? September 2007 | Main | November 2007 ?
October 31, 2007
Mayor White's L.A. moment
Houston Mayor Bill White is capriciously manipulating local governmental power to sidetrack development of a condominium project (nicknamed the "Ashby high-rise") in a neighborhood where he raises a substantial political campaign funds. The incident has received some national attention through this Wall Street Journal ($) article, which somehow suggests that Houston's phenomenal growth over the past 50 years has been in spite of -- rather than because of -- the city's lack of zoning and liberal land use policies.
At any rate, it's really a sad reflection of the state of political discourse in Houston that the Mayor has been given a pass on undermining a project for the benefit of his campaign war chest. The property was valued and sold to the present owners on the assumption that a large-scale redevelopment would be built there and the owners followed all the city's rules and regulations in obtaining the necessary permits to proceed with construction. When a few wealthy neighbors of the development pulled Mayor White's chain, he blithely ordered one of the city's approvals to be revised to delay the development and now is attempting to ramrod two ordinances through city council to stop the project altogether.
In short, the developers invested a substantial amount of money in buying the property and followed the laws in preparing the large-scale redevelopment, dozens of which dot Houston's landscape. Mayor White and his friends don't like the development, so White is changing the laws. And this is political leadership?
At any rate, all of this reminded me of this excellent Virginia Postrel/Atlantic.com article that compares the radically different land use policies of Los Angeles, on one hand, and Dallas (which are quite similar to Houston's), on the other. Suffice it to say that the likes of Mayor White favor the Los Angeles approach over that of Dallas and Houston. Think about that the next time you vote for mayor.
Update: The website for the group opposing the project is here. A copy of the proposed "emergency" ordinance is here.
Update 2: A recent West U Examiner article on the project is here.
Posted by Tom at 12:05 AM | Comments (7) | TrackBack (0)
"A rusted-out battleship in a spruced up port"
Amazingly, the silly notion that it might be economically feasible to convert the Astrodome into a Gaylord Texan-type convention hotel has been making the local rounds for over three years now.
Maybe the combination of the Texans and the Rodeo coming out against the proposal will finally put the nonsense to rest. As the Chron article notes, even County Judge Ed Emmett is skeptical about the merits of the proposal:
County Judge Ed Emmett signaled in September that he isn't convinced the project is viable. While attending the Texans' home opener in September, he said the Astrodome struck him as an aging, rusted-out battleship that remains in a spruced-up port.
It occurs to me that the Astrodome hotel promoters decision to obtain a financing commitment for the project before getting the consent of the Reliant Park tenants to the project put a very large cart before the horse. Sort of like Oilers' owner Bud Adams unveiling a model of a proposed new downtown football/basketball stadium back in the mid-1990's without telling Rockets owner Les Alexander and Mayor Bob Lanier about it first. And we all know what happened after that imbroglio.
All of these machinations over what to do with the Dome would be relatively harmless except for the fact that the Dome continues to "eat" -- that is, it costs Harris County a hefty sum (probably at least $3 million or so annually) just to mothball the Dome. Hopefully, the opposition of the main tenants at Reliant Park to the hotel redevelopment plan will finally lead to the Dome property being used for the best land use, which is probably parking. That's not as sexy as a big hotel, but it provides something that is actually needed and will generate some revenue.
By the way, a good sign that a project is almost kaput is that its supporters become delusional. According to the Chron article, that's already happening to certain promoters of the Astrodome hotel project:
Willie Loston, director of the Harris County Sports & Convention Corp., said the county attorney's office is researching whether the county could approve the project over the objections of the Texans and the rodeo if the sports corporation determined the development would not hurt their operations.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
The booming Texas Triangle
Clear Thinkers favorite Tory Gattis does the calculations and concludes in this post that the Texas Triangle Megalopolis -- the area between Houston on the southeast edge to Dallas-Ft Worth on the northern tip down through Austin and to San Antoinio on the southwest edge -- is the 10th largest economic mega-region in the world (and fifth largest in the U.S.) with $700 billion in GDP (based on 2000 numbers).
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 30, 2007
Coach Fran's nightmare worsens?
Just when it seemed as if Texas A&M head coach Dennis Franchione's season couldn't get much worse, it looks as if it just might.
As noted in previous posts over the past two years here, here, here, here, here, here, here and here, Coach Fran's tenure at A&M has been on the thinnest of ice for quite some time. The latest thud in Coach Fran's reign in Aggieland was the thorough trouncing that the Kansas Jayhawks laid on A&M this past Saturday night in front of 85,000 demoralized Aggie faithful.
But that game against Kansas may look positively pleasant in comparison to what faces the Aggies next Saturday night on ABC -- playing the sixth-ranked Oklahoma Sooners in Norman.
Now, playing OU in Norman is never a picnic. But the subplot to this particular game is that Coach Fran inexplicably gave OU extra motivation with a preseason jab against the Sooners. In speaking to the Houston Touchdown Club in early August, Franchione said he wasn’t sure who would be the Sooners’ starting quarterback, but "that may be the only question mark they have . . . other than what jobs they are going to work this year. That is a joke. I couldn’t resist." Coach Fran was making light of OU’s recent NCAA violations involving players receiving unearned compensation from a Norman automobile dealership.
Oklahoma head coach Bob Stoops -- who already strikes fear in at least one other Texas big-time college football coach -- was asked yesterday during the Big 12 weekly coaches' news conference if he plans to remind his players this week about Coach Fran's preseason comments:
"We don’t need to do that,” Stoops said.
Yeah. Right.
Franchione is 0-5 all-time against Stoops-coached teams (four of which have been while at A&M), including the worst lost in A&M history, a 77-0 debacle in 2003.
Things could get very ugly on Saturday night in Norman.
Posted by Tom at 12:10 AM | Comments (1) | TrackBack (0)
"A glorified club championship?"
