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Javier E

It's the P.Q. and C.Q. as Much as the I.Q. - NYTimes.com - 0 views

  • every boss now also has cheaper, easier, faster access to more above-average software, automation, robotics, cheap labor and cheap genius than ever before. That means the old average is over. Everyone who wants a job now must demonstrate how they can add value better than the new alternatives.
  • the speed with which every job and industry changes also goes into hypermode. “In the old days,” he said, “it was assumed that your educational foundation would last your whole lifetime. That is no longer true.”
  • the skill required for every decent job is rising as is the necessity of lifelong learning. More and more things you know and tools you use “are being made obsolete faster,
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  • there is no economic law that says technological progress has to benefit everyone. It’s entirely possible for the pie to get bigger and some people to get a smaller slice.” Indeed, when the digital revolution gets so cheap, fast, connected and ubiquitous you see this in three ways
  • those with more education start to earn much more than those without it, those with the capital to buy and operate machines earn much more than those who can just offer their labor, and those with superstar skills, who can reach global markets, earn much more than those with just slightly less talent.
  • the Great Recession took the biggest bite out of employment but is not the only thing affecting job loss today: why we have record productivity, wealth and innovation, yet median incomes are falling, inequality is rising and high unemployment remains persistent.
  • How to adapt? It will require more individual initiative. We know that it will be vital to have more of the “right” education than less, that you will need to develop skills that are complementary to technology rather than ones that can be easily replaced by it and that we need everyone to be innovating new products and services to employ the people who are being liberated from routine work by automation and software.
rachelramirez

Obama to Announce Halt of U.S. Troop Withdrawal in Afghanistan - The New York Times - 0 views

  • Obama to Announce Halt of U.S. Troop Withdrawal in Afghanistan
  • prolonging the American role in a war that has now stretched on for 14 years.
  • The current American force in Afghanistan of 9,800 troops will remain in place through most of 2016
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  • Mr. Obama appears to be acknowledging that Afghan security forces are still not near ready to hold off the Taliban on their own.
  • The insurgents are now spread through more parts of the country than at any point since 2001
  • 5,500 troops, along with contributions from NATO allies, which have yet to be agreed upon, would provide enough power to protect the force
johnsonma23

Consensus Is the Supreme Court's New Majority - The New York Times - 0 views

  • Consensus Is the Supreme Court’s New Majority
  • The Supreme Court has gone into hibernation, withdrawing from the central role it has played in American life throughout Chief Justice John G. Roberts Jr.’s decade on the court.
  • The court had leaned right until the death of Justice Antonin Scalia in February.
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  • “I give great credit to the chief justice, who I think in general is a person who is concerned about consensus building, and I think all the more so now,
  • Opinions vary about whether a Supreme Court that does little is good for the nation, but the trend is certainly a testament to Chief Justice Roberts’s leadership. He has long said he favors narrow decisions endorsed by large majorities, and it turns out that goal is easier to achieve on an eight-member court. Advertisement Continue reading the main story
  • The justices will continue to issue decisions in most cases, but many will be modest and ephemeral, like Monday’s opinion returning a major case on access to contraception to the lower courts for further consideration.
  • “Yesterday’s contraception case shows why an equally divided court among liberals and conservatives has many benefits for our country, and also why the sky-is-falling claims by many court watchers about an eight-member court are overstated,”
  • “This type of consensus decision making,” Professor Segall said, “is a welcome change from the normal political and sometimes partisan approach we normally see in important 5-4 opinions, where one side can impose its own agenda on the parties and the country.”
  • forcing public workers to support unions they had declined to join violated the First Amendment. Justice Scalia’s questions were consistently hostile to the unions.
  • Four days before he died, the court blocked the Obama administration’s effort to combat global warming by regulating emissions from coal-fired power plants. The vote was 5 to 4, with the court’s conservatives in the majority.
  • The court has three major decisions left to decide before the justices take their summer break: on abortion, immigration and affirmative action.
  • All of this term’s blockbusters were added to the court’s docket before Justice Scalia died. Since then, the justices have agreed to hear just seven cases, and none of them concern issues of broad public interest
  • The next term, which starts in October, is thus shaping up to be a thin and quiet one. Until the next justice arrives, the Supreme Court will remain on the sideline of American life
Javier E

The Aspiring Novelist Who Became Obama's Foreign-Policy Guru - The New York Times - 0 views

