Quotulatiousness

January 5, 2019

Leave the Strand Alone! Iconic Bookstore Owner Pleads With NYC: Don’t Landmark My Property

Filed under: Architecture, Books, Bureaucracy, Business, Government, USA — Tags: , , — Nicholas @ 04:00

ReasonTV
Published on 4 Jan 2019

Leave the Strand Alone! Iconic Bookstore Owner Pleads With NYC: Don’t Landmark My Property

More from the article at Reason:

If New York City moves ahead with a proposal to landmark the home of the Strand Book Store, it would be putting a “bureaucratic noose” around the business, says owner Nancy Bass Wyden. “The Strand survived through my dad and grandfather’s very hard work,” Wyden says, and now the city wants to “take a piece of it.”

Opened by her grandfather, Benjamin Bass, in 1927, the Strand is New York City’s last great bookstore — a four-story literary emporium crammed with 18 miles of merchandise stuffed into towering bookcases arranged along narrow passageways. It’s the last survivor of the world-famous Booksellers Row, a commercial district comprised of about 40 secondhand dealers along Fourth Avenue below Union Square.

On December 4, 2018, the New York City Landmarks Preservation Commission held a public hearing on a proposal to designate the building that’s home to the Strand as a historic site. If the structure is landmarked, Wyden would need to get permission from the city before renovating the interior or altering the facade.

“It would be very difficult to be commercially nimble if we’re landmarked,” Wyden tells Reason. “We’d have to get approvals through a whole committee and bureaucracy that do not know how to run a bookstore.”

Wyden’s outrage derives in part from her family’s decades of struggle to keep the business alive.

The Strand survived, she says, because of “my grandfather and my dad’s very hard work and their passion … Both worked most of their lives six days a week” and they “hardly took vacations.”

January 4, 2019

QotD: The modern C.V.

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

Take that ghastly soul-destroying document, the curriculum vitae. It is as inherently inflationary as clipping the coinage or fiat money. A friend of mine, whom I knew to be competent and conscientious, consistently failed to be appointed to positions for which he was eminently qualified. My wife, who knew the ways of modern appointment committees, asked to see the curriculum vitae he was supplying with his applications for the jobs.

She was horrified: He would never get a job with such a curriculum, it was far too old-fashioned. It gave merely his formal qualifications and the positions he had previously held, with references. No, no, said my wife to him, what you need is to boast. You have to make out that your piddling research might be chosen very soon for a Nobel Prize, that your occasional good deeds were as at great a personal sacrifice as those of Mother Teresa, and that you are a person whose outside interests are carried out at levels equal to the professional; in other words that you are multitalented, multivalent, and quite out of the ordinary. Moreover, your ambition must be to save the world, to be a pioneer and a path-breaker, not merely to do your best in the circumstances. You must be grandiose, not modest.

Of course, every other applicant would be similarly boastful, and so, like star architects trying to outdo each other in the outlandish nature of their buildings, my friend’s boasts had to be preposterous, quite out of keeping with his admirable character. But once he had swallowed the bitter pill of realism, he was appointed at once. We all have to be Barons Munchausen now.

Theodore Dalrymple, “The Merits of Nepotism and Boasting”, Taki’s Magazine, 2018-12-08.

December 23, 2018

Repost – “Merry Christmas” versus “Happy Holidays” versus “Happy Midwinter Break”

L. Neil Smith on the joy-sucking use of terms like “Happy Midwinter Break” to avoid antagonizing the non-religious among us at this time of year:

Conservatives have long whimpered about corporate and government policies forbidding employees who make contact with the public to wish said members “Merry Christmas!” at the appropriate time of the year, out of a moronic and purely irrational fear of offending members of the public who don’t happen to be Christian, but are Jewish, Muslim, Hindu, Buddhist, Sikh, Jain, Rastafarian, Ba’hai, Cthuluites, Wiccans, worshippers of the Flying Spaghetti Monster, or None of the Above. The politically correct benediction, these employees are instructed, is “Happy Holidays”.

Feh.