The first run of the PGA Tour's Fed Ex Cup did not exactly transfix golf fans. However, this Bob Harig/ESPN.com article makes the Fed Ex Cup look like the Masters in comparison to the PGA Tour's initial Fall Series:
Dubbed the Fall Series, the final seven events on the PGA Tour schedule will mercifully come to an end next week in Orlando, where the biggest stories will revolve around players losing their full-time status (despite making $700,000 this year) or secure veterans who try to fit in golf around visits to the Disney theme parks."There were 100 people following the final group last Sunday in Scottsdale," said PGA Tour veteran Steve Flesch. "It's like a glorified club championship. I don't think that's what the tour intended. And I think they need to address it."
Ah, the ever-widening Tiger chasm.
Posted by Tom at 12:05 AM | Comments (0) | TrackBack (0)
The Brits get it
The New York Giants beat the winless Miami Dolphins in London on Sunday in the National Football League's first regular season game played outside the United States. And based on this Tom Lutz/Guardian Unlimited op-ed on the game, it looks as if the English sports reporters are already catching on to the style of their American brethren:
"Some Dolphins fans have complained that they've been deprived of a home game, but judging by their team's inept performance, the NFL has done them a favour."
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 29, 2007
2007 Weekly local football review
(AP photo by Mark J. Terrill/prior weekly reviews are here)
No change from last week's analysis in regard to the Texans (3-5), including continued fawning local mainstream media treatment of Coach Kubiak (well, perhaps a little less fawning). The game was not as close as hte score indicates. By the way, would somebody arrange a reception so that the Texans' secondary could be introduced to Chargers TE Antonio Gates? The Texans play at Oakland (2-5) next Sunday before a badly-needed bye week. It is becoming increasingly clear with each passing week that Coach Kubiak has some difficult personnel decisions to make, both with regard to the players and assistant coaches. The Texans were a poorly-prepared football team for the second week in a row.
The Coach Fran Death March continues as the Aggies (6-3/3-2) were dominated in this one by Kansas, which managed to keep the score closer than it should have by missing three makeable field goals and having a TD run called back by a penalty. At least Aggie angst over the situation has mellowed to the point where it is producing hugely entertaining YouTube videos. The Aggies are looking forward to next week's ABC-televised Saturday night game at Oklahoma (7-1/3-1) about as much as hemorrhoid surgery.
Texas Longhorns 28 Nebraska 25
Through three quarters of this game, the Horns (7-2/3-2) were looking to be embarrassed by the undermanned Cornhuskers (4-5/1-4). Then, Longhorn RB Jamaal Charles went Anthony Alridge on Nebraska during the 4th quarter. Charles ended up with 290 yards rushing on 33 carries in the game, including 216 yards and 3 TD runs (25, 86 and 40 yards) in the 4th quarter alone (key tip to Nebraska defense -- blitzs can backfire on running plays, too). The Horns travel to Stillwater next Saturday to face the suddnely famous Mike Gundy and the Oklahoma State Cowboys (5-3/3-1) before finishing up the regular season against Texas Tech (6-3/2-3) in Austin and A&M at College Station.
Ho-hum, another game, another double-digit deficit, another 520 yard offensive performance, and another comeback win. The increasingly red-hot Coogs (5-3/3-1) were led by star RB Anthony Alridge (204 yards on a career-high 27 carries) and redshirt freshman QB, Case Keenum (13/20 passing for 116 yds/ 72 yds rushing on 10 carries). The Coogs host SMU (1-7/0-4) next Sunday night in a televised game and then head to Tulsa (5-3/3-2) for the game that will probably determine the C-USA Western Division champion.
Key tip of the week to the Owls (1-7/1-3) -- it's hard to come back from a 24 point deficit, even to previously winless Marshall (1-7/1-3). The Owls host UTEP (4-4/2-2) next Saturday.
Posted by Tom at 12:10 AM | Comments (0) | TrackBack (0)
A special Houstonian
I criticized Craig Biggio for the way in which he ended his playing career with the Stros, but I have never questioned that he and Jeff Bagwell are the best players ever to have played for the Stros.
Bidg is also a wonderful ambassador for Houston, his adopted hometown. Over the weekend, Chevrolet named Bidg the 2007 recipient of the prestigious Roberto Clemente Award for his tireless work on behalf of the Sunshine Kids.
It is a well-deserved honor for a very special Houstonian. Congratulations on a job well done.
Posted by Tom at 12:05 AM | Comments (1) | TrackBack (0)
Ben Stein's nightmare multiplies
This post from last week noted how Felix Salmon had become NY Times business columnist Ben Stein's worst nightmare, sort of how Larry Ribstein had been to Steins' fellow columnist, Gretchen Morgenson.
Now, Stein's nightmare is multiplying exponentially. On the heels of Stein's latest Sunday Times column, Salmon, Yves Smith, and Dean Baker have already pointed out the vacuity of Stein's analysis.
Do the Times business editors even notice that Stein has become a laughing stock?
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 28, 2007
O'Neal walking the plank
Merrill Lynch's announcement this past week of a third-quarter loss of $2.3 billion and a $8.4 billion charge for failed credit and mortgage-related investments generated a large number of comments from around the blogosphere on the future of Merrill's CEO, E. Stanley O'Neal, none of which were better than this one from The Epicurean Dealmaker:
I cannot speculate what will happen next at Mother Merrill, but I can guarantee you O'Neal's days at the helm are numbered. Being a CEO at an investment bank is not unlike crowd surfing at a mosh pit: it's a pretty cool way to move around quickly, you are supported entirely by other peoples' efforts, and everyone tries to get a piece of you. Unfortunately, when the crowd loses interest in supporting you, you tend to fall fast, hard, and painfully. In addition, after dropping you lots of your former investment banking subordinates—both friend and foe—have the added charming tendency to skewer you repeatedly with long knives. Et tu, Brute?
Read the entire piece.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 27, 2007
Judge Kent transferred to Houston
In the ongoing saga of Galveston-based U.S. District Judge Sam Kent (previous posts here), the Executive Session of Judges of the Southern District of Texas issued a couple of administrative orders (here and here) transferring the duty station of Judge Kent from Galveston to Houston and delegating the handling of the Galveston docket to other U.S. District Judges of the Southern District. A related Chronicle article is here.
