The eulogy for Walter Cronkite as "the most trusted man in America" on the CBS "Sixty Minutes" show said a lot about the condition of this nation — though it did not signify what CBS thought it did. It wasn’t about the death of one hugely esteemed individual; it was about the broad institutional failure of TV news in general and the current grievous loss of legitimacy and authority in shaping a national consensus of reality. Watching the old clips of Cronkite delivering the evening news years ago, one couldn’t help weighing the contrast with the current spectacle of snide, combative, overbearing idiocy acted out nightly by the likes of Kudlow, Olberman, Kneale, O’Reilly, Matthews, and Dobbs as they shout down their invited guest commentators, pander to their demographic, and diss their rivals for ratings.
It was instructive to notice that the program following "Sixty Minutes" — in the supreme weekly slot of 8p.m. Sunday — was a childish and stupid "reality" show called "Big Brother." This said even more about the craven quality of the people currently running CBS. It was also a useful lesson in the diminishing returns of technology as applied to television, since it should now be obvious that the expansion of cable broadcasting since the heyday of the "big three" networks has led only to the mass replication of video garbage rather than a banquet of culture, as first touted.
It should remind us more generally that when a society’s operations become broadly fraudulent and unreal, authority and legitimacy wither. This is analogous to the position Barack Obama now finds himself in. He was elected as the politician most trusted in America to change the fraudulent and unreal operations of the US government. Don’t bother protesting that all politics is necessarily unreal and fraudulent. If it were so, you’d have to argue that the US Constitution was wholly a fraud, as well as Madison, Jefferson, Hamilton and the rest. It only has strong tendencies in that direction. (The Declaration of Independence was itself a direct strike against the fraud and unreality of British royal governance in America.)
As president, Barack Obama is faced with the
When Apple reports earnings after the close today, all eyes will be on its revenue, specifically how many fewer iPhones it sold in the quarter (consensus expects a drop of 22%), and more importantly profits for one reason: over the past several years Apple has been the single biggest contributor to S&P profitabillity. In 2015, Apple's profit rose 21% and it made more money than any other company in the S&P500 - at $53.7 billion in net income it accounted for 7% of the S&P's bottom line.
However, that ended promptly in the first quarter when APPL posted a substantial drop in both EPS and iPhone sales. It is about to get worse:...
At the same time that the Nikkei released its latest "market response" trial balloon, where it posted an article around 2am local time clearly meant for US market consumption according to which BOJ officials "were said to be leaning more toward easing", the same Nikkei also published a preview of what Japan's helicopter money may look like. There is just one problem: at first read, and judging by the market's reaction, it appears to...
With today's release of the May S&P/Case-Shiller Home Price we learned that seasonally adjusted home prices for the benchmark 20-city index were down month over month at -0.1%. The seasonally adjusted year-over-year change has hovered between 4.4% and 5.4% for the last twelve months.
The adjacent column chart illustrates the month-over-month change in the seasonally adjusted 20-city index, which tends to be the most closely watched of the Case-Shiller series. It was down -0.1% from the previous month. The nonseasonally adjusted index was up 5.2% year-over-year.
Investing.com had forecast a -0.1% MoM seasonally adjusted decrease and 5.5% ...
The U.S. Federal Reserve is expected to keep interest rates unchanged this week, deferring any possible increase until September or December, as policymakers hold out for more evidence of a pickup in inflation.
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Companies around the world are exploring blockchain, the technology underpinning digital currency bitcoin. In this Blockchain unleashed series, we investigate the many possible use cases for the blockchain, from the novel to the transformative.
Most people agree we do not need to know how a television works to enjoy using one. This is true of many existing and emerging technologies. Most of us happily drive cars, use mobile phones and send emails without knowing how they work. With this in mind, here is a tech-free user guide to the blockchain - the technology infrastructure behind bitcoin...
After a three-year bull run that more than quadrupled its value by its peak last July, IBD’s Medical-Biomed/Biotech Industry Group plunged 50% by early February, hurt by backlashes against high drug prices and mergers that seek to lower corporate taxes.
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Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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