Friday, January 28, 2011

Who's Making Money




Republican bigwigs vote for a new party chairman Friday. With Michael Steele on the ropes, who’s likely to emerge as top dog? The Daily Beast previews the contenders. Plus, what black Republicans think about Steele.


Republican National Committee members are gathering in Michael Steele’s backyard Friday afternoon, hunkering down in a Maryland hotel to decide the fate of the controversial RNC leader. But the former Maryland lieutenant governor has little reason to feel comfortable, even with the home cooking.





Clockwise, from top left: Maria Cino, Saul Anuzis, Ann Wagner, and Reince Priebus.


According to early vote counts, Steele is on his way out the door. During his two years at the helm of the GOP fundraising machine, the 52-year-old sometime lawyer has been criticized by party elders for turning the RNC into a den of debt and delinquency. Remember that whole West Hollywood sex club fiasco?


Well, the 168 RNC members voting today certainly do. Here are the leading candidates to replace Steele. All are party insiders with deep experience in Republican organizing.


Reince Priebus
Reince Priebus, the Wisconsin Republican Party chairman, likely presents the strongest inside challenge to Steele. In December, Priebus resigned from his position as top legal counsel at the RNC to take a run at Steele. For some, the biggest knock on Priebus is his relationship to Mississippi Gov. Haley Barbour and his political operative nephew Henry. Some critics, like right-wing blogger Dan Riehl, see Priebus as a mere stalking horse for Barbour’s presidential pretensions. Also joining Team Priebus is Republican big brain Paul Ryan, who was making calls for the candidate this week. Priebus also has the support of newly elected Wisconsin Sen. Ron Johnson, whose victory over liberal lion Russ Feingold in November was a highlight for the GOP.


Ann Wagner
Ann Wagner jumped into the RNC race early. If she can pull out a victory (or rival Maria Cino), she’ll be the first woman elected to head the RNC. As chairwoman of the Missouri Republican Party, she is credited with turning the state legislature from blue to red, winning statewide races and crucial votes for George W. Bush in 2000 and 2004. Coming off those victories, she became the RNC co-chairwoman before Bush appointed her to be ambassador to Luxembourg. In an interview with The Daily Beast Wagner gave a not-so-subtle dig to the chairman she hopes to replace and explained why she'll be better at raising money, "It's not just restoring a certain level of credibility in being good stewards of our donors' investments," she said, "but frankly just going out and making the ask." Wagner is still fighting an uphill battle. She’s got an ally in fellow Missourian, former U.S. Attorney General John Ashcroft.


Maria Cino
Maria Cino, a lobbyist for the pharmaceutical industry and a former Bush administration official, is hoping to ride a number of prominent endorsements to victory in the RNC race. She honed her election skills as political director of Bush's 2000 campaign and later became deputy chair of the RNC, also tasked with political operations. Her work has brought her some powerful friends over the years—she has the backing of former Vice President Dick Cheney and recently scored a coveted endorsement from Speaker of the House John Boehner. It's unclear how much influence outside backing has on the more insular RNC, however. “Cino’s establishment cred could cut both ways,” Politico's Chris Frates wrote after she announced. “As a GOP insider and Pfizer lobbyist, Cino will likely take heat from the Tea Party wing of the party.


Saul Anuzis
Saul Anuzis is no stranger to the RNC race, having lost to Michael Steele in 2009. The former chairman of the Michigan Republican Party remains a GOP heavyweight and is popular with the conservative grassroots. Anuzis has pledged to rededicate the RNC to fundraising, where it's seen an exodus of major donors under Steele. "I think that overall my message is that different circumstances and different challenges require a different chairman," Anuzis told The Daily Beast in a recent interview. "In the last cycle we were looking for a national spokesperson, somebody to be the face and voice of the party, but this cycle we need someone to make the trains run on time and get the money to implement our ground game." Anuzis is still considered an underdog in the race, if a formidable one.


Like The Daily Beast on Facebook and follow us on Twitter for updates all day long.


For inquiries, please contact The Daily Beast at editorial@thedailybeast.com.








Good stuff, albeit understandably similar to Ryan’s speech last night, right down to the setting and studiously soft-spoken delivery. Even so, I want to promote it as a way of patting him on the back for floating his proposal for $500 billion in cuts this year. That plan is dead on arrival, needless to say, but passing it isn’t what Paul is after. What he’s trying to do with that eyepopping number is communicate the magnitude of the problem to the public in hopes of moving the Overton window on spending — because if this new Gallup poll is right, it’s going to need a lot of moving. And not just among Democrats, either:



Not a single point’s worth of difference between Republicans and Democrats on Social Security despite fiscal responsibility having rocketed to the top of the conservative policy agenda over the past two years. I don’t know how else to account for that except as a near-catastrophic failure by prominent Republicans to explain even to their own base that eliminating earmarks and cutting NPR’s funding and canceling a pie-in-the-sky defense project or two isn’t remotely equal to the task of guaranteeing sustainability. Case in point: Not only didn’t Ryan squarely address Social Security and Medicare last night (“the politics of evasion,” Ross Douthat calls it) but even a fearless deficit hawk like Paul, speaking only to an online audience, didn’t go after them here. Anyone who’s serious about balancing the budget long-term must support entitlement reform, no matter how unpleasant the prospect might be, but rarely does the public hear that point made by a prominent politician. And the entirely predictable tragedy of last night’s SOTU, as Tom Coburn argued in his op-ed this morning, is that only leadership from the most prominent politician of all is realistically capable of moving public opinion on this — yet that leadership was almost entirely absent last night. Writes Yuval Levin of the missed opportunity, “This speech was worse than bland and empty, it was a dereliction of duty.” And here’s Matt Welch:


[T]he president, though he is much more serious on this issue than a huge swath of his political party, is nonetheless not remotely serious about this issue. Vowing to cut $400 billion over 10 years (a plan that, judging by the two people clapping when he proposed it, will likely be cut to ribbons if it survives through Congress), at a moment when the deficit for this year is more than three times that, indicates that Democrats (and a helluva lot of Republicans as well) are hunkering down in our awful status quo–half-heartedly tinkering around the edges of spending, making incremental changes this way and that, then launching new moonshots and redoubling old impotent efforts. Politicians have put us on the precipice of financial ruin, and they show no indication of doing a damned thing about it.


