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Services for researchers
Lund University staff pages
On the Lund University staff pages researchers and doctoral students can find useful links and tools related to their daily work and learn more about the services and opportunities that are available to them on our staff pages.
Post-Doctoral Society
The Lund Postdoc Society aims to help newly arrived post-doctoral fellows settle in at Lund - both in their work and socially.
Research Services
Research Services ('Forskningsservice') provide support to researchers during the grant process, including advice and information on funding opportunities. The service has staff who are specialised in funding from the European Framework Programmes, and who also work with other external funding sources.
Research Services information on the Staff Pages
Commercialise research with LU Innovation System
The Lund University Innovation System (LUIS) is Lund University's technology transfer office where researchers can obtain help and support to help commercialise research. The service acts as the first contact within the University for researchers and provides confidential and free advice. LUIS helps to develop the research idea and provide help with business consulting, patents, law and finance.
The Lund University Innovation System website
Innovationskontor Syd - increasing knowledge transfer between academia and society
Innovationskontor Syd (IKS) is a collaboration between five academic institutions in the southern region of Sweden including Lund University. The purpose is to stimulate, simplify and efficiently utilise research and knowledge from these institutions, thus spreading the benefits to society. IKS offers support such as patent and legal guidance as well as guidance to researchers, students, entrepreneurs, industry actors and investors to navigate the innovation system.
Contact information
Sigurborg Ragnarsdottir
sigurborg [dot] ragnarsdottir [at] pers [dot] lu [dot] se
Tel: 046-222 7151
Lund Postdoc Society
postdocsoc [dot] lu [at] gmail [dot] com
Research Services
Find contact people from the Research Services webpage
LU Innovation System (LUIS)
info [at] luis [dot] lu [dot] se
LUIS website
Innovationskontor Syd (IKS)
IKS website


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At the Farmers' Market: Mustard Greens and Green Garlic
Categories: At the Farmer's Market
|Dave Lieberman
Green garlic is the entire garlic plant while it is still young, before the cloves have a chance to form. It looks like scallions, but with a much more floral garlic taste which can actually be stronger when raw than its mature cousin; cooking the garlic tempers the bite to a pleasing undertone. Look for garlic with a perky top and fresh-looking roots. If the bulb is purple, don't worry; this sometimes happens. Make sure you don't leave the garlic in the hot car; the leaves will wilt.
|Dave Lieberman
What do you do with these things? Stir-fry the mustard greens with a tiny bit of oil, some salt and some (regular) garlic, or put them in with some pasta and roasted chicken. Greeks would be lost without their plates of horta, wild mustard greens cooked simply, and Sicilians would be missing a very healthy part of their diet if they couldn't make mustard greens braised with chickpeas.
Green garlic is delicious in soups (try it with fresh peas), marinated in vinaigrette as a simple side salad, mixed with ricotta and a little bit of nutmeg as a filling for your favorite stuffed pasta, or substituted for the regular garlic in a pesto recipe.
Mama said to eat your greens; now you've got no reason not to.
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Strawberry Balloons
- Uploaded By CityGirl
- 2006-06-20 18:14:15
I'm a beginner @ cake decorating, but here's my first attempt at playing with fondant for my daughter Veronica's 3rd birthday. Her theme was Strawberry Shortcake, but she saw a design similar to this one in a decorating book I have, so I blended the 2 ideas to make strawberry-shaped balloons.
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Rank Name From Last Total
1. Derek Landel NJ 12 81
2. Kaarin Engelmann VA 08 66
3. Ken Gutermuth NC 10 54
4. Josh Githens SC 12 50
5. Yoel Weiss NJ 14 48
6. Doug Galullo FL 12 46
7. Danny Lewis DE 14 40
8. Kristen LaDue NY 13 40
9. Nicole Reiff OH 11 40
10. Alexandra Henning CT 09 40
11. Ted Simmons NJ 07 40
12. Greg Berry VA 06 39
13. Leonard Omolecki PA 11 38
14. Luke Parauda NJ 13 34
15. Jeff Cornett FL 06 30
16. Devin Flawd PA 04 30
17. Mark Guttag VA 03 30
18. Richard Curtin NY 02 30
19. Ben Collinson Jr MD 14 24
20. Frank Cunliffe PA 12 24
21. Mark Smith KY 09 24
22. Jerry Cantrill VA 07 24
23. Jerome Billones VA 05 18
24. Rebecca Hebner CO 04 18
25. Mike Stachowski NY 02 18
26. Gordon Elgart CA 01 18
27. Ken Keller AZ 00 18
28. John Poniske Jr PA 00 17
29. Natalie Beach MD 11 16
30. Jessica Foster NY 10 16
31. Shannon Keating IN 09 16
32. Joe Yaure PA 07 16
33. John Emery SC 01 16
34. Steve Scott CA 05 15
35. Nathan Druelinger MD 14 12
36. Ray Freeman CA 13 12
37. Paul Weintraub MD 12 12
38. Drew Duboff NJ 11 12
39. Hans Kirketerp dk 10 12
40. Rachel Harley VA 09 12
41. Sam Edelston CT 08 12
42. Derik Galullo FL 07 12
43. Legend Dan Hoffman MD 06 12
44. Tim Dolan NJ 02 12
45. Andy Lewis DE 00 12
46. Ben Goldstein SC 99 12
47. Dan Dolan Jr NJ 09 11
48 Harald Henning CT 05 9
49. Branden Bernard PA 04 9
50. Ray Stakenas II MI 03 9
51. Jason Levine NY 02 9
52. Paul Saunders VA 01 9
53. Andy Latto MA 14 8
54. Kevin Cantwell PA 13 8
55. David Metzger NY 12 8
56. Tony Musella VA 07 8
57. Brooks Beyma MD 08 6
58. Adam Nolan VA 06 6
59. Brian Mountford CA 05 6
60. Mark Mitchell GA 04 6
61. Dan Lawall VA 02 6
62. John Ellsworth IL 01 6
63. Harry Flawd PA 00 6
64. Luke Koleszar VA 99 6
65. Antony Saccenti MD 14 4
66. Gus Collars SC 13 4
67. Samantha Berk PA 11 4
68. Charles Squibb PA 10 4
69. Sean Druellinger MD 09 4
70. Brittany Bernard PA 07 4
71. Sam Brosius CT 08 3
72. Andy Gardner VA 06 3
73. John Kerr VA 04 3
74. David Vereb PA 03 3
75. Michael Zorrer DE 02 3
76. Steve Crenshaw VA 00 3
77. Brian Kirchner KY 99 2
2014 Laurelists
Yoel Weiss, NJ
Ben Collinson Jr, MD
Nathan Druelinger, MD
Andy Latto, MA
Antony Saccenti, MD
Andy Lewis, DE
Luke Kratz, ID
Peter Staab, PA
Leonard Omolecki, PA
1996, 2000
Dan Metzger, PA
Dennis Nicholson, NY
Derek Landel, NJ
1999, 2012
Kaarin Engelmann, VA
Rich Curtin, NY
Mark Guttag, VA
The 2014 Slapshot tournament got off to its traditional
rousing start at 11 PM Saturday night - the perfect cap to a
great week of gaming. It was a record crowd for the Saturday
night gala - but no one noticed since the event was dwarfed by
the 300+ field for Ticket to Ride. This year, we had the
crowd from Jay's Basement dressed up in matching jerseys, and
a player who dressed up as a goalie with a beer bottle permanently
affixed inside his mask - to make room for the other bottle in
his hand. That's getting ready for Slapshot! We also had
a repeat performance of the chest-painted "RANGERS"
group - this time with coach! I guess the coach was there to
make sure they spelled their team name correctly - by Saturday
night nobody's sure about anything anymore.
the normal rules-reader Keith Hunsinger couldn't make it this
year, we enlisted Dan Dolan Sr. to read "Dan's Rules".
I think we'll only be able to con him into doing it once, so
next year we'll looking forward to Keith coming back.
Eventually, we all remembered we were here to actually play
a game, and the puck was dropped at the center of 22 tables.
Amongst the echos of "WHINING!" and sly maneuvering
between the people who wanted to advance and the people who wanted
to go to bed, we had some notable occurrences:
~ Chris Shabuin won the Pucked award at his table by being
constantly defeated and having his best card bruised. He ended
up with 1 win, with the catch phrase "Call me the Minnesota
Timberwolves". Yeah, since they're a basketball team, that
might be why you didn't do so well.
~ Criag Yope managed to get pucked by Tiny Tim three times
in the playoffs at his table, including the series-clincher.
~ Doug Galullo managed to score with Tiny Tim five times at
his table, but it was all for naught as Nate Druelinger advanced
~ Ben Collinson advanced at his table despite losing a five-overtime
game to Zoe Rose
~ Mark Mitchell won his game at the referee's table, but got
lost in the bar and never reappeared for the semifinal. We'll
let the reader decide if that was a mistake or not.
~ Bryan Collars pulled the upset over Josh Githens at the
Greenville Mafia table despite having "no idea what was
going on". I think he's got innate skill.
Eventually, all the table winners who managed to make it back
from the bar gathered around for our annual Massively Unfair
Semifinal Round (we call it that because it's massively unfair!)
and when the zamboni smoothed the ice we had our six finalists:
Andy "I'm trying to read a book" Latto, playing
the train
Yoel "Last year's runner-up" Weiss, playing the Eiffel
Tower, complete with lots of French... um... "speech"
Ben "Shut up and leave me alone" Collinson, playing
the purple peg
Danny "My parents just texted to tell me I'm dumb for not
losing in the semi" Lewis, playing the yellow peg.
Antony "What are all of these crazy people doing here?"
