Is the economic/stock market boom from Artificial General Intelligence already behind us because the advent of AGI is already behind us?

by philg

A PhD physicist friend on Facebook:

The reason I’m all-in on AI investment, and there may not be a top to this “bubble”: Unlike tulips, railroads, or internet connectivity, there is no upper bound on the value of intelligence.

Me:

30-year TIPS yield is 3% real currently. So your perspective isn’t shared by the market. Investors wouldn’t lend money to the federal government at 3% (after inflation) if they thought there was no limit to NVIDIA’s value. If investors overall thought that there was a low-risk way of making super high real returns over the next 30 years they the government would have to pay 8% real, for example, if buying an AI index was expected to yield 12% real for the next 30 years.

I think AGI is already here from the perspective of most users of ChatGPT and similar. A generally intelligent human isn’t great at everything and makes mistakes… just like ChatGPT! People ask ChatGPT all kinds of questions and give the answers at least the same weight that they would give to an answer from a typical human. In that sense, ChatGPT has passed a Turing Test for general intelligence. Maybe Advanced Superintelligence is already here. The typical human is not good at mathematics. A math professor could have been described as “super intelligent” before WWII. LLMs are supposedly doing all kinds of advanced work in mathematics right now, even if they might fail at a plumbing task. The math professor in 1935 who was a failure at plumbing would still have been considered superintelligent, right?

In other words, we can’t expect hockey stick growth for the economy due to AGI/ASI arriving because the current growth is already an example of what an economy does with the gift of AGI and ASI (but maybe not robotics!).

Will the $40 trillion in federal debt be a drag on economic growth? Scott Bessent says “no”:

Let’s use a 20-year time horizon for the U.S. to potentially get out of Argentina territory (150% debt-to-GDP max; we’re at over 125% right now). For US debt to GDP to fall to the level of a high IQ society (e.g., Taiwan, which has lower-than-US tax rates and debt of about 20% of GDP), GDP growth would need to be 10%/year real for 20 years with Congress not borrowing any more money (the latter condition seems unlikely to be met, since Congress now borrows even in the most robust economies, contrary to Keynes). Investors plaintly don’t believe that this will happen because they’re willing to lend to the Feds at 2.75% real (20-year TIPS current price) and they wouldn’t do that if investing money in domestic stocks would generate a roughly 12% real annual return (real GDP growth plus 2% as a return on investment from corporate earnings).

Does this mean that we’re in an AI bubble? Not necessarily. Only that AI by itself apparently doesn’t hugely lift the overall U.S. economy (a huge part of which is government spending/welfare state!). We’ve got about 1.5% per capita real GDP growth right now. Maybe that includes the AI lift? This NBER paper by a Nobelist (sort of) predicts minimal per capita growth, but cites estimates as high as 3.4 percent per year as the boost (nowhere close to the 10% we’d need to get out debt down to Taiwan’s relative level):

(He cites McKinsey, the giant brains behind Enron!)

The only way to make $40 trillion in debt insignificant, therefore, would be to grow the U.S. population to about 1 billion humans at roughly the same level of skill/income as the current U.S. population. Until Donald Trump showed up (again!), our wise politicians were working on this, but they forgot to apply and skills test for immigrants.

(In case this blog post is going to be a source for an NPR or PBS story (example), let’s not forget that both Turing and Bessent were/are members of the 2SLGBTQQIA+ community.)

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What does Syracuse University teach for $100,000 per year?

by philg

“Why Syracuse Can’t Attract the Students It Needs to Pay the Bills” (WSJ) covers the financial slide at this Rust Belt school pretty well, but doesn’t dig into the product. Let’s pick a few professors at Syracuse and see what a $100,000/year customer might learn from they/them.

Scholar-activist, Professor Kishi Animashaun Ducre:

“The Black feminist spatial imagination and an intersectional environmental justice”, “Katrina as Postscript to Racialized Spaces in Louisiana.”, and “Addressing Environmental and Food Justice toward Dismantling the School-to-Prison Pipeline: Poisoning and Imprisoning Youth”

Professor PJ DiPietro (she/they, her/them, hers/their):

engages decolonial thinking, hemispheric Latinx studies, and critical theories of race, gender, transgender, and sexuality

“The Coloniality of Gender”; “Trans of Color is an Oxymoron. Humans, nonHuman Animals, and the Bodies Beneath Animals”; “Co-Creating Transdisciplinary Decolonial Curricula”; “Hallucinating Knowing: (Extra)Ordinary Consciousness, more-than-human Perception, and other Decolonizing Remedios within Latina and Xicana Feminist and Queer Theories”

Here’s a department that acknowledges that the university is on stolen land, which it refuses to give back and won’t pay rent on:

What they promise students will be able to do after forking over $400,0000 and four years away from the AI Klondike:

Integrate feminist and queer theory and practice to challenge social relations, representations, knowledges, institutions, and policies.
Model feminist and queer competencies of collaborative learning that embrace cooperation and mutual aid.