And I think they know it. Look at the plaintive, semi-desperate, Stuart Smalleyesque mantra Obama kept repeating at the end: “We do big things.” By his insistence his anxiety shall be revealed. We don’t do big things, America, not in the moonshotty Marshall Plan way of speechwriters’ cliche box. Increasingly, we don’t do little things, either–like keeping libraries open five days a week in California. What we do is snarf up ever-larger portions of your grandkids’ money for purposes that are usually obscure and often criminal.


Read his whole post, including and especially the concluding line. Just as I’m writing this, and as a prelude to Paul’s video, the AP is across the wires with news from CBO that its projections for Social Security were wrong: They used to believe that the program wouldn’t start running permanent deficits until 2016, but it turns out the deficits will begin this year. (We’ll likely have a separate post on that later.) Like Paul says, the day of reckoning is at hand.




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CBS <b>News</b> Finds North Korea-Like Approval for SOTU

Yet CBS News ran an "online poll," which is getting plenty of attention, showing that 92% of people "approve of the proposals the president made in his [State of the Union] speech." The polling method used 500 supposedly representative ...

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?

<b>News</b> Corp. chief James Murdoch wants to toss the newspaper onto <b>...</b>

James Murdoch is the chairman and chief executive of News Corp. And he's the son of Rupert Murdoch, the mogul who created the far-flung media empire that includes everything from Fox Broadcasting to the Wall Street Journal. ...



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CBS <b>News</b> Finds North Korea-Like Approval for SOTU

Yet CBS News ran an "online poll," which is getting plenty of attention, showing that 92% of people "approve of the proposals the president made in his [State of the Union] speech." The polling method used 500 supposedly representative ...

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?

<b>News</b> Corp. chief James Murdoch wants to toss the newspaper onto <b>...</b>

James Murdoch is the chairman and chief executive of News Corp. And he's the son of Rupert Murdoch, the mogul who created the far-flung media empire that includes everything from Fox Broadcasting to the Wall Street Journal. ...



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CBS <b>News</b> Finds North Korea-Like Approval for SOTU

Yet CBS News ran an "online poll," which is getting plenty of attention, showing that 92% of people "approve of the proposals the president made in his [State of the Union] speech." The polling method used 500 supposedly representative ...

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?

<b>News</b> Corp. chief James Murdoch wants to toss the newspaper onto <b>...</b>

James Murdoch is the chairman and chief executive of News Corp. And he's the son of Rupert Murdoch, the mogul who created the far-flung media empire that includes everything from Fox Broadcasting to the Wall Street Journal. ...



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CBS <b>News</b> Finds North Korea-Like Approval for SOTU

Yet CBS News ran an "online poll," which is getting plenty of attention, showing that 92% of people "approve of the proposals the president made in his [State of the Union] speech." The polling method used 500 supposedly representative ...

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?

<b>News</b> Corp. chief James Murdoch wants to toss the newspaper onto <b>...</b>

James Murdoch is the chairman and chief executive of News Corp. And he's the son of Rupert Murdoch, the mogul who created the far-flung media empire that includes everything from Fox Broadcasting to the Wall Street Journal. ...



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CBS <b>News</b> Finds North Korea-Like Approval for SOTU

Yet CBS News ran an "online poll," which is getting plenty of attention, showing that 92% of people "approve of the proposals the president made in his [State of the Union] speech." The polling method used 500 supposedly representative ...

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?

<b>News</b> Corp. chief James Murdoch wants to toss the newspaper onto <b>...</b>

James Murdoch is the chairman and chief executive of News Corp. And he's the son of Rupert Murdoch, the mogul who created the far-flung media empire that includes everything from Fox Broadcasting to the Wall Street Journal. ...



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CBS <b>News</b> Finds North Korea-Like Approval for SOTU

Yet CBS News ran an "online poll," which is getting plenty of attention, showing that 92% of people "approve of the proposals the president made in his [State of the Union] speech." The polling method used 500 supposedly representative ...

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?

<b>News</b> Corp. chief James Murdoch wants to toss the newspaper onto <b>...</b>

James Murdoch is the chairman and chief executive of News Corp. And he's the son of Rupert Murdoch, the mogul who created the far-flung media empire that includes everything from Fox Broadcasting to the Wall Street Journal. ...



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CBS <b>News</b> Finds North Korea-Like Approval for SOTU

Yet CBS News ran an "online poll," which is getting plenty of attention, showing that 92% of people "approve of the proposals the president made in his [State of the Union] speech." The polling method used 500 supposedly representative ...

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?

<b>News</b> Corp. chief James Murdoch wants to toss the newspaper onto <b>...</b>

James Murdoch is the chairman and chief executive of News Corp. And he's the son of Rupert Murdoch, the mogul who created the far-flung media empire that includes everything from Fox Broadcasting to the Wall Street Journal. ...

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PROFESSOR OF POP: KUSF In The <b>News</b>

KUSF In The News. Members of the San Francisco Board of Supervisors yesterday condemned the sale of KUSF's 90.3 fm frequency to an out-of-town broadcaster. The SF Weekly covers the story at some length here. ...

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PROFESSOR OF POP: KUSF In The <b>News</b>

KUSF In The News. Members of the San Francisco Board of Supervisors yesterday condemned the sale of KUSF's 90.3 fm frequency to an out-of-town broadcaster. The SF Weekly covers the story at some length here. ...

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Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?