  • Standing in his front office before the State of the Union, Rhodes quickly does the political math on the breaking Iran story. “Now they’ll show scary pictures of people praying to the supreme leader,” he predicts, looking at the screen. Three beats more, and his brain has spun a story line to stanch the bleeding. He turns to Price. “We’re resolving this, because we have relationships,” he says.
  • Price turns to his computer and begins tapping away at the administration’s well-cultivated network of officials, talking heads, columnists and newspaper reporters, web jockeys and outside advocates who can tweet at critics and tweak their stories backed up by quotations from “senior White House officials” and “spokespeople.” I watch the message bounce from Rhodes’s brain to Price’s keyboard to the three big briefing podiums — the White House, the State Department and the Pentagon — and across the Twitterverse, where it springs to life in dozens of insta-stories, which over the next five hours don formal dress for mainstream outlets. It’s a tutorial in the making of a digital news microclimate — a storm that is easy to mistake these days for a fact of nature, but whose author is sitting next to me right now.
  • Watching Rhodes work, I remember that he is still, chiefly, a writer, who is using a new set of tools — along with the traditional arts of narrative and spin — to create stories of great consequence on the biggest page imaginable. The narratives he frames, the voices of senior officials, the columnists and reporters whose work he skillfully shapes and ventriloquizes, and even the president’s own speeches and talking points, are the only dots of color in a much larger vision about who Americans are and where we are going
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  • When I asked Jon Favreau, Obama’s lead speechwriter in the 2008 campaign, and a close friend of Rhodes’s, whether he or Rhodes or the president had ever thought of their individual speeches and bits of policy making as part of some larger restructuring of the American narrative, he replied, “We saw that as our entire job.”
  • I realize during our conversations that the role Rhodes plays in the White House bears less resemblance to any specific character on Beltway-insider TV shows like “The West Wing” or “House of Cards” than it does to the people who create those shows
  • “I love Don DeLillo,” I answer.“Yeah,” Rhodes answers. “That’s the only person I can think of who has confronted these questions of, you know, the individual who finds himself negotiating both vast currents of history and a very specific kind of power dynamics. That’s his milieu. And that’s what it’s like to work in the U.S. foreign-policy apparatus in 2016.” Advertisement Continue reading the main story
  • “I immediately understood that it’s a very important quality for a staffer,” Hamilton explained, “that he could come into a meeting and decide what was decided.” I suggested that the phrase “decide what was decided” is suggestive of the enormous power that might accrue to someone with Rhodes’s gifts. Hamilton nodded. “Absolutely,” he said.
  • Rhodes’s opinions were helpful in shaping the group’s conclusions — a scathing indictment of the policy makers responsible for invading Iraq. For Rhodes, who wrote much of the I.S.G. report, the Iraq war was proof, in black and white, not of the complexity of international affairs or the many perils attendant on political decision-making but of the fact that the decision-makers were morons.
  • when Rhodes joined the Obama campaign in 2007, he arguably knew more about the Iraq war than the candidate himself, or any of his advisers. He had also developed a healthy contempt for the American foreign-policy establishment, including editors and reporters at The New York Times, The Washington Post, The New Yorker and elsewhere, who at first applauded the Iraq war and then sought to pin all the blame on Bush and his merry band of neocons when it quickly turned sour
  • The job he was hired to do, namely to help the president of the United States communicate with the public, was changing in equally significant ways, thanks to the impact of digital technologie
  • Obama relies on Rhodes for “an unvarnished take,” in part, she says, because “Ben just has no poker face,” and so it’s easy to see when he is feeling uncomfortable. “The president will be like, ‘Ben, something on your mind?’ And then Ben will have this incredibly precise lay-down of why the previous half-hour has been an utter waste of time, because there’s a structural flaw to the entire direction of the conversation.”
  • The literary character that Rhodes most closely resembles, Power volunteers, is Holden Caulfield. “He hates the idea of being phony, and he’s impetuous, and he has very strong views.”
  • He became aware of two things at once: the weight of the issues that the president was confronted with, and the intense global interest in even the most mundane presidential communications.
  • It is hard for many to absorb the true magnitude of the change in the news business — 40 percent of newspaper-industry professionals have lost their jobs over the past decade — in part because readers can absorb all the news they want from social-media platforms like Facebook, which are valued in the tens and hundreds of billions of dollars and pay nothing for the “content” they provide to their readers
  • As she explained how the process worked, I was struck by how naïve the assumption of a “state of nature” must seem in an information environment that is mediated less and less by experienced editors and reporters with any real prior knowledge of the subjects they write about. “People construct their own sense of source and credibility now,” she said. “They elect who they’re going to believe.
  • “All these newspapers used to have foreign bureaus,” he said. “Now they don’t. They call us to explain to them what’s happening in Moscow and Cairo. Most of the outlets are reporting on world events from Washington. The average reporter we talk to is 27 years old, and their only reporting experience consists of being around political campaigns. That’s a sea change. They literally know nothing.”
  • ”This is something different from old-fashioned spin, which tended to be an art best practiced in person. In a world where experienced reporters competed for scoops and where carrying water for the White House was a cause for shame, no matter which party was in power, it was much harder to sustain a “narrative” over any serious period of time
  • Now the most effectively weaponized 140-character idea or quote will almost always carry the day, and it is very difficult for even good reporters to necessarily know where the spin is coming from or why
  • , I brought up the soft Orwellian vibe of an information space where old media structures and hierarchies have been erased by Silicon Valley billionaires who convinced the suckers that information was “free” and everyone with access to Google was now a reporter
  • Axelrod, a former newspaperman, sighed. “It’s not as easy as standing in front of a press conference and speaking to 70 million people like past presidents have been able to do,” he said. The bully pulpit by and large doesn’t exist anymore, he explained. “So more and more, over the last couple of years, there’s been an investment in alternative means of communication: using digital more effectively, going to nontraditional sources, understanding where on each issue your constituencies are going to be found,” he said. “I think they’ve approached these major foreign-policy challenges as campaign challenges, and they’ve run campaigns, and those campaigns have been very sophisticated.
  • Rhodes’s innovative campaign to sell the Iran deal is likely to be a model for how future administrations explain foreign policy to Congress and the publi
  • The way in which most Americans have heard the story of the Iran deal presented — that the Obama administration began seriously engaging with Iranian officials in 2013 in order to take advantage of a new political reality in Iran, which came about because of elections that brought moderates to power in that country — was largely manufactured for the purpose for selling the deal. Even where the particulars of that story are true, the implications that readers and viewers are encouraged to take away from those particulars are often misleading or false
  • Obama’s closest advisers always understood him to be eager to do a deal with Iran as far back as 2012, and even since the beginning of his presidency. “It’s the center of the arc,” Rhodes explained to me two days after the deal, officially known as the Joint Comprehensive Plan of Action, was implemented. He then checked off the ways in which the administration’s foreign-policy aims and priorities converged on Iran. “We don’t have to kind of be in cycles of conflict if we can find other ways to resolve these issues,” he said. “We can do things that challenge the conventional thinking that, you know, ‘AIPAC doesn’t like this,’ or ‘the Israeli government doesn’t like this,’ or ‘the gulf countries don’t like it.’ It’s the possibility of improved relations with adversaries. It’s nonproliferation. So all these threads that the president’s been spinning — and I mean that not in the press sense — for almost a decade, they kind of all converged around Iran.”
  • The idea that there was a new reality in Iran was politically useful to the Obama administration. By obtaining broad public currency for the thought that there was a significant split in the regime, and that the administration was reaching out to moderate-minded Iranians who wanted peaceful relations with their neighbors and with America, Obama was able to evade what might have otherwise been a divisive but clarifying debate over the actual policy choices that his administration was making
  • By eliminating the fuss about Iran’s nuclear program, the administration hoped to eliminate a source of structural tension between the two countries, which would create the space for America to disentangle itself from its established system of alliances with countries like Saudi Arabia, Egypt, Israel and Turkey. With one bold move, the administration would effectively begin the process of a large-scale disengagement from the Middle East.
  • Rhodes “was kind of like the quarterback,” running the daily video conferences and coming up with lines of attack and parry. “He was extremely good about immediately getting to a phrase or a way of getting the message out that just made more sense,” Kreikemeier remembers. Framing the deal as a choice between peace and war was Rhodes’s go-to move — and proved to be a winning argument.
  • we developed a plan that was like: The Iran deal is literally going to be the tip of everything that we stand up online,” Somanader says. “And we’re going to map it onto what we know about the different audiences we’re dealing with: the public, pundits, experts, the right wing, Congress.” By applying 21st-century data and networking tools to the white-glove world of foreign affairs, the White House was able to track what United States senators and the people who worked for them, and influenced them, were seeing online — and make sure that no potential negative comment passed without a tweet.
  • If anything, that anger has grown fiercer during Rhodes’s time in the White House. He referred to the American foreign-policy establishment as the Blob. According to Rhodes, the Blob includes Hillary Clinton, Robert Gates and other Iraq-war promoters from both parties who now whine incessantly about the collapse of the American security order in Europe and the Middle East.