As a lifelong atheist, I never take “Merry Christmas” as anything but a cheerful and sincere desire to share the spirit of the happiest time of the year. I enjoy Christmas as the ultimate capitalist celebration. It’s a multiple-usage occasion and has been so since the dawn of history. I wish them “Merry Christmas” right back, and I mean it.

Unless I wish them a “Happy Zagmuk”, sharing the oldest midwinter festival in our culture I can find any trace of. It’s Babylonian, and celebrates the victory of the god-king Marduk over the forces of Chaos.

But as anybody with the merest understanding of history and human nature could have predicted, if you give the Political Correctness Zombies (Good King Marduk needs to get back to work again) an Angstrom unit, they’ll demand a parsec. It now appears that for the past couple of years, as soon as the Merry Christmases and Happy Holidayses start getting slung around, a certain professor (not of Liberal Arts, so he should know better) at a nearby university (to remain unnamed) sends out what he hopes are intimidating e-mails, scolding careless well-wishers, and asserting that these are not holidays (“holy days”) to everyone, and that the only politically acceptable greeting is “Happy Midwinter Break”. He signs this exercise in stupidity “A Jewish Faculty Member”.

Double feh.

Two responses come immediately to mind, both of them derived from good, basic Anglo-Saxon, which is not originally a Christian language. As soon as the almost overwhelming temptation to use them has been successfully resisted, there are some other matters for profound consideration…

December 22, 2018

QotD: Christmas shopping

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

A day in the life of a male Christmas shopper is one of trepidation and resignation.

Let’s be honest, the expectations on a guy at Christmas time to come up with the perfect gift are tremendous. Are we equal to the task? No.

Not to paint everyone with the same brush, and there are exceptions which prove the rule, but guys are out of their element when it comes to Christmas shopping … or shopping for that matter.

Christmas shopping for women is like deer hunting season for guys. They prepare for the season, they’ve spent hours scouting, they’re dressed for it, they read all the magazines, purses and budgets are finalized, and when they hit the woods, er, I mean the stores … they are ready to make the kill.

Men on the other hand, are like the deer caught in the proverbial headlights.

Todd Hamilton, “Gift-hunting season opens”, Interior News, 2004-12-23.

December 20, 2018

Remy: It’s Beginning to Look a Lot Like Christmas (EV Tax Credit Edition)

Filed under: Business, Government, Humour, Media — Tags: , , , , , — Nicholas @ 04:00

ReasonTV
Published on 19 Dec 2018

Government plays Santa Claus with your tax money.

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Have a Tesla on your Christmas wish list? Don’t thank Santa — thank Tom in Ohio.

Parody written and performed by Remy. Video by Austin Bragg. Music tracks, background vocals, and mastering by Ben Karlstrom

LYRICS:

It’s beginning to look a lot like Christmas
Everywhere you go
Folks with six-figure salaries
Are shopping in galleries
With a gift card paid by Tom in Ohio

It’s beginning to look a lot like Christmas
Roadsters all around
And while Tom can’t afford a car
He’ll buy part of one for John
Cuz somehow that’s allowed

Well a black Model X and a tax credit check
Is the wish of Connor and Ken
And a dark Model 3 that is partially free
Is the hope of Bobby and Ben
While Tommy takes the bus and eats Vienna sausages

It’s beginning to look a lot like Christmas
Hear those sleigh bells ring
But what else could you expect
With a tax code so complex?
Ensuring just these things?

Yes a car with aplomb that’s, in part, paid by Tom
Is the wish of Victor and Von
A sedan that can drive and takes years to arrive
Is the hope of Lenny and Lon
While Tommy pinches pennies never flushing number one

It’s beginning to look a lot like Christmas
Soon the credits end
But the funniest sight to see’s
When typical for DC
They’re renewed again
Everything’s renewed again

December 19, 2018

QotD: Maple-flavoured corporate welfare

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

There’s that word: “investments.” That’s what Canadians — Ontarians and Quebecers, certainly — have been trained to expect in these situations: An elaborate mating dance culminating in a greasy press conference where corporate leaders hail bold new provincial and federal “investments” in the company and its workers and its world-beating widgets. Critics are assailed as uncaring and testily reminded that every jurisdiction subsidizes the widget industry.

