Three more photos from my trip. First, AA 657 arriving from JFK:

(Full size after the jump.)

The Rocky Mountain News, one of Denver's two newspapers, will shut its doors after tomorrow's edition:

Rich Boehne, chief executive officer of Scripps, broke the news to the Rocky staff at noon today, ending nearly three months of speculation over the paper's future. He called the paper a victim of a terrible economy and an upheaval in the newspaper industry.

"Denver can't support two newspapers anymore," Boehne told staffers, some of whom cried at the news.

On Dec. 4, Boehne announced that Scripps was looking for a buyer for the Rocky and its 50 percent interest in the Denver Newspaper Agency, the company that handles business matters for the papers, because it couldn't continue to sustain its financial losses in Denver. Scripps said the Rocky lost $16 million in 2008.

Yeah, not good. This leaves yet another major metro area with only one newspaper.

Via Calculated Risk, the FDIC's Supervisory Capital Assessment Program has published its stress-test scenarios. Ew: the average baseline shows a 2.0% decline in GDP this year followed by a 2.1% increase in 2010, as well as an "alternative more adverse" projection of -3.3% in 2009 and +0.5% in 2010. They forecast house prices to decline by -18% (baseline) to -29% (alternative) through 2010, with rises in unemployment to 8.8% (baseline) up to 10.3% (alternative).

Now, imagine you're a bank with $100 billion in mortgage assets at face value against $90 billion in liabilities. (Shudder.)

Meanwhile, Ben Bernanke told Congress today that nationalization is not an option.

I'll bet you 100 shares of Citicorp that it is.

Update: Krugman says the Fed's "worst case" isn't nearly as bad as it should be. (Insert nervous laughter here.)

First, the President's Fate of the Union address, very much worth watching:

we have lived through an era where too often, short-term gains were prized over long-term prosperity; where we failed to look beyond the next payment, the next quarter, or the next election. A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future. Regulations were gutted for the sake of a quick profit at the expense of a healthy market. People bought homes they knew they couldn’t afford from banks and lenders who pushed those bad loans anyway. And all the while, critical debates and difficult decisions were put off for some other time on some other day.

Well that day of reckoning has arrived, and the time to take charge of our future is here.

Now is the time to act boldly and wisely – to not only revive this economy, but to build a new foundation for lasting prosperity. Now is the time to jumpstart job creation, re-start lending, and invest in areas like energy, health care, and education that will grow our economy, even as we make hard choices to bring our deficit down. That is what my economic agenda is designed to do, and that’s what I’d like to talk to you about tonight.

And then Louisiana governor Bobby Jindal, echoing the party line from, I think, 1930:

That is why Republicans put forward plans to create jobs by lowering income tax rates for working families … cutting taxes for small businesses … strengthening incentives for businesses to invest in new equipment and hire new workers … and stabilizing home values by creating a new tax credit for home-buyers. These plans would cost less and create more jobs.

But Democratic leaders in Congress rejected this approach. Instead of trusting us to make wise decisions with our own money, they passed the largest government spending bill in history - with a price tag of more than $1 trillion with interest. While some of the projects in the bill make sense, their legislation is larded with wasteful spending. It includes $300 million to buy new cars for the government, $8 billion for high-speed rail projects, such as a 'magnetic levitation' line from Las Vegas to Disneyland, and $140 million for something called 'volcano monitoring.' Instead of monitoring volcanoes, what Congress should be monitoring is the eruption of spending in Washington, DC.

Well I, for one, am glad that the government monitors volcanoes. There's no profit in it, I don't have the resources to do it, and the consequences of not doing it are catastrophic. That's what government is for. Transportation infrastructure (including "magnetic levitation"—Maglev—lines, which Jindal thinks belong in Disneyland), defense, and the occasional sky projector for a public museum are all things that government has to do or they won't get done. This is basic economics, a class that few Republicans seem to have taken.

Or maybe they have, they just don't care. Remember, for most elected Republicans, it's all about power and playing the game for its own sake. But for us grown-ups (a few Republicans, and most Democrats—at least right now), it's about fixing the biggest economic disaster anyone under 65 has ever seen.

