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I had come to think that our new culture of accountability, which is promoted as the way to reduce untrustworthiness and to secure ever more perfect control of institutional and professional performance, was taking us in the wrong direction.

It is now clear that the delusional hope that the severe credit and liquidity crunch that hit US and global financial markets would ease has been shattered by the events of the last few weeks. This credit crunch is getting much worse and its financial and real fallout will be severe. The amount of losses that financial institutions have already recognized - $20 billion – is just the very tip of the iceberg of much larger losses that will end up in the hundreds of billions of dollars. At stake – in subprime alone – is about a trillion of sub-prime related RMBS and hundreds of billions of mortgage related CDOs. But calling this crisis a sub-prime meltdown is ludicrous as by now the contagion has seriously spread to near prime and prime mortgages. And it is spreading to subprime and near prime credit cards and auto loans where deliquencies are rising and will sharply rise further in the year ahead. And it is spreading to every corner of the securitized financial system that is either frozen or on the way to freeze: CDOs issuance is near dead; the LBO market – and the related leveraged loans market – is piling deals that have been postponed, restructured or cancelled; the liquidity squeeze in the interbank market – especially at the one month to three months maturities - is continuing; the losses that banks and investment banks will experience in the next few quarters will erode their Tier 1 capital ratio; the ABCP and related SIV sectors are near dead and unraveling; and since the Super-conduit will flop the only options are those of bringing those SIV assets on balance sheet (with significant capital and liquidity effects) or sell them at a large loss; similar problems and crunches are emerging in the CLO, CMO and CMBS markets; junk bonds spreads are widening and corporate default rates will soon start to rise. Every corner of the securitization world is now under severe stress, including so called highly rated and “safe” (AAA and AA) securities.

This is indeed the message that comes from true market prices – that are not indirectly available via the ABX indices. Those prices tell you not only that the mezzanine and equity tranches of subprime CDOs are now worth close to zero; they also tell you that prices for the AAA and AA tranches – that until recently were hovering near par of 100 – are now down to 79 and 50 respectively. Hundreds of billions of subprime RMBS and senior tranches of CDOs are still being evaluated as if they are worth 100 cents on the dollar. What the ABX is telling you is that they are worth much less; thus the losses from subprime alone are an order of magnitude larger than recognized by most firms.  But most firms are not using such market prices – or their proxies – to value their illiquid assets.

Martin Stabe must be on performance enhancing drugs - his posting levels are through the roof. It’s all good stuff, especially on the Richard Sambrook vs. Andrew Keen showdown at the Frontline. Keen’s new media vs. old media gamble is that infamy as the blogosphere’s contrarian punchbag will help sell his book. (Jeff Jarvis memorably called Keen’s bluff in this post.)

As the cultural historian Markman Ellis writes, in Eighteenth-Century Coffee-House Culture, the British coffee house, a “heady combination of news, literature, debate and writing”, was “the central locus of newly egalitarian practices of discussion and conversation, including forms of structured discourse, such as lectures and debates, as well as unregulated discourse, such as gossip and chatter”.

The freedom of speech led to time-wasting and “gabbling” (“Here men carried by instinct sipp muddy water, and like Frogs confusedly murmur Insignificant Notes, which tickle their own ears, and, to their inharmonious sense, make Music of jarring strings”). The education on offer was “a school . . . without a master”.

The eighteenth-century coffee house was undoubtedly a great vehicle for the reading of newspapers. A Continental observer in the late eighteenth century noted that, whereas the French coffee house was a place where games were played, in Britain “you neither see billiards nor backgammon tables” because people frequent coffee houses principally to read “the PAPERS”. There was a close and sometimes volatile relationship between the coffee-men and the newspaper-men, which came to a head in 1728, when the coffee-men launched an abortive scheme for setting up their own newspapers. Coffee shops had long been used as places for reading papers without having to pay for them. The coffee-men resented the high price of newspapers and the fact that there were so many of them. The newspaper-men objected that coffee houses relied on newspapers to attract custom. There is a comparable symbiosis now between cafés and information, whether in the form of newspapers (Starbucks has an exclusive deal with The Times, Costa with the Daily Telegraph) or internet connection. It is hard to see which party owes most to whom. As a pamphleteer of 1729 wrote, “Papers mutually beget company, and Company papers”.

L’ancien communiste Alexandre Adler, toujours dans ce formidable numéro du Nouvel Observateur, en profite même pour lancer un appel vibrant à son ami : « Alain Minc, André Glucksmann et moi-même, nous soutenons vigoureusement Sarkozy, et tous nous venons des profondeurs du Komintern. Allez Bernard, rejoins ta vraie famille. Car il faut combattre beaucoup d’ennemis qui nous ont pris la gauche et s’en servent avec ténacité. »

Danto has argued that what all works of art have in common is that they all relate in some way to an `artworld', to an accepted artistic theory, or to the history of art as a whole. So if someone puts a toilet in the middle of an art gallery and calls it art, then it is art if (and only if) it makes sense in the history of the development of art over the centuries. Maybe the history of art was just ready for a toilet in an art gallery then, and what distinguishes it from ordinary toilets are the interpretations which those educated in art history put upon it. Danto has a view of the development of the history of art inspired by Hegel. He claims that eventually, through its growing consciousness of itself, art becomes philosophy and thus comes to an end.

