. There is incredible opportunity. So, businesses need to realize that they need to start getting on this platform.” Again, he points to popular podcasts on iTunes, highlighting that some larger firms are getting it on podcasts.

Finally, on a more general level regarding entrepreneurship, Mongello’s optimism cannot be restrained. He said, “I really am focused on helping other entrepreneurs. As a ‘solepreneur,’ I get how tough it is to be in a room by yourself struggling with an idea.” Then he adds, “There’s room for us all to succeed.”



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Mr. Keating is an economist and novelist who writes on a wide range of topics. His Pastor Stephen Grant novels have received considerable acclaim, including The River: A Pastor Stephen Grant Novel being a finalist for KFUO radio’s Book of the Year 2014, and Murderer’s Row: A Pastor Stephen Grant Novel nominated for Book of the Year 2015.

The Pastor Stephen Grant Novels are available at Amazon…



Wednesday, February 3, 2016

Education Needs Choice, And So Does the Economy

by Ray Keating

Last week was National School Choice Week (January 24-30, 2016). Setting aside a week or month to gain attention for a cause is fine, but educational choice warrants ongoing attention for those concerned about the quality of education, and, yes, those worried about the state of our economy.

It’s not unusual to hear politicians, along with all sorts of education officials, talking about the relationship between education and the economy. That link does exist, but it doesn’t work the way politicians usually say it does.

After all, the politicians who are in bed with the teachers’ unions lead the way in asserting that throwing more money at public schools will generate better student results, and that eventually feeds into a better economy. We’ve heard this for a very long time, but it has little basis in economic reality.

I penned a study for The Friedman Foundation for Educational Choice titled School Choice and Economic Growth that was published early last year. That study looked at the true link between education and the economy, and made clear that the only sure path to boost the economy via education is to shift from an effective government-monopoly system coupled with extensive government regulation, to a true free market in primary and secondary education.

Let’s keep in mind that the U.S. became and largely remains the world’s leading economy because it is a free market system allowing entrepreneurs, businesses, investors and workers to compete, take risks and work to better serve consumers. The foundation for such a system includes private property rights, the rule of law, open trade and competition, and minimal governmental burdens.

Our education system, however, is starkly different. The public school system, by definition, is owned, operated and regulated by government. It is a system guided by political decisions, geared toward meeting the desires of special interests, and designed to subsidize failure by throwing even more dollars at schools that fail.

Such a government-based system seems designed to fail, and to the degree that it successfully educates students, that’s something of a miracle. In fact, whether it be international comparisons or assorted trends in test scores, etc., it’s quite clear that public education – especially when considering how much is being spent – has largely failed in the U.S.

The remedy is true educational choice, competition and deregulation to incentivize education entrepreneurs and providers to supply real value to the consumers or customers, that is, to students and parents.

Universal school choice must replace a government monopoly and extensive government regulation. In the study, I identified 10 ways by which such choice would aid the economy.

1. Productivity. Research shows improved education via vastly expanded school choice would boost worker productivity, enhancing worker contributions to business performance and economic output.

2. Educational Attainment. The evidence also is clear that, on average, improved educational attainment means greater labor force participation, higher employment levels, reduced unemployment, and increased earnings.

3. Improved Quality. The economics literature confirms the common sense notion that improved productivity is not just about accumulating more years of education and degrees, but about educational quality. Given the improvements in education experienced even in cases of limited school choice and competition, it’s clear that robust educational choice would improve educational quality.

4. Entrepreneurial Success. Evidence points to a link between years of schooling and entrepreneurial success, including higher earnings, improved growth, and increased chances for business survival. Entrepreneurship, of course, is central to economic growth.

5. Expanded Innovation Capacity. Innovation also is critical to economic growth, and improved education expands the economic potential and impact of innovation.

6. Technology and Capital. Improved education makes investments in technology and other capital tools more valuable, that is, more productive.

7. Improved Business Performance. Better-educated workers boost business performance by being better able to, for example, work with technology, adapt to new and changing tasks, and communicate with others.

8. International Competitiveness. Enhanced educational attainment and quality mean that the U.S. could maintain, or even extend, its global edge in productivity.

9. Lower Taxpayer Costs. Studies have shown that expanded school choice and competition would contribute to reduced taxpayer costs.

10. Education Efficiency. Transforming the massive education sector of our economy from a government-dominated and regulated system to a dynamic, competitive, consumer-focused industry also would be a clear positive for economic growth.

Of course, questions exist as to the size and timing of education’s contribution to economic growth. And it is critical to understand that quality math and science education, for example, will mean very little to the well-being of an economy if the overall system is not conducive to or does not provide a foundation for economic opportunity and growth. In the end, economic freedom remains essential to such opportunity and growth, and within a free economy, universal school choice will enhance educational quality, and in turn, further boost the economy.

For much more information and analysis, read Keating’s study for The Friedman Foundation for Educational Choice titled SchoolChoice and Economic Growth.

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Mr. Keating is an economist and novelist who writes on a wide range of topics. His Pastor Stephen Grant novels have received considerable acclaim, including The River: A Pastor Stephen Grant Novel being a finalist for KFUO radio’s Book of the Year 2014, and Murderer’s Row: A Pastor Stephen Grant Novel nominated for Book of the Year 2015.

The Pastor Stephen Grant Novels are available at Amazon…