  • During the course of the Iran talks, Malley told me, he always kept in close contact with Rhodes. “I would often just call him and say, ‘Give me a reality check,’ ” Malley explained. “He could say, ‘Here is where I think the president is, and here is where I think he will be.’ ” He continued, “Ben would try to anticipate: Does it make sense policywise? But then he would also ask himself: How do we sell it to Congress? How do we sell it to the public? What is it going to do to our narrative?”
  • “The Iran experience was the place where I saw firsthand how policy, politics and messaging all had to be brought together, and I think that Ben is really at the intersection of all three,” Malley says. “He reflects and he shapes at the same time.
  • Rhodes’s war room did its work on Capitol Hill and with reporters. In the spring of last year, legions of arms-control experts began popping up at think tanks and on social media, and then became key sources for hundreds of often-clueless reporters. “We created an echo chamber,” he admitted, when I asked him to explain the onslaught of freshly minted experts cheerleading for the deal. “They were saying things that validated what we had given them to say.
  • When I suggested that all this dark metafictional play seemed a bit removed from rational debate over America’s future role in the world, Rhodes nodded. “In the absence of rational discourse, we are going to discourse the [expletive] out of this
  • “We had test drives to know who was going to be able to carry our message effectively, and how to use outside groups like Ploughshares, the Iran Project and whomever else. So we knew the tactics that worked.” He is proud of the way he sold the Iran deal. “We drove them crazy,” he said of the deal’s opponents.
  • Rhodes’s passion seems to derive not from any investment in the technical specifics of sanctions or centrifuge arrays, or any particular optimism about the future course of Iranian politics and society. Those are matters for the negotiators and area specialists. Rather, it derived from his own sense of the urgency of radically reorienting American policy in the Middle East in order to make the prospect of American involvement in the region’s future wars a lot less likely
  • When I asked whether the prospect of this same kind of far-reaching spin campaign being run by a different administration is something that scares him, he admitted that it does. “I mean, I’d prefer a sober, reasoned public debate, after which members of Congress reflect and take a vote,” he said, shrugging. “But that’s impossible.”
  • Obama’s particular revulsion against a certain kind of global power politics is a product, Rhodes suggests, of his having been raised in Southeast Asia. “Indonesia was a place where your interaction at that time with power was very intimate, right?” Rhodes asks. “Tens or hundreds of thousands of people had just been killed. Power was not some abstract thing,” he muses. “When we sit in Washington and debate foreign policy, it’s like a Risk game, or it’s all about us, or the human beings disappear from the decisions. But he lived in a place where he was surrounded by people who had either perpetrated those acts — and by the way, may not have felt great about that — or else knew someone who was a victim. I don’t think there’s ever been an American president who had an experience like that at a young age of what power is.
  • The parts of Obama’s foreign policy that disturb some of his friends on the left, like drone strikes, Rhodes says, are a result of Obama’s particular kind of globalism, which understands the hard and at times absolute necessity of killing. Yet, at the same time, they are also ways of avoiding more deadly uses of force — a kind of low-body-count spin move
  • He shows me the president’s copy of his Nobel Peace Prize acceptance speech, a revision of an original draft by Favreau and Rhodes whose defining tension was accepting a prize awarded before he had actually accomplished anything. In his longhand notes, Obama relocated the speech’s tension in the fact that he was accepting a peace prize a week after ordering 30,000 more troops to Afghanistan. King and Gandhi were the author’s heroes, yet he couldn’t act as they did, because he runs a state. The reason that the author had to exercise power was because not everyone in the world is rational.
  • In Panetta’s telling, his own experience at the Pentagon under Obama sometimes resembled being installed in the driver’s seat of a car and finding that the steering wheel and brakes had been disconnected from the engine. Obama and his aides used political elders like him, Robert Gates and Hillary Clinton as cover to end the Iraq war, and then decided to steer their own course, he suggests. While Panetta pointedly never mentions Rhodes’s name, it is clear whom he is talking about.
  • “Was it a point of connection between you and the president that you had each spent some substantial part of your childhoods living in another country?” I ask. Her face lights up.
  • “Absolutely,” she answers. The question is important to her. “The first conversation we had over dinner, when we first met, was about what it was like for both of us to live in countries that were predominantly Muslim countries at formative parts of our childhood and the perspective it gave us about the United States and how uniquely excellent it is,” she says. “We talked about what it was like to be children, and how we played with children who had totally different backgrounds than our own but you would find something in common.”
  • Barack Obama is not a standard-issue liberal Democrat. He openly shares Rhodes’s contempt for the groupthink of the American foreign-policy establishment and its hangers-on in the press. Yet one problem with the new script that Obama and Rhodes have written is that the Blob may have finally caught on
  • “He is a brilliant guy, but he has a real problem with what I call the assignment of bad faith,” one former senior official told me of the president. “He regards everyone on the other side at this point as being a bunch of bloodthirsty know-nothings from a different era who play by the old book
  • Another official I spoke to put the same point more succinctly: “Clearly the world has disappointed him.
  • When I asked whether he believed that the Oval Office debate over Syria policy in 2012 — resulting in a decision not to support the uprising against Assad in any meaningful way — had been an honest and open one, he said that he had believed that it was, but has since changed his mind. “Instead of adjusting his policies to the reality, and adjusting his perception of reality to the changing realities on the ground, the conclusions he draws are exactly the same, no matter what the costs have been to our strategic interests,”
  • “In an odd way, he reminds me of Bush.” The comparison is a startling one — and yet, questions of tone aside, it is uncomfortably easy to see the similarities between the two men, American presidents who projected their own ideas of the good onto an indifferent world.
  • He understands the president’s pivot toward Iran as the logical result of a deeply held premise about the negative effects of use of American military force on a scale much larger than drone strikes or Special Forces raids. “I think the whole legacy that he was working on was, ‘I’m the guy who’s going to bring these wars to an end, and the last goddamn thing I need is to start another war,’ ” he explains of Obama. “If you ratchet up sanctions, it could cause a war. If you start opposing their interest in Syria, well, that could start a war, too.”
  • I examine the president’s thoughts unfolding on the page, and the lawyerly, abstract nature of his writing process. “Moral imagination, spheres of identity, but also move beyond cheap lazy pronouncements,” one note reads. Here was the new American self — rational, moral, not self-indulgent. No longer one thing but multiple overlapping spheres or circles. Who is described here? As usual, the author is describing himself.
  • “There were staff people who put themselves in a position where they kind of assumed where the president’s head was on a particular issue, and they thought their job was not to go through this open process of having people present all these different options, but to try to force the process to where they thought the president wanted to be,” he says. “They’d say, ‘Well, this is where we want you to come out.’ And I’d say ‘[expletive], that’s not the way it works. We’ll present a plan, and then the president can make a decision
  • Perhaps the president and his aides were continually unable to predict the consequences of their actions in Syria, and made mistake after mistake, while imagining that it was going to come out right the next time
  • “Another read, which isn’t necessarily opposed to that,” I continue, “is that their actual picture is entirely coherent. But if they put it in blunt, unnuanced terms — ”Panetta completes my sentence: “ — they’d get the [expletive] kicked out of them.” He looks at me curiously. “Let me ask you something,” he says. “Did you present this theory to Ben Rhodes?
  • “Oh, God,” Rhodes says. “The reason the president has bucked a lot of establishment thinking is because he does not agree with establishment thinking. Not because I or Denis McDonough are sitting here.” He pushes back in his chair. “The complete lack of governance in huge swaths of the Middle East, that is the project of the American establishment,” he declares. “That as much as Iraq is what angered me.
  • Ben Rhodes wanted to do right, and maybe, when the arc of history lands, it will turn out that he did. At least, he tried. Something scared him, and made him feel as if the grown-ups in Washington didn’t know what they were talking about, and it’s hard to argue that he was wrong.
  • What has interested me most about watching him and his cohort in the White House over the past seven years, I tell him, is the evolution of their ability to get comfortable with tragedy. I am thinking specifically about Syria, I add, where more than 450,000 people have been slaughtered.
  • “Yeah, I admit very much to that reality,” he says. “There’s a numbing element to Syria in particular. But I will tell you this,” he continues. “I profoundly do not believe that the United States could make things better in Syria by being there. And we have an evidentiary record of what happens when we’re there — nearly a decade in Iraq.
  • Iraq is his one-word answer to any and all criticism.
  • He mutters something about John Kerry, and then goes off the record, to suggest, in effect, that the world of the Sunni Arabs that the American establishment built has collapsed. The buck stops with the establishment, not with Obama, who was left to clean up their mess.
  • Rhodes walks me out into the sunlight of the West Wing parking lot, where we are treated to the sight of the aged Henry Kissinger, who has come to pay a visit. I ask Rhodes if he has ever met the famous diplomat before, and he tells me about the time they were seated together at a state dinner for the president of China. It was an interesting encounter to imagine, between Kissinger, who made peace with Mao’s China while bombing Laos to bits, and Rhodes, who helped effect a similar diplomatic volte-face with Iran but kept the United States out of a civil war in Syria, which has caused more than four million people to become refugees. I ask Rhodes how it felt being seated next to the embodiment of American realpolitik. “It was surreal,” he says, looking off into the middle distance. “I told him I was going to Laos,” he continues. “He got a weird look in his eye.
  • He is not Henry Kissinger, or so his logic runs, even as the underlying realist suspicion — or contempt — for the idea of America as a moral actor is eerily similar. He is torn. As the president himself once asked, how are we supposed to weigh the tens of thousands who have died in Syria against the tens of thousands who have died in Congo? What power means is that the choice is yours, no matter who is telling the story.
rachelramirez

