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Journalism and other myths.

Gaps & Gaffs

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The long season that leads up to an election is more like a basketball game than any other sports analogy – you make your shots, stay with the plan, and stay focused in the last few seconds.  That is why campaigns are often defined by gaffs and mis-statements.

The recent comments by Rep. Todd Akin won’t be repeated here, but there are plenty of places where they have been refuted completely.  One of them comes from the Romney campaign, which even went as far as to call on Akin to quit his Senate race.  They don’t want this anywhere near their candidate.

Polls show that, like a good hoop game, the Presidential election is close.  But the gap among women is on the order of 15% and could become much worse.  How?  This takes us back to a number of mess-ups with women that defined the discussion last Spring and threatened to rub off on all Republicans – something they can’t afford.

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The Ryan Gamble

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The choice of a running mate can easily be over-stated.  Did anyone vote for Obama because they like Biden?  How about Dick Cheney?  Or, for that matter, Joe Lieberman?  The Veep doesn’t really change the ticket enough to make any real difference in the long run – but it can change the perception in the press and inject some energy into a campaign.  If that’s what was at stake here Mitt Romney, the candidate who could do nothing right, hit a home run or some other sports analogy right when he needed it.

Policy-wise, Paul Ryan brings some serious risk.  But his personality and articulate ability to speak out are the real deal.  Many liberals, including myself, have little choice but to respect him even as we disagree with him.  Nothing substantial has changed in this campaign but it looks like we have a race – and, more importantly, a chance to talk about the critical decisions that have to be made sooner rather than later.

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What, Nothing’s Wrong Here …

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Another day, another bank in trouble.  It might be easy to do little more than roll your eyes at the news that Standard Chartered of the UK is caught in a scandal, except this one is very different for many reasons.  To start with, the allegation is that they were the launderer in chief for the nation of Iran over a period of at least a decade, helping them hide $250B in money transfers around sanctions.  This is also one of the largest banks in the world, with total assets around $600B and operations around the globe.

But where this gets especially interesting is through the still developing role of the firm Deloitte & Touche.  They are one of the “Big Four” auditing firms that has been in the crosshairs of a large number of people convinced that the lack of truly independent assessment is one of the main problems in the teetering financial industry.  This scandal, different as it is, could be the one that coalesces a diverse group of detractors into a movement – even though auditing had very little to do with it directly.

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Investabots Amok!

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You are walking down the street, texting to a friend, when suddenly everything freezes. These things happen all the time, you reason, so as annoying as it is you reboot and carry on.  A desperate text a short time later comes as a call from your friend to please stop bombarding them!  What went wrong?  You have no idea.  You reboot again and keep walking.

Things like this happen to everyone these days and we’re all used to it.  Software glitches.  Bugs.  Crappy software runs amok in the hands of appliance users.

Now imagine that you are a Wall Street trading firm that handles orders for thousands of clients and this happens to you.  Except that this costs $440M in bum trades by the time anyone catches it.  That’s exactly what happened to Knight Capital, the company that used to handle 11% of all trading on Wall Street.  It’s something that was inevitable in a system that is too big to be useful – and the world is starting to realize how dangerous this is.

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Job Excitement!

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The July jobs report, and boy was it good!  163k jobs were added in July, far more than the 96k predicted (the same as last year).  The summer doldrums are apparently not hitting as hard in 2012 after all.

It’s not fantastic growth by any measure, but it means that we are still treading water – not drowning counts for something, at least.  More importantly, it got us out of the pattern where the summer slowdown sat on the economy like a mini-recession that gave us little hope for the pick-up in Autumn.

What changed?  It’s hard to say.  But we can make a few guesses.

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