What I read

March 28, 2010

Probably Enough to Keep Me Busy

My name is Mark and I am an addict.  My drug of choice is information, particularly on current events.

I started really reading in junior high, but it got out of hand in high school.  At first it was two newspapers a day (Chicago Tribune and the Arlington Herald).  Sports first, then the other stuff.  My reading an article about a rape trial got me “the talk” from my dad. I was in Student Congress in high school and there wasn’t a current topic that was off-limits, so preparing meant covering a wide landscape.  The guy behind the periodical desk at the library came to dislike me.  That experience introduced me to the New York Times, Washington Post and Wall Street Journal, as well as a broader range of general and not so general interest magazines.  Foreign Policy, anyone?  It was a gateway drug.

I went into remission in college, then resumed consuming thereafter.  It’s now really out of hand with both internet’s accessibility and my not having a job.  But even when I worked, I still always had about 40 pages of articles I’d reformatted into two-column, 10-point font to carry with me.  Walking to a meeting, waiting for a lunch partner, lunching by myself, on the train, and in other places appropriate or not, my appetite for news could be described as insatiable.  In the last couple years, I’ve fallen in love with podcasting, so now I’ve got news in through my ears and eyes, often at the same time.  If you see me with my headphones, chances are good that I’m tuned into Fresh Air or something similar, rather than Green Day.

I don’t watch much TV; mostly sports and a few entertainment shows (Modern Family tops the list, Wednesdays at 9/8CT).  I only occasionally watch cable news, and that’s only because I like the way certain people write their material, not because it adds much to my knowledge or understanding of a topic.  Cable TV does all of us a disservice by conflating the ideas of “governing” and “politics” and treating both in the same way CNBC treats the stock market or ESPN treats the baseball season.  It’s not a game.  Policy-making, like history, happens over a long arc of time and does not change eight times within 24 hours. I couldn’t help but notice how the so-called conventional wisdom on President Obama turned 180 degrees in the moments following signing the health care bill (and publication of David Frum’s “Waterloo” analysis). One moment, he’s a political blunderer, the next a genius.  It was never either one and there wasn’t a switch magically flipped on Sunday.  While there are addition points made in this this NY Review of Books piece, it encapsulates my feelings on the topic pretty well.

I used to have a business relationship with CNN and conversations with their executives taught me much about how they think and their need to “feed the monster”.  Essentially, their argument was:  We’re on for 24 hours and have to have something to talk about, so we take small things, small differences, highlight them and if we’re lucky, we’ll get a run of a couple days out of a story.  If that happens, it’s that many fewer other little stories that we’ll have to report. It was akin to taking crap and throwing it against the wall to see what would stick, then talking about it until it fell off the wall.  It works great at first (e.g., the first Gulf War), but with the proliferation of channels, the hosts of these shows have to continually come up with unique things to be outraged about, lest they lose their gigs (think Beck and Olbermann; Hannity and Ed).  If there’s nothing to be outraged about, what’s the point of having them on the air?  So outraged they are.  And we lose the concept of rational discourse in the process.

But I digress.

So, I read.  Don’t tell my business colleagues, but reading about business bores me.

I occasionally get asked what I read.  Unlike someone who came to national prominence in the last couple years and was unprepared for that question, I have an answer.  It’s a long one.  I’m exhausted looking at it.  You’ll note that it doesn’t include Time, Newsweek or any of the other “general interest” magazines.  My sense has been that if they’re only going to publish weekly, their analysis had better be excellent because it comes so late; I find their websites generally uninteresting, too (too much celebrity coverage).  The last time I checked, I didn’t think it warranted the effort.

It’s a habit I can’t kick.  I read the occasional book, but while doing that, I’m thinking of the other current things I could be reading about, so it sort of sucks the pleasure out of it.  The only exception is when I get my hands on a good history book, since I can put myself in the historical context and read it as if it was a current event.  It’s more confusing to explain than to do.

So here’s the list.

