Final Cardinals Baseball Homestand Begins Tonight

Posted in Baseball, Happenings, Louisville News, Sports, Uncategorized on May 13, 2008 by stateofthecommonwealth

Cardinal Baseball

The final homestand for the University of Louisville Cardinals baseball team begins tonight at Jim Patterson Stadium at 6 PM. Our Cardinals (34-18, with a 14-10 record in the Big East) take on the Ball State Cardinals tonight, then finish out the season against conference rivals the Scarlet Knights of Rutgers on Thursday, Friday and Saturday (all games except Saturday start at 6 PM; Saturday’s game begins at 1 PM). All games are of course free to the public, so this will be the last chance for the fans to catch the baseball team before the Big East tournament, which begins on the 20th in Clearwater, Florida.

Cardinal Softball

In additional not-quite-baseball-but-still-really-cool news, the Louisville Cardinals softball team is once again heading to the NCAA tournament (from the Courier-Journal):

The University of Louisville softball team earned its fifth consecutive NCAA Tournament bid yesterday.

The Cardinals (30-21) will travel to Knoxville, Tenn., and play Virginia Tech (44-15) on Friday. Tennessee (47-14) will face Winthrop (36-17) in the regional’s other first-round game. Times have not been determined.

Congratulations, Cardinals!

Moody’s & Fitch: Kentucky Outlook “Negative”

Posted in Economics, Louisville News, Politics, Sports, Uncategorized on May 13, 2008 by stateofthecommonwealth

Steve Beshear

Generally, bond ratings don’t make much of a splash news-wise, mainly because most people — even financially-savvy ones — don’t quite understand them. What does it mean, exactly, that a bond has gone from AAA to AA? And what’s with those weird grades anyway?

Well, don’t expect us to explain bond ratings to you, dear reader (we understand them, but understanding and being able to explain something are two different things). Just take (no) solace in the fact that two of the three major bond-rating agencies, Moody’s and Fitch, downgraded their outlook of Kentucky bonds (but not the bond ratings themselves) last month (from the Courier-Journal) (warning: our sarcasm is at an all-time high with this post):

Two credit-rating services have lowered their outlook on Kentucky bonds, steps that could delay some state-funded construction projects and lead to higher borrowing costs.

Late last month, Fitch Ratings and Moody’s Investor’s Service revised the outlook for Kentucky’s state-supported bonds from “stable” to “negative.”

Gov. Steve Beshear yesterday attributed the moves to the 2008 General Assembly’s failure to raise new revenue or pass legislation to address the $26 billion shortfall in the state pension systems. [our emphasis]

“Moody’s and Fitch expressed concern because of the current economic situation, the structural imbalance in the final budget, the draining of the state’s Rainy Day fund, the failure to pass meaningful pension reform and the continued use of one-time measures …to ‘balance’ the budget for the next two years,” Beshear said.

So as you can read above, the reason for the downgrade is Beshear’s first-term ineptitude. Great. Well, at least he’s contrite about it:

“Continued inaction in addressing pension reform and new revenue sources will bring only more bad financial news for the people of Kentucky,” Beshear said.

Thanks, Steve! So what does this all mean? Well here’s some crap to read that might explain it:

Finance Secretary Jonathan Miller said it’s impossible to say how a cautious approach might affect some of the $1.6 billion in bonds authorized by the legislature this year.

“We’re simply going to have to look at each project carefully,” Miller said. “We’re going to try to work within our means to do as much as we’re capable of doing, but we have to have this long-term outlook in mind to make sure we don’t endanger our finances and get a full downgrade.”

Moody’s and Fitch did not change their ratings of Kentucky bonds. Moody’s continues to rate Kentucky at Aa3, and Fitch rates it AA-.

These ratings are “very good,” according to Tom Howard, executive director of Kentucky’s Office of Financial Management.

But he noted that the third major rating agency, Standard & Poor’s, already rates Kentucky bonds lower, in the single-A category.

And the revisions could be a precursor to downgrades by Moody’s and Fitch if Kentucky’s financial condition does not improve, officials said.

