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    <title>Jay Hancock&apos;s blog</title>
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   <id>tag:weblogs.baltimoresun.com,2012:/business/hancock/blog//101</id>
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    <updated>2012-01-04T20:25:05Z</updated>
    <subtitle>Business news: Stock markets, banks and economic observations with columnist Jay Hancock</subtitle>
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<entry>
    <title>This blog has moved</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2012/01/this_blog_has_moved.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=312790" title="This blog has moved" />
    <id>tag:weblogs.baltimoresun.com,2012:/business/hancock/blog//101.312790</id>
    
    <published>2012-01-04T20:19:16Z</published>
    <updated>2012-01-04T20:25:05Z</updated>
    
    <summary>To a new blog-support vendor. You can read the latest posts by clicking here. If you&apos;re a regular reader, thank you and please update your favorites to the new URL....</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>To a new blog-support vendor. You can read the latest posts by <a href="http://www.baltimoresun.com/business/hancock-blog/"target=new>clicking here</a>. If you're a regular reader, thank you and please update your favorites to the <a href="http://www.baltimoresun.com/business/hancock-blog/"target=new>new URL</a>. </p>]]>
        
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<entry>
    <title>Fix the calendar so Christmas is always on Sunday?</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/fix_the_calendar_so_christmas.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=312538" title="Fix the calendar so Christmas is always on Sunday?" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.312538</id>
    
    <published>2011-12-28T11:03:05Z</published>
    <updated>2011-12-28T11:05:33Z</updated>
    
    <summary>Steve Hanke and Richard Conn Henry of The Johns Hopkins University have proposed the latest in what will probably be a perpetual series of calendar reforms as long as men and women breathe. It&apos;s presented as a business-friendly calendar, eliminating...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>Steve Hanke and Richard Conn Henry of The Johns Hopkins University have proposed <a href="http://henry.pha.jhu.edu/hanke.henry.pdf"target=new>the latest </a>in what will probably be a perpetual series of calendar reforms as long as men and women breathe. It's <a href="http://releases.jhu.edu/2011/12/27/time-for-a-change-johns-hopkins-scholars-say-calendar-needs-serious-overhaul/"target=new>presented as a business-friendly calendar</a>, eliminating uncertainty over which holidays fall on which days of the week and how many days are in a month and a fiscal quarter. It reminds me however of the French Republican Calendar of two centuries ago in its attempt to rationally boost efficiency and minimize religion and tradition.</p>

<p>Hanke and Henry would have twelve months with same names as those we use now. The year would have 364 days. The first two months of each quarter would have 30 days; the last, 31.The week would remain the same, with Sundays every seven days as a nod to the devout. However each date would share the same day of the week each and every year. Since Dec. 25 was on a Sunday this year, in their calendar it would always be on Sunday.</p>

<p>Why reform? One reason is that giving every fiscal quarter the same number of days would eliminate uncertainty about how much interest investments earn over short periods. From <a href="http://www.cato.org/pub_display.php?pub_id=13940"target=new>Hanke/Henry's article in Globe Asia</a>.</p>

<blockquote>The best example comes from calculating accrued interest between February 28th and March 1st in a non-leap year. A corporate bond accrues three days of interest, while a government bond accrues interest for only one day. The proposed permanent calendar — with a predictable 91-day quarterly pattern of two months of 30 days and a third month of 31 days — eliminates the need for artificial day count conventions.</blockquote>

<p>The universe, of course, refuses to be put in such a square box. Like other reformers Hanke and Henry have to true up their calendar every few years to stay in sync with the seasons. The calendar we have now is 365 days with a leap-day every few years to catch up to elapsed and uncounted fractional days. They propose what looks like a leap-week every five or six years to keep their neat structure of weekly blocks intact. </p>

<p>They also want to eliminate time zones and put everybody on Greenwich Mean Time.  <br />
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<entry>
    <title>Christmas BGE outage for Davidsonville families</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/christmas_bge_outage_for_david.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=312530" title="Christmas BGE outage for Davidsonville families" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.312530</id>
    
    <published>2011-12-27T18:58:37Z</published>
    <updated>2011-12-27T19:03:23Z</updated>
    
    <summary>BGE spokesman Rob Gould said an animal caused a brief electricity outage on Christmas morning. Gould: Electric service was disrupted to approximately 160 customers Christmas morning at 8:50am due to damage caused to electric service equipment by an animal. All...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
            <category term="BGE/electricity" />
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>BGE spokesman Rob Gould said an animal caused a brief electricity outage on Christmas morning. Gould: </p>

