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History of the iPod

Oil Hits An All-Time High (Nominal Dollars)

Oil prices turned higher Thursday, setting another record high over $80 a barrel, as Hurricane Humberto made landfall along the refinery-laden Texas coast.

Light, sweet crude for October delivery rose 9 cents to $80.01 a barrel on the New York Mercantile Exchange. The electronic contract touched $80.20, breaking Wednesday's intraday record of $80.18....

Despite Wednesday's jump in crude prices, oil is still well below inflation-adjusted highs hit in early 1980. Depending on the adjustment, a $38 barrel of oil in 1980 would be worth $96 to $101 or more today...

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Bonus Opportunity

This one requires a little more effort.

10 points for the 1st five students who give me a signed bookplate for Freakonomics.


Here is the link that you need.
http://freakonomics.blogs.nytimes.com/2007/09/12/a-bookplate-announcement/


You should order it yourself, to your address, and give it to me at some point.

Incentives Matter

Once again, I am trying to encourage blog readership.

The 1st five people with the correct answer to the following question will receive 5 bonus points.

Who won the Nobel Prize in Economics in 1976?


4 correct answers, thus far (1:50 PM Sat)

Employment August 2007

from the Skeptical Optimist

Government Planners Want to Ban Plasma TVs

from the Sun (UK newspaper)

THE Conservatives will propose banning plasma screens and other energy-guzzling electrical goods in a report to be unveiled next week...

The ideas come from a Conservative group set up by David Cameron to develop policies to protect the environment and although the measures to make household electrical appliances more energy efficient are not binding on Mr Cameron, they are thought likely to be warmly received by the Tory leader.

The group will also suggest scrapping Gross Domestic Product (GDP) as a measure of the nation’s success in favour of a model that measures people’s happiness drawn up up by Friends of the Earth.

Under the proposals, a cap could be set on the energy use of each electrical appliance, and those exceeding limits could be banned from sale in the UK.

A new labelling requirement could be introduced to inform consumers of products’ annual energy consumption compared with other similar appliances...

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The Search for the Perfect Steak

from the Search for the Perfect Steak
By KATY MCLAUGHLIN September 8, 2007 Wall Street Journal

I'm standing in the kitchen of Brooklyn, N.Y.'s Peter Luger Steak House, inches from a wall of broilers, fearing that I, like the Flintstone-size porterhouses sizzling behind me, might be developing a heavy char. Waiters rush to pick up hissing plates of beef, while cooks spear steaks onto huge, pointy forks and, in a flash, dissect them into chunks…

Even as the price of prime beef skyrockets -- partially an odd side effect of the nation's new love of ethanol, which is driving up the price of corn used to feed cattle -- I discovered there's a trick to making cheaper choice cuts nearly as flavorful and tender as prime. And I learned why the most critical gadgets in the pro steak chef's grilling arsenal are a humble cast-iron pan and tongs.

Americans have grown accustomed to the taste of top-drawer steak since the steakhouse industry began to boom in the early 1990s. But for years, there was a still a difference between the beef served up at these pricey restaurants and the best cuts sold in most stores. That began to change toward the end of the '90s, when more retailers started carrying USDA prime, sometimes dry-aged. The "prime" label is the highest grade assigned to beef by the Agriculture Department based on the amount of marbling, or lines of fat, it contains. Lesser grades, such as choice and select, have less marbling…

But the good stuff doesn't come cheap. At Peter Luger, for example, a porterhouse for two costs $81.90 -- or roughly $2.04 an ounce. You can cook a similar steak at home by buying a porterhouse package through the restaurant's online butcher shop for $206.20, or about $2.71 an ounce (though you get steak sauce, chocolate coins and shipping, too).

Whereas restaurants might eat margin losses or rejigger the rest of the menu to offset losses, retailers set their prices high partly as a hedge against market fluctuations. This year, for example, wholesale prices for USDA prime steaks have jumped 8% to 9% from the same period last year -- and that's on top of a 15% increase from 2005 to 2006. These are historically large jumps, according to market analyst Cattle-Fax, reflecting the high demand for prime.

