The Expos scored six runs on six hits against a trio of the Stros’ middle relievers as they embarrassed the home town club, 8-3 on Saturday night at the Juice Box.
Andy Pettitte went five innings and threw 57 pitches, gave up two runs on two hits, and left the game with a 3-2 lead. But Weathers (bad), Harville (awful), and Gallo (bad again) stunk up the place and, by the top of the eighth, the Expos had an 8-3 lead. Given the Stros’ feeble hitting, that’s tantamount to an insurmountable lead.
The Stros trotted out their typical popgun attack, flaring ten hits but producing only 13 total bases in the process. At least Phil Garner had the good sense finally to play Mike Lamb, who proceeded to produce a couple of the Stros’ runs. Garner apparently knew what was coming on this evening and elected to take an early shower while arguing a dubious second inning out call on Vizcaino, who appeared simply to avoid the Expos pitcher on a close play at first, but was tagged out after the ump contended that he had evinced an intent to go to second. It’s been that kind of season for the Stros.
The Rocket strides to the hill in the Sunday matinee as the Stros attempt to avoid the ignominy of losing a series to the lowly Expos. The Stros then leave for their last long roadie of the season to play the Mets, Expos, and Phillies before returning to the Juice Box on August 20 to play the Cubbies.
Daily Archives: August 7, 2004
Gordon Wood on Ben Franklin
Gordon Wood is the Alva O. Way university professor at Brown University and one of America’s foremost authorities on the history and philosophy of the American Revolution. His brilliant books “Radicalism of the American Revolution” and “Creation of the American Republic” are essential for an understanding of American politics and its political system from the Founding Fathers era to the present. The subject of this previous post is Professor Wood’s review of University of Pennsylvania professor Walter A. McDougall’s new book, ”Freedom Just Around the Corner,”which is a fine book that I am currently enjoying greatly.
Now, Professor Wood has produced what it appears to be another fine book. In this NY Times Review of Books review, the reviewer points out that one of the most intriguing aspects of Professor Wood’s new book on Benjamin Franklin — “The Americanization of Benjamin Franklin” — is the approach in which it was written:
This study is not a biography, at least not a conventional one. Wood focuses on Franklin’s personal development and constructs his narrative around various turning points in the life, almost like a bildungsroman. We learn the choices Franklin made, the conflicts he had to resolve. This is the most dramatic of the recent Franklin books.
One of Professor Wood’s points is that Franklin was hard to pin down as a personality. For example, many of today’s politically correct on the left would have a hard time dealing with Franklin:
The politically correct would most likely hector him if they could. For Franklin was a slaveholder. It’s true he turned against slavery, and ardently so, at the very end of his life, but he took a long time getting there. He could be a bigot as well. He wrote nativist diatribes against the large German population in his own colony of Pennsylvania. In 1751 he argued for excluding everyone from Pennsylvania except the English; Morgan calls him ”the first spokesman for a lily-white America.” Franklin loved the company of women, but he was no feminist. He treated his wife miserably, and he admonished young brides to attend to the word ”obey” in their vows. He worried that handouts to the poor would encourage laziness, and he was a fervent supporter of a strong military.
On the other hand, those on the right of the political spectrum would also have a difficult time embracing Franklin:
Modern right-wingers would probably be even more uncomfortable with him than left-wingers. Take his religious views. Franklin was a deist; God, in his opinion, was a distant presence in the affairs of men. He was no churchgoer. He accepted neither the sacredness of the Bible nor the divinity of Jesus. His ideas about property rights were similarly unorthodox. Beyond basic necessities, he said, all property belonged to ”the public, who by their laws have created it.” Brands calls such remarks ”strikingly socialistic.”