From Professor Eunjung Kim, a member of this department:

Kim, E. (2010). How Much Sex Is Healthy? The Pleasures of Asexuality.

Kim, E. (2024). Asexual Kinship: Capitalism, Reproduction, and an Imperiality of Asexuality.

(At least 14 years of studying people not having sex.)

Update: I posted this on X and so far (a day later) it is up to 434,000+ views. One X comment, “This is scary! If true.”, inspired me to visit the Syracuse.edu web site again. This time, I picked the Syracuse School of Education and then picked the first faculty member from an alphabetical list: Professor Barbara Applebaum. She has a “research focus” of “critical whiteness studies; epistemic injustice; feminist philosophy” (Wikipedia: “Epistemic injustice occurs when an individual or group is wronged in their “capacity as a knower”, meaning that their ability to produce knowledge is called into question.”) Prof. Applebaum teaches a full semester course on “Critical Whiteness”:

Her book Being White, Being Good: White Complicity, White Moral Responsibility, and Social Justice Pedagogy promises to “help white students understand and acknowledge their white complicity”. Some Amazon reader review excerpts:

Included are Applebaum’s ideas on how to indoctrinate others to accept this insane ideology that seeks to, at its core, tear down society and “liberate the oppressed” into the Communist utopia that awaits if they could only be “woke” enough to see it! Utter garbage. Stay away.

I am using this work as a foundation of my dissertation. I really don’t know where I would be without this important piece of work.

Whatever ones personal views may be it is a disgrace that Syracuse University would employ this author as a academic professor. This book deposits ideas that are simple anecdotal opinions based of off no scientific data and tries through the use of word salad to push them off as facts deliberately attempting to manipulate data to deceive its intended audience knowing full well that the audience it is targeting does not have a sophisticated understanding of statistical analysis or historical awareness. … [the book] no business in a place of higher education and the author should seek psychological intervention for her racist presuppositions and destructive methods of solutions to her paranoid delusions.

This book helped me understand that most white people aren’t ignorant, but just have a different kind of knowledge that’s based on ignoring racism. And that this is a very active thing that they do (even if it’s unconscious).

It might be a challenge figuring out how to adapt this work to improve the pedagogy in an aeronautical engineering class…

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AI hotel room rates ($4,312 per night plus tax)

by philg

I’m headed out to the San Francisco area. Who wants to meet up? Maybe Labor Day morning in Menlo Park or Palo Alto?

In looking for a hotel, Google Maps included this place in Menlo Park, California, rated 4.7 stars:

What if we add taxes?

It’s $14,970 for three nights in the cheapest available room at the Rosewood Sand Hill, which might sound expensive until you consider that it includes “Complimentary wireless internet access”.

(I rented someone’s guest house in Woodside, just a few minutes north of this hotel, in 1982 after graduating from MIT and starting work at Hewlett-Packard Research Labs. If memory serves, I was paying less than $300/month ($10 per night rather than $5,000).)

What if you bring two kids and want each to have his/her/zir/their own bedroom? That will be $54,410 including tax:

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Avoiding the Mamdani Caliphate’s pied-à-terre tax with a child in college

by philg

A friend in Wall Street, but not quite on Wall Street told me about a potential way around Ayatollah Mamdani’s pied-à-terre tax. The typical rich douche who is rich enough to have a NYC place as his or her 3rd home is also rich enough to have reproduced successfully (unlike the American working class; see below for how they’re being bred out of existence). If the douche owner has a child in college or grad/professional school, the child can declare the fancy apartment as his/her/zir/their primary residence so long as he/she/ze/they comes “home” during breaks. At that point, no tax is owed because an immediate family member is living in the place. The law says “For purposes of this article, the phrase “immediate family member” means a spouse, child, sibling, parent, grandparent, or grandchild.”

