Quotulatiousness

April 21, 2017

The oddly appropriate subtext to New York’s “Fearless Girl” statue

Filed under: Bureaucracy, Media, USA — Tags: , , — Nicholas @ 03:00

In the New York Post, Nicole Gelinas points out that Mayor De Blasio has set a precedent that might well come back to bite the city (the example she cites would be “Black Lives Matter protesters want a statue of police brutalizing a black man in front of One Police Plaza”. She also explains why the statue highlights an uncomfortable detail about the role of women on Wall Street:

The “Fearless Girl” statue faces the Arturo Di Modica “Charging Bull” on Wall Street (Wikipedia)

But the bigger problem with Fearless Girl is that it casts stereotypes in bronze: Men do important things, and women get in the way.

The bull is the primary actor: He is charging. The girl’s job is to impede him. This is how Wall Street has long worked — and it’s changing, but slowly.

Take the management committee of State Street’s parent company. Of its 14 members, two are women. One, the chief administrative officer, is a top regulatory official. The other is the human-resources chief and “citizenship officer.”

On Goldman Sachs’ 33-member management committee, five of our women — at least four of whom are in similar, growth-restraining positions.

Yes, growth-restraining: These are great jobs and require deep skill. But they’re bureaucratic rather than entrepreneurial. If a department head — a man — wants to start up a new unit, it’s the regulatory experts who will say, no, you can’t.

Similarly, a trading head may want to hire someone — but the human-resources chief nixes it.

Indeed, the area of “compliance” — which sounds like an S&M activity but has to do with ensuring that the bank and its employees don’t launder money, steal or do other bad things — is where women have done well.

[…]

This work is necessary. A company can’t grow if it’s convicted of money-laundering or if its employees are thieves (in theory).

But it’s also the depressing age-old relationship: A man wants to do something fun and cool, like take the children paragliding before they’ve had a proper breakfast. His wife says, “But honey, the kids have band practice today, and maybe we should save the money for the mortgage.”

Fearless Girl fails in another way. It’s terrific to have courage and fight important battles. But it’s not a good idea — for men, women or children — to be recklessly fearless.

Fear is a good thing. If a bull is charging you, according to the farming manuals, the best thing to do is what you instinctively do: get out of the way. If you don’t pick your battles, you’ll lose them.

December 25, 2016

Repost – “Fairytale of New York”

Filed under: Media, USA — Tags: , , , — Nicholas @ 03:00

Time:

“Fairytale of New York,” The Pogues featuring Kirsty MacColl

This song came into being after Elvis Costello bet The Pogues’ lead singer Shane MacGowan that he couldn’t write a decent Christmas duet. The outcome: a call-and-response between a bickering couple that’s just as sweet as it is salty.

December 18, 2016

QotD: The new Whitney Museum in New York City

Filed under: Humour, Media, Quotations, USA — Tags: , , , — Nicholas @ 01:00

On a recent visit to New York City, I had the opportunity to walk around the exterior of the new Whitney Museum, built at a cost of $442 million. It is a monument of a kind: to the vanity, egotism, and aesthetic incompetence of celebrity architects such as Renzo Piano, and to the complete loss of judgment and taste of modern patrons.

If it were not a tragic lost opportunity (how often do architects have the chance to build an art gallery at such cost?), it would be comic. I asked the person with whom I was walking what he would think the building was for if he didn’t know. The façade — practically without windows — looked as if it could be the central torture chambers of the secret police, from which one half expects the screams of the tortured to emerge. Certainly, it was a façade for those with something to hide: perhaps appropriately so, given the state of so much modern art.

The building was a perfect place from which to commit suicide, with what looked like large diving boards emerging from the top of the building, leading straight to the ground far below. Looking up at them, one could almost hear in one’s mind’s ear the terrible sound of the bodies as they landed on the ground below. There were also some (for now) silvery industrial chimneys, leading presumably from the incinerators so necessary for the disposal of rubbishy art. The whole building lacked harmony, as if struck already by an earthquake and in a half-collapsed state; it’s a tribute to the imagination of the architect that something so expensive should be made to look so cheap. It is certain to be shabby within a decade.

Theodore Dalrymple, “A Monument to Tastelessness: The new Whitney Museum looks like a torture chamber”, City Journal, 2015-04-22.