What most sets Franklin apart from contemporary conservatives, however, is his attitude toward that panoply of issues gathered under the heading of ”family values.” As a young man he consorted with ”low women,” and fathered an illegitimate child. In 1745 he wrote a letter to a youthful friend — long suppressed — offering advice on choosing a lover. (Older women, he declared, were preferable to younger ones.) Franklin was always an incorrigible flirt. How much actual sex was involved is anybody’s guess, but one incident stands out among the rest. When he was in his 70’s and living in Paris, he became enamored of the captivating 33-year-old Mme. Anne-Louise Brillon, one of the leading lights of Parisian society. Even the puritanical John Adams was enchanted by her. She was no less taken with Franklin, and their vivacious correspondence consisted of a determined campaign on his part to bed her and her equally stalwart resistance, based on the customs of the day and what was proper between a widower and a married woman. Their bantering give-and-take, as quoted by Brands, constitutes one of the most charming episodes in early American history and — since as far as the historians can tell they never did sleep together — also one of the most poignant.
As a result of Franklin’s extraordinary nature and accomplishments, Americans tend to sentimentalize him, which Professor Wood cautions against:
The other problematic theme concerns Franklin’s ”Americanness.” He seems almost a checklist for those national qualities Americans take pride in — and others despise us for. Yet Wood alerts us to be careful in how we think about this aspect of his character. For he was the most cosmopolitan of the founders, at home anywhere. Twenty-five of the last 33 years of his life were spent abroad, and those years were anything but a hardship for him. He was wined and dined and celebrated by the Europeans more than he ever was by his own countrymen. Soon after arriving in London he was complaining about the provinciality and vulgarity of Americans. In Paris he was quite simply a superstar, acclaimed as the equal of Voltaire, and he gave thought to settling permanently in ”the civilest Nation upon Earth.” These sentiments did not go unnoticed back home, and Franklin fell under suspicion of being a foreign agent, first for the British, then for the French. When he returned to Philadelphia for the last time in 1785, it was in part to clear his name.
In the end, Professor Wood’s book attempts to answer the difficult question: What changed Benjamin Franklin from a citizen of the world to a citizen of the United States?
The Revolution was not a conflict over taxation or home rule, not even a dispute over the rights of Englishmen. For him it represented something universal, a world-historical event, ”a miracle in human affairs.” That is, Franklin never stopped being the urbane cosmopolitan, the ultimate sophisticate. He stayed true to himself. But by 1776 he had concluded that the only way to remain a citizen of the world was to become an American.
Gordon Wood on Ben Franklin. Don’t miss it.
SEC steps up investigation into business dealings with Equatorial Guinea
Following on previous posts here and here regarding the rather wild business of exploring for oil and gas in the African nation of Equatorial Guinea, Devon Energy Corp. announced that it had received a letter Friday from the Securities and Exchange Commission asking for cooperation in an inquiry into whether U.S. oil companies violated federal law by bribing officials in Equatorial Guinea.
Other U.S. companies that have been contacted include Exxon Mobil Corp., Marathon Oil Corp., ChevronTexaco Corp. and Amerada Hess Corp. The inquiry follows a U.S. Senate subcommittee report last month into Washington-based bank Riggs National Corp.
The Senate report concluded that several companies had made millions of dollars in dubious payments to top officials in the West African nation through the bank. Devon and the other companies have also denied violating the law and said they would cooperate with the commission inquiry.
According to the Senate report, Devon made payments totaling $350,000 to Equatorial Guinea officials, reportedly to meet “educational training obligations” required under production sharing contracts. Devon also announced that it had begun an internal investigation into the matter.
The politics of academia addresses a knotty Enron issue
It’s always interesting to watch the machinations that occur whenever academics must address a conflict between their academic principles and the devilish necessity of money.
This Houston Chronicle story picks up on this earlier article concerning the University of Missouri-Columbia‘s dilemma regarding what they should with a substantial endowment donated by former Enron Corp. Chairman and CEO Kenneth Lay if Mr. Lay is convicted of securities fraud in his pending Enron-related criminal case.
In one of the understatements of the year to date, UM officials say they would “prefer” to remove Mr. Lay’s name from a yet unfilled economics professorship he endowed if he is convicted. However, under the terms of the donation contract, such a move would require the return of Mr. Lay’s 1999 donation of $1.1 million to the school. The professorship remains unfilled to date.