Separately, a recent photo from Manhattan that includes a mixture of haram and halal outfits for females:

(ChatGPT says that American Muslims wouldn’t vote to outlaw these shameless un-Islamic displays of female flesh because “The evidence from actual Muslim political organizations in the U.S. points much more toward protecting Muslims’ own religious practices than toward imposing Islamic dress rules on everyone else” and then admits “What American Muslim organizations advocate while Muslims are a small minority tells us something about their current priorities, but it does not reliably tell us what the same constituency would advocate if it controlled legislatures. … I would expect some political pressure around the margins. It might take forms such as stricter school dress codes, sex-segregated recreation, modest uniforms, objections to sexually explicit advertising, accommodation of gender segregation, or pressure on municipal facilities.” ChatGPT cited a Pew survey in which a majority of Muslim women said that they themselves wear hijab in public.)

Incidentally, the sourdough bagels (Apollo Bagels) for which people were waiting in line (30+ minutes) didn’t seem as good as what we get in the local strip mall from Bagel Boyz. I’m sure that they were made perfectly, but not sure that sourdough is the answer for bagels. Measured by traditional criteria, a Dunkin bagel might actually be better than the best sourdough bagel! (Did I wait in line behind the haram blonde? No! This was place was right next to my hotel so I popped in at 2 pm when there was no line.)

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Minivan news for the 2027 model year (TL;DR: time to buy a Tesla Y L)

by philg

There were no improvements in minivans from Honda, Toyota, Chrysler, or Kia for 2026 (see Minivan news for the 2026 model year). What did the legacy automakers do with the additional year of engineering time? There are no improvements in minivans for the 2027 model year either! Honda’s driver assistance tech on the Odyssey, for example, is the same as it was in 2017 (for the 2018 model year). The only change for Honda is a $400 price increase. Car and Driver says that “the [Toyota] Sienna carries over into 2027 unchanged” (this is the only manufacturer from whom we might have to wait until October to get official news; maybe there will be some tech improvement over what was introduced in 2020).

Chrysler killed the plug-in hybrid version of the Pacific and tweaked the styling (for people like us who buy minivans for maximum style/prestige!).

So… it is time to buy the Tesla Y L. Car and Driver:

A dynamic difference we can comment on is the Y L’s new suspension. The Y L uses the Y Premium’s single-valve adaptive damping with a specific tune for the L’s larger chassis that prioritizes comfort without permitting unnecessary body roll in corners. There’s even a passenger-comfort setting that attempts to absorb more impacts for those in the rear seats. Anyone who has ever bounced around in the back of a Tesla Uber will appreciate the idea of a softer rear-seat ride. The Model Y’s excessively firm ride has long been a sticking point at C/D, and the Y L addresses it in a way that doesn’t compromise the car’s handling strengths.

I guess we won’t be able to get one until March? It would be absurd to have an AWD version in Florida (the last snowstorm in Palm Beach County was on January 19, 1977 and deposited 1/4 inch). Dragging around a second motor that compromises the range makes no sense. (The extra acceleration from from the dual motor version isn’t interesting either given that the RWD Model Y can do 0-60 in roughly the same amount of time as our Odyssey, which is overpowered for America’s traffic-choked roads.) A friend in Maskachusetts ordered the Launch edition as a replacement for his Lucid Air due to that machine’s lack of FSD and, of course, he will be able to take advantage of AWD if Climate Change doesn’t progress faster than expected by the expert consensus. When he ordered the machine, a couple of weeks after the launch of the Launch, he was told that it would be delivered in September or October. This was later updated to perhaps as late as December.

I don’t think the Y L will win any beauty contests, but maybe it isn’t dramatically uglier than the Y? It’s 7-9 inches shorter than today’s minivans.

(source)

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Fact-checking at the New England Journal of Medicine

by philg

From “Jason Arday and the Perils of Being Black in Academia” (New England Journal of Medicine, August 20, 2026):

Jason Arday had the distinction of being the youngest Black professor in the University of Cambridge’s history. … Black academics know that we will always be held to a different standard … Prof. Claudine Gay was hounded by accusations of plagiarism and ousted by Harvard, who bent to those who simply could not stomach a world where a Black woman was president of such a storied institution.