I will say, though, watching Jindal I wondered whether he was going to try selling me the clear-coat finish as well. He reminded me of a cross between a used-car dealer and one of those lawyers who advertises on local cable that he will fight for you. I can't wait for the Republican primary slugfest in 2012.

British airline Ryanair has a pilot program allowing cell phones in flight. One hopes, if this comes to the U.S., for special "quiet" areas:

Within six months 50 planes will be kitted out. If it proves popular, the service will be rolled out across the whole 170-strong fleet.

Passengers will be able to make and receive calls for €2-3 ($2.50-3.80) per minute, send and receive text messages (50c plus) and use e-mail (€1-2).

... To be fair to Ryanair, it does not claim to be anything other than a noisy shop in the sky. So a new noisy service that earns money is in keeping with its ethos. As Mr O'Leary said: “You don't take a flight to contemplate your life in silence. Our services are not cathedral-like sanctuaries. Anyone who looks like sleeping, we wake them up to sell them things."

You may not like Mr O'Leary's approach, or his plane's interiors, but it's hard not to admire his honesty.

Combine cell phones with the unexpected silence inside the new Airbus A380, and it's only a matter of time before someone gets his cell phone stuffed in an awkward place by his fellow passengers.

<rant>

The temperature at O'Hare just hit freezing for the first time in five days. This has been the coldest winter in 23 years, and the snowiest in 30. Enough already.

</ rant>

Sometimes upgrading or replacing something can expose deficiencies in one's own processes.

Last week, my four-year-old MP3 player died. It's pretty sad, actually. It's tiny (20 GB) hard disk just stopped spinning. So, not wanting to hear every background conversation of everyone in my client's office, I decided to replace it.

After much evaluation I chose the Apple iPod Classic 120. Then I fired up iTunes and sync'd up my library.

It turns out, that phase in the late 1990s when I ripped all of my CDs in Microsoft .wma format—not such a good idea ten years later. It also turns out, all those CDs I ripped at 64 kHz to save space—the new iPod has good-enough sound reproduction that I can hear it. And another thing, all those album art JPEG images I routinely deleted until about 2005, again to save space—yeah, the new iPod shows album covers, but (duh!) only when they're available.

So, now that terabyte hard drives cost about $150, and I have an iPod with excellent sound reproduction and the ability to show full-color album covers, I have a new project: re-rip all the CDs I ripped before mid-2006, this time at 256 kHz and retaining the album art.

There are only 700 or so. Shouldn't take too long...

A report released today says the century-old Illinois Sanitary and Ship Canal is crumbling, which could be bad news for Joliet:

"We have 39 feet of water that we are holding off Joliet," [Lockmaster Dave] Nolen said, pointing downstream to downtown Joliet as he stood Thursday on a deck overlooking the watertight gates at one end of the lock. "People in Joliet probably wouldn't be able to sleep at night if they knew how devastating the flooding would be because of a breach," he said, raising his voice to be heard above the roar of 25 million gallons of swirling water being released downstream after a barge traveling up-river passed through the lock.

... "Modernizing the nation's waterways provides an incredible return on the dollar," said Jim Farrell, executive director of the chamber's infrastructure council. "It's a relatively minor cost compared to fixing O'Hare [International Airport] or modernizing the rapid transit system in Chicago." A single barge has the cargo capacity equivalent to 15 jumbo hopper freight cars or 58 large semitrailer trucks, according to transportation experts.

Of course, the Godforsaken Old Party would call fixing the locks an "earmark," so it's unclear where the money will come from.

Some readers, I know, will find this as interesting as I am: the GPS track (in Google Earth format) of my very long walk around Sint Maarten.

Other readers will just figure I'm waaaay too geeky.

Both sets will be correct.

I mentioned yesterday that my grade-school friend's restaurant got a great review in the Trib. His wife (also an old friend of mine) emailed this morning that the local ABC affilliate also mentioned it favorably.

Rich is having a special event April 14th: he's re-creating the Titanic's last meal, so to speak. Details to follow—but I've already made my reservation.

