- Hudson River Greenway northbound
- Dyckman Street eastbound
- Harlem River Greenway southbound
- Frederick Douglass Blvd southbound
- West 119th Street westbound
Source:
Saturday, November 19, 2011
Uptown Loop Biking Adventure
Going southbound, Harlem River Greenway ends at 155th Street, and it's not until around 125th Street that East River Greenway begins. Even the East River Greenway doesn't continue all the way down. The East Side certainly is not yet up-to-date in fixing biking lanes. The Uptown Loop, therefore not a true loop of Uptown, turned out like this:
Source:
Source:
Friday, November 18, 2011
NBA and MLB: A Tale of Two Labor Negotiations
Two of America's major professional sports league - National Basketball Association and Major League Baseball - are headed along two divergent routes of labor negotiations. The NBA is been on the lockout since July 1st, and the season, which already has been cut short by over 300 games, seems to be on even more jeopardizing route. The latest proposal of 50-50 revenue split between players and owners was rejected on Monday, and two antitrust lawsuits were filed on Tuesday. Meanwhile in baseball, given the progress of the negotiations, few even seemed to realize the expiration of the current contract in December. Recently, new five-year collective-bargaining agreement passed. Noteworthy changes include new restraints on draft spending, transition of the Houston Astros to the American League to establish two 15-team leagues as the franchise was purchased by Jim Crane, and addition of another wildcard playoff spot in each league.
Not everyone is happy over the deal. In Houston, some angry season-ticket holders expressed that they will no longer be renewing, as transition into the American League will alter the style of National League playing the team has been accustomed to. Several General Managers didn't like the limit of spending on drafting. Even the addition of the extra playoff spot doesn't even please everyone; some note that this will only favor the inclusion of strong AL East teams into the playoffs.
Despite these differences, "the players and owners at least understand that no issue is big enough to bring down the entire sport." Compromise is the key essential for both sides to prosper. Both the players and owners want to gain more in the deals, but the fundamental truth is that at the end of the day, only one side can gain at the expense of the other. Furthermore, without harmony, both sides lose, enormously. This Tuesday should've been the first paycheck day for NBA players. Instead, the average NBA player lost over $200,000 as a result of the stalemate. With over 300 and counting games canceled, those economically hurt aren't just the league owners and players. From bars to parking lots around the venues, the local economies have also suffered greatly.
The best approach is negotiation with the mindset that an ultimate solution between the two parties is imperative. When one or both sides begin to feel that losses are fine and allow strikes to unfold, the devastating effects begin to spread, affecting more than just the two sides. It comes back to their responsibility to soon realize that the current short-term losses will only continue to bleed, and to ultimately propose a compromise that restores America's pastime and economy.
Sources:
Not everyone is happy over the deal. In Houston, some angry season-ticket holders expressed that they will no longer be renewing, as transition into the American League will alter the style of National League playing the team has been accustomed to. Several General Managers didn't like the limit of spending on drafting. Even the addition of the extra playoff spot doesn't even please everyone; some note that this will only favor the inclusion of strong AL East teams into the playoffs.
Despite these differences, "the players and owners at least understand that no issue is big enough to bring down the entire sport." Compromise is the key essential for both sides to prosper. Both the players and owners want to gain more in the deals, but the fundamental truth is that at the end of the day, only one side can gain at the expense of the other. Furthermore, without harmony, both sides lose, enormously. This Tuesday should've been the first paycheck day for NBA players. Instead, the average NBA player lost over $200,000 as a result of the stalemate. With over 300 and counting games canceled, those economically hurt aren't just the league owners and players. From bars to parking lots around the venues, the local economies have also suffered greatly.
The best approach is negotiation with the mindset that an ultimate solution between the two parties is imperative. When one or both sides begin to feel that losses are fine and allow strikes to unfold, the devastating effects begin to spread, affecting more than just the two sides. It comes back to their responsibility to soon realize that the current short-term losses will only continue to bleed, and to ultimately propose a compromise that restores America's pastime and economy.
