On display in Madison today. A wonderful, sunny day after several rainy, cold episodes.
White-knuckle airline passengers who are already shaken by news that two Northwest Airlines pilots are under investigation for overshooting a Minneapolis airport after possibly nodding off won’t want to hear this: Some pilots say cockpit catnaps happen.
“Pilots on occasion do take controlled naps,” said Barry Schiff, an aviation safety consultant and retired TWA pilot. “So this is not without precedent.”
Although the Federal Aviation Administration prohibits pilots from catching a few z’s in the cockpit, several airline pilots say they are surprised that napping mishaps haven’t happened more often, considering longer work schedules for pilots and advances in aviation that make planes easier to fly.
The issue of cockpit siestas came under scrutiny this week after the FAA and the National Transportation Safety Board announced they were looking into why Northwest Flight 188, from San Diego to Minneapolis, overshot its airport by 150 miles before turning around.
Flying from the west coast last year, I sat next to an international pilot flying home. This pilot pounded coffee (POUNDED!) during our four hour flight. He mentioned the long Asia routes and the typical 36 hour turnarounds. I asked how they stay alert on 12 to 16 hour flights? He responded that cockpit etiquette is set by the captain. If he/she starts to read a book, then the others can do so. We never discussed falling asleep, though, based on the coffee intake, it would seem to be a natural outcome of these trips.
Ben Fenton and Salamander Davoudi:
The new way of reading books arrived hesitantly. It exploited a novel technology, reflected changing public habits of consumption and radically altered the distribution and economics of the traditional publishing industry.
The paperback represented an intimidating revolution to the 1930s book industry. It took high literature to a far wider audience. But established publishers disdained it, fearing it would cheapen the industry and drive down profits. It might not have been – as its ancestor the pamphlet novel was in the 1840s – assailed as a threat to the “eyesight of a rising generation”, yet the reaction had much else in common with how the emergence of the electronic book is now being regarded.
At the Frankfurt Book Fair this week, the talk has been all about the impact of the e-book, with scores of sessions and seminars devoted to discussing the implications of devices such as Amazon’s Kindle and the Sony Reader. Another hot topic is Google’s digitisation of, so far, 10m books including about 9m still protected by copyright.
An earthquake that began beneath an obscure mountain in Santa Cruz County called Loma Prieta struck terror into Northern California 20 years ago this week on a beautiful fall afternoon, just as a World Series game was about to begin in San Francisco.
The quake lasted only 15 seconds, but it killed 67 people, smashed downtown Santa Cruz, wrecked San Francisco’s Marina district, broke the Bay Bridge – and changed much of the Bay Area.
Loma Prieta was one of those watershed events; in some ways, the disaster was a blessing in disguise. Out of it came a brand new San Francisco waterfront, the revival of a rundown neighborhood in Hayes Valley, major upgrades of classic buildings in downtown Oakland, and new laws on unreinforced old buildings. One of these years, a new eastern half of the Bay Bridge will open.
More notes and links on Loma Prieta, including my recollection(s) and that of Brian Zimdars.
This, they toss off with the certainty of wine-fuelled genius, also explains the rise in the gold price.
Actually, I do not think that is how the bank risk paradox will play out.
There are going to be much larger write-offs and reserves taken at all the big banks, with the peak in reported bad news probably coming next year. However, the taxpayer will not be asked for more capital, and the Federal Reserve and Treasury will gradually dismantle the temporary support structures, just as they say.
How is this possible? Because the public will pay through usury, not taxation. There is a big difference, of course. Usury is less visible, and you cannot effectively vote against it.
Blood will flow, but it will do so not as a catastrophic bath for the banks, but as a gradual transfusion to them from their customers.
There will be headline risk for the banks’ management and public securities, which is why I think that their CDS protection is too cheap at the moment.
One source of headline risk is the spectre of Federal Government reform of the financial system. God knows there is a good case to be made for de-cartelising the industry, but that is not going to happen.
Bank spreads are at record levels. Their cost of funds is nearly 0, while they lend it out at 4.99% or (much) greater. Plus, the fees.