Traditionally, this is later followed by outrage when it emerges the company has used taxpayers’ bold investment to pay out lavish bonuses or dividends. In the fullest version of the performance, the company just pulls up stakes and leaves town anyway — sometimes having fulfilled its stated obligations, sometimes not, but always leaving behind a bad taste and a per-employee subsidy rate that makes no sense in hindsight.

If the company is Bombardier, it might extract lavish subsidies from government for an airplane project on the theory the Canada needs an aerospace industry, then turn around and sell the project to a foreign competitor for basically nothing.

Chris Selley, “A reminder that governments don’t ‘invest’ in businesses. It’s just corporate welfare”, National Post, 2018-11-28.

December 18, 2018

Repost – Induced aversion to a particular Christmas song

Filed under: Business, Cancon, Media, Personal — Tags: , , , — Nicholas @ 03:00

Earlier this year, I had occasion to run a Google search for “Mr Gameway’s Ark” (it’s still almost unknown: the Googles, they do nothing). However, I did find a very early post on the old site that I thought deserved to be pulled out of the dusty archives, because it explains why I can — to this day — barely stand to listen to “Little Drummer Boy”:

Seasonal Melodies

James Lileks has a concern about Christmas music:

This isn’t to say all the classics are great, no matter who sings them. I can do without “The Little Drummer Boy,” for example.

It’s the “Bolero” of Christmas songs. It just goes on, and on, and on. Bara-pa-pa-pum, already. Plus, I understand it’s a sweet little story — all the kid had was a drum to play for the newborn infant — but for anyone who remembers what it was like when they had a baby, some kid showing up unannounced to stand around and beat on the skins would not exactly complete your mood. Happily, the song has not spawned a sequel like “The Somewhat Larger Cymbal Adolescent.”

This reminds me about my aversion to this particular song. It was so bad that I could not hear even three notes before starting to wince and/or growl.

Back in the early 1980’s, I was working in Toronto’s largest toy and game store, Mr Gameway’s Ark. It was a very odd store, and the owners were (to be polite) highly idiosyncratic types. They had a razor-thin profit margin, so any expenses that could be avoided, reduced, or eliminated were so treated. One thing that they didn’t want to pay for was Muzak (or the local equivalent), so one of the owners brought in his home stereo and another one put together a tape of Christmas music.

Note that singular. “Tape”.

Christmas season started somewhat later in those distant days, so that it was really only in December that we had to decorate the store and cope with the sudden influx of Christmas merchandise. Well, also, they couldn’t pay for the Christmas merchandise until sales started to pick up, so that kinda accounted for the delay in stocking-up the shelves as well …

So, Christmas season was officially open, and we decorated the store with the left-over krep from the owners’ various homes. It was, at best, kinda sad. But — we had Christmas music! And the tape was pretty eclectic: some typical 50’s stuff (White Christmas and the like), some medieval stuff, some Victorian stuff and that damned Drummer Boy song.

We were working ten- to twelve-hour shifts over the holidays (extra staff? you want Extra Staff, Mr. Cratchitt???), and the music played on. And on. And freaking on. Eternally. There was no way to escape it.

To top it all off, we were the exclusive distributor for a brand new game that suddenly was in high demand: Trivial Pursuit. We could not even get the truck unloaded safely without a cordon of employees to keep the random passers-by from snatching boxes of the damned game. When we tried to unpack the boxes on the sales floor, we had customers snatching them out of our hands and running (running!) to the cashier. Stress? It was like combat, except we couldn’t shoot back at the buggers.

Oh, and those were also the days that Ontario had a Sunday closing law, so we were violating all sorts of labour laws on top of the Sunday closing laws, so the Police were regular visitors. Given that some of our staff spent their spare time hiding from the Police, it just added immeasurably to the tension levels on the shop floor.

And all of this to the background soundtrack of Christmas music. One tape of Christmas music. Over and over and over and over and over and over and over again.

