Capital Destruction
Enplaned has a post on American's route-cutting announcement. He goes into some depth on why the airlines have a habit of destroying capital. At one point, he uses a phrase I haven't heard before high barrier to exit. He's absolutely right, airlines won't go out of business because their creditors won't let them. Airlines are lousy businesses that consume enormous amounts of capital, so lenders have so much invested that they feel compelled to throw good money after bad. The really surprising thing was that credit card companies have a hand in propping up the airlines. This reminds me of ERH's post on mileage cards a while back. I really should ditch my UA credit card. There have been a couple of occasions in the last couple of years where I would have liked to use the miles I have on UA and CO, but the scheduling never works out.
The irony is that I already belong to a credit union that offers a credit card with good rates: the Alliant credit union, formerly known as the United Airlines Employees Credit Union.
— Gordon Weakliem at permanent link
The Problem with iPhoto
Hyperbole is in the eye of the beholder.
curl -i -A "NewsGatorOnline/2.0 (http://www.newsgator.com)" http://photocast.mac.com/mrakes/iPhoto/photocast_test/index.rss
curl -i -A "NewsGator/2.5" http://photocast.mac.com/mrakes/iPhoto/photocast_test/index.rss
curl -i -A "NewsGoat/1.0 (http://www.eighty-twenty.net)" http://photocast.mac.com/mrakes/iPhoto/photocast_test/index.rss