Saccenti, playing the pirate
Nathan "I'm wearing my hockey uniform for this, losers!"
Druelinger, playing the blue peg.
went first, immediately looked at his team, declared (in what
would become a theme) "Man, my team is horrible!" and
immediately traded. Later, we learned that he was dealt both
Le Goon and Tiny Tim. Certainly a fun combination, but maybe
not one that will help you win a lot of games. Antony used his
turn to challenge Nathan. Antony won, but Nathan revealed his
superstar. After Nathan challenged Andy and won, Andy (in what
would become a theme) traded with Nathan, trying to get that
superstar. In all, Andy made a total of six unsuccessful trades
with Nathan. Many other players also tried unsuccessfully to
trade with Nathan. On Yoel's turn, we learned that he was the
player with the bruisers, making him a popular target to play
the bad teams (in the hopes they would get better).
When it came around to Ben's turn, he turned to Danny and said
"I hear you have a horrible team - me too!" and challenged
Danny to a game. Danny won handily, proving that Ben was the
true patsy. Danny was upset with this ("Hey, my team's bad
too!"). As it turns out, Danny's "bad" team managed
to beat at least half the table at one time or another, while
Bengot his first win in the 14th victory of the season. And when
that win happened, Ben was shocked ("What? I won?").
Ben's misery continued in other ways - after finally playing
Yoel and getting a bad card replaced by a bruiser, he immediately
lost it to Danny's Tiny Tim.
As the patsy-beating continued, Yoel and Andy were quietly gathering
good teams and moving up in the rankings. Eventually Danny realized
this, and traded with Andy's team. Since he was given a defenseman,
Danny had to decide whether to give up his 7-rated defender or
Tiny Tim. Despite having scored three goals, Danny gave his Tiny
Tim away. Andy, not appreciating the gift, immediately drafted
a new defenseman to replace him.
As the games continued, every player had a chance to shine, and
at one point all of the players had between four and six wins,
making it anyone's game. Everyone besides Yoel and Andy were
trying to compete for the "worst team" prize, arguing
over who was the doormat. Eventually it was decided that Ben
was the doormat, Danny was the doorbell, and Nathan declared
himself the "welcome mat". Which is better than being
the doormat, I guess?
But in the midst of it all, the player who probably ended up
with the actual worst team was Antony. He engaged in a series
of trades with Andy, and continually got the same horrible players
back on subsequent trades. After a while, it seemed like he got
all of the bad cards, and when he picked one up, said "Welcome
back to the team".
As the playoffs were about to start, Yoel, Nathan, and perennial
doormat Nathan were one game away. Ben managed to win another
game to start the playoffs. But first, we had the series for
fifth place between frequent trading partners Andy and Antony.
Andy's team had gotten decimated once the tabled realized how
good it was, and Antony's team could never improve, so this was
destined to be an epic matchup. In the three-game series, both
the second and third games went to overtime using all six cards,
but Andy prevailed in the end.
In the "real" playoffs, Danny played Ben in the first
round, and showed who was really the doormat by rolling over
Ben quickly. In the other series, Nathan had the better team
on paper, but Yoel managed to bruise Nathan's superstar - who
had survived the entire game up until that point - in the first
playoff game, and then bruised Nathan's next best player in the
second game. After that, Yoel advanced handily.
In the championship series, we had Danny and his "horrible"
team against Yoel, who had been training for an entire year after
coming in second last year. Yoel's bruiser was hungry for blood,
but he couldn't factor in the contents of the player deck - Danny
managed to gain two 7-rated players and Crease Lightning to replace
his bruised players. After that, Danny's new and improved team
couldn't be stopped, and he took the superstar plaque to taunt
his parents, and Yoel was sent home with yet another second place
coaster. But for a moment in time, the Slapshot standings
had the perfect balance with father and son bookends.
Danny's final team: 7,5,2,7,7,10 (2 of the 7's and the 10
goalie were drawn in the championship series to replace bruised
Yoel's final team: 6,6,3,7,2*,9
Four hours before dropping the puck for 234 crazed hockey
fans Saturday night, Mark Yoshikawa warmed up with 28 little
bruisers. Every WBC young 'un needs to get their skates wet in
the traditional Saturday night party eventually so Mark has been
running the Juniors league for years - many of whom have since
grown up and are now sending their children to his academy.
~ 1st: Caiden Baralo, age 11
~ 2nd: Ella Landel, age 9
~ 3rd: David DeAcereto, age 10
~ 4th: Emma Weintraub, age 11
~ 5th: Holly Saccenti, age 11; 2013 defending champ
~ 6th: Seamus Parauda, age 11


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Miami-Dade police are searching for three men caught on surveillance video burglarizing vehicles in the Kendall area Tuesday morning.
The burglary occurred about 4:20 a.m. at 9957 SW 123rd Terrace.
Police said three men carrying backpacks went into a resident's vehicles and stole items.
Surveillance video captured images of the men.
Anyone with information is asked to call Miami-Dade Crime Stoppers at 305-471-TIPS (8477).


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Exclusive! Porcupine Tree's Steven Wilson Releases Debut Video From New Solo Project
Steven Wilson
Steven Wilson
The release, set to hit the streets February 25, promises to be an epic experience. Engineered by Alan Parsons and produced by Wilson, all six tracks on the album are based on stories of the supernatural; Wilson will also be releasing a deluxe edition that includes a 128 page hardback book containing lyrics and ghost stories illustrated by Hajo Mueller.
We at Yahoo! Music are excited to exclusively debut the first video from the project, the beautifully animated and eerily poignant clip for the title track.
Wilson, who is a four-time Grammy nominee (he's up for Best Surround Sound Album this year), will visit the U.S. and Canada for a tour starting in April. You can check to see when he'll be in your town here.


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Best CrossFit Gym
CrossFit Santa Cruz
CrossFit focuses on functional movements done at high intensity with lots of variance. It combines weightlifting, gymnastics, and cardiovascular activities in as many ways as possible.
Best CrossFit Gym
CrossFit Santa Cruz
CrossFit focuses on functional movements done at high intensity with lots of variance. It combines weightlifting, gymnastics, and cardiovascular activities in as many ways as possible.
Best Bicycle Shop
Bicycle Trip
Project Bike sells about 900 bikes a year and services more than 3,000.
Best Cute Overload
Beau and Theo's Nap Habit
In the fall of 2013, the Shyba family adopted a 7-week-old puppy from the Santa Cruz SPCA. Theo, as he came to be called, had been abandoned as a baby along with his siblings. Upon moving in with the local family, Theo immediately began napping with the family's son, Beau, who was not quite 2 years old. The rest—as they say—is history.
Best Alternative Health
Dr. Juli Mazi
What it is? Naturopathy is an alternative-medicine system based on the theory that diet, exercise and massage can be used to treat illness.
Campos Seguros combats sexual assault in the Watsonville farmworker community
Farm work was a way of life for Rocio Camargo, who grew up in Watsonville as the daughter of Mexican immigrants. Her parents met while working the fields 30 years ago, and her father went on to run Fuentes Berry Farms.
Wave goodbye to winter and say hello to spring with Good Times' Home & Garden issue—the ultimate resource guide for designing, maintaining, and reinvigorating your living space, both inside and out.
Spring is the season of the new: freshness, growth' and the revitalization of earth and life. The essence of the season is certainly apparent in the current local food landscape. New craft beer hubs are cropping up left and right (see page 54 for more details) alongside much-anticipated eateries like Assembly on Pacific Avenue. Meanwhile, alluring new endeavors like the Japanese tapas and ramen restaurant KAITO breathe new life into old locations (in this case, the former home of Pink Godzilla). New technologies are even finding their way into our eateries, such as at The Quail and Thistle Tea Room in Capitola, which recently began accepting Bitcoin as currency. My favorite new thing as of late? It's hard to choose, but a dirty soy chai from Midtown Cafe is very high on the list.
Iconic editor Buz Bezore, who died last month at the age of 68, left a huge mark on Santa Cruz journalism
Eventually, it's all a blur. You live long enough, and maybe a little too hard at times, so that when you hit the rewind button of faded memory, it moves so fast that you can hardly sort and gather the details. One scene skips to the next, and to the next, without proper editing or sequencing. Chronologies get distorted. Which came first: stealing the chickens or coloring the eggs?
When healthy eating takes an unhealthy turn
It starts out healthy enough—or seemingly so. Maybe someone started by cutting out processed foods. Then desserts. Then sugar. Then meat. Maybe they switched to all organic and, while they were at it, went gluten-free and wheat-free. In a culture that has gone health-food crazy, it's easy to see how some people can take a "healthy" diet to an unhealthy extreme.
Food waste is collected in more than 100 American communities. When will Santa Cruz County get on board?
There they stand, proffering fistfuls of carrot peels, zucchini tops and kale stems, scanning the kitchen in bewilderment.
"Where's the compost bin?"
Any Santa Cruz County household that has hosted guests from San Francisco—or Portland, Ore., Seattle or a number of other American cities—may be familiar with the scene.
Every 20 years, Time magazine depicts people in their 20s as "lazy, entitled, selfish and shallow." This time the target is the Millennial generation (Americans born between roughly 1980 and 2000, with Baby Boomer parents). According to (cough, cough) the Boomer-run media, twentysomethings/Gen Y/Millennials are narcissists.


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- Filed Under
The 64th-ranked Ragin' Cajuns men's tennis clinched the top seed of the 2014 Sun Belt Conference Tennis Championship coming into the tournament with the league's highest ranking, the conference office announced on Tuesday.