The order transferring Judge Kent's duty station to Houston does not say when, if ever, Kent would be reassigned to Galveston. David Bradley, chief deputy clerk for the Southern District, told the Chronicle that Judge Kent will remain in Houston until a new order is issued to return him to Galveston. One of the above orders does put Judge Kent back into the case assignment rotation as he will receive 20% of the civil cases filed in the Houston Division. However, Judge Kent will not be assigned any criminal cases through Dec. 31, probably because he remains on leave until January, 8, 2008.
Posted by Tom at 12:16 AM | Comments (0) | TrackBack (0)
October 26, 2007
My concierge health care experience
Bill Lent is one of Houston's finest internists. How do I know this? Well, because I know who trained him (my late father) and he has been my personal physician for the past 15 years or so. Having been blessed with good health, the only medical service that I buy from Dr. Lent in most years is my annual physical, which I generally schedule for about this time each year. I always enjoy catching up with Dr. Lent, who provides me with "on the front line" information regarding the horrific cost of health care regulations, which are literally strangling the market for primary care physicians in the U.S.
It's been particularly interesting watching the evolution over the years of Dr. Lent's internal medicine practice, from one in which Dr. Lent provided an unusually high level of personal care to his patients (something my father emphasized in his teaching) to a high volume, impersonal practice that virtually all primary care practices have been required to adopt to remain even marginally profitable under the present U.S. health care finance system. Over the past ten years or so, Dr. Lent has continually confided to me during our annual visits that he was uncomfortable with the direction of his practice.
So, I was pleased to learn when I scheduled my physical a couple of weeks ago that Dr. Lent is doing something about it. Starting next month, Dr. Lent is commencing a concierge health care practice, administered by MDVIP out of Boca Raton, in which he is limiting his practice to about 600 patients who will pay Dr. Lent $1,500 annually for the benefit of receiving his personalized style of service. Coincidentally, this Wall Street Journal ($) article earlier this week described the proliferation of pre-paid health care plans, which is sort of a lower-priced form of what Dr. Lent is doing. The WSJ article essentially describes how many primary care physicians are simply dropping out of insurance plans -- both public and private -- in favor of prepaid plans that offer unlimited access to basic health care for set monthly fees.
Inasmuch as the employer-based health insurance system typically offers low-copays and deductibles for the vast majority of health care services, a substantial amount of the American health care finance system is basically prepaid health care already. In order to maintain profitability in a highly-regulated market, insurance companies compensate for these low usage fees by charging higher monthly premiums, lowballing doctors' fees, and challenging claims continually. The result has been the evolution of a primary care system that is incredibly bureaucratic (have you ever tried to figure out how your insurance pays claims?) and literally breaking down.
The MDVIP model treats primary care service similar to a health club membership. The model focuses on the delivery of relatively inexpensive, protocol-driven care than can be offered at a relatively low cost while still providing patients more overall access. MDVIP's model is relatively expensive, so low-income patients will have a difficult time affording the fee. However, providing a tax deduction for individual health insurance would make such pre-paid plans more affordable for low-income patients, while providing Medicaid patients with vouchers for prepaid health care would have a similar impact.
Who will be threatened from the proliferation of these plans under the current health care finance system? Well, it's a bit early to speculate, but my sense is that insurance companies with big stakes in employer-based health insurance will not enjoy the competition from MDVIP-type practices. Similarly, speciality providers who depend on state regulatory mandates in comprehensive insurance plans to subsidize their practices will also feel the competitive pressure if these types of plans catch on in a big way.
So, I'm going to enjoy learning about how Dr. Lent's practice changes over the next year under the MDVIP structure. If it is successful, as I suspect it will be, it makes you wonder -- if such entreprenurial spirit can be generated even in the current highly-regulated health care finance system, then imagine what could happen if we unleashed the power of the marketplace to reform the delivery of health care and the health care finance system?
Posted by Tom at 12:10 AM | Comments (5) | TrackBack (0)
Free the Koz
Dan Ackman provides this cogent WSJ ($) op-ed that calls for the reversal of the convictions of former Tyco International executives Dennis Kozlowski and Mark Swartz:
Kozlowski wasn't convicted for overspending, nor for defrauding investors -- the most common charges leveled against corrupt CEOs. He was convicted instead of grand larceny, that is, of stealing his bonuses, which were certainly oversized. But even if you believe the worst about Kozlowski and his co-defendant former Tyco CFO Mark Swartz, they were paid according to a contract, and that is not stealing. [. . .]. . . There is no question that Kozlowski was paid according to the incentive compensation plans that were duly approved by the Tyco board in 1994 and again in 1997. The plans rewarded the CEO and CFO with bonuses based on improvements in company earnings, cash flow and earnings per share. Excessive? That's an understatement. But though the record-keeping was careless, nothing was secret: The contract and the payments were all on the books.
In short, Kozlowski and Swartz were convicted of being greedy, which, the last time I looked, is still not a crime. As Larry Ribstein notes:
Kozlowski and Swartz are headed to Riker’s Island, where they’ll mingle with people who did stuff that seems more obviously bad. And they may get 30-year sentences. I wonder what they would have gotten for a first offense selling heroin to schoolkids. . .[T]he shareholder suits are still pending. These suits aren’t ideal (lots of money to lawyers) but they can sweep in all the people involved, including the directors who approved the wrongful payments. Unless, of course, the shareholders contracted to indemnify them against liability, in which case we’re back to wondering whether this is wrong.
What was done to Kozlowski and Swartz is quite similar to the equally vacuous prosecution of Conrad Black. But this was even worse.
Posted by Tom at 12:05 AM | Comments (0) | TrackBack (0)
Comfort Inn's nightmare
Key tip to Comfort Inn: don't ever -- ever -- take Megan McArdle's room reservation and then don't provide her with a room.