It’s been over 20 years 30 years now, and I still feel the hackles rise on the back of my neck with this song … but I’m over the worst of it now: I can actually listen to it without feeling that all-consuming desire to rip out the sound system and dance on the speakers. After two three decades.

December 13, 2018

Toronto’s own “Most Precious Citizens”

Filed under: Business, Cancon — Tags: , , — Nicholas @ 04:00

Chris Selley on a tempest-in-a-teapot that is convulsing Toronto’s Cabbagetown residents:

Houses in a typical Cabbagetown street in Toronto.
Photo by Alain Rouiller via Wikimedia Commons.

Every city has its Most Precious Citizens — that hyper-privileged group of over-comfortable supposed progressives who are too hopelessly tone-deaf to realize the rest of the city can’t stand them. MPCs can serve a valuable unifying purpose: Residents from all walks of life, who might otherwise struggle to share common experience, can bond in mutual appreciation of their ridiculousness.

Torontonians are truly blessed to have the Quintessential Cabbagetowners to play this role. These folks make the Ward’s Islanders look blue-collar. Riverdale might as well be a 1950s Welsh coal mining village. And the Quintessential Cabbagetowners’ most recent performance has been a classic: A businessman wants to open a daycare in a lovely corner house with storefront space. The MPCs have been freaking out in ways that have their reality-based neighbours hiding their heads between their knees.

Some claim a daycare is simply incompatible with Cabbagetown’s gorgeous 19th-century Victorian row houses. As a “de facto commercial operation,” one resident complained, it would represent “a slippery slope for this iconic neighbourhood” and “an outrage.”

“This is standard-issue capitalism run amok,” a local resident told the magazine Toronto Life. He’s a mining executive, which is absolutely perfect.

The most precious quailed at the thought of hearing children at play. “The idea of tolerating (it) is frankly ludicrous, and completely incongruent with this, or any other, residential corner in this city,” one couple wrote to the city.

More reasonable folks claim daycare in Cabbagetown is a fine idea, just “not on this particular street,” because it is “too narrow,” with “too many cars on it.” That describes all streets in Cabbagetown, though.

Toronto’s downtown neighbourhoods

When Democrats Loved Deregulation

Filed under: Bureaucracy, Business, Economics, Government, USA — Tags: , , , — Nicholas @ 04:00

ReasonTV
Published on 12 Dec 2018

Left-leaning politicians of the 1970s understood that red tape punishes consumers and protects big business. The leading deregulator of that era was none other than Jimmy Carter.

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Reason is the planet’s leading source of news, politics, and culture from a libertarian perspective. Go to reason.com for a point of view you won’t get from legacy media and old left-right opinion magazines.
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When President Donald Trump bragged in his first State of the Union address about cutting red tape, the Democratic response was no surprise. “Deregulation,” warned Center for American Progress Senior Advisor Sam Berger in Fortune, “is simply a code word for letting big businesses cut corners at everyone else’s expense.”

But many leading Democrats had the opposite view in the 1970s. Then, at the dawn of the deregulation era, left-leaning politicians and economists understood that excessive government management of industry let the big-business incumbents get away with lousy performance at the expense of competitors, taxpayers, and consumers. The leading figure in that fight to cut red tape and shut down entire federal agencies was none other than Jimmy Carter.

It was Sen. Ted Kennedy who held extensive Senate hearings in the early ’70s, with testimony from the likes of Ralph Nader and liberal economist Alfred Kahn, about the benefits of lifting state controls on the airline industry. The resulting Airline Deregulation Act of 1978, signed by Carter, killed the Civil Aeronautics Board — a federal agency that decided which airlines could fly where, and even what they could charge. The new competition to the old airline cartel reduced fares, expanded destinations, increased safety, and made air travel an option for those of us who aren’t rich.

Carter also lifted stifling government oversight of the rail and trucking industries under a Democrat-controlled House and Senate. The result? Competition intensified, prices dropped, and consumers saved more money on everyday products.

