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Economy
ECONOMIC ANALYSIS: Why subprime 'crisis' is not as severe as it seems
January 28, 2008
Mike HicksOver the next few years, quite a few doctoral dissertations are going to be written about the subprime loan market, and its
effects on the overall U.S. economy. And whatever the effects turn out to be, it is certain that this financial mess has all
the twists and turns of a spy novel. Here is part of the plot: Over the past decade and half, home prices skyrocketed. The
causes included rapid growth in the U.S. economy, aging baby-boomer purchases...
MoreEYE ON THE PIE: Hoosier excess contrary to our nature
January 21, 2008
Morton MarcusPeople think of Indiana as a place of moderation. We're not known for extremes. We are followers, not leaders. Certainly,
we are not risk-takers. How then can we explain some inexplicable behaviors? Indiana's secretary of state and others were
in Washington, D.C., before the U.S. Supreme Court recently to defend the nation's most extreme voter ID law. No one was prepared
to say we suffered from an avalanche of voter fraud. There was not even evidence of a snowflake of...
MoreECONOMIC ANALYSIS: Lobbyists lob lots of bad ideas into tax debate
January 21, 2008
Mike HicksI am a huge fan of the Discovery Channel TV show "Dirty Jobs with Mike Rowe." I don't get to watch if often. "SpongeBob SquarePants"
dominates the Hicks household. But when I do, I revel in the host's exploits in some of the nastiest jobs imaginable. But
I think there's one job I am more afraid of than anything I've seen on his show. There's no amount of money that could make
me a state legislator during a fiscal crisis....
MoreBEHIND THE NEWS: For trio of high-profile firms, turnarounds remain elusive
January 21, 2008
Greg AndrewsIt's like a recurring nightmare. Quarter after quarter, three of Indianapolis' most prominent companies report weak results,
and their stocks slide lower and lower. How can Emmis Communications Corp., The Finish Line Inc. and The Steak n Shake Co.
reverse their downward swoon? It's a question of great urgency, given that the stocks of all three have slid deep into the
cellar. Emmis now fetches $2.79 a share, 96 percent below its 1999 high. Finish Line goes for $1.66, 93...
MoreEYE ON THE PIE: Indiana being stamped with wrong image
January 14, 2008
Morton MarcusBlessed be our friends at the U.S. Postal Service. They do a great job of collecting and distributing the mail. They face
strong competition from private carriers and from the Internet, but they continue to serve the public well. Then, too, USPS
always looks for new ways to honor America and Americans through the issuance of new stamps. If a particular series catches
on, they can make a pretty penny by selling stamps that are never used. That's why USPS...
MoreFew stocks avoid effect of housing, banking woes: Wall Street pessimism spreading across industries
January 14, 2008
Tracy DonhardtNineteen central Indiana companies have seen their stock prices fall more than one-quarter from the 52-week highs-a plunge
that largely reflects pessimism over the strength of the economy. The pullback has hammered some of the top-performing Hoosier
companies in recent years, including shopping mall owner Simon Property Group Inc. (off $46 a share, or 38 percent) and school
operator ITT Educational Services Inc. (off $52, or 39 percent). Former highfliers often take the biggest tumble when investor
sentiment turns bearish....
MoreECONOMIC ANALYSIS: Those fearing China's economic prowess miss the point
January 7, 2008
Mike HicksFear of China is a staple of protectionist rhetoric. Concern about China's emergent power comes from the formerly thoughtful
broadcasters from CNN, the presidential primary trail, the Pentagon and, of course, the blogosphere. What really is China's
economic role, and what do we have to fear? China's billion souls, strategic location, emergent market economy and long history
of tyranny make it an interesting, and now quite dynamic, area of study. China's economy looks to be a powerful engine of
growth,...
MoreEYE ON THE PIE: Change economy to raise incomes
January 7, 2008
Morton MarcusMy holiday gift was the latest quarterly data from the U.S. Bureau of Economic Analysis. Santa put them in my e-mail box and
I played with them when not attending to ritual family matters. Yes, personalincome numbers for all the states right up to
the third quarter of 2007. Oh, joy; oh, ecstasy-feeding my lascivious quantitative desires. And what did I find? Over the
past year, the third quarter of 2006 to the same quarter of 2007, Indiana has ranked...
MoreCommentary: Good luck to Mayor Ballard
January 7, 2008
Chris KatterjohnMayor Greg Ballard has less than a week under his belt of taking on a city that is both on a roll and full of challenges.
It's an exciting time to be mayor. An unknown commodity, Ballard has some big shoes to fill with little experience in government
to help him out. (Note to self: That's not necessarily a bad thing.) Indianapolis has been blessed with strong leadership
for the last 40 years, beginning in 1968 with Republican Richard Lugar,...