December 14, 2016

Econ Duel: Why Is the Rent So Damn High?

Filed under: Economics, Government, USA — Tags: , , — Nicholas @ 02:00

Published on 13 Dec 2016

This week: Matt Yglesias and Tyler Cowen in a brand new Econ Duel.

Next week: Another Econ Duel! Scott Sumner and Larry White will take on monetary policy.

You’ve no doubt heard it before: the rent is too damn high!

In major cities across the United States, rent prices have been skyrocketing for some time. As a percentage of median income, rent is much higher for those that choose city life over suburbia.

But why are rental prices in these cities so expensive, and what can we do about it?

It’s a classic case of supply and demand: lots of people want to move to big cities because of the opportunities they afford. Naturally, they demand housing. But the supply is often short due to many factors, from geography to regulations. What does economics tell us happens when there’s a lot of demand, but not so much supply? Prices rise. As a consequence, many people are priced out of pursuing the lucrative opportunities available in major cities.

Coastal cities, like San Francisco and New York, have obvious geographical restrictions on building “out.” One way to deal with this problem is to build upwards with more skyscraper housing. This often isn’t feasible due to regulations on building heights, density, parking requirements, etc. But these regulations could be lessened or removed, allowing big cities to become denser and lowering rent prices. Lifelong city-dweller Matt Yglesias discusses this approach in this Duel.

On the other side, Tyler Cowen, who has always lived in the suburbs, argues that allowing cities to become denser may only provide a short-term solution. As more people move in, the cities become more productive with higher incomes for their inhabitants. And the rents rise again.

Of course, we’ve merely skimmed over the arguments here, and you’ll have to watch the Econ Duel to get the full picture! Check it out and let us know in the comments who you think makes a better case.

June 22, 2016

The art of the “dog whistle”

Filed under: Media, Politics, USA — Tags: , , , — Nicholas @ 02:00

Scott Alexander on the horribly anti-semitic dog whistle that cost Ted Cruz the Republican presidential nomination (or something):

Back during the primary, Ted Cruz said he was against “New York values”.

A chump might figure that, being a Texan whose base is in the South and Midwest, he was making the usual condemnation of coastal elites and arugula-eating liberals that every other Republican has made before him, maybe with a special nod to the fact that his two most relevant opponents, Donald Trump and Hillary Clinton, were both from New York.

But sophisticated people immediately detected this as an “anti-Semitic dog whistle”, eg Cruz’s secret way of saying he hated Jews. Because, you see, there are many Jews in New York. By the clever strategem of using words that had nothing to do with Jews or hatred, he was able to effectively communicate his Jew-hatred to other anti-Semites without anyone else picking up on it.

Except of course the entire media, which seized upon it as a single mass. New York values is coded anti-Semitism. New York values is a classic anti-Semitic slur. New York values is an anti-Semitic comment. New York values is an anti-Semitic code word. New York values gets called out as anti-Semitism. My favorite is this article whose headline claims that Ted Cruz “confirmed” that he meant his New York values comment to refer to Jews; the “confirmation” turned out to be that he referred to Donald Trump as having “chutzpah”. It takes a lot of word-I-am-apparently-not-allowed-to-say to frame that as a “confirmation”.

Meanwhile, back in Realityville (population: 6), Ted Cruz was attending synagogue services at his campaign tour, talking about his deep love and respect for Judaism, and getting described as “a hero” in many parts of the Orthodox Jewish community” for his stance that “if you will not stand with Israel and the Jews, then I will not stand with you.”

But he once said “New York values”, so clearly all of this was just really really deep cover for his anti-Semitism.

June 20, 2016

AL STEWART TOUR in NYC interview w/PAVLINA

Filed under: Britain, Media, Wine — Tags: , , — Nicholas @ 04:00

Published on 18 Jun 2016

Hey! I’m with Folk Singer/Songwriter AL STEWART in NYC at THE CITY WINERY! We talk greatest hits like the iconic YEAR OF THE CAT song, JOHN LENNON, todays world and happenings, his singing style, working with ALAN PARSONS, and MORE! Check out Al’s site for latest info and albums:) The Pavlina Show airs on radio stations across the nation:)

May 29, 2016

New York City through the eyes of a young German visitor

Filed under: USA — Tags: , , — Nicholas @ 02:00

The anonymous author visited New York City recently, having visited many other US cities, and recorded the disappointment of seeing the Big Apple in real life:

I expected NYC to be at least somewhat of a modern and shiny skyscraper city. The secret capital of the US – and – maybe the world. I expected something at least iconic.

