Category: Media

Just How Gay is Joseph Farah?

It appears that some wag has regularly hacks Joseph Farah’s wiki page, and he is having a hissy fit about this.

The opening line reads:

Joseph Farah is an American author, journalist, and editor-in-chief of the website WorldNetDaily (WND). Farah is of Syrian and Lebanese ancestry.

And he replaces it with:

Joseph Francis Farah is an Evangelical Christian American journalist and noted homosexual of Lebanese and Syrian heritage.

(emphasis mine)

Let’s be clear, the guy doing defacing the Wiki entry is a jerk, because you don’t edit a wiki entry without some sort of citation, even if it’s just, “A friend of a friend of my cousin said that Joseph Farah sucked his dick,” anything else just vandalism.

That being said, when I look at that picture I do wonder about him, because that picture sets off my Gaydar, and I didn’t even know that I had Gaydar.

Sheila Bair Starting to Get Glowing MSM Coverage

So, the head of the FDIC is now starting to get laudatory coverage, the link is to CNN, just a week after Timothy Geithner leaked that he wanted her gone.

Needless to say, and the article points this out, her relationship with other regulators is very much like former CFTC chairman Brooksley Born, who correctly predicted the CDS train wreck, and was run out of town on a rail by Larry Summers. (Yeah, him again)

Also, we now know why Geithner wants her out:

And Bair is a mother bear about the FDIC. That has got her into hot water with the other regulators, who are more focused on stabilizing institutions like Citigroup and AIG. They didn’t like it when she reversed her position on a Citi-Wachovia merger in late September when Wells Fargo came in with a deal that alleviated the need for government help.

When Citi required a capital infusion last month, she stood firm about limiting the FDIC’s exposure, according to a person knowledgeable with the negotiations, and attached some conditions, for example requiring Citi to modify troubled mortgages along the lines of IndyMac’s program.

Her vigilance is less about ego than it is about protecting the FDIC and all that it stands for. Created by Congress in 1933 to restore public confidence in the nation’s banking system, the agency is funded not by the government but by fees from the bank whose deposits it insures. So it’s not a bottomless pit.

So, she appears to be the only one there who does not think that big banking are in fact a bunch of Ivy League educated geniuses who not only need to be bailed out, but she also disagrees that they should get a free ride on that bailout.

She objects to policies that puts the nation’s guarantees to depositors in jeopardy, and requires that the recipients do things that might cause short term damage to the balance sheet, and to their year end bonuses, but will benefit the companies and the nation in the long term.

Heresy!

And While We are Talking About Failing at Newspaper Publishing

It looks like the New York Times will borrow about $225 million against the value of its headquarters building:

The Times Company owns 58 percent of the 52-story, 1.5 million-square-foot tower on Eighth Avenue, which was designed by the architect Renzo Piano, and completed last year. The developer Forest City Ratner owns the rest of the building. The Times Company’s portion of the building is not currently mortgaged, and some investors have complained that the company has too much of its capital tied up in that real estate.

The company has two revolving lines of credit, each with a ceiling of $400 million, roughly the amount outstanding on the two combined. One of those lines is set to expire in May, and finding a replacement would be difficult given the economic climate and the company’s worsening finances. Analysts have said for months that selling or borrowing against assets would be the company’s best option for averting a cash flow problem next year.

(emphasis mine)

Let’s calmly take a look at this.

The New York Times dumped hundreds of millions of dollars into a new building in downtown Manhattan, buying it with cash, and now they are concerned about liquidity.

The Times had a building, but for some reason they had to buy a new one, and it had to be in Manhattan, and it had to have everyone in it.

There is no reason, for example, that advertising could not have been put in Brooklyn, or White Plains, or for that matter, Mumbai.

The same goes for the bureaus that cover the other boroughs.

But management wants their shining castle in Manhattan.

This makes me miss Steve Gilliard, because his writing on Salon.com talked about this sort of stupid egotism in detail, and I’m sure that he would have had a field day writing about this.

Tribune Company Files

So, one of the largest media companies in the world has filed for bankruptcy.

A lot of people will say that this shows how badly newspapers are hurting as a business, and they are wrong.

