$20 per Gallon?

Interesting series of short articles in Forbes Magazine about life in America when gas is at $20/gal. Its based on a new book by Chris Steiner, a staff writer for Forbes. Its available at audible.com so I'll have to download it and check it out.

RIP Barnes & Noble, 659 Diversey Parkway

Last weekend, feeling a bit of wanderlust, I snuck out of the house while Julia was asleep and headed into Chicago. I wasn't quite sure where I was going to end up, but I gravitated towards the intersection of Clark and Diversey. I used to spend endless hours in this neighborhood while in medical school. This is pretty much the heart of the vibrant, dense lakefront north side. Within a few blocks of this intersection were too many restaurants to name, music stores, coffee shops, and the first Barnes and Noble in Chicago, located just one block west of the intersection on Diversey. The restaurants and coffee shops are still there, the music stores are barely hanging on, but sadly, the B&N is no more.

I first walked into this bookstore in 1993, just after it opened. Back then, the idea of a bookstore where browsing/lingering was encouraged was a novelty. The idea of having a coffee shop within a bookstore, crazy! Something about the high, arched ceiling (it felt vaguely barn-like) and the dark Chestnut stained bookshelves appealed to me. I spent many a night browsing and lingering till closing (yeah, I was a geek), and occasionally coughing up the money for a scone and tea (and a poor student geek at that).

All that time spent at that location imprinted somewhere in my brain, and I've always had fond memories of time spent there. So I was disappointed to approach the location and find it shuttered for good. According to the notice on the door, it closed on December 30th. I think I was last there in November, and all seemed normal at the time.

I suppose it was inevitable, between Amazon and this depression, that the days of these chain stores are numbered. Oak Park has a Borders bookstore which I've spent quite a few hours and dollars in (don't care for the tan-colored bookshelves nearly as much), but I'm expecting it to close eventually too (along with the entire company.)

Hopefully the independent bookstores can fill the void, because much as I enjoy web surfing, browsing Amazon (even with coffee in hand) isn't nearly as enjoyable as hanging out in these bookstores.

Another Great Atlantic Monthly Article

I just love the Atlantic Monthly. Not only does it have a great stable of bloggers who I follow, but a bunch of interesting long-form articles as well. This month has an article by Richard Florida, who is famous for popularizing the idea of the "creative class".

Interesting thesis in the article that the current economic crisis will have the long-term effect of remodeling the economic landscape. He also argues that dense, walkable urban areas will prosper, since these areas are desirable for "creative class" types. Good news for the Chicago metro area in general and particularly for the city of Chicago. Not so great news for Detroit and possibly Las Vegas. It dovetails nicely with "The Next Slum?" article from last year's Atlantic.

I should probably get a subscription to the magazine.

All Hail the SUPERTRAIN!!!

http://www.washingtonmonthly.com/features/2009/0901.longman.html

Fantastic article in the Washington Monthly arguing for government investment in our national rail network (including electrification.) This single article discusses many of my disparate interests (trains, environment, Chicago, and the economy.) Pretty much the only thing it leaves out is Apple and Chipotle.

Meltdown

Boy, the financial industry appears in total meltdown right now. First Bear Stearns, then FannieMae and FreddieMac, now Lehman Brothers, Merrill Lynch, and AIG. Who knows what the future holds. It's all the horrible fallout from the real estate bubble, or as Atrios descriptively calls it, "the big s--tpile." The apparently worsening crisis fits well with my instinctual pessimism, so I can't say I'm shocked or surprised. I just hope Apple isn't hurt too badly.

Shipping Costs Threaten Globalization

New York Times, August 3rd, 2008

Interesting article in the New York Times today regarding changes in globalization trends as a result of high transportation costs. This is something I started thinking about last year as gas prices started to increase. When your business plan depends on low fuel costs which allow you to have raw materials and finished goods shipped all the way across the world, what happens when low fuel costs no longer exist?

From a local perspective, this may allow a resurgence of local manufacturing and production, which could be good for the Chicago region, especially given Chicago's central role in the US rail network. The Midwest, as a whole, may lose a little bit of the rust in its belt.