Now when I landed at JFK moldy carpets and a worn down airport greeted me. I took the train to Manhattan that overpasses ghettos.

I could not believe how loud and shaky the subway was. The awful state of maintenance. How extremely dirty it is. How bad signs are placed. How counterintuitive everything is made.

Everything must have been great some decades ago but was never kept well. There was no good way to get from one part of the city to another. Taxis are stuck and the subway is disgusting. Buses are worse.

The smell. When I think of NYC I no longer think of lawyers in suits on a rooftop terrace. I think of the strong smell of death – of rotten rat meat.

The garbage. Everywhere. On the streets. I mean black sacks full of garbage to be picked up in few hours stinking and leaking.

How unimpressive 5th Av is. Or Times Square.

The skyline is really not so impressive or iconic if you have been to Hong Kong or other places.

I was amazed by the the awful German translations on the large signs of the 9/11 sight. I always thought that this was a place of big importance and that NYC would not use Google translator to greet the world when they are visiting to show respect.

You might think that I am exaggerating and describing things that one could look over. Maybe. But I am just trying to justify my disappointment.

H/T to Never Yet Melted for the link.

May 24, 2016

QotD: The battle of the crony capitalists

Filed under: Government, Politics, Quotations, USA — Tags: , , , , — Nicholas @ 01:00

I am not sure that many politicians are good on this score, but Hillary Clinton and Donald Trump are likely as bad as it gets on crony capitalism. Forget their policy positions, which are steeped in government interventionism in the economy, but just look at their personal careers. Each have a long history of taking advantage of political power to enrich themselves and their business associates. I am not sure what Cruz meant when he said “New York values”, but both Trump and Clinton are steeped in the New York political economy, where one builds a fortune through political connections rather than entrepreneurial vigor. Want to build a new parking lot next to your casino or start up a new energy firm — you don’t bother with private investors or arms length transactions, you go to the government.

Warren Meyer, “2016 Presidential Election: Battle of the Crony Capitalists”, Coyote Blog, 2016-05-13.

March 1, 2016

QotD: Tall building mania

Filed under: Economics, History, Quotations, Railways — Tags: , , , — Nicholas @ 01:00

This is a sign of growing maturity on the part of the United States. Many of these super-tall building projects make little economic sense, but are completed to validate the prestige of emerging nations, like teenage boys comparing penis sizes. Grown men are beyond that behavior, just as are grown-up nations. I discussed this in the context of rail a while back at Forbes. In that case, it seems everyone thinks the US is behind in rail, because it does not have sexy bullet trains. But in fact we have a far more developed freight network than any other country, and shift of transport to rail makes a much larger positive economic and environmental impact for cargo than for rail. It comes down to what you care about — prestige or actual performance. Again choosing performance over prestige is a sign of maturity.**

The US had a phase just like China’s, when we were emerging as a world economic and political power, and had a first generation of successful business pioneers who were unsure how to put their stamp on the world. So they competed at building tall buildings. Many of the tallest were not even private efforts. The Empire State Building was a crony enterprise from start to finish, and ended up sitting empty for years. The World Trade Center project (WTC) was a complete government boondoggle, built by a public agency at the behest of the Rockefeller family, who wanted to protect its investments in lower Manhattan. That building also sat nearly empty for years. By the way, the Ken Burns New York documentary series added a special extra episode at the end after 9/11 on the history of the WTC and really digs in to the awful crony and bureaucratic history of that project. Though Burns likely did not think of it that way, it could as easily be a documentary of public choice theory. His coverage earlier in that series of Robert Moses (featuring a lot of Robert Caro) is also excellent.

** I have always wondered if you could take this model further, and predict that once-great nations in decline (at least in decline relative to their earlier position) might not re-engage with such prestige projects, much like an aging male seeking out the young second wife and buying a Porche.