Sources:
- http://msn.foxsports.com/mlb/story/new-labor-contract-shows-bud-selig-learned-lesson-111711
- http://www.google.com/hostednews/ap/article/ALeqM5iOEfwc7ypNv9lhOtstScTVDadhAg?docId=2538d484e3f847adbd48023cee8587f6
- http://espn.go.com/nba/story/_/id/7238632/nba-lockout-average-player-loses-220000-paychecks-arrive
- http://espn.go.com/nba/story/_/id/7247758/nba-lockout-league-briefs-owners-situation-conference-call-source-says
Tuesday, November 15, 2011
Response to "First Person: My $50,000 Salary Felt Like Minimum Wage"
Laura Cone, a professional writer for more than 20 years, recently published a blog entry on Yahoo entitled "First Person: My $50,000 Salary Felt Like Minimum Wage." In her article, Cone calculates that after she abandoned her work-at-home job and took on working at the office, costs associated with employment has been so high that her $25/hr wage really boils down to about $7.50/hr. After arriving at that number, Cone concludes that "[her] high paying job equaled minimum wage."
Thousands of viewer comments were left on the blog entry. Most either ridiculed or lambasted Cone's conclusion. Viewers making less than $50K remarked how they were more careful in their spendings and that Cone should appreciate her income. In particular, those who left comments pointed out that the costs associated with employment are not necessary job expenses, but rather implicit costs associated with abandoning a work-at-home job. In Cone's case of transition from working at home to at office, the decision to take the office job has enormous additional costs. From costs of childcare to extra spending to combat work stress (all of the subtracted costs Cone listed in her analysis), all of these costs represent the hidden, implicit costs of working at office. In essence, these also represent the opportunity costs of working at office, as opposed to working at home. In her blog entry, Cone "discovered [she] was not making as much as [she] thought due to hidden career costs." It is plausible that these hidden career costs may not have been fully compensated by the increase in gross income at the office job, leading to Cone's conclusion. Nevertheless, they represent opportunity costs, which is necessary for all firms and individuals to take into account for any decisions such as moving employment locations.
But more troubling for public viewers of the blog entry is Cone's comparison to earning minimum wage. As comments pointed out, those earning minimum wages need to pay for the essential living expenses - food, transportation, etc - from their minimum wage. Cone's "minimal wage" is after all of those costs have been deducted. Furthermore, Cone was even "reimbursed mileage during the workday, but had to eat my commuting costs." Most employers for private companies don't even get reimbursed for mileage and the gas costs also come from their gross income. Lastly, some of the "career costs" Cone listed are luxuries that those earning true minimum wages would not be able to enjoy. For example, Cone wrote that she needs $40 per week on clothes; while this number may not seem outright lavish, she takes into account spending that amount for clothes, every week. What does indeed sound outright lavish, are what Cone says she needs to "combat work stress." She "needed to take expensive vacations just to unwind" and began "getting weekly massages." Citing that she now has "less time and more to juggle" (while working only the typical 40 hours/week), Cone "paid for someone to mow [her] lawn and clean [her] house." None of these luxuries are opportunities that those actually earning minimum wage typically enjoy.
It's understandable that people like Cone spend more for certain goods as her style of employment became more demanding. There's where the adage comes that "money buys happiness." However, it's not acceptable that implicit costs of career are counted under work expense; they are rather opportunity costs of making the transition from working at home to office. But more importantly, particularly in this economy of high unemployment and decreased real wages, associating these luxuries as work expenses, and drawing parallelism with earning minimum wage, after she indulges in the luxuries, is highly insensitive to those who indeed earn a gross income of minimum wage.
Sources:
Thousands of viewer comments were left on the blog entry. Most either ridiculed or lambasted Cone's conclusion. Viewers making less than $50K remarked how they were more careful in their spendings and that Cone should appreciate her income. In particular, those who left comments pointed out that the costs associated with employment are not necessary job expenses, but rather implicit costs associated with abandoning a work-at-home job. In Cone's case of transition from working at home to at office, the decision to take the office job has enormous additional costs. From costs of childcare to extra spending to combat work stress (all of the subtracted costs Cone listed in her analysis), all of these costs represent the hidden, implicit costs of working at office. In essence, these also represent the opportunity costs of working at office, as opposed to working at home. In her blog entry, Cone "discovered [she] was not making as much as [she] thought due to hidden career costs." It is plausible that these hidden career costs may not have been fully compensated by the increase in gross income at the office job, leading to Cone's conclusion. Nevertheless, they represent opportunity costs, which is necessary for all firms and individuals to take into account for any decisions such as moving employment locations.