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PROFESSOR OF POP: KUSF In The <b>News</b>

KUSF In The News. Members of the San Francisco Board of Supervisors yesterday condemned the sale of KUSF's 90.3 fm frequency to an out-of-town broadcaster. The SF Weekly covers the story at some length here. ...

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Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?


eric seiger

PROFESSOR OF POP: KUSF In The <b>News</b>

KUSF In The News. Members of the San Francisco Board of Supervisors yesterday condemned the sale of KUSF's 90.3 fm frequency to an out-of-town broadcaster. The SF Weekly covers the story at some length here. ...

Black Ops PS3 patch has Xbox Live error PlayStation 3 <b>News</b> - Page <b>...</b>

Read our PlayStation 3 news of Black Ops PS3 patch has Xbox Live error.

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?


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PROFESSOR OF POP: KUSF In The <b>News</b>

KUSF In The News. Members of the San Francisco Board of Supervisors yesterday condemned the sale of KUSF's 90.3 fm frequency to an out-of-town broadcaster. The SF Weekly covers the story at some length here. ...

Black Ops PS3 patch has Xbox Live error PlayStation 3 <b>News</b> - Page <b>...</b>

Read our PlayStation 3 news of Black Ops PS3 patch has Xbox Live error.

Fox <b>News</b>&#39; Bret Baier: A rapping delight? - The Week

The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?


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PROFESSOR OF POP: KUSF In The <b>News</b>

KUSF In The News. Members of the San Francisco Board of Supervisors yesterday condemned the sale of KUSF's 90.3 fm frequency to an out-of-town broadcaster. The SF Weekly covers the story at some length here. ...

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The cable-news fixture revealed some fierce hip-hop talent at a golf tournament. Is he the Eminem of political reporters?

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Authors, publishers and agents live and die inside — mostly die — by monitoring their product's position on the Amazon charts, which are adjusted hourly. Thomas, an author who penned the Kindle book Wealth Hazards, says literary types should take a step back because the system is easily corrupted. He says he's manipulated the system by buying his book 200 times and posting fake reviews hailing his self-described masterpiece.



Now he's peddling a new e-book, The Day the Kindle Died, in which he describes how he pulled off his ruse. He writes:



I've purchased my own book, Wealth Hazards, close to 200 times now. I wrote 42 customer reviews and voted on them 108 times. Not once was a review or vote rejected by Amazon. It took about 45 days to move the book up to #1, but after it got there I didn't feel it was appropriate to promote it - so I have not profited from it. I continue to buy 2 or 3 copies a day, write reviews and vote on the reviews and wait for Amazon to notice.

They haven't. They pay me royalties every month and recommend the book to people who buy similar personal finance titles. My new book The Day the Kindle Died is even more obvious - but Amazon hasn't noticed. They even recommend it to customers who purchase Amazon's own Kindle publishing manual. Amazon clearly has a problem with ranking books, creating the bestseller lists and making suitable recommendations to customers, but they don't appear to be in a hurry to correct this.



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By the end of 2010, Harlequin Enterprises will have sold a grand total of more than 6 billion books in the company's 60-year history. But on Dec. 28, Harlequin will try to sell its first personal finance book.

The Frugalista Files, written by former Miami Herald personal finance blogger Natalie McNeal, is a diary of the year that one 34-year old spent trying to pay off her credit card debt -- "without giving up the fabulous life."

McNeal's book is written in a diary format, with all the personal details and emoticons entailed in that approach: "I admit it. My name is Natalie. I am a spending slut." It's certainly not a book that targets my college-age demographic, but many readers will find her story inspiring. If Natalie can do it, so can you.

"My book is for anyone who is a promiscuous spender and is looking for real-life tips on how to be financially chaste," McNeal tells DailyFinance. "It's highly personal personal finance."

Katherine Orr, Harlequin's vice president of public relations, sees the move into financial advice as a logical step for the world's largest publisher of romance novels.

"For 60 years, we've provided escape from problems, and now we can help solve the problems," she says. She calls McNeal's book "very prescriptive. It's clear and simple, and it's helping young singles navigate in a tough world."

Harlequin first began publishing nonfiction in October 2008 with a book from syndicated radio host Delilah. Subsequent titles have included fitness guru Tosca Reno's best seller Your Best Body Now: Look and Feel Fabulous at Any Age the Eat-Clean Way, along with titles like The Happy Baker: A Girl's Guide to Emotional Baking; Life Beyond Your Eating Disorder; The Dog Who Healed a Family; and Queen of Your Own Life.

The market for pink-covered personal finance books for women hasn't been especially strong. None of financial adviser Suze Orman's mega-bestselling money books have boasted a pink cover, and none of the slew of recently released girl-talk guides for women have sold well. Titles like Shoo, Jimmy Choo!; Bitches on a Budget: Sage Advice for Surviving Tough Times in Style; andA Purse of Your Own: An Easy Guide to Financial Security have all failed to register much of an impact in terms of sales.

Kimberly Palmer, the personal finance editor with US News & World Report and the author of Generation Earn, says many financial guides for women are marketed as "simplified [and] dumbed-down."

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But if there's one publisher in America that knows what women are looking for when they buy a book, it's Harlequin. Perhaps it'll be able to reach a segment of the population badly in need of financial advice -- one that other publishers have so far been largely unable to connect with.


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Tuesday, January 18, 2011

Being Right or Making Money






It might have caught some onlookers at the Consumer Electronics show by surprise to see 50 Cent hawking a brand-new pair of headphones from a publicly listed penny stock distributor called H&H Imports, Inc. But after promoting its goods on CNBC and plugging the company to his 3.8 million Twitter followers, 50 Cent managed to make H&H Imports $50 million in one day, with the stock closing at a 240 percent jump yesterday. Go ahead and switch the style up. And if they hate then let 'em hate and watch the money pile up. Yesterday the rapper took a step back from the company in which he (and G-Unit Brand) invested $750,000 in shares and warrants in November, after details emerged about the company's potentially shady financials, especially in the high-risk realm of penny stocks, which trade at a low price and not on major market exchanges. Last year, the company lent $141,000 to "an entity in which our Chairman's brother is an officer and owner." It also claimed more than $1.3 million in losses in the last quarter despite short-term working capital loans from its CEO. H&H might not even specialize in headphones. Its Bloomberg profile describes the company as engaging "in the wholesale purchase and sale of women's handbags."