Fueling the increase are corn prices that have risen by 50% this year compared with last year, partly a result of rising ethanol demand. Ethanol uses up 26% of the total U.S. corn crop -- up from 11% five years ago, according to USDA numbers. In response, the beef industry is cutting the number of days it feeds cattle grain, which translates into fewer cattle developing the marbling that merits a prime grade…

Elias Iglesias, the 14-year veteran executive chef at the New York branch of Morton's, says though he uses prime at the restaurant, he happily cooks choice meat at home… cuts them into even, 1½- to 2-inch steaks himself (filet should be cut 2½ inches thick)…well-marbled choice steaks can taste as good as prime if they are properly aged and cooked…

While prime beef is slightly scarcer than usual right now -- accounting for about 2.5% to 3% of all beef on the market, down from 3.1% last year -- choice beef is plentiful, at roughly 58% of all beef, compared with 56% last year. Beef grade is largely determined by nature, though the industry tries, through genetics and feeding practices, to raise cattle so that they will earn a choice grade…

Cooking the meat to 165 degrees would kill off pathogens, but the meat would be like shoe leather by then. For medium rare, most chefs cook steak until the interior is 125 to 130 degrees (it will continue to rise in temperature by a further five to 10 degrees as it rests) and has a rosy, but not blood-red, hue…

At Morton's, I saw large trays of raw meat sitting out beside the stove. Mr. Iglesias explained that the restaurant lets steak sit outside the refrigerator for about an hour -- as much as the health code allows -- but "at home I let them sit for two hours," he admitted. The purpose: To raise the internal temperature slightly, so that the center doesn't stay cold while the exterior burns. This turned out to be a key technique for cooking the perfect steak.

To imitate the golden crust the steakhouse broiler provides, Mr. Iglesias suggests searing steaks in an extremely hot cast-iron pan coated with a little oil and flipping them with tongs, never a fork, which releases juices. Then, the steaks should be moved to the center rack of a 400-degree oven to finish cooking. Of course, it's wonderful to use an outdoor grill -- searing first over high heat and then moving the steaks to a cooler part of the grill to finish cooking -- though not practical in winter.

Morton's also seasons steak with a secret salt-and-spice blend. Mr. Iglesias says Lawry's Seasoned Salt is a perfectly good alternative (though I, a purist, just use kosher salt). After cooking, he says it's critical to let the meat rest for a few minutes before eating it, to allow the juices to reabsorb into the meat…

* * *

Lessons From the Pros

Master Recipe

2 steaks; cut strip steaks or rib-eyes about 11/2 inches thick, filet mignon, 21/2 inches
2 teaspoons grapeseed or canola oil
Kosher salt

• Remove steaks from refrigerator 2 hours before cooking time. Dry them with a paper towel.

• Preheat oven to 400 degrees, with a rack set in the middle.

• Heat a heavy, cast-iron skillet over medium-high heat, until a few drops of water sprinkled in the hot pan evaporate within 3 seconds.

• Coat the bottom of the pan with 2 teaspoons of grapeseed or canola oil.

• Liberally salt the steaks with kosher salt, about 3/4 teaspoon for each steak.

• Place steaks in pan and sear for 2 minutes on each side, flipping only once with tongs.

• Transfer the steaks, still in the pan, to the oven and roast for roughly 8 to 9 minutes for 11/2-inch steaks to achieve medium-rare (an instant-read thermometer should register between 125 and 130 degrees).

• Let the steaks rest, under a tent of aluminum foil, for 5 minutes before serving.

* * *

Bobby Flay's Coffee Spice Rub for Strip Steaks

Makes 1 cup

1/4 cup ancho chile powder
1/4 cup finely ground espresso-roast coffee beans
2 tablespoons sweet paprika
2 tablespoons dark brown sugar
1 tablespoon dry mustard
1 tablespoon salt
1 tablespoon freshly ground black pepper
1 tablespoon dried oregano
1 tablespoon ground coriander
2 teaspoons ground ginger
2 teaspoons chile de árbol powder or cayenne (optional)

• Combine all the ingredients in a bowl or a jar with a tight-fitting lid and mix well. Store in a cool place. Omit the chile de árbol if you want a milder rub. To use: Proceed with the master recipe, replacing the kosher salt with a coating of 1 tablespoon of spice rub on each steak, plus salt to taste. During searing, there will be a bit of smoke, but the steaks are not burning; it is just smoke from the spices in the rub. Works on all steaks but is best on strip steaks or rib-eyes.

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a good article, worth reading, I would quibble with a few points, but it should help you prepare better steaks

How Different Investments Did Last Week

Students: Questions, Comments, and Suggestions

I do expect a little more maturity. Don't wait and cram for the next test.

Parents: Questions, Comments, and Suggestions

Another week gone.

Sub-Prime Mortgage Fallout

It is going to get worse.

