Late July Link Harvest

[xthread]

A collection of interesting things from the outside world..

• Oakland wants to be Portland when it grows up. Or, at least, Oakland is considering building a streetcar line down Broadway and trying to replicate the Pearl District story. I still need to read the proposal and analysis, but this sounds unabashedly cool.


• I don't normally signal boost The Onion, but this article about one of Britain's recent cost-cutting measures is priceless. Be Seeing You.


• Goldman Sachs and the SEC have settled the criminal case against Goldman for duping investors in a large, failed synthetic derivative investment in mortgage securities. Many people are touting this as a win for Goldman, who got off without admitting guilt or wrong-doing, but with publicly promising to never do it again. Also, with the largest securities fine in history, $550 Mn, and a loss of ~25% of their market capitalization since the suit was announced. Wall Street is believed to be scrambling now to adjust their business practices so as to minimize how much damage the investor lawsuits do to major derivative-writing houses. Market-watchers widely assume that a) if Goldman was doing it, everyone else was doing it too, and b) there is never just one cockroach and the SEC went after the case that they could win most easily. Also, here's some more background on the GS story from The Big Picture.


• From the financial blog, The Big Picture, a discussion of how and why the US Residential market is going to suck for the foreseeable future. Alright, I misstate - we can estimate when the US residential market will start being a place where home-sellers can again make moneyrecover what they've invested in their homes over the years, it's just farther in the future than you would like it to be, if you're a home-owner who might want to move someday, or if you make your living off of something related to housing, such as, say, the US economy.


• Turning from Finance to the world of Technology, HTML 5 looks like it will be very, very cool. For example, someone wrote a version of the classic game Asteroids in it. That you can play in any modern browser. Without being actively connected to the 'Net. Which is right up there with Google implementing Pacman as an in-browser game.


• Okay, back to Finance. The US Gov't bailout of the finance industry keeps getting cheaper. Congress authorized spending $800 Bn on the effort back in 2008, which many critics on both the Left and Right loudly decried was money straight down the drain. As the WSJ reported back in April, the expected total cost has now fallen to less than $90 Bn. That would put the effort at costing roughly one percent of GDP, one-third what the S&L crisis did in the early 90s. Not too shabby for turning a probable Depression into a merely deeply unpleasant Recession. Just think how cheap it would have been if voters hadn't been insisting back in the early 2000s that the gov't hire regulators who were asleep at the wheel for the rest of the decade...


• There's a fascinating new paper from some researchers with the Federal Reserve Bank of Boston looking at the impact of credit card incentive programs on the pricing of retail goods in the US. In the very short form, credit cards are effectively driving up the nominal retail prices of many goods, which has the result of transferring wealth from people who pay cash to people who pay with credit but pay off their cards every month. Not a surprise, but nice to see someone pulling the data together.


• I read a fair bit of Jonathan Carroll's work, after the chair of the upcoming Reno Worldcon gave me a copy of Carroll's The Land of Laughs about two decades ago. He does all the normal writerly new-media stuff these days, including a blog and LJ and Twitter and RSS feeds. He often sends out snippets of other people's work that are worth signal boosting, such as this lovely little piece about changing your life for love.


• Finally, a plug for some lovely software - I've recently started using InstaPaper, so that I can flag articles as I'm browsing to read later and easily come back to them and flag them when I want to share. It's very cool, and works in your browser on your desktop, your mobile device, what have you.

As always, good night, and have a pleasant tomorrow.

Comments

[plymouth.livejournal.com]

which has the result of transferring wealth from people who pay cash to people who pay with credit but pay off their cards every month

Haha, guilty as charged! I use my card for damned near everything, pay it off each month, and still collect the $25 Amazon.com gift certificates it gives me for using it. I win! It's only a 1-2% transfer... but I'll take it!

[apostle-of-eris.livejournal.com]

re: real estate market
The only thing that can account for the current semi-solidity of the market must be the banks having the sense not to flood it with their foreclosures. I'd really like to find some numbers on how much empty housing is being deliberately kept off the market.


How about Conway's Game of Life in HTML 5?

[johnromkey.livejournal.com]

I think the Goldman settlement was $550 Mn, not Bn.

[jeffpaulsen.livejournal.com]

The Portland streetcar is very nice, very practical, and was super cheap compared to MAX (our light rail system). The reason it is so cheap is that the cars are quite small and light. There are big sections of existing streetcar-grade track already in place in Portland, because when the old lines shut down in the early 1950s, they just paved over them. I don't know that the tracks themselves were reusable, but whatever reinforcement goes under them probably was.

I read over some of the Oakland proposal, and I think they have some things backwards. My wife was working for the main developer of the Pearl District back when that started, and I got to follow it closely. The Oakland proposal makes it sound like the streetcar made the Pearl, and that's exactly backwards.

It's kind of amusing to see the Oakland streetcar faq on gentrification, pointing out that the Pearl has a large percentage of below-market rents. Yeah, because new buildings down there were hit by the housing market collapse before they were filled. The Pearl *is* the end state gentrified neighborhood, but it got there in 10 years with nobody complaining, because it started as a railyard, not a neighborhood.

Don't get me wrong - I'm all for Oakland having a streetcar. I think that streetcars are a practical and efficient way to handle certain transit use cases. I also think that urban redevelopment is great. I'm just saying that once you've got a place people want to be, the streetcar becomes a natural way to get around. The Pearl District version of "where people want to be" involves retail, office, and residential tenants, as well as design features like parks and pedestrian zones.

* I can't speak to the proposed routing, as I've never been to Oakland.

[draggonlaady.livejournal.com]

Question on the instapaper--Do you have to be browsing through their site, or does it add a "read later" button to articles on other websites?

[malabar.livejournal.com]

Asteroids and Pac-Man for free! Woo-hoo! It's nice to see video games I can actually play for a change!:)