Posted by Tom at 12:00 AM | Comments (2) | TrackBack (0)
October 25, 2007
Goin' Tex-Mex
This NY Times article does a nice job of explaining the special place of Tex-Mex food within Texan culture. But I have one question. How does one write an article about Tex-Mex in Houston and not mention Ninfa's on Navigation? Alison Cook comments along the same lines.
Posted by Tom at 12:10 AM | Comments (3) | TrackBack (0)
The big-time college football arms race
Inasmuch as the NCAA prohibits direct monetary compensation of the professional athletes who provide entertainment for us by engaging in big-time college football, one of the ways in which universities provide indirect compensation for the athletes is by building luxurious "spa facilities" for the athletes to enjoy while providing their services for the benefit of the universities. This means of indirect compensation has resulted in an "arm's race" of such spa facilities between various big-time college football programs. The latest institution to jump into the arm's race is Oklahoma State University, which is riding the crest of the Boone Pickens' $250 million contribution to the institution's athletic programs. Check out this video depicting the new facilities that will result from Pickens' contribution.
And this isn't professional football?
Posted by Tom at 12:05 AM | Comments (0) | TrackBack (0)
A good scorching?
The United States Golf Association has been widely criticized often over the last several years for the absurdity of its setups for the U.S. Open. And we in Houston certainly know that golf course designer Rees Jones has endured more than a little criticism over his work. So, a few eyebrows were raised when GolfWeek's Rex Hoggard passed along the following tidbit about the Rees Jones-renovated Torrey Pines South Course -- which is the site of next year's U.S. Open -- from the practice tee of this week's PGA Tour event in Port St. Lucie, Florida:
Big talk on the practice range here at the Tesoro Club, site of this week’s PGA Tour stop, is on the wild fires that were raging in southern California.One update late in the afternoon suggested Torrey Pines, site of the annual Buick Invitational and next year’s U.S. Open, is in danger of being scorched.
“Good,” snorted one player, among the many who don’t like the changes to the venerable South Course. “They need to start over anyway.”
Ouch.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 24, 2007
Coach Leach channels Judge Ito
Sticking with the sports theme of today's posts, Missouri's surprisingly decisive victory over the Texas Tech Red Raiders last Saturday apparently prompted Tech head coach Mike Leach to channel the judge in OJ Simpson's murder trial to explain the Raiders' pratfall:
"What happens with players, [it's] just like Judge Lance Ito gets in the middle of a big trial and decides it's more important for him to be a movie star than it is to be a judge," said Leach, referring to the 1995 O.J. Simpson trial. "He had problems doing his [job] from one snap to the next."So if it can happen to good old Judge Ito, I'm sure it can happen to 18-22-year-olds."
It can happen to football coaches, too.
Leach has developed an idiosyncratic and generally effective offense at Tech, but he has largely ignored the development of a strong enough defensive component to make Tech a truly balanced, conference championship-caliber program. Earlier this season, immediately after Mike Gundy went batshit, Leach unceremoniously fired Tech's defensive coordinator, who happened to be Tech's most experienced and admired assistant coach. Leach elevated a position coach to defensive coordinator and Tech's defensive limitations were disguised during its next three games, which were wins over teams with easily-defended offenses (Northwestern State, Iowa State and Texas A&M). However, when exposed to Missouri's salty offense this past Saturday, the Red Raiders' defense wilted, just as it did earlier in the season during the Oklahoma State game. The Red Raiders have suffered from a similar syndrome during each of Leach's eight years at Tech.
Thus, Leach's teams run up big scores and statistics against teams of inferior ability, but struggle against well-balanced teams of equal or better ability. Tech under Leach has never played in a Big 12 championship game. His treatment of assistant coaches is unlikely to result in the development of a strong coaching staff. Despite his relentless self-promotion, Leach's Tech program appears to elevate form over substance and may well have peaked. If it has, the descent is not likely to be pleasant.
Update: Coach Leach has a selective memory, too.
Posted by Tom at 12:05 AM | Comments (3) | TrackBack (0)
Sizing up the 2007-08 Rockets
The beginning of the National Basketball Association's regular season is about a week away yawn, so Dave Berri provides this excellent statistically-based evaluation of the 2007-08 Houston Rockets. Despite the local mainstream media hype, Berri's evaluation of this edition of the Rockets is the same as mine -- probably quite good and better than last season's good team, but likely still not good enough to beat any of the the top three teams in the Western Conference, Dallas, San Antonio and Phoenix.
For the record, it's been over a decade since the Rockets won a playoff series.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
A special moment at the sports book
Anyone who has placed a bet or two at one of the sports books in various Las Vegas casinos can relate to the hysteria that was generated by the end of last Saturday's Florida-Kentucky game:
A new, but obscure college football rule caused some confusion and uproar in Las Vegas on Saturday after Florida defeated Kentucky, 45-37, barely covering the seven-point spread.Kentucky scored a touchdown on the game's final play, yet rather than attempt an extra point, the Wildcats, following an NCAA rule put in play last season, walked off the field while the Gators celebrated.
The rule states that "if a touchdown is scored during a down in which time in the fourth period expires, the try shall not be attempted unless the point(s) would affect the outcome of the game."
Las Vegas Hilton sports book director Jay Kornegay said Kentucky backers thought they were going to get a push, and Florida supporters started to deflate.
"That all quickly changed when the crowd began to realize the rule," Kornegay told the Associated Press.
"The reversal of fortune happened within just a few seconds. It was priceless."
Kornegay said the game was probably one of the more heavily bet games of the day and most football fans don't know the rule.
At the MGM Mirage, people went "nuts," sports book manager Jeff Stonebeck said.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 23, 2007
Tiger's peer effect
All those PGA Tour players who have folded like limp dish rags while paired with Tiger Woods over the years will be a bit skeptical of the conclusions of this recent study (H/T to Tim Harford):
This paper uses the random assignment of playing partners in professional golf tournaments to test for peer effects in the workplace. We find no evidence that the ability of playing partners affects the performance of professional golfers, contrary to recent evidence on peer effects in the workplace from laboratory experiments, grocery scanners, and soft-fruit pickers. . . . We offer several explanations for our contrasting findings: that workers seek to avoid responding to social incentives when financial incentives are strong; that there is heterogeneity in how susceptible individuals are to social effects and that those who are able to avoid them are more likely to advance to elite professional labor markets; and that workers learn with professional experience not to be affected by social forces.