MoreVIEWPOINT: The trouble with public schools: Too public
January 7, 2008
Paul W.The problem with public education is that it has become too "public." Back in the days when boards of education possessed
all power over construction of school facilities, a few boards around the state were far too eager to build elaborate educational
and athletic palaces when functionally and technically efficient classrooms were all that were really needed. The outrage
from a handful of property taxpayers finally reached the Statehouse. (The outcry over a proposed football facility in the
Carmel-Clay School...
MoreTHE TRAVELING LIFE: Genghis Khan slept-and was admired-here
December 31, 2007
Frank BasileBefore we landed at the Genghis Khan Airport, checked into the Genghis Khan Hotel, and drank Genghis Khan beer, everything
we had heard about the most famous Mongol of all time was negative. But that changed when we visited Mongolia in September.
You might wonder what nice things could be said about a guy who conquered more territory in 25 years than the Romans did in
400? Well, the people we encountered perceived him as a combination of George Washington,...
MoreINVESTING: Look to battered sectors for bargain investments
December 31, 2007
Ken SkarbeckThis was a puzzling year for investors. It began with ample lowcost money available to borrowers and record-low volatility
across markets. It will end with a credit crunch hobbling financial firms and a market punctuated by volatile spurts. And
yet despite this significant shift in market character, the major averages will end the year with modest positive gains. The
year began with a sort of benign complacency for investors, as stocks had been on a smooth upward trajectory since the...
MoreECONOMIC ANALYSIS: Indiana's economy: The fundamentals are in place
December 31, 2007
Mike HicksPredicting the size and scope of economic activity for the nation, state and region is one of the more important roles played
by university economists. But 2008 is the kind of year that really tests economic forecasting. The Bureau of Business Research
just released its forecasts for Indiana and two regional labor markets. In total, we examined eight different data series
and have stressed the performance of net employment and wages. Our forecast is fairly optimistic. We predict job growth...
MoreECONOMIC ANALYSIS: Why state's job growth is better than neighbors'
December 24, 2007
Mike HicksFor the past week or so, I have been flooded by phone calls from colleagues in Illinois and Michigan, chortling over a new
marketing campaign launched by Hoosiers. The privately financed billboards and radio spots ask businesses and residents whether
they are tired of high taxes and unresponsive government. If so, they are invited to "Come on IN" to Indiana. It's high-order
fun this holiday season. Indiana sits as a small island of growth in the Midwest, and it is...
MoreEconomy surged over summer but is losing momentum as year ends:
December 24, 2007
Jeannine AversaWASHINGTON - The economy sprinted ahead at its fastest pace in four years during the summer, although it is expected to limp
through the final three months of this year as the housing and credit debacles weigh on individuals and businesses alike.
The Commerce Department reported Dec. 20 that gross domestic product grew at a 4.9 percent pace in the July-to-September quarter,
unchanged from an estimate made a month ago. The performance was especially impressive given that the housing market...
MoreCeladon tries to reverse decline
December 24, 2007
Chris O'MalleyIn just over one quarter, shares of Celadon Group lost nearly half their value as profitable cargo got harder to find in a
slowing economy. The stock closed at $9.13 on Dec. 19, down from nearly $17 in late August.
MoreVIEWPOINT: Why did we allow gambling to seduce us?
December 24, 2007
Tom HendersonThe money is seductive: an "easy" $1.6 billion. That's what gambling brought to Indiana in taxes this year. The prize might
not be as big in 2008. There's new competition. And a big drop in gambling revenue would spoil the negotiations that all the
nervous Indiana politicians have been doing. Their jobs are on the line, and they know it. Hoosiers are embarrassed. They
don't like that. I have a beautiful picture of two of my children standing inside the...
MoreINVESTING: Now may be good time to buy small banks
December 17, 2007
Ken SkarbeckAre Indiana bank stocks on sale? Performing a cursory analysis on the list to the right of this column, an investor could
answer that question with a qualified yes. It is noticeable that the Indiana stock list is populated with a good number of
small com- banks. of these bank stocks pay attractive dividends, sell below their book values, and are trading at prices near
multiyear lows. For example, there is River Valley Bancorp of Madison. River Valley's stock is...
MoreNOTIONS: Read my lips: No taxes whatsoever. Nada. Zip.
December 10, 2007
Bruce HetrickI was driving through the Meridian-Kessler neighborhood when I spotted the sign. It was posted in the manicured front lawn
of a brick bungalow on a wooded corner lot. It said: "Stop taxing our property." At other nice houses up and down the same
tree-lined street, other signs dotted other manicured lawns. Many of them bore the same message: "For Sale By Owner." Below
that, the signs cited the purported cause of the alleged listings: "excess taxation." I had the...