“A one-notch rating downgrade would have significant impact on the state’s cost of borrowing money to fund state projects,” Beshear said.

If Moody’s and Fitch lowered Kentucky’s rating, it could increase the interest the state must pay on its bonds by as much as 33 one-hundredths of a percentage point in the current market, the governor’s statement said. That would result in an increase of about $58 million in debt-service payments for the state over the 20-year life of the bonds authorized during the 2008 session.

In somewhat-related local bond news, some Bermuda outfit called Assured Guaranty (boy, that’s a reassuring name) reached a deal with the Louisville Arena Authority to insure construction bonds for the downtown arena (also from the C-J):

Bermuda-based Assured Guaranty will insure construction bonds for the planned downtown arena under a preliminary deal reached yesterday with the Louisville Arena Authority.

The authority now plans to sell $360 million in bonds, through the Kentucky Economic Development Finance Authority, next month. The sale would include $280 million in variable-rate bonds, with the remainder carrying a fixed interest rate.

Officials said total interest costs on the debt, paid off over more than three decades, would be roughly $602 million — about $60 million less than estimates from earlier this year but more than the $573 million projected by bond underwriter Goldman Sachs when it was hired in January 2007.

“I’m fairly confident that we’re going to end up with a transaction that makes sense,” said Metro Council President Jim King, a banker and nonvoting arena authority member.

The bonds will be backed by a mix of arena revenues, future tax growth in Louisville and a Metro Council pledge. But the bonds aren’t considered state debt and therefore aren’t affected by yesterday’s move by two financial ratings services to lower the outlook for Kentucky bonds from “stable” to “negative.”

Whew! Thank goodness Gov. Beshear’s mistakes didn’t get in the way of Louisville building an arena it doesn’t need! But wait, here’s more details behind the deal:

Goldman Sachs would guarantee an interest-rate swap, which would insulate the authority from dramatic rate swings, according to arena officials. The authority would be at risk mainly if credit raters reduce Assured Guaranty’s rating or Goldman Sachs files for bankruptcy, they say.

“Certainly I would prefer to have fixed-rate debt just like everyone likes to have fixed-rate mortgages … but in this case I believe we’re getting the city the best deal we can get,” King said.

At yesterday’s meeting, King raised concerns about market conditions driving up interest rates before the bonds are sold. In that case, Host said, the deal would be sent back to arena authority members for review.

The arena authority would pay Assured as much as $18 million to insure the bonds. That’s higher than the $11.4 million the authority was prepared to pay Ambac Financial Group, Goldman Sachs’ original choice as insurer.

Host said the Assured Guaranty cost includes insuring the arena’s debt-service reserve fund.

The bonds were supposed to have been sold last fall but were delayed because of difficulties in the credit markets and increased pressure on bond insurers. In January, for example, Fitch Ratings downgraded Ambac’s top-tier ratings.

Tom Rousakis, a Goldman Sachs vice president, said Assured is one of two bond insurers that still has a top-flight AAA credit rating. Others have been downgraded after being hurt by the subprime-mortgage crisis.

Awesome! Way to go, Goldman Sachs! I have every confidence in your confidence in Assured Guaranty now!

</sarcasm>

It’s Bike to Work Week in Louisville!

Posted in Happenings, Louisville News, Transportation, Uncategorized on May 12, 2008 by stateofthecommonwealth

Biking in Louisville!

You probably didn’t know this — we didn’t until just a few minutes ago — but this week marks Bike to Work Week in Louisville (above photo by James Calvert, Active Living by Design). Weirdly enough, last week Bicycling Magazine named Louisville one of three “most improved” cities (the others are Washington, D.C. and New York City).

We don’t want to rain on anyone’s bike parade (and we’ll be biking to work most every day this week — except probably Wednesday when it is forecasted to rain), but it seems a little strange that the Mayor’s Office didn’t seem to mention Bike to Work Week 2008 when touting the “most improved” distinction from Bicycling Magazine. As we’ve noted elsewhere, that recognition came on the heels of the news about a bike-riding Louisville citizen being killed by an off-duty police officer, which shows that as a city we’ve got a long ride ahead of us.