In other words, PGA Tour pros do not generally suffer from peer effects. Except while playing with Tiger Woods, that is. ;^)
Posted by Tom at 12:10 AM | Comments (0) | TrackBack (0)
Ben Stein's worst nightmare
First, Larry Ribstein became NY Times business columnist Gretchen Morgenson's worst nightmare by exposing the vacuous nature of her columns.
Now, Felix Salmon has become part-time NY Times business columnist Ben Stein's worst nightmare (see also here) in much the same way:
Stein's main point is that reality is fine; it's just the media which is making things look bad. "Newspapers (which often sell on fear, not on fact) talk frequently about a mortgage freeze," he says. Although if you do a Google News search on "mortgage freeze", you find exactly one newspaper article: this one, by Stein. Meanwhile, he says, and I swear I am not making this up, "there is still a long waiting list for Bentleys in Beverly Hills". Well in that case there couldn't possibly be a housing crisis!"This country does not look like a country in economic trouble," concludes Stein. Well, maybe if you live in Beverly Hills and you have lots of money invested in the stock market, then that might seem to be the case. But Stein doesn't seem to consider that most Americans might not fall into that category.
Read the entire post. Do the Times editors even review Stein's blather before publishing it?
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
Sizing up the 2007 World Series
That northern breeze you felt in Houston yesterday was actually a huge sigh of relief heaved by Major League Baseball and network television executives on Sunday night as the Boston Red Sox beat the Indians in Game 7 of the American League Championship Series to advance to the 2007 World Series against the National League champion Colorado Rockies. Nothing against Cleveland, but the TV ratings of a Cleveland-Colorado World Series would have been about the same as a non-major PGA Tour event.
A few tidbits about this year's series:
The opening day payroll for 25-man roster of Colorado Rockies was $54,424,000, while the opening day payroll for the Red Sox was $143,026,214. The highest paid Red Sox player is LF Manny Ramirez at $18 million per year, while the Rockies' highest paid player is 1B Todd Helton at $16.6 million annually.The Rockies have played only two series at Fenway, one in 2002 and one this past June during interleague play. Colorado outscored Boston 20-5 in winning two of three during during that latter series.
The Rockies have won 10 straight games and have won 21 of 22, but the eight days they have had off in-between postseason games is the longest such break in the history of Major League Baseball. The Rockies’ 10-game winning streak entering the World Series is also impressive, but not the longest streak coming into a World Series. The 1960 Yankees had a 15-game streak and the 1970 Baltimore Orioles had a 14-game streak. The Rockies are the ninth different team to represent the National League in the World Series over the past 10 seasons, and the seventh wild-card pennant winner over all in the past six years.
Red Sox hitters scored 61 more runs than an average American League club would have using the same number of outs (RCAA, explained here) and Red Sox pitchers saved 163 more runs than an average American League pitching staff would have saved in the same number of innings (RSAA, explained here). In comparison, Rockies hitters generated a solid 41 RCAA and the club's pitchers produced a respectable 78 RSAA. Thus, based on regular season statistics, the Red Sox are the clearly superior club, but Colorado has the advantage of being hot when it counts, although one has to wonder how much of the Rockies' winning edge wore off during that eight day layoff. A pdf of the player statistics for the two clubs is here.
Finally, for disappointed Indians fans, this insightful Russell Roberts post reminds us that failure -- even in baseball markets -- is often a necessary precursor of success.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 22, 2007
2007 Weekly local football review
(AP Photo/Dave Einsel; previous weekly reviews here)
The local mainstream media view of the Texans (3-4) -- most recently reflected by Richard Justice's Sunday column of yesterday (see also this earlier column) -- is that the team has improved dramatically under second year coach Gary Kubiak and that it's just a matter of time before the team becomes a playoff contender. As noted in my annual preview, I'm not so sure.When Texans owner Bob McNair decided to fire original Texans General Manager Charlie Casserly and head coach Dom Capers after the team bottomed out with a 2-14 record during Year Four (2005), he changed the management model of the team from its original "strong GM" model to the "strong head coach" model that the Broncos have used during the Shanahan era. Inasmuch as Kubiak had no head coaching experience when McNair hired him to lead the Texans' strong coach model, I thought the decision at the time was certainly open to question.
Through seven games of Kubiak's second season, the decision remains open to question. Kubiak had a pass during his first season (6-10) last year and probably has another one this season as he incorporates a new QB into his system. The team's personnel has certainly improved, but that would have happened under virtually any competent coach that McNair would have hired. The Texans' offense -- Kubiak's supposed speciality -- remains generally awful as Kubiak overpaid for an aging and marginally productive running back this past off-season rather than upgrading the chronically deficient offensive line, which has become hazardous to the health of Texans QB's.
So, the clock will be ticking quite loudly next season unless the Texans begin to show dramatic improvement (even Justice is starting to question Kubiak). After losing four of their last five and with a West Coast swing against the Chargers (3-3) and the Raiders (2-4) coming up over the next two weeks before the Texans' bye week, the under bet on my pre-season over/under number for Texans' victories (7) is starting to look pretty good.
The Ags (6-2/3-1) trampled the outmanned Cornhuskers (4-4/1-3) into submission in the Buyout Bowl. Unfortunately for the Aggies, each of the Aggies' remaining opponents have the ability to slow down A&M's rushing attack. And we know what happens when the Ags have to utilize such modern innovations as the forward pass. The Ags host Big 12 surprise team Kansas (7-0/3-0) at Kyle Field next Saturday.
The Horns (6-2/2-2) allowed Baylor (3-4/0-3) to hang around for most of the game and almost paid for it. The Horns have struggling Nebraska (4-4/1-3) at home next Saturday before closing at Okie State (5-3/3-1), home against Tech (6-2/2-2) and at A&M (6-2/3-1). Incredibly, a BCS Bowl game is not out of the question if the Longhorns win out.