MoreBiz issues move to back seat: Property-tax reform leaves little time for other work
December 10, 2007
Scott OlsonReforming the state's property tax system will consume so much of the legislative session that the Indiana General Assembly
isn't expected to give much attention to other issues pertinent to the business community. Compounding matters is the fact
that the session, which runs from mid-January to mid-March, is of the short variety, meaning legislators have less time to
debate issues than they would during the long, odd-year meetings. "I think [property tax reform] is the most intense and voluminous
issue...
MoreEDITORIAL: 'Tis the season to help others: Don't forget charities when giving
December 10, 2007
'Tis the season to help others Don't forget charities when giving If our early December snowfall didn't get central Indiana's
bells jingling, the overflowing mall parking lots should make it clear: Santa Claus is coming to town, and he's bringing plenty
of credit-card-toting elves with him. The National Retail Federation predicts Americans will spend almost $475 billion on
holiday-related purchases this year, up 4 percent from 2006. That's a lot of fruitcake. Our economy could use the boost, no
doubt...
MoreECONOMIC ANALYSIS: How globalization benefits Hoosier companies
December 10, 2007
Mike HicksThe debate on globalization most often focuses on imported goods. This is natural, for it is the sole source of pain associated
with increasing international trade. The pain accrues to workers and investors in businesses that cannot compete internationally.
Of course, the net impact is positive, in part because trade reallocates workers and capital to more productive activities.
These more productive activities pay better and so are ultimately better for the economy-both here and abroad. One often-overlooked
element of the...
MoreCommentary: A foreign investment that is sure to pay off
December 10, 2007
Brian WilliamsAs the year draws to a close, the business community remains focused on taxes and the health of the economy. The governor's
privatization of the Indiana Toll Road generated a windfall of $3 billion. If managed properly, that money should fund Indiana's
road and bridge repair work. However, perhaps we should consider investing some of the interest to radically change our stature
in the global economy. Canada possesses coastlines along the Atlantic, Pacific and Arctic oceans; has abundant natural resources,...
MoreBusinesses, educators teaming up for education: Two sides join forces with Common Goal initiative, which aims to reduce Marion
County's dropout rate
December 10, 2007
Tracy DonhardtBusiness and education leaders are hanging up their boxing gloves in favor of working together to stem the local high school
dropout rate. "We've typically been at odds with the education community," said Roland Dorson, president of the Greater Indianapolis
Chamber of Commerce. Long-standing finger pointing has had businesses issuing mandates that schools educate their students
better and educators claiming they don't receive the help they need from businesses, Dorson said. "We get beat up by business
and professional groups...
MoreINVESTING: Investors shrugging off home-mortgage turmoil
December 3, 2007
Ken SkarbeckNov. 20 was one of the stranger days in the stock market that I have seen for some time. On the surface, it came and went
like any other business day, with the Dow Jones industrial average ending up a decent 50 points. However, if you had told
me the stock prices of both the Federal Home Loan Mortgage Corp. and the Federal National Mortgage Association would collapse
25 percent that day even as the Dow rose, I would have...
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Doug Henning!
These guy were thugs — they grew up in freaking Haughville! Smh, sigh. If the mayor needs/wants "quality" Black Hoosiers who are NOT corrupt, give me a call — I know plenty. Land bank info here - http://www.kubepharm.com/indylandbank/IndyLandBank.html
Magician and illusionist!
The basic idea of nice apartments with parking and retail is a good one, but this design seems overwhelmingly big/tall for Broad Ripple. The size could be disguised a bit with lots of big trees/landscaping, but the complex is too massive to blend in easily. That section of canal between College and Westfield will also need to be upgraded on both sides. Nice apartments facing onto a nice promenade with shade trees/plantings could bring together the canal towpath/Monon recreation, the outdoor seating at existing restaurants, and this project into something that upgrades the whole area. A plan for the whole stretch makes more sense than facing nice new housing onto what looks like a ditch. Is there a plan? Does the public have input? Who pays? The apartment idea seems to be reasonable, but Whole Foods is not a good idea for appropriate retail. Besides the store being physically too big, there are already Fresh Market at 54xCollege and Whole Foods in Nora for fancy groceries. Good Earth and Kroger are within walking distance of the Shell site. There are at least 7 grocery stores within a safe bike ride. Whole Foods would add nothing but traffic congestion. This design is on the right track, but there needs to be more work done to ensure that it blends in with and enhances the existing community. A project that large will set a tone for that whole part of town. It could be a real asset, but only if done right.
I did not move to Zionsville to live in Carmel. This and the subsequent developments to follow will ensure a vanilla uniformity of strip malls and apartment buildings as we seek to bring our town down to the least common denominator. We were warned before recent elections that pro-development council members would make sure their friends (landowners and developers) would be able to make their millions off of the exploitation of Zionsville. Why in God's name would we sell out the best preserved small town in the State of Indiana?