As pointed out in Plagiarist Claudine Gay getting paid $3.1 million/year after “resigning” from Harvard, anyone with access to ChatGPT and/or Google could determine within less than one minute that Claudine Gay was still on the Harvard payroll (not “ousted”) and with a little more diligence, determine that she was being paid a higher-than-average wage.

If the NEJM didn’t fact-check this article what else aren’t they fact-checking?

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Revisiting the new terminal at LaGuardia: awesome outdoor space, but no place to work

by philg

I changed planes between BGR and DJT(!) at LGA the other day. During my 2023 visit (The fancy new terminal at LaGuardia Airport) I didn’t note the awesome outdoor balcony:

Every airport should have this!

Not so great, however, was the lack of public desks at which to work. DJT has at least 100 workstations at which one can sit at a laptop with reasonable ergonomics, plus the laptop into 110V, etc. LGA has chairs with power outlets for aimless scrolling on one’s phone and loungers for even more laziness, but nothing for work other than perhaps in the Delta Sky Club, which is so elite that they don’t sell day passes.

Readers wouldn’t forgive me if I didn’t supply photos for a PhD in Masketology. Here are examples of (a) chin diaper, (b) under-nose mask, and (c) surgical mask worn correctly (but still useless due to not being an N95?):

If people feel unsafe after entering a place where 100 percent of the humans have been screened by TSA, Starbucks is a Safe Place:

A full range of Pride gear was for sale (August 22, so still roughly a month before National HIV/AIDS & Aging Awareness Day and Bisexual+ Awareness Week and after Southern HIV/AIDS Awareness Day and Gay Uncles Day (full calendar)). Are these for people who are arriving in NYC and realize that they forgot to pack Pride gear? Or for people who didn’t realize that they were 2SLGBTQQIA+ until they visited NYC for a weekend and need to buy Pride gear before returning home?

Here’s one approach to female modesty that is common in NYC, the niqab:

By contrast, here’s an image that could be considered haram due to the amount of female bare skin on display:

NYC is likely already a predominantly Islamic city as measured by hours spent in religious observance. How long before the people whose idea of proper dress is Image #1, above, vote to forbid the female outfits in Image #2? Maybe an adult in a niqab can tolerate this shameless display of flesh, but would she want her children to be exposed to this kind of lifestyle?

Let me close by pointing out a triumph of operations research. There are two UP escalators (from the gates) and one DOWN (to the gates), presumably because someone figured out that people are more likely to arrive in a big group (plane pulls in) than they are to depart in a big group.

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Even companies worth $1 trillion don’t want to pay Nvidia’s prices

by philg

I hope that everyone has made tons of money taking my investing advice and doing the opposite. Loyal readers may remember that I’ve been skeptical of Nvidia becoming worth more than all of the European Union combined and, therefore, never purchased NVDA (current market cap: $5+ trillion). My theory was that 50 percent profit margins for Nvidia would motivate other companies to develop chips and then the AI nerds would recompile their code (or ask AI to recompile their code). Google did this a long time ago with its Tensor Processing Unit. Intel tried and apparently failed with Gaudi (but they were very successful in DEI!). Elon Musk has his AI5 chip and, eventually, his own fab.

OpenAI is the latest entrant into this mix, apparently. “OpenAI Claims Its New Chips Can Outperform Nvidia Processors in Tests” (Bloomberg, yesterday):

The company plans to start using the new chips to support its artificial intelligence models later this year, which should significantly reduce costs for OpenAI as it rolls out more widely.

OpenAI, losing enough money every year to be worth almost $1 trillion, created Jalapeno in a partnership with Broadcom Inc., which makes custom chips for a variety of clients. The two companies, which announced their pact last year, touted the speed at which the processor was developed in June, saying it came together in record time.

Even if this thing succeeds, there will still be a huge market for Nvidia, apparently:

Jalapeno wasn’t tested against the new generation of Nvidia chips, Vera Rubin, which just began shipping. It’s also not designed for training AI models, an area where Nvidia technology excels. Jalapeno is intended for the inference phase of AI — the stage when models have already been trained and can begin responding to prompts and handling tasks.

