- Three kinds of pickled cauliflower
- Dried kale
- Arugula and tomato salts
- Haddock, beets, and horseradish cream
- Smoked tomato and almond soup
- Poached yolk and eggplant
- Bass with cauliflower and pesto
- Honey ice cream with caramelized condensed milk cream
- Chocolate bread pudding with vanilla ice cream
Monday, October 13, 2008
Blue Hill Restaurant
Blue Hill Restaurant is a local/organic/environmentally responsible paradise. Everything is fresh and spectacularly prepared. including:
Friday, October 10, 2008
Time for a return to defined benefit plans
Lost in this past bearish week (US stocks are down ~20% since Monday morning) is a recent debate about retirement plans: defined benefits vs. defined contributions.
Defined benefits is the old system. After a certain number of years of work, one's company will guarantee a certain amount of money each month during retirement. These disbursements are funded from current worker's paychecks, and managed either by the company itself or by a contractor. Social Security is, in effect, a giant government defined benefits plan.
Defined contributions is the new system. We can take a certain amount of money out of our paycheck each month, tax free, and invest it as we choose, letting it grow tax free until we retire and then draw funds out as we need it. This has been attractive for three reasons:
1. It creates a direct link between the money I'm putting aside versus the money I'm getting out, bypassing any potential pyramid schemes (as Social Security has been the past few decades, with more people paying into it and than getting money out of it).
2. It allows each individual to set his or her own risk tolerance and direct investment accordingly.
3. Finally, and most importantly, it shifts the risk from the employer to the employee. This is primary reason that employees have switched to these plans.
The problem with defined contribution plans has reared its head this week: panic. The massive sell off on Wall Street is in part a function of millions of individuals deciding that their retirement accounts have dropped low enough and must be liquidated before they decline further. This, of course, pushes stock prices even lower.
A defined benefits plan would not fall victim to such a panic routine, since defined benefit plans have much better and more accurate projections of future liquidity needed (i.e. payouts), and also (should) have access to both private and government insurance and hedging mechanism to protect themselves against downturns. Companies should certainly shift their allocations in times such as these. But they are far less likely than individuals to simply dump their holdings into a falling market.
Defined contributions plans were supposed to be the herald of a new ownership society. Instead, they are a mechanism for irrational risk taking and collective panic.
Defined benefits is the old system. After a certain number of years of work, one's company will guarantee a certain amount of money each month during retirement. These disbursements are funded from current worker's paychecks, and managed either by the company itself or by a contractor. Social Security is, in effect, a giant government defined benefits plan.
Defined contributions is the new system. We can take a certain amount of money out of our paycheck each month, tax free, and invest it as we choose, letting it grow tax free until we retire and then draw funds out as we need it. This has been attractive for three reasons:
1. It creates a direct link between the money I'm putting aside versus the money I'm getting out, bypassing any potential pyramid schemes (as Social Security has been the past few decades, with more people paying into it and than getting money out of it).
2. It allows each individual to set his or her own risk tolerance and direct investment accordingly.
3. Finally, and most importantly, it shifts the risk from the employer to the employee. This is primary reason that employees have switched to these plans.
The problem with defined contribution plans has reared its head this week: panic. The massive sell off on Wall Street is in part a function of millions of individuals deciding that their retirement accounts have dropped low enough and must be liquidated before they decline further. This, of course, pushes stock prices even lower.
A defined benefits plan would not fall victim to such a panic routine, since defined benefit plans have much better and more accurate projections of future liquidity needed (i.e. payouts), and also (should) have access to both private and government insurance and hedging mechanism to protect themselves against downturns. Companies should certainly shift their allocations in times such as these. But they are far less likely than individuals to simply dump their holdings into a falling market.
Defined contributions plans were supposed to be the herald of a new ownership society. Instead, they are a mechanism for irrational risk taking and collective panic.
Monday, October 6, 2008
Cabinet Selector
Here it is: the ultimate technocrat toy I've been waiting for: a cabinet picker!
