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Date: Thursday, 31 Jul 2014 09:00
Frequent commenter/long-time reader Pelsmin is visiting India, and shared these thoughts.  More below the fold...

THE PARADOX OF INDIA

This week I visited Bangalore to tour facilities of my new employer, an outsourcing engineering firm with most of our employees based in India. Companies use us to develop technology better, cheaper and faster.

When President Obama rails against un-patriotic American companies “outsourcing” their work, he’s referring to our customers. And incidentally, he means “offshoring.” Outsourcing is the completely un-objectionable process of allowing another firm, possibly based across the street, to handle non-core business activities. Peter Drucker championed the concept half a century ago and it has led to vast improvements in competitiveness and productivity, and countless American job gains.

 Offshoring can be done without outsourcing, by changing the location of a company’s own employees to India, and outsourcing can be done without offshoring, by transferring work from your own employees to more productive labor situated in the US. They may originate from another country. Think H1 visa.

(moremoremore!)



Outsourcing is good for business and for society. Offshoring is…even better. It became clear after only a week of touring the labs that no company in the world can compete without taking advantage of the bizarre ecosystem in India. I don’t just mean technology companies. I mean any company that uses technology. Cisco. JP Morgan. Lego. Marie Callander Frozen Dinners. Any company that uses an internal IT system, markets through social media, tracks deliveries of its own products, can’t survive for long if they are not there.

Looking around the city from our office, you see the names on the towers: Cisco, Samsung, Alcatel Lucent, Google. But you don’t see other names. There wasn’t a Nortel facility. I didn’t see the Tandy Tower. Westinghouse wasn’t hiring. As recently as a few years ago these companies were leading the market, unstoppable. They joined the junkpile of companies who blew an insurmountable technology lead, sometimes in only a couple of years.

 What became clear to me was today’s frantic pace of technology development and the razor’s margin separating the winners from the losers. Anyone who isn’t drawing on the massive advantages of tapping Indian engineers isn’t in the game, and even then, they need to do it well to survive.

  My first exposure to Indian business and technical talent came in business school, where it was the Indian students who ruined the curve for the rest of us. But they were among the very few who had the family resources or the sheer audacity to get themselves to the US to compete in our market. For every one of them, there were…thousands just as sharp, coming out of the Indian engineering programs and remaining in India. Separate them from the cost demands of living in the US ($260,000 for a masters in EE, $2,000/month for rent, $3,000 for the custom wheels on your BMW) and you have people with a top-notch technical mind, a low cost basis and no student loans (tuition just doubled at India Institute of Technology, from Rs 50,000, or about $800).

When a major project is won by one of the big Indian engineering firms, they may hire 5,000 software engineers to help on it. The firm will show up at a campus and hire – everyone. Literally make an offer for 1,000 people all at once; “All E.E. and Computer Science majors, report tomorrow.” Try to do that in America. But it’s common in India. I asked each of the managers what his kids were studying in college. Every one of them was studying science or engineering. Every single one. For every engineer you hire in the US, starting out of college, you are facing a loaded cost of close to $100,000/year or more. The engineers in Bangalore aren’t paid dollars.

You can’t make the sob-story that it’s wrong to pay people $20/day there, because we’re paying them rupees. Earning the equivalent of $3,000/year is fine if lunch is 20 cents and rent is $90/month. So what about the idea of “sticking to your principles” and keeping the jobs in America? I looked at the projects we were being brought in on for our American customers. Even for the outright industry leaders, the stakes were clear; create this capability in an impossibly short time or lose the lead and go the way of Blackberry. Companies don’t lose their lead over a few years anymore. They go from #1 to irrelevant in months.

 The engineering companies like mine are able to do the impossible. If an American company decided to pay whatever it cost to bring in 1,000 American engineers immediately and get the project completed, well I can’t even speculate on the implications. It can’t be done. They would turn to Accenture, Deloitte, etc., who would turn to their Indian operations. If you restricted them to US hires, the going rate for an immediate-hire, qualified coder in San Jose is $180/hour. And if Oracle decided to do that, as a regular patriotic policy, they would have to hope that SAP would do the same, because every day the two are locked in mortal combat on the price, availability and quality of their offerings.