"As a coach, this is the most disciplined team I have had," UL coach Mark Jeffrey said. "These guys from top to bottom have bought into holding each other accountable to the teams goals and they walk the walk in putting in 100 percent."
UL enters the tournament on an eight-match win streak and is 18-4 overall. The Cajuns boast a deep singles lineup in which six players own ...


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Writer Howard Norman at his writing cabin in East Calais on Thursday, August 29, 2013. / GLENN RUSSELL/FREE PRESS
EAST CALAIS — Howard Norman and his wife, Jane Shore, live in a farmhouse on a hillside in East Calais. They bought the house 25 years ago but their associations with Vermont go further back.
Norman, 64, is a novelist who has worked as a collector and translator of Inuit stories. In the 1970s he would come down to Vermont from Canada to write up his field reports. He lived in the Middlebury College dorms, a cheap place to stay in the summer. Shore, a poet, went to Goddard College in the 1960s.
When we got together, we decided to come back to this area, Norman said. The couple lives part of the year in Washington D.C.; Norman teaches at the University of Maryland.
In East Calais, Norman works every morning from 5 to 9 in a writing cabin by his house. Outside is a big sloping meadow. In the cabin are stacks of cardboard boxes that hold drafts of Normans books.
Norman published his first novel, The Northern Lights, when he was 38. The book, which Norman last week called something of a cliche, was a finalist for the National Book Award.
Watching Shore work helped Norman see his way toward writing a novel, he said.
Jane was already a very established poet in her early 30s, Norman said. I remember opening one of her file cabinets and seeing a folder of a poem that was rewritten maybe 80 times. And it gave me a sense of optimism and I thought if she could stick to one poem this scrupulously, I might have a chance.
Normans new book is a memoir called I Hate to Leave this Beautiful Place. The book is constructed around five episodes that occur over the course of 40 years. They are fascinating selections, beautifully rendered and linked by sensibility.
Norman writes about the night John Lennon was killed. He and members of a Lennon cover band, Nanook the Gook, listened to Lennons songs over shortwave radio in Eskimo Point, a village in the Northwest Territories. Norman lists the 37 John Lennon songs the DJ played that night.
He describes a Vermont summer in which, among other events, a fever never lost its grip on him and an owl was on the prowl in East Calais.
Lines from Robert Frosts poem A Servant to Servants appear as a kind of refrain, to use Normans words, in his book. The Frost lines, which read in part the best way out is always through, have been in difficult times a talisman for him.
Norman talked about I Hate to Leave this Beautiful Place last week in his writing cabin.
If anything I tried with this book to write a memoir which was largely not about me, he said.
To read the book is to take in the full measure of Normans achievement.
Here is a condensed version of the conversation with Sally Pollak:
Burlington Free Press: Why were you interested in writing a memoir and how did you approach the work relative to writing a novel?
Howard Norman: Ive had a little experience with a previous book about the Arctic, In Fond Remembrance of Me. Its about my time in the late 70s working with Inuit translation, and a Japanese woman I met there.
What happened with that was I had 25 or 30 years of writing stuff that was all going down to Boston University to the archive there: journals, photographs, drafts.
We hired for a short time the daughter of the people that own Rainbow Sweets (in Marshfield), and she organized all this stuff for me. When she was in here, Olivia is her name, she came in and she found these notebooks that I had written in a four-month period in Churchill (Manitoba) in the late 70s.
She said, Have you read these lately?
No, I havent.
She said, You ought to reread these.
So I did and I basically changed maybe 100 words. And that became that memoir.
That is to say that the act of writing that wasnt really an experience of writing a memoir: It was more an experience of reclamation of a past experience and trying to present it with a certain sense of immediacy. Those journals are pretty much as I kept them with some refinement.
About five years ago, I was walking with a very close friend of mine, William Merwin (the poet W.S. Merwin). We were walking in Point Reyes and he said, Look one of the things that Ive noticed is that sometimes when were talking I hear the origins of some of the preoccupations and obsessions of your fictional characters.
He was interested in the idea that Basho talks about: that you dont remember things with the same emotions that you originally experienced them. The approach (to memoir) that gets as close to that as possible makes for a more interesting enterprise. I had never thought of doing it before. Probably I was waiting for some specific encouragement. Even though I was already 60, you still need it sometimes. ... I definitely wouldnt have written it without that conversation. But thats not to blame him.
So I wrote 12 chapters and chose the five that are in the book.
BFP: Can you talk about the way the book is constructed built around five episodes and how they are linked.
HN: It was mainly designed to write about not the incidents that precipitated or the incidents that kind of sponsored the chapters, as much as the landscapes that you return to to think things through.
If theres any unifying element it would be that: that Point Reyes, certainly Vermont, and to some extent Nova Scotia, are places Ive found to come to some knowledge about myself. Especially after things have happened that youd rather not think about but you should think about.
Its not very lofty. Its pretty utilitarian. If you live around other people you dont want to be walking around in a fog of unresolved experiences. Theres enough of that, anyway.
I didnt build up any predisposition toward the orchestration of these pieces. I thought that what I would do is spend two years while also working on a novel, and create a kind of contrapuntal thematically: where certain themes would be introduced and then carry over without suggesting that life is thematic, that life has themes.
I really cant stand memoirs that are: I have a memory, this is what I remember. Im a big reader of memoirs, but historical memoirs. I certainly didnt want to write something where you go slumming in your own past, and that would be the organizing principle of the memoir.
I wanted to write things in scenes, like a novelist would write them. Im organizing facts on the organizational principles of fiction. But theyre true stories, its the orchestration of facts.
This book is about things that wouldnt leave me alone, that kept coming back. Whether in dreams, often in dreams, or just in the waking preoccupations that we all have. It occurs to me that thinking and remembering is a kind of rehearsal for writing. Youre kind of trying to determine whether that makes the cut.
As a Jewish person youre raised to believe that eternity resides in the past, not the future. Youre thinking about engaging with ancestral thought. In a microcosmic way, you could say that writing a memoir is like that: Youre moving backwards.
BFP: Theres nothing in the book that says: I am novelist.
HN: Theres a lot about writing in there, in the sense of I struggle, like anybody. How else can you organize your emotions about something? Well, sentences.
But it doesnt mean that they come easy. People feel that it does because youve written a number of books and have had some good fortune. Its a fallacy. You still have to work yourself down to a level of engagement each time. You dont start with that level of engagement just because youve written previous things.
To quantify a writing life is impossible: The Bird Artist I wrote that novel in two, two-month stints but I had rehearsed it in my mind a lot. When it came out there was only four words changed by the editors. Whereas other books there were 60 to 70 drafts. There were 18 drafts of What Is Left the Daughter. By draft I mean you rewrite and rewrite and rewrite.
BFP: What about the place of death in the book: from a swan to John Lennon to a little boy.
HN: One doesnt want to elevate the quotidian to a level of theological regard, where everything seems to be available to a higher way of thinking about things. ...
I believe that theres some letter that Chekov was writing to a fiancé or maybe his sister and he says that sadness is adhesive. And happiness sort of slides away. Its not that you dont remember happy things, but theres some kind of way that melancholic incidents or grief-engendering incidents stay with you.
Im not sure if that is true with everyone, but I would probably have to say that that somewhat characterizes this book.
BFP: The chapter about Vermont seemed to me dream-like at times, scenes within scenes.
HN: That one started out 200 pages. It begins with that low-grade fever that lasted all summer. ... You think youre completely experiencing an idiosyncratic thing, then when I told people you find out its not that unusual. Everyones got their stories; some people just dont write them down.
Writing about Vermont here was a first for me. I think its probably the least organized chapter. Because after close to 40 years to pick and choose things the organizing principle had to be one summer. ...
BFP: In the chapter on Vermont you write, (E)verything I loved most happened most every day, with exceptions. What are the those things?
HN: That original line is from a line by a poet named Robert Kelly. When I read that line I thought, Yeah, that really is the feel for life here for me, much better than I could ever articulate it.
On any given day, if you live in a landscape like this, something is happening all the time. Theres an ornithological drama going on. Its just the texture of life. People drop by the house. You have a writing life.
I think the thing that defines this for me is the same way I feel when Im in northern California. These are the two landscapes I dream about all the time. So to wake up in the landscape you dream about means that theres a kind of rare bridge between the unconscious and the conscious.
BFP: What are you working on?
HN: I have a novel coming out in May which is called Next Life Might Be Kinder. Its different for me. Its more contemporary. The story is kind of sponsored by the life of a professor of history that I knew whose wife died in a violent fashion. He kept seeing her after. Its a book thats sort of against the idea of closure.
Contact Sally Pollak at spollak@burlington
freepress.com or 660-1859; www.twtter.com/vtpollak


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Why I Love Me Some Modern Family
I've watched Modern Family for a few years now. Mostly, I haven't watched from a critical or analytical perspective—I've just enjoyed the show, as it is both funny and well-written. But over the last season or so, I've been paying more attention to the show's intentions—what it's consciously doing, and why. And I gotta say, I love this show. I love what it's doing.


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Long Interest Rates, 1790 to Present
by Barry Ritholtz - January 2nd, 2013, 12:00pm
The great irony of the fiscal cliff settlement is that US borrowing rates are as cheap as they have been throughout the History of the US.
Now would be the least expensive time in most of your lifetimes to:
A) Rebuild the US infrastructure of Airports, Mass Transit, Ports, Waterways;
B) Upgrade and Secure the US Electrical grid, including making it more secure from hackers;
C) Improve the security of nuclear plants, ports, and chemical manufacturing plants;
D) Upgrade Roads, Bridges, Tunnels;
E) Improve public outdoor lighting, including "smarter" lights and traffic sensors
At some point int he future, your kids are going to ask — "Wait, you could have upgraded _______ and it only would have cost you 2.5% in borrowing costs?!?"
