September 30, 2008
Inspired by her love of dance and architecture, Diedre Cavazzi has put a new twist on contemporary dance through the creation of her site-specific dance company, ArchiTexture Dance Company. Cavazzi, artistic director and choreographer of the company, designs modern dance performances in unusual locations – her most recent performance at the Mission San Jan Capistrano. Read More
September 29, 2008
In a commendable example of 21st century media fulfilling their ultimate responsibility, The Wall Street Journal recently announced plans for its innovative “CEO Council,” a premier meeting-of-the-minds designed to stimulate ideas and deliver solutions for many of the problems facing today’s America. According to a full-page ad placed in its own “Marketplace” section on Monday, “Immediately after the November election, the editors of the The Wall Street Journal will convene 100 CEOs of the world’s largest companies to focus on the key priorities facing the next U.S. President and the new Congress as they take office during these tumultuous times… The results will be delivered to the new administration and published in a special report in the The Wall Street Journal following the meeting.” Read More
September 28, 2008
Henry Paulson: Before George W. Bush appointed him United States Treasury Secretary, and he ushered in the biggest bailout in history, “Hank” Paulson was CEO of Goldman Sachs, one of the most prominent and now most disgraced investment banks. When he jumped to Treasury, Paulson cashed in about $500 million in Goldman stocks. Its stock has since tumbled, of course, because of the mortgage meltdown (timing is everything). Why did Goldman sink? Partly because Paulson, before leaving, pushed the company into purchasing and re-selling some the most risky mortgage-backed securities out there: Second mortgages with no down payments. Brilliant! Thanks, Hank.
Lehman Brothers: The world’s largest bankruptcy filing has created perhaps the world’s largest crowd of creditors. Read More
September 26, 2008
Everyday headlines and righteous TV pundits have a distinct talent for making situations much too complex and difficult to understand. Never has this been truer than during this past week’s coverage of the Bush administration’s bailout package and the subsequent battle over its legitimacy. As one question is answered, two or three more burn wildly: “Does the bailout challenge our status as a free-market society?” ”Does this plan put honest taxpayers on the hook for greedy bankers’ overzealousness,” or “Will our economy completely crash and burn without immediate action?” Read More
September 25, 2008
“Green” thinking has swept the nation – we recycle, request paper instead of plastic, buy ridiculously expensive environmentally-friendly vehicles and take eco-vacations. Many have become familiar with Leadership in Energy and Environmental Design (LEED), the most prestigious sustainable-building rating system, and look to buy and invest in LEED certified buildings. Introduced by the U.S. Green Building Council, LEED certification is given to the top 25 percent of environmentally responsible buildings and developers pay large fees to receive the green blessing advocating their buildings as good places to work or live. However, there are many who say the effectiveness of the holy grail of sustainable design honors is as elusive as the blessed relic itself. Read More
September 24, 2008
Upon his return this week from Italy, this Hot Sheet author did not expect his first new contribution to “trash” the country with which he had just fallen in love. (In fact, I wanted to write about the fascinating first-hand experience of watching foreigners gawk at our failing economy like a twisted pile-up on the 405).
But, alas, the following two contrasting stories – about, well, Italian garbage – are on the top of my mind. Read More
September 24, 2008
A more storied baseball stadium never stood. It’s the “House that Ruth Built.” Home to more concerts, World Series games, speeches and legendary players than any other baseball architecture aside from the Hall of Fame, Yankee Stadium saw its final game end on Sunday in a Yankee victory. It’s been a disappointing season for the Yankees – they’ll miss the playoffs for the first time in many years – but fans of the historic franchise eagerly anticipate the new stadium. Read More
September 23, 2008
Many California beach communities make their homes bow to height restrictions. Now one simple solution is bringing homeowners and scornful neighbors to a compromise – basements. That’s right, when it comes to home additions residents and architects are now building down, allowing homeowners to have the additional living space they need without altering the neighborhood’s appearance. Read More
September 23, 2008
The devil is in the details of history’s largest bailout. With rebellion brewing in the grassroots of both parties, the Treasury Department is defending parts of the plan that are, shall we say, wrong. Case in point: Members of the Senate Banking Committee “are pushing for a provision that would require participating firms to grant the government warrants to purchase stock.” But Treasury is resisting, saying, “warrants would limit participation in the program” to failing banks only. In other words, non-failing banks won’t give their assets to the government, and would still get some of the giant money giveaway. But if they are not failing, why should they be rescued? Read More
September 22, 2008
While Congress debates what guidelines to impose on the largest bailout in history, some observers fret about the damage to come. Sub-prime mortgages may be just one wing of the house of cards that includes Credit Default Swaps. As this article from GlobalResearch.Ca defines them, “They are bets between two parties on whether or not a company will default on its bonds.” They have been portrayed as ways for banks to hedge against risks as banks delved into riskier and riskier loans. And because they have become another way for Wall Street to (literally) create money – by trading them back and forth – Credit Default Swaps are (were?) a huge business. How huge? Try twice the size of the U.S. Stock market: A recent Time magazine article says the “CDS market exploded over the past decade to more than $45 trillion in mid-2007, according to the International Swaps and Derivatives Association.” The U.S. stock market is valued at about $22 trillion. And falling.
Thanks, everyone! Great job!