EgyptAir Flight Believed to Have Crashed at Sea; Egypt Cites Possible Terrorism - The N... - 0 views

  • EgyptAir Flight Believed to Have Crashed at Sea; Egypt Cites Possible Terrorism
  • the Greek authorities said debris believed to be from the wreckage had been found at a site around 205 nautical miles southeast of Crete and 190 nautical miles south of the Greek island of Karpathos.
  • Mr. Fathi said. Still, he said, “if you analyze the situation properly,” the possibility of “having a terror attack is higher than the possibility” of technical failure.
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  • At 2:37 a.m., shortly after entering Egyptian airspace, the plane made a 90-degree turn to the left and then a full circle to the right, first plunging to 15,000 feet from 37,000 feet and then to 9,000 feet
  • 30 were from Egypt, 15 from France, two from Iraq and one each from Algeria, Belgium, Britain, Canada, Chad, Kuwait, Portugal, Saudi Arabia and Sudan.
  • American and European officials have expressed concerns about security gaps in North African airports. Advertisement Continue reading the main story
  • Intelligence analysts who monitor jihadist websites and social media said there had been no claims of responsibility by terrorist groups.
  • At 4:26 a.m. — nearly two hours after the last radar contact — the plane emitted a signal, although it was not clear whether that was an emergency distress signal sent by a crew member or an automated signal from the plane’s onboard computers.
  • Egypt has come under criticism in the past for its lack of transparency in aviation accidents. In 1999, an EgyptAir flight crashed into the Atlantic Ocean shortly after takeoff from John F. Kennedy Airport in New York, killing all 217 on board.
sarahbalick

New York bombing suspect named as Ahmad Khan Rahami - BBC News - 1 views

  • New York bombing suspect named as Ahmad Khan Rahami
  • US officials are looking for Ahmad Khan Rahami, a naturalised US citizen who was born in Afghanistan, for questioning over explosions in New York and New Jersey on Saturday.
  • Further devices exploded in Elizabeth, New Jersey, in the early hours of Monday as a police robot investigated a bag. No-one was injured.
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  • The bomb that hit Manhattan's Chelsea district on Saturday evening injured 29, and an unexploded device was found nearby.
  • Democratic presidential candidate Hillary Clinton has urged jittery Americans to be "vigilant but not afraid".
  • "It is crucial that we continue to build up trust between law enforcement and Muslim American communities," she said.
  • "Anyone who sees this individual or knows anything about him or his whereabouts needs to call it in right away," New York Mayor Bill de Blasio said on CNN.
  • Mr Cuomo said on Monday that there might be a foreign connection to the Manhattan attack. Officials had said over the weekend there were no confirmed links to international terrorist groups.
  • The bag had been picked out of the bin by two men on Sunday evening. They thought it could contain something of value but saw wires and notified the police.
  • "That was not a controlled explosion,
Javier E

The EpiPen, a Case Study in Health System Dysfunction - The New York Times - 0 views

  • the story of EpiPens can also explain so much of what’s wrong with our health care system.
  • Epinephrine is very, very cheap. Even in the developing world, it costs less than a dollar per milliliter, and there’s less than a third of that in an EpiPen.
  • The EpiPen isn’t new; it has been in use since 1977. Research and development costs were recouped long ago. Nine years ago, it was bought by the pharmaceutical company Mylan, which then began to sell the device. When Mylan bought it, EpiPens cost about $57 each.
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  • Unfortunately, epinephrine is inherently unstable. Research shows that it degrades pretty quickly over time, and it’s recommended that EpiPens be replaced every year.
  • Mylan stopped selling individual EpiPens and began to sell only twin-packs.It also raised the price.
  • Kids need them in many places. They need them at home. They need them at school. They need them at camp. They may even want to stash one at Grandma’s house. So people often need to buy quite a few.More revenue for Mylan. And it raised the price.
  • Then in 2010, federal guidelines changed to recommend that two EpiPens be sold in a package instead of one
  • People in anaphylaxis need a full dose every time. They therefore need to replace all their EpiPens every year, again and again.
  • In 2013, the government went further. It passed a law that gave funding preferences for asthma treatment grants to states that maintained an emergency supply of EpiPens. As the near sole supplier of the devices, Mylan stood to make even more money. Advertisement Continue reading the main story That year, Mylan raised the price again.
  • Of course, competition would bring the price down. But it’s very hard to bring such a device to market.
  • setbacks, all in the last year, have once again left Mylan with a veritable run of the market. It raised the price of EpiPens again. As of this May, they cost more than $600 a pack. Since 2004, after adjusting for inflation, the price of EpiPens has risen more than 450 percent.
  • An alternative still exists. The Adrenaclick, while still not cheap, is back and less expensive than the EpiPen. Some think it’s harder to use, though. It’s not on the accepted list for many health insurance plans. More important, few physicians think of it. Because of that, they write prescriptions for EpiPens. Since the Adrenaclick is not a generic version of the EpiPen, pharmacists can’t substitute one for the other. A prescription for an EpiPen must be filled with an EpiPen, regardless of what consumers might want.
  • you could argue that they’re an alternative when the “Cadillac” EpiPens are financially out of reach. Write A Comment But those are unsatisfactory arguments. Epinephrine isn’t an elective medication. It doesn’t last, so people need to purchase the drug repeatedly. There’s little competition, but there are huge hurdles to enter the market, so a company can raise the price again and again with little pushback. The government encourages the product’s use, but makes no effort to control its cost. Insurance coverage shields some from the expense, allowing higher prices, but leaves those most at-risk most exposed to extreme out-of-pocket outlays. The poor are the most likely to consider going without because they can’t afford it.
  • EpiPens are a perfect example of a health care nightmare. They’re also just a typical example of the dysfunction of the American health care system.
Javier E

Stephen Hawking just gave humanity a due date for finding another planet - The Washingt... - 0 views