One of my oldest friends—I mean, 5th-grade-old—opened a restaurant this past fall: Mint Julep Bistro, 53 W. Slade St., Palatine, +1 (847) 934-3000. The Chicago Tribune has now reviewed it:

Without reservations on a recent Saturday, we waited in the intimate lounge where, to management's credit, nobody pushed apps or booze on us. But we wanted both, and it fortunately didn't take long to fill our order. There's plenty of bourbon and a lovely wine list by the glass/bottle. We bypassed the bourbon (we’ll be back for that) and ordered a glass of French viognier ($6.25) and a winter white ale ($4.25) to accompany an order of three scrumptious, sizable crab cakes ($10.50). Fall-apart tender and made with the prime meat from the claw, the cakes were further enhanced with the well-balanced remoulade sauce.

But don't fill up too much. The menu is big, with one tempting entree after another starring seafood, beef, poultry and a vegetarian platter. (We heard a grateful remark from a nearby diner, who hadn't expected that.) I opted for seafood, and the menu’s plainly titled Shrimp 'n Grits ($16) belied a far more evocative entree: Six firecracker shrimp elegantly plated with a trio of perfectly fried, crunchy-tender grit cakes in a velvety bourbon cream sauce. Rich and almost over the top. My companion’s butcher’s cut steak ($22), a grilled-to-order cut from meat above the filet, arrived with melt-in-your-mouth acorn squash and potato-andouille hash that offered a fresh departure from plain mashed spuds.

Both chefs made appearances throughout their restaurant, stopping at tables and chatting with the clientele. Nice touch.

It's a long haul from the city, but some of us have plans to go back up there again soon. Rich, the aforementioned friend, has a smoker, and the pulled pork is worth the trip.

My 30-ballpark Geas continues into its second season. Just booked: Houston, April 7th, against the Cubs (of course).

Astute observers will note that I've visited the Houston ballpark before, when I was on a consulting assignment for a well-known energy trading company that no longer has naming rights to the park. But I decided at the beginning of the Geas that parks I visited before the Geas started didn't count. (This makes New Yankee Stadium and Citi Field problematic, so I split the difference: Old Yankee Stadium counts for the Yankees, and Citi Field for the Mets.)

My first Cubs game will be April 19th.

Update: Since I already had a trip to San Francisco planned, I've also booked Oakland for the April 25th.

As promised, more photos from last weekend. First, South Beach:

California, apparently, has passed its budget, prompting The Economist's observation, "It turns out that the only way to negotiate a budget for the world’s eighth biggest economy is to issue politicians with toothbrushes and lock them in a building."

Illinois, meanwhile, is trying to pass a Senator.

(For both passings, imagine kidney stones.)

British and French newspapers reported early this week that two of their submarines collided two weeks ago:

The Ministry of Defence was under intense pressure last night to explain how the [HMS] Vanguard, which can carry 48 nuclear warheads on 16 missiles, had managed to crash into Le Triomphant - payload 16 missiles - in an incident which some experts say could have caused a nuclear catastrophe.

The underwater collision happened earlier this month and was at low speed, and no injuries were reported among the total of 240 sailors on the two boats. However some damage was done to both, though officials stressed that none of their nuclear equipment had been damaged.

Three things occurred to me reading about this incident, which the news organizations I consulted don't appear to have grasped:

1. Ballistic missile submarines patrol at speeds under 4 knots. They're exponentially more detectable at higher speeds. So it follows that the damage they did to each other was very light, because if they'd been moving fast enough to cause more damage, they'd have heard each other.

2. You can't detonate a nuclear weapon by hitting it, so any environmental risk comes from the reactors powering the boats. However, I think it's important to weigh those risks against (a) the (very small) risk of a nuclear attack on France and the UK that these boats deter, and (b) the routine punishing damage that the merchant fleets of the world do to the oceans every minute. Remember the Exxon Valdez disater, the Amoco Cadiz disaster, and the ongoing disaster of 1.1 million liters of wastewater a typical cruise ship discharges every day.

3. Notice how neither France nor the UK will say where or exactly when the collision occurred? If they won't even tell each other where their subs patrol, of course they won't tell anyone else. My question: what are they targeting? Typically you put submarines just a few hundred kilometers from their targets. Right now, for example, I would bet money that there are U.S. subs inside the Sea of Japan and Russian subs closer to Los Angeles than L.A. is to Fresno. Everyone knows who the U.S. and Russia are pointing missiles at. Who's France pointing at? Britain? (Read that either "At Britain?" or "And Britain?", your choice.)

Curious. Very curious.