Any company that doesn’t avail itself of the talented, ample, cheap labor in India will lose its market to any company that does. It’s that simple. As an aside, the environment in which this work is done is astounding to anyone who’s never been there before. Next to the gleaming Google tower is a field with piles of cinderblocks, a cow and pigs wandering around, and a nursery school that looks like it’s about to collapse. Traffic moves through the streets in what my hosts called “organized chaos.” I thought they were only half right, but I never saw one accident, despite a complete disregard for lanes, right of way, or even agreed direction of traffic flow. Cars intending to exit the ring road were just as likely to jump the median and plow across oncoming traffic as to wait for the exit. Buildings everywhere stood half-completed, often with the finished floors occupied. Not because of unexpected downturns in the economy; it’s just how it’s done there, with some buildings spending years in a semi-complete state.

Despite my company’s facilities having some of the most advanced labs I had seen, power to the neighborhood (in downtown Bangalore) was cut almost every day. No-one blinked, as the battery backup cut in to provide electricity until the diesel generators fired up for the rest of the afternoon. The country is heavy on bureaucracy, and the bureaucracy is riddled with corruption.

The income inequality makes our President’s rants about America seem absurd. Yes, our lower middle class’s wealth shrunk by 1% while the highest quintile grew by 5%. In India, more than half of households do not have toilets, and clean tap water is a rare commodity, but in my hotel room the main shower head was the size of a trash-can lid and dumped 10 gallons a minute of filtered, drinkable water down my drain. (I love a good shower, but I couldn’t bring myself to use it.)

This lifecycle stage doesn’t seem to resemble the path followed by England in the industrial revolution, or America’s own path to prosperity. But it’s how it’s being done now in India. The tenacity with which the people pursue the challenges is astounding and the contributions being made to technology are integral and essential to the business success and the prosperity of the world.

Companies can decide to forego the plentiful, cheap off-shored talent in this incredible place, but as long as their competitors take advantage of the massive advantage it provides, they are deciding to exit the business.
Author: "noreply@blogger.com (Mungowitz)" Tags: "business, india"
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Date: Wednesday, 30 Jul 2014 18:43


Tunapanda just exceeded their new goal of $20,000, but we still haven't raised enough for a financial literacy content-creation person.

Our new goal is $975 more (by tomorrow) to help spread financial literacy!  Contribute here (I'm giving $100, myself...)

There is a small but nascent free-market movement in East Africa that could use some educational tools, as you can gather from this article
Author: "noreply@blogger.com (Mungowitz)" Tags: "tunapanda"
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Date: Wednesday, 30 Jul 2014 13:14
It does seem paradoxical.  Our leftist brothers and sisters decry violence, and then say we need a larger state.  But the state IS violence.  That's really all the state can do.

And the state attracts those people for whom committing violence causes the least distress. It may be that they feel they are "just following orders," or that they are serving the public, of course.

But the state also attracts the fringe that just likes to commit violence because it's fun.

This is pretty rough.

Some comments.

My question:  If you really think "this shit's gotta stop," why are you constantly pressing for a larger and more powerful state?  If you want to stop, then stop it.
Author: "noreply@blogger.com (Mungowitz)" Tags: "I DO fault the police, state=force"
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Date: Wednesday, 30 Jul 2014 13:01
This is uncomfortable and funny.

And yet another reason that I thank merciful God in heaven that we were blessed with boys.

The product is "Hello Flo."  Yes, it is.  And it's a real product.  "Special delivery for your crimson tide."  Gott im Himmel.
Author: "noreply@blogger.com (Mungowitz)" Tags: "a bridge grows in Brooklyn, women"
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Date: Tuesday, 29 Jul 2014 09:00
Monday's Child was full, so Tuesday's Child (normally "full of grace") had to take some links.

1.  Are drones model airplanes, or commercial vehicles?  And does the answer ONLY depend on who is flying them?

2.  Churches need more joy.  A priest who dances flamenco is joyful.

3.  Four governors in four days.

4.  Feel the buzz, and then turn that way.  Smart shoes?

5.  Jon Stewart on Mr. Cuomo.  Since Mr. Cuomo is unprincipled thug bent on using legal power to extort money, I'm not sure why this surprises anyone.  Anthony Cuomo is impossible to caricature.  He's straight out of an Ayn Rand novel, the character that you say, "This is ridiculous.  No one could be this clueless."  Well, Cuomo is not clueless.  He just has no ability to feel shame or recognize irony.  It's just power, and theft.

