Crossposted from The Stars Hollow Gazette

Twitter Restores Journalist’s Account But Remains at Ethical Crossroads

By Mat Honan, Wired

July 31, 2012

When news broke that Twitter had suspended journalist Guy Adams’ account for violating its privacy rules by tweeting the email address of NBC executive Gary Zenkel, it sent shock waves across the Twitter community.

…

Here’s an interesting thought experiment. Imagine that instead of going after an NBC executive, Adams’ target was a dictator. Imagine that Adams tweeted, say, Syrian president Bashar al-Assad’s email address, along with a call to action to protest his policies. Had Twitter worked back-channel with the Syrian government, showing it how to have Adams’ account taken down on a technicality, it would clearly be an indefensible act of censorship. Heads would roll.

But even though the issues at play are smaller when someone criticizes Olympic coverage, Twitter’s actions are no more defensible. Especially because Adams broke none of Twitter’s rules.

…

Just because the Adams flare-up revolves around sports on TV, Twitter should take this no less seriously than were it a geopolitical issue. The same principle is at stake: free speech. Although Twitter must comply with local laws, none were broken in this case. Twitter should defend that principle, or abandon it completely. There’s no room for middle ground – especially when it involves a corporate partner. Users are right to be distrustful of Twitter after this debacle. Reinstating Guy Adams’ account was a good first step, but Twitter needs to go farther.

…

It needs to treat the person who gave special favor to NBC no differently than it would treat someone who gives special favors to the Syrian regime. It must stand by its “tweets will flow” stance in every case if it’s to demonstrate that it stands for principles, and not just marketing.

Or, it can be a big media player, like its partner, Comcast, which owns NBC.

Just another example of the casual crony corruption of the current capitalist system.

Crossposted from The Stars Hollow Gazette

A World Without Coral Reefs

By ROGER BRADBURY, The New York Times

July 13, 2012

It’s past time to tell the truth about the state of the world’s coral reefs, the nurseries of tropical coastal fish stocks. They have become zombie ecosystems, neither dead nor truly alive in any functional sense, and on a trajectory to collapse within a human generation. There will be remnants here and there, but the global coral reef ecosystem – with its storehouse of biodiversity and fisheries supporting millions of the world’s poor – will cease to be.

Overfishing, ocean acidification and pollution are pushing coral reefs into oblivion. Each of those forces alone is fully capable of causing the global collapse of coral reefs; together, they assure it. The scientific evidence for this is compelling and unequivocal, but there seems to be a collective reluctance to accept the logical conclusion – that there is no hope of saving the global coral reef ecosystem.

…

But by persisting in the false belief that coral reefs have a future, we grossly misallocate the funds needed to cope with the fallout from their collapse. Money isn’t spent to study what to do after the reefs are gone – on what sort of ecosystems will replace coral reefs and what opportunities there will be to nudge these into providing people with food and other useful ecosystem products and services. Nor is money spent to preserve some of the genetic resources of coral reefs by transferring them into systems that are not coral reefs. And money isn’t spent to make the economic structural adjustment that communities and industries that depend on coral reefs urgently need. We have focused too much on the state of the reefs rather than the rate of the processes killing them.

Overfishing, ocean acidification and pollution have two features in common. First, they are accelerating. They are growing broadly in line with global economic growth, so they can double in size every couple of decades. Second, they have extreme inertia – there is no real prospect of changing their trajectories in less than 20 to 50 years. In short, these forces are unstoppable and irreversible. And it is these two features – acceleration and inertia – that have blindsided us.

…

This is not a story that gives me any pleasure to tell. But it needs to be told urgently and widely because it will be a disaster for the hundreds of millions of people in poor, tropical countries like Indonesia and the Philippines who depend on coral reefs for food. It will also threaten the tourism industry of rich countries with coral reefs, like the United States, Australia and Japan. Countries like Mexico and Thailand will have both their food security and tourism industries badly damaged. And, almost an afterthought, it will be a tragedy for global conservation as hot spots of biodiversity are destroyed.

What we will be left with is an algal-dominated hard ocean bottom, as the remains of the limestone reefs slowly break up, with lots of microbial life soaking up the sun’s energy by photosynthesis, few fish but lots of jellyfish grazing on the microbes. It will be slimy and look a lot like the ecosystems of the Precambrian era, which ended more than 500 million years ago and well before fish evolved.

5 x Five – Colbert Report on Unions – Police (02:50)

This is probably the last week for a while when I’ll be highlighting TDS/TCR mashups, these from The Colbert Report were posted on 7/9.