<blockquote>Electric service was disrupted to approximately 160 customers Christmas morning at 8:50am due to damage caused to electric service equipment by an animal. All service was restored by 10:50am. </blockquote>

<p>This Sun reader named Roger was not happy: </p>

<blockquote>That's right, 8:33am, right as we're opening presents, heat shuts off, lights go out, tree lights off, no running water or toilets (since many MDers are on well). Merry Christmas Davidsonville. Power goes out once per month yet we continue to pay premiums. The answer? Buy a $10,000 whole house generator.  Their incompetence is baffling. They claim only 150 were affected but we've already learned that is not true. There is truly no accountability with BGE. I really hope somebody writes something. </blockquote>]]>
        
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<entry>
    <title>This will be a Pulitzer finalist feature story this year</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/this_will_be_a_pulitzer_finali.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=312501" title="This will be a Pulitzer finalist feature story this year" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.312501</id>
    
    <published>2011-12-26T21:20:27Z</published>
    <updated>2011-12-26T21:25:26Z</updated>
    
    <summary>From Amy Harmon at the NYT. A sensitive, moving, illuminating portrait of two young adults who have been diagnosed with Asperger&apos;s Synrome and are in love. She was the only girl to have ever asked questions about his obsessive interests...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>From <a href="http://www.nytimes.com/2011/12/26/us/navigating-love-and-autism.html?pagewanted=all"target=new>Amy Harmon at the NYT</a>. A sensitive, moving, illuminating portrait of two young adults who have been diagnosed with Asperger's Synrome and are in love. </p>

<blockquote>She was the only girl to have ever asked questions about his obsessive interests — chemistry, libertarian politics, the small drone aircraft he was building in his kitchen — as though she actually cared to hear his answer. To Jack, who has a form of autism called Asperger syndrome, her mind was uncannily like his. She was also, he thought, beautiful. 

<p>So far they had only cuddled; Jack, who had dropped out of high school but was acing organic chemistry in continuing education classes, had hopes for something more. Yet when she smiled at him the next morning, her lips seeking his, he turned away. </p>

<p>“I don’t really like kissing,” he said. </blockquote><br />
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<entry>
    <title>PSC hits Pepco for bad tree-trimming, communication</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/psc_hits_pepco_for_bad_treetri.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=312379" title="PSC hits Pepco for bad tree-trimming, communication" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.312379</id>
    
    <published>2011-12-21T21:15:42Z</published>
    <updated>2011-12-21T21:22:10Z</updated>
    
    <summary>Poorly planned tree-trimming contributed to the Pepco outages that upset everybody last year, says the Public Service Commission, which fined the utility $1 million as a result. The commission also faulted what it called Pepco&apos;s &quot;poor communication with customers during...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
            <category term="BGE/electricity" />
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>Poorly planned tree-trimming contributed to the Pepco outages that upset everybody last year, says the Public Service Commission, which fined the utility $1 million as a result. The commission also faulted what it called Pepco's "poor communication with customers during storm events. This was particularly evident with regard to developing and communicating accurate and timely estimates of service restoration, which was a significant contributor to customer dissatisfaction."</p>

<p>Here is the whole press release from the PSC:</p>

<blockquote>Maryland Public Service Commission Imposes $1 Million
Initial Fine on Pepco
Utility Faulted for Poor Management and Ineffective Practices

<p><br />
(Baltimore)—The Maryland Public Service Commission (Commission) has ordered an initial fine of $1 million against the Potomac Electric Power Company (Pepco). Commission Order No. 84564 finds that Pepco failed to maintain its system properly over a period of years; that those failures subjected its customers to excessively high frequencies and long durations of electric outages during storm events and on fair-weather days, and that Pepco compounded those reliability problems through poor customer communication.</p>

<p>In its decision, the Commission also found that reliability expenses in 2011 were increased because of “imprudent and inadequate expenditure and neglect.” Therefore </blockquote></p>]]>
        <![CDATA[<blockquote>in Pepco’s next rate case, the Commission will review the 2011 and 2012 reliability spending and will disallow the increased amounts that are due to Pepco’s imprudent management in years earlier.

