Thursday Reads

Fantastic set of reads this morning - definitely dive into the daily fantasy sports feature (#2) if you have some time:

Yellow Cab to file for bankruptcy

The collapse of the taxi industry is happening a lot quicker than I would have imagined.

"But longtime taxi industry sources, who spoke on background, also said the bankruptcy is a result of fierce competition with digital ride-hail rivals, who are not only drawing away business — but scooping up talented drivers as well."

How the Daily Fantasy Sports Industry Turns Fans Into Suckers

The definitive read on the truth of daily fantasy sports by Jay Caspian Kang.

"Instead, I came across a different sort of problem: a rapacious ecosystem in which high-volume gamblers, often aided by computer scripts and optimization software that allow players to submit hundreds or even thousands of lineups at a time, repeatedly take advantage of new players, who, after watching an ad, deposit some money on DraftKings and FanDuel and start betting. Both companies mostly looked the other way. "

Chicago, Chicago, that Toddlin' Town

This is unbelievable - less than half of Chicago's property tax revenues are being used for current expenses. The rest?

"Currently $0.65 of every property tax dollar collected in the City of Chicago is used to service debt. Another way of putting it is that $0.65 cents of every dollar is used to pay expenses like police salaries and benefits incurred 20 years ago, instead of the salaries and benefits of current workers."

What’s Next for the American Department Store?

Guessing there are a lot less of them?

"But the challenges facing department stores, particularly those that deal in luxury goods, are much greater than this seasonal blip. To be sure, there is a significant transformation underway in how goods are bought and sold. It started with the advent of e-commerce, but now stretches far beyond any one channel."

Millennials Are Buying Cars After All

This current generation will want exactly what other generations have wanted: a larger home for the kids, nicer neighborhood, and cars. These are nice things - shouldn't be a surprise.

"The market research company J.D. Power has been making the opposite case. In 2014, it first reported that millennials had passed Generation X in new car buying. Last spring, it said millennials' share of new vehicles bought had rocketed to 27 percent in 2014 from 18 percent in 2010."

The New York Public Library's Remarkable New Digital Collection

Amazing and cool.