Freddie Mac’s chief economist noted that with low mortgage rates, “purchase application demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017.”
June had a healthy rebound in New Home sales, up a strong 7.0%. Inventories rose and supply should also increase, as the pace of new construction picks up to meet the higher pace of sales.
Existing Home sales retreated 1.7% in June but the underlying trend remains positive.
And Here’s Your Monday Morning Coffee…
If you have always done it that way, it is probably wrong. ~ Charles Kettering
Does the statement, “Because we’ve always done it that way”… ring any bells?
The U.S. standard railroad gauge (the distance between the rails) is 4 feet, 8.5 inches. That’s an exceedingly odd number.
Why was that gauge used?
Because that’s the way they built them in England, and English expatriates built the US Railroads.
Why did the English build them like that?
Because the first rail lines were built by the same people who built the pre-railroad tramways, and that’s the gauge they used.
Why did they use that gauge then?
Because the people who built the tramways used the same jigs and tools that they used for building wagons, which used that wheel spacing.
Okay! Why did the wagons have that particular odd wheel spacing?
Well, if they tried to use any other spacing, the wagon wheels would break on some of the old, long distance roads in England, because that’s the spacing of the wheel ruts.
So who built those old rutted roads?
Imperial Rome built the first long distance roads in Europe (and England) for their legions. The roads have been used ever since.
And the ruts in the roads?
Roman war chariots formed the initial ruts, which everyone else had to match for fear of destroying their wagon wheels. Since the chariots were made for Imperial Rome, they were all alike in the matter of wheel spacing.
The United States standard railroad gauge of 4 feet, 8.5 inches is derived from the original specifications for an Imperial Roman war chariot. And bureaucracies live forever.
So, the next time you are handed a spec and told we have always done it that way and wonder what horse’s hind-end came up with that, you may be exactly right, because the Imperial Roman war chariots were made just wide enough to accommodate the back ends of two war horses.
Now, here’s the twist to the story…
When you see a Space Shuttle sitting on its launch pad, there are two big booster rockets attached to the sides of the main fuel tank. These are solid rocket boosters, or SRBs. The SRBs are made by Thiokol at their factory in Utah. The engineers who designed the SRBs would have preferred to make them a bit fatter, but the SRBs had to be shipped by train from the factory to the launch site.
The railroad line from the factory happens to run through a tunnel in the mountains. The SRBs had to fit through that tunnel. The tunnel is slightly wider than the railroad track, and the railroad track, as you now know, is about as wide as two horses’ behinds.
So, a major Space Shuttle design feature of what is arguably the world’s most advanced transportation system was determined over two thousand years ago by the width of a horse’s ass.
The Moral? In your business, in your family, guess what … sometimes there is a better way than the way it has always been done.