Fiddlin’ While the Big Four Burns

Posted in Happenings, Louisville Music History, Louisville News, Transportation, Uncategorized on May 8, 2008 by stateofthecommonwealth

Big Four Fire

We missed the big story yesterday — at the time we were either posting a Wendell Berry essay or we were cleaning up the house to have friends over for burgers — about the Big Four bridge catching fire in the afternoon (above photo from the Courier-Journal). What’s notable about the fire on the soon-to-be pedestrian bridge and landmark is that the blaze was battled from the Ohio River itself, due to its remote nature:

Flames shot from the Big Four Bridge yesterday as firefighters grappled with how to extinguish a blaze 70 to 80 feet above the Ohio River and a quarter-mile from the Louisville shore.

Because the wood crossties of the bridge have been rickety for years, Louisville Fire & Rescue Chief Greg Frederick decided not to put firefighters on the bridge.

So firefighters attacked the fire from the water, using a fire boat from the Harrods Creek Fire Department. The craft can create a stream of water that can reach the bridge timbers, something Louisville’s fire boat cannot match.

Of course, this isn’t the first time the bridge has caught fire. Back in the misty recesses of my brain I remembered there being some sort of fire on the bridge, back when back-then heavy rock radio station LRS 102 had both a sign and annual Christmas decorations on the bridge (see a photo from those days by D. Barlow here). Sure enough, the C-J article mentions that, as well as some more history of the bridge:

In 1987, a short in the wiring of Christmas lights started a blaze. Firefighters had to use more than 2,000 feet of hose and climb onto the bridge to extinguish the fire, [Chief] Frederick said…

The Big Four was built in 1895 and abandoned in 1969, after which the approaches in Louisville and Jeffersonville were dismantled.

Plans have been in the works to develop the bridge into a pedestrian walkway and bicycle path that connects Louisville to Southern Indiana.

On the Kentucky side, site work around the bridge is nearing completion and $4.4 million worth of steel for a spiral ramp leading to the bridge is soon to be ordered.

Choice Cuts: Wendell Berry’s “Faustian Economics” in Harper’s, May ‘08

Posted in Art, Choice Cuts, Environment, Labor, Politics on May 7, 2008 by stateofthecommonwealth

We’re starting a new, irregularly-running feature here on State of the Commonwealth, one that we’re calling Choice Cuts. Basically, the gist is we will link and quote from a longer essay, think-piece, article, story, series or just plain ol’ yakety-yak by Kentuckians — either on some aspect of Kentucky or on some issue that affects Kentucky — for your perusal.

And what better way to inaugurate our initial foray into Choice Cuts but with a few thoughts by Wendell Berry, Kentucky’s pre-eminent conservationist, essayist, poet, scholar, and all-around writer?

Faustian Econ 1Econ 3Faustian Econ 2

Berry’s essay “Faustian Economics: Hell hath no limits” in the May, 2008 issue of Harper’s (available only to subscribers) is a fascinating look at what our society’s newfound and fleeting preoccupation on environmental limits may mean for us, culturally:

The general reaction to the apparent end of the era of cheap fossil fuel, as to other readily foreseeable curtailments, has been to delay any sort of reckoning. The strategies of delay, so far, have been a sort of willed oblivion, or visions of large profits to the manufacturers of such ‘biofuels’ as ethanol from corn or switchgrass, or the familiar unscientific faith that ’science will find an answer.’ The dominant response, in short, is a dogged belief that what we call the American Way of Life will prove somehow indestructible. We will keep on consuming, spending, wasting, and driving, as before, at any cost to anything and everybody but ourselves.

