I'm juggling a couple of clients today, so I can't write entire entries on any of these:
OK, back to the mines...
Former Chicago mayor Rich Daley got named to Coke's board of directors today. Coca-Cola said:
"Mr. Daley brings significant public policy expertise and experience in creating sustainable growth opportunities for businesses and communities to our Company," said Muhtar Kent, Chairman and Chief Executive Officer of The Coca-Cola Company. "His experience and insights will be invaluable as we continue to work to grow our business and invest in the fabric of the communities we serve."
Daley is also a senior advisor to JPMorgan Chase, where he will chair the new "Global Cities Initiative," a joint project of JPMorgan Chase and the Brookings Institution to help cities identify and leverage their greatest economic development resources. He also serves as a senior fellow at the Harris School of Public Policy at the University of Chicago.
I wonder how long this was in the works? And how long has he advised JPMC, the bank that negotiated our catastrophic parking-meter deal?
The Kingdom of Saudi Arabia, our friend in the Middle East, has beheaded one of its citizens on the charge of witchcraft:
Amina bint Abdel Halim Nassar was executed Monday for having "committed the practice of witchcraft and sorcery," according to an Interior Ministry statement. Nassar was investigated before her arrest and was "convicted of what she was accused of based on the law," the statement said. Her beheading took place in the Qariyat province of the region of Al-Jawf, the ministry said.
The London-based Saudi newspaper Al-Hayat quoted a source in the country's religious police who said authorities searched Nassar's home and found books on sorcery, a number of talismans and glass bottles filled with liquids supposedly used for the purposes of magic. The source told the paper Nassar was selling spells and bottles of the liquid potions for about $400 dollars each.
"So far at least 79 people -- including five women -- have been executed there, compared to at least 27 in 2010," [Amnesty International] said.
It's tempting to wonder whether they weighed her against a duck first, but really, this isn't funny. What is it really worth to us to support this 7th-century regime?
People in the UK travel much more by train than we in the US. Still, I think office centers at train stations would be great here:
Sitting in a proper office space after missing your train would certainly beat propping a laptop on your knees outside WH Smith as the pigeons wander round your feet. Regus has initiated a similar programme in France, where it is opening drop-in business centres in six stations, and it has plans for more developments in the Netherlands.
It sounds like a reasonable deal for business travellers—depending on the price charged for access.
Sadly, we in the US don't use rail services nearly enough to make this profitable. I can't imagine Metra spending any money on these services here in Chicago, for example, and even if they did, where would they put the office centers?
The loony right (and some on the loony left) have claimed recently that the Federal Reserve has made trillions of dollars of secret loans to banks in the last few years. Fortunately, this has not happened; the Fed has made thousands of overnight billion-dollar loans that everyone knows about.
First, you have to use different rules of math than those of us in the reality-based community to get to the amounts anti-Federal Reserve folks have bandied about recently. Then you have to forget the salient fact that all the loans got paid back:
For example, [Economist James] Felkerson takes the gross new lending under the Term Auction Facility each week from 2007 to 2010 and adds these numbers together to arrive at a cumulative total that comes to $3.8 trillion. To make the number sound big, of course you want to count only the money going out and pay no attention to the rate at which it is coming back in. If instead you were to take the net new lending under the TAF each week over this period—that is, subtract each week's loan repayment from that week's new loan issue—and add those net loan amounts together across all weeks, you would arrive at a cumulative total that equals exactly zero. The number is zero because every loan was repaid, and there are no loans currently outstanding under this program.
But zero isn't quite as fun a number with which to try to rouse the rabble.
In unrelated news, the temperature in Chicago jumped 10°C in the last six hours, so it's time to walk the dog.
So I thought I'd take another look at Sebastian Gutierrez' film Girl Walks Into a Bar the other day. But before the film started I saw this:
Not knowing what to make of these options, I chose the two minutes of proselytizing and went to make my lunch. When I got back, the movie was on its way without interruptions, as promised.
What the LDS church hopes to accomplish through this PR campaign escapes me for the moment.
The Atlantic's Cities blog points an energy conservation problem caused by people having trouble with math:
A significant – and seldom noticed – part of the solution lies with some fairly low-tech infrastructure: our houses, and the relationship they have to each other and where we want to go. A growing body of data has mapped the carbon footprint in sprawling suburbia of a single-family home, which is located nowhere near the grocery store, the job center or the shopping district. We can now compare that footprint to a multi-family home in a walkable urban neighborhood. And it turns out the gap between those two models may offer a serious – and perhaps more palatable – place to start thinking about the problem of climate change.
