Category Archives: comment

Justice Kavanaugh

It’s Justice Kavanaugh now. Damn it.

Not that there was really any suspense. The Republican take-over of the federal courts has been a decades long project and, as usual, the lackluster resistance of the Democrats has been powerless to stop it. It does not matter that Americans, by a 51-41 percent margin, disapprove of Brett Kavanaugh’s confirmation to the Supreme Court. Americans preferred the Democratic candidate for president in 2016. A lot of good that did her.

I can hear it now. Even from some friends and relatives. “You’re just a ‘g d’ east coast liberal Democrat.” And then there’s, “Elections have consequences.” Thank you Lindsey Graham. First of all, I’m from Chicago. Not even close to either coast. Second, I was born into a very Republican family and I have voted for many Republicans over the years. But the Republicans I respected are either dead, retired, or primaried out of office. What’s left is a group of people who see politics as a blood sport where winning is everything. People for whom cooperation is anathema and no tactic out of bounds on the road to victory.

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Constitution Day

We celebrate September 17 as Constitution Day, marking the day in 1787 when delegates to the Constitutional Convention signed the Constitution of the United States in Philadelphia.

I remember when I first studied this great document. You couldn’t graduate from the eighth grade in the Chicago Public Schools without passing an exam on the Constitutions of the United States and the State of Illinois. In class of O’Keeffe Elementary I was fascinated by the text and the little we learned of the history. And I have remained impressed today, after much more detailed study in college and graduate school, and as I teach First Amendment law to young journalists.

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Who is to Blame for Trump?

Why write about Trump, you ask? Everybody is writing about Trump. True. And you will have to be the judge of whether I have anything of value to add to the discussion. But everywhere I go Trump is the main topic of debate. And the debate is about as heated and uncivil as anything I’ve ever seen.

I had a journalism professor, the late John Patterson, who hated clichés. If you were in the mood for a good yelling at all you had to do was begin a stand-up with the phrase, “It remains to be seen”.

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Losing Earth

I approve of paywalls because I believe content creators deserve to be paid for their efforts. I subscribe to several paywalled services, including The New York Times.
But I rarely recommend to others on social media stories behind paywalls because of the different rules and limits from site to site. For this I make an exception.
Do whatever it takes to get yourself a copy of the story which ran as the cover of the Times’ Magazine last Sunday. That cover was solid black, with the white letters, “Thirty years ago we could have saved the planet.” Losing Earth: The Decade We Almost Stopped Climate Change by Nathaniel Rich is as good as it gets. And as important.

 

Financial Market Reporting, Part 8: Mutual Funds and Index Funds

In a previous post about indexes, I identified the Dow Jones Industrial Average and the Standard and Poor’s 500 as the two most frequently referenced. They originated as short-cuts that summarized market trends, and are often used as a benchmark against which investment performance can be judged.

There has been an explosion in the number of indexes in recent years. There are hundreds if not thousands available, enough to slice and dice the markets in as many ways as can be imaged. Some are broad-based, like the NASDAQ Composite with more than 3,000 stocks. Others might track a region, like the EURO STOXX 50, based on 50 large companies in the Eurozone. Some follow companies of a certain size, like the Wilshire US Small Cap. And still others focus on an industry, such as the NYSE Arca (originally AMEX) Semiconductor Index.

Continues at businessjournalism.org….

Financial Market Reporting, Part 7: Indexes

Business reporters can get up to speed on market indexes with a backgrounder on the Dow and S&PIn my first Financial Market Reporting piece, I complained that many reporters make casual reference to “the market” without specifying what they mean. Usually, I wrote, they mean the Dow Jones Industrial Average, which I called the “best known” stock market measure. The DJIA is just one of a multitude of stock market indexes that pop up in virtually every discussion of the markets, including reports evaluating individual stocks and other investment vehicles. So they warrant a closer look.

The first index

The DJIA was not the first stock market index. It was not even the first index created by Charles Dow. In 1880 Dow, who was 29 years old, moved to New York and got a job at the Kieman Wall Street Financial News Bureau, which furnished financial news to banks and brokerages. In those days there was a lot of “fake” news, designed to tout companies and their stocks. But the Kieman service had a reputation for sticking to the facts.

Dow figured if one responsible news service could succeed there was room for more, and with a fellow reporter, Edward Jones, founded Dow, Jones & Company. The pair produced newsletters and summaries of financial news, which they delivered to financial institutions and investors. Their “Customer’s Afternoon Letter” quickly grew to have more than 1,000 subscribers.

Continues at businessjournalism.org….

 

Lunch with Paul Kangas, Nightly Business Report

Paul Kangas

I remember one specific lunch with Paul Kangas. Silly, isn’t it? I spent a fair amount of time with Paul during the many years I was associated with public television’s Nightly Business Report. That included several meals with a man who, among many other things, appreciated good food and drink. Why would one particular lunch stand out?

It was 1990. A year before I had moved from Chicago, my hometown, where I worked for CBS, NBC, and as a freelance contributor for NBR, to New York. Here I was NBR’s New York Bureau Chief and Senior Correspondent. Paul had been with NBR since it first went on the air in 1979. A former stockbroker, Paul was at first the broadcast’s stock commentator. Later he added co-anchor to his role.

But Paul was so much more than his title implies. On a broadcast that itself defined a new role for business news on television, Paul set the standard for both the program and the industry.

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