After yesterday's huge jump in stock, the rap mogul tweeted a word of caution to his eager Twitter followers, "I own HNHI stock thoughts on it are my opinion. Talk to financial advisor about it." Followed shortly by, "HNHI is the right investment for me it may or may not be right for u! Do ur homework." But hours after the warnings, he continued to retweet bullish followers, who crooned about his taking "the stock market to new heights. Talk about making history again! AND YOU KNOW IT" or being "The man of the century" for having, "Nice business moves &stock investments." As of about 10 a.m. this morning, the stock is down 20 percent. He, he get money. Even if you lose yours.



Get Rich or Die Tweeting: 50 Cent Plugs Sketchy Penny Stock, Shares Skyrocket [NYO]

50 Cent's Tweets Make A Staggering $50 Million In One Day [BI]

50 Cent Cautions Investors His Penny Stock May Not Be Right for Them [NYO]

[50Cent/Twitter]




I recently watched the movie Exit Through the Gift Shop from well-known artist Banksy. I got a kick out of this film for multiple reasons having liked Banksy's artwork for years now.


What most amused me though is how well it goes about making you question what celebrity is and how much you can achieve by becoming famous. The key point for me is questioning whether you really need to be creative and innovative above and beyond being famous.


Then Mike Butcher over at Techcrunch went and posted something this morning about startup teams trumping celebrity tech entrepreneurs. In summary, he too is making the point that execution far outweighs celebrity.


Basically, what I'm getting at, is all the parallels you're starting to see between the startup world and the movie business. I am definitely not an expert on the movie business and can only imagine what it's truly like from afar. Yet, we've all seen enough of it to realize a bit how things work in Hollywood. You basically have a couple large companies or studios as they're usually called. There you have management at the top who are the power-brokers in the industry. They back films which are used as vehicles to market actors who either succeed or not. If they do succeed, they are cast in further films and a ton of marketing is thrown at these films, regardless of whether these actors have talent or not.


Ultimately, the goal is to make as much money as possible and if you're the one making all this money, keep other people out so you can continue to make as much money as possible. Sure, there are some stand-out actors, managers and studios who go against the grain but basically it's an industry optimized to make money. Simplified by me immensely but I believe you understand what I am saying. 


Now let's switch over to the startup world. It's no longer Hollywood and we're now a bit north in Silicon Valley. You have a couple firms who call all the shots and are known as Tier 1 VC's (with some major players like Google, Apple, and Facebook thrown in for good measure).


These VC's fund firms instead of films run by entrepreneurs instead of actors. Some of these entrepreneurs are successful and some are not. Those who are get funded further by these Tier 1 firms. Lots of companies are started and sold since these power brokers in the Valley sit on each other's boards and pass deals back and forth. The power brokers continue to make money and those entrepreneurs who don't lead to successful exits get weeded out (where's the reality TV version of "out to pasture" for entrepreneurs?)


Ultimately, as in the movie business, you make as much money as possible and keep out the riff-raff who would keep you from making tons of money as long as possible. 


Now don't get me wrong. I am in no way arguing about whether the movie or startup business is right or wrong or skewed in someone's favor or not. I'm also probably simplifying it too much as well. But the point I am making is that we are in a world where it's about making money. Sure, you can get your touchy-feely on and say you're changing the world but ultimately you wouldn't "work" if it wasn't about making some money.


Hence, my advice to any entrepreneur is to take advantage of whatever you have if you ultimately want to be successful. If you are naturally good looking, get your face out there. Be on TV and in the press. If it helps you make money, go for it.


At the same time, if media attention doesn't help you make more money, don't focus on it. Get your pretty head down to business and execute like hell to innovate, optimize and sell your product. Or have the best of both worlds. Be a CEO focussed on getting your brand or product out there and have a number two (great blog post by Ben Horowitz) who takes care of business. What you need to focus on is making money and being the scrappy entrepreneur that you are, you'll optimize wherever you can to achieve your goal. 


In the end it's never about who was most popular that determines success. Just think back to all those football players and cheerleaders in high school. (I've seen some of them from my high school....thank you Facebook.....and had a good laugh!) So often there are people you never hear about making tons of cash since they don't need to focus on media.


On the other hand, if Twitter/Foursquare/Zynga/Groupon hadn't received so much media attention, you think they'd be where they are now? I highly doubt it and I guarantee you that they had a clear strategy in place to use media (and position their founders) from the start. Hence, don't waste time focussed on the wrong things. If you're a celebrity entrepreneur who's counting his millions hats off to you. If you've become a media darling and are broke, well tough luck kid. Try something new. 


By the way, here's what Exit Through the Gift Shop is about cut and pasted from Wikipedia. Think what you will about whether it's a real story or not but reast assured the dollars earned by "Mr Brainwash" were real!!


Exit Through the Gift Shop: A Banksy Film is a Gonzo Documentary which tells the story of Thierry Guetta, a French immigrant in Los Angeles, and his obsession with street art. It is presented as a documentary, but reviewers have questioned its factuality. The film charts Guetta's constant documenting of his every moment on film, to his chance contact with his cousin, the artist Invader, and his documenting of a host of street artists with focus on Shepard Fairey, and also Banksy though the latter's face is never shown, and his voice is distorted to preserve his anonymity


 



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Friday, January 14, 2011

Making Money on Line






Are you a huge fan of all forms of multimedia content? Then chances are you would most definitely have given Sennheiser’s range of headphones in the past a go, and just like any other good capitalist company should, they have come up with a new range of multimedia headsets that are touted to rock your world. The audio specialist has just announced their latest addition to the range, comprising of the CX 980i hi-fi ear canal headset as well as making sure their line of full-size, Bluetooth wireless headsets will also see more action with the MM 550 TRAVEL.