It doesn’t solve the problem to buy a hybrid and retrofit your house if all of that takes place 20 miles from your job. You’d still consume more energy (“suburban single family green”) than an urban household without the latest green tech (“urban single family”). And that has as much to do with associated transportation emissions as the size and efficiency of your home.
Unfortunately, without adequate gasoline taxes, adequate public transit spending, adequate land use legislation, or adequate acceptance in the U.S. that we can't sustain our way of life much longer, people will still buy houses in the exurbs and use half a tank of gas driving to work every day.
Wow. I mean, rapists don't get that much time in jail. Maybe being from Illinois has made me less outraged by our stupid ex-governor's felonies than it should, but: 14 years?
Here's the Trib:
Standing next to a teary-eyed [wife] Patti, Blagojevich said they had to get home "to their babies" and explain "what all this means."
Blagojevich will have to serve just under 12 years under federal rules that say defendants must complete 85 percent of their sentence. Blagojevich doesn’t have to report to federal prison until Feb. 16.
The sentence handed down by U.S. District Judge James Zagel is more than double the prison term given in 2006 to former Gov. George Ryan, who is serving a 6 ½-year sentence in a federal prison in Terre Haute.
Before pronouncing sentence, Zagel told Blagojevich he had abused the public trust. "When it is the governor who goes bad, the fabric of Illinois is torn and disfigured and not easily repaired," Zagel said.
The fabric of Illinois is pretty tough, Judge Zagel. Blagojevich couldn't possibly have damaged it more than, say, Walker, Ryan, or for heaven's sake, Kerner, who actually took bribes.
Fourteen years seems excessive. Jail, yes; but I hope the actual sentence gets reduced on appeal.
I just stumbled upon an article from last March by Michael Lewis, in which he explains how thoroughly Irish banks screwed themselves:
A single bank, Anglo Irish, which, two years before, the Irish government had claimed was merely suffering from a “liquidity problem,” faced losses of up to 34 billion euros. To get some sense of how “34 billion euros” sounds to Irish ears, an American thinking in dollars needs to multiply it by roughly one hundred: $3.4 trillion. And that was for a single bank. As the sum total of loans made by Anglo Irish, most of it to Irish property developers, was only 72 billion euros, the bank had lost nearly half of every dollar it invested.
[W]hile Icelandic males used foreign money to conquer foreign places—trophy companies in Britain, chunks of Scandinavia—the Irish male used foreign money to conquer Ireland. Left alone in a dark room with a pile of money, the Irish decided what they really wanted to do with it was to buy Ireland. From one another. An Irish economist named Morgan Kelly, whose estimates of Irish bank losses have been the most prescient, made a back-of-the-envelope calculation that puts the losses of all Irish banks at roughly 106 billion euros. (Think $10 trillion.) At the rate money currently flows into the Irish treasury, Irish bank losses alone would absorb every penny of Irish taxes for at least the next three years.
Fascinating reading. Given its growth and prosperity ten years ago, it's staggering how a few dozen stupid people could have derailed the country entirely.
The Economist's Gulliver blog looks at JetBlue's new landing slots and concludes it may not work for them long-term:
JETBLUE, the low-cost American carrier, won an auction last week for the right to operate eight additional round-trips from both Washington's Ronald Reagan airport (DCA) and New York's LaGuardia airport (LGA), essentially doubling its presence at both sites.
JetBlue bid $72m for the slots, over $26m more than its rival Southwest. The deal is widely seen as part of JetBlue's recent effort to gain more of a following among business travellers, especially because Reagan and LaGuardia are so close to their respective downtowns.
But in the longer term, the real question for Reagan and LaGuardia is whether Amtrak will ever operate true high-speed rail service between New York and Washington. The existing Acela Express service between the two cities takes under three hours, and is relatively competitive in terms of speed and price with flying—especially when taxis to and from LaGuardia are taken into account. Penn Station, where the Acela stops in New York, is in the heart of midtown Manhattan; Washington's Union Station is just steps from the US Capitol. It's hard to imagine flying could remain competitive if Amtrak were to cut travel time between New York and Washington to under two hours.
My recent experience in Japan suggests that two hours between Washington and New York is not only feasible, but wouldn't even require Shinkansen-level high-speed rail. Washington Union Station to New York Penn Station is 360 km, which, including stops, requires trains to go 200 km/h—coincidentally, the speed that the Acela actually achieves through parts of New Jersey. In other words, two hours New York to Washington only requires better track maintenance.