Monday, January 25, 2021

Remembering Restaurants

You probably have a go-to favorite restaurant, whether it's a chain or just a local eatery in your town. For this writer Parkway Grill (Pasadena, CA.), Smitty’s (Pasadena, CA.), Pizza N’ Such (Claremont, CA.), Chapelli’s (La Quinta, CA.), Fall Creek House (Ithaca, NY), and Knight’s (Jackson, MI.) to name a few. But many food lovers also know the heartbreak that comes with your favorite restaurant closing for good. And if you grew up in the 1970s, you might have had to bid farewell to a number of your favorite chain restaurants.

We've rounded up a list of nostalgic restaurants that have either gone out of business completely or have greatly reduced their operations. If you got to try these 1970s restaurants before they closed, consider yourself lucky.

Burger Chef

Howard Johnson's

Gino's Hamburgers

Bob's Big Boy

White Tower

Lum's

Steak and Ale

Red Barn

Canton Diner

Henry’s Hamburgers

 


Reading “The Restaurant” during a time when going to a restaurant is vastly different makes for a strange experience. I'm trying to remember when I last went to a sit-down restaurant, sat down, ordered and ate. You? It must have been sometime in March. Or maybe February.

Restaurants in my small college town are starting to reopen. Many have been open for takeout all along. What is new is that they are setting up outside tables, six feet apart. Some local restaurants are not reopening, another casualty of COVID-19.

How good an idea is it to read a book that makes you want to eat at restaurants when (at least some of us) are wondering about the safety of dining out?

The world might be divided into two kinds of people. There are those of us who are perfectly happy experiencing life mostly through books. These weeks and months of staying at home during COVID-19 have mostly been OK for me. I'd rather be home anyway.

Then there are others who love books but, for some strange reason, feel the need to experience the world firsthand. These people are, I imagine, having a harder time with stay-at-home orders.

“The Restaurant”, for me, was almost as good as visiting one. Knowing something about the history of how restaurants came to be, how they evolved and where they may be going is deeply satisfying.

One of the joys of reading “The Restaurant” is that its author, William Sitwell, is clearly enjoying himself. He tells the story of the evolution of restaurants by picking and choosing among the places and stories that interest him most.

The book begins in A.D. 79 at the Inn of Primus and follows an imagined patron sampling Roman dining options the evening before the eruption of Mount Vesuvius. Much of what we think of as the modern restaurant experience (before modern meant takeout and social distancing) was present 2,000 years ago. Restaurants started as market food stalls, shifting to the eat-in establishments we knew and loved before the pandemic.

The two-millennium restaurant tour starts in Pompeii and ends at the most expensive restaurant in the world, a 12-person joint in Ibiza called Sublimotion that will set you back $2,000 a dinner. Although from reading Sitwell's description, and after watching a video about the place, I think that this place is more about conspicuous consumption than fine dining.

In between Pompeii and Ibiza, we sample the restaurant delights of 16th-century London public houses and the late-20th-century birth of the farm-to-table movement in Alice Waters's famed Chez Panisse. (Where you can't dine at the moment but can pick up farm boxes and pantry goods).

To get the full enjoyment of “The Restaurant”, I highly recommend the audiobook. Sitwell narrates his book, and since he is British, the narration is, of course, amazing.

The joy of dining out -- be it at a local diner or a fancy restaurant -- is another one of those experiences that COVID-19 has taken from us. We can only hope that when a vaccine is created and widely distributed, the restaurants we love will still be around to seat us.

 

AMERICA JANUARY 25, 2021 - President Joe Biden will lead a country with an aging population that is on shakier economic footing and is more politically polarized than at most points in recent years.

Key metrics of financial and social well-being show the challenges Mr. Biden faces as he moves into the White House on Wednesday. The coronavirus pandemic halted the 11-year economic expansion and drove up unemployment just as the typical American household was starting to enjoy sustained income growth. Americans were living longer—an improvement from a period when the opioid crisis eroded life expectancy—until the pandemic exacted a swift, deadly toll. One government official said life expectancy could decline by the largest amount since World War II once the government completes last year’s mortality figures.

Long-running demographic trends also have shaped the country. The U.S. is becoming more racially diverse. More Americans are obtaining college degrees. Women are having fewer babies, and the population is growing at its lowest rate in over a century.

After stagnating in the wake of the 2007-09 recession, America’s earnings gradually improved starting around the middle of the last decade. Median household income was $68,700 in 2019, up 6.8% from the prior year and the highest figure on record. The poverty rate that year dipped to its lowest level since the government began tracking it in 1959. Last year’s figures are expected to show disparities in whose incomes suffered, with some households being better off because of stimulus payments and extra unemployment benefits.

The stock market has marched to near-record highs, lifting the net worth of investors while leaving behind the nearly one half of Americans who don’t own stock. Consumer debt has climbed as families have borrowed more heavily to stay in the middle class.

