re: Youtube

[Wood, Sam]

Charlie,

There is no such thing as "the news media." There are thousands of people collecting information and putting their findings into narrative form, but there is no monolithic entity conspiring to keep people in the dark. There is no monolithic entity, period.

Even using it as shorthand can be fraught with peril. It's unfair to people who practice the profession with sincerity, and it's unfair to the person employing the myth. Doing so creates a straw man. You can wrestle and rail against it, but when you finally declare victory or defeat, what have you accomplished?

Its probably not a good idea to make generalizations about classes, whether they're ink-stained wretches or members of a tiny dissenting off-shoot of christianity that houses it's headquarters at 15th and Cherry Streets.

Failing to see something doesn't necessarily mean it doesn't exist.

On the MI and FL delegates ,see below for an excerpt from a story that appeared in print as recently as Sunday .

For subprime info, included here are three great places to start. The first is an intellegence report from the Economist. The second is a tragic bit from the Southbank show, the third is a report from the Fed. The Charolotte paper just won a Polk award today for it's subprime coverage, but you can google that for yourself!!

Cheers and no hard feelings,

sam

http://a330.g.akamai.net/7/330/25828/20070904125121/graphics.eiu.com/upload/Heading%20for%20the%20rocks.pdf

.

http://www.youtube.com/watch?v=l3kaK2_CrEw

.

http://dallasfed.org/research/eclett/2007/el0711.pdf

Posted on Sun, Feb. 17, 2008

By Dick Polman

Hillary Rodham Clinton faces two unpleasant alternatives at this critical moment in her campaign.

She has another win-ugly option. She can crusade to have the Florida and Michigan delegates seated at the convention. This is real backroom stuff, so bear with me.

Those delegates are not supposed to be seated; the national party punished Florida and Michigan for staging their primaries in January, in violation of party rules. The primaries were meaningless, and Obama didn't bother to stump in either state. He even got his name removed from the Michigan ballot. Clinton did campaign, however, and finished first in the balloting. So now she wants to change rules after the fact and count those delegates in her column. This means that unless a deal is struck to have Michigan and Florida vote all over again, with both candidates campaigning on an equal footing (not likely), Clinton will try to change the delegate rules in the party's Credentials Committee.

More options Feb 19, 3:56 pm

From: Charles Hurd <churd_xy...@yahoo.com>

Date: Tue, 19 Feb 2008 12:56:41 -0800 (PST)

Local: Tues, Feb 19 2008 3:56 pm

Subject: RE: You Tube

Reply | Reply to author | Forward | Print | Individual message | Show original | Report this message | Find messages by this author

Sam,

  I know you work for the Inquirer (which I subscribe to, by the way) and my comments were not intended to be a reflection on your work specifically.  And, granted, the information available in the world is exploding and the work necessary to compress that info into a form that most people can digest is difficult work.  All that aside, though, I stand by my examples.  The Inquirer might have been one of the few papers that mentioned that "no delegates are at stake" in the Michigan and Florida primaries but the follow-up sentence explaining that the DNC pulled the delegates for those states because of the early schedule never appeared.  It wouldn't have been hard to add that but most papers that I checked and even the AP missed adding that info.  On sub-prime mortgages, yes, there's a lot of info out there but the base numbers are not and have not been reported.  Also, no one in the media, either in hard-news stories or editorials, is asking whether the stimulus package that
 just passed Congress will actually have an effect.  I'm sure that the Wall Street Journal (which I read occasionally) and other financial papers have more but mainstream media mostly passes along raw facts and figures without much attempt to connect things for the average reader.

  Good reporting is not bounded by the amount of raw data available.  Good reporting, and I've seen it in the Inquirer, is the ability of the journalist to synthesize that raw data and make it understandable to his/her readers.  Much depends on having those good journalists.  Layoffs in the newsroom certainly doesn't help make that situation any better.