(Why is the chip named for Vera Rubin, someone who was neither an electrical engineer nor a software developer? Google AI:

Honoring Women in STEM: The company has a specific practice of naming key platforms after pioneering women scientists. Previous examples include Grace Hopper (the Grace CPU) and Ada Lovelace (the RTX 40-series architecture)…

I guess we can’t expect the William Shockley CPU/architecture any time soon, despite the man’s Nobel for the invention of the transistor, but why not one for Jack Kilby? Kilby died in 2005, prior to the full flowering of Rainbow Science, and therefore Kilby’s gender ID is unknown (we could say the same regarding Vera Rubin, who died in 2016, some years before the trans-enhanced Rainbow Flag flew at the White House))

How much do journalists and editors need to know about electrical engineering in order to cover cutting-edge AI hardware?

Because the chip is achieving strong results at low voltage — 700 watts — Jalapeno will allow OpenAI to save money when running its data centers, where power is a key cost, he said.

Speaking of high voltage, let’s have a look at the cooling system for Google’s latest TPUs (blog entry, which Google’s massive AI brain couldn’t figure out should have a date on it; I think it is from April 2026):

It looks like they got retired Pratt PT6 engineers to work on this!

(Actually, this suggests a career path: instead of fighting it out on the crowded software front, a young person could study to become a packaging/cooling engineer.)

Vaguely related… let’s see if we can figure out where Nvidia’s passion for “Honoring Women in STEM” comes from. Perhaps nerds identifying as “women” were the principal designers of Nvidia’s hardware and software?

Prompt to Gemini (to run on Google’s TPUs so that the results aren’t biased by running on Nvidia chips):

Who were the principal engineers of Nvidia’s historically important GPUs and software architectures, including CUDA? In other words, who are the people who are primarily responsible for making Nvidia as valuable as it is today?

Answer (not in quote style):

Key Technical Leaders Behind Nvidia’s Rise

1. Curtis Priem & Chris Malachowsky (Co-Founders & Founding Hardware Architects)

  • The Role: Co-founded Nvidia in 1993 alongside Jensen Huang.
  • Their Contribution: Priem was the chief architect of Nvidia’s early graphics chips (including the NV1 and the breakthrough RIVA 128), while Malachowsky led system engineering and hardware design operations.
  • Impact: They established Nvidia’s core hardware engineering practices and designed the early pipelines that allowed Nvidia to survive the “3D accelerator wars” of the late 1990s and create the original GeForce 256—the chip Nvidia marketed as the world’s first true “GPU.”

2. Dr. David Kirk (The “Father of CUDA” & Chief Scientist 1997–2009)

  • The Role: Chief Scientist and VP of Architecture.
  • Their Contribution: David Kirk was the primary visionary behind transforming Nvidia’s fixed-function 3D graphics hardware into programmable, general-purpose parallel processors.
  • Impact: In the mid-2000s, Kirk persuaded Jensen Huang to mandate that every single Nvidia GPU include dedicated general-purpose execution units—a massive financial gamble at the time. This decision laid the groundwork for CUDA (Compute Unified Device Architecture), launching general-purpose GPU computing (GPGPU) and making GPUs usable for scientific computing and later AI.

3. Ian Buck (VP of Accelerated Computing & Original CUDA Architect)

  • The Role: Creator of the BrookGPU programming language (at Stanford) who joined Nvidia to lead the CUDA project.
  • Their Contribution: While pursuing his PhD at Stanford, Buck created Brook, an extension of C for streaming coprocessors. Jensen Huang hired Buck to lead the software and systems team that built the original CUDA software stack and runtime environment, released in 2006.
  • Impact: Buck turned the raw, complex parallel hardware engineered by Kirk’s team into an accessible software platform for C/C++ developers. Without Buck’s software stack, AI researchers in 2012 (like Alex Krizhevsky and Geoffrey Hinton) would not have been able to train AlexNet on Nvidia GPUs—the spark that triggered the modern deep learning boom.

4. John Montrym (Chief Architect, GeForce/Tesla Architecture)

  • The Role: Senior Architect and Fellow.
  • Their Contribution: Montrym was a key architect behind the NV40 (GeForce 6 series) and the landmark G80 (Tesla architecture) released in 2006.
  • Impact: The G80 was the first unified shader architecture in a PC GPU and the hardware home where CUDA was born. It abandoned separate vertex and pixel pipelines in favor of unified streaming multiprocessors (SMs), setting the blueprint for every modern GPU architecture designed since.