In this new range of headphones, the user will find him/herself to be in full control, being well capable of controlling a wide range of functions using a solitary button. It really depends on how often and how long you press the button, and the headphones will go around playing music tracks and videos in the way you want to – which of course, will also include pausing or skipping to the next/previous song. Apart from that, the very same button is also able to be used to receive and end phone calls while activating the voice control function. This Apple function virtually lets you take advantage of voice commands when retrieving a song and respectively a telephone number on the most recent iPod touch and iPhone 4 models. When it comes to controlling the volume, that’s a snap with the plus and minus button. You can check out the various iPhone-compatible headsets below along with their respective price tags.



  • CX 980i – Hi-fi ear-canal headphones with in-line microphone

  • IE 8i (MSRP: $599.95)- High-end ear-canal earphones with in-line microphone

  • MM 80i TRAVEL – Travel ear-canal earphones with in-line microphone

  • CX 880i (MSRP: $179.95) – Balanced ear-canal earphones with in-line microphone

  • MM 70i (MSRP: $129.95) – Dynamic bass-focused ear canal earphones with in-line microphone

  • PX 100-IIi (MSRP: $119.95) – Open, foldable mini headphones with in-line microphone

  • PX 200-IIi (MSRP: $149.95) – Closed, foldable mini headphones with in-line microphone

  • HD 218i (MSRP: $99.95) – Closed mini headphones with in-line microphone

  • HD 238i (MSRP: $169.95) – Open mini headphones with in-line microphone


Ready to part with your money yet?


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Making maple syrup in a hotter world






It's hard to take big-picture global temperature increases and bring them down to a personal level—partly because of that confusion between weather and climate, and partly because scientists simply have a better understanding what is very likely to happen in an averaged-out global system, than they have of how changes in that global system are likely to affect your backyard.



I like the way Climate Wisconsin is trying to bridge that gap. First, they use interactive visuals to show the local symptoms of climate change, like rising average temperatures and fewer days of ice cover of Wisconsin lakes. Then, they connect those symptoms to Wisconsin life. If these trends continue, what impact will they have on things like fishing, forestry, farming and, yes, the making of maple syrup.



It's a hard line to walk. The family featured in this video has recently experienced some of the worst years for making maple syrup in four generations. But, because weather isn't climate, next year could be better for them, even as the climate, overall, continues to warm. At the same time, though, climate change is likely to have long-term impacts on where and how well sugar maples can grow—and when, and for how long, their sap runs in spring.



I think this video and the related essay do a better-than-average job of making that distinction. This family won't be out of business next year. But, over time, climate change is very likely to make this work harder for them. The harder it gets, Wisconsin traditions associated with maple syrup making will become less common—and the 5-million-dollar syrup industry will bring less money to the state.



Also, I just finished re-reading Little House in the Big Woods, and it's fun to see how the process of maple syrup production has, and hasn't, changed since Grandpa Ingalls threw a sugaring-off party at his Wisconsin cabin in the late 1860s. Check out the taps they hammer into the maples. They look just like the Little House illustrations, but instead of draining into wooden buckets, the sap now flows into plastic bags.



Thanks to agroman for Submitterating!



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Monday, January 10, 2011

Making Money Scams

My guest on Hedge Fund Radio this week is penny stock trader and Internet entrepreneur, Tim Sykes. Every once in a while I run into a natural born trader, someone who crawls out of the crib quoting options spreads, price earnings multiples, and book values. His first spoken word was “Sell!” While other kids were practicing their ABC’s, Tim was pouring through prospectii.

During his college years, Tim skipped classes and turned a $12,415 Bar Mitzvah gift into $1.65 million by trading the market from his dorm room. By the time he graduated from Tulane in 2003, he was already running his own hedge fund. Barclays Bank rated it the number one short bias fund during 2003-2006.

Tim argues that if you cut through all the hype and manipulation in the penny stock market, it is clear that there are huge opportunities on the short side. Most of the companies trading there are frauds, and most will fail. Mini Enron’s and mini Madoff’s abound.

Defined as trading under $5 a share, these stocks are purchased mostly by individuals desperate for “get rich quick” success. Promoters buy lists of email addresses from major online publishers, sometimes paying millions of dollars, to launch a never ending onslaught of “pump and dump” schemes. Email barrages and Twitter spam have replaced the dinnertime telemarketing calls and junk mail of yore.

The SEC is so inundated with tips on Madoff copycats and competitors ratting out each other, they don’t have time to pursue gripes about $1,000 losses emanating from penny stock scams. It’s like expecting the FBI to pursue shoplifters of 99 cent items from Seven Eleven stores.

Some of the claims made by these bogus IPO’s boggle the imagination. Tim’s favorite was one company’s efforts to promote vitamins infused with stem cells. Another offered a solar spray that turned you house into an energy source. Then there was the BP Gulf oil spill that threw up innumerable crude eating forms of algae. As for my own experience, I’ll never forget the aquaculture farm in the middle of the Saudi Arabian desert. To separate out the obvious rip offs from the legitimate companies, Tim spends hours a day gleaning through voluminous SEC filings, some of which are blatant cut and paste jobs from earlier failed floatations.

Even though most of these companies are fake, prices can run away to the upside, wiping out the early short sellers. So some risk control discipline is required. When a stock truly rockets, “buy-ins” of shorts can also be a problem. A few hundred penny stocks are launched each year, but only about five a month catch on fire. And remember, Apple (AAPL), and True Religion (TRLG) jeans were once penny stocks.