In 1978, President Carter signed a bill that lifted Prohibition-era criminal restrictions on home brewing. The legalization of do-it-yourself beer production unleashed a boom of experimentation, paving the way for the craft beer revolution that is ongoing to this day. The year that Carter loosened the rules, the U.S. was home to a mere 50 breweries. Today there are well over 5,000. In two generations of beermaking, America went from global laughingstock to world leader.

The governor of California during Carter’s presidency was none other than Jerry Brown, then known as “Governor Moonbeam” for his far-out musings, glittery social life, and lefty politics. Yet Brown, too, could be a fiery skeptic of government. In his terrific second inaugural address in 1979, Brown stated that “many regulations primarily protect the past, prop up privilege or prevent sensible economic choices.”

But even while some sectors were unleashed four decades ago by far-seeing Democrats and Republicans alike, too many governments at the local, state, and federal levels have forgotten those lessons, and instead imposed entirely new categories of regulations. Occupational licensing, which applied to about one in 10 jobs 40 years ago, now impacts one in three.

So how did the party of Jimmy Carter and sideburns-era Jerry Brown become the ideological home of Elizabeth Warren and Alexandria Ocasio-Cortez? One explanation may be that Democratic support for deregulation back then was born out of a sense of nearly hopeless desperation in the face of stagflation. Cutting red tape to foster dynamism was about the last move politicians had left.

Our long economic expansion and stock-market boom will soon come to an end, imposing limits on government precisely at the moment when it’s asked to do more. When that day of reckoning comes, the best questions for lawmakers of both parties to ask may just be: What would Jimmy Carter do?

Photo credits: Jimmy Carter Library, Arthur Grace/ZUMA Press/Newscom, Dennis Brack/Newscom, Everett Collection/Newscom, Ron Sachs/CNP/MEGA/Newscom, Brian F. Alpert/ZUMA Press/Newscom, Paul Harris/Pacific Coast Nes/Newscom, Bee Staff Photo/ZUMA Press/Newscom, Dennis Brack/bb51/Newscom, Jonathan Bachman/REUTERS/Newscom, Rick Friedman/Polaris/Newscom

December 6, 2018

QotD: The best “industrial policy” is not to have one at all

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

Which brings us to nub of the matter: how do we increase trade and productivity, given that productivity is the thing they claim the whole schemozzle is about. There is one simple and single policy which will do both. One policy which will increase British productivity simply by allowing more trade.

This policy is so simple that even the Treasury (yes, that’s our Treasury, the one in London) was able to get right, even when being run by George Osborne. As they set out in their analysis of Brexit repercussions:

“The benefits of trade in terms of increasing productivity are well understood… greater openness to trade creates a larger market which the most productive firms expand to serve. Openness also increases competition between firms, enhancing the incentives for domestic firms to innovate or adopt new technology… It increases returns on investment, and encourages UK firms to make greater use of new technologies, either by improving the quality of inputs, or through the more effective adoption of technological innovations. Greater openness to trade also increases consumer choice and reduces prices. Lower trade costs give consumers access to cheaper imported goods and competition reduces the price of domestically-produced goods.”

In plain English, it is the competition from imports which forces British firms to buck up their act and become more productive. So here is how we improve British productivity: we move to unilateral free trade. No barriers to imports, no tariffs, just the same regulation as domestically produced items.

British industry, facing the stiffest competition from the best in the world, would be forced to meet global standards of productivity. So the best industrial policy would be to stop trying to have an industrial policy about what we can and can’t buy from beyond Britain’s borders – and the rest should take care of itself.

Tim Worstall, “The best industrial strategy for Britain is not to have one”, CapX, 2017-01-23.

December 5, 2018

The Alberta government must be getting a heck of a deal on those tank cars and locomotives

Filed under: Business, Cancon, Government, Railways — Tags: , — Nicholas @ 05:00

Alberta Premier Rachel Notley grabbed headlines recently with her pledge to buy additional railway locomotives and tank cars to help move some of Alberta’s excess crude oil to market. Brian Zinchuk says those numbers don’t make sense, given the amount of money the province is to pay:

On Nov. 28, Alberta Premier Rachel Notley announced her province is going to be acquiring unit trains to get her province’s landlocked oil moving. Not only has she committed money to Trans Mountain Expansion, but now rail, too. This premier is serious.