  -- Charlie

[Charles Hurd]

Sam,

 

The beginnings of this thread concerned the lack of knowledge about the issues displayed by many of the electorate.  My rant about the "news media" was meant to illustrate that the average reader/viewer of news has difficulty understanding some of the pressing issues of the day because basic information is not always presented.  I'm not attacking the entire news industry and if my remarks came off that way, I apologize.  I was trying to make the point that reading your local paper or watching the local news no longer prepares you to be an informed voter today.  The links that you sent, while good, make this point as well.  How many people will take the time to work their way through an article in the Economist?  What if you're not tech-savvy and don't have access to the Internet or have a limited understanding of what Google and Yahoo! searches can provide?  You're left relying on your local news sources and those typically lag the news cycle rather than help you keep up.  You're right that there is now a lot of information about the MI and FL delegate issue but this is months after the fact and at least a month after those primaries.  The only reason that info is now available in local sources is because of the looming delegate issues at the Democratic Convention.

 

By the way, I use the term "the news media" in the same way that others use the term "the financial industry".  I work for a trading company and I know that the financial industry is composed of thousands of dissimilar companies and individuals with different goals and charters.  Not unlike your description of the "news media".  These terms are useful shorthand labels for a general industry and I hope that I use those labels in that manner.

 

I'm glad that there are no hard feelings.  Cheers.

 

-- Charlie

"Wood, Sam" <sam...@phillynews.com> wrote:

---

Be a better friend, newshound, and know-it-all with Yahoo! Mobile. Try it now.

[Jay Batley]

Greetings:

I've read with great interest the emails being shared on our Westtown group concerning this year's primaries/elections and politics in general.  Thanks to Jeannie for continuing to instigate (inspire!) good things in our class.

I'm not nearly as articulate as my classmates so will keep this short and share three thoughts.  This first is that I remain generally positive about our electoral process.  There is no doubt there are serious flaws and challenges to overcome (overly complicated campaign finance laws for one) with how we select our leaders, however, with all of its challenges and the microscopic media coverage it receives, I believe it still works well.

I am also optimistic about the level of intelligence held by the electorate.  When we moved from Washington to a very rural area in Virginia, I admit I had very elitist assumptions about the level of knowledge and interest in global/national/local issues here in the  "hinterlands."  Democratic or Republican ( we are evenly split in our area with a healthy sprinkling of those who are off on either end!), there has always been a keen interest in what is going on, with newspapers, magazines, and now the limitless sources on the internet much perused.  I laughed with the reference to The Economist as, when I was visiting my dentist the other day,  there was a well-thumbed copy in the waiting room office along with Sports Illustrated, People, and Newsweek.  I've found it is much easier to refer to those who disagree with you as uninformed than to concede that he/she may have valid points that have merit, if disagreeable.

The final thought I've had reading our emails is the old adage about "you get what you pay for."  I do not mean in jaded terms of monies spent on candidates, media buys, or invested by PACs, etc.  It is more about how much we as citizens involve ourselves in the political process.  The more we invest of our time/talent/energy/funds in candidates/issues we believe in, the better the end result will be - it may not be the result we like, but we can rest assured that the process will remain viable.  

I hope these observations don't seem overly naive or simplistic...only hopeful.    After being "in the trenches" on Capital HIll for 13 years, I left feeling more strongly in the process at the national level than when I arrived.  From constituents we worked with to public interest groups, business and other lobbyists, executive branch officials to the  personal and committee staffs on the Hill and, finally, the members themselves, I found highly energized, committed and passionate people.

Its been terrific seeing the energy in this election...on both sides.  I hope the remaining primary candidates all stay in.  Both parties could use the scrutiny a competitive process would bring this Spring.  Certainly we as citizens will benefit the most from the resulting debate.

Peace, 

Jay  

[Steve Coleman]

Thanks for your thoughtful post, Jay.

Interesting column by George Will this morning:
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/20/AR2008022002268.html?hpid=opinionsbox1.
For those concerned about the experience factor, Will
draws a comparison to a previous Illinois state
legislator:

"The president who came to office with the most
glittering array of experiences had served 10 years in
the House of Representatives, then became minister to
Russia, then served 10 years in the Senate, then four
years as secretary of state (during a war that
enlarged the nation by 33 percent), then was minister
to Britain. Then, in 1856, James Buchanan was elected
president and in just one term secured a strong claim
to being ranked as America's worst president. Abraham
Lincoln, the inexperienced former one-term
congressman, had an easy act to follow."