Shorter term rate chart after the jump
Category: Fixed Income/Interest Rates
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
87 Responses to "Long Interest Rates, 1790 to Present"
VennData says:
You hated the stimulus GOP voter…
…Well now the stimulus Obama put into your paycheck is over. You should be overjoyed that's all over with.
callotal says:
to be the devil's advocate…..IIRC, most of the federal debt is in the 3-7 year maturity range.
Hypothetically if the US government tried to borrow $500 billion for 30 years, the rate sure wouldn't be <3%
dougc says:
Carnegie was asked why he was so miserly and paid his workers so poorly and then gave away his fortune to build public libraries and other community buildings. He responded that if he had paid his employees better they would of lived a slightly better life but in the end it would not positively affect society whereas the libraries would benefit society for a long time. Money spent on the elderly (I am one) instead of the young is a similair situation.
[...] Source: The Big Picture (for a more limited period, the U.S. Treasury data is available for charting here) [...]
Expat says:
"La cigale, ayant chanté tout l'été, se trouva fort dépourvu quand la bise fut venue."
When times are tough, we lower taxes and increase spending to stimulate the economy. When times are good, we lower taxes and increase spending because, hey, we're rich, right? But spending on bridges, roads, and schools is boring. We can instead spend money on guns and bankers which are much sexier. Both have limited social value and both are responsible for the deaths of millions of people.
I just had an interesting conversation with someone who lives on LI's south shore. He explained that all the homes and cars ruined by Sandy were uninsured and/or leased. The "owners" were under water even before Sandy hit and now cannot hope to afford repairs or rebuilding. Yet they lived in million dollar homes on the water with two cars, a pool, and a big-ass boat. They earned perhaps 100-200k a year and lived like they made 500k. Our entire country in a microcosm.
I don't think our kids will be asking us that question. I think instead they will ask the following questions:
– What was it like when water was so cheap you could shower every day?
– Tell me again about plentiful food lining the shelves of the grocery store?
– Is it true you could once speak your mind without being arrested and tortured?
– What's a polar bear?
– Is it true that President Blankfein's entire campaign was paid for by his grandfather Lloyd?
CTMike says:
Out of curiosity, how accurate are the historical records for interest rates? I've seen this chart posted here before and I never thought to ask.
Accurate — a combination of Treasury data, Bloomberg and Global Financial Data are the sources
rd says:
None of those things you list are "shovel-ready." Therefore, by definition they are not appropriate uses of government stimulus money. Instead, they require planning, thought, and public debate before entering int oa design process. All of these activities would interefere with Congress's primary purpose which is collecting PAC donations and getting re-elected. Besides, almost none of those are glamorous and appropriate for putting a politician's name on for a ribbon-cutting ceremony.
Although, looking back, if some of these had been appropriated in 2009 then maybe the design and permitting would be complete now and the workers for the construction wouldn't have to get another unemployment extension……
Nahhh…long-term planning and investment is why the private sector exists. The free market will price the value of keeping nuclear fuel and waste safe from terrorists and earthquakes.
Chad says:
What we should do is outline the costs of A, B, C, D, and E and borrow enough to pay for most of that and enough to buy back debt at higher rates. We would then use it to jump start the economy. Of course, we would have the repayment plan set in stone by identifying what taxes and spending cuts (including entitlements and military) would be implemented and when, with the idea that spending would go way down after this and taxes would raise some to begin paying this off at some point. Of course, this would require long-term planning, which is obviously beyond our politicians and most of our populace.
Init4good says:
Someone please do an overlay of demographics….they are "destiny" imho…
MayorQuimby says:
Barry do you honestly think we can print and pave ourselves towards prosperity?
These are the basic costs of living in a modern civilization. Its what we need to do to stay safe and competitive with the rest of the world
I am confident that the entrepreneurial genius of the private sector will be able to build upon these infrastructure they way they have in the past — Think Internet and Interstate highway — to make them pay off
Orange14 says:
MayorQuimby – you are missing the point here. It's really to address the crumbling infrastructure and doing so at rock bottom borrowing costs. You need to think about all the jobs that this will create with a resulting boost to the economy. As the old commercial (I forget what the product is/was) said, 'you can pay me now or pay me later.' If you want to drive on crumbling roads or over bridges that might not be structurally sound that's your right but I suspect most of us want safe roads, bridges, and the other stuff that BR mentions. No time like the present to undertake this.
MayorQuimby says:
No, I'm not missing the point at all. You are. What are you paving the roads with? Money no?
Where is that money coming from? The Fed (which is enabling deficits).
So you think it is possible to get a "freebie" from mother nature – brand new infrastructure for nothing.
Do you honestly think the world works this way?
How exactly is the Fed enabling deficits ?
We have had deficits for years and decades before the Fed began printing
WFTA says:
This was just as true in Q-1 2009, but a Democrat had just moved into the Whitehouse and suddenly debt was a four-letter word.
DarthBeta says:
The current US Federal Government does NOT have borrowing cost!!!
The US Federal Governemnt is monetary sovereign and uses a fiat currency. There is no debt and there are no borrowing costs.
How can this be so misunderstood?
MayorQuimby says:
It isn't – you are 100% mistaken.
Fiat money is backed by labor which is why student loans are NOT dischargeable! There is no collateral!
You people think they just print money. Hahahah – the money is BACKED by labor and collateral which is why banks take your home when you default. It is why you need collateral for all fiat creation. It is why banks go broke!
If we just printed money there would be value to money and we would have Zimbabwe-like prices.
Read up on money creation – the powers that be may have pushed things to the breaking point but there is a reason we have Reserve Status.
CSF says:
It also seems prudent to continue lengthening our average maturity, no? Otherwise our kids will ask, "You had the chance to finance for 30 years at 2.5% and instead you used 2 year paper at .25%?"
b_thunder says:
There's one problem with rebuilding "roads, bridges, tunnels" – COST!
The cost to build the Golden Gate bridge – $35M. Even with all the advances in technology, machinery, metallurgy, CAD/CAM, etc, the rebuild is estimated to cost over $1.8B, much higher even if adjusting the $35M to today's dollar value. What's more interesting to me is (if my calculations are correct) that the cost of rebuild measured in man-hours at both today's minimum and median wage is several times higher than in 1930s. But we have all these machines, right? That's supposed to make the construction cheaper? Then why the cost is so high?
There's never seems to be any urgency to build on time and under budget, and surely it never gets built on time and always over budget. Its seems to me that the incentive is to work longer, b/c they're getting paid.
IMHO the contract/biding/outsourcing system is rigged and broken.
Plus, instead of building more roads I'd rather see us create incentives for companies to let people work from home. Fewer cars on the road mean fewer greenhouse gasses – better for the environment.
wally says:
If you have a dollar, Quimby, the government ultimately owes you whatever you decide is a dollar's worth of stuff. If they had no such obligation, you'd have no money. Ready to start the year with all caps yet?
MayorQuimby says:
Gvmt has nothing to do with it Wally. Banks create the money.
James Cameron says:
MayorQuimby – you are missing the point here. It's really to address the crumbling infrastructure and doing so at rock bottom borrowing costs. You need to think about all the jobs that this will create with a resulting boost to the economy.
Somehow, I don't think he's missing the point. That long-term debt is eventually going to have to be rolled over, so there had better be a very detailed economic cost-benefit analysis of the work being done. This is hardly the first time this subject has come up, so advocates must be aware of analysis that looks at specific projects, projected costs, timelines (which is quite critical, since borrowing costs in five years may be very different than what they are now . . .), etc, etc. I don't think this is nearly as easy as borrowing money because it's cheap now . . .
MayorQuimby says:
Thanks James. Exactly.
Look – Barry has stated that we should take advantage of low rates but my counterpoint is that this is illusory for a variety of reasons:
1. The amount that can be borrowed at low rates is in fact capped due to inflationary effects of said infrastructure repair.
2. The nominal amount we can borrow at these low rates is also limited.
3. The value of what those dollars get you denominated in labor and commodity costs is reduced for reasons including cost of living, import prices etc. even if we produce all that is neededed here – cost of living and other inflationary effects of money printing are at play.
***4. Generally speaking – nature does not give people free roads and bridges. If you understand nothing else, you must understand that it is impossible for us to wake up with a whole new US infrastructure for 'free'.
Chad says:
Are the extra man hours because rebuilding the original/current bridge with traffic still allowed on it would actually be less efficient than just building an entirely new bridge? Just a thought that may be way off.
wally says:
So, according to Quimby, we wait until the bridges fall down and them rebuild them at 6 or 7 percent. Brilliant.
wally says:
There was money in countries before there were banks, Quimby.
MayorQuimby says:
No – according to Quimby, there is a COST for building roads, simply put. According to you and Barry – there is none (we can print and/or borrow at 1% to fund whatever we want).
How absolutely wonderful it must be to live in your imaginary reality!
BR: How does issuing bonds to pay for this not equal paying for the roads/ infrastructure ?
MayorQuimby says:
"There was money in countries before there were banks, Quimby."
Money is certainly adjustable in terms of what it represents – I can't argue with that. .gov can reset the system and peg dollar to silver, oil, gold whatever. Or they can print.
But that is not how our CURRENT system functions and because our money IS backed by our amazing innovation and talent, we hold reserve status.
That is all I am saying.
If you think the Fed prints money and determines what things cost I can say that that is not currently the case although they most certainly are using credit to do the same thing…however there is a limit to what they can do.
And in the long run – there is no such thing as free roads and bridges.