Joblessness was at a half-century low before the pandemic forced businesses to close their doors temporarily, and in some cases permanently, starting in March. The U.S. economy shed 9.4 million jobs last year, the most in any year since records began in 1939, and nearly double the number from 2009.

The U.S. debt as compared with the size of the economy reached its highest point since the end of World War II, after government spending to combat the fallout from the virus rose sharply and tax revenue fell.

An uptick in drug deaths and suicides began shortening U.S. life expectancy midway through the last decade. That metric was starting to improve until Covid-19 emerged last year to become the nation’s third leading cause of death, according to early estimates from Robert Anderson, chief of the mortality-statistics branch of the CDC’s National Center for Health Statistics.

Kenneth M. Johnson, a demographer at the University of New Hampshire, estimates that the pandemic will cause deaths to outpace births in more than half of U.S. counties in 2020 for the first time in U.S. history. Between 2010 and 2020, the number of people over age 55 grew by 27%, while the population under 55 grew at a rate of 1.3%, according to estimates from the Brookings Institution.

Another historical first is that the country’s non-Hispanic white population shrunk toward the end of the last decade. The number of Hispanics, Blacks and Asians in the U.S. continues to grow, and the fastest-growing demographic is people of two or more races.

The share of noncitizens dropped steadily, falling below half of all immigrants, as arrivals slowed under tighter controls and as a steady stream of immigrants became citizens—almost three-quarters of a million a year.

After growing during the 2007-09 recession, the number of America’s uninsured began shrinking once the 2010 Affordable Care Act took effect. The law subsidized private insurance coverage for low and middle earners and gave states money to expand the Medicaid insurance program for the poor. Those gains began to erode during the Trump administration, when the number of Americans without health insurance coverage at some point during the year rose for the first time in a decade.

The share of Americans who identify as conservative or liberal hasn’t changed much over the past decade. But within the parties, there has been a slight movement toward the more ardent corners of each ideology. Among GOP registered voters, 37% identified as very conservative in 2020, up from 33% in 2010, according to Wall Street Journal polling. Among Democratic registered voters, 25% considered themselves very liberal in 2020, up from 16% in 2010.

In terms of geographic mobility, Americans were relocating at one of the lowest rates on record at the end of the last decade. In recent years, the population growth of large metropolitan suburbs and small metropolitan areas has outpaced the growth in urban cores and sparsely populated parts of the country.

 

COLLEGE CHRONICLES - Ithaca College has proposed eliminating 116 faculty positions and discontinuing 26 majors, programs, and departments, primarily in the humanities and sciences school, to ease a budget crisis. (The Ithacan)

The majority of FTE reductions will take place in the School of Humanities and Sciences, with 20 departments having to make 41 FTE faculty cuts. In the School of Business, four departments will have to make seven FTE faculty cuts. The Roy H. Park School of Communications and the School of Health Sciences and Human Performance (HSHP) each have three departments making cuts, with 17 FTE faculty eliminations in the Park School and 11 FTE faculty eliminations in HSHP. Two departments will eliminate seven FTE positions in the School of Music. Additionally, the APPIC recommends three non-school–specific reductions, six release time positions and 24 attrition positions.

The “Shape of the College” document recommends which programs and departments should be discontinued, reorganized, consolidated or grown as part of the Academic Program Prioritization process. The APPIC shared a draft with students, faculty and staff Jan. 13. Deans, faculty and program directors will review the document and provide feedback throughout January, and the Student Governance Council will host a Zoom meeting for students with the APPIC at noon Jan. 19. A completed document will be presented to President Shirley M. Collado and La Jerne Cornish, provost and senior vice president for academic affairs, in early February. Decisions will be made about programs at the end of February.  

The undergraduate programs, departments and majors that the APPIC recommends for discontinuation include the ICIC program. In HSHP, the APPIC recommends the discontinuation of the Department of Recreation and Leisure Studies, which includes the Therapeutic Recreation major and the Outdoor Adventure Leadership major. In H&S, the APPIC recommends that the Department of Communication Studies, including the Communication Studies major, and the Department of Gerontology, which includes the Aging Studies major, be discontinued. The Gerontology Institute, which promotes aging-related research, curriculum and activities and is the academic home of the Longview Partnership, will be restructured as a result of this proposed change.

The APPIC also recommends the elimination of 10 undergraduate teacher education majors housed in H&S and the three undergraduate teaching majors in HSHP.

The graduate programs that the APPIC recommends for discontinuation are the Masters of Music in Performance, Conduction, Composition, Suzuki Pedagogy and String Performance as well as the Master of Fine Arts in Image Text in the Park School.

The APPIC recommends that the tenured faculty and the tenure–eligible faculty in these programs be relocated to other departments or programs at the college. It also recommends that faculty contracts be managed to support students enrolled in these majors and programs unti

l they graduate.

The APPIC also recommends the college to simplify its undergraduate application process. The document states that the highly structured curricula at the college and defined hours of coursework needed to graduate may discourage applicants and that a new admissions approach should be implemented.