Sam Zell’s model was as follows:

  • Borrow lots of money to buy company.
  • Borrow lots of money to expand company.
  • Borrow lots of money to go private.
  • Attempt to maintain a positive balance sheet by gutting the product to cut costs.
  • Fail.

This is a model of someone who does not believe in the product. This is passenger rail in the 1960s, when the railroads decided that they could not compete, so they sucked money out of the operations in order to buy other things, and created a product that no one wanted to buy.

Wall Street has been demanding profit margins in excess of 25%, and you cannot do that and deliver a good product, so they achieve it for a while delivering a bad product, and people like Sam Zell talk about cutting the fat.

The only fat here is between Sam Zell’s ears.

A Book Plug

I enjoy reading his posts at Wetmachine, and I will be checking out excerpts online (links below):

From: John R. Sundman
To: me
Subject: A “Very Special” post-Thanksgiving message from John of Wetmachine

Hey Matthew,

Although I don’t comment much on 40 years, I do read it quasi-regularly. And I have had you on my blogroll for some while. On that basis, I take the liberty of sending you this “very special” message.

If you have any inclination at all to buy any of my books (especially a pre-order of The Pains), or to pimp them on your site, now would be a good time to do it.

I hate doing the hard sell, but the fact is that I’m unemployed and nearly broke, and selling these books is my only source of income. Of course, I could go back to driving a moving van, and will probably do so in January unless the economy is in a total shambles by then. I ran into my old boss, the crazy man called “Trip”, and he said I can drive for him whenever I want. But in these “shopping days” it seems to me that bookpimping might be a better use of my time.

The thing that’s scaring me, frankly, (besides missing the mortgage, and so forth) is that I haven’t yet pre-sold enough copies of The Pains to pay for an initial print run, and if I don’t see a few hundred more copies in the next week or so, I’m going to have to refund the money to everybody who has put in a pre-order.

So, I’m putting on the hard sell, & trust our relationship is strong enough to weather a little targeted spam. Which I will be custom-crafting to hundreds of my friends over this Thanksgiving break — thereby either re-igniting my novelistic career, or pissing off every friend I have, or both.

Perhaps you can pass this info along on my behalf?

Here’s the intro to The Pains, with an illustration I’m sure you’ll love,

http://www.wetmachine.com/item/1389

Here’s how to buy my books online:

http://www.wetmachine.com/shop/wetmachineshop.html

and here’s how by check:

http://www.wetmachine.com/order/orderprint.html

Happy post-Thanksgiving,

jrs

Paul Krugman pwn$* George Will

It’s nice that Krugman was there when George Will started spewing the standard talking point of the Republicans about the Great Depression, that Roosevelt made it worse because investors went on strike.

The reality is, that the economy clawed its way back because of the New Deal, and when Roosevelt eased up on the fiscal gas in 1937, everything went down again.

In 30 seconds, he showed Will that he did not know what he was talking about.

What worries me is that most days, Krugman would not have been there.

*Owns

Start by Firing Deborah Howell

The Washington Post has a problem with reality.

While its news gathering operation is pretty good, its editorial outlook, which seems to be in a constant state of apology for having uncovered Watergate, seems to have no recognition of reality or truth

This is a problem, because truth, not balance, should be the goal of a journalistic enterprise.

Case in point, Ombudsman Deborah Howell, who is calling for political affirmative action in the news room:

Are there ways to tackle this? More conservatives in newsrooms and rigorous editing would be two. The first is not easy: Editors hire not on the basis of beliefs but on talent in reporting, photography and editing, and hiring is at a standstill because of the economy. But newspapers have hired more minorities and women, so it can be done.

She is calling for wingnut welfare (affirmative action), and this is wrong for a number of reasons:

  • She is implying that women and minorities were only hired because of affirmative action,
  • She is calling for the hiring of unqualified conservatives.
  • She is asking editors to vet new hires on their politics rather than their professionalism.

I have no clue what Ms. Howell does for a living, but it does not appear to be journalism.

Tom Friedman, Suck on This

Tom Friedman, the New York Times Columnist, and blithering idiot, who is always suggesting that we should give the Iraq War, “Another 6 Months,” is having financial difficulties.

