Crow and I were looking through some of his old pictures yesterday evening when we came across this tinted daguerreotype from 1891. At one time Los Angeles had the longest streetcar routes in the world. Then came the freeways and more cars than you can shake a stick at. If you don't believe me you can always watch 'Roger Rabbit' again or check wikipedia.
Times have changed again but not quite for the better yet. This morning I found an article filled with amazing pictures of the millions of cars that are being manufactured and then hidden away from view in huge lots. It would appear that while China has ghost cities where nobody lives we in the west have ghost cars that nobody can drive. This is a monumental waste and a serious misallocation of energy. What it boils down to is that as true demand collapses relative to supply, financial instruments demand continual growth.
A Crow joke:
"Its quite a pickle we have gotten ourselves into."
"What do you mean by 'we' Lone Ranger?"