Starting Salaries for Different Majors

New iPod

The new Nano, meanwhile, will have video and a larger, brighter screen with an interface similar to the iPhone. Apple will also bundle three games into the new Nano, including Sudoku from Electronic Arts.

The new Nano will feature two memory sizes: A 4-gigabyte model for $149 and an 8-gigabyte model for $199. It will be sold in black, red, silver, blue and green.

As for the iPod Touch, Apple watchers had speculated for days that Apple would unveil an iPod similar to its new mobile phone. Though slimmer than the iPhone, the iPod Touch features a similar multitouch interface, built-in Wi-Fi and the Safari Internet browser.

Like the iPhone, the iPod Touch can play YouTube videos. It will retail for $299 or $399, depending on the memory installed.

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Economic Freedom of the World

The foundations of economic freedom are personal choice, voluntary exchange, and open markets. As Adam Smith, Milton Friedman, and Friedrich Hayek have stressed, freedom of exchange and market coordination provide the fuel for economic progress. Without exchange and entrepreneurial activity coordinated through markets, modern living standards would be impossible.

Potentially advantageous exchanges do not always occur. Their realization is dependent on the presence of sound money, rule of law, and security of property rights, among other factors. Economic Freedom of the World seeks to measure the consistency of the institutions and policies of various countries with voluntary exchange and the other dimensions of economic freedom.

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Big 3 Automakers Back on Top

General Motors posted a surprise sales gain in August, bucking an industry trend of weak auto sales in the period, and helping domestic brands to recapture a majority of U.S. sales.

U.S. Workers: World's Most Productive

The average U.S. worker produces $63,885 of wealth per year, more than their counterparts in all other countries, the International Labor Organization said in its report. Ireland comes in second at $55,986, followed by Luxembourg at $55,641, Belgium at $55,235 and France at $54,609…

The U.S., according to the report, also beats all 27 nations in the European Union, Japan and Switzerland in the amount of wealth created per hour of work - a second key measure of productivity…

Norway, which is not an EU member, generates the most output per working hour, $37.99, a figure inflated by the country's billions of dollars in oil exports and high prices for goods at home. The U.S. is second at $35.63, about a half dollar ahead of third-place France…

…a Chinese industrial worker produces $12,642 worth of output - almost eight times more than in 1980 - a laborer in the farm and fisheries sector contributes a paltry $910 to gross domestic product…

The difference is much less pronounced in the United States, where a manufacturing employee produced an unprecedented $104,606 of value in 2005. An American farm laborer, meanwhile, created $52,585 worth of output, down 10 percent from seven years ago, when U.S. agricultural productivity peaked.

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Top Earning Dead Celebrities

Want to Save $30,000? Keep Your Old Car

"By keeping your car for 15 years, or 225,000 miles of driving, you could save nearly $31,000, according to Consumer Reports magazine. That's compared to the cost of buying an identical model every five years, which is roughly the rate at which most car owners trade in their vehicles."

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Gas Prices are Controlled by Supply and Demand

The horror. The horror.

Big Oil did not manipulate U.S. gasoline prices: FTC

WASHINGTON (Reuters) - Big oil companies did not conspire to raise U.S. gasoline prices last summer, as it was high crude oil costs and supply problems that caused the spike in pump prices, government investigators said on Thursday.

The Federal Trade Commission said that about 75 percent of the rise in gasoline prices was due to a seasonal increase in summer driving, higher oil costs and more expensive ethanol that was blended into gasoline. (Demand)

The other 25 percent of the price increase stemmed from lower gasoline production as refiners moved to using ethanol as the main clean-burning fuel additive and lingering damage from hurricanes Katrina and Rita that reduced refining capacity. (Supply)

"Our targeted examination of major refinery outages revealed no evidence that refiners conspired to restrict supply or otherwise violated antitrust laws," the FTC said. "We therefore conclude that further investigation of the nationwide 2006 gasoline price spike is not warranted at this time."

Many lawmakers at the time had accused oil companies, which were raking in billions of dollars in record profits, of overcharging U.S. consumers at the pump.

The FTC said its investigation found the increases in motor fuel prices "were caused by a confluence of factors reflecting the normal operation of the market."

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Supply and Demand

The law of supply and the law of demand are simple, fundamental, and basic principles that serve as the cornerstones of economics. Yet, the politicians, bureaucrats, and various other economic illiterates can’t seem to comprehend them.

Central Planning can't work and will never work. The U.S. Congress will certainly be among the last groups of people to ever recognize this fact.

for further reading: Gas Prices and Price Controls
for further (advanced) reading: The Use of Knowledge in Society by F.A. Hayek