But more troubling for public viewers of the blog entry is Cone's comparison to earning minimum wage. As comments pointed out, those earning minimum wages need to pay for the essential living expenses - food, transportation, etc - from their minimum wage. Cone's "minimal wage" is after all of those costs have been deducted. Furthermore, Cone was even "reimbursed mileage during the workday, but had to eat my commuting costs." Most employers for private companies don't even get reimbursed for mileage and the gas costs also come from their gross income. Lastly, some of the "career costs" Cone listed are luxuries that those earning true minimum wages would not be able to enjoy. For example, Cone wrote that she needs $40 per week on clothes; while this number may not seem outright lavish, she takes into account spending that amount for clothes, every week. What does indeed sound outright lavish, are what Cone says she needs to "combat work stress." She "needed to take expensive vacations just to unwind" and began "getting weekly massages." Citing that she now has "less time and more to juggle" (while working only the typical 40 hours/week), Cone "paid for someone to mow [her] lawn and clean [her] house." None of these luxuries are opportunities that those actually earning minimum wage typically enjoy.
It's understandable that people like Cone spend more for certain goods as her style of employment became more demanding. There's where the adage comes that "money buys happiness." However, it's not acceptable that implicit costs of career are counted under work expense; they are rather opportunity costs of making the transition from working at home to office. But more importantly, particularly in this economy of high unemployment and decreased real wages, associating these luxuries as work expenses, and drawing parallelism with earning minimum wage, after she indulges in the luxuries, is highly insensitive to those who indeed earn a gross income of minimum wage.
Sources:
Friday, November 11, 2011
Improvement in Markets
In a week that saw tumultuous variations in the stock markets given the events in Europe, stocks closed the week with more optimistic outlooks, with the Dow closing at 12,133.82. It was helped by the news in Italy that the Senate approved budget measures. This package of austerity measures, which was demanded by the European Union, will go into vote in the lower house, and ultimately trigger the resignation of Prime Minister Silvio Berlusconi, who announced on Tuesday that he will step down after new economic measures are passed. The passage also lowered the Italian bond yields, which had climbed to record levels earlier this week.
Meanwhile in the United States, aside from bank shares climbing in response to the events in Italy, stocks for Walt Disney rose 6.7%, citing advertising gains and higher ticket prices for increased profit. These developments come one day after the Labor Department announced that the number of people applied for unemployment claims fell to a seasonally adjusted 390,000 last week, the lowest levels since April. While this is an encouraging signs, it's still not at a level to sustain job gains. The outlook in Europe continues to worry Americans, as the debt crisis could push Europe into a recession and hurt American exports.
So while the stocks closed the week on a high note, caution is still needed to claim true progression, as this week's events show the high volatility in the markets in response to global developments.
Sources:
Meanwhile in the United States, aside from bank shares climbing in response to the events in Italy, stocks for Walt Disney rose 6.7%, citing advertising gains and higher ticket prices for increased profit. These developments come one day after the Labor Department announced that the number of people applied for unemployment claims fell to a seasonally adjusted 390,000 last week, the lowest levels since April. While this is an encouraging signs, it's still not at a level to sustain job gains. The outlook in Europe continues to worry Americans, as the debt crisis could push Europe into a recession and hurt American exports.
So while the stocks closed the week on a high note, caution is still needed to claim true progression, as this week's events show the high volatility in the markets in response to global developments.
Sources:
Tuesday, November 8, 2011
Berlusconi to Resign
On Tuesday, Italian Prime Minister Silvio Berlusconi announced that he will resign after parliament approves economic reforms. The announcement comes after Parliament passed a budget measure with 308 votes, but saw over half of the 630 lawmakers not taking part in the vote, a vivid indication that Berlusconi no longer has the support of a majority in Parliament.
