What is the Fed good at? Not much, according to Jessie Eisenger of ProPublica:
Investors . . . have almost no confidence in the Federal Reserve or the economics profession. And for good reason. It’s impressive that the Fed and many economists have successfully predicted the path of interest rates and inflation in the wake of the worst financial crisis in a generation. But neither the central bank nor academicians managed to predict or prevent the crisis in the first place. The failure dwarfs the accomplishment.
The Fed’s track record is out-and-out abysmal.The Fed began its lender-of-last-resort role in 2007, but did little to avoid or minimize the financial crisis. Once it hit, it did the right thing to flood the markets with money, but — along with the Treasury and a passive Justice Department — let banks and top executives off the hook. And now, asset prices are going wild. Junk bonds are up. Stocks are up. Housing in Phoenix and Brooklyn is going mad.
This prebubble euphoria only undermines the Federal Reserve’s fragile credibility. It reinforces the notion that it seems to know only two things: how to inflate bubbles and how to studiously not recognize them.
You could get lost in these maps and data regarding American English dialects for hours. I learned many things, so as the fact that there are 16 vowels (not just a, e, i, o, u and sometimes y), and 24 consonants. I invite you to check this out.
And the fact that we haven’s pulled things into a homogeneous language, despite all
the years of electronic mass communication demonstrates, I believe, that we are inherently tribal–that we are wired to strive to be like our local tribe and different than those who we perceive to be outsiders.
Modern times are discouraging to those of us who believe that freely available information is the only way to run a democracy. Here’s the latest blow, as reported by Mother Jones:
On Monday, the Supreme Court unanimously ruled that states have no constitutional obligation to honor public records requests from non-residents. Journalists, who frequently rely on freedom of information laws to expose corruption and break open stories, fear that the decision may make it harder for them to access public records.
The Reporters Committee for Freedom of the Press (RCFP) and 53 other media organizations filed a friend-of-the-court brief arguing:
By largely limiting public record access in Virginia to commonwealth citizens, [the law] inhibits the media from acquiring newsworthy records and stymies efforts to provide state-by-state comparisons on important topics such as public education, healthcare, and law enforcement activities,” the media organizations argued in their brief.
MuckRock, a website that files public records requests on behalf of activists, journalists is proposing this fix, offering out-of-staters seeking public records by pairing them with locals willing to co-file the requests.
At Fairness and Accuracy in Reporting, Steve Rendall discusses numerous stunning examples, historical and recent, of journalists withholding important stories from the public at the request of the federal government.
Journalism is supposed to hold power to account. That’s the principle implicit in the U.S. Constitution’s singling out a free press for protection. If that principle were respected, the Washington Post’s admission (2/6/13) that it and “several news organizations” made a deal with the White House to withhold the news that the U.S. has a drone base in Saudi Arabia would have been a red flag, triggering widespread discussion of media ethics. But these deals have become so commonplace that the story generated less concern among journalists than did the denial of press access to a recent presidential golf outing.
From an Alternet article by Steven Rosenfeld:
Whistleblowers are not spies or traitors, as the Bush and Obama administration’s lawyers have alleged. They are patriotic and often conservative Americans who work inside the government and with military contractors, and who find unacceptable—and often life-threatening—or illegal behavior goes unheeded when they report it through the traditional chain of command. They worry about doing nothing and feel compelled to go to the press, even if they suspect they may lose their jobs. What they don’t realize is that their lives will never quite be the same again, because they underestimate the years of government persecution that follows. [T]he whistleblower [is] a special kind of American hero—one whose importance is easily forgotten in today’s infotainment-drenched media. Since the Vietnam War in the 1960s, whistleblowers have been part of many history-changing events: questioning the war in Vietnam by releasing the Pentagon Papers on military’s failings; exposing the Watergate burglary that led to President Richard Nixon’s resignation; exposing the illegal nationwide domestic spying program by the George W. Bush administration after 9/11; revealing the military’s failure to replace Humvees in Iraq and Afghanistan with better bomb-deflecting vehicles, leading to hundreds of deaths and maimings . . .
According to recent polls, a growing number of Americans believe that the Second Amendment was put in the Bill of Rights in order to guarantee that our government will not impose any kind of tyranny upon us. That an armed populace is a bulwark against government oppression. [More . . . ]