MidlifeNocrisis says:
Money is ultimately created by the Treasury/Fed. Darth is correct. Ever see a printing press at a bank?? We don't have "Zimbabwe" pricing because the vast majority of people have full faith in US dollars, as do most all of the other nations in the world.
You can like it, or hate it, but that's the facts. The Fed sets interest rates too. That's what they do, for better or for worse.
craig.r.jackson says:
I recommend that the debt owed to itself, such as SS Trust, be cancelled and replaced with a guarantees from the US Treasury to fulfill with printed money. This printed money should not be confused with borrowed money, as MayorQuimby is fond of doing. Printed money ensures that there will be adequate funds to support currently guaranteed benefits without impacting the debt level. It would not be inflationary because it would simply be an accounting entry. There, one third of the US debt would be deleted.
Orange14 says:
MayorQuimby – OK, let's turn all the roads & bridges into toll roads. Technology exists with an EZ pass required on every car. So tolls collected can be used to keep the roads & bridges in good driving condition. There is no difference in paying for this out of general revenues with a bond issue (that obviously will be paid back in time) or through the tolls collected. The point that BR and I are making is that we have historically low borrowing costs right now and why not take advantage of those. It's the same decision making that goes on if you are deciding to buy a house with low interest rates on mortgages vs high interest rates. I don't think I ever said that the money would not be paid back.
Your point #2 above is very wrong based on the history of the past three years otherwise we would have seen interest rates spike like the bond vigilantes predicted back in 2008. It didn't happen then and it won't happen for the foreseeable future.
James Cameron says:
> So, according to Quimby, we wait until the bridges fall down and them rebuild them at 6 or 7 percent. Brilliant.
It's not nearly as simple as this. Of course there is critical work that has to be done. But that work has to be identified and prioritized and that's not just a funding issue, but a political one. This alone is a significant project. Here's the history of California's high speed rail:
if you want some idea how big idea infrastructure projects can become bogged down by funding and political hurdles.
hankest says:
Not only can necessary projects be done at lower interest rates right now, the Feds/States/Locals would also presumably get more competitive responses to their RFPs in this slow economy.
If the Feds wait until the construction sector is once again strong they'll be competing for contractors with the private sector, increasing costs for not only gov't projects but also private projects.
Init4good says:
Can anyone imagine the cost to drive on those roads and bridges, if they were privatized and everyone paid exactly what it cost to build and maintain them? Astronomical. No person of "normal" means would be able to pay the cost to use them. Therefore let's do the same thing using long-term debt – say 30+yrs and have the work done now, and use those roads right away, for everything that make a road useful. We can pay the 30yr debt back, a little bit at a time. Isn't that what we have now? What is so hard to see about that? The only difference is the Fed intervenes when the situation becomes so extreme that we need to adjust the debt timeframes.
DeDude says:
To buy at low prices or to buy at high prices – that is the question?
The fact that there are morons out there still wondering what the answer might be is telling something about the level of edumacation in this here society.
You are way to pessimistic Barry. Currently the rate on inflation adjusted 10 year bonds are NEGATIVE 1%. That means that we will be paid to borrow money. The "cost" that the morons are talking about is actually negative 1% when adjusted for inflation (and even more when adjusted for GDP growth). Instead they want us to wait with these inevitable infrastructure upgrades until the economy recovers and the cost becomes some unpredictable positive number. The brilliance of these clowns is blinding. They insist we shall not upgrade infrastructure now when the multiplier is much higher and we cannot crowd out a non-existing demand for private sector investment, and instead wait until the multiplier is much lower and the borrowing will compete with and hurt the private sectors need for borrowing.
MayorQuimby has been pimping this crap of "we are all gonner die, eventually" for the past 5 years – he is a joke. Someone pretending to be an old fart moron that doesn't know anything and certainly doesn't want to know no-nothing.
RW says:
Citing problems with major infrastructure projects is a red herring and analysis/prioritization of infrastructure needs is not simply a political issue, it is a technical issue as the American Society of Civil Engineers reports; e.g., the national 'grade' on infrastructure, all categories, is a D w/ only one of the 15 categories rising above a grade of C.
Aging, obsolete and damaged infrastructure is costing the country a lot of money in lost time, productivity, safety, product cost and competitiveness. Deficit scolds need to lower their volume and start participating in better solutions than further austerity and/or more delays; it's bad for business.
kukiniloa says:
It's been made clear that the depth of the Great Recession was, in large part, due to the lack of revenue and consequent spending by State and local governments. These same entities now have a golden opportunity to begin the wealth of projects that each and every State and local government has on their Capital Improvement Project lists (or whatever they call them).
Anybody in touch with their state and local governments knows that this is a long list, with items just waiting for funding.
And the input-output multiplier for construction spending is higher than *any other industry*. True stimulus and REAL assistance for the middle-class is best achieved through infrastructure spending.
Why don't people get this? Because their warped, free-market ethic tells them that public sector spending is, by definition, socialism?? STOP THE INSANITY!
And to pick a nit, the term "shovel ready" is a poor term, as a project has to be through design phase to really be shovel ready. But for many projects design and permitting may take < 1 year.
meetingplanner says:
the only thing we will upgrade will be home prices and some financial instruments that the banks need "upgrading" so that they can unload them. I figure we are kicking in at least 5% of our liquid net worth per year to pay for this. don't know why bankers have always been hated …
MayorQuimby says:
"MayorQuimby has been pimping this crap of "we are all gonner die, eventually" for the past 5 years – he is a joke. Someone pretending to be an old fart moron that doesn't know anything and certainly doesn't want to know no-nothing."
And a Happy New Year to you as well!
econimonium says:
To paraphrase the late, great Moe Howard, every time Quimby writes, he weakens the nation. I consider it a badge of honor that I have goaded him to write in all caps three times in past year. I've also made a lot of money doing the exact opposite of whatever he's peddling. So you need to take him in a Zen sort of a way…anything he's railing against, take the other side of that trade. After all, that's the use of most comments sections…it makes it easy to find the mark. Oh and the second I read the words "fiat money" in a sentence, I know I've found the mark. Just a tip ;)
Anyone who's ever actually run a business knows that debt can be your friend…that whole cost of money thing and the cost of inaction etc. The mistake is these nuts keep acting as if running a business or a government is like using credit cards at home. It isn't. Debt for education is an investment. Debt for mortgage (sensibly) is also an investment (in that when you are old, your cost of living drops). Debt for machinery is an investment. Debt for inventory is an investment at times. Debt to fix aging infrastructure would also be an investment, especially at real negative rates. The question is not IF the money should be spent (because that bridge will certainly be replaced) but WHEN. So Qumiby's argument is not only specious, but insane. It's like pretending we'll cut Social Security and let people go homeless and starve or cut Medicare and let them die on the street. I'm sick of these people not paying attention to reality or just telling the obvious truth. And the truth it we'll pay anyhow at some time in the future and if we do the wrong thing now, we'll pay more. That's the truth.
MayorQuimby says:
Happy New Year to you as well eco!
"every time Quimby writes, he weakens the nation"
"I've also made a lot of money doing the exact opposite of whatever he's peddling."
I've made no investment recommendations and in fact have outperformed the S&P myself for 7 straight years with only 1 bad year.
"The mistake is these nuts keep acting as if running a business or a government is like using credit cards at home. It isn't."
It is.
"So Qumiby's argument is not only specious, but insane. It's like pretending we'll cut Social Security and let people go homeless and starve or cut Medicare and let them die on the street. I'm sick of these people not paying attention to reality or just telling the obvious truth."
You can only spend the money you have, print, or can borrow. If you print, the money buys less, if you borrow, you pay interest and can only borrow at a specific rate for a specific amount.
Once again….there is no such thing as free food for grand ma, free medical care for grand pa and free bridges for everyone.
If you think there is, it is you who is the insane one.
DeDude says:
there is no such thing as NO food for grand ma, NO medical care for grand pa and NO bridges. So why should we entertain that old fart straw man? The question is whether we should purchase it at a low price now or a much higher price later.
louis says:
Does anyone with power to do any projects remind one of Robert Moses?
Orange14 says:
@louis – Robert Moses would salivate at current interest rates!!! Must go back and re-read the Caro biography.
ConscienceofaConservative says:
The rate we're currently paying can be mis-leading. Debt right now is approaching 100% GDP. Nobody thinks todays' rates are a reasonable proxy for what it will cost to service our debt in the future. As bonds come due and the Fed unwinds Q.E. (the Treasury has reduced the duration of current debt with the Fed also buying up the long end as part of Q.E) the cost of our debt service could become a huge problem.
As I see it we wasted so much of the last 40 years by carrying and growing a debt load in both good and bad times that we've reduced our ability to borrow more.
Pantmaker says:
At some point in the future, your kids are going to ask —"Wait, you could have upgraded _______ and it only would have cost you 2.5% in borrowing costs?!?"
…and I'll respond
Yes son…I know…but we were too fucking stupid and had already maxed out our credit cards at much higher levels. We should really pay that money back before we borrow any more. That's how life works. Shitty Infrastructure = Made Bed we must now sleep in.
BR: The credit card analogy is not remotely how governments work (nor is the family budget metaphor) or how independent sovereign nations pay for their spending.
capitalistic says:
Folks – and this is my only issue with BO. We could have launched a $3T infrastructure project at a rate slightly more than the 30 year.
Similar to an SBA loan, the government technically only has to pay the coupon per year. So, imagine $3T @ 5%, 30 years = $150B a year in coupon payments (staggered in 3 $1T issuance over 3 years). A reversion to pre-Bush era taxes, eliminating interest deductions on non-conforming home mortgages and tightening corporate welfare, and our economy would be growing at a sexy growth rate.