This belief was always indefensible — the real names of global warming are Waste and Greed — and by now it is manifestly foolish. But foolishness on this scale looks disturbingly like a sort of national insanity. We seem to have come to a collective delusion of grandeur, insisting that all of us are ‘free’ to be as conspicuously greedy and wasteful as the most corrupt of kings and queens. (Perhaps by devoting more and more of our already abused cropland to fuel production we will at last cure ourselves of obesity and become fashionably skeletal, hungry but — thank God! — still driving.)…

Berry then goes on to describe American culture’s foolish equation of “limitlessness” with “freedom,” as best illustrated in Kentucky’s pro-coal energy and tax policies:

Even so, that we have founded our present society upon delusional assumptions of limitlessness is easy enough to demonstrate. A recent ’summit’ in Louisville, Kentucky, was entitled ‘Unbridled Energy: The Industrialization of Kentucky’s Energy Resources.’ Its subjects were ‘clean-coal generation, biofuels, and other cutting-edge applications,’ the conversion of coal to ‘liquid fuels,’ and the likelihood that all this will be ‘environmentally friendly.’

…That human limitlessness is a fantasy means, obviously, that its life expectancy is limited. There is now a growing perception, and not just among a few experts, that we are entering a time of inescapable limits. We are not likely to be granted another world to plunder in compensation for our pillage of this one. Nor are we likely to believe much longer in our ability to outsmart, by means of science and technology, our economic stupidity. The hope that we can cure the ills of industrialism by the homeopathy of more technology seems at last to be losing status. We are, in short, coming under pressure to understand ourselves as limited creatures in a limited world.

…In our limitless selfishness, we have tried to define ‘freedom,’ for example, as an escape from all restraint. But, as my friend Bert Hornback has explained in his book The Wisdom in Words, ‘free’ is etymologically related to ‘friend.’ These words come from the same Indo-European root, which carries the sense of ‘dear’ or ‘beloved.’ We set our friends free by our love for them, with the implied restraints of faithfulness or loyalty. And this suggests that our ‘identity’ is located not in the impulse of selfhood but in deliberately maintained connections.

Berry then looks to Marlowe’s Faustus (of the Tragical History of Doctor Faustus) and Milton’s Satan (of Paradise Lost) for prescient examples of our currently self-obsessed and selfish society, and to art in general for ways to live in a more sustainable way:

If the idea of appropriate limitation seems unacceptable to us, that may be because, like Marlowe’s Faustus and Milton’s Satan, we confuse limits with confinement. But that, as I think Marlowe and Milton and others were trying to tell us, is a great and potentially a fatal mistake. Satan’s fault, as Milton understood it and perhaps with some sympathy, was precisely that he could not tolerate his proper limitation; he could not subordinate himself to anything whatever. Faustus’s error was his unwillingness to remain “Faustus, and a man.” In our age of the world it is not rare to find writers, critics, and teachers of literature, as well as scientists and technicians, who regard Satan’s and Faustus’s defiance as salutary and heroic.

On the contrary, our human and earthly limits, properly understood, are not confinements but rather inducements to formal elaboration and elegance, to fullness of relationship and meaning. Perhaps our most serious cultural loss in recent centuries is the knowledge that some things, though limited, are inexhaustible. For example, an ecosystem, even that of a working forest or farm, so long as it remains ecologically intact, is inexhaustible. A small place, as I know from my own experience, can provide opportunities of work and learning, and a fund of beauty, solace, and pleasure — in addition to its difficulties — that cannot be exhausted in a lifetime or in generations.

…It is the artists, not the scientists, who have dealt unremittingly with the problem of limits. A painting, however large, must finally be bounded by a frame or a wall. A composer or playwright must reckon, at a minimum, with the capacity of an audience to sit still and pay attention. A story, once begun, must end somewhere within the limits of the writer’s and the reader’s memory. And of course the arts characteristically impose limits that are artificial: the five acts of a play, or the fourteen lines of a sonnet. Within these limits artists achieve elaborations of pattern, of sustaining relationships of parts with one another and with the whole, that may be astonishingly complex. And probably most of us can name a painting, a piece of music, a poem or play or story that still grows in meaning and remains fresh after many years of familiarity.

…The same is true of our arts of land use, our economic arts, which are our arts of living. With these it is once-for-all. We will have no chance to redo our experiments with bad agriculture leading to soil loss. The Appalachian mountains and forests we have destroyed for coal are gone forever. It is now and forevermore too late to use thriftily the first half of the world’s supply of petroleum. In the art of living we can only start again with what remains.

