While I am not a Patriots fan ( full disclosure: my spouse is a Boston native), I have to take my hat off to the New England Patriots and their head coach Bill Belichick as they have earned a trip to yet another Super Bowl. It is truly amazing that his teams have been so consistently good without the benefit of ostensibly overwhelming talent outside, of course, arguably the greatest quarterback of all time.
I salute you.
“Indignation,” the film adaptation of Philip Roth’s novel of the same name, is an excellent film. To recap succinctly (and without too many spoilers): the film is about an academically-gifted son of a New Jersey kosher butcher who goes to a private, presumably church supported liberal arts college in Ohio. While there, in part because of his intellect and his rigid self-righteousness, he manages to both alienate himself from his classmates/roommates and engage in open conflict with the powerful and pious dean of students. At the same time he develops a relationship with a pretty blonde with a troubled past. After his mother asks him to end it with the girl, college eventually gets to be too much for him and he is expelled. Unfortunately, that’s not the worst outcome for him.
I originally had not planned to see it. However, as it is summer and I did not feel like going into the office, I caught a cheap matinee. I was pleasantly surprised and certainly happy for the opportunity cost of my time. My ex-ante pessimism probably finds it source in the history of other rather poor adaptations of Roth novels such as the “Human Stain.” This time, however, I felt both the script and the actors cast to play the characters were on point. In particular, the actor playing the role of the main protagonist Marcus Messner, Logan Lerman, gave what I would deem an oscar-worthy performance.
I highly recommend the film.
Yesterday was the 70th anniversary of the first war-time use of a nuclear weapon in the history of the world. As the number of living witnesses dwindle, a concern is that the memories of the horrifying consequence of the use of such powerful weapons will be lost. To combat this possibility, the Japanese have established a formal program of memory storage wherein people are appointed to transmit the memories across time. Specifically, these official “guardians of memory” learn the memories of the survivors and continue to retell these stories after the actual survivors lose the ability to retell them.
This is a fascinating program that goes beyond the typical oral history projects typically conducted and archived university libraries. Oral transmission of memories across generations is uniquely human and it is interesting to know that such ancient forms of maintaining the historical record has not completely gone by the wayside in this technologically driven world.
I wish some of the amazing watershed events in US history were recorded in this way. As someone who spent a lot of time listening to my grandfather recount to me a broad array of historical events that he witnessed – MLK marching in Chicago; Ernie Banks’ first game with the Cubs; the battle of Iwo Jima, for some examples – I find archival recordings to be a little sterile.
The Wall Street Journal published an interesting story a couple of months ago about a company serving as a pawnshop for the rich. Specifically, they allow individuals with high – end assets such as luxury cars and expensive jewelry to borrow up to millions of dollars against these assets without credit checks, like a pawnshop. Of course, this type of borrowing is more expensive than borrowing from the bank with interest rates climbing near 25 percent in some cases.
The interesting thing about this business is that it took so long to establish something like it for the wealthy. As banks have become more sophisticated about credit decision making, the days when people with expensive assets can easily acquire a line of credit at a bank are probably long gone. This difficulty in obtaining large amounts of credit is probably doubly true for the growing number of self-employed consultants and technology entrepreneurs who face considerably uncertainty over when the next check is coming: three weeks or three months from now.
Of course, there is always those people for whom this new way for people to get in debt is a bad thing. But I say this is a considerable improvement over the past options — loan sharks and such — where the high interest was typically coupled with the specter of pain or more upon default. People of all backgrounds and stripes will always need short term loans. Where there is demand, there will undoubtably be someone to supply it.
After some time, I have decided to return to regular blogging. I’m in the throes of the two-sided coin that is summertime for an untenured academic: I have enormous amounts of unstructured time since I am not teaching or engaged in committee work; Unfortunately, almost all of it is spent working on research.
Hence, the blog — a useful respite from coding and writing if I am stuck in front of the computer anyway.
Something odd is going on at the Chicago Housing Authority (CHA). Apparently CHA, in a rare situation for a public agency, is running a surplus– after bolstering its pension funds.
Unfortunately, this development has been met with disappointment and even anger in some circles. This anger stems from a belief that the current administration does not care that Chicago has a serious public housing shortage and the CHA neither seems to be bringing new units on the market nor the filling existing units in some areas.
Ultimately, whether this a “bad” thing or not is a, is a matter of perspective. It is well-known from public goods theory in economics that such goods, in this case high – quality public housing, will likely be underprovisioned in part because it requires a fair bit of redistribution (via taxes) to match people’s preferences. Plus, the below market prices will generally induce a lot of people into the market leading to about who is entitled to it since you have taken away price as the chief rationing mechanism.
Certainly, the current situation is a bad thing if you have difficulty obtaining market-level housing as more units available means you have a higher probability of obtaining one and if there are negative externalities (more crime, disease, and so on) arise from housing shortages. Alternatively, using some of the money to bolster the pension fund and pay down debt probably contributes to the agency’s long-term solvency. Given that most public agencies, especially in Chicago, have little to no reserves and are running red and that expected future funding for public projects is probably declining, it makes sense. Plus, with respect to public housing in very desirable areas, a question arises with respect to allocative efficiency. Though the welfare of citizens who would live in places like the Lathrop Homes or places like them might be improved by the the prosperous neighborhoods around it, it comes not only at the direct cost of management and maintenance but at the opportunity cost of taxes on residential and commercial real estate lost because the projects are there. These funds could potentially contribute to improving quality of life and public goods in other parts of the city.