Houston Cougars 49 Alabama-Birmingham 10
This one was over before halftime as the explosive Coogs (4-3/3-1) finally put together a complete game against the overmatched Blazers (2-5/1-2) at a nearly deserted Legion Field (holds around 75,000 or so) in Birmingham. The Cougars have generated over 1,200 yards in total offense and 15 touchdowns in the past two games. The Cougars will likely have a considerably tougher game next Saturday in El Paso against UTEP (4-3/2-1), though.
The Owls (1-6/1-2) generated over 500 yards to total offense and lost because their injury-plagued defense cannot stop a hard-chargin' marching band, much less a reasonably competent offense. The game was played before less than 10,000 fans at Rice Stadium, which holds over 70,000. Isn't Conference USA football great? The Owls have a winnable game next Saturday against winless Marshall (0-6/0-2).
Posted by Tom at 12:10 AM | Comments (1) | TrackBack (0)
Continuing to rationalize a boondoggle
The big transit news in these parts last week was the announcement that the Metropolitan Transit Authority's board Metro's board approved the final route for the east-west University line and decided to deploy the much more expensive light rail rather than bus rapid transit in four other transit corridors. Kevin Whited, Lou Minatti and Tory Gattis were among the local bloggers commenting on this development.
What is perhaps most galling about all of this is the sheer lack of any perspective from the local mainstream media regarding the dubious nature of Metro's urban economics. The Chronicle article on Metro's announcement is typical of the vacuity of media coverage of Metro -- the fact that light rail systems are notoriously uneconomic and underused relative to cost is not even mentioned. Meanwhile, Metro continues to insist upon investing billions of tax proceeds in an inflexible light rail system that will cost millions in additional annual tax proceeds to subsidize. To make matters worse, the money that Metro is throwing away on what will be a underutilized and expensive light rail system would go a long ways toward dramatically ameliorating the Houston area's flood control problems and traffic hotspots, two public works projects that would provide far more benefit for far more Houston area residents than the light rail project. In short, wasting huge amounts of public funds on a boondoggle simply does not occur in a vacuum. Such waste will negatively impact more pressing public works projects in Houston for decades.
Transit expert Randall O'Toole recently published this Cato Insitute policy analysis, Debunking Portland (related blog posts here and here), on the failures of Portland’s light rail system, which was built in a far more densely-populated area than Houston and is often touted by light rail advocates as an example of one of the rare successful systems. As O'Toole points out, the Portland system has not been a success. 9.8% of Portland-area commuters took transit to work before the region built its light rail system, while today, just just 7.6% of the area commuters use the system. The fact that Portland’s light rail system led to billions of dollars in economic development is largely a ruse -- such development received billions of dollars in subsidies and, before the city started offering those subsidies, not a single transit-oriented development was built along the Portland light rail line. Finally, light rail cost overruns forced Portland to raise bus fares and reduce bus service.
As O'Toole observes, that’s considered a success?
Posted by Tom at 12:05 AM | Comments (0) | TrackBack (0)
Now even deer hunting regulations are running amok
As deer hunting season approaches, check out what regulations you have to follow simply to bag a deer in Texas these days:
When state game wardens hit the woods and fields in the wake of Texas' Nov. 3 opening of the general deer season, those 500 or so officers can pretty much predict the violations they're most likely to encounter."Tagging is the No. 1 (deer hunting-related) violation we see," said Maj. David Sinclair of TPWD's law enforcement division. [. . .]
In most cases, a hunter taking a deer in Texas must, immediately upon taking possession of the animal, attach to it the appropriate tag from the hunter's license. [. . .]
Deciding which tag to use isn't all that daunting. Five detachable tags valid for tagging whitetails are attached to the perimeter of a Texas hunting license. . . . Three of those whitetail tags are valid for tagging a buck or an antlerless deer, and two are valid only for tagging an antlerless deer.
It's a simple thing to detach the correct tag — a buck tag for a buck whitetail and antlerless tag for a doe.
But then some people drop the ball.
To legally tag a deer, the hunter must fill out, in ink, the requested information on the back of the tag — the name of the ranch or lease on which the deer was taken and the county in which that hunting area is located.
Also, the month and date the deer was taken has to be cut out of the tag. Cut out. Not marked with a pen. Cut out. [. . .]
But the most common deer-related violation was failure to complete the white-tailed deer log on the back of the hunting license.
The deer log was created this decade when the state seemed to be moving away from requiring tags be attached to deer. The log, printed on the back of the license, was seen as a way to keep track of how many deer, buck and doe, a hunter had taken, where they were taken and when.
The move to do away with deer tags has lost momentum. But the deer log remains. And it's surprising how many deer hunters don't know about the log requirement, forget to complete it or ignore it.
This past year, TPWD game wardens issued more than 500 citations for failing to complete the deer log.
As with the other tagging-related violations, hunters charged with not completing the deer log face a Class C misdemeanor. Conviction brings a fine of as much as $500.
Sheesh! Let's hope the regulators don't start piling on similar rules for hunting these.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 21, 2007
The 15 Greatest Catches
As you settle in for an afternoon of watching NFL football games, check out this entertaining post providing videos of the 15 greatest football catches of all-time. Some of the comments are pretty clever, too, such as the one relating to the catch of Oklahoma State wide receiver Adarius Bowman that made the list:
"[The catch] was even more impressive because that catch was made under the enormous pressure that comes with playing in the Independence Bowl."
Posted by Tom at 12:05 AM | Comments (0) | TrackBack (0)
October 20, 2007
The benefits of going batshit
As noted in the review of the Texas-Iowa State game earlier this week, big-time college football coaching is a wacky way to make a living.
Take, for example, Oklahoma State head coach Mike Gundy. When he went famously batshit during a post-game press conference earlier this season, I figured that it was just a matter of time before Boone Pickens and the university athletic director carted Coach Gundy off to a padded cell and replaced him with another coach. I mean, it's not as if Okie State (4-3, 2-1) is having all that great a season this year.