Physical media:

Online – consistently (I pay for access to the WSJ.  I would pay for content at other providers, too.  The notion that this stuff all has to be free is flawed as far as I’m concerned):

Online – occasional

Podcasts:

  • PTI
  • C-SPAN After Words (from Book TV)
  • Fresh Air
  • NPR’s It’s All Politics
  • NPR’s Planet Money
  • PBS NewsHour
  • Slate’s Culture Gabfest
  • Slate’s Hang Up and Listen
  • Slate’s Political Gabfest
  • Countdown
  • This American Life
  • On The Media
  • Today in the Past

No Politico, Talking Points Memo or Daily Beast.

If I’m missing something, let me know.  There’s always room on the browser and in the stack of papers for another view.


What Hath God Wrought?

March 28, 2010

There’s a prominent international company whose employees have been engaged in criminal activity for many years. Management knows it, and the only action that they’ve taken has been to try to cover it up. Every once in a while there’s evidence brought forth of the extent of the criminal activity, but invariably, the perpetrator has gotten away and management just shrugs. The CEO knows, too. But he’s silent and because he resides in a foreign land, he seems to be immune from questioning about his knowledge or involvement when he was a manager.

Is it Siemens? Bear Stearns? Lehman? ADM? No. It is, of course, the Catholic Church.

I was sitting in church today reflecting on the horror or the latest story. The abuse of deaf boys in Milwaukee at the hands of a priest who, once he was found out, requested and received permission to be transferred and subsequently buried in his sacramental garments with a clean public record, despite the fact that his management chain knew of his actions—and didn’t turn him into authorities. The actions of the priest are unconscionable and the actions of his superiors in not dealing with this as a criminal manner are equally abhorrent and criminal.

This has looked like a criminal conspiracy to obstruct justice for quite a while. If this enterprise were a corporation, surely criminal prosecutions of managers would be contemplated. The public would be screaming for someone to go to jail. It must be stopped. I should think that authorities (in the U.S.) should have probable cause to subpoena the files of every archdiocese in which a priest was transferred out to see what the church knew and what it did or didn’t do about it. Why have they not already done so? Is this excessive deference to the role of the Church? To my non-legal eyes, it sure looks that way.

Now we hear that the current Pope knew of and enabled a transfer for priest(s?) involved in similar activities in Germany, who refuses to speak to the allegations. The pooh-poohing of the notion of wrong-doing only serves to increase the cynicism and doubt and decrease the faith.

It is a tragedy of epic proportions. For the faithful whose faith in these authority figures and this institution has been repeatedly betrayed. For the vast majority of the brotherhood of priests who are innocent of any wrongdoing and who have kept their vows, who are being stained with the shrapnel of these cases. And for society who needs no additional reasons to doubt the value of the message of God.

It is not uncommon for people of faith to question God’s mercy when faced with some horrible event. What kind of a God let’s this happen? What kind of a God gives a child an untreatable disease? What kind of a God let’s people ostensibly here to serve him and help his people gain faith abuse children? It’s heartbreaking to watch people who have been faithful to God their whole lives have such questions. The people that perpetrated these crimes are impostors. They are not men of God. The people that enabled them to commit these crimes are equally culpable.

The air needs to be cleared. This cover-up has to be stopped.


Tiger’s Text Record and the Shadow It Casts

March 19, 2010

She kept a transcript. She's got a website. A bad combo.

Today’s NYPost offers a piece on the posting by Joslyn James to her website of text messages allegedly from Tiger Woods.  If true, this is the gift that keeps on giving for comedy writers and the nightmare that won’t end for Elin (and maybe even Tiger).

On the theory that this story is accurate:

I wonder if someone should remind Tiger that the 12th hole at Augusta National is called “Golden Bell” and not “golden shower”.

I wonder if Tiger can even spell “misogyny”.

I’m no doctor, but wow.  Just wow, does this guy ever have problems.  Personal and professional problems.

With this stuff coming out (and who knows how much more of it there is from other sources), I think that success on the golf course might not be enough to rehab his reputation.