6.  This is not very mysterious.  Proving once again that the NYTimes has abandoned journalism.

Headline for the Ages:  

Married Chinese man suffering from stomach ache goes to the doctor and learns he is actually a female

(To be fair, this "actually" raises a question about "actually."  who's to say he is "actually" anything?  What he actually has is a genetic aberration.  What he "actually" is up to him.)

Toddler Sets Jeep Loose, Runs Back Inside to Watch Cartoons.
Author: "noreply@blogger.com (Mungowitz)" Tags: "links, links overflow"
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Date: Monday, 28 Jul 2014 11:30
1.  We just want to help you.  But we need to know a lot about you.

2.  In the future, everyone will be fined for 15 minutes.  We'll fine you if you water, we'll fine you if you don't.  How much is "too much"?  We'll fine you if you ask.

3.  Violence is wrong.  But sometimes, a 72 year old man has just had enough.  Buzz Aldrin punches an idiot.  And the idiot needed to be punched.

4.  Roko's Basilisk.

5.  Drive free....until we repossess. Incentives matter, part 2045671.

moremoremore



6.  I had not thought of this particular use for 3D printers:  making realistic plastic copies of actual hoo-ha's for ...remote use, I guess you'd call it.  Jon Stewart takes a whack at it.

7.  Wordcrimes.

8.  Coke "commercial".  An honest one.

9.  People ask why our politicians would pull stuff like this.  But the answer is obvious:  first, it allows them to lie about the actual cost.  Second, it allows them to create artificial crises that make us need them.  It's not complicated.

10.  Even for a thuggish private union, this is pretty dumb. There's a big difference between "hating black people" and "hating policies I think black people should like, even though I'm not black."

11.  "Indignation Studies" students go wild.

12.  Millenials have a pretty accurate view of the powers, and goals, of the state.

13.  There's an Injun in my driveway.  Not sure how I would have reacted.  Lagniappe:  The dog was  a Shit-zu.  Nice.

14.  How yoga should be done... Red wine edition.

15.  A most excellent solution.  Add their criminal histories in a way that can be updated as they do more stupid, illegal corrupt sh*t.

16.  A bribe?  If so, he should have ordered doughnuts.

17.  White flags over Brooklyn.

18.  Judge drops some rhymes on JaJuane.  (Yes, JaJuane)

19.  P.J. O'Rourke returns from FreedomFest an unchanged man.

20.  Mamas, don't let your babies grow up to go to Harvard. Or, it seems, Duke.

21.  Tim Worstall on ACA, and KISS.

22.  Okay, so this is just not plausible.  But it explains why Liebchen Merkel doesn't want us listening to HER phone calls.

23.  Specialty drugs...

24.  Unemployment and "JOLTS"

25.  A bunch of different words for having sex, from across the ages.  Some of these are obvious, some are (thankfully, I think) obscure.

26.  Attitude, and no individual ketchup packets, in the CIA lunchroom.

27.  They know what I want to eat before I know?

28.  Do you HAVE to be an idiot to be a Republican congressman from Florida?  Perhaps not.  But I can find no examples to the contrary.



Headlines:

George Harrison Memorial Tree Killed by Beetles

Real Estate Heir Urinates on Candy 

No One Has Ever Slammed Through a Door Completely Naked Looking for Beef 

Man Run Over by Own Truck














Author: "noreply@blogger.com (Mungowitz)" Tags: "links"
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Date: Sunday, 27 Jul 2014 09:30
Angus recently drove from Norman to Santa Fe.

And this sign was vandalized.


Coincidence?  Oh, I don't THINK so.
Author: "noreply@blogger.com (Mungowitz)" Tags: "men with hats, pictures"
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Date: Sunday, 27 Jul 2014 09:30

Human Capital and Industrialization: Evidence from the Age of Enlightenment 

Mara Squicciarini & Nico Voigtländer 
NBER Working Paper, June 2014 

Abstract: While human capital is a strong predictor of economic development today, its importance for the Industrial Revolution is typically assessed as minor. To resolve this puzzling contrast, we differentiate average human capital (worker skills) from upper tail knowledge both theoretically and empirically. We build a simple spatial model, where worker skills raise the local productivity in a given technology, while scientific knowledge enables local entrepreneurs to keep up with a rapidly advancing technological frontier. The model predicts that the local presence of knowledge elites is unimportant in the pre-industrial era, but drives growth thereafter; worker skills, in contrast, are not crucial for growth. To measure the historical presence of knowledge elites, we use city-level subscriptions to the famous Encyclopédie in mid-18th century France. We show that subscriber density is a strong predictor of city growth after 1750, but not before the onset of French industrialization. Alternative measures of development confirm this pattern: soldier height and industrial activity are strongly associated with subscriber density after, but not before, 1750. Literacy, on the other hand, does not predict growth. Finally, by joining data on British patents with a large French firm survey from 1837, we provide evidence for the mechanism: upper tail knowledge raised the productivity in innovative industrial technology. 

