Posted inUncategorized

Losing altitude in America

Two pilots and two crews. Two aircraft in mortal danger. Fate is not always the hunter.

As almost everyone knows, Capt. Chesley "Sully" Sullenberger was the pilot of US Airways flight 1549, which last January suffered a bird strike just after leaving LaGuardia Airport that rendered both engines inoperable. Sullenberger performed the remarkable water landing on the Hudson, in the heart of New York, saving all 150 passengers.

Less remembered is a commuter flight from New York City that crashed near its destination of Buffalo the next month, killing 49 aboard and one on the ground. And herein lies yet another tragic, disturbing story about two Americas.

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Posted inPolitics: National

The dog ate his tax returns?

I can't help but point out with satisfaction that the pilot who perfectly glided the stricken US Airways plane into the Hudson, saving all aboard, is one of those experienced Baby Boomers who has spent a lifetime perfecting his skills, doing something real and productive, rather than pushing financial swindles. He's also a union member. These are the people our economy can't dump fast enough. And we wonder why America is in trouble.

Then there's Timothy F. Geithner, President-elect Obama's choice to be the next Treasury secretary. I've been uncomfortable with Geithner since his selection, chiefly because he has been president of the New York Federal Reserve Bank, the mother ship of the Fed, since 2003. This means he was in a position of significant influence as the financial portion of the Great Disruption was emerging. He apparently raised no alarms or did anything to stop the outright fraud running like a river of manure on Wall Street. He has been, as the New York Times put it, "a central player" in the $750 billion financial bailout. So he was a co-pilot who ditched the financial system, but unfortunately it keeps taking on water and the casualty toll is mounting.

Then there's the wee little problem with his taxes.

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Posted inPhoenix

The Stack: Turnaround?; Phoenix ‘architecture’; ruining Biltmore; lost HQs; illegal immigrant hypocrisy

The Monday stack is rich, so let’s get right to it.

We’re hearing a lot of talk about seeing lights at the end of the tunnel, that the downturn is over or the recession will be mild…whatever. I hope so. But here are a few things to keep in mind. First, recovering from the collapse of a real-estate bubble takes much more time than the recovery we saw from the tech bubble after ’01. Japan in the 1980s and 1990s is Exhibit A.

Second, America has many "economies." So Wall Street and the globalized macro economy measured by the Dow and the GDP may well "recover." Another economy involves good jobs and diverse opportunities outside of the minority of fortunate cities such as New York, San Francisco and Seattle. I see no signs of that economy turning around. Indeed, by many measures it slips a little further back during and after the end of each business cycle. Jobless recoveries are only one aspect of this troubling trend. Throughout the boom of the past few years, most wages stagnated and many actually lost ground. So hold the celebration.

Read on for more of the Stack

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