<p>Specifically, the Order finds that “Pepco’s low level of reliability stems directly from its poor vegetative management practices.” Its inadequate vegetation management led to “dramatically higher outage durations and frequencies in 2010.”</p>

<p>The case was initiated after the Commission received an unusually high number of complaints from customers and elected officials regarding reliability in the Pepco service territory, and issued Order No. 83526 on August 12, 2010, to begin formal proceedings.</p>

<p>In the current Order, the Commission noted that “Pepco’s history of inconsistent and sometimes contradictory tree trimming practices between 1999 and 2010 imposed more costs and outages on customers than otherwise would have been the case had the Company adhered to one coherent strategy.” Moreover, Pepco’s reliability problems were exacerbated by the utility’s refusal to transition from an ineffective two-year to a four-year tree trimming cycle years after other Maryland utilities had made the transition and a decade after the Tree Trimming Working Group had authorized this change, which ultimately imposed additional hardships on its customers. The Commission also finds that Pepco failed to conduct periodic inspections of its sub-transmission and distribution lines or to direct after-storm inspections or patrols, contributing to its low-level performance in reliability indices and its increased vulnerability to storms.</p>

<p>The effect of these failures on customers was not lost on the Commission, noting that “Pepco’s customers have paid a substantial price for Pepco’s neglect, measured not just by direct economic costs such as closures of businesses leading to lost wages and reduced tax revenue, but also by less tangible costs, including the physical discomfort caused by multiple outages and the uncertainty of knowing when persistent outages will end.”</p>

<p>The Order also addressed Pepco’s poor communication with customers during storm events. This was particularly evident with regard to developing and communicating accurate and timely estimates of service restoration, which was a significant contributor to customer dissatisfaction.</p>

<p>The Commission’s Order acknowledges Pepco’s proposed improvements to its reliability through the implementation of a six-element reliability enhancement plan that addresses vegetation management, feeder improvement, and other relevant issues. The five-year program will cost $300-$350 million. However, if Pepco “spends ratepayer money imprudently, it will face the risk that reimbursement for those costs will be denied.” The Order added that, “…it is Pepco’s legal duty to provide reliable service to its customers.”</p>

<p>In addition to the $1 million initial fine, the Order requires that by February 21, Pepco file a detailed and updated work plan for the next five years that includes measures to improve communications and service restoration. The utility is also ordered to file a year-end status report and quarterly reports, and the Company could be fined further if it fails to demonstrate improvement in its reliability performance.</blockquote></p>]]>
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</entry>
<entry>
    <title>Why do death rates fall during hard economic times?</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/why_do_death_rates_fall_during.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=312335" title="Why do death rates fall during hard economic times?" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.312335</id>
    
    <published>2011-12-20T23:24:38Z</published>
    <updated>2011-12-20T23:31:03Z</updated>
    
    <summary>Because, says a paper published through the National Bureau of Economic Research, nursing homes have an easier time hiring minimum-wage nursing assistants. At least that&apos;s part of the reason. (People also drive less during recessions, so the risk and incidence...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
            <category term="Health Care" />
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>Because, says <a href="http://papers.nber.org/papers/w17657"target=new>a paper published through the National Bureau of Economic Research</a>, nursing homes have an easier time hiring minimum-wage nursing assistants. At least that's part of the reason. (People also drive less during recessions, so the risk and incidence of vehicular death goes down.)</p>

<p>Robin Hanson<a href="http://www.overcomingbias.com/2011/12/why-boom-times-kill.html"target=new> explains</a>:</p>

<blockquote>It seems that the puzzle of why death rates rise in good economic times is nearly solved. There’s an effect of increased driving deaths from increased driving, but the main effect is that in good times nursing homes have to compete more for minimum wage nursing assistants. Apparently a one percentage point cut in the unemployment rate leads to three percent fewer nursing assistants, which increases the national death rate by a half percent (which cuts about three weeks of life per person):</blockquote>
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<entry>
    <title>Report: EDF may drop plans for Calvert Cliffs reactor</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/report_edf_could_drop_plans_fo.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=312155" title="Report: EDF may drop plans for Calvert Cliffs reactor" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.312155</id>
    
    <published>2011-12-16T15:25:25Z</published>
    <updated>2011-12-16T16:41:42Z</updated>
    
    <summary>This is the brilliant-report-of-the-painfully-obvious headline of the day: &quot;EDF Considers Dropping New Nuclear in Maryland,&quot; from Dow Jones. The French EDF&apos;s plans for a third nuclear unit at Calvert Cliffs have been deader than Lehman Brothers for more than a...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
            <category term="BGE/electricity" />
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>This is the brilliant-report-of-the-painfully-obvious headline of the day: "EDF Considers Dropping New Nuclear in Maryland," from Dow Jones. The French EDF's plans for a third nuclear unit at Calvert Cliffs have been deader than Lehman Brothers for more than a year. </p>

<p>The French company's partner, Constellation Energy, pulled out of the deal. They couldn't reach an agreement with Washington on subsidies to build the plant. With the plunge in natural gas prices and the failure of federal climate-change legislation, new nuclear plants, with all their complexity and financial risk, are wildly overpriced. The Fukushima disaster in Japan has made nuclear energy politically incorrect again.</p>