And so, in confronting the phenomenon of ‘peak oil,’ we are really confronting the end of our customary delusion of ‘more.’ Whichever way we turn, from now on, we are going to find a limit beyond which there will be no more. To hit these limits at top speed is not a rational choice. To start slowing down, with the idea of avoiding catastrophe, is a rational choice, and a viable one if we can recover the necessary political sanity. Of course it makes sense to consider alternative energy sources, provided they make sense. But also we will have to re-examine the economic structures of our lives, and conform them to the tolerances and limits of our earthly places. Where there is no more, our one choice is to make the most and the best of what we have.

Any thoughts on our Choice Cuts from Wendell Berry’s “Faustian Economics: Hell hath no limits?” As always, reader comments are welcome and encouraged!

What’s In the Weeklies? Week of May 7

Posted in Churchill Downs, Horse Racing, Louisville News, Media, Sports, What's In the Weeklies? on May 7, 2008 by stateofthecommonwealth

It’s been a few weeks since we’ve gotten a chance to post one, but it is also Wednesday, so it’s time for another installment of What’s In the Weeklies?

LEO May 7

LEO Weekly, May 7, 2008 issue:

Overall Score: 27 points

Velocity May 7

Velocity Weekly, May 7, 2008 issue:

Overall Score: 28 points

Velocity pulls out the surprise win this week! Granted, it’s gotta be tough for any editor in Louisville to put together a paper the week after the Derby, when not much happens. And Velocity’s Derby coverage was pretty vapid, to be sure (which is fine — we’re not looking for anything too serious when it comes to, say, Barnstable-Brown stories and photos). But the prospect of a thin paper led to some “risky” editorial choices that, while not de riguer for Velocity, actually seemed to work! Like a full two-page poem, we gotta like that. And a decent interview with Kevin Phillips, and a piece on House of Ruth, “a local organization that provides financial and social support to people with AIDS and HIV.” So perhaps Velocity should take more chances in the future.

As always, please feel free to comment! Especially as regards stuff we don’t cover in the weeklies, such as theater and film coverage.

Forget Lake County, Why Can’t the Courier Spell “Barack” Correctly?

Posted in Elections, Louisville News, Media, Politics on May 7, 2008 by stateofthecommonwealth

Concerned Barack

From the main story on the front page of the C-J’s web site, as of 11:30 PM this evening:

So with more than 75 percent of the vote in and Hillary Clinton leading Barak Obama by about 40,000 votes or 4 percent, why hasn’t the race been called?

It’s not as if the Courier ENDORSED him, or anything.

Primary Day is May 20th…

Posted in Elections, Louisville News, Politics, Uncategorized on May 6, 2008 by stateofthecommonwealth

Bobbie Holsclaw

Do you know where your polling place is? Uh oh… (from the Courier-Journal):

The Jefferson County Board of Elections has moved more than a dozen voting sites for the May 20 primary, affecting thousands of people.

Some of the locations had accessibility problems, some of the owners of the buildings were no longer able to lease their premises and a church, Hill Street Missionary Baptist on Dixie Highway, was heavily damaged by a storm.

One site, the United Auto Workers Union Hall on Chamberlain Lane, can’t be used May 20 because the union is holding its own elections that day.

More than 12,000 people are registered to vote in the 13 precincts and were recently sent notices of their new places to vote, said elections spokesman Nore Ghibaudy.

Here’s a look at voting changes for the primary:

E-172: From Episcopal Church Home, 7504 Westport Road, to Lyndon Christian Church, 8125 La Grange Road.

F-172: From Watkins United Methodist Church, 9800 Westport Road, to Zachary Taylor Elementary School, 9620 Westport Road.

K-107, K-108 and K-121: From Hill Street Missionary Baptist, 2203 Dixie Highway, to Antioch Missionary Baptist Church, 3315 Dixie Highway.

L-104: From Louisville Urban League, 1535 W. Broadway, to Roosevelt-Perry Elementary, 1606 Magazine St.

S-146: From Watkins United Methodist Church, 9800 Westport Road, to Zachary Taylor Elementary, 9620 Westport Road.

