Student Debt in America

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I listened to this podcast (This Week in Venture Capital) about a company focusing on organizing a students debt and loans. More than the company, the stats really stuck out for me.  Here they some and what they mean:

Student debt is HUGE. Student debt over last 10 years has doubled to a trillion dollars.  Here’ the breakdown:

Debt in America
People can’t get jobs still. 50% of people graduating from University are unemployed or underemployed

It’s not just poor, it’s a lot of people. 2/3 of all students graduating in 2008 took on debt

It’s a problem that isn’t being solved. Of the 2008 grads that took on debt only 22% of these are current (aka up to speed on their payments)
It’s not just young people anymore. 34% of all outstanding debt in US is held by people 40 years or older

This is fundamental problem in America and it’s impacting everyone at all ages and areas.  I feel like it should get great attention and be a bigger part of the “what’s wrong with America” conversation.

Luckily, the changes in the education system will cause more schools with more affordable opportunities to emerge.  Kahn Academy U can’t come fast enough apparently.

New Vikings Stadium is Awesome

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The Vikings announced a while ago that they would build a new stadium, but just this week they revealed what it’d look like – and whoa is it beautiful.   The new stadium will be one of the advanced, state-of-the-art facilities in the world.  Some highlights: 

Clear is the new retractable: 
There is no retractable roof, but it will be made entirely of cutting edge materials and glass that will make the roof and the sides clear. There will also be five clear pivoting doors that will be the largest in the world of their kind:

 

Versatility
This will be the most versatile sports facility in the US, capable of hosting Final Fours, World Cup or MLS soccer, concerts, baseball, or Super Bowls. It will seat 65,000, expandable to 73,000 for the Super Bowl.

Total Baller
This is probably the coolest stadium I’ve ever seen. The innovation with the largest pivoting glass doors in the world, to the largest clear roof in the world and the first on a stadium in the nation, to the bowl that is level with the street as you walk in, to the modern lines and glass ceiling just combines well and works

 

Totally awesome.

My Pebble Watch

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About 10 months ago, I watched this video on Kickstarter and was really intrigued about the thought of having a watch send me updates from my iPhone.

I put some money down in May 2012 and waited.  And waited. And waited.  It just so happens that I wasn’t the only one who wanted this.  The guys at Pebble raised over $10 million for their watch.  They then got started mass producing the watches which proved to be harder than they thought.  That said, last month I finally received my watch – almost 11 months after I backed the project. 
Continue reading “My Pebble Watch” →

From the front lines of the publishing industry

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I got this email from a friend of mine who works in the newspaper business.  It’s tough times for those folk and it’s only going to get worse. I thought his email was a good look at what’s actually happening.  Here it is:

I can now check off “fired” from my bucket list. That’s right, after four years as a features reporter at the New York Daily News, I have been canned. No surprise. It was a long time in the making. Five months, to be exact. But the swiftness and finality of the act still threw me for a loop.The day after my arch-nemesis – a fashion editor whose idea of a good article is “50 purses under $50” – became my fifth managing editor, she called me into a side office and told me, “This isn’t working out. We’re terminating your employment here effective immediately.”

I wanted to tell her she was an awful manager, a poor editor and a vile individual. But all I said was, “OK,” before my buddy, the janitor, apologetically led me out of the building and left me standing on Sixth Ave. No exit interview. No parting gift. Not even a shot of whiskey.

I couldn’t help but try to do the math. 723 articles, 63 celebrity interviews, 106 Best of New York columns, three editor-in-chiefs, five managing editors and countless sleepless nights added up to nothing more than standing on Avenue of the Americas with a handful of crumpled papers, two half-filled legal pads and a cup of cold coffee.

So I started walking. I guess I was looking for a bar, but before I could find one (it’s tougher than you think to find a good bar in midtown) I walked pastValducci’s Pizza Truck on 51st and 5th Ave. And right there on the side of the truck was a huge, laminated copy of an article I wrote that named Valducci’s as one of the best Sicilian slices in New York.

The math suddenly became much clearer. My articles weren’t about lifting my spirits, but those of the people I wrote about. Sure, my articles were no longer valued by my editor at the newspaper, who didn’t care about a pizza pies unless Lindsay Lohan threw them up, but it certainly meant a lot to small business owners like the Vallerio family of Staten Island, who have been slinging pies since 1999. I didn’t let down the newspaper. The newspaper let down the readers. Honestly, would you rather discover the best place in NYC to find a Sicilian slice or read about how Britney Spears forgot to wear underwear and showed the world her Sicilian slice?