But…fiscal policy tends to be slow and staggered over years…
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econimonium says:
DeDude you are so right. How many people in this country can afford any cuts to Social Security? Medicare? What percentage of society can even save for retirement now that defined benefits are pretty much a thing of the past? When you look at those numbers realistically, you know that there's no way we can change anything for benefits. And they're NOT "entitlements". It's *Insurance*, just like your health plan, life, or anything else. You pay in and then some day you collect. So I think we need to stop with the word "entitlements".
And you bet that people who are my age (in their 40′s) will not tolerate one iota of change to SS or drop in the Medicare benefits. I've been paying in, so people like Ryan and kiss my lily white behind. And chained CPI is a goner too. Besides, the issue is the medical system itself not Medicare and certainly not SS which isn't even a problem for the foreseeable future and you know what? Let's defund some Pentagon items and fund SS. Period. I think I'm in the majority there too.
So what it's about time we did is just man up to the fact that these programs aren't changing because the majority of citizens don't want them to, and stop trying to change them. If the Republican Party wanted to re-invent itself it could start right there: tell the truth, go with the majority, and attack the real issue with is health care out of control. But of course it won't because of all the fat, juicy paychecks at the drug companies, health insurance companies and doctors. Trust me, I have a close friend who works in rooting out fraud for a major insurer and to quote her "this job is like shooting fish in a barrel. You have no idea how much fraud and waste there really is. I don't even have to try to do my job".
AtlasRocked says:
BR: "I am confident that the entrepreneurial genius of the private sector will be able to build upon these infrastructure they way they have in the past — Think Internet and Interstate highway — to make them pay off"
The interstate hiway system? – which rendered our existing, strong, train-based transportation system into second tier, less efficient, business, and caused us to build cars, which need far more gas and materials per lb/mile, which requires military protection of our gas suppliers? That hiway system? if it worked so great, why are we printing money and borrowing now?
The internet – which has rendered tons of middle income citizens out of work due to efficiency gains o internet information xfer? has it created jobs here ? i was on a IC design tools sales force that is 1/4 the size now, since the internet can get the information to our customers easier. and the chip design work we did is mostly gone overseas, US companies can easily work with a chinese chip design group now, thanks to the internet. what is the current tax revenue from the internet paying for our federal bills? i don' think it's there at all, it's a great invention, but not a gov't revenue engine.
if it worked so great, why are we printing $85 b of money a month and borrowing over a trillion a year now? isn't this an undefendable assertion Barry? we've been borrowing massive and increasing amounts of money for 30 years, if these inventions of gov't were working so well as revenue engines, why were mostly NOT in debt before them (except for WWII), and we are in massive debt now?
BR: Train based transportation system? WTF are you talking about?
James Cameron says:
RW Says: Aging, obsolete and damaged infrastructure is costing the country a lot of money in lost time, productivity, safety, product cost and competitiveness. Deficit scolds need to lower their volume and start participating in better solutions than further austerity and/or more delays; it's bad for business . . . Deficit scolds need to lower their volume and start participating in better solutions than further austerity and/or more delays; it's bad for business.
That's stating the broad problem . . . identifying and getting agreement on the specific projects that would be funded is an entirely different matter. Every state and every constituency imaginable would be vying for funding of this magnitude. It's one thing to discuss this in the large, quite another to get into the specifics.
Despite this notion being floated regularly (for years, actually), I'm not clear where the political advocacy is. I will be very surprised to see the current administration trumpet it . . .
Perhaps, RW, you can tell us what you and your lawmakers are doing in this regard?
AtlasRocked says:
The kids are going to ask
"why did you leave us with the bills? I checked my history books and can't find a single case where an economy recovered after using stimulus, the best reference I can find says that cutting spending about 5X the rate of tax increases is a round number of successful recoveries. so it looks like you guys just enriched yourselves at our expense."
BR: WW2 ring a bell?
znmeb says:
1. Leave Afghanistan by the end of 2013
2. ??????
3. Profit!
Manofsteel11 says:
Lack of infrastructure investment goes BEYOND debt pricing and availability:
1. States and municipalities are managing such high levels of debt/deficit that they cannot afford to borrow more given their level of income.
2. Local politicians are not incentivized politically to invest in long-term (40-years+) projects given electoral cycles.
3. Underground projects (e.g. water infrastructure) is considered unimportant by most residents who do not realize the costs of decaying infrastructure until it is too late (e.g. no water audits are enforced until water mains breaking down and streets getting flooded).
4. Most states do not want to raise prices to fully cover rising OPEX+CAPEX given the potential political backlash (e.g. water in Europe and other parts of the world is way more expensive, efficiency regulation is way tighter and is markets enable a higher degree of competition, innovation and efficient financing/pricing).
5. After decades of abundance, there is a misguided sense of endless resources. Therefore, little is invested in preservation and sustainability as compared to other nations. However, climate volatility, population growth and increasing demand are raising questions about the critical levels of some of our aquifers (e.g. CA), reservoirs (e.g. NV,AZ), and infrastructure robustness (e.g. NY).
6. Bond agencies are understating the problem (again)(e.g. water utilities' ratings are focused on YoY numbers rather than CAPEX needs given the huge funding gap and/or current monitoring of water source levels).
7. The politicians in DC have done little to upgrade and update regulation to require such projects (e.g. the EPA can review and recommend efficient 'asset management' but nobody enforces it or places responsibility per specific performance benchmarks). The system is not build for long-term planning.
rd says:
The first high peak in interest rates was 1840. At that point in time, people used chamber pots and outhouses, carried water in buckets, used horses and carts on mud roads, and almost everybody was a farmer.
Over the next century, the internal combustion engine, railroad, telephone/telegraph, car, and airplane were invented. Cities and many rural areas got clean water and sewerage, electrical and communication lines, paved roads, and airports. Some of that was delivered by the unregulated private sector but much of it was either created and maintained by public sector spending or regulated utilities. Interestingly, long-term interest rates fell during WW II despite greatly increased federal debt.
Design lives for this infrastructure is typically 50-100 years. Much of this infrastructure we take for granted has reached the end of its design life and either replaced or rethought entirely. Currently much of the public infrastructure that they rely on dates back to the period of the Model T. We got a taste of what happens when that infrastructure breaks down in a modern city with the utility and transportation outages caused by Hurricane Sandy.
The impacts of globalization and the information age can be seen in the long-term interest rate reduction since 1980. However, we still need infrastructure to move goods from source to market and to provide utilities to the many millions of people who have been migrating to the cities.
These low interest rates give us a window of a decade or so to do some real thinking, planning, and construction for what the next century can bring. It makes sense to be funding infrastructure with design lives of 50 years plus with 2%-3% 30-year bonds, similar to home mortgages.
phisqb says:
Just a reminder…people get paid to plan, design, and manage projects so they become "shovel-ready". Last time I checked, people having jobs was a good thing.
RW says:
James Cameron, try going to the link I provided and clicking on the "States" tab, then choose any state you like for its laundry list of deficiencies and needs.
For more specifics about individual projects to meet those deficiencies, you need to go to the relevant state agencies — depts of transportation, infrastructure finance authorities (if they exist), budgeting office, etc — and do some homework; AFAIK there are few states that keep all that under one umbrella.
The problem in my state certainly, and I suspect in many others, is that most projects are not particularly expensive but that too many have been too long deferred so many priorities are being set by imminence of catastrophic failure or length of time in queue rather than engineering and economic logic.
Pork-barrel projects exist of course but many larger projects are established by successful federal grants with the remainder set by state engineers who have a limited pot of money to draw from. Big-ticket items such as high speed rail or an LNG port have become the stuff of dreams as we lose more and more business to Asian countries willing to ramp up. Truth is, there are so many repair and replacement projects stacked up in the pipeline these days that most of the fighting is over table scraps. If it weren't so sad it would be downright disgusting.
farfetched says:
The Mayor wants this comparison to happen in a vacuum. The problem is even economics abhors a vacuum.
The comparison is the cost of borrowing, it doesn't really involve all the nonsense about fiat currency or time travel. We are not going back in time and neither is our infrastructure. Our roads are falling apart, our bridges failing, our energy transmission system is a joke and we have the slowest internet on the planet.
The Mayor suggests we follow Cuba and use 1956 Chevys until we slave our way out of debt and hope it doesn't end with mule drawn wagons. Barry suggests we borrow on the cheap and use the fruits of our labor upgrading to a much more efficient infrastructure to employ (and tax) people and then enjoy the productive use of the infrastructure to be more reliable, productive and competitive. There will be no time travel. We will not get younger nor will our infrastructure. The cost of labor, financing and resources will continue to go higher, we will never go back in price without total collapse. The Mayor seems to be supporting that notion.
AtlasRocked says:
A world war is a success story of stimulus? for all the world's deficit spending, one massive war is the success case you bring to the argument? if stimulus is billed as a certain success, where are the recovery and payback records w/o a massive war going on? where is the "best practices" history shown? i've been asking on liberal forums for 6 years now, all the liberals, interestingly, say "world war II". they are reading the Krugman articles, Krugman the quack. Krugman that never shows us how we get out of this, except by inflating away everyone's savings, printing money. that's not a solution, that's a act of fraud.
the only thing the liberals say is "WWII", then act as if this answer is actually real, right after then decried the deficit spending to support the bush wars. huh? the bush wars created deficit, but WWII was a deficit success?
I can't win if you call a massive conflagration of death and destruction "success". and you cite conservatives for "cognative dissonance". You've declared one of the worst wars in human history will be deemed "good" to win an argument.
the only thing consistent about liberals and their stimulus and central planning is the lies to cover up the failure get bigger and bigger, the crimes allowed more egregious (FCIC unprosecuted, fine-n-release bank laws) and the fraud more outrageous (US bonds should NOT be rated AA, they should be junk, liberals have no plan to pay them back at all, it is a federal scam).