  • Hawking told the audience that Earth's cataclysmic end may be hastened by humankind, which will continue to devour the planet’s resources at unsustainable rates
  • “Although the chance of a disaster to planet Earth in a given year may be quite low, it adds up over time, and becomes a near certainty in the next thousand or ten thousand years. By that time we should have spread out into space, and to other stars, so a disaster on Earth would not mean the end of the human race.”
  • “I think the development of full artificial intelligence could spell the end of the human race,” Hawking told the BBC in a 2014 interview that touched upon everything from online privacy to his affinity for his robotic-sounding voice.
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  • “Once humans develop artificial intelligence, it will take off on its own and redesign itself at an ever-increasing rate,” Hawking warned in recent months. “Humans, who are limited by slow biological evolution, couldn't compete and would be superseded.”
Javier E

Trump Could Threaten U.S. Rule of Law, Scholars Say - The New York Times - 1 views

  • “This is how authoritarianism starts, with a president who does not respect the judiciary,” Mr. Post said. “You can criticize the judicial system, you can criticize individual cases, you can criticize individual judges. But the president has to be clear that the law is the law and that he enforces the law. That is his constitutional obligation.”
  • Even as much of the Republican political establishment lines up behind its presumptive nominee, many conservative and libertarian legal scholars warn that electing Mr. Trump is a recipe for a constitutional crisis.
  • “Who knows what Donald Trump with a pen and phone would do?” asked Ilya Shapiro, a lawyer with the libertarian Cato Institute.
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  • With five months to go before Election Day, Mr. Trump has already said he would “loosen” libel laws to make it easier to sue news organizations. He has threatened to sic federal regulators on his critics. He has encouraged rough treatment of demonstrators.
  • His proposal to bar Muslims from entry into the country tests the Constitution’s guarantees of religious freedom, due process and equal protection. Advertisement Continue reading the main story
  • And, in what was a tipping point for some, he attacked Judge Gonzalo P. Curiel of the Federal District Court in San Diego, who is overseeing two class actions against Trump University.Mr. Trump accused the judge of bias, falsely said he was Mexican and seemed to issue a threat.
  • Beyond the attack on judicial independence is a broader question of Mr. Trump’s commitment to the separation of powers and to the principles of federalism enshrined in the Constitution. Randy E. Barnett, a law professor at Georgetown and an architect of the first major challenge to President Obama’s health care law, said he had grave doubts on both fronts.
  • “You would like a president with some idea about constitutional limits on presidential powers, on congressional powers, on federal powers,” Professor Barnett said, “and I doubt he has any awareness of such limits.”
  • Mr. Post said that view was too sanguine, given the executive branch’s practical primacy. “The president has all the power with respect to enforcing the law,” he said. “There’s only one of those three branches that actually has the guns in its hands, and that’s the executive.”
  • “I don’t think he cares about separation of powers at all,” said Richard Epstein, a fellow at the Hoover Institution who also teaches at New York University and the University of Chicago.
  • President George W. Bush “often went beyond what he should have done,” Professor Epstein said. “I think Obama’s been much worse on that issue pretty consistently, and his underlings have been even more so. But I think Trump doesn’t even think there’s an issue to worry about. He just simply says whatever I want to do I will do.”
  • “I can easily see a situation in which he would take the Andrew Jackson line,” Professor Epstein said, referring to a probably apocryphal comment attributed to Jackson about Chief Justice John Marshall: “John Marshall has made his decision; now let him enforce i
  • “I can easily see a situati
  • There are other precedents, said John C. Yoo, a law professor at the University of California, Berkeley, who took an expansive view of executive power as a lawyer in the Bush administration. “The only two other presidents I can think of who were so hostile to judges on an individual level and to the judiciary as a whole would be Thomas Jefferson and Franklin Roosevelt,” he said.
  • Other legal scholars said they were worried about Mr. Trump’s commitment to the First Amendment. He has taken particular aim at The Washington Post and its owner, Jeff Bezos, the founder of Amazon
  • On one hand, Mr. Trump seemed to misunderstand the scope of presidential power. Libel is a state-law tort constrained by First Amendment principles, and a president’s views do not figure in its application.
  • “There are very few serious constitutional thinkers who believe public figures should be able to use libel as indiscriminately as Trump seems to think they should,” Professor Somin said. “He poses a serious threat to the press and the First Amendment.”
  • On the other hand, said Ilya Somin, a law professor at George Mason University, Mr. Trump’s comments betrayed a troubling disregard for free expression.
  • Many of Mr. Trump’s statements about legal issues were extemporaneous and resist conventional legal analysis. Some seemed to betray ignorance of fundamental legal concepts, as when he said in a debate that Senator Ted Cruz of Texas had criticized Mr. Trump’s sister, a federal appeals court judge, “for signing a certain bill,” adding for good measure that Justice Samuel A. Alito Jr., while still an appeals court judge, had also “signed that bill.”
  • But bills are legislative rather than judicial documents. And, as it happened, Judge Alito had not joined the opinion in question.
Javier E

While We Weren't Looking, Snapchat Revolutionized Social Networks - The New York Times - 0 views

  • Snap’s business model, which depends on TV-style advertising that (so far) offers marketers fewer of the data-targeted options pioneered by web giants like Google, feels refreshingly novel. And perhaps most important, its model for entertainment and journalism values human editing and curation over stories selected by personalization algorithms — and thus represents a departure from the filtered, viral feeds that dominate much of the rest of the online news environment.
  • Before Snapchat, the industry took for granted that everything users posted to the internet should remain there by default. Saving people’s data — and then constantly re-examining it to create new products and advertising — is the engine that supports behemoths like Google and Facebook.
  • Snapchat’s “ephemeral” internet — which has since been imitated by lots of other companies, including, most recently, Instagram — did not just usher in a new idea for online privacy. It also altered what had once been considered a sacred law of online interaction: virality.
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  • There is, instead, a practiced authenticity. The biggest stars — even Kylie Jenner — get ahead by giving you deep access to their real lives. As a result, much of what you see on Snapchat feels less like a performance than on other networks. People aren’t fishing for likes and follows and reshares. For better or worse, they’re trying to be real.
  • The diminution of personalization algorithms and virality also plays into how Snapchat treats news. Snapchat’s primary format is called a Story, a slide show of a user’s video clips that are played in chronological order. This, too, is an innovation; before Snapchat, much online content, from blogs to tweets, was consumed in reverse chronological order, from the most recent to the oldest. Snapchat’s Stories, which have since been widely copied, ushered in a more natural order — start at the beginning and go from there.
  • insiders at Snapchat noticed that Stories were an ideal vehicle for relaying news. They could be crowdsourced: If a lot of people were at a concert or sporting event or somewhere that breaking news was occurring, a lot of them were likely to be snapping what was happening. If Snapchat offered them a way to submit their clips, it could spot the best ones and add them to a narrative compilation of the event.
  • Snapchat began hiring producers and reporters to assemble clips into in-depth pieces.
  • Every day, Snapchat offers one or several stories about big and small events happening in the world, including football games, awards shows and serious news.
  • Snapchat has said that it thinks of itself as a camera company rather than a social network. This sounds like marketing puffery (after all, it only just started making its first actual camera, Spectacles), but I think its determination to set itself apart from the rest of the tech industry is important to note. Advertisement Continue reading the main story
Javier E