In the document, the APPIC also recommends increased flexibility of curriculum. The document states that the specificity of majors and minors and the requirements to fulfill them can be confusing and limiting for students. The APPIC recommends faculty to review school and department requirements, examine prerequisites and consider opportunities for collaboration and interdisciplinarity with other schools. This can include decreasing the number of credits required for majors and minors, reducing the numbers of concentrations offered within majors and reducing the numbers of majors offered within a department.

Other - SAT: The College Board just dropped SAT essays and subject tests (faster than you dropped your last No.2 Ticonderoga pencil).

University of Michigan athletics will shut down for the 14 days beginning Sunday because of confirmed cases of the COVID-19 variant, B.1.1.7, which transmits more easily and can lead to more positive cases.

That’s in accordance with an order from the Michigan Department of Health and Human Services made Saturday, the Michigan athletic department said in a release. There have been positive cases of the COVID-19 variant from “numerous individuals across different teams,” according to an athletic department spokesman.

All sports in season, including men’s and women’s basketball, will be affected, including practices, training sessions and games. The shutdown is until further notice and up to 14 days. Athletes, coaches and team staff had to isolate starting Saturday until further notice, up to 14 days, according to the Michigan release.

 

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to Alan Alda (85), Dick Cheney (80), Kim Grant …. Famous Alumni Director, Wayne Gretzky (60), Abe Helou … Famous Dean of the CBPM, Alicia Keys (40), Patti Noreen … Famous Director CAPA, Mimi Rogers (65), Oprah Winfrey (67).

 

TOP FIVE SEINFELD GIRLFRIENDS

!). Elaine – Julia Louis-Dreyfus

2). Sidra – Teri Hatcher

3). Jenna – Kristin Davis

4). Jane – Jami Gertz

5). Patty – Lori Loughlin

 

TOKYO 2021 - Less than six months ahead of its new start date, the dreaded word is being murmured about the Tokyo Olympics: "canceled.”

The Japanese government has privately concluded that the Games will have to be called off, according to The Times of London (subscription).

"No one wants to be the first to say so but the consensus is that it's too difficult," a source told The Times. "Personally, I don't think it's going to happen."

The source said the focus is now on securing the Olympics for the city in the next available year, 2032. Paris hosts in 2024, while L.A. hosts in 2028.

The International Olympic Committee and the Japanese government insist that the Games are still on, calling the report "categorically untrue."

Cases are surging in Tokyo, and the country's lack of testing (~55,000 PCR tests daily) limits its true understanding of the spread.

Meanwhile, public opinion has turned against the Games, with 80% of Japanese citizens saying they should be postponed again or canceled.

A final decision likely won't be made until the latest possible date, which is probably March 25.

 

THIS AND THAT - RIP: Hank Aaron died last Friday at the age of 86. He was the record holder for home runs, RBIs, total bases, games played, at-bats, and plate appearances when he retired in 1976 after 23 years in the majors. Hank Aaron is the tenth baseball hall of famer to have died in the last year: Al Kaline, Tom Seaver, Lou Brock, Bob Gibson, Whitey Ford, Joe Morgan, Phil Niekro, Tommy Lasorda, Don Sutton, and Hank Aaron. There is crying in baseball today.

Incidentally, the Rink Rats Mt. Rushmore of baseball immortals: Hank Aaron, Ty Cobb, Willie Mays, Babe Ruth.

The House will deliver the article of impeachment on Monday, Senate Majority Leader Chuck Schumer said Friday.

The lobbying firm run by Trump ally Matt Schlapp brought in $750,000 in the final two weeks of 2020 from a former top Trump fundraiser and convicted fraudster who retained Schlapp to lobby — unsuccessfully — for a presidential pardon.

Longtime journalist Dan Rather is launching a newsletter on Substack.

 

PIC DU JOUR - This is a collection of empties from beer consumed during the pandemic at a home of a Rink Rats reader to remain nameless.

 


MAN FROM SHAD – We recently received an email from long time Rink Rats reader Jim Shatford. “Shad” writes of their plans to make the Halifax to Tampa trip this winter. He emails: “We can bubble with those close peeps, and kayak, cycle, go to the beach and play a bit of tennis. We tend to cook for ourselves anyway, so no Door Dash or Skip the Whatever. Last time I mixed the words “dine and dash”, it didn’t turn out particularly well! Ask “O” & Clams!”

Good to hear from Shad, hope to see him this coming summer.

CHOBANI - When a Kurdish businessman from Turkey took over a shuttered Kraft yogurt plant in New York, Chobani was just a cool sound. 15 years later, it's the most famous Greek yogurt brand in America — with an estimated $1.5B+ in yearly sales.

But yogurt peaked circa 2015, so Chobani got on the oat train, launching oat milks and creamers in late 2019. The logical next step...

Chobani's launching coffee. The new line of ready-to-drink (RTD) coffees: sweet cream cold brew, cold brew with vanilla creamer, and oat milk cold brew (theme: cold brew).