One can only imagine where the nation would be today
if Lincoln had waited to run for President until after
he had spent more time in Washington.

Steve

=== message truncated ===

"Whatever you can do, or dream you can, begin it.
Boldness has genius, power, and magic in it."
Goethe

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[Kevin Davis]

Governors usually make better presidents because they know how to administer

Kevin

[roger satterthwaite]

think we'll draw more parallels between certain
lanky lawyers from Illinois over the next 6
months?

RWS

=== message truncated ===

____________________________________________________________________________________
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[Wood, Sam]

The "lanky lawyer" and "man from Illinois" are already shopworn clichés. The challenge will be to find discussions of Obama that don't use 'em!
sam

-----Original Message-----
From: Westt...@googlegroups.com [mailto:Westt...@googlegroups.com] On Behalf Of roger satterthwaite
Sent: Thursday, February 21, 2008 11:11 AM
To: Westt...@googlegroups.com
Subject: Re: Youtube

[Jeannie Hall]

The whole time I was watching him at the rally in Wilmington, where I was fairly close to him, there was definitely a Lincoln type aura about him.  I guess it's his lanky physique, but  there's something else too that I couldn't put my finger on.

--
"I'm asking you to believe. Not just in my ability to bring about real change in Washington . . . I'm asking you to believe in yours."

Barack Obama

[roger satterthwaite]

teasing you, Sam.

it's the Republican Catholic media that is
monolithic.

My wife says that Obama had a rep as being a
"player" when he was at Punahou (one of our
friends is a retired Punahou teacher). Really no
druggie rep, though.

we have a reasonable healthcare system if one has
money or insurance - but that, as the man said,
is the rub.

interested to hear that Westtown is (finally)
teaching Mandarin. About time. How about Arabic?
All the Germans speak English better than most
Americans anyway (and certainly better than our
president). We will send Tomey to Mandarin day
school in the next few years. We expect him to
speak English, Cantonese, Mandarin and Spanish.
One of my goals is to retire early enough so I
can take some Mandarin lessons and then go
immersion for a year.

Charlie, for what firm do you currently work?

Rog

=== message truncated ===

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[Kline, Jeff]

I enjoyed David Brooks' column in Tuesday's or Wednesday's NYT:

 

http://www.nytimes.com/2008/02/19/opinion/19brooks.html?em&ex=1203742800&en=a5b44851f61bf3bc&ei=5087%0A

 

Jeff

---

From: Westt...@googlegroups.com on behalf of Wood, Sam
Sent: Thu 2/21/2008 8:24 AM
To: Westt...@googlegroups.com
Subject: RE: Youtube

[Charles Hurd]

I work for Susquehanna International Group (www.sig.com), a small trading firm *just* outside Philadelphia in Bala Cynwyd (City Avenue is the city border and we're on the non-Philly side of the street).  Susquehanna started out trading and making markets in equity options and has, over the years, branched out into a whole multitude of different financial instruments.  Most of what I know about the trading world at this point could be summed up in the realization that there's no way I'd trade anything myself.  There are way too many mathematicians and computer models and automated trade systems for a single individual to try to shave off some profit.

 

-- Charlie

roger satterthwaite <satt...@yahoo.com> wrote:

teasing you, Sam.

it's the Republican Catholic media that is
monolithic.

My wife says that Obama had a rep as being a
"player" when he was at Punahou (one of our
friends is a retired Punahou teacher). Really no
druggie rep, though.

we have a reasonable healthcare system if one has
money or insurance - but that, as the man said,
is the rub.

interested to hear that Westtown is (finally)
teaching Mandarin. About time. How about Arabic?
All the Germans speak English better than most
Americans anyway (and certainly better than our
president). We will send Tomey to Mandarin day
school in the next few years. We expect him to
speak English, Cantonese, Mandarin and Spanish.
One of my goals is to retire early enough so I
can take some Mandarin lessons and then go
immersion for a year.

Charlie, for what firm do you currently work?