The Real Story About Fake News Is Partisanship - The New York Times - 0 views

  • Partisan bias now operates more like racism than mere political disagreement, academic research on the subject shows
  • Americans’ deep bias against the political party they oppose is so strong that it acts as a kind of partisan prism for facts, refracting a different reality to Republicans than to Democrats.
  • the repercussions go far beyond stories shared on Facebook and Reddit, affecting Americans’ faith in government — and the government’s ability to function.
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  • until a few decades ago, people’s feelings about their party and the opposing party were not too different. But starting in the 1980s, Americans began to report increasingly negative opinions of their opposing party.
  • Not only did party identity turn out to affect people’s behavior and decision making broadly, even on apolitical subjects, but according to their data it also had more influence on the way Americans behaved than race did.
  • Partisanship, for a long period of time, wasn’t viewed as part of who we are,” he said. “It wasn’t core to our identity. It was just an ancillary trait. But in the modern era we view party identity as something akin to gender, ethnicity or race — the core traits that we use to describe ourselves to others.”
  • That has made the personal political. “Politics has become so important that people select relationships on that basis,”
  • it has become quite rare for Democrats to marry Republicans,
  • in a 2009 survey of married couples that only 9 percent consisted of Democrat-Republican pairs
  • And it has become more rare for children to have a different party affiliation from their parents. Advertisement Continue reading the main story
  • it has also made the political personal. Today, political parties are no longer just the people who are supposed to govern the way you want. They are a team to support, and a tribe to feel a part of
  • And the public’s view of politics is becoming more and more zero-sum: It’s about helping their team win, and making sure the other team loses.
  • Partisan tribalism makes people more inclined to seek out and believe stories that justify their pre-existing partisan biases, whether or not they are true.
  • “There are many, many decades of research on communication on the importance of source credibility,
  • “You want to show that you’re a good member of your tribe,” Mr. Westwood said. “You want to show others that Republicans are bad or Democrats are bad, and your tribe is good. Social media provides a unique opportunity to publicly declare to the world what your beliefs are
  • Partisan bias fuels fake news because people of all partisan stripes are generally quite bad at figuring out what news stories to believe. Instead, they use trust as a shortcut. Rather than evaluate a story directly, people look to see if someone credible believes it, and rely on that person’s judgment to fill in the gaps in their knowledge.
  • Sharing those stories on social media is a way to show public support for one’s partisan team — roughly the equivalent of painting your face with team colors on game day.
  • They found that participants gave more money if they were told the other player supported the same political party as they did.
  • Partisanship’s influence on trust means that when there is a partisan divide among experts, Mr. Sides said, “you get people believing wildly different sets of facts.”
  • the bigger concern is that the natural consequence of this growing national divide will be a feedback loop in which the public’s bias encourages extremism among politicians, undermining public faith in government institutions and their ability to function.
  • “This is an incentive for Republicans and Democrats in Congress to behave in a hyperpartisan manner in order to excite their base.”
  • That feeds partisan bias among the public by reinforcing the idea that the opposition is made up of bad or dangerous people, which then creates more demand for political extremism.
  • The result is an environment in which compromise and collaboration with the opposing party are seen as signs of weakness, and of being a bad member of the tribe.
  • “It’s a vicious cycle,” Mr. Iyengar said. “All of this is going to make policy-making and fact-finding more problematic.”
  • Now, “you have quite a few people who are willing to call into question an institution for centuries that has been sacrosanct,”
  • . “The consequences of that are insane,” he said, “and potentially devastating to the norms of democ
  • “I don’t think things are going to get better in the short term; I don’t think they’re going to get better in the long term. I think this is the new normal.”
davisem

Taiwan's President Meets With Ted Cruz in the U.S., and China Objects - 0 views

  • President Tsai Ing-wen of Taiwan met with Senator Ted Cruz of Texas in Houston and then flew off to visit leaders in Latin America, seeking to promote her island’s cause as it gets positive signals from President-elect Donald J. Trump.
  • Ms. Tsai was looking to expand her ties to the Republican Party as it takes control of the White House and keeps its grip on Congress.
  • “We discussed our mutual opportunity to upgrade the stature of our bilateral relations in a wide-ranging discussion that addressed arms sales, diplomatic exchanges and economic relations.”
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  • “The People’s Republic of China needs to understand that in America we make decisions about meeting with visitors for ourselves,” Mr. Cruz said.
  • The United States does not maintain official diplomatic relations with Taiwan as a result of negotiations with Beijing that led to Washington’s recognition of the People’s Republic of China in 1979.
  • China has warned Mr. Trump against making changes to the One China policy after he takes office on Jan. 20. The warning came in response to a phone call between Ms. Tsai and Mr. Trump after his November election victory, the highest-level exchange between American and Taiwanese leaders since the end of diplomatic relations
  • “Cruz is influential above and beyond many senators, given his performance in the last election campaign. It makes sense to add Cruz, whatever his relationship is going to be with the Trump administration.”
  • Beijing’s influence in Latin America and the Caribbean is growing, and it is expected to achieve recognition from more countries, as China is the wealthier benefactor.
  • We will continue to meet with anyone, including the Taiwanese, as we see fit.”
  • While American leaders have vowed to defend Taiwan from attack, the United States is not legally bound to do so, despite what Mr. Cruz said. Advertisement Continue reading the main story
  • Beijing opposed any contact between Taiwan’s leader and “anyone from the U.S. government,” saying it threatens to hurt ties between Beijing and Washington.
  • “The U.S. is Taiwan’s most important ally and friend, and it occupies a special place in the hearts of the Chinese people,”
  • neither Mr. Trump nor anyone on his transition team would be meeting with Ms. Tsai.
  • “In general, it raises Tsai’s national and international stature to be going on trips like this,”
  •  
    Ms. Tsai's stop in Houston preceded visits to El Salvador, Guatemala, Honduras and Nicaragua, four of the 20 countries, along with the Vatican, that maintain diplomatic relations with Taiwan rather than China. Last month, São Tomé and Príncipe, an island nation off the west coast of Africa, severed diplomatic ties with Taiwan.
draneka

Shinzo Abe to Become First Japanese Leader to Visit Pearl Harbor - The New York Times - 0 views

  • Prime Minister Shinzo Abe said on Monday that he would visit Pearl Harbor, becoming the first sitting Japanese leader to go to the site of Japan’s attack 75 years ago
  • By visiting Pearl Harbor, Mr. Abe will in effect be reciprocating a historic trip Mr. Obama made in May to Hiroshima
  • “We must never repeat the horror of war,” Mr. Abe said on Monday. “I want to express that determination as we look to the future, and at the same time send a message about the value of U.S.-Japanese reconciliation.” Advertisement Continue reading the main story
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  • For decades, politicians have been reluctant to make any statement resembling an apology for the attack
  • “Is it imperative that Prime Minister Abe say, ‘We are sorry’? I don’t think so,” said Tony Cordero
Javier E