<p>(UPDATE: Another reason why it won't happen: As a foreign company EDF needs an American partner to build the Calvert Cliffs reactor. It doesn't have one. Exelon seems to have rejected its overtures. And it's not going to get one.)  </p>

<p>Yet for months EDF has been pretending that a third reactor at Calvert Cliffs was still a possibility, that Maryland politicians cared about it and that somehow the company could use the prospect as leverage in opposing Constellation's agreement to be bought by Exelon.</p>

<p>EDF is one of Constellation's biggest shareholders and it owns half of Constellation's nuclaer-power division. EDF had been pressuring Maryland officials to block the Exelon deal, which it rightly fears will dilute its interest in and control of the Constellation assets. Now EDF seems to be shocked that it wasn't a factor in Gov. Martin O'Malley's settlement with Constellation and Exelon that got the companies to boost their investment in green (non-nuclear) energy in Maryland. </p>

<p>EDF undoubtedly feels spurned after it rescued Constellation from being bought by Warren Buffett three years ago and saved Constellation CEO Mayo Shattuck's job. My colleague Hanah Cho contacted EDF's people this morning. They declined to comment. </p>

<p>Here is the <a href="http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201112151738dowjonesdjonline000828&title=correctedf-considers-dropping-new-nuclear-in-marylandsource"target=new>story from Dow Jones</a>:</p>

<blockquote>PARIS -(Dow Jones)- French state-controlled power behemoth Electricite de France SA (EDF.FR) is considering dropping all plans for new nuclear capacities in Maryland, following a proposed settlement between the Maryland governor and EDF's U.S. partner, Constellation Energy (CEG), a person familiar with the matter said Thursday.

<p>"EDF is being side-lined here, nuclear is not even mentioned and the group seriously mulls dropping any new projects to develop nuclear" in Maryland, said a person familiar with EDF's thinking.</blockquote><br />
 </p>

<p> </p>]]>
        
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<entry>
    <title>You get BGE merger credit even if you switched</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/you_get_bge_merger_credit_even.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=312104" title="You get BGE merger credit even if you switched" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.312104</id>
    
    <published>2011-12-15T16:03:02Z</published>
    <updated>2011-12-15T16:14:42Z</updated>
    
    <summary>As noted, Constellation, Exelon and the governor have agreed on a settlement in which, among many other items, BGE customers get a $100 credit on their bills. ALL BGE customers. Readers often worry that if they have switched to Veridian,...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
            <category term="BGE/electricity" />
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>As noted, Constellation, Exelon and the governor have agreed on a settlement in which, among many other items, BGE customers get a $100 credit on their bills. ALL BGE customers. Readers often worry that if they have switched to Veridian, Ambit, Washington Gas Energy or some other alternative electricity provider, they won't get this kind of rebate. </p>

<p>Don't worry. Everybody gets the credit no matter who their electric supplier is. The credit is funneled through the BGE part of your bill, not the electric supply part. BGE is always your electric delivery company no matter whom you buy your electric supply from. So all 1.1 million BGE customers get the $100, even if they shop around and buy something other than BGE's default electricity product. <br />
</p>]]>
        
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<entry>
    <title>Speed cameras are fine -- but only up to a point!</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/speed_camers_are_fine_but_only.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=311993" title="Speed cameras are fine -- but only up to a point!" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.311993</id>
    
    <published>2011-12-14T11:00:56Z</published>
    <updated>2011-12-14T12:47:10Z</updated>
    
    <summary>I am a traffic conservative. Not counting the speed camera citation I got a few weeks ago, I have received one speeding ticket in the last 30 years. I am the guy obeying the speed limit in my neighborhood while...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>I am a traffic conservative. Not counting the speed camera citation I got a few weeks ago, I have received one speeding ticket in the last 30 years. I am the guy obeying the speed limit in my neighborhood while cars pile up behind me tailgating. I'm the person admonishing my wife and kids for having lead feet. </p>

<p>However I can't say, as some readers seem to be prepared to do, that ever-proliferating speed cameras used under almost any conditions are a great thing. The feedback from <a href="http://www.baltimoresun.com/news/opinion/bs-bz-hancock-speed-cameras-20111212,0,3647098.column"target=new>yesterday's column</a> was pretty evenly divided between readers with their own horror stories (check out the guy who got a school-zone speed-camera ticket in Catonsville the day after Thanksgiving, when schools were closed), who were sympathetic to Jim Hunter, whom I quoted, and those who believe speed cameras increase safety and are a force for good. I agree that ticketing speed violators is a good idea. I don't agree that speed cameras should be allowed just about anywhere, with little warning to drivers. </p>

<p>Hunter's main gripes are that the camera that nailed him wasn't well marked and it didn't seem to be in a genuine construction zone. Those points seemed to have been lost on some readers. Here's a sample of my email feedback on Monday: </p>

<blockquote>It really grieves me that a Connecticut businessman was booked by a speed camera going 67 in a 55-mph zone and given a $40 fine.  And that you yourself were snapped going 43 in a 30-mph school zone.

