1. A Fascinating Window Into NY Times' (Rotten) Soul
In a transcript of the newspaper’s crisis town-hall meeting, executive editor Dean Baquet grapples with a restive staff and outside scrutiny. Ashley Feinberg covered it in Slate. Here we go...
2. “What I’m saying is that our readers and some of our staff cheer us when we take on Donald Trump, but they jeer at us when we take on Joe Biden,” New York Times executive editor Dean Baquet told his staff in a town hall on Monday.
3. Dean Baquet and the paper’s other leadership tried to resolve a tumultuous week for the paper, one marked by a reader revolt against a front-page headline and a separate Twitter meltdown by Jonathan Weisman, a top editor in the Washington bureau.
4. On Tuesday, the Times announced it was demoting Weisman from deputy editor because of his “serious lapses in judgment.”
Baquet, in his remarks, seemed to fault the complaining readers, and the world, for their failure to understand the Times and its duties in the era of Trump.
5. “They sometimes want us to pretend that he was not elected president, but he was elected president,” Baquet said. “And our job is to figure out why, and how, and to hold the administration to account. If you’re independent, that’s what you do.”
6. Yet the problem for the Times is not whether it can navigate social-media controversies or satisfy an appetite for #resistance-based outrage, both of which it can tell itself are not a newspaper’s job to do.
7. It is whether the Times has the tools to make sense of the world. On this point, Baquet was not reassuring or convincing.
This was one of the issues that caused the revolt among readers and staffers that Baquet tried to tamp down.
8. A staffer suggested that the headline that had caused all the trouble—“TRUMP URGES UNITY VS. RACISM”—“amplifies without critique the desired narrative of the most powerful figure in the country.”
Heaven forfend if NY Times reports news straight. Imgaine that!
9. Baquet addressed the headline as an operational problem, the result of a “system breakdown,” where a front-page layout had left too little space for nuance. “We set it up for a bad headline,” Baquet said.
10. Baquet said the paper had misjudged current events when it was “a little tiny bit flat-footed” after the Mueller investigation ended. “Our readers who want Donald Trump to go away suddenly thought, ‘Holy shit, Bob Mueller is not going to do it,’” Baquet said.
11. The question of how to address presidential racism has emerged as something the paper would need to pivot into. “How do we write about race in a thoughtful way, something we haven’t done in a large way in a long time?”
'Thoughtful' seems like a code for 'damning to Trump.'
12. And Twitter is not reality, as publisher A.G. Sulzberger told the staff. “You know, someone did a study of Twitter shares that showed that 70 percent of all stories shared on Twitter were never opened,” Sulzberger said.
As if everyone reads NY Times cover to cover.
The End
NY Times admitted they came unglued when their previous project on "Russia Collusion!" imploded, and they are scrambling to replace it with a project on "Racism." The result is "#1619 Project." Expect this project to be equally tendentious and mendacious.
Pay heed folks. The below tweet is from a patriot who I believe served our blessed nation in uniform with honor. Now I am going to say something I would never have thought I would say even a few days ago. It's a stream of consciousness thread. Bear with me.
2. Back in early 2016 and for years prior to that, I detested Donald Trump as a rich blowhard who had no relevance to my life. So I ignored him almost entirely. I have never watched a single episode of any of his TV programs and his other exploits were a source of irritation.
3. I only started paying attention to Trump in the second half of 2016 when he became the Republican nominee for president. I had serious reservations about him. But once he got elected, I was compelled to take him seriously. So I reflected diligently on Trump presidency to come.
What do you think the result of the below mentioned survey would be if the question was changed
from:
"Do you think companies should publicly support..."
to:
"Do you think companies should publicly profit from..."? nbcnews.com/nbc-out/out-ne…
2. Where public company actions are concerned, there is not a dime's worth of difference between "supporting" and "profiting from." No public company deliberately and willfully takes any action that might hurt their profits.
3. We as a society should of course treat gays with exactly the same respect and dignity and rights and everything else that is accorded to straights. We are all equal.
1. Message for Anyone Bothered By SVB Customers Being Made Whole
Stop with the nonsense. You either don't understand or are scratching a rash you got from somewhere else. It doesn't matter who SVB customers are or what they do. No depositor is ever responsible for a bank failure.
2. Bank failures are always the fault of the bank management and the regulators. And as for the "due diligence," it is fair to expect the bank investors and shareholders to do that and take a bath when they get it wrong. It's not fair to expect bank customers to do that.
3. Expecting depositors to do due diligence on the bank where they deposit their money is like asking every customer who uses electricity to graduate in Electrical Engineering before flipping a power switch to turn on the lights in their home. It is stupid blather.
1. How to Solve a Problem Like SVB
Having delineated in the enclosed thread how we got here, this thread addresses where we go from here. The SVB problem by itself is not that hard to solve, but it is possible politicians (of both parties) will plunge the nation into crisis.
2. First and foremost, let me dispense with the buzz on Twitter created by @elonmusk with his enclosed tweet. This ain't gonna happen. So please stop wasting time reading myriads of columns that have sprung up from this font. Musk is just having fun.
3. JP Morgan Chase would be a natural buyer but government screwed Jamie Dimon badly in 2008 after he came through and bought Washington Mutual at government’s urging. WaMu was the largest bank failure in U.S. history, SVB being the second largest.
There was plenty of mismanagement at SVB, but first and foremost I want to reassure my followers (maybe the events that unfold next week will make a liar out of me, so take everything I say as unauthoritative stream of consciousness).
2. The main thrust of this thread is to point out why the SVB blowout is nothing like the root cause of 2008 financial crisis, and people shouldn't jump to those kind of fears or conclusions. This is very different. Things like this have happened before but ~50 years ago, not 15.
3. 2008 financial crisis was brought on by banks making too many bad loans that were prone to risk of default. SVB was brought down by not making enough loans, but investing the deposited funds heavily in safe bonds which were nonetheless exposed to interest rate risk.