Nod to Kevin Lewis

Author: "noreply@blogger.com (Mungowitz)" Tags: "articles to read"
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Whales   New window
Date: Saturday, 26 Jul 2014 14:05
I can just see the LMM doing this with me, in kayak, off the coast of Argentina.

Well, she might WATCH it, from a beach chair, ON the coast of Argentina.


Author: "noreply@blogger.com (Mungowitz)" Tags: "animal stories, whales"
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Date: Saturday, 26 Jul 2014 09:30

Can Pro-Marriage Policies Work? An Analysis of Marginal Marriages 

 Wolfgang Frimmel, Martin Halla & Rudolf Winter-Ebmer
Demography, August 2014, Pages 1357-1379

Abstract: Policies to promote marriage are controversial, and it is unclear whether they are successful. To analyze such policies, one must distinguish between a marriage that is created by a marriage-promoting policy (marginal marriage) and a marriage that would have been formed even in the absence of a state intervention (average marriage). We exploit the suspension of a cash-on-hand marriage subsidy in Austria to examine the differential behavior of marginal and average marriages. The announcement of an impending suspension of this subsidy led to an enormous marriage boom among eligible couples that allows us to locate marginal marriages. Applying a difference-in-differences approach, we show that marginal marriages are surprisingly as stable as average marriages but produce fewer children, children later in marriage, and children who are less healthy at birth.

Author: "noreply@blogger.com (Mungowitz)" Tags: "marriage, social science"
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Date: Friday, 25 Jul 2014 13:50
Pension-smoothing is a silly gimmick.  But it's a red herring.

Okay, yes, pretty much no one thinks it's a good idea.

It's dumb.  And wasteful.

Of course, the real solution is to raise taxes on gasoline, right?  Though that wouldn't solve the problem of people driving less, or the "problem" of more fuel efficient cars. (Problem?)

No, the real solution is to stop looting the highway trust fund for pork barrel projects, and use it for maintenance.  At present, 40% of the Fed's highway trust fund goes to "earmarked programs."

Stop that.  Easy peasey.

Here's the thing:  the states are supposed to pay for maintenance of the highway system.  And the STATE taxes are more than double the Fed excise tax.  The states you would expect (CA, CT, MI) all charge more than TRIPLE the Fed rate.  And these states all loot that money and use it to buy votes from developers and corporations.

There's this canard:  the rate of gas taxes has fallen, adjusted for inflation.  Well, the Fed tax rate has fallen, because all they do is use it to build bridges to nowhere.  It's just a slush fund for payoffs to campaign contributors.  The average rate of state gas tax was 20 cents/gallon in 2002.  It's 31 cents/gallon in 2014.  That's a 55% increase, in 12 years.  Inflation is only a 33% increase over that period.  The point being that state gas taxes have increased more than 20%, adjusted for inflation, since 2002.  Why do we need to raise gas taxes?

The answer is that politicians use your tax money to buy votes.  And they can never, ever have enough.  Votes, that is.

Just spend the actual money that we already raise on roads.  Take the 40% of the Fed highway trust fund that's spent on pork, and spend it on maintenance.  Stop enabling the states to use gas taxes for anything except roads.  We collect plenty of taxes for roads.  We just don't use it for roads.

Gas taxes are a pretty good example of a "user fee."  You pay more if you use more, and the money can be used to provide the service.  Except that, to paraphrase Gary Trudeau, "But the highway trust fund was just sitting there!"
Author: "noreply@blogger.com (Mungowitz)" Tags: "taxes fix everything, trust"
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Date: Friday, 25 Jul 2014 11:00
Found this great caterpillar, on the LMM's car.  Note the giant false head, unseeing "eyes," and upright posture.  When threatened, it rears up and tries to look all bad-ass, when in fact it's a soft little useless wimp.



Unfortunately, my good friend Michael Thomas imagined that there is some connection between this beast and the beast called "The Tenured Professor."   Click for an even more tenured image.

