The world’s first credit card transaction is said to have have been conducted by Frank McNamara at Major’s Cabin Grill in New York City on 9 Feb. 1950. The Diners Card was used for meals at restaurants in the city’s Midtown neighborhood. As cards became popular among office goers, banks also entered the industry. But…
Read more Book Review: The Pay Off: How Changing The Way We Pay Changes Everything
I took this picture on a visit to Times Square this past weekend. My favorite part of the picture is Einstein with the “LOVE IS THE ANSWER” placard. (Actually, it is relative whether love, indeed, is the answer). As is standard in New York, everyone, their scowls and laughter hidden behind masks, walked past the…
Paycheck Protection Program (PPP) loans have proved to be a crucial lifeline to small businesses in New York City during the pandemic shutdown. Even as the novel coronavirus redefines the small business landscape of the city, the PPP loans have helped some businesses survive and retain jobs in an economy with record unemployment rates. But…
Read more How Did Washington Heights Spend its PPP Loan Money?
For most New Yorkers, Manhattan is the city’s commercial heart. Its streets are crowded with small businesses – restaurants, retail establishments, and nonprofits – that serve a flood of tourists and locals of all hues. But Brooklyn, and not Manhattan, accounted for the biggest number of recipients for loans under $150,0000, disbursed as part of…
How many people have died due to Covid-19 in NYC? There is considerable confusion about the answer to that question due to a couple of reasons. First, deaths due to Covid-19 fall under two categories: confirmed and probable. The latter category cases are deaths in which the deceased displayed symptoms resembling Covid-19. Because the symptoms…
New York is a party in summertime. Hot air swoops down into homes and offices, driving the city’s residents outside. Feckless festivity pervades. Kids frolic next to fire hydrants. People day drink and lounge in folding chairs next to crowded streets during warm evenings. Clothes are short and traffic jams to beaches long. Parks and…
The current pandemic has occurred at an interesting time in the electricity markets. After several decades of regulation, electricity jurisdictions are now increasingly deregulated. Retail Electricity Providers (REPs) have multiplied and play an increasingly important role in providing electricity to customers. The flipside to this arrangement is that REPs are exposed to market forces. As…
Read more Deregulated Electricity Markets and the Covid-19 Crisis
In my previous post, I discussed the financial feasibility of defunding NYPD. Since I published that piece, I’ve read a bunch of articles suggesting changes to policing. There’s been a veritable media storm of suggestions about allocation of funds within police budgets. Some suggest “unbundling” of police. Others want to more funds to reconfigure training…
In the aftermath of George Floyd’s death by a police officer in Minneapolis, “Defund the Police” has become a rallying cry for protestors throughout the country and abroad. By tackling the problem’s root cause, that is by sharply cutting the supply of government money to police departments in America, activists contend that police brutality can…
Rakesh Sharma 