Rog

--- "Wood, Sam" wrote:

>
> The "lanky lawyer" and "man from Illinois" are
> already shopworn clichés. The challenge will be
> to find discussions of Obama that don't use
> 'em!
> sam
>
>
> -----Original Message-----
> From: Westt...@googlegroups.com
> [mailto:Westt...@googlegroups.com] On Behalf
> Of roger satterthwaite
> Sent: Thursday, February 21, 2008 11:11 AM
> To: Westt...@googlegroups.com
> Subject: Re: Youtube
>
>
> think we'll draw more parallels between certain
> lanky lawyers from Illinois over the next 6
> months?
>
> RWS

[Wood, Sam]

Don’t  trust any of those mathematicians!

Remember, Long Term Capital Management was founded by a Nobel prize winner in Economics. LTCM  blew up big time. And when it did, it caused greater panic and came closer to destroying the global economy than the entire subprime fiasco.

See Taleb’s “Fooled by Randomness” for a great account.

Sam

 

---

From: Westt...@googlegroups.com [mailto:Westt...@googlegroups.com] On Behalf Of Charles Hurd
Sent: Thursday, February 21, 2008 1:52 PM
To: Westt...@googlegroups.com
Subject: RE: Youtube

 

I work for Susquehanna International Group (www.sig.com), a small trading firm *just* outside Philadelphia in Bala Cynwyd (City Avenue is the city border and we're on the non-Philly side of the street).  Susquehanna started out trading and making markets in equity options and has, over the years, branched out into a whole multitude of different financial instruments.  Most of what I know about the trading world at this point could be summed up in the realization that there's no way I'd trade anything myself.  There are way too many mathematicians and computer models and automated trade systems for a single individual to try to shave off some profit.

[Charles Hurd]

Yup, that's a big part of the whole subprime mess.  The pricing models and bond ratings that worked with simpler instruments just didn't give decent results when used on CDOs.  Way too late, people realized that what they thought was worth X dollars was actually only worth X/10 or X/100 dollars.  Oops.

 

-- Charlie

"Wood, Sam" <sam...@phillynews.com> wrote:

[Wood, Sam]

Dontcha just hate it when platonic models go bad?

Looking for last minute shopping deals? Find them fast with Yahoo! Search.</a

[hen...@optonline.net]

Hi Charlie,

Have you ever visited the "Susquehanna Hat Company"?

If not you might type that into You Tube (since that seems to be a popular item for everyone's subject line) and take a visit!

Henry

----- Original Message -----
From: Charles Hurd
Date: Thursday, February 21, 2008 1:51 pm
Subject: RE: Youtube
To: Westt...@googlegroups.com

> I work for Susquehanna International Group (www.sig.com), a
> small trading firm *just* outside Philadelphia in Bala Cynwyd 
> (City Avenue is the city border and we're on the non-Philly side
> of the street). Susquehanna started out trading and making
> markets in equity options and has, over the years, branched out
> into a whole multitude of different financial instruments. Most
> of what I know about the trading world at this point could be
> summed up in the realization that there's no way I'd trade
> anything myself. There are way too many mathematicians and
> computer models and automated trade systems for a single
> individual to try to shave off some profit.
>
> -- Charlie
>

> roger satterthwaite wrote:

> dyn/content/article/2008/02/20/AR2008022002268.html?hpid=opinionsbox1.> > For those concerned about the experience

> ---------------------------------

[Charles Hurd]

I *love* Abbot and Costello!  My kids know most of "Who's On First".

 

-- Charlie

hen...@optonline.net wrote:

[roger satterthwaite]

Black swans!

Jim Simon's quant firm of course provided him
with a billion dollar salary last year.

I am pure fundy, Buffett, voting versus weighing
machine non trader, 10 in the portfolio, love
Mark Sellers and go to the value investing
congress in LA every year (which is to say once
with another this May). love the market, hate the
market. never need to do Vegas when you've been
up and down a couple hundred thou.

Rog
--- "Wood, Sam" <sam...@phillynews.com> wrote:

=== message truncated ===

____________________________________________________________________________________

Never miss a thing. Make Yahoo your home page.

http://www.yahoo.com/r/hs

[roger satterthwaite]

there is ALWAYS a scam going on - junk bonds,
tech, sub prime loans sliced and diced - never
ends. Just like war - it'll be different this
time. never is.