Ow.  Problem with the analogy, of course, is that caterpillars pupate and turn into pretty butterflies.  Tenured profs turn into....Keith Poole.  Double ow.
Author: "noreply@blogger.com (Mungowitz)" Tags: "academic politics, bugs"
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Date: Thursday, 24 Jul 2014 15:50






People, if crap like this can happen, why do we even have a government at all?


Author: "noreply@blogger.com (Angus)" Tags: "ain't that America, ecce schlub, that wa..."
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Date: Thursday, 24 Jul 2014 12:33


Author: "noreply@blogger.com (Mungowitz)" Tags: "we'll make great pets"
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Date: Wednesday, 23 Jul 2014 22:16
So, this guy was pretty sure of himself.  Got all up in here and talking big.  I thought I was going to have to respond.  I mean, the guy's "data" is "a woman sent me a letter."  Really?

But D-Drez took care of it.  Better than I could have anyway.
Author: "noreply@blogger.com (Mungowitz)" Tags: "academic politics, college life"
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Date: Wednesday, 23 Jul 2014 09:30
I sometimes travel first class, as an upgrade.  On Delta, I get upgraded sometimes.

But for the trip back from LAX to Raleigh, I actually paid for first class.  And had a remarkable experience.  Rather than rant, let me just hit the bullet points...

1.  We arrived at LAS, and had to wait 25 minutes 50 yards from the gate, because they didn't have a ground crew.  Really?  No one knew we were coming?  They could have borrowed my cellphone, if they needed to call ahead.  Then at RDU, getting in at 5:50 am after a long flight, again we had to wait 20 minutes.  I timed it.  Delta is notorious for its indifference to customer service, but this was amazing.  If you fly Southwest, you'll notice that they have the door open and people filing out within two minutes of landing.  Delta wants to show you who's boss.  They are.  Apparently, this happens a lot.  I actually missed a flight once, because we waited 30 minutes to get a ground crew.  Got there with just enough time, but couldn't get off the place to go those last 50 yards.

2.  The head stewardess played video games on her cell phone the whole trip from LAS to RDU.  Never once, not once offered snacks or drinks, except when we first got on the plane.

3.  When I got up and asked for some water, she was indignant.  "How was I supposed to know you wanted a drink"?  Well, I don't know...Mental telepathy?  Or perhaps stop playing Tetris on your cell phone and get up and walk through first class and see if anyone ASKS for a drink?

4.  Never offered snacks.  Not once.  On a 4 hour flight.  Amazing.  I mean, the snacks aren't that great, even in first class.  But she never even offered.  Yes, I likely would have said "no."  But gosh.

5.  My tray table was broken. Actually broken.  The hinge was splintered, and the table kept falling down.

6.  My seat was broken, and would not recline.  Four hour overnight redeye, and the seat won't recline.  You may think that's not a big deal.  It's a pretty big deal.

7.  My air vent was broken.  Literally broken, smashed up into the plastic, like it had been hit with a fist.  Completely non-functional.  And it was very hot, the whole trip.

8.  At the end of the flight, the head stewardess actually said, "That was the easiest I've ever had a flight.  No one wanted anything the whole trip!"  Completely oblivious.  She had no way of knowing whether anyone wanted anything, because she never entered the first class cabin to check.  The passengers in first class talked to each other about this.  "Do you believe how bad she is?"  "Wow, this is terrible."  We had, in fact, wanted at least some water on that long trip.  But she never stood up from her smart phone games and even asked.

A note:  It is fair to say, "Oh, poor baby.  That's a first world problem.  No snacks in first class...Awww."  I hear you.  But this was the first time I had ever actually paid for first class.  It is not a mistake I will make again.  At least, not on Delta.
Author: "noreply@blogger.com (Mungowitz)" Tags: "air travel, first world problems"
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Date: Tuesday, 22 Jul 2014 12:43

Note that the ad two above is for Norman!

Yikes!
Author: "noreply@blogger.com (Angus)" Tags: "by the old gods and the new, so proud of..."
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Date: Tuesday, 22 Jul 2014 09:30
Note:  NSFW, just for sheer weirdness.

Vagina pants?  Would YOU wear them?

