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Missing The Story On IndyMacThe Center for Responsible Lending, a borrowers’ advocate group, has an eye-opening report on IndyMac, the troubled California mortgage lender. The business-press has too-quickly moved on to breathless debates about the fate of Wall Street houses and other high-concept financial matters without pausing to consider what lay at the root of the credit crisis: deceptive and fraudulent lending...
Why Buy The Cow...Thoughtful post today about the newspaper industry on the New York Times's Outposts blog. In the wake of "perhaps the bloodiest week yet of a year where many papers are fighting for their lives," Timothy Egan notes that, be it in print or online, more people are reading newspaper content than ever before. Why, then, are newspapers finding it so...
A Day at CJRThe Nation is running a little contest to get people to sign-up for their email lists. The grand prize? One lucky subscriber will spend “A Day at The Nation.” The promo offers a peek at editor in chief Katrina vanden Heuvel’s datebook (“9:30 am-finish article, 11 am—editorial meeting…”). Now doesn’t that sound exciting! The problem here is that actually...
Skewering The "Green Issue"The Onion works its customary magic in its newsstand edition this week with a special edition “All-Paper Salute to the Environment”, that's as to-the-point a mocking of the hypocrisy of the publishing industry’s green issues as we’ve seen. Inside it has a well-worth-reading oldie but a goodie headlined “450,000 Unsold Earth Day Issues of ‘Time’ Trucked To Landfill.” Bonus...
Fox and the...Hounds?So the people at Fox & Friends aren't feeling so Fox-&-Friendly, apparently, toward The New York Times. On June 28, the Times published an article, "Fox News Finds Its Rivals Closing In," written by media reporter Jacques Steinberg and edited by TV editor Steven Reddicliffe, that discussed "ominous trends" in the network's viewership: The most dominant cable...
Burning the Mortgage?We’d like to smoke out a Bloomberg story saying home arson is “surging” as a result of the wave of foreclosures. It’s not even clear from its story that arson is surging, let alone that foreclosures have anything to do with it. The idea is plausible—foreclosed-upon borrowers might want to torch their houses—but Bloomberg can’t prove it. The...
At Last: A Good, Issue-Driven Health Care StoryToo often during this campaign season health care stories have failed to explain the real issues in health reform. Oh yes, news outlets have dutifully quoted what the candidates are saying: “We’ll lower premiums by up to $2,500 for a typical family,” says Barack Obama. “We’re going to offer every individual and family in America a credit to buy...
Covering Flip-Flops (A How-To)Over at Time.com, Michael Scherer (who once worked here at CJR) observes: Every day, flip-flop charges bang up against the political press like moths on a screen door. And we let some of them in, sometimes with the unexamined conceit that any shift in position is a window into the candidate's lack of character, toughness...
More on That WaPo Obama Mortgage StoryYesterday, my colleague Justin questioned the Washington Post's news judgment in running its Obama mortgage story. At Washington Monthly, Kevin Drum "demand[s] that Barack Obama release his FICO score" before wondering, "seriously, folks," whether "the beltway press corps" has gone "insane," calling the story "a complete non-scandal over the fact that people with high incomes generally...
Endangered Species“All I ever wanted to be was a newspaper writer.” Those were the self-eulogizing words of Tony Kornheiser upon accepting a buyout from his newspaper home of nearly three decades, The Washington Post, in mid-May. Truthfully, the bon vivant known to fans as “Mr. Tony” had long since surrendered his perch as the top sports columnist in the nation’s...
The Cult of KiernanPat Kiernan, the NY1 News anchor who reads New Yorkers' newspapers to them every morning in his In The Papers segment, offers these thoughts-- in a New York Observer profile -- on what ails TV News : I think the presentation of TV news is as much the problem as the technological changes. People like a more honest presentation...
Opening Bell: Let 'Em FailTreasury Secretary Henry Paulson called for better regulatory tools to help prevent the failures of individual financial firms from threatening the entire global system, report The Wall Street Journal on A3 and The New York Times on C2. Paulson said the market thinks some institutions are “too big to fail”, something the government can’t allow to...
The V-Word and Dick GrassoWas Dick Grasso’s win in court yesterday a personal “vindication” for him? That’s what The Wall Street Journal says in the second paragraph of its page-one story. The New York state appeals court ruling—on a technicality—lets Grasso keep all of his $187.5 million pay package, which he, ahem, earned as head of the New York Stock Exchange, which...
Invasive Moths: To Spray or Not To Spray?San Francisco, Calif. — In late June, the California Department of Food and Agriculture canceled plans to spray a pheromone that would disrupt the mating of light brown apple moths, an invasive pest that, officials say, could cause over $100 million in damage to crops. The state would have used airplanes to spray the pheromone over densely populated parts of...
Talkin' About Credit-Default SwapsNow of course, we know all about credit-default swaps. And we know that you know all about credit-default swaps. I mean, who doesn't, after all the talk of them in recent months? Duh. And you'd have to be a moron not to know their relationship to collateralized debt obligations. Hello? But Dean Starkman, who knows everything, thought it might be...
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