America loves a good second act, but when the lead character digs himself a whole this deep, it’s hard for me to imagine complete rehabilitation.  I keep thinking about the way Barry Bonds got treated at the end of his career–people believed he had taken steroids and cheated, and everything he did was tainted by that fact.   People hated the guy for what he stood for.  I know the Bonds case is different from this because of the performance enhancement element, but I can see golf fans and sponsors never getting over this.  Who (other than Tiger) knows hows how much more of this stuff is out there?  Will it continue to trickle out?  If you’re a potential sponsor, are you willing to take the chance that, knowing that what’s already out there is pretty “family unfriendly”, the unknown might actually be worse.  Although it’s hard for me to imagine stuff that could actually be worse than this.  I don’t get out much.

It is possible that having this come out now will desensitize people to what, if anything, that follows and that the shock factor, while high now, will drop over time. We’ve seen this in action before with political sex scandals. While President Clinton’s escapades shocked, does what we’ve heard about Sanford or Edwards really shock?  The sex part I mean, not the stupid part–the lies about going hiking or whatever it was that Edwards was doing.  I don’t think so.  We’re desensitized to many things that were once taboo–swearing on television being probably the best example.

But this feels different to me.  I don’t think that we’re desensitized to this kind of language, or this kind of imagery.


The looming (and necessary) tax increase

March 15, 2010

From today’s NYTimes comes another in their series of articles on water.  Today’s piece discusses the crumbling infrastructure in Washington, D.C.  The destruction of this system and others like it all over the country is the legacy of our misspent prosperity and our legislators’ inability to tackle even the (seemingly) simplest of problems that face us.

Today, a significant water line bursts on average every two minutes somewhere in the country, according to a New York Times analysis of Environmental Protection Agency data. In Washington alone there is a pipe break every day, on average, and this weekend’s intense rains overwhelmed the city’s system, causing untreated sewage to flow into the Potomac and Anacostia Rivers.

State and federal studies indicate that thousands of water and sewer systems may be too old to function properly.

For decades, these systems — some built around the time of the Civil War — have been ignored by politicians and residents accustomed to paying almost nothing for water delivery and sewage removal. And so each year, hundreds of thousands of ruptures damage streets and homes and cause dangerous pollutants to seep into drinking water supplies.

This is what we will leave our children: a broken-down system incapable of delivering the water we need to survive because no one wants to pay for it.  The unrealistic expectations of the masses with respect to their desire for low tax bills are sure to turn into outrage (or worse) when the taps run dry.   It’s our own fault.


Limericks for St. Patrick

March 14, 2010

A couple years ago, we were invited to a party in which the ticket for entry was a limerick. It’s the lowest form of poetry, which is why it’s always appealed to me. I was trapped on the tarmac at LGA the afternoon of the party and just started working one out. It was in the middle of the Eliot Spitzer / Call girl scandal, so he was the easiest target. Those original three limericks are sadly lost to history. I remember a few of the lines. I rhymed Spitzer with “schvitz her”. Once I figured out that the woman involved had a handy nine syllable name, Ashley Alexandra Dupree, I was off to the races, too.

I wrote a few last year, too, which I think are already posted. If not, I’ll get them up, but I set the bar impossibly high with the Spitzer work.

Here are the two I wrote this year:

Tiger liked to play more than one hole
Moms and kids see him a “model” role
He won’t ride in carts
But he’ll sext with some tarts
His sex rehab won’t save his soul

Elin Woods is a cute mom of two
Now knows of his penchant to screw
Pix not safe for work
He’s proved quite a jerk
He’d do many an ugly girl, too.


Local Reality Shows

March 11, 2010

The stories are true. The names have been eliminated to protect from the humor.

My favorite reality show really isn’t a show, it’s the local zoning board hearings broadcast on cable access.  Neighbor vs. neighbor.  Tears.  Accusations.  Lawyers. Architects explaining their “vision for the space”.  Politicians, some bright and thoughtful, others less so.  It’s got it all.  While the show has been much less interesting since the real estate bubble blew up like Able over Bikini Atoll, it’s still worth watching.