Warren Meyer, “This is a GOOD Sign for the United States”, Coyote Blog, 2015-01-15.

January 20, 2016

Toronto gets mentioned in the New York Times … and there’s not a dry seat in the house

Filed under: Cancon — Tags: , , , — Nicholas @ 03:00

Colby Cosh discusses the sudden appearance of Canadian content in the Grey Lady’s pages:

No evidence is presented that Canadian access to the world’s pop consciousness has changed recently, much less that it has anything to do with Justin Trudeau. Given that Trudeau was the leader of the third party in the House of Commons 14 weeks ago, and was struggling badly in the polls another 14 weeks before that, perhaps the Times’ Hip Canada should be read as a tribute to the Stephen Harper decade.

What I notice about the list, in comparison with ones that might have been drawn up in the past, is how Ontario-dominated it is — Toronto-dominated, really. The Times, blind to the intricacies of the country it is celebrating, pays passing tribute to older Canadian icons Joni Mitchell, Neil Young, and Leonard Cohen — which is to say, two refugees from the west and the Pope of anglo Montreal.

[…]

The meaning of Justin Trudeau in this context may also be different from the one suggested by The New York Times. It is natural for us to contrast Justin with his father, and the stylistic contrast is strong: Justin is often said to be his mother’s son. Pierre Trudeau represented a culmination of the French-Canadian destiny. Americans found him hard to fathom, and he found them hugely uncongenial. His dress and his ideas were taken from Western Europe, a precise balance of Paris and London: he was a deux-nations beau idéal.

One has to say that Justin Trudeau seems less rooted: he has a worldview but no intellectual heroes to speak of, no battlescars from a life of disputation and reading. He belongs to a generation more than to any particular place: he has never lived anywhere for too long, and even his spoken French has come under some fire, perhaps unfairly. Americans adore him on sight. He is above all earnest, and there are hints his emerging role as a head of government will be mostly to convey earnestness, to serve as a sort of emotional mascot, while his ministers do the work. The Liberal Party may be quite happy to see him in the style section of the newspaper, where he belongs.

December 28, 2015

Vikings beat Giants 49-17 to set up showdown in Green Bay for NFC North title

Filed under: Football — Tags: , , , — Nicholas @ 11:27

Everyone knows the Vikings do not play well in prime time and even more so on national TV. They also don’t score a lot of points. Except when they face Eli Manning and the New York Giants, perhaps. Eli has had some terrible games playing against Minnesota, and last night might have been the worst of the lot:

And a few minutes after Judd posted that, Eli was picked off again, this time by Captain Munnerlyn who nearly got into the end zone.

Mid-game, the NFL decided to switch next week’s showdown at Lambeau Field into the prime time Sunday night slot. (See opening paragraph above…) Winner will host a playoff game in the Wild Card round, while the loser will play on the road. If the Vikings win in Green Bay, they’ll host the Seahawks at TCF Bank Stadium. If they lose, they go right back to Green Bay (if Seattle wins) or to Washington to face the Redskins (if Seattle loses). While the Vikings have done well on the road this season, they’re still historically bad in prime time on national TV:

(more…)

December 25, 2015

Repost – “Fairytale of New York”

Filed under: Media, USA — Tags: , , , — Nicholas @ 03:00

Time:

“Fairytale of New York,” The Pogues featuring Kirsty MacColl

This song came into being after Elvis Costello bet The Pogues’ lead singer Shane MacGowan that he couldn’t write a decent Christmas duet. The outcome: a call-and-response between a bickering couple that’s just as sweet as it is salty.

June 24, 2015

QotD: Surge pricing

Filed under: Business, Economics, Quotations — Tags: , , , — Nicholas @ 01:00

New York just killed every economist’s favorite thing about Uber: surge pricing. Sure, many economists also love convenient car service at the touch of a button. But black-car services have been around for a long time. Explicit surge pricing — which both creates new supply and rations demand — has not, but it’s long been a core feature of Uber Technologies Inc.’s business model. While it can be annoying at times (during a recent rainstorm, I noticed a sudden epidemic of drivers canceling rides, which I suspect was due to the rapidly rising surge price), it also allows you to be sure that you will be able to get a taxi on New Year’s Eve or during a rainstorm as long as you’re willing to pay extra.

