Tree down in Old Town Pasadena By Susan Long
I didn't wake up to carnage at my house this morning, but many other people in the Los Angeles region did — especially in Pasadena, which got hit hard by the Santa Ana wind event that's ongoing over the next few days. We've had gusts in the 80-90 mph range in the region's canyons, while in places like Pasadena, it blew 60 mph overnight.
This was enough to take out, evidently, hundreds if not thousands of trees. Tree limbs, too. And, of course, it's LA, so there are dead palm fronds all over the place.
My question is, with unemployment in excess of 12 percent regionally, is this not an opportunity to hire some unemployed people to cut back the "urban forest" to levels that won't create such a mess the next time we have a Santa Ana? And we will have another Santa Ana...
Pasadena actually has an Urban Forest Advisory Committee. I plan to check in with them to to find out what kind of money Pasadena spends on tree maintenance, and what it demands of homeowners with trees on their properties. I did spend a year recently learning a lot about forest management on a large scale (for bioenergy and real-estate investments), and the consensus is that a well-managed forest — meaning one that's logged and cleared frequently — is a healthy forest.
The California Community Foundation has released a new study, "The Future of Philanthropy in L.A.: A Wealth of Opportunity." My KPCC business vertical colleague Brian Watt will have a report on air later that you can listen to, and I'm going to provide a bit on insight in the overall trend of wealth formation and transfer in the LA area.
The numbers are far from trivial: "Despite the recession, Los Angeles County residents have an estimated net worth of almost $1.3 trillion." Just to put that in perspective, the entire annual GDP of the United States is about $14.5 trillion. What's truly staggering, however, is how much of this money will transferred generationally: the RUPRI Center estimates $1.4 trillion by 2060 — a huge increase over 2020's projected $114 billion.
What's truly fascinating about these numbers is where the wealth is coming from. According to the report, "LA's growing and future wealth will be driven by entrepreneurs, especially immigrant entrepreneurs."
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STRASBOURG, FRANCE - NOVEMBER 24: French President Nicolas Sarkozy (C) shake hands with German Chancellor Angela Merkel (L) and Italian Prime Minister Mario Monti (R) on November 24, 2011 in Strasbourg, France. The three are meeting to seek agreement on how to resolve the Eurozone debt crisis as both Monti and Sarkozy are under pressure to reassure financial markets over the future of their respective countries' economies. (Photo by Thomas Niedermueller/Getty Images)
The markets are rallying big-time today, with the Dow alone up more than 400 points. So what's going on? Elizabeth Harrow at Shaeffer's Research sums it all up rather neatly:
[T]he good news seems to be pouring in from all corners of the globe: Euro-zone leaders finally agreed on ground rules regarding the expansion of the European Financial Stability Facility (EFSF); policymakers in Beijing lowered their reserve requirement ratio for banks; and the Federal Reserve coordinated with the European Central Bank (ECB), Bank of England, Bank of Japan, and other major central banks to lower the cost of emergency dollar loans. And, as if the bulls needed another catalyst, the day's slate of domestic data was surprisingly robust. Payroll giant ADP announced that the private sector added a stronger-than-forecast 206,000 jobs last month, while pending home sales and the Chicago PMI also improved beyond economists' expectations.
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Is the dollar bill done for?
So it seems to me and my colleagues...that an alternative currency with roots in peer to peer networks and based on an algorithm that is transparent to everyone is an idea whose time has come. The question remains if the Bitcoin algorithm or some other algorithm (possibly a derivative of the Bitcoin algorithm that deals with some of Bitcoin's weaknesses?) will ultimately win out. That's an important issue that has a lot to do with when this space becomes investable.
But Bitcoin or something else, I'm confident we'll see the emergence of currencies that are not controlled by nation states in my lifetime. Whether that is a good thing or not remains to be seen. I think it is, but there are significant ramifications that will result from the decoupling of currencies from governments. And one of them is an interesting investment opportunity that we hope to participate in.
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Associate research specialist at the Wisconsin National Primate Research Center at University Wisconsin-Madison removes a new batch of Embryonic Stem Cells from deep freeze to be thawed before being worked on.
My KPCC colleague Stephanie O'Neill contributed a must-listen report to a recent broadcast of "The Madeleine Brand Show." It was all about the economics of stem-cell research and how this kind of very high-tech, advanced medical therapy is imperative for the future of the country's population. Here's a sample:
Right now the US spends about $2.7 trillion health care annually, a figure that's expected to soar with an aging and increasingly obese population.
"Traditional approaches, whether it's through the use of pharmaceuticals or traditional types of biologics or devices or surgical intervention, really are not going to be able to effectively deal with the challenges we face," said Gil Van Bokkelen, chairman of the non-profit Alliance for Regenerative Medicine in Washington DC and CEO of the Ohio-based biotech firm, Athersys.
"What I think is going to happen over the course of the next several years is we're going to see the first clinical evidence that shows how big of an impact these types of therapies can really have. Which means we can overcome some of the rising tide of pressure that we're trying to fight against with an aging population that's more susceptible to a lot of different, very expensive disease conditions."