You see, he married into money, a lot of money. His wife is an heir to the General Growth Properties fortune, and since September, the value of the stock in the company in which the family wealth is held has fallen in value from a high of $51/share to 35¢ a share (See stock chart below), taking the value of the family fortune from $3.6 billion to $25 million.

In fact, GGP is warning of a potential bankruptcy.

As to my saying, “suck on this,” I am actually quoting Thomas Friedman, who, in an interview with Charlie Rose, suggested that it was imperative that we invade some Arab country to show that we were serius:

We needed to go over there, basically, um, and um, uh, take out a very big state right in the heart of that world and burst that bubble, and there was only one way to do it.

What they needed to see was American boys and girls going house to house, from Basra to Baghdad, um and basically saying, “Which part of this sentence don’t you understand?” You don’t think, you know, we care about our open society, you think this bubble fantasy, we’re just gonna to let it grow? Well, Suck. On. This.

(emphasis mine)

This places him in exactly the same position as the Rwandan radio broadcasters who were convicted of crimes against humanity, and any misfortune that he suffers for his continuing advocacy of an invasion that has cost hundreds of thousands of innocent civilians renders me incapable of feeling the smallest bit of sympathy.

I guess it makes me a bad person, but I haven’t had a hand in killing nearly a million Iraqis….Scratch that…We all had a hand in that as Americans, because it was done in our name, but he was cheer leading from his position atop the most respected news paper in the nation.

Here is the vid of the interview. Look at it, because this is what evil looks like.

Good Prank

Well, it looks like a bunch of pranksters created a phony New York Times, and handed it out in major cities:

The Associated Press reported that copies of the spoof paper were also handed out in Los Angeles, San Francisco, Chicago, Philadelphia and Washington, and that the pranksters — who included a film promoter, three unnamed Times employees and Steven Lambert, an art professor — financed the paper with small online contributions and created the paper to urge President-elect Barack Obama to keep his campaign promise

The usual suspects for organizing this are the Yes Men, and there is a web page, which, at least for me, is not that Firefox friendly.

The War Nerd on Eastern Congo

His only posts every few weeks typically, and when he covers conflict, there is a glee that is a bit unsettling (he admits it himself), but he knows and understands conflict, both on the tactical level and the social level, to a degree I have not seen elsewhere.

Case in point, his latest post on the ongoing conflict in eastern congo:

Every word, every disgusting damn word, of these BBC and Guardian stories is bullsh@#. actually makes me sick, listening to these stupid lies over and over. The reason Nkunda’s little army (estimates range from 5000 to 10000 men) advanced into Eastern Congo this week is that the Hutu gangs were getting a little too aggressive about jumping ethnic-Tutsi villages in eastern Congo, killing the men and kidnapping women and girls as sex slaves. Nkunda knows very well nobody else will protect the Tutsi, for the simple reason nobody ever has. So he went in to do it himself.

(expletives expurged mine)

Read the whole thing, because it’s a wonderful background on the whole region, Rwanda included, and it makes it clear that the continued operation of Refugee camps by the UN and NGOs long after it was clear that almost all of these people could return home without any major retribution is the real problem here, and not Nkunda.

Quoting again:

The rest fled into the forests of Eastern Congo. They’re the “refugees” that [BBC Reporter] Orla Guerin feels so sorry for: the frickin’ monsters who did their best to kill the whole Tutsi population of Rwanda in ninety days, like they were on one of those timed shopping sprees.

As I’ve said before, I lost most of my respect for the NGO’s, and much in the way of the UN’s refugee apparatus, when they signed off on running concentration camps for the ethnic Albanians in Kosovo.

If there were no refugees, they would not have a job, so they do their best to make sure that there are refugees.

Go read the whole thing.

Shoot Me Again, I’m Quoting Andrew Sullivan Now

Read his opening ‘graph:

Some readers think my continuing attempt to expose all the lies and flim-flam and bizarre behavior of Sarah Palin is now moot. She’s history – they argue. Move on. I think she probably is history. Even Bill Kristol and his minions in the McCain-Palin campaign may not be able to resuscitate her political viability now. But even if she is history, she is history that matters.

That she is a disaster is certain. That she will fade back to well deserved obscurity is likely.