However, there’s a big problem with her numbers. She spoke of $350 million to purchase up to 7,000 rail cars and 80 locomotives. That $350 million doesn’t come even close. It might be enough to lease those units for a few years. Her stated intention was this was a short-term solution, and the life expectancy of a locomotive and tanker cars is easily into three or four decades.

However, she said, “Alberta will buy rail cars ourselves in our fight to get top dollar for the resources that belong to every Albertan.”

I never saw “lease” mentioned once.

Notley spoke of 120,000 barrels per day (bpd) of capacity. Her initial statements weren’t very clear, as someone with little knowledge of the business might think she just meant two sets of 100 or 120 car trains. That wasn’t at all what she meant.

She meant enough trains to keep 120,000 barrels per day in motion, each and every day. That’s a lot of rail cars, and a lot of locomotives.

[…]

There’s a problem with her numbers, however. The current standard locomotives used by Canadian railways cost US$3 million each as of December 2017, when CN bought 200 locomotives for US$600 million. That’s $3.859 million Canadian, each, at the exchange rate at that time. Notley spoke of 80 locomotives – that’s $308.7 million. That only leaves $41.3 million for 7,000 rail cars, or $5,897 each. That’s obviously way too low. So either there’s some leasing considerations involved here, perhaps on the locomotives, or the $350 million is way too low. Remember they were asking the feds for half? Even if the feds coughed up an additional $350 million, that still leaves only $55,900 per car.

My math shows, on the low end, a price tag of $945 million for new rail cars alone. Coupled with ~$309 million for locomotives, and you come in at $1.254 billion. At the high end, it would be $1.484 billion for cars, totalling $1.793 billion including locomotives. Either way, it’s a heck of a lot more than the $350 million announced. Unless she’s leasing, Notley’s $350 million is only one-third to one-fifth of the money required to buy all these new trains, and no consideration has been given to staffing or operational costs.

H/T to Small Dead Animals for the link.

The true lesson to be learned from GM Canada’s economic plight

Andrew Coyne tries to encapsulate the key economic concept that should be taken away from the GM Canada collapse:

Think of it this way. Governments have proven more than ready in the past to pay whatever the auto companies demanded to hold onto threatened jobs. If there were any chance whatsoever of buying the plant’s reprieve, no matter how foolishly or expensively, can there be any doubt they would have? That they did not — apparently GM waved them off — tells you how hopeless the plant’s prospects really are.

Many have recalled that the closure of the Oshawa plant comes less than a decade after the Canadian operations of GM and Chrysler were bailed out with $14 billion in federal and provincial money, $4 billion of which was never recovered. The lesson some have drawn from this is that GM is a devious ingrate, which may be fair comment but is not especially helpful. The real lesson is this: when you try to buy jobs with public money, the jobs last only as long as the money does. In the end, all you will have done is to lure people into taking or staying in jobs that were long since doomed.

Like most of economics, this is wholly alien to popular wisdom. There is a rich vein of commentary to the effect that the laws of economics are effectively optional, something we can resist by force of will: we can either bend to “market forces,” or we can “stand up” to them in some fashion. But in fact the latter option is entirely imaginary, at least in the long run. You can perhaps lure plants and jobs your way at the outset with subsidies and other goodies. But the only assurance they will stay is if it makes economic sense to the company to keep them there.

If not, then all you have won with your subsidy is the right to go on providing more subsidy, which is a fairly accurate description of Canadian automobile policy in recent decades. The workers whose jobs successive governments boasted of creating or saving were effectively hostages; as in all hostage-takings, the payment of ransom only stimulates further demands for ransom. Until one day when the money runs out, and the workers whose jobs were supposedly saved find themselves abandoned. This may be many things, but one thing it is not is compassionate.

