April-May 2008
ConTribuTing EdiTors
Devon Barclay, Angela SassevilleMark Mehringer, Helen Hand, Jeff LeClair,Sophia Throop, Danielle Corriveau
PhoTograPhy
Lisa Digan, Sophia Throop
ad saLEs
arT dirECTor
Sven Hanson
PubLishEr
Emporia Publishing, LLC.POB 12487Denver, CO 80211
advErTising & EdiToriaLinquiriEs:
Tower Ledger is published monthly by EmporiaPublishing, and printed by Longmont-Times Call.Copyright © 2007 by Emporia Publishing. All rightsreserved. Reproduction without permission is prohibit-ed. Postmaster: Send address changes to EmporiaPublishing,POB 12487 Denver, CO 80212. This publi-cation welcomes editorial submissions but assumes noresponsibility for the safekeeping or return of unsolicit-
sTaPLETon, Lowry, Park hiLL.hiLLToP, haLE, Mayfair,CrEsTMoor, MonTCLair, andnorTh aurora
Issue 4 • Volume 2 • April-May 2008
Around Stapleton: Udi's Bread Café
7357 E. 29th Ave.
Tower Ledger
Imagine our economy in three parts.The first is the foundation, upon whicheverything else rests. In the modernage, that foundation is energy- the vastenterprise by which resources are takenfrom the earth (and increasingly thesun and sky), refined, transported andused. The third, the apex, is the finan-cial sector— the creation of capital andcredit, and its exploitation. Everythingfeeds the apex, every credit card andcheck transaction, every major pur-chase (home, car, education) puts apercentage into the financial sector,however small. Finance is largely para-sitic, feeding off value and trade createdelsewhere. The middle ground betweenthe apex and foundation is our produc-tive economy, where labor and capitalcombine to create value and benefit.This metaphor is purely subjec-tive— there is no value judgement inputting banks at the top and oil drillersat the bottom and everyone else in themiddle. But it is helpful to understandhow these segments interact.Most Americans don’t recognize thisstructure and the cracks that threatenthe stability of the productive economy.Our leaders, when aware, won’t discussit. Interests, from corporate, to labor, toenvironmental, to bureaucratic, fear areal debate about our common needs.The media, generally too depthless, won’t dare to tell the story. Academia istoo fractured and secularized to graspthe long view round it.Regardless, the problems are real.Some measures of it are visited uponthe vast majority of American families.Real wages (adjusted for inflation) inthe United States are stagnant over thelast seven years, only 0.8% higher in January 2008 then March 2001.Inflation is said to be contained.But the reality? Energy prices leap everhigher daily. Health care costs inflateat double digit rates. Even food pricesthreaten the effective standard of liv-ing. The dollar is so weak that it maynot be the world’s reserve currencymuch longer, a possibility that couldliterally bankrupt the nation, leavingno buyers for the prodigious debt wecreate month in and month out.At its peak, the apex, the Americanfinancial sector is in miserable shape,despite extraordinary efforts by theFederal Reserve to maintain stability.Highly leveraged in every market byspeculation, from credit card debt tomunicipal bonds, we are seeing a gigan-tic house of cards crumble. Americanprosperity is an illusion of debt. Weborrow, and create money throughleverage, far in excess of the cumu-lative value of economic production(GDP). At every turn, from mortgages,to bonds, we put a fraction downand promise to pay later. A hedgefund, Carlyle Capital, related to theprivate equity fund the Carlyle Group,failed last month-- it was leveraged32 times to one. In plain language, ittook $1,000 in collateral and purchased$32,000 worth of mortgages-- goodold government insured mortgages, tothe tune of $27.1 billion. No bank orcredit union could ever have done this32-to-1 trick, but a variety of pseudo-banks have done the same, essentially
The Origins of EconomicDistress: Apex and Foundation