TLH says:
If you stop manipulating the markets, what would the interest rates be? Melt up in stocks? What happens when there are no more buyers? I doubt the public is pushing up the market.
pdtrader says:
What I find most interesting about the long-term rates chart is the two, very obvious trends of the past century:
1. How long-term rates appreciated in almost a straight line right after WWII. Which, perhaps not coincidentally, was the beginning of the Bretton Woods regime and the dollar's exorbitant privilege.
2. The 30-year decline in from 1981, after Volcker broke inflation but was soon followed, also not coincidentally, by the Maestro himself, Mr. Greenspan.
What's most disturbing to me about this trend is how the Fed's growing involvement in the credit markets has completely screwed up the pricing of risk, to the point where the mispricing of credit risk has become very dangerous indeed. I recently read how some insurance companies are having to fund annuities in the junk bond market, because yields in investment grade issues are practically zero.
And to Barry's and MayorQuimby's thread about the Fed enabling deficits, I tend to agree with Barry. While the Fed's monetization of debt does allow for even greater deficits, government has been far outspending its revenues for far longer than the Fed has been engaging in QE. Governments running up unpayable debts is as old as the world itself, a trend which existed long before central banks were a glimmer in the eyes of anyone.
- Pete Davis
gman says:
Thank god that barry is not another Peterson hired drone!
Now is the time for infrastructure and public investment…" the time for austerity is in the middle of a boom"
Mcat says:
Has it not occurred to you that the Fed (US Tax Payer) is footing the Bill. They are buying US debt and it is not real buyers. Yes, institutions own the long bonds once they realize the Fed is a net seller, not a buyer, they sell their bonds and look out… Interest rates will soar…. given the size of the debts… they will not be able to afford the electricity.
Nice idea, just not practical.
Mcat says:
Has it not occurred to you that the Fed (US Tax Payer) is footing the Bill. They are buying US debt and it is not real buyers. Yes, institutions own the long bonds once they realize the Fed is a net seller, not a buyer, they sell their bonds and look out… Interest rates will soar…. given the size of the debts… they will not be able to afford the electricity.
Nice idea, just not practical.
YouthInAsia says:
"At some point int he future, your kids are going to ask — "Wait, you could have upgraded _______ and it only would have cost you 2.5% in borrowing costs?!?""
Yeah, just look at Japan. We learned their lessons right? Investing in infrastructure has the double benefit of having bridges to places people don't go AND a jumpstarted economy. Well, they don't have the last one. But…we do need to strike while the iron is hot on these low low interest rates, we only have at least 15 years of them left
ezrasfund says:
Certainly our nation has the ability, that is the manpower, the know how and the physical resources, to rebuild our aging infrastructure and to care for our sick and our elderly. We simply need to be able to engineer our financial system to allow us to do these things. There is nothing that inherently prevents our nation from undertaking these tasks beyond a greasy mix of accounting and lack of will.
Did the US pour $1 trillion down the rat hole that is Afghanistan and another $1 trillion into Iraq? What sleazy accounting made all of that possible? Surely the ROI for spending $1 trillion here at home would be greater. Even the bogus accounting that in 2001 projected the retiring of the entire federal debt by 2010 and brought us the Bush tax cuts along with 2 unfunded wars somehow did not bring our country to ruin. But some citizens warn us that ruin is just around the corner now, and so we must cut back on care for the sick, the poor and the elderly and forgo the maintenance of our nations infrastructure.
Can anyone look at what is surely the most powerful and most prosperous nation in history, a land that even today is discovering vast new resources of oil and gas and that in the last decade has seen the rise of the likes of Apple and Google, to cite just a few examples, and say that we cannot do what should be done because it costs too much?
What was it that transformed China from a land of starving peasants into an economic powerhouse? Just as there was nothing inherent about China and its people that kept them poor or made them prosper, surely there is nothing that holds our great nation back from fulfilling our promises and our obligations to ourselves. The ideology of Ayn Rand, Paul Ryan, the budget scolds and their ilk is as crippling as the failed ideologies of Lenin and Mao. Will we really succumb to their sophistry?
whskyjack says:
Thats some damn good stuff there.
BR, one of the amazing things about this blog is your comments section. I love it. When some idiot posts his idiocies you don't get more idiocy a good many posts are reasoned replies that leave the idiots in the dust.
Thank you for maintaining such a great blog.
jb.mcmunn says:
What a wonderful idea! Let's borrow a quadrillion dollars and fix all the infrastructure in the country. When our kids ask us why we buried them in these enormous interest payments, we'll just tell them it was because the rates were so low.
This is the same way my mother "saves" money. She sees a pair of shoes on sale at 50% off so she buys two pairs and brags about how much she saved.
ezrasfund says:
The last time the United States was buried in such enormous debt was after WWII. Many sensible Americans said it wouldn't pay for us to go to war. Certainly we had little that was tangible to show for our efforts beyond a lot of grave markers. Yet when the war was over we enacted the GI bill and built the interstate highway system. I don't recall that anyone's children (the "boomers"?) complained about the enormous debt that was left for them to pay off. Thanks to a growing population which begot a growing economy which begot that other bogeyman, inflation (all good things in moderation), we remember those children as the most fortunate generation.
DiggidyDan says:
While I agree that now is the best time to borrow for long needed infrastructure improvements, the problem here is that you are expecting to borrow money on the cheap and pay it back when times are better in a Keynesian stimulus mode. We have proven as a country that our shortsighted political process is incapable of doing this. See the fabled Bush tax cuts that were made to get rid of the "Pesky Surplus" that you did a few posts on earlier this week. As a system it is set up to NOT SAVE any extra money in the good times because taxpayers moan about their money being taken for no immediately tangible benefit, and taxpayers are voters, so the politicians are forced to not do this. It is an unbalanced equation, and will never, ever work in a democratic republic.
And spending the money we don't have because we can borrow it at low rates from our own citizens and china only to repay it back later "when things get better" is in the best case scenario that things actually DO go back to "NORMAL" as normal has been defined by our recent experience of the greatest bull market in the history of the world from 1980 to 2000. What if America jumped the shark and loses more ground to emerging markets? Then we would still be out the cash, no matter if the rate is low or not. I understand it's all fake money, but at some point, if you are just making it up as you go along, people stop losing trust in your "full faith and credit" and you have to do the hard work on your own.
The only real answer is greater efficiency and innovation, not the New New Deal type busywork. Things like the smart grid, more efficient energy generation, and smart lights and traffic you mention. These are net gains in lifecycle costs and actually do provide a benefit over just spending for the sake of spending.
[...] Long Interest Rates, 1790 to Present (The Big Picture) [...]
Lukey says:
True enough – but since we're already borrowing so much to pay for bread and circuses (read war and welfare), the idea that we should go even deeper in hock to rebuild our infrastructure seems misguided. Look at it on a micro level – if your municipality is borrowing money to make good on its retirement benefits for workers who haven't lifted a shovel in decades, there isn't much capacity to fix the current potholes, is there?
Malachi says:
MayorQuimby Says:
Look – Barry has stated that we should take advantage of low rates but my counterpoint is that this is illusory for a variety of reasons:
1. The amount that can be borrowed at low rates is in fact capped due to inflationary effects of said infrastructure repair.
– I am not sure I follow this reasoning. Are you saying if you borrow 1 trillion for infrastructure upgrade you won't be able to borrow the second trillion for the same low rates because of the inflationary effect of borrowing the first trillion? First, how do you know that this is how the market would react? Second, even if rates did go higher after borrowing the first trillion why would that be a reason not to borrow the initial trillion at a cheaper price?
2. The nominal amount we can borrow at these low rates is also limited.
-sure, the future worth of the trillion you borrow now will vary. a trillion in ten years probably won't buy as much as a trillion now. that is always the case. but if the room in the back of your house is damaged by a tree falling through the roof during a storm do you get a quote for the work and borrow the money now when rates are cheap or do you wait until your mortgage is paid off before doing the repairs?
3. The value of what those dollars get you denominated in labor and commodity costs is reduced for reasons including cost of living, import prices etc. even if we produce all that is neededed here – cost of living and other inflationary effects of money printing are at play.
4. Generally speaking – nature does not give people free roads and bridges. If you understand nothing else, you must understand that it is impossible for us to wake up with a whole new US infrastructure for 'free'
- Who is saying it is free? I haven't heard anyone saying that. My understanding is this is a discussion about paying lower borrowing costs for infrastructure investment now or assumed higher borrowing costs for infrastructure investment in the future?
- I imagine most people here would like to see the federal debt be reduced. The disagreements are over when and how to go about doing this.
- I believe that investing in infrastructure is a necessary and important part of keeping the US competitive in the global economy and could be an important part of the economic recovery as well. I am not all knowing so I could be wrong but this seems to make sense to me.
AtlasRocked Says:
January 2nd, 2013 at 5:51 pm
A world war is a success story of stimulus? for all the world's deficit spending, one massive war is the success case you bring to the argument?
Well Atlas you might disagree but WWII is generally considered a success story for stimulus. Why you ask hasn't the same hasn't happened b/c of the two Bush's wars. I think this is a good question. At the same time when I look over to Europe and how in practice austerity seems to be counterproductive during a deep recession (austerity in UK = higher unemployment, lower growth, higher debt burden) perhaps WITHOUT the wars and additional Bush and Obama stimulus here in the US things might be worse. I do wish rather than have all that debt spent on wars overseas that it was spent on investing in America.