S-151, S-155, S-158, S-159: From UAW hall, 2702 Chamberlain Lane, to Basketball Academy, 2401 Stanley Gault Parkway.

T-103, T-104: From Chancey Elementary, 4301 Murphy Lane, to Green Castle Baptist Church, 4970 Murphy Lane.

In addition, Ghibaudy said three other precincts were split and that some of their voters will be going to new polling places. He said he didn’t know how many voters are affected, but added that election officials split each of the precincts because they have a large number of voters and officials wanted to avoid lines.

Precinct E-175 was split from E-172 and will vote at Episcopal Church Home, 7504 Westport Road. F-175 was split from F-101 and will vote at Watkins United Methodist Church, 9800 Westport Road. And S-161 was split from S-140 and will vote at Springdale Community Church, 4601 Springdale Road.

For election-related information, call 574-6100.

While the reasons for the changes are outlined in the article above, we can’t deny we’re a little suspicious as to why the Jefferson County Board of Elections (overseen by Bobbie Holsclaw (above), Jefferson County’s Republican County Clerk) waited so long to announce the venue changes — especially with the timing coming right after the Derby (when most people aren’t paying attention), and especially given the slowness of the USPS.

The race for the Democratic presidential nomination might end tonight with the Indiana and North Carolina primaries, but still — Kentucky’s primary is only two weeks away! Given that we’re also Obama supporters, and that he has stronger support in Jefferson than in most of the rest of the state, we wonder how these venue changes will affect turnout in Kentucky’s most populous county. Neither have we seen any other blog question the timing and tenor of these changes — so either we’re being paranoid, or nobody’s paying attention.

Derby Wagers Down 3.2 Percent

Posted in Churchill Downs, Horse Racing, Kentucky News, Louisville News, Sports on May 6, 2008 by stateofthecommonwealth

If you weren’t sure before whether or not the United States is in a recession, perhaps this news from Business First may convince you: Churchill Downs reports that Kentucky Derby wagering was down 3.2 percent from 2007:

Despite the second-highest attendance in history, wagering from all sources on the Kentucky Derby dropped 3.2 percent from 2007.

All-source wagering was $114,557,364, down from 2007’s total of $118,317,714, Churchill Downs Inc. said in a news release.

On-track wagering totaled $12,118,527, down 0.3 percent from 2007, and off-track wagering was $102,438,837, down 3.6 percent.

Wagering from all sources for the 12-race Derby Day card at Churchill Downs, also declined, dropping 2 percent.

Off-track wagering was affected by the ongoing disputes between online betting sites and horsemen in Kentucky and Florida, which has limited participation, Churchill Downs president Steve Sexton said in the release.

This news comes after the revelation that Keeneland’s spring meet wagering was down 12.7 percent as well. While neither story is as depressing as Eight Belle’s demise — or even this bit of inanity — neither spells good news for Kentucky’s economy.

Biking in Louisville: Still Unsafe

Posted in Louisville News, Transportation on May 5, 2008 by stateofthecommonwealth

Bike Crash

This morning’s news that a 56 year-old man was killed while riding his bike on Dixie Highway Sunday morning comes as a pertinent reminder that bicycling in Louisville is still a pretty dangerous activity, despite the mayor’s office’s efforts to promote riding. Details on the incident come from the Courier-Journal:

A bicyclist died on Dixie Highway before sunrise yesterday morning after an off-duty Louisville Metro Police officer hit him with her cruiser.

Kenneth Chandler, 56, of Louisville, died at the scene of chest and head injuries, said Sam Weakley, a Jefferson County deputy coroner.

The officer, Shannon Harris, was southbound in the 4400 block of Dixie about 5:10 a.m. when her cruiser hit Chandler just south of the Watterson Expressway. It was not clear if Chandler was crossing Dixie or if he was riding on the street.

Harris originally joined the former Jefferson County Police Department in 1999. Other information on her was not available yesterday, police spokeswoman Alicia Smiley said, because the department’s personnel office was not open.

Smiley said no charges have been filed.

According to the article, Chandler was on his way to the Galt House, where he worked a shift starting at 7 am. We’re usually out on our bikes on our way to work that early as well.