5 x Five – Colbert Report on Unions – Teachers (02:50)

Conventional Media–

NBC criticised over Olympics 2012 TV fumbles

Matt Williams, The Guardian

Sunday 29 July 2012

(A)fter taking a online shellacking over perceived failings in its opening ceremony coverage, host Meredith Vieira belatedly mentioned on Saturday night’s show a memorial segment it had failed to air live the previous night.

But it was the decision to not show some of the action live on TV that drew the apparent ire of online complainers.

New Media–

Smug American Elitism at the Olympics Opening Ceremony

By: Kevin Gosztola, Firedog Lake

Saturday July 28, 2012 1:11 pm

It is a running joke that Americans learn geography or about countries outside the United States only when the US military decides to invade a country. Presumably, this is why NBC broadcasters Bob Costas, Matt Lauer, and Meredith Viera announcing the Olympics opening ceremony would be sharing trivia about each country, especially information that Americans might be able to understand even if they were terribly uneducated. But that should be no justification for the candor of the commentary during the broadcast of the Opening Ceremony, which was frankly an example of smug American elitism and often outright condescension.

For example, Bob Costas said North Korea’s greatest athletic achievement belongs to “dear leader Kim Jong-Il who, according to his official biography, carded 11 holes-in one, not over a lifetime but over the first round he played.

…

This went on for just about every other country. “Churchill never met Idi Amin,” Costas said as Ugandan athletes walked in the stadium. An anecdote about Kuwait mistakenly playing the Kazakhstan national anthem in the film Borat was shared as Kazakh athletes made their entrance. He mentioned the animated movie franchise Madagascar as Madagascan athletes strode by the camera. And, of course, like a school boy learning the country’s name for the first time or a character in a Christopher Guest film, he said, “There are some countries whose names just make you smile,” as Djibouti walked by.

The comments were not limited to quips that fell flat. Costas’ introductions of many of the countries seemed to highlight the worst aspects of each country’s history or inadequacies in the country that Costas himself may or may not have experienced personally. He said, Egypt is in “a transition of some sort,” and added, “From military dictatorship to Jeffersonian democracy? Not quite.” He noted that Kiribati does not have regularly scheduled flights to Honolulu. He ominously reminded audiences that world leaders are keeping a “wary eye” on Pakistan. He described how Australia was “originally founded as a penal colony.”

…

Coupled with the fact that NBC cut out the ceremony’s memorial of the 7/7 terror attacks in London and Saudi Arabia’s first female athletes entering, NBC’s presentation of the opening ceremony was appalling, hokey, and downright imbecilic. Broadcasters of the American idiocracy were in true form.

It is not like Americans are given much exposure to people or culture in countries outside of the United States. They are consistently indoctrinated with this idea from all politicians that they are citizens of the Greatest Nation on Earth. So, perhaps, it is not surprising that broadcasters on NBC would reinforce this predominant ideology of exceptionalism in our society. But is it too much to expect that NBC announcers would, for the few seconds that these countries go by, not offer smug or sneering remarks that call out the imperfections of each country’s current politics or past history?

From Up w/ Chris Hayes

Crossposted from The Stars Hollow Gazette

Could this be accountability?

Management shuffle at JPMorgan

DAVID HENRY and JED HOROWITZ, Reuters

Published Friday, Jul. 27 2012, 12:37 PM EDT

JPMorgan Chase & Co. chief executive Jamie Dimon reshuffled managers just below him, signalling that the biggest U.S. bank is preparing for life after its famed boss.

…

The management moves will mean a number of senior positions are jointly held by two executives. Analysts said the shared responsibility is a response to the trading losses that came from the bank’s chief investment office.

…

This is at least the third management shakeup in three years for the bank, which has long faced questions about who would lead it after Mr. Dimon, 56, steps down. In a June 2011 shakeup, reporting lines were streamlined.

Maybe not so much.

Mr. Dimon has said he likes to move promising executives around to give them experience in different parts of the bank, a management philosophy popularized by General Electric Co. The moves were being lined up earlier this year, but were delayed when multibillion-dollar losses surfaced in a portfolio of credit derivatives, bank spokesman Joseph Evangelisti said.

Adapted from The Stars Hollow Gazette

Of course every Olympics begin with the Opening Ceremonies in which the host nation showcases its culture, its history, and terrifying lockstep unity.

Our good buddy Mitt didn’t strap Rafalca to the roof of his Bain Capital Gulfstream to drop him off, he’s not even going to visit; but he did use his Salt Lake City cred to win the hearts and minds of his United Kingdom hosts.