December 1, 2018

CAFE killed the North American passenger car

Filed under: Business, Cancon, Government, USA — Tags: , , , , , — Nicholas @ 03:00

The move by GM to close many of its remaining car manufacturing facilities in Canada and the US is a belated rational response — not to the market, but to the ways government action has distorted the market. In the Financial Post, Lawrence Solomon explains how, step-by-step, the CAFE rules have shifted drivers out of sedans and wagons and into minivans, pickup trucks, and SUVs:

Before the U.S. government introduced Corporate Average Fuel Economy (CAFE) standards to increase the distance cars could travel per gallon of gas, sedans and full-size station wagons were popular and SUVs were unknown. CAFE, which effectively governed the entire North American market thanks to the Canada-U.S. Auto Pact, incented manufacturers to artificially raise the cost of large passenger cars in order to favour smaller, more fuel-efficient vehicles. It soon claimed its first victim: the full-size station wagon, whose flexible interior accommodated both passenger and cargo needs, and which, at its peak, came in 62 models to satisfy different tastes.

But, although CAFE priced the station wagon out of the market, the market still demanded a vehicle that offered its flexibility. Enter Lee Iacocca, the chairman of Chrysler, who helped develop the minivan and convinced the U.S. government to deem it a truck rather than a passenger vehicle, thus exempting it from the strict CAFE standards that killed the station wagon. The minivan took off — the first 1984 model, built in Windsor, sold 209,000 its first year — followed by the SUV, which also was deemed a truck rather than a passenger vehicle. By 2000, the passenger car had less than half the market. Today it accounts for only about a third.

CAFE standards didn’t only claim certain car models as victims, they also made the whole industry a victim by making it dependent on government whims and then handouts. CAFE also distorted the market by creating credits for ethanol and electric vehicles and by creating a lobbyist’s dream through ever-changing regulations that led car manufacturers to continually game the system to favour their own vehicles over those of competitors.

Perversely, by improving mileage, CAFE also increased distances travelled and emissions of pollutants such as carbon monoxide and nitrogen oxides. The 2025 CAFE targets (since cancelled by President Trump) ran to almost 2,000 pages and were estimated to add an average of US$1,946 to the cost of a vehicle. Tax loopholes also helped accelerate SUV sales — like all light trucks, they were exempted from the gas-guzzler’s excise tax and also given preferential tax treatment as business vehicles.

November 30, 2018

England: South Sea Bubble – Lies – Extra History

Filed under: Americas, Britain, Business, Economics, Government, History — Tags: , , , , — Nicholas @ 02:00

Extra Credits
Published on 9 May 2015

Support us on Patreon! http://bit.ly/EHPatreon
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No historian is perfect, so it’s important we acknowledge our mistakes where we find them (with the help of our viewers, no less)! After we clear up some discrepancies that emerged during the South Sea Bubble series, we turn to answering some common questions that came up during this series on economic history. In a period where financial masterminds like John Blunt engaged in trickery meant to confuse other people and hide his real activities, it’s no wonder that many viewers had questions about what insider trading is and how Blunt could endlessly inflate stock prices for his unprofitable company. This is a history show, but we do our best to explain! As a bonus, James also reads Robert Knight’s letter to Parliament on the eve of his illegal flight and tells some cool stories about Robert “It was Me” Walpole.

November 29, 2018

England: South Sea Bubble – It Was Walpole – Extra History – #5

Extra Credits
Published on 25 Apr 2015

Support us on Patreon! http://bit.ly/EHPatreon
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Robert Walpole’s attempts to use the South Sea Company scandal to enhance his own ambitions are threatened by the appearance of Robert Knight, a former South Sea employee whose records of corporate bribery implicate Walpole and his friends in Parliament. But faced with threats of retribution if he ever shares these records, Knight flees the country rather than face a public inquiry. Although he gets caught and sent to prison in Antwerp, Walpole deftly engineers his release and escape. With Knight finally gone, Walpole teams up with John Blunt to pin the blame for the South Sea stock bubble on his political opponents, conveniently clearing the way for himself to become essentially the first Prime Minister of England. He also makes sure that all of his own supporters get off easy (if not scot free) for their involvement, and even Blunt walks away from the South Sea Bubble with more money than he started with.

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