<p>What is this?  No one can read anymore?  You exceed posted speed limits by 21 and 13 miles per hour and bellyache that you got a ticket?  And that it’s the fault of the State of Maryland that needs to fill its coffers with money from innocent drivers?</p>

<p>IMHO (In my humble opinion, for those who don’t use email shorthand), your only reaction should be gratitude that Maryland allows a generous 11 miles over the limit leeway before issuing tickets and that you didn’t hit or kill someone.  </p>

<p>Give us a break.  Speed cameras do their job of getting “I’m above the law” drivers to slow down and avoid accidents.  IMHO, there should be one at every corner.</blockquote></p>

<p>And: </p>

<blockquote>I received my third speed camera ticket in the last three weeks last night for going 48 mph on a 35 mph stretch of Northern Parkway.  The other two were for the same stretch of road next to the State Office Building on Preston Street where it is a 25 mph street on Howard.
 
I have heard they give you a break for up to 12 mph over the speed limit, and I believe each and every one of my tickets were for 13 mph over.  It is a big drain on my non existent cash flow, where I live from paycheck to paycheck and have to drive about 25 miles each way to my job.  
 
Thanks, Jay.  It was very gratifying to know I am not the only one who is suffering and I was shocked to realize it is only Maryland that is doing this on the East Coast.</blockquote>

<p>And:</p>

<blockquote>GREAT piece, Mr, Hancock.  Here is the comment I added.

<p>The only reason that Maryland CAN be the notorious speed trap state and red light camera trap state is that the traffic safety engineering parameters are deliberately and maliciously done improperly to reduce safety and facilitate more ticket camera revenue.<br />
If all main roads were posted with the speed limits that produce the greatest safety, the 85th percentile speed of free flowing traffic under good conditions, speed cameras could not issue enough citations to even pay their own costs of operation.<br />
If all traffic lights had yellow intervals long enough for the ACTUAL 85th percentile speeds of approaching traffic to produce the minimum number of violations and the greatest safety, they could not issue enough citations to even pay their own basic costs of operation.<br />
Speed and red light cameras are just cynical means to make money with improper engineering and unethical traffic management policies. </blockquote> </p>

<p>And:</p>

<blockquote>The portrayal of Mr. Hunter’s reaction, criticism and subsequent behavior appears self-centered and “possibly” hypocritical to his own employee business behavior expectations. Regardless whether the speed zone was posted as 55 and or 65, his driving behavior and lack of attention caused him to exceed the max limits on that highway.  In his business, I’m sure, if one of his employees behaved out side the parameters of company work rules, there would be a supervisory mention or verbal warning up to written reprimand/termination.  I also wonder if he communicates as well as he expects MD by follow-up employee relations best practices to once a year re-briefed employees and have </blockquote>

<p> </p>]]>
        <![CDATA[<blockquote>them acknowledgement initial that the were briefed on  work rule behavior expectations? I’m sure there “could be” a possibility where an employee could of been observed behaving out side the work rules on a security camera and management now aware of unacceptable behavior would them be expected to address the situation. </blockquote>

<p>And:</p>

<blockquote>I understand how out-of-state drivers feel when they get a speeding ticket in Maryland. I once developed a serious grudge against Delaware for the same reason. It's natural to feel angry at those who punish us.

<p>That doesn't mean the punishment is not merited, however. The man described in your column deserves more ridicule than support. His claim that he never goes more than five miles per hour above the speed limit is very hard to believe, as it would be a big coincidence if the one time he happened to break that practice was right in front of a speed camera. His contention that the speed limit wasn't well marked is equally implausible considering that this was on an interstate highway. He broke the law; it's a reasonable law; the state is justified in enforcing it strictly; in other words, he should take his punishment like a man and be happy he got off with a small fine and no conviction.</blockquote></p>