David Cameron hits back at Mitt Romney over London 2012 doubts

Owen Gibson, Olympics editor, The Guardian

Thursday 26 July 2012

Romney said the fallout from the G4S security fiasco and a threatened strike by immigration officials were “disconcerting” and questioned whether British people would get behind the Games.

“Do they come together and celebrate the Olympic moment? And that’s something which we only find out once the Games actually begin. It is hard to know just how well it will turn out,” said Romney.

But Cameron, who was due to meet Romney later on Thursday, said: “In terms of people coming together, the torch relay demonstrated that this is not a London Games, this is not an England Games but this is a United Kingdom Games. We’ll show the world we’ve not only come together as a United Kingdom but are extremely good at welcoming people from across the world.”

…

Asked whether the Games and Danny Boyle’s opening ceremony, which will be watched by a predicted 1 billion people, offered an opportunity rebrand the country, Cameron said: “We don’t need to rebrand Britain. Britain has a great brand. I hope people will see all the things they like about Britain’s past, our history, our contributions to world development. But I also hope they will see a very open country and one that has an enormous amount to offer for the future.”

Olympic Games already have their share of controversies

By Shashank Bengali, McClatchy Newspapers

Thursday, July 26, 2012

Some 36,000 troops, police and hired contractors will stand guard at Olympic venues and on the streets of London and other cities. After the private security firm G4S acknowledged last week that it wouldn’t be able to furnish all of the 10,000 contractors it had agreed to, British officials called up additional service members to fill the gap.

The foul-up compounded what for many Londoners is beginning to seem like a long, costly summer, which began with a lavish diamond jubilee for Queen Elizabeth II and has coincided with ever bleaker economic news: The Office for National Statistics reported Wednesday that the economy had shrunk by 0.7 percent from April to June, a far worse contraction than had been forecast, deepening a double-dip recession that’s the severest in decades.

Meanwhile, the cost of staging the games has risen to several times the initial projection, exceeding even the infamous budget-busting standards of the 1996 Atlanta games. London’s now are expected to end up as the most expensive ever, at a cost of more than $14 billion.

…

Competition got under way Wednesday, but a women’s soccer match that involved Colombia and North Korea was delayed by an hour after North Korean players were introduced on a video with their faces next to the South Korean flag.

The BBC reported that the rather dramatic mix-up – the neighboring countries are still technically at war, having never signed a treaty after a cease-fire took effect in the 1950s Korean conflict – occurred at the studio that produced the pregame video. The Christian Science Monitor pronounced it perhaps the worst blunder by a host nation in the Olympics’ 116-year modern history.

No, that would be Cameron’s austerity policies.  Watch what happens when the Olympic stimulus is cut off.

Crossposted from The Stars Hollow Gazette

(Joseph Stiglitz w/ Jon Stewart 7/25/12)

The Price of Inequality

Joseph E. Stiglitz, Project Syndicate

Jun. 5, 2012

America likes to think of itself as a land of opportunity, and others view it in much the same light. But, while we can all think of examples of Americans who rose to the top on their own, what really matters are the statistics: to what extent do an individual’s life chances depend on the income and education of his or her parents?

Nowadays, these numbers show that the American dream is a myth. There is less equality of opportunity in the United States today than there is in Europe – or, indeed, in any advanced industrial country for which there are data.

Part 1

A closer look at those at the top reveals a disproportionate role for rent-seeking: some have obtained their wealth by exercising monopoly power; others are CEOs who have taken advantage of deficiencies in corporate governance to extract for themselves an excessive share of corporate earnings; and still others have used political connections to benefit from government munificence – either excessively high prices for what the government buys (drugs), or excessively low prices for what the government sells (mineral rights).

Likewise, part of the wealth of those in finance comes from exploiting the poor, through predatory lending and abusive credit-card practices. Those at the top, in such cases, are enriched at the direct expense of those at the bottom.

It might not be so bad if there were even a grain of truth to trickle-down economics – the quaint notion that everyone benefits from enriching those at the top. But most Americans today are worse off – with lower real (inflation-adjusted) incomes – than they were in 1997, a decade and a half ago. All of the benefits of growth have gone to the top.

Defenders of America’s inequality argue that the poor and those in the middle shouldn’t complain. While they may be getting a smaller share of the pie than they did in the past, the pie is growing so much, thanks to the contributions of the rich and superrich, that the size of their slice is actually larger. The evidence, again, flatly contradicts this. Indeed, America grew far faster in the decades after World War II, when it was growing together, than it has since 1980, when it began growing apart.

