Feinstein on Nicklaus and Woods

nicklaus.jpgIn this Washington Post column, noted author and columnist John Feinstein comments on Jack Nicklaus’ farewell to the British Open and, in so doing, observes that 2005 British Open champion Tiger Woods — while likely to break Nicklaus’ record of winning 18 major championships — has a much more difficult task ahead of him in equaling Nicklaus’ qualities as a champion:

Woods seems to think that Nicklaus’s legacy is only about numbers, that winning golf tournaments is the only thing that measures a champion. Nothing could be further from the truth, especially in golf.
Woods already holds many records. One of them, which is unofficial, is that he has been fined for using profanity publicly more than any player in history. While using profanity in the crucible of competition is hardly a great crime, it is indicative of Woods’s attitude that, rather than try to curb his use of language, he has complained that he is being treated unfairly since there are always microphones following him when he plays. Last month, during the U.S. Open, Woods missed a putt and childishly dragged his putter across the green, damaging it as he did so. When he was asked about the incident later, he shrugged and said, “I was frustrated,” (no apology) as if he was the only player among 156 dealing with frustration. In recent years he has allowed his caddie, Steve Williams, to frequently treat spectators and members of the media rudely, not only defending him but also appearing to sanction his misbehavior.

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Why they hate us

Faith at War.jpgYaroslav Trofimov is a Wall Street Journal reporter from the Ukraine who is fluent in Arabic. While carrying an Italian passport, Mr. Trofimov traveled through the Middle East recently interviewing Muslims for his new book, Faith at War : A Journey on the Frontlines of Islam, from Baghdad to Timbuktu (Henry Holt and Co. 2005).
In this NY Times Book Review, reviewer Philip Caputo notes that many of Mr. Trofimov’s encounters led him to the conclusion that poverty is not the root cause of Islamic extremism. More often than not, the most radical ideas regarding Western civilization came from the relatively wealthy and privileged who had experience with the West, not the downtrodden who are typically cast as the primary source of Muslim animus toward the West. One anecdotal experience is particularly telling:

On [Mr. Trofimov’s] first stop, Cairo, undergraduates dining in a McDonald’s a few days after 9/11 demonstrate that it’s possible to delight in a Big Mac and in the fiery deaths of 3,000 Americans at the same time. “Everyone celebrated,” an 18-year-old university student gushes as she dips her fries into ketchup, “cheering that America finally got what it deserved.”

DFW’s new Terminal D

Terminal D.jpgThis U.S.A. Today article does a nice job of reporting on the opening later this week of Dallas/Fort Worth International Airport’s massive new international Terminal D, a $1.4 billion, 28-gate terminal that includes a Grand Hyatt Hotel and the latest features designed to move passengers with comfortable efficiency.
However, as the article points out, whether the new terminal is actually needed is far from a settled issue. The Terminal D project is part of a massive $2.7 billion airport expansion that is the biggest Texas airport construction project ever, and the tenant airlines’ cost per passenger will nearly double when the terminal opens. Although that’s about an average increase in comparison with other increases resulting from recent terminal construction projects at major airports, it’s still no bargain.
If that’s not enough, the new terminal is opening at a time in which DFW has an excess-capacity problem. When construction started five years ago, but now 19 of 37 gates in DFW’s terminal E are empty, and more will be emptied when some remaining carriers there move into the new Terminal D. Even though airlines will use nearly all of terminal D’s gates when it opens, the terminal will initially operate at only about 50% of capacity.
All of which makes me very appreciative of Houston’s relatively efficient and far less costly airports.

That’s one helluva hangover

hangover.jpgWith Enron and other business scandals, it’s been a bit difficult to keep up with the ongoing grand jury investigation in Boston into whether mutual fund employees improperly accepted gifts or entertainment from brokers. Fidelity Investments has already disciplined 16 traders over matters relating to the investigation and five employees have left the company.
But even a grand jury investigation is merely a prelude for this Wall Street Journal ($) article that reports on the grand jury’s investigation into the details of the bachelor party of former Fidelity star trader Thomas Bruderman, who happened to be marrying the daughter of former Tyco International CEO Dennis Kozlowski. Small world, eh?

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Professor Hamilton reviews the week in oil prices

oil_well5.jpgEven before he started his smart blog recently, Professor James D. Hamilton of the University of California at San Diego was one of my favorite experts on the economics of energy prices (previous posts here).
In this post, Professor Hamilton reviews several interesting tidbits of information that affect oil prices, which declined 5% last week. Of particular note — the futures market currently allows for a purchase of oil for delivery in December, 2011 for under $55 a barrel.