Monthly Archives: October 2012

Visiting Ten Thousand Cities

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Pat Conroy wrote the following parapraph in a Letter to the Editor of The Charleston (WV) Gazette in reaction to learning that two of his books had been banned by the local school board:

The world of literature has everything in it, and it refuses to leave anything out. I have read like a man on fire my whole life because the genius of English teachers touched me with the dazzling beauty of language. Because of them I rode with Don Quixote and danced with Anna Karenina at a ball in St. Petersburg and lassoed a steer inLonesome Dove and had nightmares about slavery in Beloved and walked the streets of Dublin in Ulysses and made up a hundred stories in The Arabian Nights and saw my mother killed by a baseball in A Prayer for Owen Meany. I've been in ten thousand cities and have introduced myself to a hundred thousand strangers in my exuberant reading career, all because I listened to my fabulous English teachers and soaked up every single thing those magnificent men and women had to give. I cherish and praise them and thank them for finding me when I was a boy and presenting me with the precious gift of the English language.

This is why reading is more than fundamental.

Drunken Gas

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Has anyone else seen all those social media posts blaming the high price of gas on President Obama? Experts have pointed out that the causes for the rise and fall of gas prices are complex and have little to do with the President, but that doesn't seem to deter people from believing what they want to believe. Here's an interesting story that might help persuade some folks that the President, or anyone else for that matter, is really in control of the oil industry:

On June 30, 2009, oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event…

Although not authorized to invest company cash in trades, Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night, the FSA said.

On the morning of the 30th, an admin clerk called Perkins to ask why he had bought 7 million barrels of crude during the night. Perkins had no recollection of the transactions, and it turned out that he had made the trades during a “drunken blackout," according to the FSA.

By the time PVM realized the transactions had not been authorized by a client, they had incurred losses of $9,763,252.

Between the hours of 1:22 a.m. and 3:41 a.m., Perkins gradually bought 69 percent of the global market, while driving prices up from $71.40 to $73.05, by bidding higher each time.

Here's the crazy thing: the authorities only suspended this guy's trading license for five years and said they might give it back if he can prove he's conquered his drinking problem. If this is how the world works how can any one leader be held responsible for the outcome? The inmates are truly running the asylum.

Dilbert on the Debate

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Some gems from Scott Adams' review of the first 2012 Presidential debate:

I think Romney has a hypnotist for an advisor, or at least someone skilled in the dark arts of psychology and influence. I just watched him repeatedly lie to me and came away thinking he'd be a good choice for managing the economy. I'm not saying he actually would be a good choice, but he did something impressive: He made me think he wouldn't cut taxes at the same time he told his base he would. As a trained hypnotist myself, I rank his debate performance as breathtakingly brilliant. (Seriously.)

Meanwhile, President Obama was learning the hard way that the worst time to have anniversary sex is right before a debate. He looked a bit too relaxed. I think he should have lit a cigarette, taken a long puff, exhaled, and told the crowd that Romney would do for the country what the President just did for the First Lady. That would be totally bad ass. Then he could toss in a zinger about how awesome the sex was right after killing Bin Laden. I think we all know that evening was ear muff time for the Secret Service.

Jim Lehrer, who apparently died several months ago, moderated the debate. The pundits have been harsh on him today. But who else do you hire for the first debate? Do you hire someone who works for a Republican news network or someone from a Democrat news networks? Apparently the debate producers scoured the United States and decided that the only non-partisan left was a cadaver.

So glad I didn't watch.

An Ink-Stained Wretch Laments

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The Carrboro Citizen is shutting down its presses and its publisher, Robert Dickson, wonders aloud what the future holds for newspapers:

The problem is that professional journalism costs money, and that we have all gotten way too comfortable with getting our news for free. Journalists don’t make much money (just ask the Citizen staff), but they’ve still got to eat.

Newspapers have done this to themselves though, and pulling back from the brink is proving to be painful. The siren song of Internet advertising cash has not made up for the lost revenue from print editions. So, what do you know, newspapers across the land are deciding to charge for their online content. Gee, what a concept…

I’ve heard a neighbor tell me how easy it is to defeat the pay wall at The New York Times. The best $3.75 I spend every week is on that newspaper, and I can’t imagine a day without it. What’s our world going to be like when the Grey Lady goes down because readers won’t pay for content? Or The Wall Street Journal or The Washington Post or The News & Observer?

The republic will be on the rocks, that’s what will happen. We can have all the instant information we want, but we have to be able to trust it to make reasonable decisions…

So what does this have to do with the demise of The Carrboro Citizen? My pondering has led me to the belief that one future of hyperlocal news outlets, at least in the style of The Citizen, is as nonprofit entities.

It’s likely too much to ask of small local businesses to provide sufficient advertising revenue to sustain the necessary news coverage for a community like ours. A locally owned and operated nonprofit, however, could supplement ad sales with reader support and maybe a few grants, and come up with a sustainable model for local long-form journalism.

Who knows how we'll get our news in the future? Last night the country suffered through the first of three Presidential debates scheduled for this election season, and many of us tracked it by monitoring Twitter or Facebook. Who could have predicted even fifteen years ago that we'd be getting real-time "news" in 140 characters or less on a smart phone?

But that's news in the most shallow of senses, and does not answer the question of how/where we'll get the lcoal in-depth stories that have traditionally been the province of newspapers. Quite frankly the issue isn't the delivery system – paper vs. digital – but the ability for the people producing the stories to make a living doing it. 

The idea of creating a non-profit to house a local news operation is a good one, and for at least one more reason than Mr. Dickson mentioned: a non-profit is not owned by any one person and answers to a board of directors. Unlike a publicly owned company it isn't driven by the need to meet quarterly profit projections, and unlike a privately owned company it doesn't have to meet an owner's financial expectations or needs. Sure there will be people who exert more control on the organization than others, but there are mechanisms built into a non-profit corporation's structure that help prevent it going off the rails and losing focus on its mission. In fact, maybe its most important aspect is that its core mission moves from creating profit for its owners to serving its community's information needs. 

A non-profit structure wouldn't be a panacea, but if the objective is to create an institution that serves a community's information needs then it's probably a better fit than just about any other at this point in time. There's nothing wrong with for-profit newspapers, but as Mr. Dickson points out their days may be numbered.

Foreclosure Blossom

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Check out this interesting animated map showing how foreclosures exploded in the United States on a county-by-county basis. Interesting, but not surprising to folks in the Piedmont Triad, is the fact that the number of foreclosures in the area was already depressingly high in January '07, before the housing crisis hit most of the rest of the country. For instance in Forsyth County 1 in 837 homes was in foreclosure in January '07, and 1 in 549 in July '12. As you'll see when you look at the map, many other regions started out in better shape than the Triad, but quickly caught up as the economy tanked.