Italy has the third largest economy in the eurozone and eighth largest in the world. Struggling European countries like Greece, Ireland, and Portugal already had to be bailed out. Although currently solvent, Italy poses a tremendous challenge with its 1.9 trillion euro debt, or about 120% of its economic output, that Europe can't afford to bail out. The Italian bond yield reached 6.77% on Tuesday, dangerously approaching the 7% mark that prompted bailouts for Portugal and Ireland.
In the United States, the news of the impending resignation pushed Dow up 101 points to close at 12,170.18. Stock markets in Italy, Germany, and France also rose slightly.
Sources:
Italy has the third largest economy in the eurozone and eighth largest in the world. Struggling European countries like Greece, Ireland, and Portugal already had to be bailed out. Although currently solvent, Italy poses a tremendous challenge with its 1.9 trillion euro debt, or about 120% of its economic output, that Europe can't afford to bail out. The Italian bond yield reached 6.77% on Tuesday, dangerously approaching the 7% mark that prompted bailouts for Portugal and Ireland.
In the United States, the news of the impending resignation pushed Dow up 101 points to close at 12,170.18. Stock markets in Italy, Germany, and France also rose slightly.
Sources:
- http://finance.yahoo.com/news/Berlusconi-promises-to-resign-apf-3530821317.html?x=0&sec=topStories&pos=2&asset=&ccode=
- http://edition.cnn.com//2011/11/08/world/europe/italy-economy/index.html
- http://finance.yahoo.com/news/Stocks-rise-after-Berlusconi-apf-803223079.html?x=0&sec=topStories&pos=4&asset=&ccode=
Monday, November 7, 2011
Columbia ↔ Upper Nyack Biking Adventure
Route 9W, starting at George Washington Bridge in New Jersey and continuing northward, is popular with cyclists riding through Bergen County and counties in New York state on the west side of Hudson River. However, the route is quite hilly. A series of steep downhills are experienced going northward near the NJ/NY border, and steep up- and down-hills are experienced along the village of Nyack. The route continues all the way upstate to Albany, but I stopped and turned around somewhere along the route in Upper Nyack. The summary of the trip as follows. Besides the portions of the trip in Manhattan, the entire trip stays within the west side of Hudson River.
- Columbia University
- George Washington Bridge
- Northbound on 9W, passing through in Bergen County: Fort Lee, Englewood Cliffs, Tenafly, Alpine
- Enter New York and passing through in Rockland County: Palisades, Piermont, Nyack
- Ride past, but don't cross Tappan Zee Bridge
- Return on same route
Wednesday, November 2, 2011
Stock Market Recap
On Wednesday, the Dow gained 178.08 points, after losing 573 points over the two previous days over the closure of MF Global and situation in Greece. MF Global, a global financial derivatives broker, filed for Chapter 11 Bankruptcy after making a massive leveraged bet on European debt. In Greece, Prime Minister George Papandreou put a referendum over a debt bailout for the nation, which took months for European countries to broker. If voters reject the referendum, a default could result from Greek debt, leading to massive losses for banks holding Greek bonds. Papandreou is scheduled to meet with G20 leaders on Thursday and Friday.
Meanwhile in the United States, private hiring increased by 110,000 in October, surpassing economic expectations. This report comes in days after the news that consumer spending increased by 0.6% in September, while income only increased by 0.1%. These signs of improved confidence were encouraging and aim to allay fears that the United States is on the verge of another recession. Most of the jobs added in October were from the service sector, and investors hope for similarly optimistic news for Friday's broader employment report.
Despite Monday's drop, Dow posted 9.6% gain in October, the best one-month performance since 2002. However, the significant drop over Monday and Tuesday still illustrates the vulnerability and volatility of the market given the circumstances in Europe.
Sources:
Meanwhile in the United States, private hiring increased by 110,000 in October, surpassing economic expectations. This report comes in days after the news that consumer spending increased by 0.6% in September, while income only increased by 0.1%. These signs of improved confidence were encouraging and aim to allay fears that the United States is on the verge of another recession. Most of the jobs added in October were from the service sector, and investors hope for similarly optimistic news for Friday's broader employment report.
Despite Monday's drop, Dow posted 9.6% gain in October, the best one-month performance since 2002. However, the significant drop over Monday and Tuesday still illustrates the vulnerability and volatility of the market given the circumstances in Europe.