And the matching (in theme) bra.  Nice.
Author: "noreply@blogger.com (Mungowitz)" Tags: "underpants gnomes, women"
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Date: Monday, 21 Jul 2014 11:00
1.  They can't keep companies from leaving California, Michigan, and New York.  But they think they can keep companies from leaving the U.S.  That's a pretty terrible idea, since it means that companies won't come to the U.S. in the first place.

2.  Expulsion after graduation?   Not as bad as posthumous execution...

3.  Research shows that people who cycle to work are mostly white and wealthy.  Demonstrating an old truth:  If green living saved money, poor people would do it.  But only rich people do it.  Because the sacrifice makes them feel good about being rich.

4.  On the other hand, maybe poor folk don't cycle because they smoke too much.   "Do you smoke after cycling?"  "I don't know, I've never checked..."

5.  A princess...

moremoremore!



6.  An interesting story about the class ring.  But what kind of schmuck steals the bride's purse at a wedding reception?

7.  They stole a bright orange van with a unique logo and customized roofs.  What could possibly go wrong with that plan?  "Do you think they've spotted us!"  "No!  Act normal and keep driving, you fool!"  They should have contracted with this guy, who apparently found a worm-hole in the space-time continuum.

8.  An interesting interview on sex work and feminism.

9.  Possum drop loophole?

10.  I need the LMM to read this.   A thermostat at 75 is a bad thermostat.

11.  Actual mistake?  Or just some droll guy in the warehouse?   One explanation:  the state often requires such nonsense.

12.  Foil.

13. Who put peanut butter on the baby again?

14.  The strike zone as a pdf.

15.  As Adam Sandler said, in The Wedding Singer, "I have a microphone!"  Now you'll have one, too, to yell at the kids in amplified fashion.  Amplification is power.

16.  Eating green.

17.  If, at first, you don't succeed...

18.  Interesting piece by PvD on Uber and surge pricing.

19.  What if you could hear the narrator?  A short (NSFW) movie on the Hawthorne Effect.

20.  Do we need "Certificate of Need" rules





Headline meme:  Once you've read it, you are pretty much done.  But you read on, because you can't help yourself.

Pilot dropped 3,000 pingpong balls redeemable for prizes, but missed crowd and hit interstate


Author: "noreply@blogger.com (Mungowitz)" Tags: "links"
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Date: Friday, 18 Jul 2014 14:54
This story contains a number of jaw-dropping assertions.  I was hoping it was an ironic parody, but the New York Times doesn't really have enough self-confidence to be ironic.  It's just painfully earnest, shading over into earnestly painful.

Excerpt:

When city leaders and state legislators agreed last year to fund roughly half the $1 billion cost of a new stadium for the Minnesota Vikings, they attached the usual strings for such projects: It had to be architecturally iconic, employ steel made from Minnesota iron ore and offer at least a few cheap seats. 

So... Minnesota has a total population of 5.4 million souls.  Minneapolis has a population of just under 500,000, if you count the surrounding cities like St. Paul.  They need a $1 billion football stadium?  Really?  And taxpayers need to pay for half of it?  That's $2,000 per resident of the Minneapolis metroplex.  For a sports stadium that will be used, at most, 30 times per year, even counting monster truck shows.  The state is going to hit up taxpayers $1,000 per resident of the city to pay for a football stadium.  That's not $1,000 per fan, that's $1,000 per resident, in tax money.

That's the NYTimes' idea of "saving"?  Well, at least they have cheap seats.  Which will be scalped to rich people anyway.  Because the poor folks would prefer to have the money than the cheap/expensive seat.

I guess it's okay, though.  Knowing that they are using locally-mined, free-range artisanal iron gives folks a warm glow.  Because you should make sure and create giant, dirty mines as near as possible to where you live.  Oh, and the bathrooms will all be lit with $25 LED bulbs, too.  So that's something.

I guess Nick Gillespie just isn't a football fan.  Because he doesn't get it.

Seriously, the NYTimes is demonstrating a pretty remarkable support for crony capitalism here.  There is no conceivable "stimulus" justification, and the environmental justification is nonsense.  This is a giant waste of money, a giveaway from taxpayers to highly profitable large corporations.  And a perfect description of the program of the Democratic Party in the U.S.  Also the Republican Party in the U.S.

Nod to MK, who notes:  "I'm in the wrong business.  If a small amount of carbon is worth $500 million, I should set my hair on fire and sell the right to put it out on Ebay!"

Author: "noreply@blogger.com (Mungowitz)" Tags: "crony capitalism is a hell of an ism, sp..."
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