Archive for November, 2008

Austin’s Live Music Problem

There’s a very interesting story in November 21st issue of the Austin Chronicle, which outlines the recommendations of the Live Music Task Force, a group set up to recommend to the Austin City Council how best to foster the local live music industry. And you guessed it — there’s a serious problem. But WHAT is the problem? I still don’t think people get it.

To understand what’s been changing in the live music scene in Austin, you only need to look at the intro picture of the article: The Mohawk music club on one side of the street, and the Red River Flats apartment complex on the other. (I drive by this intersection every day on my way to work.)

Red River juxtaposition - Mohawk on one side, Red River Flats on the other

How did we get here? Well if you blinked, you missed the transfer of power from the entertainment businesses to the residential community. A few years back, the city council decided that downtown could support 30,000 more people, and pushed to bring them in over the next 5-10 years. The resulting growth of residents in downtown Austin has given real power to the Downtown Austin Neighborhood Alliance. They and their large residential taxpayer base wield — and deserve, I might add — a lot of influence over the city council. Which means a lot of arguments surrounding live music have been focused on minimizing the inconvenience for residents. Things like sound control, parking, complaint procedures, etc.

So yes, things are changing downtown. But is the growth choking off live music? Of course not. Sure, the cost of complaince for club owners may be going up, but guess what — times changes, new neighbors move in, and you figure out how to make it work. If someone builds a house in the empty lot next door, it’s not a bad thing. You, as a property owner, might have to tackle little projects you were putting off, like building that fence to keep the dogs from running into their yard. But that new house does benefit you: your property value goes up. Being a vindictive jerk of a bad neighbor because you were there first doesn’t help anyone. You adapt and coexist. Not parking in their driveway, not cranking the volume to 11, not throwing empties into the other yard — it’s just mutual respect stuff.

A task force tackling issues that amount to neighbor problems is a waste of time. (Some ideas even make it worse: requiring engineering licenses is a sure-fire way to fast-track the industry’s death.) Which is why I was disappointed to see issues like these show up in the group’s recommendations. It’s unfortunate because it dilutes and muddles the REAL message — that something needs to be done to fundamentally organize and solidify the music industry in Austin. Not just the LIVE music industry, but the overall one.

The silly neighbor issues notwithstanding, the committee recommendations that matter are:

  1. Health services for musicians;
  2. Job training and financing for school and businesses; and
  3. Creating a Downtown Entertainment District.

Here’s why I think each of these are excellent proposals:

1. Health services. Really, doing one-off benefits for musician ailments isn’t cutting it. Programs like HAAM will help, but they need to do more.

2. Job training and financing. I’m a big fan of school, naturally. Anything to train people upwards and get them prepared for a career in music is a good thing. I only wish they’d dive deeper into developing an actual support system for the industry. After all, musicians need help with business plans and contracts. Yet here we are, in the shadow of a Top 20 business school and a Top 20 law school, and we can’t figure out how to integrate them into the support network?

3. Entertainment District. I love this idea for one reason: it gives the music industry a place to point to on the map. The Live Music Capital needs a live music capital, and this one would be a galvanizing epicenter.

These ought to be the focus. It’s just a shame we have to debate things like, how to respect our neighbors. Focusing on fundamental industry needs should be the discussion.

November 23rd, 2008

What’s a Hedge Fund to Do?

Jesse Eisinger, formerly of the WSJ, recaps the magical ascent and dramatic contraction of hedge funds over the past 8 years.

November 11th, 2008


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I'm Ruben Miranda. I'm an MBA student graduate and financial services advisor living in Austin, Texas. This is my blog, home to some random takes on finance, business, software, and occasionally pop culture. Thanks for stopping by. (By the way, I don't speak for my employer.)

rem@alum.mit.edu

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