The Politics of Cowardice - The New York Times - 0 views

  • Donald Trump expressed the party’s new mood to David Muir of ABC, when asked about his decision to suspend immigration from some Muslim countries: “The world is a mess. The world is as angry as it gets. What, you think this is going to cause a little more anger? The world is an angry place.”
  • It’s all about threat perception. He has made moves to build a wall against the Mexican threat, to build barriers against the Muslim threat, to end a trade deal with Asia to fight the foreign economic threat, to build black site torture chambers against the terrorist threat.
  • If Reagan’s dominant emotional note was optimism, Trump’s is fear. If Reagan’s optimism was expansive, Trump’s fear propels him to close in
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  • We have a word for people who are dominated by fear. We call them cowards.
  • as president his is a policy of cowardice. On every front, he wants to shrink the country into a shell.
  • J.R.R. Tolkien once wrote, “A man that flies from his fear may find that he has only taken a shortcut to meet it.”
  • Trump has changed the way the Republican Party sees the world. Republicans used to have a basic faith in the dynamism and openness of the free market. Now the party fears openness and competition. Advertisement Continue reading the main story
  • In the summer of 2015, according to a Pew Research Center poll, Republicans said free trade deals had been good for the country by 51 to 39 percent. By the summer of 2016, Republicans said those deals had been bad for America by 61 percent to 32 percent.
  • It’s not that the deals had changed, or reality. It was that Donald Trump became the Republican nominee and his dark fearfulness became the party’s dark fearfulness.
  • In this case fear is not a reaction to the world. It is a way of seeing the world. It propels your reactions to the world.
maddieireland334

Rise of Donald Trump Tracks Growing Debate Over Global Fascism - The New York Times - 0 views

  • The comparison was inflammatory, to say the least. Former Gov. William F. Weld of Massachusetts equated Donald J. Trump’s immigration plan with Kristallnacht, the night of horror in 1938 when rampaging Nazis smashed Jewish homes and businesses in Germany and killed scores of Jews.
  • Mr. Trump’s campaign has engendered impassioned debate about the nature of his appeal and warnings from critics on the left and the right about the potential rise of fascism in the United States.
  • In Hungary, an authoritarian government has clamped down on the news media and erected razor wire fences to keep out migrants.
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  • To supporters, such comparisons are deeply unfair smear tactics used to tar conservatives and scare voters.
  • President Enrique Peña Nieto of Mexico criticized Mr. Trump’s plans to build a wall on the border and to bar Muslims from entering the United States. “
  • Americans are used to the idea that other countries may be vulnerable to such movements, but while figures like Father Charles Coughlin, the demagogic radio broadcaster, enjoyed wide followings in the 1930s, neither major party has ever nominated anyone quite like Mr. Trump.
  • Traditional parties in France, Germany, Greece and elsewhere have been challenged by nationalist movements amid an economic crisis and waves of migrants.
  • Mr. Trump’s allies dismiss the criticism as politically motivated and historically suspect. The former House speaker Newt Gingrich,
  • Moreover, fascists believe in strong state control, not get-government-off-your-back individualism and deregulation. Advertisement Continue reading the main story
  • The debate about terminology may ignore the seriousness of the conditions that gave rise to Mr. Trump and his European counterparts. The New York real estate developer has tapped into a deep discontent in a country where many feel left behind while Wall Street banks get bailouts, newcomers take jobs, terrorists threaten innocents and China rises economically at America’s expense.
  • Roger Eatwell, a professor at the University of Bath, in England, calls it “illiberal democracy,” a form of government that keeps the trappings of democracy without the reality.
  • The problem, she added, is that “the Western political leadership at the moment is too weak to fight the tide.”
Javier E

Hedge Funds Faced Choppy Waters in 2015, but Chiefs Cashed In - The New York Times - 0 views

  • Those riches came during a year of tremendous market volatility that was so bad for some Wall Street investors that the billionaire manager Daniel S. Loeb called it a “hedge fund killing field.”
  • The 25 best-paid hedge fund managers took home a collective $12.94 billion in income last year,
  • top hedge fund managers earn more than 50 times what the top executives at banks are paid.
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  • Their firms do more business in some corners of the financial world than many banks, including lending to low-income homeowners and small businesses. They lobby members of Congress. And they have put large sums of money behind presidential candidates, at times pumping tens of millions of dollars into super PACs.
  • The hedge fund industry has now ballooned in size, to $2.9 trillion, from $539 billion in 2001. So, too, has the pay of the industry’s leaders.
  • When Institutional Investor first started ranking hedge fund pay 15 years ago, George Soros topped the Alpha list, earning $700 million. In 2015, Mr. Griffin, who started trading as a Harvard sophomore out of his dorm room, and James H. Simons, a former math professor, each took home $1.7 billion
  • his own personal wealth has grown exponentially, and is estimated by Forbes at $7.5 billion.
  • Mr. Griffin’s firm, Citadel, has grown from a hedge fund that managed family and pension fund money into a $25 billion firm
  • He recently made headlines when he paid $500 million for two pieces of art. In September, Mr. Griffin, 47, reportedly paid $200 million to buy several floors in a new luxury condo tower that is being built at 220 Central Park South, in Manhattan.
  • He was the biggest donor to the successful re-election campaign of Mayor Rahm Emanuel of Chicago. More recently he has poured more than $3.1 million into the failed presidential campaigns of Marco Rubio, Jeb Bush and Scott Walker, as well as the Republican National Committee
  • Citadel’s flagship Kensington and Wellington hedge funds returned 14.3 percent over 2015
  • Mr. Simons, 78, has been a major political donor of the Democrats, donating $9.2 million in 2016, including $7 million to Priorities USA Action, a super PAC supporting Hillary Clinton.
  • Among 2015’s top hedge fund earners are five men who actually lost money for some investors last year but still made handsome profits because their firms are so big
  • For many managers, collecting large pay, even when performance was not tops, has become a side effect of growing bigger. Advertisement Continue reading the main story “Once a hedge fund gets to be large enough to produce incredibly outsized remuneration, the hardest part of due diligence is determining whether the investment process is affected,
  • “Is the goal to continue to make money in a risky environment or is the goal to preserve assets on which you collect fees?”
  • Michael Platt, the founder of BlueCrest Capital Management, took home $260 million, according to Alpha. It was a difficult year for his firm, once one of the biggest hedge funds in Europe with $37 billion in investor money. He lost investors in his flagship fund 0.63 percent over the year and then told them he was throwing in the towel.
Javier E

Review: 'Bush,' a Biography as Scathing Indictment - The New York Times - 0 views