<p>And:</p>

<blockquote>   Love the hypocrisy by Mr. Hunter in your column today. If you never go more than 5 miles per hour over the speed limit how did you get a ticket for doing 67 in a 55 mph zone? What was even more precious was his comment "The picture clearly shows no barricades" in the area where he was fined. "It looks like an open road. I don't doubt I was speeding (here we must remember he never goes more then 5 mph over the speed limit), but it wasn't clearly marked". Here Mr. Hunter forgot to add that since it looked like an open road and wasn't clearly marked (I travel that section on 95 every day and it is definitely clearly marked) then it is okay for him to drive at any speed he wishes, but of course not more then 5 mph over the speed limit. I don't think you were trying to make him look like a fool, but you sure did. IT ALL COMES DOWN TO ONE SIMPLE THING. IF YOU DON'T WANT A TICKET, DON'T SPEED.</blockquote>

<p>And:</p>

<blockquote>Mr. Hancock,
James F. Hunter should be glad he didn’t get his pockets picked by our “Taxation Without Representation” neighbors to the south.   In October 2010, I got a $300 speed photo ticket for going 53 mph on the 6 lane DC295 freeway.  It was supposedly a work zone posted at 35 mph although neither my memory nor the photo shows workers, equipment or construction zone signs.  I have been a big fan of traffic light cameras and I believe speed cameras can be a good thing to improve safety but my only experience indicates just a greedy way to produce revenue.  Similar to Mr. Hunter, I too have boycotted DC for over a year.</blockquote>

<p>And:</p>

<blockquote>I had to respond to your article in today's paper about speed traps.
Last year my son was visiting from Ohio, and we went to Lorraine cemetery in Woodlawn.
On our return to Catonsville passing by Woodlawn high school he received in his mail a ticket for 
speeding in a school zone during school hours. But here is the catch. It was the day after thanksgiving and the schools were closed.
The speed was not excessive as in addition to me, he had his young son in the car.</blockquote>

<p>And:</p>

<blockquote>You're probably being besieged with speeding ticket stories so I'll spare you mine ... from the Eastern Shore.  But one of the "proof is in the pudding" angles I see regarding speeding tickets is that the Maryland Legislature never treats it as found money but rather it's budgeted money!

<p>Were it "found money" there'd be this "oh wow" moment sometime in the first quarter of every fiscal year when they realize that they have all of this unexpected revenue on hand.</p>

<p>But no, I don't believe it works that way.  Speeding tickets are in fact a budgeted revenue item and they're lying through their teeth every time they tell you [us] that radar/speed cameras are anything but.</p>

<p>Good column!</blockquote></p>

<p>And:</p>

<blockquote>Good article on the speed traps in MD; good insight on the topic and I’m glad you put it out there because it appears this is being taken far beyond what was originally expected from citizens.  Remember the famous bogus parking tickets in Baltimore a few years back? I’m not into conspiracy theories but after seeing what’s going on with the cameras I wouldn’t be surprised if there wasn’t something going with those tickets.   I know the Sun did a number of articles on the parking tickets; but I wonder if that question ever got answered?? </blockquote>

<p>And:</p>

<blockquote>Excellent article about Maryland's reproducing-like-rabbits speed cameras. I received a dubious citation in May 2010 for going 65 in the EB work zone on 695 near Charles St. It was 6:30 a.m. on a Sunday and there wasn't a worker in sight - save for the gentleman operating the stationary vehicle that snaps photos of drivers exceeding the temporary, reduced speed limit. That got me thinking: if his primary purpose was to nab motorists driving at speeds that put highway workers at risk, then his only reason for being there - alone - was that he was ... there. In other words, the state sent out a guy to enforce highway work zone speeds to ensure his own safety. Talk about a "make work" job.</blockquote>

<p>And:</p>

<blockquote>Read your column this morning dealing with the gross number of "speed cameras" being used to pad the local income.
 Last Christmas Eve, on my way home from the store, I managed to get a ticket for excessive speed by one of those cameras, over 30 mph in a school zone. This was on Putty Hill Ave. just east of old Harford Road. The school was closed for the holidays and I was the only car on the road at that time. 
But that stealthy camera was still on duty, and it cost me $40 bucks to find that out.
 It would appear that if the camera was only for traffic control it would be turned off when it is not needed. But they need the money I guess.</blockquote>

<p>And:</p>

<blockquote>Hi Jay, enjoyed your article Welcome to Maryland the 'Speed Trap State'. I find it rare and rather refreshing to read an article in the Sun actually critical of the O'Malley administration. I have lived in Maryland for 22 years and I question if I can afford to live here many years longer. I love living here but it seems I have to put up with more and more bullshit from the state on the way they tax and seek other sources of revenue. The speed camera issue reeks of unfairness, deception, and restriction of driver's rights. The letter you quoted from Mr. Hunter was very descriptive in calling speed cameras, picking my pocket. That is exactly how I feel. Great job!</blockquote>]]>
    </content>
</entry>
<entry>
    <title>Where the Maryland speed cameras are</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/where_the_speed_cameras_are.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=311937" title="Where the Maryland speed cameras are" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.311937</id>
    