Not the Star Wars robot... That's R2-D2. RTD coffee is one of the fastest growing segments of the non-alcoholic bev industry: sales surged 17% from October 2019 to October 2020. Basically, the hard seltzer of the caffeine world. You're not doing your typical morning Starbs run. Instead, you have a Starbucks RTD can in the fridge for your 8 am Zoom call — or if you're fancy, a Trader Joe's La Colombe. Chobani will face big competition with Starbucks and Stok, which own over 70% of the $4.6B RTD coffee market, combined.

It's "Branded House" vs. "House of Brands"... We’ve seen Big Food companies expand from their core product to entirely new brands — by acquiring or creating sub-brands. Kellogg started with corn flakes, but now owns brands from Cheez-Its, to Pringles — but you still associate it with cereal. Kraft is known for mac-n-cheese, but owns Planters peanuts, Jell-O, Capri Sun, and every other brand in your 3rd grade lunch (shoutout Lunchables). Chobani represents the opposite: a single branded house that’s putting its own powerful brand front-and-center to develop new product lines.

 

MARKET WEEK – America’s biggest banks have all now released their financial results for the past year, data that reflect the strange economic situation facing President Biden and his new administration. Parts of the economy are booming, others are at a standstill and the outlook is extraordinarily uncertain.

Wall Street’s core business is booming. Goldman Sachs’s trading operation reported its highest annual revenue in a decade, a factor that helped the bank more than double its fourth-quarter profit. JPMorgan Chase and Morgan Stanley also reported big jumps in their investment banking and trading units after a huge year for bond issues, I.P.O.s and M.&A. deals.

It’s a different story for Main Street. Other banks with big consumer-lending arms didn’t fare as well, with Bank of America, Citigroup and Wells Fargo lagging in terms of profit growth. The low interest rates that prompted companies to raise debt have hurt banks’ net interest income on consumer loans, which fell year-on-year for most lenders in their latest results.

It could be worse. In the fourth quarter, JPMorgan released nearly $3 billion worth of reserves that it had built up to guard against loan defaults, while Bank of America, Citigroup and Wells Fargo released a combined $2 billion in the same period. Over the course of the full year, those four banks still added around $50 billion to their provisions against credit losses, a sign that they remain on guard against a potential wave of defaults. In the meantime, loan demand is low and deposits are piling up.

Here's What’s Happening –

A grim pandemic anniversary. One year ago, the C.D.C. confirmed the first Covid-19 case in the U.S., the beginning of an outbreak that has led to more than 400,000 deaths in the country.

A prominent investor warns of “vanished” risk. Baupost’s Seth Klarman, whose letters to clients are widely read around Wall Street, criticized Fed policies like persistently low interest rates, arguing that they mask the true health of the U.S. economy. “As with frogs in water that is slowly being heated to a boil, investors are being conditioned not to recognize the danger,” he wrote.

Trump’s family business is battered. The Trump Organization’s revenue fell nearly 38 percent last year, dragged down by signature properties like the Doral golf club in Florida and the Trump International Hotel in Washington.

Kelly Loeffler’s Atlanta Dream is near a sale. The W.N.B.A. team, which counts the former Republican senator as a co-owner, is poised for new ownership, the league said in a statement. Players on the team have objected to Ms. Loeffler’s ownership amid criticism of her stance on Black Lives Matter and other positions she took as an outspoken ally of Mr. Trump.

Gummy: Millennial-friendly digital health startup Hims & Hers goes public in a $1.6B SPAC merger.

Landed: United Airlines lost a big $1.9B last quarter. Its CEO said a “critical mass” of people need to be vaccinated before there’s a recovery.

Sweaty: President Biden on Wednesday signed an executive order rejoining the US into the Paris climate accord.

Suite: TripActions, the company that lets you book trips paid for by your boss, raised $155M in late-stage funding.

VR: Apple is reportedly working on a virtual reality headset that includes fabric design (and a huge price tag).

Guac: Mission Produce — aka: the pure-play avocado stock — saw sales and profits drop last quarter on lower avo prices.

Cryptocurrency: Bitcoin continued its swan dive to below $30,000. Perhaps not related to the dip, but on Tuesday, Treasury secretary nominee Janet Yellen warned about crypto's role in money laundering.

Whoever chose this stock ticker symbol is either a genius, or is living under a rock. LMF Acquisition Opportunities has filed to go public under ticker LMAO. The (apparently funnier) sponsor company: LMFAO.

Netflix shares surged to a record high last week on some #streamy numbers. The Flix now has 200M+ paid subscribers (double from 2017). 100M+ households have watched The Crown to date, and 62M watched The Queen's Gambit in its first 28 days. Investors also got excited about positive cash flow: Netflix had more money coming in than going out last year, and expects to be sustainably cash flow positive after 2021. It says it doesn't need to borrow or raise money anymore (read: strong, independent streamer).