Rog

--- Charles Hurd <churd...@yahoo.com> wrote:

> Yup, that's a big part of the whole subprime
> mess. The pricing models and bond ratings that
> worked with simpler instruments just didn't
> give decent results when used on CDOs. Way too
> late, people realized that what they thought
> was worth X dollars was actually only worth
> X/10 or X/100 dollars. Oops.
>
> -- Charlie
>
> "Wood, Sam" <sam...@phillynews.com> wrote:

> v\:* {behavior:url(#default#VML);}
> o\:* {behavior:url(#default#VML);} w\:*
> {behavior:url(#default#VML);} .shape
> {behavior:url(#default#VML);}
> st1\:*{behavior:url(#default#ieooui) }

> Don't trust any of those mathematicians!
> Remember, Long Term Capital Management was
> founded by a Nobel prize winner in Economics.
> LTCM blew up big time. And when it did, it
> caused greater panic and came closer to
> destroying the global economy than the entire
> subprime fiasco.
> See Taleb's "Fooled by Randomness" for a
> great account.
> Sam
>
>

> ---------------------------------

=== message truncated ===

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[the...@gwi.net]

Greetings, all!

Well, I go away for a week and what happens? Y'all discover your inner
pundits and let 'em rip! And to what great effect, I might add. Truly, I am
so impressed by this parade of thoughtfulness, erudition, historical
citation, genuine feeling, and real involvement whatever the partie prise,
and to think it was an election that brought it on.

I guess we really did learn something at that place-- how to think, perhaps?

I have been following the discourse, and its various offshoots, and all of
you have inspired me to examine, at least more overtly and certainly in
much more depth than my usual its-all-politics-yuck approach, my political
opinions and from whence they come.

A social psychology professor at McGill once pointed out that, in the end,
most of us vote like our mothers, because our mothers were the ones around
when we were forming our political opinions, however much Dad might gasbag
on in his allotted dinnertime minutes between homework (with Mom's help)
and bedtime (with Mom's help). I still vote like my mother, still talk with
her about politics.

I listen to my 13-year-old daughter's nascent thoughts on politics (we
should get out of Iraq because people are dying, I hate George Bush, I hope
the Iraqis can figure out how to live together one day), and I have an odd
push-pull sensation. I push her to back up her arguments while telling her
that it's not okay to hate the President. Disagree with him, disapprove of
his actions, try to change his mind--yes. But respect the institution.

And then, I think, Michael, you are such a conventional shlub. Maybe what
we need right now IS a clean slate. Throw out the trash, all of it, even
the baby with the bathwater. Start afresh. No baggage, if that is possible.

As my daughter would say, yeah, Dad, as if!

However, keep up the thoughtfulness, the Quaker inquiry, the asking of hard
questions. Once more, truly inspiring, truly invigorating. I'm listening,
and I suspect I'm not the only one. We live in wonderfully precarious times.

Thank you and good night.

Michael

Original Message:
-----------------
From: roger satterthwaite satt...@yahoo.com
Date: Thu, 21 Feb 2008 08:11:29 -0800 (PST)

To: Westt...@googlegroups.com
Subject: Re: Youtube

think we'll draw more parallels between certain
lanky lawyers from Illinois over the next 6
months?

RWS

> --- Jay Batley <batl...@gmail.com> wrote:
>
> > Greetings:
> > I've read with great interest the emails
> being
> > shared on our Westtown group
> > concerning this year's primaries/elections
> and
> > politics in general. Thanks
> > to Jeannie for continuing to instigate
> (inspire!)
> > good things in our class.
> >
> > I'm not nearly as articulate as my classmates
> so
> > will keep this short and
> > share three thoughts. This first is that I
> remain
> > generally positive about
> > our electoral process. There is no doubt
> there are
> > serious flaws and
> > challenges to overcome (overly complicated
> campaign

> > finance laws for one)
> > with how we select our leaders, however, with
> all of
> > its challenges and the

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