Here are my picks (notes where I dissented from the majority of pickers):
Obama/Biden:
Ag: Stenholm
AG: Holder
Com: Furman - huge campaign advisor; liberal leanings
Def: Danzig - Gates too polarizing, Reed's seat may go Rep, which would hurt chances of 60 seats
Ed: Napolitano
E: Moinz
HHS: Sebelius
HS: Kelley
HUD: Franklin
Interior: Inlsee
Labor: Granholm - term limited and can't run for pres/vice, with no senate seat likely to open up
State: Richardson
Trans: Rendell - Obama has talked a lot about putting more emphasis on Trans, and Rendell would add diversity (Jew)
Treas: Geithner
VA: Duckworth
EPA: McGinty
OMB: Orszag - From CBO, with Furman already used above
Trade: Brainard
McCain/Palin:
Ag: Sanford
AG: Giuliani- he's the reason why McCain won California and became the nominee
Com: Whitman
Def: Lieberman -makes it easy for Republicans to pick up Joe's seat - and he deserves a big prize if McCain wins
Ed: Keegan
E: Wilson
HHS: Huckabee - anti-obesity enthusiast - would give him a national profile
HS: Keating
HUD: Ken Blackwell - previous HUD experience
Interior: Allard
Labor: Engler
State: Woolsey - Lieberman not going to be State - he's not a negotiator; Negroponte too close to Bush administration
Trans: Peters
Treas: Paulson
VA: Sias
EPA: Shayes
OMB: Holtz - Eakin
Trade: Schwab
Here are my picks (notes where I dissented from the majority of pickers):
Obama/Biden:
Ag: Stenholm
AG: Holder
Com: Furman - huge campaign advisor; liberal leanings
Def: Danzig - Gates too polarizing, Reed's seat may go Rep, which would hurt chances of 60 seats
Ed: Napolitano
E: Moinz
HHS: Sebelius
HS: Kelley
HUD: Franklin
Interior: Inlsee
Labor: Granholm - term limited and can't run for pres/vice, with no senate seat likely to open up
State: Richardson
Trans: Rendell - Obama has talked a lot about putting more emphasis on Trans, and Rendell would add diversity (Jew)
Treas: Geithner
VA: Duckworth
EPA: McGinty
OMB: Orszag - From CBO, with Furman already used above
Trade: Brainard
McCain/Palin:
Ag: Sanford
AG: Giuliani- he's the reason why McCain won California and became the nominee
Com: Whitman
Def: Lieberman -makes it easy for Republicans to pick up Joe's seat - and he deserves a big prize if McCain wins
Ed: Keegan
E: Wilson
HHS: Huckabee - anti-obesity enthusiast - would give him a national profile
HS: Keating
HUD: Ken Blackwell - previous HUD experience
Interior: Allard
Labor: Engler
State: Woolsey - Lieberman not going to be State - he's not a negotiator; Negroponte too close to Bush administration
Trans: Peters
Treas: Paulson
VA: Sias
EPA: Shayes
OMB: Holtz - Eakin
Trade: Schwab
Thursday, October 2, 2008
Thoughts on the VP Debate
1. Joe Biden hit a home run. He is a consummate gentleman. Someone (maybe his debate partner, MI Gov. Jennifer Granholm) said to him, "Joe, shut up and smile," which he did perfectly. He was always on point, with loads of facts at his fingertips. Furthermore, he was never condescending toward Palin. And, most importantly, he did not make a single gaffe.
2. Gwen Ifill should have dropped out of moderating the debate. As soon it became known that Ifill had a book coming out next year with Obama's name in the title, she should have stepped aside. The fact that she did not meant that Ifill was on eggshells the entire debate, unwilling to press Palin when she dodged a question (which happened almost every question). Another moderator should have repeated questions that either Palin or Biden would not answer.
3. Sarah Palin may not know who Achilles was, since she did nothing to convince me otherwise by making no effort to answer a question about what her Achilles Heel is.
4. And finally, the real loser of this debate was John McCain. Joe Biden made point after point about how McCain has voted on the wrong side of an issue, and Palin made almost no effort to refute them. If this were a high school debate, Palin would have lost in a landslide, since, at the end of the day, it is the unrefuted arguments that count.
2. Gwen Ifill should have dropped out of moderating the debate. As soon it became known that Ifill had a book coming out next year with Obama's name in the title, she should have stepped aside. The fact that she did not meant that Ifill was on eggshells the entire debate, unwilling to press Palin when she dodged a question (which happened almost every question). Another moderator should have repeated questions that either Palin or Biden would not answer.
3. Sarah Palin may not know who Achilles was, since she did nothing to convince me otherwise by making no effort to answer a question about what her Achilles Heel is.
4. And finally, the real loser of this debate was John McCain. Joe Biden made point after point about how McCain has voted on the wrong side of an issue, and Palin made almost no effort to refute them. If this were a high school debate, Palin would have lost in a landslide, since, at the end of the day, it is the unrefuted arguments that count.
Tuesday, September 23, 2008
Excellent local restaurant in Charlotte, NC
If you're in Charlotte, I recommend eating at Ratcliffe on the Green. It's a "farm to feed" restaurant, with most of its produce, fish, poultry, and meat coming from about two dozen local farms, and a menu that changes weekly.
Everything was excellent - from the buttermilk biscuits and a taste sweet pumpkin apple soup to start, to the goat cheese, pear, walnut, and greens salad to the wild rainbow trout with tomato-basil risotto. The ostrich (so I've been told) was also very good.
Ratcliffe also does lunch, if one if in the downtown Charlotte area during the day.
Everything was excellent - from the buttermilk biscuits and a taste sweet pumpkin apple soup to start, to the goat cheese, pear, walnut, and greens salad to the wild rainbow trout with tomato-basil risotto. The ostrich (so I've been told) was also very good.
Ratcliffe also does lunch, if one if in the downtown Charlotte area during the day.
