Colorado Supreme Court strikes down local laws banning fracking, Stanford rejects a plan to divest in fossil fuels and are experiencing another housing bubble?

 * ... FRACKING: The folks trying to outlaw and demonize fossil fuels were dealt a setback this week when the Colorado Supreme Court struck down local government prohibitions on hydraulic fracturing. The court ruled that a moratorium in Fort Collins, as well as an outright ban in Longmont, were invalid because state law pre-empted them. At least two other cities in Colorado, and Boulder County, have anti-fracking regulations that could be affected by the rulings. Meanwhile, the Stanford University board of trustees has rejected the idea of divesting in fossil fuels, despite pressure from students and anti fossil fuel types. In a rare example of common sense on a university campus, the board noted it believes in reducing fossil fuel consumption, and developing alternative energy sources, (but) “at the present moment oil and gas remain integral components of the global economy, essential to the daily lives of billions of people in both developed and emerging economies. [G]iven how integral oil and gas are to the global economy, the trustees do not believe that a credible case can be made for divesting from the fossil fuel industry until there are competitive and readily available alternatives.”

 * .... HOME PRICES: Am I the only one who suspects we may be experiencing a mini bubble in the housing market, or does hope spring eternal when you are selling a home? Look around in virtually any neighborhood and you will find a lot of inventory on the market, and many of these homes seem aggressively overpriced. Yes, mortgage rates are still attractive but when prices of $200 per square foot become the new average in this town, if you have to wonder how long this will last.

 * ... SPOTTED ON TWITTER: "Statistics show the number one cause of failed relationships is opening your mouth and letting words come out."

 * ... SPOTTED ON FACEBOOK: "The best part about being an adult is never having to do math ever again."

 * ... BAD FORM: I received this note from Paul Forster: "I applaud your on-going attempts to highlight bad driving behavior, so I thought I might help. Driving west on Olive, approaching Jewetta today, around 2 p.m. I noticed a black Subaru,  weaving in the right-hand lane, with a dog's head out of the driver's side window, on his lap! If that was not scary enough, when I passed him, he was talking on his mobile 'phone, stuck to his ear... need I say more?" That about covers it, Paul.

 * ... ROTARY: I neglected to mention that the volunteers I spotted cleaning up the rest stop next to Manor Street were members of the Bakersfield Breakfast Rotary Club. Thanks to Craig Holland for reminding me.

Ouch! 75,000 jobs lost in one day (but) still cheap homes in Bakersfield

It's not like any of us needs a reminder of what a mess this country is in, but a recent post by New York venture capitalist Fred Wilson puts it all in perspective. In just one day the country lost 75,000 jobs, albeit a small number by itself but staggering if you consider a few months of those days strung together. Wilson notes accurately that it may take entrepreneurs (not the government) to bail us out of this mess. He writes:

But the news that our economy lost 75,000 jobs yesterday needs some context. That's a lot of jobs for sure but how much? Well, its basically double the number of jobs the companies I've been involved with over the past two decades have created. There's a lot of talk about creative destruction and renewal and many are looking at the venture backed tech companies to lead the way in renewal and job creation. And I am among those who believe that tech-based entrepreneurship is a big part of the way out of the mess we are in. But can we in the venture business collectively replace 75,000 jobs per day? No, we can't.

Meanwhile, The Californian reports today that B-town once again ranks among the worst 10 real estate markets nationwide, with prices continuing their fall. What the paper doesn't report (and it should) is the more positive news reported here earlier that actual home sales are up significantly. Sure, prices are down but there is activity. People are getting good deals on homes and mortgage companies are beginning to come back to life. Recoveries always start somewhere and we shouldn't overlook what good news is out there.