To avoid being taken to the cleaners by unscrupulous con men, Tim offers some very basic advice. If it is too good to be true, it generally is. It also helps to read the SEC filings, which can be obtained online for free.

Tim claims to have a success rate with his short strategy of 75%, which has delivered a 56% return in 2010, proving he still has the golden touch. His problem is that the strategy is not scalable, and can only be executed with a small amount of money. No mega hedge fund for him.

That’s why Tim has turned to online education instead of ramping up a big hedge fund. Today, he is offering several subscription newsletters, trade alerts, chat rooms, along with a DVD course on making money in the penny stock market at his website at http://www.timothysykes.com/ . 

To listen to my highly informative and entertaining interview with Time Sykes on Hedge Fund Radio, please click here at http://www.madhedgefundtrader.com/december-22-2010-time-sykes.html .

To see the data, charts, and graphs that support this research piece, as well as more iconoclastic and out-of-consensus analysis, please visit me at www.madhedgefundtrader.com . There, you will find the conventional wisdom mercilessly flailed and tortured daily, and my last two years of research reports available for free. You can also listen to me on Hedge Fund Radio by clicking on “This Week on Hedge Fund Radio” in the upper right corner of my home page.




People blaming the government:


As all of us know that India is a democratic country. Democracy, in simple words, means Government by the people and for the people. This gives every Indian citizen to practice his/her rights and also to select the government by casting their votes. But here the main problem is that majority of people don’t cast their votes and when the government goes into the wrong people’s hands they start blaming the government. This is the main reason for the rising scams, prices and also the reason for the rich becoming richer and poor becoming poorer. May be one day will come when we have to buy a license to take birth in India!


These are the reasons which are favoring corruption in India. The youth has seen it all and wants to change the current situation of India. India is a really good country but as you may have heard that one rotten mango rotten the others in the basket too! The corrupt politicians are those rotten mangoes which are less in quantity but can cause destruction to the majority. This is called as misuse of power and authority. One of my very good friends gave me the idea to write on this topic. So, all credit goes to her for this article. I wish her all the best for life and being a big inspiration in my personal life. We both were discussing on the same topic and decided to work hard and change the face of India. I hope this article makes some difference. One day we, the energetic youth of India, WILL turn India into a golden country!


Jai Hind!







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This might actually be a smart move - the audience is exactly what "wtfinator" described. The news team there is often called out for leaning left in the comments on any stories posted on aol.com. Plays to their core. ...

Denver Broncos <b>News</b>: Horse Tracks 1/10/11 - Mile High Report

Your daily cup of Orange and Blue Coffee .. Horse Tracks.

Grading the Spring 2011 Campaigns, Part 1 – Fashionista: Fashion <b>...</b>

Fashion Industry News, Designers, Runway Shows, Style Advice. Send Tips � Advertise � About Us � Network � Above the Law � AltTransport � Breaking Media � Fashionista. Search for: Home � Fashion Shows ... Posted in: News ...


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AOL Hires Fox <b>News</b> Vet To Double AOL.com Traffic By End Of Winter

This might actually be a smart move - the audience is exactly what "wtfinator" described. The news team there is often called out for leaning left in the comments on any stories posted on aol.com. Plays to their core. ...

Denver Broncos <b>News</b>: Horse Tracks 1/10/11 - Mile High Report

Your daily cup of Orange and Blue Coffee .. Horse Tracks.

Grading the Spring 2011 Campaigns, Part 1 – Fashionista: Fashion <b>...</b>

Fashion Industry News, Designers, Runway Shows, Style Advice. Send Tips � Advertise � About Us � Network � Above the Law � AltTransport � Breaking Media � Fashionista. Search for: Home � Fashion Shows ... Posted in: News ...


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AOL Hires Fox <b>News</b> Vet To Double AOL.com Traffic By End Of Winter

This might actually be a smart move - the audience is exactly what "wtfinator" described. The news team there is often called out for leaning left in the comments on any stories posted on aol.com. Plays to their core. ...

Denver Broncos <b>News</b>: Horse Tracks 1/10/11 - Mile High Report

Your daily cup of Orange and Blue Coffee .. Horse Tracks.

Grading the Spring 2011 Campaigns, Part 1 – Fashionista: Fashion <b>...</b>

Fashion Industry News, Designers, Runway Shows, Style Advice. Send Tips � Advertise � About Us � Network � Above the Law � AltTransport � Breaking Media � Fashionista. Search for: Home � Fashion Shows ... Posted in: News ...


bench craft company reviews bench craft company reviews

AOL Hires Fox <b>News</b> Vet To Double AOL.com Traffic By End Of Winter

This might actually be a smart move - the audience is exactly what "wtfinator" described. The news team there is often called out for leaning left in the comments on any stories posted on aol.com. Plays to their core. ...

Denver Broncos <b>News</b>: Horse Tracks 1/10/11 - Mile High Report

Your daily cup of Orange and Blue Coffee .. Horse Tracks.

Grading the Spring 2011 Campaigns, Part 1 – Fashionista: Fashion <b>...</b>

Fashion Industry News, Designers, Runway Shows, Style Advice. Send Tips � Advertise � About Us � Network � Above the Law � AltTransport � Breaking Media � Fashionista. Search for: Home � Fashion Shows ... Posted in: News ...


bench craft company reviews bench craft company reviews

AOL Hires Fox <b>News</b> Vet To Double AOL.com Traffic By End Of Winter

This might actually be a smart move - the audience is exactly what "wtfinator" described. The news team there is often called out for leaning left in the comments on any stories posted on aol.com. Plays to their core. ...

Denver Broncos <b>News</b>: Horse Tracks 1/10/11 - Mile High Report

Your daily cup of Orange and Blue Coffee .. Horse Tracks.

