1. U-Haul Update (above). The table above displays one-way rental rates for a 26-foot U-Haul truck to travel between California (LA and San Francisco) and Texas (Houston and Dallas). Assuming that these market-based rental rates accurately reflect migration flows of people and businesses between California and Texas, the demand for trucks (and people and businesses) leaving high-cost, high-tax, business unfriendly California for low-cost, low-tax, business-friendly Texas is about 2-2.7 times greater than the demand for trucks leaving Texas for California. Maybe there’s an economic lesson here?
2. Chart of the Day (above). Following up on my post earlier today about the “Great Taxicab Collapse,” it looks like “Hurricane Joseph” (Schumpeter) has hit the Chicago taxi market pretty hard, as the markets for both Chicago taxi medallions and loans to finance the purchase of taxi medallions have ground to a halt, according to this Crain’s Chicago Business report. The chart above shows the annual number of Chicago taxi medallion transactions, which has collapsed from more than 1,000 in 2006 to only 12 this year through August. Crain’s is also reporting that Chicago taxi medallion prices have collapsed as well by as much as 57% in just the last few years:
The present market price for medallions in Chicago is murky, since so few have traded hands of late. The city’s taxi regulator recorded a mere 12 transactions this year through Aug. 28, with prices ranging from $150,000 to $290,000 apiece. Last year, 91 medallions traded at an average price of $327,051. That’s down from 370 in 2013 at an average price of $348,466.
The taxi cartel is in for some very rough weather ahead — “Hurricane Joseph” is just getting started.
3. Who Knew I? This Missouri Company Is Still Making Audio Cassette Tapes and Sales Are Better Than Ever?
4. Who Knew II? Plastic Bags Are Good for You? Katherine Mangu-Ward explains in Reason what prohibitionists get wrong a miracle of materials science — high-density polyethylene.
5. Best Sentence I Read Today (a la Tyler Cowen), from Ted Cruz, “Barack Obama has become the president that Richard Nixon wished he could be.”
6. Markets in Everything. Via offers app-based, on-demand shared rides in Manhattan in premium vehicles for only $5 — “Smarter than the subway, better than the bus, cheaper than a taxi.”
7. Drug War Body Count Update: Now at 42 casualties for 2015.
8. Thank You Missouri Gov. Jay Nixon, for compassionately commuting the sentence of Jeff Mizanskey, who is now free after two decades in prison serving a life-without-parole sentence for weeds.
9. The Green Rush: Finding Tech Business Opportunities Within The Cannabis Sector:
Exchange platforms, like Amercanex, CCX and CHEX, are changing the face of legal cannabis and hemp, as well as creating catalysts for the proper industrialization of these plants. These companies are creating standards and qualitative rules for scoring and grading, as well as setting up environments for market-based pricing. The future of wholesale transactions in this nascent industry will be done on exchanges and marketplaces, and on top of mobile, optimized, transparent technologies.
10. Video of the Day. In an excerpt below from his recent Netflix special “Unconstitutional,” comedian Colin Quinn totally nails it by slamming the newspeak of political correctness that now makes it impossible to communicate.
from AEI » Latest Content http://ift.tt/1UsA75t
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