Relevant and even prescient commentary on news, politics and the economy.

Nails: The 2012 Republican candidate for President?

From Lenny Dyksytra’s letter to friends about his bankruptcy filing yesterday:

William McKinley filed for protection while serving as Ohio’s governor in 1893. He was in debt to the tune of $130,000 (an insurmountable sum in those days!) before some friends eventually helped to bail him out. Three years later, he occupied a desk in the Oval Office. [emphasis mine]

That seems much clearer than declaring you’re “not a quitter” while wearing hip-waders while your lawyer claims your multimillion dollar book deal (and private fortune) aren’t enough to deal with the cost of ethics charges against you.

Also, Jim Cramer may want to avoid Lenny for a while:

Ulysses S. Grant went bankrupt after leaving office when a partner in an investment-banking venture swindled him. (I can certainly identify with this one.) [emphasis mine]

Good thing Dykstra doesn’t pretend to be an investment advisor.

Oh. Well, at least no one ever sang his praises in the mass media, right?


Dykstra in 2012, on a platform of Fiscal Responsibility. “Returning to the Glory of the McKinley Era.”

Seems as likely to work as anything else.

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Yankee Interlude

I’m not really paying attention to (major league) baseball this year, so I should probably leave this to Scott, but, as a query:

For all team that was supposed to have had a major improvement in its middle relief this year, the Yankees appear to have given up a large number (>=7) of runs in the middle and late innings this year.

Is Alan Greenspan the Yankee pitching coach, and assuring the von Steingrabbers that such “bubbles” are ‘Once in a Century’ moments?

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Miami Vice

Reality (h/t Dr. Black):

In certain ZIP codes in places like Homestead and Florida City, around 25 percent of the homes are in one stage of foreclosure or another. Countless others were built by developers and sit vacant in ghostly subdivisions, with not a buyer in sight.

In the days after Andrew, then-Dade County Emergency Management Director Kate Hale famously said on national TV: ”Where the hell is the cavalry on this one?”

The same could be asked now, in this new disaster. People in south Miami-Dade — just like people in foreclosure-strewn cities across the nation — are wondering: How did we get here?

Fantasy (via The Sports Law Blog):

The stadium did undergo some renovations in 1999 to make it more baseball-friendly, but the Marlins have been drawing low attendance figures. The Marlins averaged 16,688 fans last year, their third straight season averaging under 17,000 per home contest.

As Marc Edelman notes at the link above:

Last year, the Marlins team payroll was just $22 million…by far the lowest in the league. Rather than investing in their own team, Marlins President David Samson often used the threat of keeping a low payroll as part of his strategy in demanding public subsidies.

Miami-Dsde officials, as those from Montreal know well, must be really stupid if they think Jeffrey Loria is going to invest in making the team competitive just because they just wrote him a Very Large Check. Then again, maybe they figure one more vacant property won’t make a difference.

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Ancient History

Celebrating a past era, probably in the late 1980s:

Celebrating a War of Consensus, early 1992:

Also early 1992 (for me), more than any other, the symbol of a firm (before Alan Raised a Cayne):

Extra credit: Name the book used as background for the 1973 Mets tribute card and the unopened Desert Storm card pack. (Hint: it was the last edition without a coauthor.)

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Just a distraction

25*30 = 750

104/750 = 13.9%

For those more conversant in the “disincentives of enforcement” literature than I, can you back into the Rational Expectation of Enforcement Practices that would lead nearly 14% of a population to conclude it is maximizing utility?

And, given your calculation, what would that say about the Management Practices of the organization?

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