Grading the Spring 2011 Campaigns, Part 1 – Fashionista: Fashion <b>...</b>

Fashion Industry News, Designers, Runway Shows, Style Advice. Send Tips � Advertise � About Us � Network � Above the Law � AltTransport � Breaking Media � Fashionista. Search for: Home � Fashion Shows ... Posted in: News ...


bench craft company reviews bench craft company reviews

AOL Hires Fox <b>News</b> Vet To Double AOL.com Traffic By End Of Winter

This might actually be a smart move - the audience is exactly what "wtfinator" described. The news team there is often called out for leaning left in the comments on any stories posted on aol.com. Plays to their core. ...

Denver Broncos <b>News</b>: Horse Tracks 1/10/11 - Mile High Report

Your daily cup of Orange and Blue Coffee .. Horse Tracks.

Grading the Spring 2011 Campaigns, Part 1 – Fashionista: Fashion <b>...</b>

Fashion Industry News, Designers, Runway Shows, Style Advice. Send Tips � Advertise � About Us � Network � Above the Law � AltTransport � Breaking Media � Fashionista. Search for: Home � Fashion Shows ... Posted in: News ...

Friday, January 7, 2011

Making Money Internet

Business cycles and the essence of long-run economic growth are distinct issues. Preventing recessions is not the key to growth, as these are regrettable but unavoidable companions to an economy directed by a capital allocation process that is susceptible to systematic failure. Preventing the last failure is pretty irrelevant, because the next systematic failure will be different. Last I checked, only the US government is offering low-down payment loans, and no one offers no-documentation loans, so our government is not really helping here. As for creating growth via something new, if centralized governments could do that, the Soviet Union would still be around.


That decentralized, self-interested, people can collectively make such large errors seems irrational or corrupt to many, but they should remember that growing economies require people to be making things better, which means, new ways of doing things. New ideas are often wrong. Economics has gone onto intellectual cul-de-sacs many times (socialism, Keynesian macro models, input-output models, Hilbert spaces in finance, Arbitrage Pricing Theory, Kalman-filter macroeconomic models, etc.). Other scientific disciplines have their own mistakes, and political mistakes--stupid wars--are also common. These are rarely conspiracies, but rather, smart people making mistakes because the ideas that are true, important, and new, are really hard to discern, and tempting ones are alluring when lots of other seemingly successful people are doing it.


My Batesian Mimicry Theory posits that recessions happen because certain activities become full of mimics, entrepreneurs without any real alpha who got money from investors looking in their rear-view window of what worked and focusing on correlated but insufficient statistics. For example, people assumed a nationally diversified housing prices would not fall significantly in nominal terms, because they had not for generations; people assumed anything related to the internet would make them rich in the internet bubble, conglomerates would be robust to recession in 1970, that the 'nifty fifty' top US companies had Galbraithian power to withstand recessions in 1973, that cotton prices would not fall in 1837, etc.


As in ecological niches, there is no stable equilibrium with when mimics arise to gain the advantages of those with a real, unique and costly, comparative advantage. Every so often there are too many mimic Viceroy butterflies, not enough real poisonous Monarch ones, and a massive cataclysm occurs as predators ignore the unpleasant after-effects and start chomping on all of them. The Viceroy population grows until this devastating event occurs, a species recession. Next time, it won't happen in butterflies, but rather, among frogs or snakes. They key is, some ecological niche is always heading towards its own Mayan collapse (distinct from the 2012 Mayan apocolypse).


The key to wealth creation is doing less with more--destroying jobs at the micro level and creating jobs at the macro level by reallocating capital and labor to more valuable pursuits. The computer got rid of things from typesetters, secretaries, to engineers working with slide-rules, but these people didn't stay unemployed, they did something else, making the economic pie bigger. This is antithetical to government and unions who think creating a permanent 'job' creates productivity--stability at the micro level and stagnation at the macro level. Wealth is created by having decentralized decision-makers focused on simple goal of making money, which means, they oversee transactions where revenues collected are greater than expenses paid. If externalities are properly priced (I know, most liberal think this never happens), this implies value is created. The continual improvements in method (ie, productivity, wealth creation) merely maintain profits in a competitive environment; to do nothing would see their profits eaten away by competitors would could easily copy what they did and just undercut their prices.


The key to this is having managers who keep their workers focused. A good example is a story I heard second-hand about a football player for Minnesota Vikings in the 1970s. Coach Bud Grant called this marginal player into a meeting, and said, 'Here's what I need you to do...'. The player, an articulate fellow quite confident in himself, interrupted with an explanation of why he wasn't doing better and suggestions about how to correct it, mainly focused what others were doing wrong. Grant cut him off: 'You don't understand. This isn't a negotiation. Do what I'm telling you, and you have a role here. Otherwise, you don't.' Hierarchies only work well when people have clearly defined goals, and managers who manage their direct reports singlemindedly.


Private firms can do this much more quickly and often than government, and are rewarded with investment and retained earnings to the degree they do it well. When the government wants to do something, like build a light-rail system, it instead satisfies all its stakeholders who have no financial downside, only veto power, and so the cost/benefit calculus is almost irrelevant. The probability that benefits will outweigh costs when not prioritized is negligible, as highlighted by the fact that companies have to work very hard to make this positive when all those other considerations are ignored.


Thus, Minneapolis's light rail, at the cost of $1.1B for 12 miles of track, takes me longer to go downtown than a car because it stops 19 times at places no one wants to go because these 'hubs' were then sold as development opportunities, and an unusual number of ex-city councilmen are part owners of coffee shops and stores near these stops. Ridership does not even cover their marginal costs. It could have worked if they had an express train that went non-stop from end to end, but doesn't because it was not designed with the goal of making money, only the hope.