Inflation is said to becontained. But thereality? Energy pricesleap ever higher daily.Health care costsinflate at double digitrates. Even food pricesthreaten the effectivestandard of living. Thedollar is so weak that itmay not be the world’sreserve currencymuch longer,
Udi’s Bakery has been a familiarfixture in the Denver area for thelast three decades, growing from asandwich cart in the 70s to the city’sbiggest producer of locally-madeartisan bread and granola.What the average Denverite maynot know is that Udi’s now has arestaurant, where they prove thatthey can make more than just bread.A lot more.Please try the bread pudding($5.50), if you try nothing else overhere. Swimming with vanilla cream,topped with large chunks of toasted walnut, served at your table bub-bling-hot… this delectable dish is atonce a necessity on chilly mornings,and a respite from your nightmaresof too many bread puddings past:those cold, flavor-free cubes withtoo much sugar syrup, brandy, orboth. Forget them all. You will assoon as you have that first bite.The hummus ($4.50 small, $10large) is a delight, too: freshly made, just the right flavor balance, andcomplemented beautifully by themaltiness of the Rustico bread. Thesweet potato fries ($5) are ratherlike those I’ve tried anywhere else,but they’re pleasant and balanced with just the right amount of salt.The eggs Benedict ($9) has anorange twist to its Hollandaisesauce, and a couple of other twists: wafer-thin Black Forest ham insteadof Canadian bacon andb biscuitsinstead of English muffins. The bis-cuits were a little soggy—probablyan unavoidable hazard in eggsBenedict-- but the ham was anexcellent touch: not only more ten-der but less salty than its morefamiliar counterpart. The (appro-priately enough) “Stapleton” eggsandwich ($3.75) with egg, tomatoand Swiss cheese on grilled flat-bread, is the perfect meal for busypeople: simple, substantial, carb-and-protein balanced, and even easyto eat one-handed while walking ordriving. The French toast ($4.50small, $7.50 large), made with Udi’ssignature Challah bread, is the soft-est French toast I’ve ever eaten, andscores extra points with me by com-ing with real maple syrup. I wouldlike a bit more fruit topping on it,though.Udi’s Café has a more impressivearray of sandwiches than you’vefound in your local mom-and-pop
coffee shop, or your local Vitamin
Cottage. The California BLT ($8.25),one of their newer offerings, is rich with avocado and is generous withits thick, crisp bacon. The apple walnut chicken salad sandwich oncranberry walnut bread ($8), has aless creamy texture than its sister atParadise Bakery, which may be adrawback to some but a welcomefeeling of lightness to others. Thepanini made with Black Forest ham($8.25) uses cave-aged Gruyerecheese, which punches up the salti-ness but also gives the sandwich abit more personality than Swiss would.To top it off, Udi’s serves Dazbogcoffee, another local… and who wouldn’t smile at this partnership?An Israeli guy with his sandwichcart, two Russian guys with theircoffee shop. Keepin’ it local. Whichis what, in my mind, makes Udi’sCafé stand out against a Panera, aParadise or an Atlanta Bread. It’s allabout local.
—frances hardzinski
Continued on Page 8
They’re Your World
Rich Frampton,
CFS, CLTC, MS
Financial Advisor
• College Planning • Investments •• Life & Disability Income Insurance •• Retirement Income Planning •• Small Business Planning • 401k •
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Copyright © 2007 Massachusetts Mutual Life Insurance Company, Springfield, MA01111. All rights reserved.www.massmutual.com.MassMutual Financial Group is amarketing name for Massachusetts Mutual Life Insurance Company (MassMutual) andits affiliated companies and sales representatives. Richard M. Frampton is a registeredrepresentative of and offers securities, investment advisory and financial planningservices through MML Investors Services, Inc. 4100 E. Mississippi Avenue. Suite 900Denver, CO 80246. (303) 691-0070. Member SIPC. Insurance offered throughMassachusetts Mutual Insurance Company and other fine companies.
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