Btw, I'm all for reducing the debt by increasing certain taxes and cutting spending once we're out of recession.
Finally, looking at these historical comparisons has got me thinking that I ought to start borrowing some money – it's on sale if I can do something productive with it.
Chad says:
It does seem on first glance that deficit spending on WWII would equate to deficit spending on the neo-con wars, but it's not a direct apples to apples comparison. Here are some reasons:
• GI Bill – This was implemented in 1944. Because it was new, it created a major boost for soldiers going to college and provided low interest zero down loans for houses. The college part of this bill has existed in one form or another since then and there was no major manpower increase (the draft) for these wars, so minimal economic impact in the current time.
• The destruction of Iraq and Afghanistan does not destroy the industrial base of the only other economic rivals.
• Neither Iraq or Afghanistan are going to become European or Japanese equivalents in trading partners or markets.
• WWII = a massive industrial effort, which was switched to consumer products after the war. Neo-Con wars = increase in equipment expenses, but not anywhere near the level of WWII. Tanks, ships, and planes don't get destroyed often in this type of war.
• WWII = Women were added to the work force. Neo-Con wars = Women were already part of the work force.
• Pre-WWII = large amounts of capital were moved to the US because of rising German threat. Neo-Con war = US already in this position for decades.
• WWII = US became the only major power untouched by war. Neo-Con wars = US only major power at the time to shift focus away from the economy.
• WWII = government demands sacrifices from the people and encourages saving. Neo-Con wars = not only does the government not demand any sacrifices from the people, but they are encouraged to go the mall and shop.
Obviously, this list is not exhaustive, nor does it have research paper detail. However, it does demonstrate some serious differences in the wars.
DeDude says:
Actually the ups and down of national debt has worked just fine in many countries including our own. Look at debt as % of GDP for the past 100 years in, Belgium, Holland, Spain, Italy, Sweden, Denmark, UK, US………. They have all had their ups and down. The problem is that most people look at national debt in absolute currency (and just see it go up and up). To really evaluate the BURDEN of a debt you have to correct for inflation and for the total productivity and wealth of the country (that is express it as % GDP). In the current situation (with about 100% GDP in national debt); as long as GDP grow more than the debt we are "paying down the national debt". That is the reason why economic growth is more important than austerity, and any investment with a multiplier of more than 1.5 should be a no brainer (because it will "pay down the debt" by increasing GDP). If you think in absolute numbers; a debt of 15 trillion would have been beyond the economic capacity of the whole world 100 years ago, but 200 years from now it will be the annual salary of a high school teacher.
AtlasRocked says:
There has been research done on recoveries, folks. Instead of all your opinions being stated as fact, why not read some facts, and use facts as facts?
Lukey says:
Yes, but if you are buying sub 2% GDP growth with greater than $1 trillion annual deficits, how long does it take to spend your way to prosperity?
DeDude says:
@AtlasRocked; it is not enough to use facts, you have to find RELEVANT facts. A 15 page study that use sweeping concepts such as "tax cuts" (with no granularity about whether for consumer or for investor class) and "spending increases" without defining what the spending is used on, is not good science or useful "facts" no matter how much it supports the conclusion you are so desperate to reach. Furthermore, when a lot of facts (data) is collected and pooled from countries that paid 2-10% real interest on their national debt (and additional loans) you may be able to calculate your way to a specific result, but that result is of no relevance for a country that is borrowing at negative 1% real interest. Just like we cannot compare ourselves to european countries that do not issue their own paper currency and have free floating exchange rates with the rest of the world. Anyway, although you still cherry-pick your sources to those that support your already drawn conclusions, at least you have upgraded your sources from Cato to something a notch or two better.
DiggidyDan says:
Dedude, I agree. Projects with mulipliers that show a proven benefit and efficiency are the ones we should be doing. I'm more commenting on our broken political process that doesn't allow the system to work like it should in saving that difference in good times to use in bad times. My point is, that recent political process has been so myopic in their planning in recent years that we are now painted in a corner.
We will never "pay down our debt" but just roll it over, however, in our current situation at 100% gdp to debt you speak of, we have to be especially careful in the projects we pick to ensure that they are net gains that increase gdp instead of just inefficient work for the sake of work. This is what you and I are both referring to in differnt terms as efficient orojects and projects with high multipliers. I guess I shouldn't say doing this the right way will never happen in a democratic republic, just that I am extremely skeptical that it can happen in our current version that resembles a circus sideshow.
[...] recently posted the chart below (click for larger image) detailing U.S. long-term interest rates (here). He then went on to draw the conclusion that it must be a golden time to make infrastructure [...]
AtlasRocked says:
Dedude, In engineering, when we have a complicated problem with lots of uncontrolable inputs, we do a "best case analysis" to weed out the folks with bullcrap answers: Everyone has to show the solution is achievable under best case conditions, then we figure out how to solve for lesser, or even worst case.
If you are so confident show us you best case solution for how we exit $16 trillion of debt in, say, the next 20 years, so we don't burden the unborn with the debt from your cockamamie ideas.
I bet you are unwilling to do the tiniest simplified analysis. you have no intention of paying the US debt back or advocating we do so any time.
[...] recently posted the chart below (click for larger image) detailing U.S. long-term interest rates (here). He then went on to draw the conclusion that it must be a golden time to make infrastructure [...]
AtlasRocked says:
"When plunder becomes a way of life for a group of men living in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frederic Bastiat
This is what US debt and money printing has become: A means for the party of the poor, the democrats, to continue to borrowing in perpetuity, and to create a system of law that allows it and an illusion of a moral code (QE, AAA US treasuries) that glorify it. Rich folks are making money off this scheme too, folks like Krugman, supplying the politicians with false stories of how this will all work itself out. Falsely pumping the stock market with money printing.
Stimulus has a 100% failure record – or as posters' here glorify like in Bastiat's observation of how they glorify plunder, end in massive wars. The same people that are anti-middle-east war, now glorify WWII as a success story of stimulus "a moral code that glorifies it".
BR: Nearly everything in your comment is wrong:
1. The Dems spend nearly as much time sucking up to bankers & Wall St as the GOP does.
2. Printing money is not required for deficit spending, as the past40 years have shown us.
3. No, Stimulus does not have a 100% failure record
DeDude says:
If we grow the economy by 3% per year for the next 17 years then those 16 trillion will be 50% GDP rather than 100% GDP. So we do not have to "pay back" a dime of the current debt in order to cut its burden in half. Just keep the economy growing and don't waste huge sums by leaving working age people unproductive with no employment. Given that we are the world reserve currency (giving us some huge advantages), with a fiat currency and free exchange rates, our debt probably should never get below 60%GDP – so its a good thing we still have some deficits to prevent a dangerously low debt (and associated strong dollar). Personally I would suggest we cut the military and security expenses (as % of GDP) in half over the next 10 years to reduce the deficit and control the growth of debt to an acceptable long term rate.
Frilton Miedman says:
YouthInAsia Says:
January 2nd, 2013 at 8:57 pm
"…. But…we do need to strike while the iron is hot on these low low interest rates, we only have at least 15 years of them left"
I want to thank you in advance for taking the other side of my T's, or at the least for trying to push them lower at bubble levels, when rates are at an all time low.
I wish I knew you in the DotCom days…
I'm short T's, it's ridiculous to think anyone would continue to hold negative interest on the 10yr when so many boring blue-chips pay more including a hedge for capital preservation.
I don't care to debate how we're not Japan – you can win that debate, I don't mind, just please, keep up the good work…ignore Fed minutes & Fiscal/trade policy changes, keep reading Ayn Rand & Friedrich Hayek
The fact that debt to GDP reached 120% after WW2, yet we proceeded to one of the best bull markets in history (before the baby-boomers were old enough to work), ignore that.
DiggidyDan says:
Don't know what to do this year . . . looking at Brazil and other emerging markets for now and Dividend Stocks when they get cheap. . . Any thoughts out there? Tough call for the hot topic in growth next year. Any thoughts out there?


text:
The National Hockey League issued a social media policy Wednesday night for its players and club personnel.
The policy, the NHL Social Media Policy for League and Club Personnel, governs both players and hockey operations staff and is designed to promote the value of social media as a tool for communication with fans. It also highlights issues surrounding social media, as well as limits the use of social media by players and hockey operations staff on game days.
As per the new policy, there is a total "blackout period" on the use of social media on game days, which for players begins two hours prior to opening face-off and is not lifted until players have finished their post-game media obligations. The suggested blackout period for hockey operations staff is longer, beginning at 11 a.m. on game days.
Also, the new policy makes it clear that players and club personnel will be be held responsible for their social communications in the same manner in which they are held responsible for other forms of public communications. As a result, discipline is possible for any social media statements that have or are designed to have an effect prejudicial to the welfare of the League, the game of hockey or a member club, or are publicly critical of officiating staff.
"The policy is sensible," said Deputy Commissioner Bill Daly. "It lets our players and clubs participate substantially in the opportunity of social networking while identifying and mitigating some of the risks. To date, our players and clubs have been exemplary in connecting with fans on social networks, and fans should not expect to see any material difference as a result of this policy."
Phoenix Coyote forward Paul Bissonnette, one of the most active players on Twitter, boasting more than 132,000 followers, tweeted Wednesday night about agreeing with the policy.
"People asking about NHL's new policy on Twitter. I think its good," Bissonnette tweeted. "I don't even play much and I don't tweet on game days. Plenty of off days."
The policy also provided social media tips for the players and club personnel to facilitate the best possible social-media dialogue with fans.
The policy, which was collectively bargained with the NHLPA, takes effect immediately.