Finance Matters

Archive for February 21st, 2010

True, it is not certain that global warming will destroy the earth.  But nothing is certain when you’re talking about climate change. 

The cost of doing something about that potential climate change, meanwhile, is small relative to the possible benefit.

As a result, argues Robert Frank in the NYT, we should phase in a $300/ton carbon tax, which will result in U.S. gas prices rising by $2.60 per gallon.  The Europeans have already adapted quite nicely to gas prices that are $4 a gallon higher than they are here, so the argument that this will destroy the country seems a bit hysterical. 

If we do nothing, meanwhile, global temperatures seem almost certain to rise, no matter who is doing the predicting.  The consensus model at MIT, which includes the forecast of global warming denialists, shows a zero-percent chance of no temperature increase over the next century–and a 10% chance of a catastrophic 12-degree one.

Given the odds that global warming will inflict serious global pain over the next century, the cost of taking action seems low. 

Of course, because the causes of global warming seem natural and unobjectionable, we won’t take action, especially in a country in which cheap gas has come to be viewed as a constitutional right.  As Harvard psychologist Daniel Gilbert puts it:

“If climate change were caused by gay sex, or by the practice of eating kittens, millions of protesters would be massing in the streets.”

Read Robert Frank’s whole argument here >

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See Also:

• Climate Change Litigation: A Nuisance To Companies That Is Not Likely To Go Away
• Climate Change: Scary Idea Makes For Epic Images
• The 10 Most-Respected Global Warming Skeptics

New York Fashion Week came to an end on Thursday, and the tents are leaving Bryant Park for the final time.

But the last two days of shows brought several beautiful options for the lawyer who wants a little variety in her closet — one can only handle so many Ann Taylor suits, after all.

Isaac Mizrahi’s collection on the final day was amazing. This simple, but not, little black dress is a must (fantasy) have. Also from Isaac, this wrap-around, cinched at the waist printed top will be perfect with black pants or a pencil skirt.

The 3.1 Phillip Lim show on Wednesday was full of warm creams, grays, silvers and golds, with a little lavender mixed in for fun. We know we’ll take a little flak for this one, but we love this skirt with suspenders crossing in the front. He showed it in both a pattern and a print, so you have a choice on how bold you want to be. The colors on the non-black ones are soft and distinctive, and, unless you are of model height, it will be long enough for work. (And if you are of the super long-legged variety, lucky you and save it for going to dinner.) We think if  the 65-year-old partner can sport the suspenders you can, too.

For a more safe choice, this quilted jacket with cuffed short sleeves and off-seam zipper is the perfect casual/slouchy jacket that looks fashionable but fits well within the dress code. (In our lawyer days, our firm had a dress code that included the words “jacket equivalent” — the number of things that can be a jacket equivalent are, we found, endless.)

And so concludes are fashion coverage until the tents raise in September in Lincoln Center. Go forth, be fashionable. Because if the due diligence you are doing is boring you to tears, at least you can like your dress.

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See Also:

• Fashion Week Days 5 And 6: Lawyer Fantasy Wardrobe
• Fashion Week Day 2: Lawyer Fantasy Wardrobe
• Fashion Week Day 1: Lawyer Fantasy Wardrobe

Dr Ros Altmann, a former Downing Street pensions adviser, believes there should be an inquiry into the profit margins of credit card companies.
Dr Altmann, who is a former academic and independent expert on pensions policy and retirement, believes there might be a case for a regulator to oversee the rates they charge.
Last week, [...]

Royal Bank of Scotland (RBS) chief executive, Stephen Hester, has decided not to take his £1.6 million bonus, according to the BBC.
The decision by the 49-year-old comes just a week after Barclays chief executive John Varley and president Bob Diamond both agreed to sacrifice bonuses for the second year in a row, in light of [...]

UPDATE: We apologize!  It seems we screwed up the time zones, which are expressed in different ways on NBCOlympics.com.  It appears that the only events NBC will be ruining today are the alpine skiing ones.  We apologize to NBC!

EARLIER: Can’t wait to watch the Olympic Hockey clash that NBC and every other news organization on this continent have been hyping for days?

Neither can we.

Unfortunately, we won’t be able to watch it on TV.

Why not?

Because NBC, the network that prevents us from watching the Olympics, is showing the Russia vs. Czech Republic hockey game LIVE today, but is tape-delaying the USA-Canada one.  And we’re not going to waste our time watching hockey on tape delay.

Now, NBC may redeem itself somewhat here, by showing the USA-Canada hockey game live on NBCOlympics.com.  NBC has been streaming all the hockey games live so far, and today’s streaming schedule suggests that it will do the same here.  But clicking the link in the streaming schedule takes you to a page that doesn’t exist, so we’ll believe it when we see it.

Of course, like most Americans, we’d rather watch hockey on a TV, where it might be possible to see the puck.  NBC is making sure that that’s impossible.  Given that we haven’t been able to watch many other Olympic events live ANYWHERE, however, we’ll settle for the small screen.

And, once again, we hope Jeff Zucker, Dick Ebersol, and other hockey fans at NBC (along with the entire nation of Canada) enjoy watching the game live on their TVs. 

(Of course, NBC will also be ruining the Men’s Super-Combined alpine skiing today–on a Sunday, when everyone in the country could watch it live.  But that’s hardly a surprise by now.  Meanwhile, the network continues to refuse to explain why it is ruining the Olympics for every sports fan in the country...).

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See Also:

• NBC TO AMERICA: We Refuse To Tell You Why We’re Ruining The Olympics
• OLYMPIC GOLD: Stephen Colbert Climbs Into NBC’s Fake Fireplace, Bob Costas Loses It
• Questions For NBC, The Network That Prevents You From Watching The Olympics