 

TOP PODCASTS – Here are the podcasts Rink Rats currently follow while working, walking, playing golf, etc.

Hockey Central – Canada Sportsnet

The Daily – New York Times

Business Casual – Morning Brew newsletter

Diane Rehm On My Mind – Former NPR host

Here’s the Thing – Alec Baldwin

Robinhood Snacks – Stock trading app

Spittin Chiclets – Barstool hockey

Marketplace - NPR

The Megyn Kelly Show – Former Fox and NBC host

 

COVID-19 WHERE IT BEGAN - On Saturday, the Chinese city of Wuhan marked the first anniversary of its infamous “lockdown,” when 11 million people were simultaneously put into strict quarantine to stop the coronavirus from spreading across the country.

The lockdown lasted 76 days, from late January until April.

At the time, the world was stunned that a government would enforce such harsh restrictions on the movement of people and the ability of businesses to operate. Little did we know that Lockdown Lite was coming to countries and cities around the world in the subsequent months.

So what’s it like in Wuhan now? The Chinese have largely managed to stamp out Covid-19, so life is almost “normal.” But a recent uptick in new cases in other regions of China has muffled local business activity, according to NPR.

China was the only major economy to grow last year. It’s recorded fewer than 100,000 coronavirus cases and about 4,800 deaths in total (some experts question these numbers).

Looking ahead...the upcoming Lunar New Year will put China’s Covid response to the test. About 200 million people are expected to travel in what’s referred to as humanity’s largest annual migration.

 

DRIVING THE WEEK - The week ahead is a super busy one with everything from Apple and Tesla earnings to possible more vaccine news.

The Fed meets,  and while it is not expected to take action, investors will be paying close attention to what Fed Chairman Jerome Powell has to say about the Fed’s bond buying program, inflation and the economy.

There is also important data, including the Fed’s preferred inflation gauge Friday, and the first look at fourth quarter GDP.

Gov. Gavin Newsom will lift stay-at-home orders across California today. In Washington, Speaker Nancy Pelosi is expected to transmit a House-passed impeachment charge to the Senate today, setting the stage for the trial of former President Donald Trump to begin the week of Feb. 8.

 

STAT OF THE WEEK - All-time playoff wins:

Patriots: 37

Packers: 36

Steelers: 36

Cowboys: 35

Brady: 33

49ers: 32

 

SWAMI’S WEEKEND TOP PICKS –

NBA Pick of the Week – Saturday 1/30, 5:30 PM (PDT), ABC: Los Angeles Lakers (13-4) vs. Boston Celtics (9-6). Celtics have struggled in the early season; Lakers are at the tail end of a seven game road trip. Lakers win 98 – 94.   (Season to date 0-4)

NHL Pick of the Week – Saturday 1/30, 7:00 PM (EDT), NESN: Boston Bruins (3-1-1) vs. Washington Capitals (3-0-3). Capitals are Rink Rats #1 Power Rating club thus far in the young NHL season. They will not disappoint this Hockey Night in Washington Saturday, Caps win 4 – 2.  (Season to date 2-0)

NCAA College Hockey Pick of the Week – Friday 1/29, 7:00 PM (CDT), ESPN+: Michigan State Spartans (6-8-2) vs. #12 Wisconsin Badgers (9-7-0). State has been playing better of late, but the Badgers are too tough at home, Wisconsin 5 – 3. (Season to Date 2-1)

 

Season to Date (7-5)

 

Next Blog: Weekend Edition: Jack Ass of the Month, Dear Rink Rats

 

Until Thursday February 4, 2021 Adios.

Claremont, California

January 25, 2021

#XI-24-430

4,467 words, nine-minute read

 

CARTOON OF THE WEEK – Peanuts, Charles Schulz

 


 

 

RINK RATS JANUARY POLL – You prefer…..

_____ Google Meets

_____ Microsoft Teams

_____ Skype

_____ WebEx

_____ Zoom

_____ other

 

 

QUOTE OF THE MONTH: “I have almost reached the regrettable conclusion that the Negro’s great stumbling block in the stride toward freedom is not the White Citizens Councilor or the Ku Klux Klanner but the white moderate who is more devoted to order that to justice; who prefers a negative peace which is the absence of tension to a positive peace which is the presence of justice.” – Martin Luther King, Jr.

 

Rink Rats is a blog of weekly observations, predictions and commentary. We welcome your comments and questions. Also participate in our monthly poll. Rink Rats is now viewed in Europe, Canada, South America and the United States.

Posted at Rink Rats The Blog: First Published – May 3, 2010

Our Eleventh Year.

www.rhasserinkrats.blogspot.com

 

 

 

 

 

 

 

 

 

 

 

 

Tuesday, January 19, 2021

Retreat

 Per Webster: “A retreat is a meeting that is typically designed and organized specifically to facilitate the ability of a group to step back from their day-to-day demands and activities for an extended period of concentrated discussion, dialogue, and strategic thinking about the organization's future or about specific issues.”