My other “slice of local life” of course is the police blotter in the weekly local paper.  The hardships and difficulties of the people in these pages are real and in some cases very serious.  Sometimes they involve kids with drugs, others adults being pulled over at odd hours.  What amuses me are the sagas associated with some of the other, less serious items.  Perhaps it’s in the way they’re written by the news staff, or maybe it’s the way they appear in the police reporting.  We’ll never know, but week after week, there’s always something that grabs my attention and makes me wonder (and laugh).

Someone broke into a home some time between 4:03 p.m. and 9:36 p.m. March 6 on the XXXX block of [Flower] Lane and stole a bag of jewelry. It contained a $5,000 diamond watch, a $2,600 engagement ring, a pair of $2,000 diamond earrings and other items the owner could not recall. Two women’s purses and $100 in cash also were reported stolen.

A “bag of jewelry”?  I’ve heard of jewelry boxes, safes, hallowed out books and other things in which jewelry is kept, but a bag?  That’s awesome. Was it just lying there on the kitchen table?  Was it labeled “Jewelry” like it always was in episodes of Batman? And what’s with the precision on the estimated time of the break-in?  4:03pm and not 4:02 or 4:06?  Isn’t it an estimated time anyway? Is this victim wearing a tracking bracelet on his ankle that lets authorities now his precise whereabouts at any time?  If the cops find a suspect, can he say “I was there at 3:58pm, but not 4:03”?  I’m also sure that the insurance company will be happy to pay the claim on the “other items the owner could not recall”, too.

A [local] woman reported her diamond ring, which she purchased in 2004, was a fake. She told police she paid $15,623 for the 2.65 carat diamond ring from [Joe’s Jewelry Shop] at ##### [Main] Ave. She recently had it reappraised and was told the diamond was a fake. She also said she’s had the ring cleaned by several different jewelry stores in the past, but did not believe anyone tampered with it.  The owner of the original jewelry store has since sold the business and retired.

He thanks you for your patronage and sends his regards from a country without an extradition treaty with the U.S.  Reporting this to the police creates at least two problems and doesn’t solve the original one:  The only people I know that get jewelry reappraised are the ones that are trying to sell it.  That’s out of the question now, although I’m sure there’s a pawn shop someplace nearby that might look at it–but they might think it’s stolen.  Worse (?), all her friends now know it’s a fake so wearing it becomes problematic.  “Oh is that the fake ring?  I would have never known if you hadn’t told the police.”  “Oh, poor ******.  Bless her heart.  Doesn’t she have a real diamond ring to replace that fake one?”  She can’t even “lose” the ring now and try to (fraudulently) claim on the insurance!  I hope she remembers to cancel the policy on the ring.

A resident on the XXXX block of [Michigan] Avenue reported that he found footprints leading to and from the front door and side windows on both the east and west side of the home.

“…to and from the front door”?  No one EVER walks up to the front door.  Would it have been better had the footprints only led TO the door?  Does the mailman have an alibi?

Great stuff.

(I’m not sure why I felt compelled to hide or disguise some of the information in the publicly available blotter.  It just felt like the right thing to do.)


Thinking about underwear (in an uncreepy way)

March 6, 2010

Why does underwear come with ironing instructions? If Richard Pryor was right that cocaine is God’s way of telling you that you have too much money, then surely ironing your undershorts is God’s way of telling you that you have too much time.


Revised Marketing Approach Required

March 4, 2010

When you’re walking down the street it’s uncommon for strangers to come up and want to talk to you, but it occasionally happens.  Could be Greenpeace, the ASPCA, a political candidate or a panhandler.

So today I’m walking down the street in a little bit of a crowd and there’s such a guy up ahead of me that’s looking to talk to people as they pass by.

Guy:  “Can I ask you a question?”

Passerby:  “You just did,” as he keeps walking.