But now, according to this New York Times article, Coach Gundy's decision to go nuclear may have saved his job:
The incident was one of YouTube’s most-watched videos last month and has been spoofed by a Norman, Okla., car dealership in a television commercial.It led to a Web site called mikegundyismadatyou.com, which features e-cards from his tirade, prompted an Australian magazine to call it “American football brain explosion” and inspired wildly popular “I’m a man! I’m 40!” T-shirts. [. . .]
Gundy has seemingly benefited on and off the field. Since the incident, Oklahoma State (4-3, 2-1 Big 12) is 2-1, including the Cowboys’ first victory at Nebraska since 1960.
Gundy . . . is now more recognizable nationally, according to marketing experts, and recruits say his defense of Reid makes them more interested in playing for him. Gundy said he was surprised at the attention that the incident sparked, but he insisted he had no regrets.
“Over a period of time, it should make an impact on our program in a positive way,” he said in an e-mail message sent through a university spokesman.
Jordan Bazant, a partner of The Agency Sports Management, said Gundy’s response was already paying off for him from a marketing perspective.
“It’s ultimately going to come down to performance on the field, but people that saw that saw an honest person,” Bazant said in a telephone interview.
He added: “It was really an honest outburst. That’s what people are attracted to. They want to be associated with someone that they view has the same values.”
Bazant said he could not estimate the value in advertising dollars that Gundy received.
“It’s millions upon millions of dollars,” he said. “It would be impossible to get that. You couldn’t even buy that much. You really couldn’t even from a practical standpoint.”
Cyrus Gray, a senior at DeSoto High School and the top uncommitted tailback in Texas, said Gundy’s response to Carlson made Oklahoma State more appealing. [. . .]
“I like that in a coach,” he said in a telephone interview. “He stood up for his players. He cares for them and not just himself.” [. . .]
Kevin Klintworth, the Oklahoma State director of athletic media relations, said that less than 5 percent of the 3,000 e-mail messages the athletic department received about Gundy were negative.
“It was just so overwhelming,” Klintworth said in a telephone interview. “I think some of the people weren’t so much supportive of Mike as they were in support of someone standing up to the media a little bit.”
Of course, after Gundy's outburst, it was just a matter of time before the following spoof Bud Light beer commercial turned up, but it's still pretty clever:
And the recent Saturday Night Live spoof NBC commercial for Notre Dame football isn't bad, either:
Hat tip to Jay Christensen for both of the above videos.
Posted by Tom at 12:05 AM | Comments (0) | TrackBack (0)
October 19, 2007
The Futility Bowls
Oh, how far the mighty have fallen!
In Lincoln, Nebraska tomorrow, the Texas A&M Aggies take on the Nebraska Cornhuskers in what has been dubbed "the Buyout Bowl," because of the tenuous hold that Aggie coach Dennis Franchione and NU coach Bill Callahan currently have on their jobs. In trying to handicap the game, Wann Smith can't figure out who to favor:
Texas A&M at Nebraska (-2). This game is a real poser. Since someone has to win, we'll pick Nebraska at home. But wait…Nebraska's home field advantage has been a joke this season hasn't it? So, I guess we'll take the Aggies and the points. Just a minute…hold the bus…Franchione has somehow managed to blow both of his road games this season, and by a ton of points each time. Hang on a sec… I'd better consult the Magic 8 Ball. The 8 Ball, when asked if Nebraska would win replied… 'Hazy Now, Ask Again Later.' When asked whether Texas A&M would win, it replied 'Ask VIP Connection.' We tried that but our link was directed instead to firedennisfranchione.com.Aggies by 3
Meanwhile, over in Florida, nostalgic thoughts about when the annual game between Florida State and Miami actually meant something on the national stage prompted Mike Bianchi of the Orlando Sentinel to observe the following about this year's FSU-Miami game, the first in which both foes are unranked since 1977:
This is like showing up at your 25-year reunion and finding out that the couple voted “Best Looking” in the high school yearbook has somehow turned into Paul Shaffer and Yoko Ono.
Posted by Tom at 12:10 AM | Comments (0) | TrackBack (0)
Do as the NY Times says, but not as it does?
Larry Ribstein notes the sweet irony of the New York Times management not being quite, as the Times business columnists might say, adequately responsive to its own shareholders.
I'm sure that Gretchen and Ben will be right on top of this development.
Posted by Tom at 12:05 AM | Comments (0) | TrackBack (0)
The risk of witch doctors
It never fails to amaze me that seemingly rational people continue to seek out witch doctor treatments for anything more complicated than a massage:
On the same shift I saw two very sick patients, both of whom were under the care of chiropractors before they decided to pay us a visit in the Emergency Department. The first was an old woman with a one week history of dyspnea, chest pain, and a cough. Her chiropractor had diagnosed her with a “displaced rib,” and had been dilligently popping it back into place every day for the previous week. After a simple set of vital signs revealing low blood pressure, a slow heart rate, and a slightly low temperature, not to mention a chest x-ray which showed a huge unilateral pleural effusion, it was not hard to come up with the diagnosis of pneumonia with sepsis.“He [the chiropractor] said she didn’t have a fever and she wasn’t coughing anything up,” said the sister. [. . .]
The second patient was a 70-year-old man who finally came in after a week of ineffectual adjustments for “muscle aches” and general malaise which had evolved, by the time we saw him, into a vague intermittant chest pain related to exertion but which the chiropractor insisted, apparently, was some kind of subluxation. The EKG told the true story, an evolving myocardial infarction. My patient would have probably died if his son hadn’t raised the alarm and insisted his father see some real doctors.
Meanwhile, this article reports that researchers have determined that acupuncture works. But the same research study concluded that fake acupuncture, where the needles are inserted shallowly and in the wrong places, also works:
The results suggest that both acupuncture and sham acupuncture act as powerful versions of the placebo effect, providing relief from symptoms as a result of the convictions that they engender in patients.
