1. Table of the Day (above). Based on data released a few weeks ago by the BEA, the table above show the 20 US metro areas with the fastest GDP growth in 2014. Interestingly, 5 of the top 10 fastest growing metro areas, and 9 of the top 20, were in just one state — Texas. Also interesting, though not unexpected, is the fact that energy is largely responsible for the strong economic growth in the top 5 fastest growing metro areas in 2014, and in all of the top 13 fastest growing metros except maybe Dallas and San Jose. Carpe oleum.
2. Table of the Day II (above). Related to Item #1 above, the BEA reported today on US international trade in August, and detailed data in that report indicate that the No. 1 US export this year through August is petroleum products like jet fuel, gasoline, and diesel. How big of a deal is this? Well, as I reported on CD back in 2011, petroleum products weren’t even among the top 25 exports in the early part of this century. And for the five year period between 2006-2010, America’s top export was aircraft. The fact that petroleum products are now America’s No. 1 product reflect the reality that America has emerged in recent years as a world energy superpower, thanks to the shale revolution that has launched the US to the world’s No. 1 producer of petroleum products.
3. Cutthroat Competition is the Best Regulator. Exhibit A: A stealthy new Russian-led Boston ride-hailing company (Fasten) has quietly launched a competitor to Uber and Lyft, hoping to take on the billion-dollar behemoths by promising cheaper fares for riders and more money for drivers. Source.
4. Sharing Economy Endorsement. Surging GOP candidate Marco Rubio just gave a full-throated defense of Uber, Airbnb, and the “gig economy.” That’s enough to get my vote.
5. Cartoon of the Day (above) on the Pope’s visit without capitalism.
6. Who-d a-Thunk It? Mark ZSuckerberg’s $100 million donation to Newark’s bureaucratic, administratively top-heavy, unionized public school monopoly was basically wasted and failed to improve educational outcomes for parents and children? From today’s WSJ article “Zuckerberg’s $100 Million Lesson“:
The bulk of the [$100 million in] funds supported consultants and the salaries and pensions of teachers and administrators, so the [$100 million] donation only reinforced the bureaucratic and political ills that have long plagued public education in the Garden State.
7. Credit Unions. A new Federal Reserve working paper (“Credit Scores and Committed Relationships“) finds evidence that credit score compatibility predicts the stability and longevity of romantic relationships. See related Bloomberg article.
8. America’s Model Minority is Losing Patience. The Economist reports that “Asian-Americans are the United States’ most successful minority, but they are complaining ever more vigorously about discrimination, especially in academia.” Maybe they need an Asian version of Rev. Al Sharpton?
9. The Global Warming Racket: Nice Work If You Can Get It.
10. Will Uber-Style Surge Pricing Be the New Normal? See discussion here and here.
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