Sadly, no one else loves surge pricing as much as economists do. Instead of getting all excited about the subtle, elegant machinery of price discovery, people get all outraged about “price gouging.” No matter how earnestly economists and their fellow travelers explain that this is irrational madness — that price gouging actually makes everyone better off by ensuring greater supply and allocating the supply to (approximately) those with the greatest demand — the rest of the country continues to view marking up generators after a hurricane, or similar maneuvers, as a pretty serious moral crime.

Megan McArdle, “Uber Makes Economists Sad”, Bloomberg View, 2014-07-09.

April 26, 2015

Debunking the myths about the destruction of NYC’s Penn Station

Filed under: History, Railways, USA — Tags: , , — Nicholas @ 03:00

I admit up front that I’m a fan of railway architecture, so I readily followed along with the narrative that the wanton destruction of Penn Station in New York City was merely the most recent vandalic excess of the urban rejuvenation movement. Jim Epstein suggests that I was wrong:

Penn Station 1910In all the hoopla surrounding the 50th anniversary of New York’s Landmarks Preservation Act — Mayor Robert F. Wagner signed the legislation exactly a half century ago today — you’ll see plenty of photos of the old Penn Station taken around the time of its 1910 opening. These images depict the grand, light-filled main hall modeled after the Baths of Caracalla and the spectacular iron-and-glass train shed in its pristine state. Another series of photos shows the station being taken apart in the 1960s. In this set of images, the station looks like an ancient Roman palace; it’s as if the cranes pulling it apart are destroying the very bedrock of Western civilization.

“Seven-year-olds gasp…[when] we show them the old Penn Station,” Tara Kelly, the executive director of Friends of the Upper East Side Historic Districts, told the New York Times at an event last week celebrating the law’s half-centennial.

Penn Station 1910-2Penn Station’s destruction in the mid-1960s was a call to arms for the landmarks movement, leading directly to the passage of the 1965 law. Preservationists trot out these photos capable of leaving second graders breathless to remind us of why we need a government-appointed commission to save our historic buildings from cold market logic.

But this narrative is as one-sided as those photos. Profit-driven developers left to their own devices value wonderful old buildings as much as the general public they serve, but the old Penn Station was a deeply flawed structure. It emphasized form over function, so it was never a particularly good train station. And New Yorkers didn’t care for it very much — when it was still around, at least. It’s easy to revere the dead.

February 16, 2015

Even if you do nothing, you can still be arrested for “resisting arrest”

Filed under: Law, Liberty, USA — Tags: , , , — Nicholas @ 04:00

We’ve seen examples of this before, but if the NYPD gets its way, the all-purpose charge of “resisting arrest” will become a felony offense:

The most half-baked “weapon” in any policeman’s arsenal should never be raised to the level of a felony. “Resisting arrest” is the charge brought when bad cops run out of better ideas. This truism runs through nearly every law enforcement agency in the country. When you take a look at videographers and photographers who have been arrested for exercising their First Amendment rights (and backed by a DOJ statement), you’ll see plenty of “resisting arrest” charges.

When a San Francisco public defender tried to head off a detective who wanted to question and photograph her client without her permission, she was arrested for “resisting arrest.”

When someone has been brutalized by the police, the words “resisting arrest” are repeated nearly as frequently as the mantra that accompanies every taser deployment and baton swing (“stop resisting”). Resisting arrest is a dodge that makes bad cops worse and marginal cops bad.

Turning resisting arrest into a felony shouldn’t happen anywhere. But perhaps especially not in New York City.

[…]

To turn this into a felony is to grant bad cops a longer leash — and allows them to do much more damage. Not only will the victims of excessive force have to deal with injuries and psychological trauma, they may also find their futures severely disrupted by a felony charge that will follow them around for years.

The protests following the clearing of the officer involved in Eric Garner’s death, followed shortly thereafter by the murder of two NYPD officers by a civilian, have turned the NYPD against the public. Bratton’s support of this abhorrent idea makes it clear he’s willing to put more power in the hands of his worst officers. However bad he feels the situation is now, this action will only make things worse. The answer lies in greater accountability from the NYPD, not additional punishments for members of the public.

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