Anyway, I think the lesson here is that sometimes you go looking for a drink but instead find some perspective. I’ll be okay. The newspaper, well, that’s a different story. In the meantime, if you hear of a gig for a decent writer, shoot me a line.

The good news is that companies are hiring up ex-journalists like hot cakes to help run their content marketing departments so folks like this won’t be on the street for long. 

The wonder of film and the absence of Ebert

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Ebert is the manI loved Roger Ebert.  Not just his writings, but everything he did as a journalist and movie lover.  I read his reviews, his books, his twitter stream and his newsletter.  If I watched a film and loved it, i would then immediately read Ebert’s review to see if he loved it too.  He had a great way of thinking about  a film and describing why it worked and why it didn’t that went beyond his “thumbs up” rating. Each review was more essay than review and that gave us a glimpse into the mind of Ebert as much as it did the quality of the film.  

I always loved this quote from Ebert that he wrote in his book where he talks about the tediousness of watching movies every day and the shift to DVD’s and Video-On-Demand: 

What I miss though, is the wonder.  People my age can remember walking into a movie palace where the ceiling was far overhead, and balconies and mezzanines reached away into the shadows.  We remember the sound of a thousand people laughing at once.  And screens the size of billboards, so every seat in the house was a good seat.  “I lost it at the movies,” Pauline Kael said, and we all knew just what she meant. 

When you go to the movies every day, it sometimes seems as if the movies are more mediocre than ever, more craven and cowardly, more skillfully manufactured to pander to the lowest tastes instead of educating them.  Then you see something absolutely miraculous, and on your way out you look distracted, as if you had just experienced some kind of a vision. 

That is what we all love about movies.  I know that feeling of walking out of a theater after just having my socks knocked off.  That happened to me in a New Hampshire theater for “Saving Private Ryan” or as a teenager with “Pulp Fiction.”  That feeling of being blown away is just incredible and what sustained Ebert.

His passing left a big hole in the film world for me.  There are great critics like AO Scott, but I don’t know anyone else who can make me see a film differently or appreciate a film the way Ebert did.  He will be greatly missed.

Finally, I ask you, my readers, do you know of anyone who I should turn to now? 

Take some time to play

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My mom sent over this video over the weekend and it is great.  You’ve probably seen it.  If not, it’s a good reminder that sometimes you need to stop what you’re doing and remember to have a little fun every now and again.

Bet: Quora vs. Foursquare

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If you were given 1% of a company, which one would you take between Quora and Foursquare?

I asked this question two years ago (in 2011) and was pro-foursquare. I then re-asked a year ago when Foursquare was really crushing it and was the darling of the industry. Now, reports have come out that they were unable to raise another round at a higher valuation, were forced to do convertible debt, and only did $2 million in revenue last year.  So, the shine is rubbing off.  Would I still choose them over Quora?  The answer is ‘yes’ although it has less to do with Foursquare and more to do with Quora.

Lately, i’ve become really down on anything advertising-supported.  Basically, i think that business model is in the tanks and is only going to get worse.  Nobody clicks on ads on the web and the rates are in constant decline.  If you’re planning on building a business around it, you better have massive scale – and even then you’d be better off selling something else.

Foursquare could be the next Yelp, and while that’s a disappointment for some, I see that a rosier future than where Quora is headed.  Although i have to say that the margin is much smaller today than it was 1 and 2 years ago when we last did this poll.

[poll id=”2″]

 

A Bet For Self-Driving Cars

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I’m a huge fan of self-driving cars.  Google’s effort to make a car that drives itself is pretty awesome. If you have read about them, read the Wired article here.  Just think of all the time and productivity you would earn if you could have a car drive you everywhere.  For all the minutes you’re in a car, you could now be doing something else.  It’ll be found time.  It’s glorious.

Because of my enthusiasm, I made a bet a few weeks ago here at work.  I’m betting that a self-driving car will be available for me to purchase before 3/1/2023.

Some details:

  • The car has to be on the road and legal to drive somewhere in USA
  • It must cost under $150k

I’m taking the under for $200 against Keith.

[poll id=”3″]

 

The Cover of NYTimes is an Instagram Photo

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As if journalists weren’t having a tough time.  Today’s cover of the New York Times is further proof that the cost-structure of journalism is crumbling.  The cover is an image of Alex Rodriquez and the photo was done from an iPhone and the Instagram app. 

Back in the day, you used to have to develop your own photos.  Then came digital photography and with that you needed to have some photoshop skills to make the photo look really professional. Now Instagram handles it all, and it looks great.  Obviously, an iPhone can’t handle a lot of circumstances, but now lots of people have the skills needed to make beautiful shots that are worthy of the cover of a newspaper. 

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