Part 2

America is paying a high price for continuing in the opposite direction. Inequality leads to lower growth and less efficiency. Lack of opportunity means that its most valuable asset – its people – is not being fully used. Many at the bottom, or even in the middle, are not living up to their potential, because the rich, needing few public services and worried that a strong government might redistribute income, use their political influence to cut taxes and curtail government spending. This leads to underinvestment in infrastructure, education, and technology, impeding the engines of growth.

Part 3

America’s inequality is undermining its values and identity. With inequality reaching such extremes, it is not surprising that its effects are manifest in every public decision, from the conduct of monetary policy to budgetary allocations. America has become a country not “with justice for all,” but rather with favoritism for the rich and justice for those who can afford it – so evident in the foreclosure crisis, in which the big banks believed that they were too big not only to fail, but also to be held accountable.

Crossposted from The Stars Hollow Gazette

Economy in U.S. Grows at 1.5% Rate

By Shobhana Chandra, Bloomberg News

Jul 27, 2012 8:57 AM ET

Today’s report showed household consumption rose at a 1.5 percent from April through June, down from a 2.4 percent gain in the prior quarter. The median forecast in the Bloomberg survey called for a 1.3 percent advance. Purchases added 1.05 percentage points to growth.

Recent data signal consumers are reluctant to step up purchases. Retail sales fell in June for a third consecutive month, the longest period of declines since 2008. Same-store sales rose less than analysts’ estimates at retailers including Target Corp. (TGT) and Macy’s Inc. (M)

Slowing sales and currency fluctuations led Procter & Gamble, the world’s largest consumer products company, to cut profit forecasts three times this year.

…

Consumers may remain cautious until hiring accelerates. Payroll gains averaged 75,000 in the second quarter, down from 226,000 in the prior three months and the weakest in almost two years. The unemployment rate, which held at 8.2 percent in June, has exceeded 8 percent for 41 straight months.

…

Cutbacks by government agencies continued to hinder growth as spending dropped at a 1.4 percent annual rate in the first quarter, the ninth decrease in the last 10 periods. The decline was led by a 2.1 percent fall at the state and local level that marked an 11th consecutive drop.

Business investment cooled last quarter reflecting stagnant spending on commercial construction projects. Corporate spending on equipment and software improved, climbing at a 7.2 percent pace, up from a 5.4 percent increase in the previous quarter.

A report yesterday showed the corporate spending outlook has dimmed. Bookings for non-military capital goods excluding aircraft, a proxy for future investment, fell at a 3.1 percent annual rate in the second quarter, the first decrease since the same period in 2009, when the U.S. was still in a recession, according to Commerce Department data.

US economic growth slowed to 1.5 pct. annual rate in Q2 as consumer spending weakened

By Associated Press

Friday, July 27, 9:14 AM

Growth at or below 2 percent isn’t enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don’t expect growth to pick up much in the second half of the year. Europe’s financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further.

“The main take away from today’s report, the specifics aside, is that the U.S. economy is barely growing,” said Dan Greenhaus, chief economic strategist at BTIG LLC. “Along with a reduction in the actual amount of money companies were able to make, it’s no wonder the unemployment rate cannot move lower.”

…

The U.S. economy has never been so sluggish this long into a recovery. The Great Recession officially ended in June 2009.

Until a few weeks ago, many economists had been predicting that growth would accelerate in the final six months of the year. They pointed to gains in manufacturing, home and auto sales and lower gas prices.

But threats to the U.S. economy have left consumers too anxious to spend freely. Jobs are tight. Pay isn’t keeping up with inflation. Retail sales fell in June for a third straight month. Manufacturing has weakened in most areas of the country.

24.6% Unemployment Rate in Spain

By RAPHAEL MINDER, The New York Times

Published: July 27, 2012

Just over 5.69 million Spaniards ended the second quarter jobless, raising the unemployment rate to a record 24.6 percent, compared with 24.4 percent in the first quarter, according to the latest national employment statistics published Friday.

Youth unemployment rose to 53 percent in the second quarter, up 1.3 percentage points from the previous quarter and 7 percentage points from a year ago.

…

Some of Spain’s leading banks reported significant drops in earnings Friday, largely the result of having to set aside more money to cover loans that could default.

CaixaBank said its first-half profit fell 80 percent to €166 million as it provisioned another €3.735 billion against loans made to Spain’s collapsed property sector. Banco Popular reported a 42 percent decline in first-half profit, to €176.5 million, after provisioning €3.4 billion. On Thursday, Banco Santander, Spain’s biggest commercial bank, had also reported a sharp drop in profit as a result of higher provisioning.

…

The yield, or interest rate, on the 10-year Spanish sovereign bond was at 6.726 percent, down 0.10 percentage point. The Italian 10-year yield was at 5.938 percent, down 0.077 percentage point.