Sources:
- http://finance.yahoo.com/news/Stocks-recover-after-a-twoday-apf-2155362811.html?x=0&sec=topStories&pos=9&asset=&ccode=
- http://online.wsj.com/article/SB10001424052970203716204577013481570347606.html?ru=yahoo&mod=yahoo_hs
- http://www.ft.com/cms/s/0/14601a1c-0167-11e1-ae24-00144feabdc0.html?ftcamp=rss#axzz1cbmeJDIT
- http://www.news-press.com/article/20111101/BUSINESS/111010360/October-surprise-Dow
Tuesday, November 1, 2011
7 Billion and Counting
The United Nation estimated that human population reached 7 billion on Monday. It was only 12 years ago that the world reached the 6 billion mark. The Chair of NGO Population Matters Roger Martin recently remarked that "every additional person needs food, water and energy, and produces more waste and pollution, so ratchets up our total impact on the planet, and ratchets down everyone else's share." On the other hand, 7 billion may be an enormous but somewhat graspable number. If 7 billion people fitted into Texas, the population density would only be as great as that of New York City.
It is true that population growth has curbed significantly in recent decades. The average number of children per women is currently 2.5, down from figure of 5 observed in the 1950s. The current population growth at 1.1% is half the peak value in the 1960s. The tempered growth rate "enables families and societies to focus on the well-being of their children rather than the quantity."
The recent figure also shows that there's a high correlation between country's wealth and population growth. Countries like Japan struggle to keep up with a declining population, but many Sub-Saharan African countries, women may be having five or more children on average. The disparity becomes significant when the resource usage is accounted for. Industrial countries, accounting for 20% of the world population, account for 80% of the accumulated carbon dioxide in the atmosphere. Furthermore, the average carbon dioxide emission per person is 19.9 tons per year, while in Kenya, the figure is 1.2 tons per year.
As a result, the focus may be two-fold. Quality of life should be addressed in the low-income countries to curb the massive population growth. At the same time, they consume so little compared to high-income countries. While the 7 billion mark may draw much attention to issues of sustainability, the world shouldn't be alarmed. The planet is capable of producing enough food; however, it's not always getting to those in need. 50% of the food Americans buy get thrown away. At the same time, it is difficult to transport and utilize that resource to the 1 billion people who go hungry around the world.
So the rising population is indeed a concern. But trying to curb the growth at the locations with the highest growth rates isn't quite the solution, for those areas consume little resources. As for resources, it's not that the world can't produce enough for the pending population. As the world slowly awaits for the next mark, the true challenge rests in transferring the excess capacity to areas where it becomes the necessity.
Sources:
It is true that population growth has curbed significantly in recent decades. The average number of children per women is currently 2.5, down from figure of 5 observed in the 1950s. The current population growth at 1.1% is half the peak value in the 1960s. The tempered growth rate "enables families and societies to focus on the well-being of their children rather than the quantity."
The recent figure also shows that there's a high correlation between country's wealth and population growth. Countries like Japan struggle to keep up with a declining population, but many Sub-Saharan African countries, women may be having five or more children on average. The disparity becomes significant when the resource usage is accounted for. Industrial countries, accounting for 20% of the world population, account for 80% of the accumulated carbon dioxide in the atmosphere. Furthermore, the average carbon dioxide emission per person is 19.9 tons per year, while in Kenya, the figure is 1.2 tons per year.
As a result, the focus may be two-fold. Quality of life should be addressed in the low-income countries to curb the massive population growth. At the same time, they consume so little compared to high-income countries. While the 7 billion mark may draw much attention to issues of sustainability, the world shouldn't be alarmed. The planet is capable of producing enough food; however, it's not always getting to those in need. 50% of the food Americans buy get thrown away. At the same time, it is difficult to transport and utilize that resource to the 1 billion people who go hungry around the world.
So the rising population is indeed a concern. But trying to curb the growth at the locations with the highest growth rates isn't quite the solution, for those areas consume little resources. As for resources, it's not that the world can't produce enough for the pending population. As the world slowly awaits for the next mark, the true challenge rests in transferring the excess capacity to areas where it becomes the necessity.
Sources:
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