Content Producer since: October 28, 2006 I am a student at Clemson University in Clemson, SC. I love sports and I love to write. I am a junior and I study management. Football is my favorite sport and I love Erin Andrews. Coffee in the morning and a donut at night.

More Women Online APRIL 9, 2007 Women outnumber men online, and it's likely to stay that way.

April 4, 2007    

To be sure, the desire to live in a modern society and to be free of tyranny is universal, or nearly so. This is demonstrated by the efforts of millions of people each year to move from the developing to the developed world, where they hope to find the political stability, job opportunities, health care, and education that they lack at home. But this is different from saying that there is a universal desire to live in a liberal society – that is, a political order characterized by a sphere of individual rights and the rule of law. The desire to live in a liberal democracy is, indeed, something acquired over time, often as a byproduct of successful modernization.

The EU’s attempt to transcend sovereignty and traditional power politics by establishing a transnational rule of law is much more in line with a “post-historical” world than the Americans’ continuing belief in God, national sovereignty, and their military.

Outside powers like the US can often help in this process by the example they set as politically and economically successful societies. They can also provide funding, advice, technical assistance, and yes, occasionally military force to help the process along.

We are the crowdsourcing black market. We pay social media website users for their votes, and sell them to advertisers who want to boost their exposure on these sites.

Beans, Blogs, and Feeds Four basic conditions? That's all you got, Surowiecki? Your conditions have just met their match: bloggers are a wise crowd. Diversity of opinion - That's a no-brainer. Bloggers publish hundreds of thousands of posts daily, each one charged with its author's unique opinion. Independence of members - Except for your friends saying "You've got to blog about that!" bloggers are not controlled by anyone else. Decentralization - There is no central authority in the blogosphere; publish your blog anywhere you want with any tool you want. A method for aggregating opinions - Blog feeds make aggregation a snap and there is no shortage of services that take advantage of that fact.

Does the lone bird see the cohesive beauty of the flock? It doesn't matter because this fact remains: the whole is greater than the sum of all it's parts. As a blogger, you are both an individual force and a neuron in the giant, interconnected mind that is the blogosphere. Yes, it sounds like a bad sci-fi movie, but it's all true.

Perhaps the most dramatic – and revealing – recent move was to hire a handful of well-known journalists to do old-fashioned reporting. “Our goal,” Ms Huffington says, “is basically to become an online newspaper”.

Nor did they anticipate that this quiet man would be able to boost his maverick image by skilfully playing on the public's distrust of the media

As Ségolène Royal says: in her "participative democracy" all citizens are experts.

Yet, one day, reality will take its revenge on reality shows.

Mr Roh will also visit the Pyeonghwa car factory near Pyongyang, a joint venture with the Unification Church led by Reverend Moon Sun-myung and he will also go to the Kaesong industrial complex, a group of Southern factories on the northern side of the border.

Reading Bauman helps people to insulate themselves from these false solutions to their difficulties.

might say that the problem for people today is how to resist consumer society, to find ways of caring for others, and to find a new politics that is above the nation-state. The globalisation phenomenon requires this if it is to be encountered by humanity in a more balanced form than at present when its negative side predominates over its positive side. The European integration project may offer some guidance.

The political institutions of this are parliamentary democracy and the public sphere; the former has been eroded and the latter hollowed out.

But the same powers will also be handed to the tax authorities, 475 local councils, and a host of other organisations, including the Food Standards Agency, the Department of Health, the Immigration Service, the Gaming Board and the Charity Commission. The initiative, formulated in the wake of the Madrid and London terrorist attacks of 2004 and 2005, was put forward as a vital tool in the fight against terrorism. However, civil liberties campaigners say the new powers amount to a 'free for all' for the State snooping on its citizens.

The new measures were implemented after the Home Secretary signed a 'statutory instrument' on July 26. The process allows the Government to alter laws without a full act of Parliament.

Subvertandprofit.com “operates a black market for votes on social networking sites,” in the words of its 19-year-old founder, who goes by the pseudonym Ragnar Danneskjold. Ragnar told AZ contributor Derek Powazek that while some users of Digg.com “cling to democracy as the final ideal,” others “understand that their community is a wild anarchy...and I believe they like it that way.”

Dove strips away the smoke and mirrors to remind us that nobody's perfect. 200,000 views on youTube in one week.

The core budget for 2008 is expected to be $481.4 billion, compared with $441.5 billion for 2006; but the "supplemental" requests to cope with the conflicts in Iraq and Afghanistan push the figures even higher - from a total budget of $557.3 billion in 2007 to $645.6 billion in 2008.

injured in combat now exceed 23,000 (at least 10,000 of them seriously so). The effects of non-combat injuries, and of mental and physical ill-health, have required at least 20,000 troops to be evacuated from combat-zones to the United States. Many thousands more come to experience post-traumatic stress disorders.