More write-downs ahead for banks

March 4, 2010

Be afraid. Be very afraid.

I know this is getting tedious but, I can’t help it.

Today’s Wall Street Journal included a story about how home mortgage refinancing volumes aren’t as high as expected, even though interest rates are low and being kept low by the Federal Reserve.  The premise of the story is:  there’s money being left on the table by borrowers who aren’t refinancing.

But buried in the article is a reason to continue to be very concerned about bank balance sheets and the write-offs yet to come.

John Albright, a retired Navy officer in Manassas, Va., hasn’t been able to refinance because the value of his home has plunged. He figures its market value is now around $275,000, but he and his wife still owe more than $500,000 on their mortgage.

Their refinance application was turned down last year because they lacked equity in the home. He says his lender told him he could refinance only if he could come up with about $200,000 to pay down his mortgage. So they are stuck with an interest rate of about 6.5% at a time when his wife’s income has declined. “We’re going from paycheck to paycheck, but what can you do?” Mr. Albright says.

Here we have a couple who appears to be still paying on their mortgage, but has no hope of refinancing into a lower rate because the amount they owe exceeds the market value of their home by a huge amount.  The Albrights are stuck in this house until and unless one of two things happen:  either home prices skyrocket or they convince their bank to reduce the principal balance of the mortgages to something closer to the current market price, and they might only do this in a “short sale” if  the Albrights want to move.

This is obviously bad news for the Albrights, but it’s equally bad for their lender.  This mortgage is likely still being shown on the banks books as “current” since the Albrights appear based on the article to be making payments.  But if you were to mark this loan today, you’d have to say that there’s an embedded loss for the lender of $225,000–the difference between the current mortgage and the market value.  I’m feel safe in saying that whoever holds this paper hasn’t recognized this loss yet simply because the loan is still paying.

All of which is a long way of saying that the problems in residential real estate are starting to feel “perpetual” (even though they won’t be, it just feels like it), and there are more losses buried on banks’ balance sheets (as if we need to be reminded of that!).


The looming tax increase

March 1, 2010

The closer you look, the smaller it gets

This has nothing to do with Democrats or Republicans or who is president.

Today’s Wall Street Journal shows that the effect of the financial crisis on states and municipalities (and taxpayers) is only starting to be felt. As state pension funds cut investment return forecasts (to reduce the need to take excess portfolio risks), the difference must be made up by taxpayers.

At Calpers, about 75% of payouts come from the pension fund’s investments, with the remaining 25% tied to contributions from California governments and employees. According to Pew, a hypothetical $100 billion pension fund that achieved a 7.75% return rate for 10 years would have about $211 billion. With a 6% rate, the same fund would grow to $179 billion—a difference of $32 billion.

That $32 billion will come on the backs of California taxpayers.

Note to IL residents: If Calpers is cutting from 7.75% to as low as 6%, consider that IL is still at 8.6% on an $8.7 billion asset pool.  If IL cut to 6%, that’s about a $4bn addition to an existing $45bn unfunded pension liability gap.

We’ve made promises to workers that we can’t afford to keep.  The Pew Center on the States reports that the total gap is about $1 trillion ($1,000,000,000,000).  Those promises were made to people that are critical to our survival,both literally and figuratively (e.g., firemen, policemen, teachers), who are relatively low on the pay scale and who aren’t eligible for social security.  It’s not as simple as cutting the payouts to the recipients.  The whole social contract needs to be rethought.

As being known as something of a cynic, I was disappointed in myself that I was continue to be surprised and disappointed by the lack of vision and the unwillingness of our elected officials to tackle the tough problems we face, preferring instead to focus on those less difficult issues that will offend no one and help keep them in office.  In the meantime, the problems created from when we were seemingly awash in money and nothing bad would ever happen to us, continue to get worse and the hole gets deeper.

The first rule of being in a hole is “stop digging”.  As a nation, our elected officials always seem to have shovels in their hands. (And that’s not a crack at the very necessary stimulus plan.)