Thursday, September 4, 2008
The Republican Party and Community Organizing
Last night at the Republican National Convention, former New York City Mayor Rudy Giuliani and Alaska Gov. Sarah Palin mocked and belittled IL Senator Barack Obama's experience as a community organizer. This was dispicable. Do Republican even know what community organizing is? Here's a definition from a good friend of mine who is a professional community organizer:
"Community organizers, as many of you know, have loads of
responsibilities. The biggest one is helping people educate and
empower themselves to have agency in their lives and fight for their
own interests and for a better world."
It's incredible that the Republican pary would take such offense at the this. What did the founding fathers do when they met in their homes in Boston and New York and Philadelphia and Virginia? Community organizing! How have women gained the right to vote? Community organizing! How did the marches and protests in the civil rights movement happen? Community organizing! G-d forbid people actually meet among themselves and think about what problems they have and how best they can work together to make a difference. And G-d forbid they ask someone with experience bringing people together and experience petitioning government to help them be more effective.
On a more specific note, you should read the middle section of Obama's first book (Dreams from my Father) about his experiences in Chicago as a community organizer if you haven't already. It's an amazing story of a young man who spent time talking to people on the South Side of Chicago. Not as a politician, but just as a guy interested in helping them fight for themselves. It's experience that I think makes Obama exceptionally qualified to be President of the United States. There are plenty of people like the residents of Wasilla, AK in the US. But there are also plenty of people like the residents of the South Side of the Chicago, and they need our help more than ever.
Obama's experience as a community organizer gives him an incredible perspective, and it's something to be applauded. It's a big reason to vote for him.
"Community organizers, as many of you know, have loads of
responsibilities. The biggest one is helping people educate and
empower themselves to have agency in their lives and fight for their
own interests and for a better world."
It's incredible that the Republican pary would take such offense at the this. What did the founding fathers do when they met in their homes in Boston and New York and Philadelphia and Virginia? Community organizing! How have women gained the right to vote? Community organizing! How did the marches and protests in the civil rights movement happen? Community organizing! G-d forbid people actually meet among themselves and think about what problems they have and how best they can work together to make a difference. And G-d forbid they ask someone with experience bringing people together and experience petitioning government to help them be more effective.
On a more specific note, you should read the middle section of Obama's first book (Dreams from my Father) about his experiences in Chicago as a community organizer if you haven't already. It's an amazing story of a young man who spent time talking to people on the South Side of Chicago. Not as a politician, but just as a guy interested in helping them fight for themselves. It's experience that I think makes Obama exceptionally qualified to be President of the United States. There are plenty of people like the residents of Wasilla, AK in the US. But there are also plenty of people like the residents of the South Side of the Chicago, and they need our help more than ever.
Obama's experience as a community organizer gives him an incredible perspective, and it's something to be applauded. It's a big reason to vote for him.
Wednesday, September 3, 2008
The speech Joe Lieberman should have given
"Tonight is a difficult night for me. For the first time in my life, I am speaking at the Republican National Convention. As a lifelong Democrat who had the priviledge of running for Vice President on the Democratic national ticket in 2000, I never thought I'd be so publicly supporting a Republican candidate for president. But, today, here I am, and here's why.
"I've worked with John McCain for twenty years in the United States Senate. He and I have agreed on many issues and collaborated on legislation many times. In the past few years, however, on terrorism and on keeping America safe, he and I have seen more eye-to-eye than I have with many of my Democratic colleagues, especially Senator Obama. I support our President's effort to make us safe, from Afghanistan to Iraq and beyond, and John McCain and I stand together on that front.
"Many of my Democratic colleagues do not see the progress we have made in Iraq in these past few years, and many continue to oppose a surge that John and I supported that has achieved results. Another of my colleagues, Senator Biden, even wanted to break up Iraq into multiple countries. Unlike these colleagues, John McCain has held firm in his support for our efforts for peace in freedom in Iraq, and he will continue them as president.
"I also agree with John on other issues, from his efforts to reform immigration, campaign finance, and curb global warming. John has shown true bipartisan leadership on major issues facing our country, and for that I stand with him. I urge you to stand with him as well."
"I've worked with John McCain for twenty years in the United States Senate. He and I have agreed on many issues and collaborated on legislation many times. In the past few years, however, on terrorism and on keeping America safe, he and I have seen more eye-to-eye than I have with many of my Democratic colleagues, especially Senator Obama. I support our President's effort to make us safe, from Afghanistan to Iraq and beyond, and John McCain and I stand together on that front.
"Many of my Democratic colleagues do not see the progress we have made in Iraq in these past few years, and many continue to oppose a surge that John and I supported that has achieved results. Another of my colleagues, Senator Biden, even wanted to break up Iraq into multiple countries. Unlike these colleagues, John McCain has held firm in his support for our efforts for peace in freedom in Iraq, and he will continue them as president.
"I also agree with John on other issues, from his efforts to reform immigration, campaign finance, and curb global warming. John has shown true bipartisan leadership on major issues facing our country, and for that I stand with him. I urge you to stand with him as well."
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