Good companies like Facebook, Apple and Google, have this sense of really understanding their users. Lots of simple things that making going to their sites and getting what you want. Their inferior competitors are relatively ugly, cluttered, and clunky. These generally weren't genius ideas like the ideas needed to create the first transistor, or Cantor's diagonal argument, in that there competitors had similar raw competence in these field, but it did take people looking to do things better than others, and decisive people who could empathize with their customers created really great things.


Robin Hanson had a neat article about the Myth of Creativity, where he criticizes Richard Florida's vision of bohemian lead productivity:



This is a Star Wars vision of innovation: "Feel the force, Luke; let go of your conscious self and act on instinct." And it is just as much a fantasy as that celluloid serial. Innovation is no more about releasing your inner bohemian than it is about holding hands, singing Kumbaya, and believing in innovation.


In truth, we don't need more suggestion boxes or more street mimes to fill people with a spirit of creativity. We instead need to better manage the flood of ideas we already have and to reward managers for actually executing them.



Sure, it's good to punish fraudsters, and be wary of the stupid ideas that were passed off as brilliant in the prior cycle (eg, Angelo Mozilo winning the American Banker's Lifetime Achievement Award in 2006, celebrated by politicians on the right and left, prized by Fannie Mae, and Harvard, is now an example of the 'unregulated predatory private sector'). But this is like learning not to put one's hand on a hot stove--good to know, but old news to most. Our priority at the top level should be to get out of the way, and so government should focus on its essential but limited perennial tasks as opposed to creating some new engine of growth. Leave that for the millions of people making sure millions of small changes are constantly made to daily procedures. Such changes do not require vision from politicians, subsidies, or tax breaks, but are rather the natural by product of people trying to make a buck. It's the standard Hayek/Friedman view of macroeconomics, and it's still the best description of how the complex adaptive system of our economy works.



California’s SB 1411, which adds a layer of criminal and civil penalties for certain online impersonations, goes into effect starting today. The consequences include a fine of up to $1,000, and/ or up to a year in jail. So don’t go and do something crazy like impersonate Google CEO Eric Schmidt on Facebook. There may be consequences.


The full text and a summary of the bill are below. There’s a good overview and analysis of it as well, on ZDNet. The state has created a new crime, and a new section is being added to the penal code.


There has to be intent to harm, intimidate, threaten, or defraud another person – not necessarily the person you are impersonating. Free speech issues, including satire and parody, aren’t addressed in the text of the bill. The courts will likely sort it out. Hopefully without my direct participation.


SB 1411, Simitian. Impersonation: Internet.

Existing law makes it a crime to falsely impersonate another in

either his or her private or official capacity, as specified.

Existing law also makes it a crime to knowingly access and, without

permission, alter, damage, delete, destroy, or otherwise use any

data, computer, computer system, or computer network in order to

devise or execute any scheme or artifice to defraud, deceive, or

extort, or wrongfully control or obtain money, property, or data. For

a violation thereof, in addition to specified criminal penalties,

existing law authorizes an aggrieved party to bring a civil action

against the violator, as specified.

This bill would provide that any person who knowingly and without

consent credibly impersonates another actual person through or on an

Internet Web site or by other electronic means, as specified, for

purposes of harming, intimidating, threatening, or defrauding another

person is guilty of a misdemeanor. The bill would, in addition to

the specified criminal penalties, authorize a person who suffers

damage or loss to bring a civil action against any person who

violates that provision, as specified. Because the bill would create

a new crime, the bill would impose a state-mandated local program.

The California Constitution requires the state to reimburse local

agencies and school districts for certain costs mandated by the

state. Statutory provisions establish procedures for making that

reimbursement.

This bill would provide that no reimbursement is required by this

act for a specified reason.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:


SECTION 1. Section 528.5 is added to the Penal Code, to read:

528.5. (a) Notwithstanding any other provision of law, any person

who knowingly and without consent credibly impersonates another

actual person through or on an Internet Web site or by other

electronic means for purposes of harming, intimidating, threatening,

or defrauding another person is guilty of a public offense punishable

pursuant to subdivision (d).

(b) For purposes of this section, an impersonation is credible if

another person would reasonably believe, or did reasonably believe,

that the defendant was or is the person who was impersonated.

(c) For purposes of this section, “electronic means” shall include

opening an e-mail account or an account or profile on a social

networking Internet Web site in another person’s name.

(d) A violation of subdivision (a) is punishable by a fine not

exceeding one thousand dollars ($1,000), or by imprisonment in a

county jail not exceeding one year, or by both that fine and

imprisonment.

(e) In addition to any other civil remedy available, a person who

suffers damage or loss by reason of a violation of subdivision (a)

may bring a civil action against the violator for compensatory

damages and injunctive relief or other equitable relief pursuant to

paragraphs (1), (2), (4), and (5) of subdivision (e) and subdivision

(g) of Section 502.

(f) This section shall not preclude prosecution under any other

law.

SEC. 2. No reimbursement is required by this act pursuant to

Section 6 of Article XIII B of the California Constitution because

the only costs that may be incurred by a local agency or school

district will be incurred because this act creates a new crime or

infraction, eliminates a crime or infraction, or changes the penalty

for a crime or infraction, within the meaning of Section 17556 of the

Government Code, or changes the definition of a crime within the

meaning of Section 6 of Article XIII B of the California

Constitution.



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Dallas Morning <b>News</b> publisher on paywall plans: “This is a big <b>...</b>

In talking about the Dallas Morning News' plans to begin charging for digital content next month, Jim Moroney is surprisingly candid about the decision and the economics of the industry. When the publisher of the News told his staff ...

<b>News</b> - See Natalie Portman&#39;s Dazzling Engagement Ring! - Style <b>...</b>

Check out her rock, plus get new details on how her pregnancy was "a shock"

TCA: Discovery Networks <b>News</b> – Deadline.com

the Beth Melewski news was reported in December in Chicago press. will be interesting to see the Cash Cab in a different city. Comment by dylan — Thursday January 6, 2011 @ 3:10pm PST Reply to this post ...