John Kaehny

City parking meters are a gold mine, and in Chicago, Morgan Stanley is rolling in parking riches. Secret company documents leaked to reporters show the company will rake in a 70 percent profit margin this year from its $1.15 billion, 75-year lease of Chicago's parking meters. This profit is on top of the millions Morgan paid to buy new, high-tech meters. The good times will keep on rolling for investors: In 2010, after another meter price hike, Morgan expects to make monthly profits of $4.8 million, roughly 55 percent higher than in 2009.

When are the police finally going to reclaim the streets from speeding and dangerous driving?

“In London, you carry nearly twice as many people in the bus system as you do on the Underground.” In New York, the opposite is true. “We must close the gap and make more of the bus system.”

It appears Chicago politicians who privatized city parking meter operations traded short-term political gain for long-term fiscal pain.

Sheldon Silver's partial endorsement of the Ravitch Commission's MTA rescue plan [PDF], which includes East and Harlem River bridge tolls, offers the best political hope in years for reducing the daily truck tsunami pulverizing downtown Brooklyn and Lower Manhattan.

Included on the State Senate's "MTA Ideas" web site is a PDF of the governor's proposed MTA bailout plan. It is a huge bill which generally seems to echo the proposals made by the Ravitch Commission. Streetsblog will summarize the proposal as soon as we can digest its 78 pages. In the meantime, please share your impressions in the comments.

The House version of President Obama's stimulus plan has left bus riders with nothing to look forward to but stiff fare hikes and painful service cuts. Bus systems got zero in immediate operating support from the bill that passed yesterday -- stunning neglect compared to the $150 billion in educational "operating assistance" to local schools and universities and $127 billion in emergency health care "operating assistance" to state Medicaid and private insurance programs. A relatively puny request for $2 billion in transit operating support was shot down before even reaching committee.

It's stimulus package logic: Lay off a bus driver now and hire a construction worker in a couple of months or a year.

The Chicago City Council has approved by a vote of 40-5 a deal to privatize the city's 36,000 metered parking spots for the next 75 years, trading meter revenues for an upfront payment of $1.15 billion.

For decades, groups like Build for America have made a strong case that transportation spending has to increase. They have rightly warned that the U.S. transportation network is falling apart, with bridges failing and transit systems lagging behind international competitors. But wars, tax cuts and social priorities have stymied increased investment.