Obviously, the downside is that it'll be more expensive for exporters based here to ship goods overseas. It'll take several years before we see how this trend pans out.

The Mortgage Crisis Explained (in Cartoon)

Here is the simplest explanation of the subprime mortgage crisis I've seen so far, depicted in cartoon format. (Warning: some profanities involved.)

Four Dollars a Gallon

I was driving in Chicago last weekend and I noticed that gas prices have finally hit the four dollar mark. They're a little bit cheaper here in the 'burbs but I expect prices here will reach four dollars soon enough. Between Kelly and I, we barely drive 100 miles per week so, unlike everyone else who has to drive far every day, we are not as affected by ever increasing prices. Let's hear it for public transit! But I can imagine the pain of those who do drive a lot. At some price point the current lifestyle model of driving everywhere becomes unaffordable to all but the wealthy. Our region has better public transit than most parts of the country, but it is still far from ideal.

More Blogginess

I've always been a gloom and doom kind of person. I remember being unable to sleep at night in the early eighties (during high school) worried about the Federal deficit. I suppose I prefer to be pleasantly surprised when my predictions of disaster fail to come true than painfully disappointed. Thus, I'm morbidly fascinated by the current economic crisis as well as the more long-term crisis of peak oil. Two blogs I've discovered recently help me get my doom and disaster fix. Calculated Risk is a finance and economics blog which these days is documenting the horros of the housing collapse, as well as the foolishness which led to the collapse. The Oil Drum blog discusses energy and the future of energy (ie Peak Oil). To complete the trifecta, I probably should find a blog dedicated to global warming.

More Bad Economy News on the Housing Front

The foreclosure epidemic is not just hitting poor areas. Even wealthy, "McMansion" neighborhoods are suffering. Just goes to show how crazy the real estate market had gotten over the past few years. I don't think Chicago has been hit as badly as some of the coastal markets, but there has still been plenty of pain locally.


http://news.yahoo.com/s/nm/20080407/us_nm...

Foreclosures come to McMansion country

LEESBURG, Virginia (Reuters) - Million-dollar fixer-upper for sale: five bedrooms, four baths, three-car garage, cavernous living room. Big holes above fireplace where flat-screen TV used to hang.

The U.S. housing crisis has come to McMansion country.

Just as the foreclosure crisis has hollowed out poorer neighborhoods, "for sale" signs are sprouting in upscale developments so new they don't show up on GPS navigation screens.

Poor people weren't the only ones who took out risky, high-interest loans during the housing boom. The sharp increase in housing costs -- and the desire to live in brand-new, spacious houses with modern features -- led many affluent buyers to take out loans they couldn't afford.

Oh Crap, Recession Here We Come

New York Times - "Economy Lost 63,000 Jobs in February"

Looks like we're definitely sliding into recession. There will be plenty of pain and suffering all around.

But on the bright side, Apple announced some cool updates for the iphone. Too bad fewer people will be able to afford one. Luckily, for now Julia is blissfully unaware of the downturn in major economic indices. She's still doing her part to stimulate the economy.

"I'll take both!!!"

Iphone Update

I've had the Iphone for a while now.

Verdict: Its great, I think its worth every penny we paid for it. Once a new upgrade is released, I think I'll buy one for Kelly. I don't listen to music all that much, an occasional audiobook maybe, but I use the web browser all the time. I'm fairly impatient, and I always find getting annoyed waiting in line, on the phone, at a restaurant, or whatever, and now I have something to keep me busy during those times. Kelly appreciates the phone because I no longer bug her (as much) to hurry up all the time. The camera is okay, not great, but its a big improvement over my previous phone camera (ie: I didn't have one).

Additionally, Apple stock is going through the roof, partly due to the iphone, so that's a bit of a bonus.

We're Number 1!!!

I've read that we (Chicagoland) have the highest gas prices in the country. Around Oak Park, its something like 3.70, but in the city in some places its over $4. Maybe, high gas prices will finally convince America of the need for better public transit. One can always hope. I'm grateful that my commute to work only involves a 4 mile drive. Aside from work, we're mostly just driving around town, so we rarely travel more than 3 miles for any of our errands. Hooray for dense urban environments!