This is the time of year for the retreat. The annual / semi-annual get-a-way to review, reflect, respond, renew, refurbish, regenerate, and retrace. In other words, we don’t know what the hell we are doing so let’s retreat.

Al kinds of retreats: Management, Spiritual, Wellness, Faculty, Students, Boards, Winter Meetings, Leadership, Political, all reasons to break the daily routine and accomplish something.

There are many pros and cons for retreats. The pros are allowing for transparency, input, honest discussions, planning. The cons are no transparency, no input, BS, and a great revenue stream for the consultant.

Even in a pandemic they go on: as a Zoom, Microsoft stockholder I thank you.

A business retreat is focused much more on high-level strategy, combined with lots of “white-space time” for the participants. Typically, the objective for a retreat is to take high-level thinkers out of their busy day-to-day schedules and to an intimate setting that allows them to really free up their creative thought process. I would envision a more relaxed setting, lots of outdoor time, informal roundtable gatherings, guided hikes, etc.—all to inspire a more strategic thought process. A business meeting is typically very structured and focused on a critical department within an organization. In many meetings we have experienced, the attendees are listening more than they are participating, and the content is driven by executives of the company or the department.

A retreat is usually a smaller meeting that convenes in an off-the-beaten-path destination; examples include dude ranches and experiential properties that offer the attendees an unusual setting that inspires organic networking and bonding opportunities. A business meeting typically takes place at a hotel not far from the airport, with meeting space and audio-visual support to accommodate the size and scope of the meeting. A business meeting is content-driven, while a retreat is focused on attendees experiencing the destination as a group.

Whatever you call it and define it, it is the retreat season. So good luck, happy retreat and if you are a consultant this is the time of year when P.T. Barnum said it best: “there is a sucker born every minute.”

 

ADIOS - Today is President DONALD TRUMP’S last full day in office. His final Gallup job approval rating is 34%, the lowest of his term. Tomorrow he retreats to Florida, the Senate prepares an impeachment trial, and JOSEPH R. BIDEN will be inaugurated.

Biden ran on a theme of unity but will soon have to work with people in Congress who backed Trump’s post-election plot even after they were chased from their respective chambers by rioters. Wednesday, when he puts his hand on the Biden family Bible and looks out at a city occupied by troops and ravaged by recession and disease, he will be surveying a capital remade by Trump.

Here’s the state of the Washington Trump will leave behind:

— A House in which the GOP is now dominated by Trump Republicans, about 140 of whom voted to invalidate the results of the 2020 presidential election. At the fringes, it is studded with QAnon conspiracy theorists that Minority Leader KEVIN MCCARTHY has allowed to flourish. (One of them promises to draft articles of impeachment against Biden on Thursday.)

Yet Trump’s takeover of the GOP has never been enough for the defeated president. Trump has started calling another of his steadfast loyalists, McCarthy, a very ugly name (even for Trump) for not pushing hard enough to overturn the election results. More on that below.

Across the aisle, House Democrats have a threadbare majority and an energized left that may be more interested in prosecuting the departing Trump regime than working with Biden to pass his (in their view) centrist agenda.

— A Senate where both leaders face immediate challenges: MITCH MCCONNELL will have to decide how far to press de-Trumpifying the GOP now that Trump is no longer an instrument to advance conservative judgeships and tax cuts. But as McConnell returns to the minority and Washington comes under Democratic control, those intra-GOP fights may soon be less of a priority than uniting against the Biden agenda.

A glimpse of the new direction will come this week as Democrats move to defer the Senate impeachment trial for a few days and push through Biden nominations for a quick vote, which a single Republican senator can thwart. Those two priorities — the trial and Biden Cabinet votes — are like trying to steer “two freight trains colliding at 100 miles per hours,” a Senate source tells Rachael. Especially in a 50-50 Senate. Buckle up, CHUCK SCHUMER.

— A mainstream media that’s suffering from a huge swath of the country that doesn’t believe it after four years of Trump’s attacks. It is often paralyzed about how to confront the crisis of misinformation that Trump helped create, which will haunt politics for the foreseeable future.

 

— Finally, Trump is departing a capital city that he transformed. Washington is essentially occupied by thousands of troops (Trump abandoned the Green Zone in Baghdad and set one up in D.C.), economically reeling from the pandemic (dozens of restaurants have closed), and scarred by the remnants of summer looting. The Capitol building remains defaced by the attack instigated by the departing president and ringed by steel fencing and concrete barriers.

This is the Washington Trump, in the future after the Presidency to be referred to as The Thing, is leaving behind.

 


THE FINAL TALLY –



PRESIDENT BIDEN’S CABINET –



 

COLLEGE CHRONICLES - Eleven members of Michigan State University's women's swimming and diving team are suing the institution to stop it from eliminating their program, on the grounds that the institution already fails to meet Title IX requirements for equal sports offerings for women.

WORDS OF THE MONTH

“Inauguration” vs. “Swearing In”: What’s The Difference?