Talk about a tough decision. This one is getting the attention of the highest levels of the UM administration.
In an e-mail obtained by the Columbia Daily Tribune, UM Chancellor Richard Wallace told UM President Elson Floyd and the university’s Board of Curators about discussions he and Provost Brady Deaton had about the Lay chair in economics:
“Unless Mr. Lay is convicted of a felony, the money in the endowment should be retained and used for the purpose for which it was established,” Wallace wrote. “If found guilty then we would prefer to remove the name from the chair and, in accord with the terms of the endowment, we believe that this would require returning the money to Mr. Lay.”
And we thought the periodic scandals in UM’s basketball program caused difficult issues!
From my vantage point, the UM administration is engaging in muddled thinking here. Regardless of the outcome of Mr. Lay’s criminal case, it is reasonably clear that Mr. Lay was at least negligent to some extent in connection with the collapse of a major American corporation that cost investors and creditors billions and that he led a company that now has become synonymous in American society (or at least on Letterman and Leno) with corrupt business practices. Whatever the outcome of Mr. Lay’s criminal trial, that is not going to change. Consequently, using the outcome of the criminal trial as the standard on whether to keep the money seems to be a misplaced standard to use under these circumstances.
If UM decided that it should not keep the donation, I really could not quibble with such a decision. Frankly, there would probably be some public relations benefit to the University in doing so. However, it seems to me that this dilemma also provides an opportunity for a bit of academic administration creativity.
I propose that UM go ahead and fill the chair with Mr. Lay’s name on it and use it to promote academic research into risk analysis in economics and business. Enron was a staggering investment loss, but the risk of such a loss and related insolvency is arguably the most important assessment that is made in any investment decision. Although Mr. Lay’s legacy in business is certainly different from what UM thought it would be in 1999 when it accepted his donation, that legacy nevertheless reflects one key aspect of business and economics. Why not use Mr. Lay’s donation and the unfortunate circumstances of Enron’s demise to promote research into issues relating to the risk of loss and insolvency?
The ongoing cost of public financing of sports stadiums
In an effort to persuade Moody’s investment rating agency from downgrading its bonds to junk status, the Harris County Sports Authority voted to issue $37.2 million in new bonds this week to cover the ongoing cost financing the building of Minute Maid Park, Reliant Stadium and Toyota Center in Houston over the past five years. The three sporting venues cost $1.036 billion to build — Reliant Stadium cost $500 million, Minute Maid Park, $286 million, and Toyota Center, $250 million. With the bond issuance, the price tag has now risen to $1.073 billion.
I have always been fascinated with this type of reasoning regarding investment: “In order not to allow the interest rate on our existing highly-leveraged bonds to rise, let’s go ahead and issue some more highly-leveraged bonds.” H’mm.
At any rate, the new bonds were needed to make up for declining hotel and car rental tax revenues, which services bond debt. In 2002 and 2003, the revenues sagged by approximately 10 percent. To meet the annual payments for $900 million in previously issued bonds, the authority had projected annual 3 percent increases in hotel and car rental tax revenues. During the past two years, the tax revenue generated by the special taxes has declined about 5 percent each year, which means that the sports authority missed its projections by close to 8 percentage points during each year.
The Sports Authority was facing penalties if it failed to fulfill its agreement to replenish its cash reserve fund from $32 million to $47 million by May 2006. With hotel and car rental taxes declining, the Authority was not going to be able to raise the money unless it issued the bonds. About $15 million of funds generated from the new bonds will be added to the cash reserve fund.
Paul Bettencourt, Harris County tax assessor-collector, was skeptical about the public financing of the stadiums at the time that each was approved. “It’s just three, four, five years after the elections, and already they’re selling more bonds,” he said. “This is a big concern to me, and it should be to taxpayers.”
I am hopeful that that Professor Sauer, who comments regularly on the follies of public financing of sports stadiums, will have his usual keen observations on this development.