My conclusion: On one hand, if you stick pins in people who are complaining about something, then some of them will eventually quit complaining. On the other hand, if you take pins out of some people who were previously complaining, then some of them will also stop complaining.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 18, 2007
The end of socialized medicine
Peter Huber is a Manhattan Institute senior fellow, an MIT-trained engineer and a lawyer who has authored several books, including Hard Green: Saving the Environment from the Environmentalists and Galileo’s Revenge: Junk Science in the Courtroom. In this provocative City Journal article, Huber observes that the complexity of modern diseases virtually assures that a "one-size-fits-all" socialized medical system will fail:
That is the real crisis in health care—not medicine that’s too expensive for the poor but medicine that’s too expensive for the rich, too expensive ever to get to market at all. Human-ity is still waiting for countless more Lipitors to treat incurable cancers, Alzheimer’s, arthritis, cystic fibrosis, multiple sclerosis, Parkinson’s, and a heartbreakingly long list of other dreadful but less common afflictions. Each new billion-dollar Lipitor will be delivered—if at all—by the lure of a multibillion-dollar patent. The only way to get three-cent pills to the poor is first to sell three-dollar pills to the rich.With almost $30 trillion under management, Wall Street could easily double the couple of trillion it currently has invested in molecular medicine. The fastest way for Washington to deliver more health, more cheaply, to more people would be to unleash that capital by reaffirming patents and stepping out of the way.
On the other side of the pill, molecular medicine can only be propelled by the informed, disciplined consumer. Any scheme to weaken his role will end up doing more harm than good. Foggy promises of one-size, universal care maintain the illusion that the authorities will take good care of everyone. They reaffirm the obsolete and false view that health care begins somewhere out there, not somewhere in here.
Neither Pfizer nor Washington can ever stuff health itself into a one-price uniform, One America box—not when health is as personal as ice cream, genes, and pregnancy, not when every mother controls her personal consumption of carbs, cholesterol, Flintstones, and Lipitor. But the thought that government authority can get more bodies in better chemical balance than free markets and free people is more preposterous than anything found in Das Kapital. Freedom is now pursuing a pharmacopoeia as varied, ingenious, complex, flexible, fecund, and personal as life itself, and the pursuit will continue for as long as lifestyles change and marriages mix and match. Given time, efficient markets will deliver a glut of cheap Lipitor for every glut of cheap cholesterol. And given time, free people will find their way to a better mix.
Read the entire article here.
Posted by Tom at 12:10 AM | Comments (2) | TrackBack (0)
The insecurity of big-time college coaches
The Dallas Morning News' Kevin Sherrington observes that the NCAA's the absurdly-high salaries of big-time college football coaches has a high price:
Football coaches at most Top 25 programs draw salaries equivalent to Fortune 500 CEOs, but they don't generate similar revenues.How do they rate their paydays then? Coaches simply benefit from an arms-race mentality in college sports. You can't compete without an indoor practice facility, luxury suites, a weight room the size of a football field or a head coach drawing less than seven figures.
As noted in previous posts here, here and here, big-time college coaches benefit from the NCAA's regulation of compensation for players. Inasmuch as the NCAA does not allow direct compensation of the players for the money being generated, the money has to go somewhere -- i.e., into the wallets of the coaches. However, if the players were paid market compensation for the income that they generate, then the money paid to the players would not be available for the coaches. In all likelihood, the compensation of coaches would decrease.
As I've noted on several occasions, big-time college sports is an entertaining form of corruption. But if the institutions want to continue competing at that level, treating big-time college sports as a true business and compensating the players for the income they generate sure seems like a more honest way to approach it.
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
Kling on GMU Economics
Arnold Kling provides this interesting TCS Daily op-ed on the innovative George Mason University Economics Department, whose members have done a remarkable job over the past several years promoting the understanding of economics issues through the blogosphere. As Kling noted earlier here:
I like to put it his way: at [the University of] Chicago, they say "Markets work well. Let's use markets." At MIT, they say "Markets fail. Let's use government." At GMU, they say "Markets fail. Let's use markets."
Posted by Tom at 12:00 AM | Comments (0) | TrackBack (0)
October 17, 2007
The Chronicle's vacuum of baseball analysis
It may be football season, but that doesn't stop Chronicle sports columnists from continuing to bludgeon us with their seemingly insatiable capacity to analyze the Stros and matters relating to Major League Baseball badly.
First, there is this blog post from the inimitable Jose de Jesus Ortiz, who already has quite a legacy of poor analysis of the sport that he covers for the Chroicle:
Willy Taveras, who holds the Astros franchise record for consecutive games with a hit, has been a difference maker for the Colorado Rockies heading into the third game of the National League Championship Series.The Rockies obviously valued his speed and defense, which is why he was added to the NLCS roster even though he hadn't played in three weeks because of an injury.
In Game 2, he was the player of the game after making an awesome game-saving catch in the seventh inning and then driving in the game-winning run with an RBI walk. Oh, he also had doubled and scored a run in a game that was 2-2 heading into extra innings. [. . .]
General manager Tim Purpura and Phil Garner weren't fired until August, but they hurt the franchise tremendously by never understanding the true value of Willy Taveras. They valued Chris Burke out of position over Taveras at his natural position. Because of this mistake, the Astros' pitching staff suffered.
It's pathetic to see Taveras starring elsewhere when he should have been playing here. Cecil Cooper and Jose Cruz saw something special in Taveras and kept working with him in 2006. Unfortunately, Cooper wasn't the manager then.
Do you miss Taveras?
In this prior post, I explained why Ortiz is simply wrong about Taveras' value as a Major League player. But in his latest blog post, how can Ortiz overlook that Taveras had a pathetic .250 on-base average and an even worse .222 slugging percentage during the National League Championship Series? Or that the Rockies won 17 out of their last 18 games to get into the NLCS without any contribution from Taveras, who sat out those games with a hamstring injury?
What Ortiz simply does not understand is that anecdotal flashy plays do not prove that a player is a good Major Leaguer. It only proves that the player is capable of making a good play every once in awhile. To be