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Just a blogger service announcement: tomorrow night, I'll be moderating a panel on venture capital in Southern California at KPCC's Crawford Family Forum. The title says it all: "Venture Capital in Southern California: Catching Up and Going Beyond."
The Southern California region is bumping along in fifth place nationally, where venture capital funding for new businesses is conerned. Texas enjoyed a surge in the third quarter of 2011 (according the PWC MoneyTree Report), otherwise we'd be in fourth place, behind the New York Metro area an New England. Silicon Valley, of course, has a very big lead.
The panel will be talking about how to close that gap and grow various types of startup investment in SoCal.
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A bank foreclosure sale sign is posted in front of townhomes on August 12, 2010 in Los Angeles, California.
Home prices in the California cities are comparatively healthy despite the state's high unemployment rate, because the markets tracked by the index are close to key job centers such as Hollywood and Silicon Valley and are also near the ocean -- where overbuilding was relatively constrained. The index does not track prices in California's Central Valley or the Inland Empire, where housing is still weak.
For background, the unemployment rate in Cali is just south of 12 percent. The latest Case-Shiller index, which tracks housing prices in major cities, showed modest month-over-month declines from August to September 2011, in Los Angeles, San Diego, and San Francisco.
Modest, but still headed down. So price deflation in the California housing market continues. And nobody seems to know where the floor is, at least in the Case-Shiller cities.
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TORONTO, ON - NOVEMBER 29: An American Airline Plan sits on teh tarmac at Toronto Pearson Airport on November 29, 2011 in Toronto, Canada. American Airlines and its parent company AMR filed for Chapter 11 bankruptcy November 29, reportedly in an effort to shed debt and reduce labor costs.
The not-so-big news this morning is that American Airlines has filed for bankruptcy. There had been rumors circulating that this would happen for months, so no one is all that shocked. In fact, American Airlines has simply lived up to the apparent destiny of all airlines. Bankruptcy seems to be baked in the businesses cake.
American Airlines on Tuesday joined a long list of airlines that have filed for bankruptcy protection. American was the only U.S. legacy airline that hadn’t yet filed. Several airlines have filed multiple times; Delta and Northwest filed on the same day six years ago. There have been 189 total since 1990.
So why is the airline business so lousy? Slate offered a good explainer back in 2005, on the occasion of the Delta-Northwest bankruptcy-palooza:
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A man checks his email on a Blackberry.
Attack the iPhone, get over 210,00 page views. That's what Business Insider's Matt Lynley has achieved with this post about why he likes the BlackBerry more than the iPhone.
OK, it's a slide show. That's part one of what I should recognize by now as a classic bit of BI linkbaiting-and-switiching. It's also a bait-and-switch in that Lynley only seems to prefer the BlackBerry because he's bored with the iPhone, which he's been using for four years.
However, he makes a very salient point along the way.
The BlackBerry still absolutely kills it with email. So it was in the beginning. And so it is still.
There's a whole grand saga playing itself out in the mediasphere these days, as business-minded BlackBerry users (read: productive types) grapple with the decline of BlackBerry's makers, Research in Motion, and adapt themselves to the giddy world of the iPhone, much of which seems designed for esthetes and teenagers (read: they like toys), but which is...getting better at the whole enterprise thing.
The video is of economist Steve Keen, on the BBC's HARDTalk, laying out his plan to escape what he considers a second Great Depression. It's out there. Way out there. But he also presents a very clear analysis of what went so horribly wrong with the global financial system in the lead-up to the financial crisis. Stick around for the part at about 22:30 when Keen talks about being the "non-orthodox" economist with the "biggest mouth."
The upshot is that Keen wants to use the government's ability to "create" money to relieve private debt. Basically, the bank loaned out money it shouldn't have, so the debtors shouldn't be blamed. But you don't make the debt vanish, you empower the debtor — in fact require him or her — to pay it off. You pointedly don't give the money to the bank on the assumption that it will loan it back out.