    <published>2011-12-13T14:40:30Z</published>
    <updated>2011-12-13T14:55:43Z</updated>
    
    <summary>I knew Maryland was adding speed cameras. But until I researched today&apos;s column I didn&apos;t realize how many and by what margin we seem to be ahead of the rest of the country. According to the Insurance Institute for Highway...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>I knew Maryland was adding speed cameras. But until I researched <a href="http://www.baltimoresun.com/news/opinion/bs-bz-hancock-speed-cameras-20111212,0,3647098.column"target=new>today's column</a> I didn't realize how many and by what margin we seem to be ahead of the rest of the country. According to the Insurance Institute for Highway Safety, there are "more than 106" cities, towns and counties in the United States with speed cameras. Twenty-nine of them are in Maryland. </p>

<p>From the column:</p>

<blockquote>Maryland is also one of the few states with speed cameras on interstate highways — seven camera vehicles rotating among 10 locations. (Check safezones.maryland.gov to see where.)

<p>Gathering state and local data, StopBigBrotherMD.org calculated this month that Maryland speed cameras generated $77 million in revenue for the fiscal year that ended June 30. That's twice as much as the state collected in alcohol taxes.</blockquote></p>

<p>Here is the <a href="http://www.stopbigbrothermd.org/"target=new>stopbigbrothermd link</a>. <a href="http://www.safezones.maryland.gov/locations.html"target=new>Here are the locations</a> of speed cameras on the Baltimore Beltway and other Maryland interstate locations. <a href="http://www.iihs.org/laws/cameramap.aspx"target=new>Here is the IIHS's maps and lists of states and localities </a>with speed cameras and red-light cameras.</p>

<p>To see where the cameras are in your locality, check with the county. The places keep changing. </p>]]>
        
    </content>
</entry>
<entry>
    <title>Kill the penny. Kill the penny now</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/kill_the_penny_kill_the_penny.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=311936" title="Kill the penny. Kill the penny now" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.311936</id>
    
    <published>2011-12-13T14:33:20Z</published>
    <updated>2011-12-13T14:36:18Z</updated>
    
    <summary>From Grey&apos;s Blog:...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>From <a href="http://blog.cgpgrey.com/death-to-pennies/"target=new>Grey's Blog</a>:</p>

<p><iframe width="640" height="360" src="http://www.youtube.com/embed/y5UT04p5f7U?feature=player_embedded" frameborder="0" allowfullscreen></iframe></p>]]>
        
    </content>
</entry>
<entry>
    <title>&apos;Reform&apos; would allow new Congress insider trading</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/reform_would_allow_new_congres.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=311934" title="'Reform' would allow new Congress insider trading" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.311934</id>
    
    <published>2011-12-13T14:20:29Z</published>
    <updated>2011-12-13T14:25:27Z</updated>
    
    <summary>From Yale law professor Jonathan Macey in the WSJ: On closer examination, it appears that what Congress really wants is to keep making the big bucks that come from trading on inside information but to trick those outside of the...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>From Yale law professor Jonathan Macey <a href="http://online.wsj.com/article/SB10001424052970203413304577088881987346976.html"target=new>in the WSJ:</a></p>

<blockquote>On closer examination, it appears that what Congress really wants is to keep making the big bucks that come from trading on inside information but to trick those outside of the Beltway into believing they are doing something about this corruption. For one thing, the rules proposed for Capitol Hill are not like those that apply to the rest of us. Ours are so broad and vague that prosecutors enjoy almost unfettered discretion in deciding when and whom to prosecute.

<p>Congress's rules would be clear and precise. And not too broad; in fact they are too narrow. For example, the proposed rules in the Stock bill are directed only at information related to pending legislation. It would appear that inside information obtained by a congressman during a regulatory briefing, or in another context unrelated to pending legislation, would not be covered.</blockquote></p>]]>
        
    </content>
</entry>
<entry>
    <title>The misery index makes a comeback</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/the_misery_index_makes_a_comeb.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=311779" title="The misery index makes a comeback" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.311779</id>
    
    <published>2011-12-09T15:52:38Z</published>
    <updated>2011-12-09T16:03:21Z</updated>
    
    <summary>The misery index, a term made popular in the 1970s, is the unemployment rate plus the inflation rate. It&apos;s getting currency again, although this time the unemployment component is much worse than the inflation component. Maryland Public Television&apos;s Jeff Salkin...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>The misery index, a term made popular in the 1970s, is the unemployment rate plus the inflation rate. It's getting currency again, although this time the unemployment component is much worse than the inflation component. Maryland Public Television's Jeff Salkin and I talk about it. </p>