Every four years, the presidential inauguration captures the attention of people in the United States. Some tune in to the televised event for the eye-catching ceremony, crowds, and parties. Others are most looking forward to the swearing-in. Yet regardless of what people tune in for, the whole swearing in part is sometimes confused with the inauguration itself.

Which makes you wonder: what is the inauguration and what is the swearing-in? Or are they both the same thing?

While it’s true that presidential inaugurations in the United States include a swearing-in, the two terms are not one and the same. In fact, you don’t have to be an incoming president to receive an inauguration or even a swearing-in.

What is an inauguration?

At the heart of any inauguration is the verb inaugurate, which means “to make a formal beginning of,” or “to place in office formally and ceremonially.” It comes from Latin and was first recorded in English around 1595–1605. That formal ceremony to inaugurate a person, place, or thing is called an inauguration, which was first recorded 1560–70.

Inaugurations aren’t limited to US presidents. There’s a long list of subjects—from entities to events—that can be at the center of an inauguration. A ribbon-cutting ceremony can serve as the inauguration for a new building, for example.

Inaugurations are important because they’re the official start of something new. The president-elect isn’t the president until Inauguration Day when they take the oath of office (which has everything to do with swearing in and little to do with the other Inauguration Day festivities, but more on that later). When that happens, exactly, has changed over time. March 4 was the original date that Congress set for the president-elect to take the oath, but that changed to January 20 with the 20th Amendment in 1937.

An inauguration, in short, is a ceremony that marks the beginning of something new. When it comes to putting someone in the office of the president (or any other office for that matter), there’s one crucial, binding part of the inauguration: the swearing-in.

What is a swearing-in?

A swearing-in is “an official ceremony where a person takes an oath of office, allegiance, etc.” The term was first recorded around 1890–95. The swearing-in ceremony is defined by an action. While the term swearing-in is a noun, the verb to swear someone in means to “administer a legal or official oath.”

The swearing-in is a ceremony that marks a new position just like an inauguration, but unlike an inauguration, swearing in refers specifically to when someone promises to take an action. Since 1884, the president-elect has recited this oath: “I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States.”

MARKET WEEK - A lot of the good news that lies ahead may already be accounted for in the market as Wall Street logs its first weekly loss of 2021.

The S&P 500 and Nasdaq Composite each fell more than 1% for the week. The Dow Jones Industrial Average lost 0.9% over that time period. It was the first weekly decline for the Dow in five weeks. The Nasdaq also snapped a four-week winning streak.

Those weekly losses came as traders awaited, and ultimately received, the details of President-elect Joe Biden’s $1.9 trillion Covid stimulus proposal.

The plan would increase the additional federal unemployment benefits to $400 per week and extend them through September and provide direct payments of $1,400 to many Americans. It also calls for $350 billion in aid to state and local governments, $70 billion for Covid testing and vaccination programs, and raising the federal minimum wage to $15 per hour.

"There was a fair amount of transparency as this deal came to fruition," said Keith Buchanan, portfolio manager at GLOBALT. This made it easier for investors to price in the proposal's potential impact on risk assets ahead of time, he said.

In the week ahead, investors will focus on corporate earnings from Bank of America, Goldman Sachs, United Airlines and Netflix. Wall Street will also keep its eyes on Washington as Biden gets set for his presidential inauguration on Wednesday.

Despite this week’s losses, Biden will head into the White House with the biggest market tailwind between an election and an inauguration since at least 1952.

For the Federal Reserve, 2020 was a YOLO (You Only Live Once) year. In response to the coronavirus crisis, the central bank quickly dropped interest rates to near-zero and, in unprecedented fashion, provided up to $2.3 trillion of financing to support businesses and markets.

It also confronted issues of racial inequality far more than it had since its founding in 1913. The killing of George Floyd last spring spurred calls for the Fed, the most powerful economic policymaking body in the world, to reflect on the ways its own actions have reinforced racial inequality—and use its influence to help address it.

Historically, the Fed has acted like a football player under Bill Belichick—it just tried to do its job. And that job, as mandated by Congress, is very clear: to 1) keep prices stable and 2) achieve maximum employment.

But by pursuing those goals like a horse with blinders, critics say, the Fed ignored racial economic inequality and perhaps made it worse.

One example: In the 1950s and 1970s, the Fed raised the cost of borrowing to slow down inflation growth (and fulfill job #1). According to Howard University economics professor Williams Spriggs, that tightening of credit disproportionately harmed Black Americans and inflated Black unemployment relative to the national average.  

The Fed is swapping its “do your job” approach in favor of a “with great power comes great responsibility” approach. In the fall, the Fed kicked off a series of events that explored the central bank’s role in racial economic inequality.

First came the reckoning. The Fed “absolutely has to know, be passionate about, be interested in not just the wealthiest or the median, but all the people," said Ursula Burns, the former CEO of Xerox and the first Black female CEO of a Fortune 500 company. 

