QE3

Dallas Federal Reserve President Richard Fisher gave a speech in Richardson on Friday at the University of Texas at Dallas about the Federal Reserve's latest attempt to boost the economy by buying bonds, called "QE3":

Fisher also said he was worried about "what it will look like" if the bond-buying program does boost the economy and rates start to rise, forcing the Fed to incur losses on its multitrillion-dollar portfolio of bonds.

Source: The Economic Times.

After the jump, I'll translate for you.

S2L77: Around the World in 800 Days

I always knew that you would
take yourself far from home
as soon as, as far as, you could go.

Source: Natalie Merchant, "Gun Shy".

The lyrics are sung by an older sister describing her coming-of-age brother, but they could have described me. I grew up in Wisconsin. I love the state. Nevertheless, within a month or two of graduating from the University of Wisconsin in 1974, I had in hand a plane ticket for a flight across the Pacific Ocean to Melbourne, Australia, about as far away from home as it's possible to go without leaving the planet. It's a big world out there and I wanted to experience some of it. My stay in Australia lasted two years.

After the jump, my slow way home.

Review: Rise of Theodore Roosevelt

Amazon

From The Rise Of Theodore Roosevelt, by Edmund Morris

Roosevelt’s exhilaration at finding himself a hero (already there was talk of a Medal of Honor) and, by virtue of his two charges, senior officer in command of the highest crest and the extreme front of the American line, was so great that he could not sit, let alone lie down, even in the midst of a surprise bombardment at 3:00 A.M. A shell landed right next to him, besmirching his skin with powder, and killing several nearby soldiers; but he continued to strut up and down, 'snuffing the fragrant air of combat,' silhouetted against the flares like a black lion rampant."

After the jump, my review.

Monday Night Travesty

I'm still not over the travesty I witnessed on television Monday night. No, I'm not talking about the NFL replacement refs and the touchdown that one player (not even involved in the game) called "the worst call in NFL history."

I'm talking about the public hearing before the Richardson City Council over a proposed apartment complex just north of the DART's Arapaho station. The following quote by the developer is perhaps the most irritating.

We've heard a lot of discussions about the look of the proposed community, whether we're going to have structured parking there or not. I think it's something we're willing to consider, take a look at. I think it'll address some of your concerns and some of the other concerns of the council members. Again we'd be willing to take a look at that and what options might be available.

Source: City of Richardson.

After the jump, what's wrong with that and more.

Squeezing Out Transit-Oriented Development

Source: City of Richardson.

With four DART stations on the Red Line, Richardson is well-situated to take advantage of the benefits of transit-oriented development (TOD). Richardson has talked a good story on this front, but recent actions by the city council raise doubts about the city's commitment to carrying it through.

First, it was the gas station that was approved at the entrance to the Brick Row development at the Spring Valley DART station. Now, the city council was faced with another threat to TOD. It's a proposal for a new apartment complex on vacant land just north of the Arapaho DART station. The City Plan Commission approved it 4-3.

Those DART stations, instead of serving as catalysts for TOD spreading outward from the stations, are instead being slowly strangled by traditional, suburban-style development encroaching inwards.

After the jump, how the city council responded.

School Spending and Academic Results

Last week, I commented on a study that concluded that Texas school funding favors wealthy school districts. Today, I want to focus on what the disparity in spending buys the wealthy school districts. In short, academic achievement.

After the jump, plenty of dodging and weaving, then the facts.

One of the Largest Spending Gaps

This is not the kind of distinction that Texans ought to be proud of:

The public policy research and advocacy organization said Texas has "one of the largest spending gaps" in the country -- a difference of more than $1,100 per pupil, after factoring in differences in costs. "In fact, in 2012, the wealthiest districts received almost $1,500 more per pupil than the lowest-wealth districts," the report said, attributing the disparities to a "regressive" formula for distributing state and local funds.

Source: Dallas Morning News.

This won't change until either the voters or the courts force the legislature to do something.

After the jump, the prospects for each.