  • The first sentence of his book: “Rarely in the history of the United States has the nation been so ill-served as during the presidency of George W. Bush.”
  • The last: “Whether George W. Bush was the worst president in American history will be long debated, but his decision to invade Iraq is easily the worst foreign policy decision ever made by an American president.”
  • “Believing he was the agent of God’s will, and acting with divine guidance, George W. Bush would lead the nation into two disastrous wars of aggression,” Mr. Smith writes. “Bush’s personalization of the war on terror combined with his macho assertiveness as the nation’s commander in chief,” he adds later, “were a recipe for disaster.”
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  • Mr. Smith is more approving of his main subject in moments where Mr. Bush follows his original campaign doctrine of compassionate conservatism. The former president gets high marks for his No Child Left Behind program — intended to improve education, especially for minority students — as well as for expanding Medicare to cover prescription drugs and for leading an ambitious fight against AIDS in Africa. Mr. Smith credits Mr. Bush for saving the economy through his bold and counterintuitive intervention after the financial crash of 2008.
  • He presents a president who, for all his flaws, was usually gracious and warmhearted, who disdained the sort of divisive bashing that Mr. Trump favors and who went out of his way to make Barack Obama’s transition successful. He rejects the caricature of a president who simply did what his vice president told him to.
  • Mr. Smith’s fundamental critique is his belief that Mr. Bush overreacted to the terrorist attacks of Sept. 11, 2001. “The events of 9/11 were tragic, but scarcely catastrophic,” he writes. That led Mr. Bush, in his view, to advance policies that were not justified by the actual danger. Advertisement Continue reading the main story
  • The Patriot Act, he writes, “may be the most ill-conceived piece of domestic legislation since the Alien and Sedition Acts of 1798.”
  • In labeling Iran, Iraq and North Korea an “axis of evil,” Mr. Bush “had spoken without weighing the consequences.”
  • Mr. Bush’s refusal to face up to the fact that Iraq had no unconventional weapons “suggests a willfulness that borders on psychosis.” His second-term Inaugural Address making democracy promotion his major goal “must rank as one of the most ill-considered of all time.”
Javier E

In Yahoo, Another Example of the Buyback Mirage - The New York Times - 0 views

  • It is one of the great investment conundrums of our time: Why do so many stockholders cheer when a company announces that it’s buying back shares?
  • Stated simply, repurchase programs can be hazardous to a company’s long-term financial health and often signal a management that has run out of better ways to invest in the business.
  • given the enormous popularity of buybacks nowadays, those that are harmful probably outnumber the beneficial.
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  • Consider Yahoo. The company bought back shares worth $6.6 billion from 2008 to 2014, according to Robert L. Colby, a retired investment professional and developer of Corequity, an equity valuation service used by institutional investors. These purchases helped increase Yahoo’s earnings per share about 16 percent annually, on average.
  • a company’s overall profit growth is unaffected by share buybacks. And comparing increases in earnings per share with real profit growth reveals the impact that buybacks have on that particular measure. Call it the buyback mirage.
  • Those who run companies like buybacks because they make their earnings look better on a per-share basis. When fewer shares are outstanding, each one technically earns more.
  • But Mr. Colby pointed out that buybacks provide only a one-time benefit, while smart investments in a company’s operations can generate years of gains.
  • Given these figures, Mr. Colby reckoned that Yahoo, if it had invested that same amount of money in its operations, would have had to generate only a 3.2 percent after-tax return to produce overall net profit growth of 16 percent annually over those years.
  • But a good bit of that performance was the buyback mirage. Growth in Yahoo’s overall net profits came in at about 11 percent annually
  • Mr. Colby said his research “confirms my suspicion that while buybacks are not universally bad, they are being practiced far more broadly and without as much analysis as there should be.”
  • Perhaps the crucial flaw in buybacks is that they reward sellers of a company’s stock over its long-term holders. That’s because a company announcing a repurchase program usually sees its stock price pop in the short term. But passive investors, such as index funds, and other long-term holders gain little from the programs.
  • Another hazard: companies that spend billions to repurchase stock without substantially shrinking the number of shares outstanding. That’s because in these circumstances, prized corporate cash is used to buy back shares that offset stock grants bestowed on company executives in rich compensation plans.
  • And there are plenty of companies whose buybacks have simply left them with less money to invest in more promising opportunities. Advertisement Continue reading the main story “By throwing away money on buybacks, companies are giving up on the ability to grow in the future,”
  • proposals ask the companies to adopt a policy of excluding the effect of stock buybacks from any performance metrics they use to determine executive pay packages.
  • At 3M, for example, research and development expenditures plus strategic acquisitions have totaled $22 billion over the last five years, Mr. Kanzer said. In the meantime, the company’s buyback program has cost $21 billion.
  • “You really have to ask why a company’s board decides to return a big chunk of capital instead of replacing managers with ones who can figure out how to develop the operations,”
  • “If the board doesn’t think it’s worth investing in the company’s future,” Mr. Lutin added, “how can a shareholder justify continuing to hold the stock, or voting for directors who’ve given up?”
Javier E

Goodbye, Bushism - The New York Times - 0 views

  • in purely ideological terms, what primary voters were rejecting when they rejected him was the political synthesis of George W. Bush.
  • In domestic politics, that synthesis had four pillars: a sincere social conservatism rooted in a personal narrative of faith; a center-hugging “compassionate conservatism” on issues related to poverty and education; the pursuit of comprehensive immigration reform as a means to win Latinos for the G.O.P.; and large across-the-board tax cuts to placate the party’s donors and supply-side wing.
  • In foreign policy, Bushism began with the promise of restraint but ultimately came to mean hawkishness shot through with Wilsonian idealism, a vision of a crusading America whose interests and values were perfectly aligned.
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  • Politically it was by no means a crazy strategy. For all his blunders, George W. Bush is still the only Republican candidate for president to win the popular vote in the last 25 years, and the only figure to successfully unite and lead a fractious party. Parts of Bushism look more optimistic, inclusive and economically relevant than either the angrier Tea Party message that Rubio piggybacked on in his 2010 Senate campaign or the generic “Mr. Republican” messages that John McCain and Mitt Romney lost with in 2008 and 2012. And with the Middle East in flames, Russia increasingly aggressive and the Islamic State camped out in Iraq and Syria, you can see why many conservative elites imagined that Americans — and Republican primary voters, especially — might want a more hawkish, even Bushian successor to Barack Obama
  • These desires don’t add up to a new Republican synthesis, and the candidates who have catered to them more successfully haven’t devised one. Trump’s populist, illiberal Jacksonianism can’t unite the party the way Bush once did, and Cruz’s hard-edge social and economic conservatism probably can’t win the median voter the way Bushism did twice
  • they do add up to the desire for a new synthesis, and an understanding that whatever the Republican Party needs now, it can’t just be what worked for Bush and Karl Rove until Iraq went sour and Wall Street melted down.
  • he was also a victim of his own fateful look backward, his assumption that what worked for the last Republican president could be made to work again. It didn’t, it couldn’t, and it probably won’t be tried again: Whoever wins the nomination in 2016, George W. Bush has gone down to defeat.
  • While Mr. Rubio did initially, as the good opportunist he is, latch on to the rage of the Tea Party to win his Senate seat, he was only pretending to be mad. Based on his reading of the political tea leaves, he needed 1) to win the latino vote (hence his foray into immigration reform 2) he needed to be optimistic in the mold of Reagen.Marco realized too late that the Tea Partiers were not kidding. They were crazy then and they are crazy now - they are just a angrier and more violent. But they were never remotely interested in immigration reform and any Republican that could not see that was simply blind. They also are not interested in solutions or uniting America. If you asked Trump supporters to tell you what the Donald has in store for us in terms of policies, short of having Mexico pay for a big wall and rounding up a bunch of immigrants, I am not sure they could tell you whole lot. Why? They don't care. They are just angry. I guess robots aren't that good at reading emotions.
maxwellokolo

Verizon to test 5G in 11 cities - 0 views

  •  
    Verizon announced Wednesday that it will begin testing its fifth-generation wireless service in 11 markets across the country, from rural areas to dense urban centers. 5G provides speeds up to 40 times faster than 4G, and it's expected to eventuallyimpact connected everything from self-driving cars to robots.
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