Then came the pledge to do better. “We need to step forward and be present in this conversation and own that we have a role to play,” said Atlanta Fed President Raphael Bostic, the first Black person to lead a regional Fed bank.

Not everyone thinks the Fed should step outside its traditional job description. As Minneapolis Fed President Neel Kashkari pointed out, some people will say it’s Congress’s role, not the Fed’s, to tackle issues of racial inequality. The WSJ editorial board argued a greater focus on race would lead to “ultraloose” monetary policy (inviting more inflation).

Looking ahead…the Fed’s greater attention to racial inequality is now being written into actual policies. Following a 20-month review, the Fed released new guidelines stating that maximum employment is a “broad-based and inclusive goal.” That’s central bank-speak for signaling it’ll consider the unemployment rate among minorities when making decisions. 

 

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to Bill Maher (65), Renee Miller … famous Accounting Professor, Dolly Parton (75).

 

HERE COMES CHINA - China's economy grew more than expected last year, even as the rest of the world was upended by the coronavirus pandemic.

The world's second largest economy expanded 2.3% in 2020 compared to a year earlier, according to government statistics released Monday.

It's China's slowest annual growth rate in decades — not since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time of social and economic tumult.

But during a year when a crippling pandemic plunged major world economies into recession, China has clearly come out on top. The expansion also beat expectations. The International Monetary Fund, for example, predicted that China's economy would grow 1.9% in 2020. It's the only major world economy the IMF expected to grow at all.

The pace of the recovery appears to be accelerating, too: GDP grew 6.5% compared to a year ago, faster than the third quarter's 4.9% growth.

 

NHL NEW REVENUE STREAM - Helmet advertisements are set to debut during the upcoming 2020-21 NHL season. It’s the first time that the league will allow sponsor ads to appear on uniforms.

Cash Grab: NHL teams hope to earn more than $15 million combined with helmet ads this season. The Montreal Canadiens and Toronto Maple Leafs are already eyeing $1 million sponsorship deals.

Analytics firm Navigate estimates that a season of space on NHL helmets will be worth as much as $2.5 million in fair market value for an average team.

The NBA started putting ads on jerseys in the 2017-2018 season and has generated more than $150 million in revenue with the program.

The American Hockey League, the development level below the NHL, has had helmet ads since the mid-1990s.

Revenue Recovery: The NHL needs helmet ads to provide some financial relief from the pandemic’s impact on the league and its 31 clubs.

The average value of an NHL team dropped 2% to $653 million in 2020, the first decline since 2001

The league generated $4.4 billion in revenue last season, down 14% year-over-year

Operating income totaled $250 million, down 68% year-over-year

Nine teams saw double-digit operating losses, up from five during the 2018-19 season.

The Tampa Bay Lightning, defending Stanley Cup champions, posted an operating loss of $11 million.

 

SWAMI’S WEEKEND TOP PICKS –

NFL Football Pick of the Week – Sunday 1/24, 12:05 PM (PDT), Fox: Conference Championships; Tampa Bay Bucs (13-5) vs. Green Bay Packers (14-3). The Pack is too good in chilly Lambeau, Pack wins 24 – 20.

3:40 PM (PDT), CBS: Buffalo Bills (15-3) vs. Kansas City Chiefs (15-2). The difference in this game, Andy Reid, Chiefs win 30 – 22. (Season to date 12-4)

NBA Pick of the Week – Sunday 1/24, 3:30 PM (EDT), NBA TV: Toronto Raptors (5-8) vs. Indiana Pacers (8-5). Raptors having a difficult time adjusting to Florida, Pacers win 100 – 88.  (Season to date 0-3)

NHL Pick of the Week – Saturday 1/23, 7:00 PM (EDT), NESN: Philadelphia Flyers (2-1-0) vs. Boston Bruins (1-1-1). Bruins getting used to being without Chara – B’s win this one, 3 – 2.  (Season to date 1-0)

NCAA College Hockey Pick of the Week – Saturday 1/23, 6:07 PM (CDT), ESPN+: Colorado College Tigers (3-8-2) vs. #3 North Dakota Fighting Hawks (10-3-1). It will be a cold evening in Grand Forks for the Tigers, ND wins big 7 – 2.  (Season to Date 1-1)

 

Season to Date (4-4)

 

Next Blog: Remember Restaurants

 

Until Monday January 25, 2021 Adios.

Claremont, California

January 19, 2021

#XI-23-429

2,942 words, six-minute read

 

CARTOON OF THE WEEK – The New Yorker, P.C. Vey

 


 

 

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QUOTE OF THE MONTH: “I have almost reached the regrettable conclusion that the Negro’s great stumbling block in the stride toward freedom is not the White Citizens Councilor or the Ku Klux Klanner but the white moderate who is more devoted to order that to justice; who prefers a negative peace which is the absence of tension to a positive peace which is the presence of justice.” – Martin Luther King, Jr.

 

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Posted at Rink Rats The Blog: First Published – May 3, 2010

Our Eleventh Year.

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