5. Jonah Alben (Senior VP of GPU Engineering)

  • The Role: Longtime leader of Nvidia’s hardware silicon development.
  • Their Contribution: Alben joined Nvidia in 1997 and has spent over two decades directing the physical architecture, design execution, and engineering teams behind generations of GPU microarchitectures: Fermi, Kepler, Maxwell, Pascal, Volta, Ampere, Hopper, and Blackwell.
  • Impact: Alben’s team managed the scaling and execution challenges as GPUs grew from millions to over 200 billion transistors on single silicon packages. His team integrated specialized hardware engines directly into the GPU pipeline—most notably Tensor Cores (introduced in Volta/Ampere) and Transformer Engines (in Hopper/Blackwell)—which gave Nvidia a 10x-100x efficiency advantage in AI workloads over traditional CPUs and competing chips.

6. Dr. Bill Dally (Chief Scientist & Head of Nvidia Research)

  • The Role: Former Chairman of Stanford’s CS Department, appointed Nvidia Chief Scientist in 2009 (succeeding David Kirk).
  • Their Contribution: A pioneer in computer architecture and high-speed interconnect networks, Dally leads Nvidia’s long-term research division.
  • Impact: Dally pivoted Nvidia’s research toward optical interconnects, low-precision AI math (FP8, FP4 formats), ray tracing hardware cores (RT Cores), and multi-chip network scaling (NVLink). His architectural research predicted the massive bandwidth bottlenecks of large AI models years before ChatGPT emerged.

You can see the full answer and also one from Grok.

Fun fact from Oshkosh/AirVenture 2026: I ran into a mid-level Nvidia employee. He had shown up in his new airplane, a perfectly restored P-51 Mustang ($5 million?).

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Remembering Dolly Parton by remembering Dollywood

by philg

Eighty years is a good run (it’s what the Ancient Egyptians expected), but it was still sad to learn about Dolly Parton’s death.

From this blog in 2022, Dollywood:

In addition to the expected terrifying rollercoasters there are a lot of music shows. One artist that you won’t hear too much, not even covers of her songs, is… Dolly Parton. She uses the park to showcase lesser-known musicians.

A great example of humility.

Loosely related, a Dolly Parton pinball machine, photographed at The Pinball Dudes, Jupiter, Florida (a great dealer), January 2023:

Related:

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National Park Service funding vs. crony profit, a Dry Torugas example

by philg

Happy National Park Service Founders Day for those who celebrate. This commemorates the signing of a law by the third most notorious racist ever to serve in the White House (Prof. Dr. Woodrow Wilson, Ph.D.; the #1 racist, of course, being Donald Trump and #2 being slaveholder George Washington).

Dry Tortugas National Park is one of three in Florida. It costs $15 per person to enter or $0 if the visitor has already purchased an annual pass ($80 for US residents; $250 for rich foreign visitors), consistent with almost 90 percent of National Park Service funding coming from federal taxpayers in general, many of whom are too busy working to pay their taxes (top income tax rates being over 50% in California and NYC) in order to visit any park.

What about the favored companies (cronies) whom the NPS has put into a monopoly position with respect to park access? A single seaplane company is authorized to fly people into the park, a 40-minute trip for 70 statute miles in a slow airplane. They’re able to charge $910 for a day trip:

The National Park collects either 0% of the revenue (visitor already holds an annual pass) or 1.6% of the revenue ($15 out of $925). Let’s call it an average of 0.8% plus whatever percentage of revenue the seaplane operator got for its monopoly.

There is also a ferry (the Yankee Freedom; the crony that operates this trip is Maskachusett-based). It costs $245 round-trip for 175 passengers. So the boat company gets roughly $43,000 in revenue per day (it’s a four-hour round trip) and the Park gets perhaps $1,000 from entrance fees ($15 per passenger, but $0 for the presumed majority who have an annual pass). That’s just over 2% of the revenue from owning the asset that people have traveled to see and, in most cases, paid about $400/night for a hotel in Key West.

At least at one time, the ferry company was required to hand over 8.5% of ticket price to the NPS, but both authorized transportation providers are usually sold out, often months in advance, so the above-cited prices aren’t the market-clearing prices, perhaps because they must be approved by the NPS. If the NPS were interested in getting more from visitors and taking less from taxpayers, it could trivially insist on a much larger share of the daily price either via fees or in exchange for handing out these transportation monopolies.

(Finally, note that “Freedom” is the name of the boat operated by the company that won the right to exclude all competitors from this market.)

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