That this should have never happened in the first place is what needs to be examined.

The idea that Bill Kristol, a man who has nothing to recommend him except his parents, got her nominated as VP because he had a crush on her after meeting her at the governor’s mansion while on an Alaska cruise for conservatives is frightening.

That the media treated her as something other than a joke compounds the terror.

That the media is now actively participating in her rehabilitation leads one to despair.

They are Irrelevant

Timothy Burke makes a very good point:

It’s schadenfreudey fun to read the ongoing psychotic meltdowns at various far-right sites like the Corner, I agree. But there’s little need to take the really bad-faith conservatives seriously now. For the last eight years, we’ve had to take them somewhat seriously because they had access to political power. You had to listen to the hack complaints about academia from endlessly manipulative writers because it was perfectly plausible that whatever axe they were grinding was going to end up as a priority agenda item coming out of Margaret Spelling’s office or get incorporated into legislation by right-wing state legislators. You had to listen to and reply to even the most laughably incoherent, goalpost-moving, anti-reality-based neoconservative writer talking about Iraq or terrorism because there was an even-money chance that you were hearing actual sentiments going back and forth between Dick Cheney’s office and the Pentagon. You had to answer back to Jonah Goldberg not just because making that answer was arguably our responsibility as academics, but also because left alone, some of the aggressively bad-faith caricatures he and others served up had a reasonable chance to gain even further strength through incorporation into federal policy.

(emphasis original)

I would disagree on two points:

  • Schadenfreudey is an offence to the English and German language. I believe, based on my limited German, and some Google, it should be Schadenfreudes.
  • The are no seriously good faith conservatives out there. This is simply misplaced optimism. Modern conservatism is, as John Kenneth Galbraith said, “The search for a superior moral justification for selfishness.

Quite honestly, movement conservatism, which I admit is not all of conservatism, has always been so. When looks at William F. Buckley and his spawn, it is all about preserving hereditary privilege, and the feeling of superiority that comes from justifying the unjustifiable.

That’s why you see so much in the way of Racist screeds in the 1950s and 1960s in the National Review, many from Buckley’s own poison pen.

There are also the haters, Delay and Musgrove come to mind, who are simply motivated by hate, and find conservationism the easiest way to find an outlet for their hate.

There are, of course, the inevitable hangers on: people who find personal affirmation on being part of “the movement”, particularly when it is in the ascendancy, but this is largely a social, and not an ideological phenomenon but a social one.

At its core, movement conservatism in the United States believes that nothing can be done to improve anything, and thus, there is no more point in dialog with them than there would be with a turnip.

As to “non-movement” conservatives….I’ve never met any, except for senior Catholic clergy, Bishops and higher, who appear to pine for the days of feudalism, and al Qaeda, who pine for the days of feudalism, but feudalism a few miles further east.

The Question is, What are They Covering Up

The Bloomberg News has filed suit in federal court to require the Federal Reserve to disclose the securities received in what I call it’s sh^%pile for cash program.

The Fed is claiming that it’s, “confidential commercial information,” which is (my guess) lawyer speak for worthless garbage.

The Bloomberg followup story notes that, “The Fed made the loans under terms of 11 programs, eight of them created in the past 15 months, in the midst of the biggest financial crisis since the Great Depression,” which is a pretty damn good reason for some openness here.

You have to remember that these programs have created new and not fully understood markets, and that the programs in question are directing money toward entities whose business model is to use information asymmetries to generate profits.

A lack of transferency is not the fox running the hen house, it’s Colonel Sanders running the hen house.

Quote of the Day: Alan Greenspan’s Woman

Dean Baker on Andrea Mitchell on Obama cabinet appointments:

I usually don’t watch much television news. When I do, I realize why. I saw Andrea Mitchell tonight talking about who President Obama will turn to for help in dealing with the financial crisis. The first two names were at the top of the list of people who gave us the financial crisis: Robert Rubin and Larry Summers. This would be a bit like turning to Osama Bin Laden for aid in the war on terrorism.

(emphasis mine)

On a deeper note, Andrea Mitchell is about as close to ground zero on conventional wisdom as one could get, and so the general level of clueless of the Beltway Boyz™ is just a complete mind f^%$.