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<entry>
    <title>Prediction: Grand Prix will be rescued, revived</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/prediction_grand_prix_will_be.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=311778" title="Prediction: Grand Prix will be rescued, revived" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.311778</id>
    
    <published>2011-12-09T15:17:13Z</published>
    <updated>2011-12-09T15:30:57Z</updated>
    
    <summary>Baltimore Racing Development is a startup company. Almost all startups lose money in their first years. Well-run, startups, however, make sure their cash will last until that day. The Baltimore Grand Prix didn&apos;t -- by a long shot, as this...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>Baltimore Racing Development is a startup company. Almost all startups lose money in their first years. Well-run, startups, however, make sure their cash will last until that day. The Baltimore Grand Prix didn't -- by a long shot, as this weeks <a href="http://www.baltimoresun.com/sports/auto-racing/baltimore-grand-prix/bs-md-grand-prix-books-follow-20111208,0,7944162.story"target=new>stories by Luke Broadwater show</a>. The operation is $12 million in debt, much of it past due. It lost millions on this year's race. And it has little cash on hand. </p>

<p>But the turnout for the race seems to have been encouraging enough to generate some interest. Would-be investor Felix Dawson would seem to have the wherewithal and the contacts to turn the thing around. He worked at Constellation Energy and Goldman Sachs, and perhaps he has the Rolodex to find a sponsor to underwrite next year's race. </p>

<p>That doesn't necessarily mean all the debts will get paid off. I don't have any inside information, but this wouldn't be the first insolvent but promising business venture to sort itself out through a Chapter 11 proceeding. Another question, as The Sun's editorial board raises today, is whether or not the city will have to invest more in the local Grand Prix. The <a href="http://www.baltimoresun.com/news/opinion/editorial/bs-ed-grand-prix-20111208,0,1003820.story"target=new>editorial board says: Don't do it.</a> But I wouldn't rule that out, either.  </p>]]>
        
    </content>
</entry>
<entry>
    <title>New York moves to cut, keep millionaire tax</title>
    <link rel="alternate" type="text/html" href="http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/ny_moves_to_cut_extend_million.html" />
    <link rel="service.edit" type="application/atom+xml" href="http://weblogs.baltimoresun.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=101/entry_id=311624" title="New York moves to cut, keep millionaire tax" />
    <id>tag:weblogs.baltimoresun.com,2011:/business/hancock/blog//101.311624</id>
    
    <published>2011-12-06T23:19:54Z</published>
    <updated>2011-12-06T23:38:11Z</updated>
    
    <summary>Like Maryland and other states New York has been levying a tax surcharge on high-income folks. New York&apos;s main income-tax bracket used to be 6.85 percent. But for the past three years couples&apos; income of more than $300,000 was taxed...</summary>
    <author>
        <name>Jay Hancock</name>
        
    </author>
            <category term="Taxes" />
    
    <content type="html" xml:lang="en" xml:base="http://weblogs.baltimoresun.com/business/hancock/blog/">
        <![CDATA[<p>Like Maryland and other states New York has been levying a tax surcharge on high-income folks. New York's main income-tax bracket used to be 6.85 percent. But for the past three years couples' income of more than $300,000 was taxed at 7.85 percent. And couples' incomes of more than $500,000 was taxed at 8.97 percent. </p>

<p>Some in New York wanted to keep the millionaire tax. Gov. Andrew Cuomo disagreed, saying it would drive capital out of the state. Now he has mainly caved, agreeing with legislative leaders to reduce the rates a little but maintain the surcharge on higher incomes. They also agreed to lower rates for couples making less than $150,000. From <a href="http://www.nytimes.com/2011/12/07/nyregion/cuomo-and-legislative-leaders-agree-on-tax-deal.html?_r=1&hp"target=new>the NYT</a>:</p>

<blockquote>Under the proposal announced Tuesday, for married couples filing jointly, income from $40,000 to $150,000 would be taxed at 6.45 pecent; from $150,000 to $300,000 at 6.65 percent; from $300,000 to $2 million at 6.85 percent, and over $2 million at 8.82 percent. 

<p>Changing the tax rates and brackets would allow the state to replace some, but not all, of the revenue to be lost when the so-called millionaires’ tax expires on Dec. 31. </blockquote></p>

<p>Maryland's millionaire tax expired last year, but there is<a href="http://www.baltimoresun.com/business/bs-bz-hancock-maryland-millionaires-20111203,0,6613551.column"target=new> talk of reviving it</a>.<br />
</p>]]>
        
    </content>
</entry>

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